注：不含主觀(guān)題第1題單選題(1分)Recently,financialmarketshavebecomehighlyintegrated.Thisdevelopment(

)Aallowsinvestorstodiversifytheirportfoliosinternationally.Ballowsminorityinvestorstobuyandsellstocks.Chasincreasedthecostofcapitalforfirms.Daandcarebothcorrect.第2題單選題(1分)Supposeyourfirminvests100,000dollorsinaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'sassetspayingonly€80,000incompensation.Thisisanexampleof(

)Aexchangeraterisk.Bpoliticalrisk.Cmarketimperfections.Dnoneoftheabove,since€100,000=€80,000×1.25/€1.00第3題單選題(1分)Aexchangeraterisk.Bpoliticalrisk.Cmarketimperfections.Dweaknessinthedollar.第4題單選題(1分)Althoughtheworldeconomyismuchmoreintegratedtodaythanwasthecase10or20yearsago,avarietyofbarriersstillhamperfreemovementsofpeople,goods,services,andcapitalacrossnationalboundaries.Thesebarriersinclude()Alegalrestrictions.Bexcessivetransportationcosts.Cinformationasymmetry.Dalloftheabove第5題單選題(1分)Whenindividualinvestorsbecomeawareofoverseasinvestmentopportunitiesandarewillingtodiversifytheirportfoliosinternationally,

(

)Atheytradeonemarketimperfection,informationasymmetry,foranother,exchangeraterisk.Btheybenefitfromanexpandedopportunityset.Ctheyshouldnotbothertoreadortounderstandtheprospectus,sinceitsprobablywritteninaforeignlanguage.Dtheyshouldinvestonlyindollarsoreuros.第6題單選題(1分)Theownersofabusinessarethe(

)Ataxpayers.Bworkers.Csuppliers.Dshareholders.第7題單選題(1分)IncountrieslikeFranceandGermany,(

)Amanagershaveoftenmadebusinessdecisionswithregardmaximizingmarketsharetotheexclusionofothergoals.Bmanagershaveoftenviewedshareholdersasoneofthe"stakeholders"ofthefirm,othersbeingemployees,customers,suppliers,banksandsoforth.Cmanagershaveoftenregardedtheprosperityandgrowthoftheircombines,orfamiliesofrelatedfirms,astheircriticalgoal.Dmanagershavetraditionallyembracedthemaximizationofshareholderwealthastheonlyworthygoal.第8題單選題(1分)SincetheendofWorldWarI,thedominantglobalcurrencyhasbeenthe(

)ABritishpound.BJapaneseyen.CEuro.DU.S.dollar.第9題單選題(1分)WhilethecorporategovernanceproblemisnotconfinedtotheUnitedStates,(

)Aitcanbeamuchmoreseriousprobleminmanyotherpartsoftheworld,wherelegalprotectionofshareholdersisweakornonexistent.BithasreacheditshighpointintheUnitedStates.CtheU.S.legalsystem,withlawsuitsusedonlyasalastresort,ensuredthatanyconflictsofinterestwillsoonbeathingofthepast.Dnoneoftheabove第10題單選題(1分)Apurelydomesticfirmsourcesitsproducts,sellsitsproducts,andraisesitsfundsdomestically(

)Acanfacestiffcompetitionfromamultinationalcorporationthatcansourceitsproductsinonecountry,selltheminseveralcountries,andraiseitsfundsinathirdcountry.BcanbemorecompetitivethanaMNConitshometurfduetosuperiorknowledgeofthelocalmarket.Ccanstillfaceexchangeraterisk,justlikeaMNC.Dalloftheabovearetrue第11題判斷題(0.5分)Mostgovernmentsatleasttrytomakeitdifficultforpeopletocrosstheirbordersillegally.Thisbarriertothefreemovementoflaborisanexampleofracialdiscrimination.(

)第12題判斷題(0.5分)Thegoalofshareholderwealthmaximizationisasub-objectivethefirmshouldattempttoachieveaftertheobjectiveofcustomersatisfactionismet.(

)Exercise第1題單選題(1分)Theinternationalmonetarysystemcanbedefinedastheinstitutionalframeworkwithinwhich(

)Ainternationalpaymentsaremade.Bmovementofcapitalisaccommodated.Cexchangeratesamongcurrenciesaredetermined.Dalloftheabove第2題單選題(1分)Theinternationalmonetarysystemwentthroughseveraldistinctstagesofevolution.Thesestagesaresummarized,inalphabeticorder,asfollows:(i)–Bimetallism(ii)-BrettonWoodssystem(iii)-Classicalgoldstandard(iv)-Flexibleexchangerateregime(v)-InterwarperiodThechronologicalorderthattheyactuallyoccurredis:

(

)A(iii),(i),(iv),(ii),and(v)B(i),(iii),(v),(ii),and(iv)C(vi),(i),(iii),(ii),and(v)D(v),(ii),(i),(iii),and(iv)第3題單選題(1分)Underthegoldstandard,internationalimbalancesofpaymentwillbecorrectedautomaticallyunderthe(

)AGreshamExchangeRateregime.BEuropeanMonetarySystem.CPrice-specie-flowmechanism.DBrettonWoodsAccord.第4題單選題(1分)DuringtheperiodbetweenWorldWarIandWorldWarII,(

)AthemajorEuropeanpowersandtheU.S.returnedtothegoldstandardandfixedexchangerates.BwhilemostcountriesabandonedthegoldstandardduringWorldWarI,internationaltradeandinvestmentflourishedduringtheinterwarperiodunderacoherentinternationalmonetarysystem.CtheU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.DNoneoftheabove.第5題單選題(1分)TheTriffinparadox(

)AwasfirstproposedbyProfessorRobertTriffin.Bwarnedthatthegold-exchangesystemoftheBrettonWoodsagreementwasprogrammedtocollapseinthelongrun.Cwasindeedresponsiblefortheeventualcollapseofthedollar-basedgold-exchangesystemintheearly1970s.Dalloftheabovearecorrect第6題單選題(1分)UndertheBrettonWoodssystemeachcountryestablishedaparvalueforitscurrencyinrelationtothedollar.AndtheU.S.dollarwaspeggedtogoldat()A$1perounce.B$35perounce.C$350perounce.D$900perounce.第7題單選題(1分)TheG-7iscomposedof(

)ACanada,France,Japan,Germany,Italy,theU.K.,andtheUnitedStates.BSwitzerland,France,Japan,Germany,Italy,theU.K.,andtheUnitedStates.CSwitzerland,France,NorthKorea,Germany,Italy,theU.K.,andtheUnitedStates.DSwitzerland,France,Japan,Germany,Canada,theU.K.,andtheUnitedStates.第8題單選題(1分)Acurrencyboardarrangementis()Awhenthecurrencyofanothercountrycirculatesasthesolelegaltender.Bwhenthecountrybelongstoamonetaryorcurrencyunioninwhichthesamelegaltenderissharedbythemembersoftheunion.Camonetaryregimebasedonanexplicitlegislativecommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchangerate,combinedwithrestrictionsontheissuingauthoritytoensurethefulfillmentofitslegalobligation.Dwherethecountrypegsitscurrencyatafixedratetoamajorcurrencywheretheexchangeratefluctuateswithinanarrowmarginoflessthanonepercent.第9題單選題(1分)Advantagesofaflexibleexchangeratesincludewhichofthefollowing?(

)ANationalpolicyautonomy.BEasierexternaladjustments.CThegovernmentcanusemonetaryandfiscalpoliciestopursuewhatevereconomicgoalsitchooses.DAlloftheabove第10題單選題(1分)Considerthesupply-demandframeworkfortheBritishpoundrelativetotheU.S.dollarshowninthenearbychart.Theexchangerateiscurrently$1.80=￡1.00.Whichofthefollowingiscorrect?

(

)AAtanexchangerateof$1.80=￡1.00,demandforBritishpoundsexceedssupply.BAtanexchangerateof$1.80=￡1.00,supplyforBritishpoundsexceedsdemand.CUnderaflexibleexchangerateregime,theU.S.dollarwilldepreciatetoanexchangerateof$1.90=￡1.00.Daandcarecorrect第11題判斷題(0.5分)Gresham'sLawstatesthatbadmoneydrivesgoodmoneyoutofcirculation.(

)第12題判斷題(0.5分)Underapurelyflexibleexchangeratesystemgovernmentscansettheexchangeratebybuyingorsellingreserves.(

)Exercise第1題單選題(1分)Balanceofpayments(

)Aisdefinedasthestatisticalrecordofacountry'sinternationaltransactionsoveracertainperiodoftimepresentedintheformofadouble-entrybookkeeping.Bprovidesdetailedinformationconcerningthedemandandsupplyofacountry'scurrency.Ccanbeusedtoevaluatetheperformanceofacountryininternationaleconomiccompetition.Dalloftheabove第2題單選題(1分)Ifacountryisgrapplingwithamajorbalance-of-paymentdifficulty,itmaynotbeabletoexpandimportsfromtheoutsideworld.Instead,thecountrymaybetemptedto(

)Aimposemeasurestorestrictimports.Bimposemeasurestodiscouragecapitaloutflows.CBothaandbDNoneoftheabove第3題單選題(1分)Amongitem(1)—(5),whichitemsarerecordedintheaccountof“capitalaccount”?

(1)Acquisitions/disposalsofnonproducedandnonfinancialassets;(2)Capitaltransfers;(3)Currenttransfer;(4)Directinvestment;(5)Portfolioinvestment()A(1)(3)B(1)(2)C(2)(3)(4)(5)D(4)(5)第4題單選題(1分)SupposetheMcDonaldsCorporationimportsCanadianbeef,payingforitbytransferringthefundstoaNewYorkbankaccountkeptbytheCanadianbeefproducer.(

)APaymentbyMcDonaldswillberecordedasadebit.BThedepositofthefundsbythesellerwillberecordedasadebit.CPaymentbyMcDonaldswillberecordedasacredit.DThedepositofthefundsbythebuyerwillbecredit.第5題單選題(1分)Amongitem(1)—(5),whichitemsarerecordedintheaccountof“otherinvestment”?

(1)otherequity;(2)currencyanddeposits;(3)loans(includinguseofIMFcreditandloansfromtheIMF);(4)tradecreditandadvances;(5)FDI()A(1)(5)B(2)(3)C(1)(2)(3)(4)D(1)(3)(5)第6題單選題(1分)Currently,internationalreserveassetsarecomprisedof(

)Agold,platinum,foreignexchanges,andspecialdrawingrights(SDRs)Bgold,foreignexchanges,specialdrawingrights(SDRs),andreservepositionsintheInternationalMonetaryFund(IMF).Cgold,diamonds,foreignexchanges,andspecialdrawingrights(SDRs).DreservepositionsintheInternationalMonetaryFund(IMF),only.第7題單選題(1分)In2012theUnitedStateshadacurrentaccountdeficit.ThecurrentaccountdeficitimpliesthattheUnitedStates(

)Ahadasurplusonlegalconsultingandengineeringservices.Bproducedmoreoutputthanitconsumed.Cconsumedmoreoutputthanitproduced.Dnoneoftheabove第8題單選題(1分)ThedifferencebetweenForeignDirectInvestmentandPortfolioInvestmentisthat(

)APortfolioInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstocksandbondsthatdonotinvolveatransferofcontrol.BForeignDirectInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstockswhereasPortfolioInvestmentmostlyinvolvesthesalesandpurchaseofforeignbonds.CForeignDirectInvestmentisaboutbuyinglandandbuildingfactories,whereasportfolioinvestmentisaboutbuyingstocksandbonds.DAlloftheabove第9題單選題(1分)WhenNestlé,aSwissfirm,boughttheAmericanfirmCarnation,itwasengagedinforeigndirectinvestment.IfNestléhadonlyboughtanon-controllingnumberofsharesofthefirm,(

)ANestléwouldhavebeenengagedinportfolioinvestment.BNestléwouldhavebeenengagedinacross-borderacquisition.CitwoulddependiftheyboughtthesharesfromanAmericanoraCanadian.Dnoneoftheabove第10題單選題(1分)Ifacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecountryshould(

)Aeitherincreaseitsofficialreserveassetsorborrowanewfromforeigners.Beitherrundownitsofficialreserveassetsorborrowanewfromforeigners.Ceitherrundownitsofficialreserveassetsorlendmoreforeigners.Dnoneoftheabove第11題判斷題(0.5分)Acountryexperiencingasignificantbalance-of-paymentssurpluswouldbelikelytoexpandexports,offeringinternationalmarketingopportunitiesfordomesticenterprises.(

)第12題判斷題(0.5分)Foreigndirectinvestmentoccurswithsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontrol.（

）Exercise第1題單選題(1分)Athedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.Bthedollaristradingata4%premiumtotheSwissfrancfordeliveryin180days.Cthedollaristradingatan8%discounttotheSwissfrancfordeliveryin180days.Dthedollaristradingata4%discounttotheSwissfrancfordeliveryin180days.第2題單選題(1分)ABankA'sdollar-denominatedaccountatBwillriseby$90,000.BBankB'sdollar-denominatedaccountatAwillfallby$90,000.CBankA'spound-denominatedaccountatBwillriseby￡45,000.DBankB'spound-denominatedaccountatAwillriseby￡45,000.第3題單選題(1分)A€0.6667and€0.6623.B1.51dollorsand1.50dollors.C€0.6623and€0.6667.Dcannotbedeterminedwiththeinformationgiven.第4題單選題(1分)AdealerinBritishpoundswhothinksthatthepoundisabouttodepreciate(

)Amaywanttowidenhisbid-askspreadbyraisinghisaskprice.Bmaywanttolowerhisbidpriceandhisaskprice.Cmaywanttolowerhisaskprice.Dnoneoftheabove.第5題單選題(1分)A€1.25/￡1.00B$1.25/￡1.00C￡1.25/€1.00D€0.80/￡1.00第6題單選題(1分)AThetraderhaslost$625.BThetraderhaslost$6,250.CThetraderhasmade$6,250.DThetraderhaslost$66,287.88.第7題單選題(1分)Asarule,whentheinterestrateoftheforeigncurrencyisgreaterthantheinterestrateofthequotingcurrency,(

)Atheoutrightforwardrateislessthanthespotexchangerate.Btheoutrightforwardrateismorethanthespotexchangerate.Cthecurrencywilltradeatapremiumintheforwardcontract.Dnoneoftheabove第8題單選題(1分)ASF1.30/$BSF1.35/$CSF1.25/$DNoneoftheabove第9題單選題(1分)A0.7813B2.0000C1.2800D0.3500第10題單選題(1分)Ifonehasagreedtobuyforeignexchangeforward(

)Ayouhaveashortpositionintheforwardcontract.Byouhavealongpositionintheforwardcontract.Cuntiltheexchangeratemoves,youhaven'tmademoney,soyou'reneithershortnorlong.Dyouhavealongpositioninthespotmarket.第11題判斷題(0.5分)Mostinterbanktradesarespeculativeorarbitragetransactions.()第12題判斷題(0.5分)TheBidpriceisthepricethatadealerstandsreadytopay.(

)Exercise第1題單選題(1分)AlthoughIRPtendstohold,itmaynotholdpreciselyallthetime()Aduetotransactionscosts,likethebidaskspread.Bduetoasymmetricinformation.Cduetocapitalcontrolsimposedbygovernments.Dbothaandc第2題單選題(1分)ThepriceofaMcDonald'sBigMacsandwich()Aisaboutthesameinthe120countriesthatMcDonaldsdoesbusinessin.Bvariesconsiderablyacrosstheworldindollarterms.CsupportsPPP.Dnoneoftheabove.第3題單選題(1分)Amongitem(1)—(4),whicharethebasicassumptionsofinterestrateparity?()

(1)Capitalcontrol;(2)Notransactionscosts;(3)Perfectsubstitutabilityofdomesticandforeignassets;(4)CapitalmobilityA(1)(2)(3)B(2)(3)(4)C(1)(2)(3)(4)D(3)(4)第4題單選題(1分)Anarbitrageisbestdefinedas

()AalegalconditionimposedbytheCFTC.Btheactofsimultaneouslybuyingandsellingthesameorequivalentassetsorcommoditiesforthepurposeofmakingreasonableprofits..Ctheactofsimultaneouslybuyingandsellingthesameorequivalentassetsorcommoditiesforthepurposeofmakingguaranteedprofits.DNoneoftheabove第5題單選題(1分)A$1.2471=€1.00B$1.20=€1.00C$1.1547=€1.00Dnoneoftheabove第6題單選題(1分)Ifaforeigncountyexperiencesahyperinflation,

()Aitscurrencywilldepreciateagainststablecurrencies.Bitscurrencymayappreciateagainststablecurrencies.Citscurrencymaybeunaffected—it'sdifficulttosay.Dnoneoftheabove第7題單選題(1分)Iftheannualinflationrateis5.5percentintheUnitedStatesand4percentintheU.K.,andthedollardepreciatedagainstthepoundby3percent,thentherealexchangerate,assumingthatPPPinitiallyheld,is（

）A0.07.B0.9849.C-0.0198.D4.5.第8題單選題(1分)Theforwardprice()Amaybehigherthanthespotprice.Bmaybethesameasthespotprice.Cmaybelessthanthespotprice.Dalloftheabove.第9題單選題(1分)ASF1.30/$BSF1.35/$CSF1.25/$DNoneoftheabove第10題單選題(1分)WhenInterestRateParitydoesnothold()Athereisusuallyahighdegreeofinflationinatleastonecountry.Bthefinancialmarketsareinequilibrium.Cthereareopportunitiesforcoveredinterestarbitrage.Dbothbandc第11題判斷題(0.5分)PurchasingPowerParity(PPP)theorystatesthatthepricesofstandardcommoditybasketsintwocountriesarenotrelated.（

）第12題判斷題(0.5分)TheFishereffectstatesthatanincrease(decrease)intheexpectedinflationrateinacountrywillcauseaproportionateincrease(decrease)intheinterestrateinthecountry.（

）Exercise第1題單選題(1分)Ifacurrencyfuturescontract(directquote)ispricedbelowthepriceimpliedbyCoveredInterestRateParity(CIRP),arbitrageurscouldtakeadvantageofthemispricingbysimultaneously（

）Agoingshortinthefuturescontract,borrowinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.Bgoingshortinthefuturescontract,lendinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.Cgoinglonginthefuturescontract,borrowinginthedomesticcurrency,andgoingshortintheforeigncurrencyinthespotmarket.Dgoinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.第2題單選題(1分)An"option"is（

）Aacontractgivingtheseller(writer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.Bacontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.Cacontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(call)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.Dacontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(sell)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.第3題單選題(1分)Inwhichmarketdoesaclearinghouseserveasathirdpartytoalltransactions?()AFuturesBForwardsCSwapsDNoneoftheabove第4題單選題(1分)ABCD第5題單選題(1分)Ifyouthinkthattheeuroisgoingtoappreciateagainstthedollar,youshould

()Abuyputoptionsontheeuro.Bsellcalloptionsontheeuro.Cbuycalloptionsontheeuro.Dnoneoftheabove第6題單選題(1分)A$1.52/€B$1.55/€C$1.58/€DNoneoftheabove第7題單選題(1分)The"openinterest"shownincurrencyfuturesquotationsis()Athetotalnumberofpeopleindicatinginterestinbuyingthecontractsinthenearfuture.Bthetotalnumberofpeopleindicatinginterestinsellingthecontractsinthenearfuture.Cthetotalnumberofpeopleindicatinginterestinbuyingorsellingthecontractsinthenearfuture.Dthetotalnumberoflongorshortcontractsoutstandingfortheparticulardeliverymonth.第8題單選題(1分)AEuropeanoptionisdifferentfromanAmericanoptioninthat()AoneistradedinEuropeandoneintradedintheUnitedStates.BEuropeanoptionscanonlybeexercisedatmaturity;Americanoptionscanbeexercisedpriortomaturity.CEuropeanoptionstendtobeworthmorethanAmericanoptions,ceterisparibus.DAmericanoptionshaveafixedexerciseprice;Europeanoptions'exercisepriceissetattheaveragepriceoftheunderlyingassetduringthelifeoftheoption.第9題單選題(1分)Aninvestorbelievesthatthepriceofastock,sayIBM'sshares,willincreaseinthenext60days.Iftheinvestoriscorrect,whichcombinationofthefollowinginvestmentstrategieswillshowaprofitinallthechoices?（

）(i)-buythestockandholditfor60days(ii)-buyaputoption(iii)-sell(write)acalloption(iv)-buyacalloption(v)-sell(write)aputoptionA(i),(ii),and(iii)B(i),(ii),and(iv)C(i),(iv),and(v)D(ii)and(iii)第10題單選題(1分)ADependsonyourmarginbalance.BYouhavemade$2,500.00.CYouhavelost$2,500.00.DYouhaveneithermadenorlostmoney,yet.第11題判斷題(0.5分)Exerciseofacurrencyfuturesoptionresultsinalongfuturespositionforthecallbuyerorputwriter.（

）第12題判斷題(0.5分)ThevolumeofOTCcurrencyoptionstradingismuchsmallerthanthatoforganized-exchangecurrencyoptiontrading.（

）Exercise第1題單選題(1分)Ifyouoweaforeigncurrencydenominateddebt,youcanhedgewith（

）Aalongpositioninacurrencyforwardcontract.Balongpositioninanexchange-tradedfuturesoption.Cbuyingtheforeigncurrencytodayandinvestingitintheforeigncounty.Daswapcontractwherepaythecashflowsofthebondinexchangefordollars.第2題單選題(1分)Thelinkbetweenafirm'sfutureoperatingcashflowsandexchangeratefluctuationsis()Aassetexposure.Boperatingexposure.CbothaandbDnoneoftheabove第3題單選題(1分)YourU.S.firmhasa￡100,000payablewitha3-monthmaturity.Whichofthefollowingwillhedgeyourliability?（

）ABuythepresentvalueof￡100,000todayatthespotexchangerate,investintheU.K.ati￡.BBuyacalloptionon￡100,000withastrikepriceindollars.CTakealongpositioninaforwardcontracton￡100,000witha3-monthmaturity.DAlloftheabove第4題單選題(1分)Generallyspeaking,afirmwithrecurrentexposurecanbesthedgeusingwhichproduct?()AOptionsBSwapsCFuturesDAlloftheabove第5題單選題(1分)Anexporterfacedwithexposuretoanappreciatingcurrencycanreducetransactionexposurewithastrategyof

()Apayingorcollectingearly.Bpayingorcollectinglate.Cpayinglate,collectingearly.Dpayingearly,collectinglate.第6題單選題(1分)Whichofthefollowingcanacompanyusetomanageoperatingexposure?()ASelectinglow-costproductionsites,diversifyingthemarket.BLowcostproductionsites,butnotfinancialhedging.CPursuingaflexiblesourcingpolicy,productdifferentiation,R&Defforts.DBothaandc.第7題單選題(1分)TherecognizedmethodsforconsolidatingthefinancialreportsofanMNCare()Ashort/longtermmethod,current/futuremethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.Bcurrent/noncurrentmethod,monetary/nonmonetarymethod,short/longtermmethod,andcurrent/futuremethod.Ccurrent/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod..Dtemporalmethod,currentratemethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod..第8題單選題(1分)Withregardtotranslationexposureversusoperatingexposure()Auppermanagementshouldbemoreconcernedwithtranslationexposure.Banydiscussionreallyinvolvesspeculationaboutforeignexchangeratechanges.Cuppermanagementshouldbemoreconcernedwithoperatingexposure.Dnoneoftheabove第9題單選題(1分)SupposetheU.S.dollarsubstantiallydepreciatesagainsttheJapaneseyen.Thechangeinexchangerate（

）Awilltendtoweakenthecompetitivepositionofimport-competingU.S.carmakers.Bwilltendtostrengthenthecompetitivepositionofimport-competingU.S.carmakers.CwilltendtostrengthenthecompetitivepositionofJapanesecarmakersattheexpenseofU.S.makers.Dnoneoftheabove第10題單選題(1分)Translationexposure,alsofrequentlycalledaccountingexposure,referstotheeffectthatanunanticipatedchangeinexchangerateswillhaveonthe()Achoiceofaccountingmethodology.BconsolidatedfinancialreportsofaMNC.Cfirmscompetitiveposition.Dcashflowsrealizedfromforeignoperations.第11題單選題(1分)Theextenttowhichthevalueofthefirmwouldbeaffectedbyexpectedchangesintheexchangerateis()Atransactionexposure.Btranslationexposure.Ceconomicexposure.Dnoneoftheabove第12題判斷題(0.5分)Transactionexposureisdefinedasthesensitivityofrealizeddomesticcurrencyvaluesofthefirm'scontractualcashflowsdenominatedinforeigncurrenciestounexpectedexchangeratechanges.（

）第13題判斷題(0.5分)Thesensitivityofthefirm'sconsolidatedfinancialstatementstounexpectedchangesintheexchangerateiseconomicexposure.（

）exersize第1題單選題(1分)Theprimaryreasonsforacounterpartytouseacurrencyswapare()Atohedgeandtospeculate.Btoplayinthefuturesandforwardmarkets.Ctoobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.Dbothaandb第2題單選題(1分)Intheswapmarket,whichpositionpotentiallycarriesgreaterrisks,brokerordealer?

()ABrokerBDealerCTheyarethesameswaps,thereforethesamerisks.第3題單選題(1分)Supposethequoteforafive-yearswapwithsemiannualpaymentsis8.50—8.60percent.Themeans

()Atheswapbankwillpaysemiannualfixed-ratedollarpaymentsof8.60percentagainstreceivingsix-monthdollarLIBOR.Btheswapbankwillreceivesemiannualfixed-ratedollarpaymentsof8.50percentagainstpayingsix-monthdollarLIBOR.Ciftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.Dnoneoftheabove第4題單選題(1分)Aninterest-onlysinglecurrencyinterestrateswap

()Aisalsoknownasaplainvanillaswap.Bisalsoknownasaninterestrateswap.Cisaboutassimpleasswapscanget.Dalloftheabove第5題單選題(1分)Aswapbankhasidentifiedtwocompanieswithmirror-imagefinancingneedstheybothwanttoborrowequivalentamountsforthesameamountoftime.CompanyXhasagreedtoonelegoftheswapbutcompanyYis"playinghardtoget".

()AIftheswapbankhasalreadycontractedonelegoftheswap,theyshouldbeanxioustoofferbettertermstocompanyYtojustgetthedealdone.BTheswapbankcouldjustsellthecompanyXsideoftheswap.CCompanyXshouldlobbyYto"getonboard".DBothaandb第6題單選題(1分)Examplesof"single-currencyinterestrateswap"and"cross-currencyinterestrateswap"are:

()Afixed-for-floatingrateinterestrateswap,whereonecounterpartyexchangestheinterestpaymentsofafloating-ratedebtobligationsforfixed-rateinterestpaymentsoftheothercounterparty.Bfixed-for-fixedratedebtservice(currencyswap),whereonecounterpartyexchangesthedebtserviceobligationsofabonddenominatedinonecurrencyforthedebtserviceobligationsoftheothercounterpartydenominatedinanothercurrency.CbothaandbDnoneoftheabove第7題單選題(1分)SupposeABCInvestmentBankerLtd.,isquotingswapratesasfollows:7.50-7.85annuallyagainstsix-monthdollarLIBORfordollars,and11.00-11.30percentannuallyagainstsix-monthdollarLIBORforBritishpoundsterling.ABCwouldenterintoa$/￡currencyswapinwhich:Aitwouldpayannualfixed-ratedollarpaymentsof7.5%inreturnforreceivingannualfixed-rate￡paymentsat11.3%Bitwillreceiveannualfixed-ratedollarpaymentsat7.85%againstpayingannualfixed-rate￡paymentsat11%CaandbDnoneoftheabove第8題單選題(1分)Youarethe