PAGEPAGE8裝訂線裝訂線————————————————————————————————————————————班級：姓名：學(xué)號：2014-2015學(xué)年第一學(xué)期國際會計專業(yè)三級《金融市場與金融機構(gòu)》（課程）試卷（95分鐘）共頁試卷來源：萬建偉送卷人：萬建偉打?。簷C考校對：萬建偉題號一二三總分得分閱卷人一、MultipleChoiceQuestions（60小題，每小題1分，共60分）1、Whenalargecompanyissuesafinancialinstrumentintothefinancialmarkets:A.fundsflowindirectlyfromsavertoborrower.B.thecostoffundsisgenerallyhigherowingtotheriskinvolved.C.itbuysafinancialclaim.D.itsellsafinancialclaim.2、Theexchangeofgoodsandservicesismademoreefficientby:A.barters.B.money.C.governments.D.somecombinationofgovernmenttransferandbarter.3、Asavings-surplusunitisanentity:A.thatneedstoborrowfundsfromasurplusunit.B.whichhasanincomethatexceedsitsspending.C.whosespendingexceedsitsincome.D.calledacompany.4、WhichofthefollowingisNOTassociatedwithcharacteristicsofshares?A.PartownershipofacompanyB.CapitalgainsC.AfixedinterestpaymentD.Dividends5、Financialinstitutionsthatareformedunderatrustdeedandattractfundsbyinvitingthepublictobuyunitsare:A.financecompaniesB.buildingsocieties.C.unittrusts.D.lifeinsuranceoffices.6、Whenaborrowerissuesadebtinstrumentwithcollateralspecifiedinitscontractthisdebtinstrumentiscalled:A.unsecured.B.secured.C.defined.D.negotiable.7、Asecondaryfinancialmarketisonethat:A.offersfinancialassetswiththehighestexpectedreturn.B.offersthegreatestnumberoffinancialassets.C.involvesthesaleofexistingfinancialassets.D.offersfinancialassetswiththehighesthistoricalreturn.8、Whenanindividualhasimmediateaccesstotheirfundsfromanaccountwithafinancialintermediary,theintermediaryisengagingin:A.assettransformation.B.liabilitymanagement.C.liquiditymanagement.D.credittransformation.9、Themainparticipantsinthefinancialsystemareindividuals,corporationsandgovernments.Individualsaregenerally______offundsandcorporationsarenet________offunds.A.borrowers;suppliersB.users;providersC.suppliers;usersD.demanders;providers10、Themarketthatgenerallyinvolvesthebuyingandsellingofdiscountsecuritiesisthe:A.securitiesmarket.B.moneymarket.C.sharemarket.D.capitalmarket.11、Secondarymarkets:A.allowborrowerstoraiselong-termfunds.B.facilitatecapital-raisingintheprimarymarket.C.donotraisenewfundsbutofferliquidity.D.allofthegivenanswers.12、Themovementoffundsbetweenthefoursectorsofadomesticeconomyandtherestoftheworldiscalled:A.flowoffunds.B.sectoranalysis.C.sectorialflows.D.cross-sectorflows.13、WhichofthefollowingisNOTafeatureofadebtinstrument?A.AcontractualclaimagainsttheborrowerB.PeriodicinterestpaymentsC.HigherclaimonassetsofborrowerthanequityholdersD.Theirpricesdonotfluctuateasmuchasshares14、WhichofthefollowingisNOTafeatureofthemoneymarket?A.ItisamainlywholesalemarketB.Itdealswithshort-termfinancialclaimsC.Itisimportantinfinancingtheworking-capitalneedsofbusinessesandgovernmentsD.Itonlyoperatesasamarketinwhichnewsecurityissuesarecreatedandmarketed15、Foradditionalfunding,acompanydecidestoissue$15millionincorporatebonds.Thesecuritieswillbeissuedintothe:A.retailmarkets.B.secondarymarkets.C.moneymarkets.D.capitalmarkets.16、Themarketstructureofthebankingsectorhaschangedsincederegulationofthefinancialsystemduringthe1980s.WhichstatementmostcloselyreflectsthecurrentstructureofthebankingsectorinAustraliaA.Foreignbanksdominateinnumberandshareoftotalassets.B.MajorAustralianbanksnolongerholdthelargestshareoftotalassets.C.Totalassetsarefairlyevenlydistributedbetweenthemajor,regionalandforeignbanks.D.Majorbanksmaintainthehighestpercentageofbranchesandshareoftotalassets.17、Theassetsonabank'sbalancesheetare:A.thesourcesoffunds.B.theusesoffunds.C.thedifferenttypesofdepositsthebankoffers.D.equaltotheliabilitiesofthebanks.18、Theliabilitiesonabank'sbalancesheetare:A.thesourcesoffunds.B.theusesoffunds.C.thedifferenttypesofloansthebankoffers.D.equaltotheassetsofthebanks.19、Theterm‘negotiable'inrelationtoasecuritymeans:A.itspricecanbebargainedforwhensold.B.itcanbesoldeasily.C.itsbuyercannegotiateitspricewhenbuying.D.itisreasonablyilliquidandwilldropinpricewhensold.20、Anexampleofan‘off-sheetbusiness'transactionthatbanksaregenerallyinvolvedinis:A.providinga‘standbyletterofcredit'.B.providinganoteissuancefacility.C.providingashort-term,self-liquidatingtradecontingency.D.allofthegivenanswers.21、Whichofthefollowingstatementsaboutbillacceptancefacilitiesisincorrect?A.Whenabankdiscountsabillfortheissuer,itbuysit.B.Whenabankthatholdsabillrediscountsitthebankonsellsit.C.Whenabankactsasanacceptoritwillpaythefacevalueofthebilltotheholderatmaturity.D.Ifinterestrateschangebeforeabankbillmatures,thebankcanchangetheinterestrateonit.22、Commercialbankstakepartinthemoneymarketsas:A.lendersoffundsonly.B.borrowersoffundsonly.C.bothlendersandborrowersoffunds.D.underwritersonly.23、Whichofthefollowingstatementsregardingtheforeigncurrencyliabilitiesofabankisincorrect?A.Thelargeinternationalmarketsareimportantsourcesoffundsforcommercialbanks.B.Australianbanksoccasionallyissuedebtsecuritiesintotheinternationalmarketstoraisesumsrangingfrom$20millionto$50million.C.ForeigncurrencyliabilitiesissuedintotheeuromarketsaretypicallydenominatedinUSdollars.D.Afterderegulationcommercialbankswereabletoexpandtheirinternationalfundingsources.24、A‘commitment’byabankis:A.aformofswap.B.apromisebyalargedepositortoprovideextrafundstothebank.C.theunusedbalanceonabankcreditcard.D.anundertakingtoadvancefundsortoacquireanassetinthefuture.25、ThePillar1approachofBaselIIcapitaladequacyincorporatesthefollowingthreeriskcomponents:A.creditrisk,interest-rateriskandmarketrisk.B.defaultrisk,interest-rateriskandoperationalrisk.C.creditrisk,marketriskandoperationalrisk.D.defaultrisk,foreignexchangeriskandoperationalrisk.26、IntheBaselIIstandardisedapproachtoexternalratinggrades,theassetcounterpartyweightsforcapitaladequacyguidelinesare:A.10%,20%,50%and100%.B.10%,50%,100%and150%.C.20%,50%,100%and150%.D.20%,50%,100%and200%.27、ForeigncurrencyliabilitieshaveincreasedinimportanceasasourceoffundsforAustralianbanks.WhichofthefollowingstatementsisNOTamajorreason?ernationalisationofglobalfinancialmarketsv.avoidanceofthenon-callabledepositprudentialrequirementvi.expansionofbanks'asset-basedenominatedinforeigncurrenciesA.vB.iiC.iD.Allofthegivenanswersarecorrect.28、Thetaskoftheinvestmentbankinapublicissueofnewsharesisto:A.offerinterimfinancingtothefirm.B.investthefundsraisedinthecapitalmarkets.C.provideadviceindesigningandpricingashareissue.D.actasatrusteeofthefundsraised.29、Themainfeatureofcashmanagementtrustsis:A.theyallowindividualstoaccessthemoneymarkets.B.theyprovideliquidityandaccesstofunds.C.thatmanyareassociatedwithstockbrokersandtheelectronicpurchasingandsellingofsecuritiesbyinvestors.D.allofthegivenanswers.30、WhichofthefollowingstatementaboutbuildingsocietiesinAustraliaisincorrect?A.Themainactivitiesofbuildingsocietiesaretotakeindepositsandprovidemortgagefinance.B.Thelargestbuildingsocietieshavetendedtoconverttoregionalbanksinrecenttimes.C.Nowcurrentlythebuildingsocietysectorholds2percentofthetotalassetsoftheAustralianfinancialsystem.D.Buildingsocietiesareauthoriseddeposit-takinginstitutionsandsupervisedbyAPRA.31、Aconglomeratetakeoveroccurswhen:A.companiesfromdifferentbusinessareasmerge.B.bothpartiesaresimilarinsize.C.themergedentityisexpectedtohavelargeadditionalvalue.D.themanagementteamofthetargetcompanyiscombinedwiththatofthetakeovercompany.32、Allofthefollowingareadvantagesofacorporationexcept:A.freelytransferableownership.B.limitedliability.C.accesstocapitalmarkets.D.lowmanagementcosts.33、Commonshareholdersare:A.guaranteedaperiodicdistributionofdividendsB.guaranteedadistributioninthewind-upofthecompany.C.guaranteedbothaperiodicdistributionofdividendsandadistributioninthewind-upofthecompany.D.notguaranteedaperiodicdistributionoradistributioninthewind-upofthecompany.34、Preferenceshares:A.havetheirdividendfixedattheissuedate.B.rankbehindordinarysharesinthepaymentofdividends.C.rankbehindordinaryshareholdersintheirclaimoncompanyassetsintheeventofliquidation.D.rankaheadofthecompanycreditors.35、Accordingtothetext,aninvestmentportfoliothatiswell-diversifiedcontains:A.alargerangeoftermdeposits.B.alargenumberofproperties.C.alargenumberoffuturecontracts.D.alargerangeofshares,fixed-interestsecuritiesandproperties.36、WhichofthefollowingdoesNOTapplytofull-advisorystockbrokers?A.Full-advisorystockbrokersprovideinvestmentadviceonlistedsecurities.B.Full-advisorystockbrokersmonitorinvestors'financialplans.C.Full-advisorystockbrokersacceptbuyandsellordersfromclients.D.Full-advisorystockbrokers'feesarecompetitivewithdiscountbrokers.37、Acompanywhoseshareissellingfor$24announcesastocksplitoffour-for-three.Whichofthefollowingstatementsiscorrect?A.Therewillbefourtimesasmanysharesonissueandtheywillsellfor$96.B.Therewillbethreetimesasmanysharesonissue,andtheywillsellfor$8.C.Therewillbeone-thirdmoresharesonissueandtheywillsellfor$18.D.Therewillbethree-quartersmoresharesonissueandtheywillsellfor$32.38、Thecurrentmarketpriceofastockis$3.00.Therightsissueisone-for-ten,pricedat$2.80.Calculatethetheoreticalex-rightsprice.A.$1.96B.$2.85C.$2.98D.$3.0539、Whenasharepriceofacompanyhasincreasedhugelycomparedtothepricesofmostothersharesontheexchangeanditsliquidityhasdecreased,thedirectorsmaydecideto:A.splitthenumberofsharesonissue.B.haveabonusissue.C.declareanincreaseddividend.D.lowerthedividend.40、TheS&P/ASXAllOrdinariessharepriceindexrepresents:A.changesinaggregatesharemarketvaluesofthelargest500companies.B.movementsintheAustraliansharemarketrelativetointernationalmarkets.C.thehistoricalcapitalisationofthe100largestcorporations.D.changesinsharemarketvalue,includingdividendreinvestment.41、Considerthefollowingfivestatements:i.Theexpectedreturnofaportfolioofsharesistheweightedaverageoftheexpectedreturnsforeachshare.ii.Allotherthingsbeingequal,acum-dividendsharepriceshouldfallbytheamountofadividendthatispaid.iii.Oneoftheeffectsofdividendimputationistheremovalof‘doubletaxation'ofcompanyprofitsthataredistributedasdividends.iv.Forashareholderwithamarginaltaxratethatislowerthanthecompanytaxrate,notaxwillbepayableonthefullyfrankeddividendreceived,andtheexcesscreditcanbeappliedagainstotherassessableincome.v.Inaone-for-ninebonusissue,ifthecum-bonuspricewas$10,thenthetheoreticalex-bonuspricewouldbe$9.Howmanyoftheabovestatementsaretrueandhowmanyarefalse?A.3statementsaretrueand2arefalseB.2statementsaretrueand3arefalseC.4statementsaretrueand1isfalseD.1statementistrueand4arefalse42、Ifthecurrentyieldon180-dayTreasurynotesis6.42%perannum,whatpriceper$100offacevaluewouldaninvestorpaytopurchasethem?A.$75.95B.$96.93C.$96.94D.$99.9843、Ifyoureceive$10000backasprincipalandinterestattheendoftwoyearsforaninitialinvestmentof$9127atthestartoftheterm,whatistheyieldonyourinvestment?A.4.37%perannumB.4.78%perannumC.8.73%perannumD.9.57%perannum44、Whencomparedwithbankbills,commercialpaperhastheadvantage:A.thatnointerestispaiduntilmaturity,unlikeforabankbill.B.thataholderofcommercialpaperhasnocontingentliabilitywhensellinginthemoneymarkets.C.thatanissueofcommercialpaperoftenhasarolloverfacilityattached,unlikeforbankbills.D.ofgreaterliquidityinthesecondarymarket.45、AP-noteissuertoguaranteeallthefundsmayarrangefor:A.anunderwriter.B.asupportingguarantee.C.collateralfortheissue.D.allofthegivenchoices.46、Themajorbankslendunsecuredshort-termfundsinthefollowingbasicways:A.overdraft,billfinancingandcommercialpaper.B.overdraftandbillfinancing.C.overdraftandcommercialpaper.D.commercialpaper,negotiablecertificatesofdepositandoverdraft.47、Thebasicfeatureofa/an________requiredbysomebanksisthatiteffectivelyraisestheinterestcosttotheborrowerforanoverdraftfacility.A.operatingchangerestrictionB.compensatingbalanceC.commitmentfeeD.annualcleanup48、Allofthefollowingareexamplesoflong-termdebtinstrumentsexcept:A.termloans.B.debentures.C.promissorynotes.D.bonds.49、Acompanyborrows$125000fromabankat7.2%perannumtobeamortisedoversixyears.Themonthlyinstalmentis:A.$1861.11B.$2143.15C.$7274.21D.$26386.6150、Whenthecouponrateofabondisabovethecurrentmarketinterestrates,abondwillsellat:A.discount.B.itsoriginalvalue.C.premium.D.facevalue.51、Acompanyhastwooutstandingbondswiththesamefeatures,apartfromthematuritydate.BondAmaturesinfiveyears,whilebondBmaturesin10years.Ifthemarketinterestratechangesby5%:A.bondAwillhavethegreaterchangeinprice.B.bondBwillhavethegreaterchangeinprice.C.thepriceofthebondswillnotalter.D.thepriceofthebondswillchangebythesameamount.52、Eurocurrencymarketsare:A.domesticEuropeanmoneymarkets.B.domesticEuropeancapitalmarkets.C.internationalmarketsprovidingintermediatedbankfinance.D.internationalmarketsprovidingforeignexchangetransactions.53、TheReserveBankofAustralia'smonetarypolicyisdirectedtoinfluencefirst:A.moneymarketrates.B.Treasurynotesinterestrates.C.theovernightcashrate.D.thebasebankinterestrates.54、WhenactionsbytheAustralianReserveBankaffectbanklendingandconsequentlyborrowersfinditmoredifficulttofindfunding,thiseffectiscalledthe:A.monetarychannel.B.creditchannel.C.wealthchannel.D.foreignexchangechannel.55、OpenmarketoperationsbytheAustralianReserveBankreferto:A.themethodbywhichtheAustralianReserveBankallowsbankstoraiseshort-termfundsuptoayear.B.themethodbywhichtheAustralianReserveBankimplementsmonetarypolicy.C.themarketforshort-termsecurities.D.themethodbywhichtheAustralianReserveBankmonitorsthefinancialsector.56、ThespecialaccountthatprovidersofpaymentserviceshaveattheReserveBankiscalleda/an:A.balanceofpaymentsaccount.B.exchangesettlementaccount.C.paymentservicesaccount.D.ReserveBankpaymentaccount.57、Abankputsinabidfor$500000of182-dayTreasurynotesatayieldof5.8%perannum.Whatpricewillthebankpayifthetenderissuccessful?A.$448028.67B.$485756.54C.$485946.17D.$486101.7358、Theexpectationstheoryoftermstructuresuggeststhatthe:A.yieldcurveshouldbeupward-sloping.B.yieldcurveshouldbedownward-sloping.C.shapeoftheyieldcurvereflectstheriskpremiumincorporatedintotheyieldsonlong-termbonds.D.shapeoftheyieldcurvedependsontheexpectedfuturepathofshort-terminterestrates.59、Ifacentralbankincreasesinterestrates,thengradually:A.thecountry'sgrossdomesticproductislikelytoincrease.B.foreignexchangerateislikelytocomeunderdownwardpressure.C.demandforimportedgoodsandservicesislikelytodecrease.D.flowsofinvestmentfundsintothecountryarelikelytodecrease.60、Usingthepureexpectationsapproachtothedeterminationofinterestrates,calculatetheexpected(E)rateofinterestofatwo-yearinvestmentthatwillbeavailablein12months’time(1i3),giventhefollowingdata:Currentrateofreturnonaone-year-to-maturity(0i1)instrument:7.75%perannumCurrentrateofreturnonatwo-yearmaturity(0i2)instrument:8.25%per