國外金融課程考試題目及答案

一、單項選擇題（總共10題，每題2分）1.Theprocessofbuyingandsellingassetsoverashortperiodoftimetogenerateprofitfromshort-termpricedifferencesisknownas:A.ArbitrageB.SpeculationC.InvestmentD.Hedging答案：B2.Whichofthefollowingisaprimarymarkettransaction?A.ThepurchaseofastockfromanotherinvestorinthesecondarymarketB.TheissuanceofnewbondsbyacorporationC.ThetradingofgovernmentsecuritiesonthestockexchangeD.Thebuyingandsellingofmutualfundshares答案：B3.Theyieldtomaturityonabondisthetotalreturnanticipatedifthebondishelduntilitmatures.TrueorFalse?答案：True4.Theriskthataninvestment'svaluewilldecreaseduetochangesinmarketinterestratesisknownas:A.CreditriskB.LiquidityriskC.InterestrateriskD.Inflationrisk答案：C5.Aportfoliothatcombinesarisk-freeassetwithariskyassetisknownas:A.AbalancedportfolioB.AmarketportfolioC.AtangencyportfolioD.Arisk-freeportfolio答案：A6.TheEfficientMarketHypothesis(EMH)suggeststhatfinancialmarketsare:A.AlwaysefficientB.InefficientandrequireactivemanagementC.Efficienttoadegree,butnotalwaysD.Inefficientduetomarketparticipants'irrationalbehavior答案：C7.Theprocessofdiversifyinginvestmentsacrossvariousfinancialinstruments,industries,andothercategoriesisknownas:A.AssetallocationB.RiskmanagementC.PortfoliooptimizationD.Markettiming答案：A8.Theprimarygoalofacorporation'sfinancialmanagementisto:A.Maximizethecompany'sprofitsB.Maximizethecompany'sstockpriceC.Minimizethecompany'staxesD.Maximizethecompany'sdebt答案：B9.Theweightedaveragecostofcapital(WACC)isusedto:A.DeterminethecostofequityB.CalculatethepresentvalueoffuturecashflowsC.EvaluatetheprofitabilityofpotentialinvestmentsD.Estimatethecompany'staxrate答案：C10.Theconceptoftimevalueofmoneyisbasedontheideathat:A.MoneytodayisworthmorethanthesameamountinthefutureB.MoneytodayisworthlessthanthesameamountinthefutureC.ThevalueofmoneydoesnotchangeovertimeD.Moneytodayisworththesameasthesameamountinthefuture答案：A二、多項選擇題（總共10題，每題2分）1.Thefollowingareexamplesoffinancialmarkets:A.StockmarketB.BondmarketC.ForeignexchangemarketD.Commoditymarket答案：A,B,C,D2.Themaincomponentsofacompany'scapitalstructureinclude:A.CommonstockB.PreferredstockC.BondsD.Retainedearnings答案：A,B,C,D3.Thefollowingaremethodsofriskmanagement:A.DiversificationB.HedgingC.InsuranceD.Assetallocation答案：A,B,C,D4.Thefollowingarefactorsthatcanaffectacompany'sstockprice:A.EarningsreportsB.InterestratesC.EconomicconditionsD.Marketsentiment答案：A,B,C,D5.Thefollowingaretypesoffinancialinstruments:A.StocksB.BondsC.MutualfundsD.Derivatives答案：A,B,C,D6.Thefollowingarecomponentsofthecapitalassetpricingmodel(CAPM):A.Risk-freerateB.MarketreturnC.BetaD.Expectedreturn答案：A,B,C,D7.Thefollowingaremethodsofevaluatinginvestmentprojects:A.Netpresentvalue(NPV)B.Internalrateofreturn(IRR)C.PaybackperiodD.Profitabilityindex答案：A,B,C,D8.Thefollowingarefactorsthatcanaffectacompany'scostofcapital:A.TaxrateB.InterestratesC.MarketriskpremiumD.Beta答案：A,B,C,D9.Thefollowingaretypesofinvestmentstrategies:A.ValueinvestingB.GrowthinvestingC.IncomeinvestingD.Indexinvesting答案：A,B,C,D10.Thefollowingarecomponentsofacompany'sfinancialstatements:A.BalancesheetB.IncomestatementC.CashflowstatementD.Statementofshareholders'equity答案：A,B,C,D三、判斷題（總共10題，每題2分）1.Theprimarymarketiswheresecuritiesareissuedforthefirsttime.TrueorFalse?答案：True2.Thesecondarymarketiswherepreviouslyissuedsecuritiesaretraded.TrueorFalse?答案：True3.Theyieldtomaturityonabondisthetotalreturnanticipatedifthebondishelduntilitmatures.TrueorFalse?答案：True4.Theriskthataninvestment'svaluewilldecreaseduetochangesinmarketinterestratesisknownasinterestraterisk.TrueorFalse?答案：True5.Aportfoliothatcombinesarisk-freeassetwithariskyassetisknownasabalancedportfolio.TrueorFalse?答案：True6.TheEfficientMarketHypothesis(EMH)suggeststhatfinancialmarketsareefficienttoadegree,butnotalways.TrueorFalse?答案：True7.Theprocessofdiversifyinginvestmentsacrossvariousfinancialinstruments,industries,andothercategoriesisknownasassetallocation.TrueorFalse?答案：True8.Theprimarygoalofacorporation'sfinancialmanagementistomaximizethecompany'sstockprice.TrueorFalse?答案：True9.Theweightedaveragecostofcapital(WACC)isusedtoevaluatetheprofitabilityofpotentialinvestments.TrueorFalse?答案：True10.Theconceptoftimevalueofmoneyisbasedontheideathatmoneytodayisworthmorethanthesameamountinthefuture.TrueorFalse?答案：True四、簡答題（總共4題，每題5分）1.Whatisthedifferencebetweentheprimarymarketandthesecondarymarket?答案：Theprimarymarketiswheresecuritiesareissuedforthefirsttime,andcompaniesraisecapitalbysellingnewsecuritiestoinvestors.Thesecondarymarketiswherepreviouslyissuedsecuritiesaretradedamonginvestors.Theprimarymarketisusedforinitialfunding,whilethesecondarymarketprovidesliquidityforinvestorstobuyandsellsecurities.2.Explaintheconceptofdiversificationanditsimportanceininvestment.答案：Diversificationistheprocessofspreadinginvestmentsacrossvariousfinancialinstruments,industries,andothercategoriestoreducerisk.Itisimportantbecauseithelpstomitigatetheimpactofpoorperformanceinanysingleinvestmentbybalancingtheportfoliowithotherassetsthatmayperformdifferentlyunderthesamemarketconditions.3.Whatisthecapitalassetpricingmodel(CAPM),andwhatareitsmaincomponents?答案：Thecapitalassetpricingmodel(CAPM)isatheoreticalframeworkusedtodeterminetheexpectedreturnonaninvestmentbasedonitsrisk.ThemaincomponentsofCAPMaretherisk-freerate,themarketreturn,thebetaoftheinvestment,andtheexpectedreturn.TheformulaforCAPMis:ExpectedReturn=Risk-FreeRate+Beta(MarketReturn-Risk-FreeRate).4.Whatistheweightedaveragecostofcapital(WACC),andwhyisitimportantinfinancialdecision-making?答案：Theweightedaveragecostofcapital(WACC)istheaverageratethatacompanyisexpectedtopaytofinanceitsassets.Itiscalculatedbytakingtheweightedaverageofthecostofequityandthecostofdebt,withweightsreflectingtheproportionofeachinthecompany'scapitalstructure.WACCisimportantinfinancialdecision-makingbecauseitrepresentstheminimumreturnthatacompanymustearnonitsinvestmentstosatisfyitsinvestorsandcreditors.五、討論題（總共4題，每題5分）1.Discusstheroleoffinancialmarketsintheeconomy.答案：Financialmarketsplayacrucialroleintheeconomybyfacilitatingtheflowofcapitalfromsaverstoborrowers,providingliquidityforinvestors,andenablingpricediscoveryforfinancialassets.Theyhelptoallocateresourcesefficiently,supporteconomicgrowth,andprovidemechanismsforriskmanagementandinvestmentopportunities.2.ExplaintheconceptoftheEfficientMarketHypothesis(EMH)anditsimplicationsforinvestmentstrategies.答案：TheEfficientMarketHypothesis(EMH)suggeststhatfinancialmarketsareefficientandthatassetpricesreflectallavailableinformation.TherearethreeformsofEMH:weak,semi-strong,andstrong.Theimplicationsforinvestmentstrategiesarethatinanefficientmarket,itisdifficulttoconsistentlyoutperformthemarketthroughactivemanagement,andpassiveinvestmentstrategiessuchasindexinvestingmaybemoreappropriate.3.Discussthefactorsthatcanaffectacompany'scostofcapital.答案：Severalfactorscanaffectacompany'scostofcapital,includingthetaxrate,interestrates,marketriskpremium,andbeta.Thetaxrateaffectstheafter-tax