PAGE8試卷答案第1頁（共1頁）天津商業(yè)大學(xué)2014-2015學(xué)年一學(xué)期課程考試試卷答案(C卷)課程名稱：金融市場與金融機構(gòu)考試時間：120分鐘年級：xxx級專業(yè)：xxx題目部分，（卷面共有75題，100分，各大題標(biāo)有題量和總分）一、MultipleChoiceQuestions（60小題，共60分）(1分)1、Financialinstitutionsthatareformedunderatrustdeedandattractfundsbyinvitingthepublictobuyunitsare:A.financecompaniesB.buildingsocieties.C.unittrusts.D.lifeinsuranceoffices.答案：C(1分)2、Financialmarkets:A.actasintermediariesbetweenborrowersandsavers.B.directlyissueclaimsonsaverstoborrowers.C.involvethebuyingandsellingofexistingfinancialsecuritiesonly.D.involvebothprimaryandsecondarytransactions.答案：D(1分)3、‘Liquidity’infinancialtermsisA.afeatureofmoneyonly.B.theeasewithwhichanassetcanbesoldatthepublishedmarketprice.C.thebestmeasureofriskofafinancialasset.D.tolowertherateofreturnforanasset.答案：B(1分)4、Whenanindividualhasimmediateaccesstotheirfundsfromanaccountwithafinancialintermediary,theintermediaryisengagingin:A.assettransformation.B.liabilitymanagement.C.liquiditymanagement.D.credittransformation.答案：C(1分)5、Themarketthatincludesindividuals,companiesandgovernmentsinthebuyingandsellingoflong-termdebtandequitysecuritiesisthe:A.currencymarket.B.debtmarket.C.capitalmarket.D.financialmarket.答案：C(1分)6、Themajorfinancialassetstradedinthecapitalmarketare:A.bankbillsandcommercialpaper.B.Treasurynotesandcertificatesofdeposits.C.bondsandconvertiblesecurities.D.sharesandbonds.答案：D(1分)7、Whichofthefollowingwouldbemostlikelytousefinancialmarketstoborrow?A.AhouseholdwithasmallamountsavedB.AsmallbusinesswantingtoborrowtobuysomemachineryC.AgovernmentauthoritywantingtoborrowtofinancehighwayconstructionD.Acompanywithapoorcreditrating答案：C(1分)8、Bothrealandfinancialassetshavefourprincipalattributesthataresignificantfactorsintheinvestmentdecisionprocess.Theseare:I.liquidityII.capitalgainIII.riskIV.returnoryieldV.timepatternoffuturecashflowsVI.priceandcashflowvolatilityA.I,II,III,IVB.I,III,IV,VC.I,III,IV,VID.II,III,IV,V答案：B(1分)9、Foradditionalfunding,acompanydecidestoissue$15millionincorporatebonds.Thesecuritieswillbeissuedintothe:A.retailmarkets.B.secondarymarkets.C.moneymarkets.D.capitalmarkets.答案：D(1分)10、Whichofthefollowingcategoriesrepresentsthemostsignificantproportionoftotalmarket-rate-relatedoff-balance-sheetbusinessofthebanks?A.CurrencyswapagreementsB.ForeignexchangecontractsC.InterestrateswapsD.Interestratefutures答案：C(1分)11、Whichofthefollowingstatementsaboutdirectcreditsubstitutesprovidedbyacommercialbankisincorrect?A.Theyareprovidedtosupportaclient'sfinancialobligations.B.Anexampleofadirectcreditsubstituteisabankguarantee.C.Thebankprovidesfundingtoathirdpartyinsteadoftheclientprovidingthefunding.D.Withadirectcreditsubstituteabank'sclientcanraisefundsdirectlyfromthefinancialmarkets.答案：C(1分)12、WhichofthefollowingisNOTassociatedwiththepurposeofregulatingfinancialinstitutions?A.ProvidingstabilityofthemoneysupplyB.DirectingflowoffundstopriorityareasC.MaintainingthesoundnessandstabilityofthefinancialsystemD.Loweringthecostoffunds答案：D(1分)13、Alargecommercialbankoperatingintheinternationalmarketswillgenerallyapplytothebanks'supervisortousethe_____tocreditrisk.A.advancedinternalratings-basedapproachB.foundationexternalratings-basedapproachC.standardisedapproachD.standardisedapproachwithexternalratings答案：A(1分)14、Partofabank'sliquiditymanagementistoholdaportfolioof:A.termloans.B.mortgages.C.Commonwealthgovernmentsecurities.D.creditcardloans.答案：C(1分)15、Withregardtobankbills,theactualroleoftheacceptoristo:A.providetheinitialfunding.B.actasmediatorbetweentheborrowerandbank.C.issuethebankbill.D.paythefacevalueofthefundstotheholderatmaturity.答案：D(1分)16、Whichofthefollowingisincorrectinrelationtobillfinancing?A.Thedraweristhepartyseekingthefunds.B.Ifabankacceptsthebillthisenhancesitscreditquality.C.Anissuerwillseektosellthebillinthemarketatthehighestyield.D.Billsaresoldatadiscounttofacevalue.答案：C(1分)17、Abankprovidesaloanof$1milliontoacompanythathasanArating.Calculatethedollarvalueofcapitalrequiredunderthecapitaladequacyrequirementstosupportthefacility.A.$16000B.$40000C.$80000D.$120000答案：B(1分)18、Whenaninvestmentbankguaranteesacertainpriceforacompanyissuingnewshares,itisactingasa/an:A.auctioneer.B.broker.C.dealer.D.underwriter.答案：D(1分)19、Whenaninvestmentbankhelpsacompanyselllargeparcelsofsharesdirectlytoinstitutionalinvestors,thisiscalled:A.duediligence.B.placement.C.securitisation.D.underwriting.答案：B(1分)20、Superannuationfundsthataimatdeliveringalongertermincomestreamandcapitalappreciationbyacquiringadiversifiedassetportfolioacrossawiderriskspectrumareclassifiedas:A.managedgrowthfunds.B.capitalguaranteedfunds.C.balancedgrowthfunds.D.capitalstablefunds.答案：C(1分)21、Sincetheearly1990s,publicunittrustshaveseenthelargestgrowthinassetsin:A.cashanddeposits.B.long-termgovernmentsecurities.C.equitiesandunitsintrusts.D.landandbuildings.答案：C(1分)22、Aprimaryaimofcorporatemanagementshouldbeto:A.maximisethecompany'sprofit.B.maximisethenumberofshareholders.C.maximisetheshareholders'wealth.D.minimisethecompany'scosts.答案：C(1分)23、Awell-developedsecondarymarketislikelyto:A.aidinraisingextrafinance.B.helpmanageriskexposuresofinvestors.C.helpwithcorporateagencyproblems.D.includeallofthegivenanswers.答案：D(1分)24、Inoptionsmarkets,optionpremiumsarepaidby:A.optionwriterstobuyers.B.optionbuyerstosellers.C.bothoptionbuyersandsellers.D.putoptionbuyersonly.答案：B(1分)25、Thefinancerequiredbyacompanytofunditsday-to-dayoperationsiscalled:A.dailyfinancing.B.operationalfinancing.C.operationalcapital.D.workingcapital.答案：D(1分)26、Apro-ratasharerightsoffermeansthattheoffer:A.mustbemadetoallthestakeholdersofacompany.B.mustbemadetobondholdersandshareholderswhogettheirofferinbeforeacut-offdate.C.mustbemadetoshareholdersonthebasisofthenumberofsharesalreadyheld.D.ismadeonlytotheshareholderswiththelargestnumberofsharesontheshareregisteratacut-offdate.答案：C(1分)27、Anyunpaiddividendsthatmustbepaidbeforepaymentofdividendstoordinaryshareholdersarecalled_________preferenceshares.A.participatingB.cumulativeC.non-cumulativeD.secured答案：B(1分)28、Shareplacementsmay,subjecttocompliancewithcertainregulations,bemadetoinstitutionalinvestors.WhichofthefollowingconditionsisNOTarequirementoftheAustralianauthorityASICforshareplacements?A.Theplacementshouldconsistofminimumsubscriptionsof$500000,orbemadeupofnotmorethan20participants.B.Thediscountfromcurrentmarketpriceshouldnotbeexcessive.C.Undernocircumstancesshouldplacementsbeinexcessof10%oftheissuedsharespermitted.D.Thereisnoneedtoregisteraprospectus,butamemorandumofinformationdetailingthecompany'sactivitiesshouldbesenttoallparticipants.答案：C(1分)29、Whenaninvestorpurchasesunitsinaunittrust,thisisknownas________investing.A.absoluteB.directC.indirectD.value答案：C(1分)30、Whichfinancialratioisusedtomeasureacompany'sabilitytomeetitsshort-termfinancing?A.DebtB.LiquidityC.CapitalstructureD.Profitability答案：B(1分)31、Ifacompanyoffersaone-for-fivebonusissueandthecurrentsharepricecum-bonusis$7.50,thetheoreticalvalueofeachshareex-bonusis:A.$7.50B.$6.25C.$6.00D.$5.00答案：B(1分)32、Whichofthefollowingstatementsregardinganefficientcapitalmarketiscorrect?A.Allsecuritiesthatinvestorswouldliketoinvestinarelisted.B.Alltransactionsareclosedoutandsettledwithintwodays.C.Currentpricesreflectallcurrentinformation.D.Thelowestinterestratesareoffered.答案：C(1分)33、Thegreaterthedegreeofsystematicrisk,the:A.highertheexpectedshareprice.B.highertheexpectedrateofreturn.C.lowertheexpectedreturnonashare.D.closerashare'sbetawillbeto1.答案：B(1分)34、Theweakformoftheefficientmarkethypothesisdeniestheuseof:A.technicalanalysis,butsupportsfundamentalanalysisasvalid.B.fundamentalanalysis,butsupportstechnicalanalysisasvalid.C.bothtechnicalanalysisandfundamentalanalysis.D.technicalanalysis,butissilentonthepossibilityofsuccessfulfundamentalanalysis.答案：D(1分)35、Atwhichlevelofmarketefficiencydoestheefficientmarkethypothesissupportthetechnicalanalysisapproachtofuturesharepricedetermination?A.Weak-formefficiencyB.Semi-strongformefficiencyC.Strong-formefficiencyD.Noneofthegivenanswers答案：D(1分)36、Considerthefollowingfivestatements:i.Technicalanalystsrelyonverysophisticatedtechnicalmodelsofthemacroeconomicenvironment.ii.Sinceallchartistsareconfrontedwithidenticalsharepricedata,theyshouldidentifyverysimilarpatternsandgenerateidenticalbuyandsellsignalsfromthedata.iii.Achartistwilldrawresistancelevelsathighersharepricelevelswhereanincreaseinsupplyhaltspriceincreases.iv.Chartistswilldrawsupportlinesatlowerpricelevelswhereanincreaseindemandhaltsapricefall.v.Therandomwalkhypothesis,asappliedtosharepricemovements,impliesthattheexaminationofpastpricemovementsyieldsnousefulinformationonthecourseoffuturepricemovements.Howmanyofthesestatementsaretrueandhowmanyarefalse?A.4statementsaretrueand1isfalse.B.3statementsaretrueand2arefalse.C.2statementsaretrueand3arefalse.D.1statementistrueand4arefalse.答案：C(1分)37、Ifyourinvestmentof$5000withthebankcarriesacompoundinterestof8.75%perannum,thevalueofyourinvestmentattheendofthreeyearsis:A.$1430.69B.$6312.50C.$6430.69D.$5437.50答案：C(1分)38、Whatisthesimpleannualisedinterestrateonacompanytransactiontoraise$100000financingbydrawingabankbillwithafacevalueof$104000,payablein120days?A.4%B.12%C.12.17%D.12.67%答案：C(1分)39、Afacilityofferedbymanysuppliersofgoodsthatprovideforthepurchaseofgoodswithaspecifiedperiodbeforetheaccountmustbepaidforiscalled:A.suppliercredit.B.bankoverdraft.C.tradecredit.D.purchasercredit.答案：C(1分)40、Theterm'discountsecurity'inrelationtoabankbillmeans:A.whenthebankbillisissued,itislessthantheprincipalamounttoberepaidatmaturity.B.theinterestonabankbillislessthanothermoneymarketsecurities.C.whentheprincipalisrepaidtothelender,theyreceivelessthanothermoneymarketsecurities.D.thebankbillonlypaysinterestannually,unlikeothersecuritiesthatpaysemi-annually.答案：A(1分)41、Aspartoftheirliabilitymanagement,bankssellwhichfinancialinstrument?A.BankbillB.CommercialpaperC.CertificateofdepositD.Promissorynote答案：C(1分)42、Themajorbankslendunsecuredshort-termfundsinthefollowingbasicways:A.overdraft,billfinancingandcommercialpaper.B.overdraftandbillfinancing.C.overdraftandcommercialpaper.D.commercialpaper,negotiablecertificatesofdepositandoverdraft.答案：B(1分)43、Allofthefollowingaffectinterestrateschargedontermloansexcept:A.defaultrisk.B.thematurity.C.therepaymentschedule.D.refinancingrisk.答案：D(1分)44、Theborrowerwhoissuesamortgagewithrealpropertyascollateraltothebankisthe:A.mortgagor.B.mortgagee.C.mortgager.D.mortgage.答案：A(1分)45、Whenilliquidassetsaretransformedintonewasset-backedsecurities,theprocessiscalled:A.conversion.B.liquidisation.C.securitisation.D.transformation.答案：C(1分)46、Bondsare:A.atypeofequityfinancing.B.ashort-termfinancialarrangementwithperiodicinterestpayments.C.adebtinstrumentissuedatdiscountwithinterestandprincipalrepaidatmaturity.D.long-termdebtinstruments.答案：D(1分)47、Ifacompanywishestofinanceaprintingpresswithafive-yearlife,itwouldbeadvisabletofinanceitwitha/an:A.overdraft.B.bankbill.C.commercialpaper.D.fullydrawnadvance.答案：D(1分)48、Whenalenderincludesconditionsinaloanagreementtoprotectitsloan,theseareknownas:A.loanagreements.B.loancovenants.C.loanterms.D.loanactions.答案：B(1分)49、Whichofthefollowingtypesofbondgenerallyhasthelowestinterestrate?A.TreasurybondsB.CorporateBAAbondsC.Semi-governmentbondsD.CorporateABBbonds答案：A(1分)50、Whatisthecurrentpriceofadebenturewitha$500000facevalue,acouponrateof9.5%paidsemi-annually,sixyearsremainingtomaturityandmarketinterestratesincreasedto14%?A.$320149.12B.$401613.48C.$410644.78D.$688638.80答案：C(1分)51、Theexistenceof________allowslargemultinationalcorporationstouselargebanksorgroupsofbankstoinvestandraiseshort-termfundsinmanycountriesbutnotinthecurrencyofthosecountries.A.theWorldBankB.astrongUSdollarC.eurocurrencymarketsD.theInternationalMonetaryFund答案：C(1分)52、AnAmericandepositoryreceiptis:A.asecurityissuedbyaforeigncompanythatislistedonlyontheNewYorkStockExchange.B.asecurityissuedbyaforeigncompanythatislistedonboththeNewYorkStockExchangeandtheAmericanStockExchange.C.asecurityissuedbyaUSbankandevidencedbyadepositoryshare.D.aforeignsharethathasamultiplelistingbothintheUSanditsdomesticmarket,andneedstopayadepositbeforelisting.答案：C(1分)53、Ashort-term,discountinternationalsecurityiscalled:A.aeurobond.B.aeurocommercialpaper.C.aeuroCD.D.aeurobill.答案：B(1分)54、Whichofthefollowingisabenefitofaeurocommercialpaper(ECP)issue?A.AnECPissueisafixed-interestsecuritywithannualcouponpayments.B.AnECPissuecandelivercheaperfundsforbest-nameborrowers.C.Generally,onlyaleadmanagerisrequiredforanECPissue.D.AnECPissueisamedium-termfacilitywithmaturitiesgenerallylongerthantenyears.答案：B(1分)55、WhichofthefollowingstatementisNOTanexampleofoverseasborrowingbytheAustraliancompanyTelstra?A.TelstraorganisesaloanthroughamajorbankinGermany.B.TelstrapurchasesdebenturesfromaEuropeancompany.C.Telstrasellseurocommercialpaperinoverseasmarkets.D.TelstrasellsdebenturesdenominatedinYentooverseasinvestors.答案：B(1分)56、Whichofthefollowingstatementsconcerningaeurodollardepositiscorrect?A.Eurodollardepositstendtopayyieldsbelowallmarketablesecuritieswithsimilarmaturitiesowingtotheirlowrisk.B.Eurodollardepositsarehighlyliquidandpayinterestonlyatmaturity;hencetheyieldishigherthanonmarketablesecurities.C.EurodollardepositstendtoprovideyieldsabovenearlyallmarketablesecuritieswithsimilarmaturitiesowingtothehigherFXrisk.D.Eurodollardepositstendtoprovideyieldsabovenearlyallmarketablesecuritieswithsimilarmaturitiesowingtothelackofasecondarymarket.答案：C(1分)57、Undera/an_____agreement,theoriginallendermaytransferalltherightsandobligationsoftheoriginalloanagreementtoathirdparty.A.assignableB.convertibleC.novationD.redeemable答案：C(1分)58、Whenagovernmentundertakesasignificantreductioningovernmentrecurrentexpenditurethisisknownas:A.fiscalrecession.B.fiscalconstraint.C.matchingprinciple.D.capitalexpenditureshortfalls.答案：D(1分)59、WhichofthefollowingfinancialinstitutionscurrentlyhasthelargestholdingsofCommonwealthGovernmentsecurities?A.AstategovernmentpublicauthorityB.TheReserveBankofAustraliaC.GeneralinsuranceofficesD.Lifeassuranceoffices答案：B(1分)60、Whenaneasingofmonetarypolicyisaccomplishedbyopen-marketoperations:A.interestratesrise.B.banks'suppliesoffundsareincreased.C.thedollarappreciates.D.banklendinggenerallydecreases.答案：B二、True/FalseQuestions（10小題，共10分）(1分)1、Deficitentitiespurchasefinancialinstrumentsthatofferthelowestinterestrate.答案：False(1分)2、Inrecentyears,depositoryfinancialinstitutionshaveobtainedalargeproportionoftheirfundsfromthefinancialmarketsdirectly.答案：False(1分)3、Banksobtainfundsfrommanyareas.Thesesourcesoffundsappearasliabilitiesonabank'sbalancesheet.答案：True(1分)4、Cashmanagementtrustsarerestrictedundertheirtrustdeedtoholdonlybankdepositsandcash.答案：FALSE(1分)5、Acompany'sdebt-to-equityratioisdeterminedinpracticewithreferencetofourmaincriteriaandnotbyfinancetheory.答案：TRUE(1分)6、Inconsultationwithacompany,thepromoter(aninvestmentbank)willseekflotationofthecompanyshares.答案：FALSE(1分)7、Apro-rataofferofrightstoexistingshareholdersmustbeaccompaniedbyaprospectus.答案：TRUE(1分)8、Whenashareistradingcum-dividend,thismeansthesellerofthesharewillreceivethedividendpayment.答案：FALSE(1分)9、Firmsthatconductbusinessinacountry'sdomesticmarketmaybeaffectedbyafallinthelocalexchangeratethatleadstoanincreaseintherateofinflation.答案：TRUE(1分)10、Accordingtotheloanablefundsapproach,thesupplyofloanablefundsisderivedfromthegovernmentsectorandthebusinesssector.答案：FALSE三、ShortAnswerQuestions（5小題，共30分）(6分)1、Explainwhatadebtsecurityis.Whataresomecommontypesofdebtsecurities?答案：Adebtsecurityrepresentsacontractualclaimagainsttheissueroftheinstrumentwhohasborrowedthefunds.Theborroweragreestoabid