Chapter Two
Financial Markets and Institutions
This chapter contains 49 multiple-choice questions, 20 short problems and 10 longer problems. Multiple Choice
1. A market that has no one specific location is termed a(n) ________ market.
(a)over-the-counter
(b)geographic location
(c)intermediary
(d)conceptual
Answer: (a)
2. ________ problems arise because parties to contracts often cannot easily monitor or control one another.
(a)Payment
(b)Counter
(c)Incentive
(d)Exchange
Answer: (c)
3. Incentive problems take a variety of forms and include:
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (d)
4. The ________ problem exists when having insurance against some risk causes the insured party to take greater risk or to take less care in preventing the event that gives rise to the loss.
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (a)
5. Life annuities are examples of ________ problems.
(a)moral hazard
(b)adverse selection
(c)principal-agent
(d)all of the above
Answer: (b)
6. ________ means giving the lender the right to seize specific business assets in the event of default.
(a)Increasing moral hazard
(b)Increasing adverse selection
(c)Collateralization of loans
(d)All of the above
Answer: (c)
7. ________ instruments are also called fixed-income instruments.
(a)Debt
(b)Equity
(c)Derivative
(d)All of the above
Answer: (a)
8. The market for short-term debt (less than one year) is called the ________ market, and the market for long-term debt and equity securities is called the ________ market.
(a)capital; money
(b)money; capital
(c)fixed-income; money
(d)derivative; equity
Answer: (b)
9. ________ securities are financial instruments that derive their value from the prices of one or more other assets.
(a)Debt
(b)Equity
(c)Derivative
(d)Fixed-income
Answer: (c)
10. A call option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer: (b)
11. A put option gives its holder the right to ________ some asset at a specified price on or before some specified expiration date.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer: (a)
12. ________ contracts oblige one party to the contract to buy, and the other party to sell, some asset at a specified price on some specified date.
(a)Options
(b)Uncertainty
(c)Money market
(d)Forward
Answer: (d)
13.The ________ curve depicts the relation between interest rates on fixed-income instruments issued by
the U.S. Treasury and the maturity of the instrument.
(a)long-term
(b)short-term
(c)yield
(d)exchange rate
Answer: (c)
14.If the short-term rates are higher than the long-term rates, then the yield curve is ________.
(a)upward sloping
(b)downward sloping
(c)horizontal
(d)vertical
Answer: (b)
Questions 15 and 16 are intended to be calculated as a pair.
15.Suppose you are a French investor, who wants a safe investment in terms of francs. You are investing
for one year and the interest rate on a one-year French government bond is 5% and at the same time it is 9% on a U.S. government bond. The exchange rate is currently 6.15 French francs to the dollar.
Suppose you invest $1,000 in a U.S. bond. Also suppose that a year from now the French franc/dollar exchange rate is 6.50 French francs to the dollar. What will be the realized French franc rate of return on the U.S. bond?
(a)5.69%
(b)9.00%
(c)15.2%
(d)7.00%
Answer: (c)
16.In question 15, what would the exchange rate at year’s end have to be in order for the French investor
to earn exactly 4% per year on the investment in U.S. bonds?
(a)6.20 FF/$
(b)5.87 FF/$
(c)6.40 FF/$
(d)5.42 FF/$
Answer: (b)
Use the following yield data to answer questions 17 and 18.
2/29/98
Treasury 1-10 yr 5.58%
10+ yr 5.72
Corporate 1-10 yr High Qlty 5.98
Med Qlty 6.17
Corporate 10+ yr High Qlty 6.26
Med Qlty 6.57
17. Calculate the yield spread for Treasury bonds with maturity 1-10 year and corporate bonds of high quality of the same maturity.
(a)11.56%
(b)0.68%
(c)0.59%
(d)0.40%
Answer: (d)
18. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of medium quality of the same maturity.
(a)12.29%
(b)0.85%
(c)0.54%
(d)0.45%
Answer: (b)
19.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is your expected rate of return if you se ll the stock for $49 at the end of the year?
(a)2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer: (c)
20.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is your expecte d rate of return if you do not sell the stock at the end of the year?
(a)2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer: (c)
21.You invest in a stock that costs $45.50 per share. It pays a cash dividend during the year of $1.20 and
you expect its price to be $49 at year’s end. What is your realized rate of return if the stock’s price is actually $42 at year’s end?
(a)–5.05%
(b)18.02%
(c)10.33%
(d)5.05%
Answer: (a)
22. The ________ the standard deviation, the ________ the volatility of the rate of return.
(a)higher, lower
(b)lower, higher
(c)higher, higher
(d)none of the above
Answer: (c)
23.________ is an investment strategy that seeks to match the returns of a specified stock market index.
(a)Indexing
(b)Benchmarking
(c)Replicating
(d)Diversifying
Answer: (a)
24. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 7% per year and the expected rate of inflation is 3% per year. What is the expected real rate of return on the T-bill?
(a)4%
(b)3.88%
(c)1.34%
(d)3.74%
Answer: (b)
25. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 6% per year and the expected rate of inflation is 4% per year. What is the expected real rate of return on the T-bill?
(a)2%
(b)5%
(c)1.92%
(d)1.89%
Answer: (c)
26. Suppose that the real rate of interest on a TIPS is 4.5% per year and the expected rate of inflation in the U.S. is 5% per year. What is the expected nominal rate of return on these bonds?
(a)0.476%
(b)4.75%
(c)9.73%
(d)9.75%
Answer: (c)
27. Currently you have a bank account containing $6,000, which earns interest at a rate of 4% per year. You also have an unpaid balance on your credit card of $3,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:
(a)$420
(b)$540
(c)$120
(d)$300
Answer: (a)
28. A ________ interest rate is denominated in units of some currency, whereas a ________ interest rate is denominated in units of some commodity or “basket” of goods and services.
(a)real, nominal
(b)real, treasury
(c)nominal, real
(d)treasury, real
Answer: (c)
29. ________ are firms whose primary function is to help businesses, governments, and other entities raise funds to finance their activities by issuing securities.
(a)Closed-end funds
(b)Investment banks
(c)Asset management funds
(d)Open-end funds
Answer: (b)
30. Currently, you have $24,000 in a bank account earning an interest rate of 4% per year. At the same time you have an unpaid balance on your credit card of $12,000 on which you are paying an interest rate of 18% per year. If the time frame is one year, the arbitrage opportunity you face is:
(a)$2,160
(b)$1,200
(c)$480
(d)$1,680
Answer: (d)
31. In the United States, the ________ establishes the precise disclosure requirements that must be satisfied for a public offering of securities.
(a)Financial Accounting Standards Board
(b)World Bank
(c)Federal Reserve
(d)Securities and Exchange Commission
Answer: (d)
32. Investment professionals typically use a(n) ________ index as a benchmark for measuring the performance of common stock mutual funds.
(a)inflation adjusted
(b)firm-size weighted
(c)market-weighted
(d)book-weighted
Answer: (c)
33. The Dow Jones Industrial Index has some major defects, which include:
(a)It is not broadly diversified enough to accurately reflect the wide spectrum of stocks in the
United States.
(b)It corresponds to a portfolio strategy that is unsuitable as a performance benchmark.
(c)It only includes the 30 largest corporations.
(d)(a) and (b)
Answer: (d)
34. Interest-rate arbitrage is ________ at a lower rate and ________ at a higher rate.
(a)borrowing, lending
(b)borrowing, defaulting
(c)defaulting, lending
(d)lending, borrowing
Answer: (a)
35. ________ invest their funds in a new businesses and help the management team get the firm to the point at which it is ready to “go public.”
(a)Investment banks
(b)Venture capitalists
(c)Asset management firms
(d)Mutual funds
Answer: (b)
36.The case where there is an imbalance in the exchange of information about a business opportunity is
known as ________.
(a)information symmetry
(b)information asymmetry
(c)information assets
(d)(a) and (c)
Answer: (b)
37.Which of the following represents a defined-contribution pension plan?
(a) A pension plan into which the employer and employee make regular contributions.
(b) A pension plan whose benefit is determined by a formula that takes into account years of service,
wages, and salary.
(c) A pension plan whose benefit formula is 1% of retirement salary for each year of service.
(d)All of the above
Answer: (a)
38.Which of the following are characteristic of a mutual fund?
(a)professional management
(b)diversification
(c)efficient record keeping and administration
(d)all of the above
Answer: (d)
https://www.doczj.com/doc/f02957252.html, asset value is defined as the ________.
(a)future value of all assets held divided by the number of shares outstanding
(b)book value of all securities held divided by the number of shares outstanding
(c)market value of all securities held divided by the number of shares outstanding
(d)book value of all assets held divided by the number of shares outstanding
Answer: (c)
40.Which of the following describes a money market instrument?
a.long-term
b.liquid
c.high-risk
d.all of the above
Answer: (b)
41. A country’s ________ provides the supply of local currency and operates the clearing system for the
banks.
(a)stock exchange
(b)underwriter
(c)central bank
(d)investment bank
Answer: (c)
42.Which of the following statements is most correct?
(a)open-end mutual funds and closed-end funds are identical
(b)open-end mutual funds stand ready to redeem or issue shares at NAV
(c)closed-end mutual funds stand ready to redeem or issue shares at NAV
(d)mutual funds provide a poor means of diversification
Answer: (b)
43.Which of the following statements is most correct?
(a)closed-end mutual funds do not redeem or issue shares at NAV
(b)closed-end mutual fund prices can differ from NAV
(c)shares of closed-end funds are traded through brokers
(d)all of the above are correct
Answer: (d)
44.In the United States, the ________ prohibited commercial banks from engaging in most underwriting
activities.
(a)Investment Bank Act of 1909
(b)SEC Act
(c)Glass Steagall Act of 1933
(d)Commercial Bank Act of 1952
Answer: (c)
45.Rules for trading securities serve the function of ________.
(a)recognizing when government inaction is the best choice
(b)standardizing procedures to keep transaction costs low
(c)presenting financial information in a standardized format
(d)establishing arbitrary rules to ensure the maximum revenue from transaction fees
Answer: (b)
46.In Germany, the central bank is called the ________.
(a)Riksbank
(b)Bundesbank
(c)Bank of Germany
(d)Exchequer
Answer: (b)
47.For the period 1926-2003, which of the following asset classes provided the highest average rate of
return?
(a)Long-term U.S. Treasury bonds
(b)U.S. T-bills
(c)Inflation
(d)Small stock
Answer: (d)
48.For the period 1926-2003, which of the following asset classes provided the lowest volatility of the
rate of return?
(a)Long-term U.S. Treasury bonds
(b)U.S. T-bills
(c)Inflation
(d)Small stock
Answer: (b)
49.The ________ is the unit of account for computing the real rate of return.
(a)nominal interest rate on stock
(b)standardized basket of consumption goods
(c)country’s rate of inflation
(d)none of the above
Answer: (b)
Short Problems
1. Give a brief definition of financial intermediaries. Provide three examples of financial intermediaries and the products they offer.
Answer: Financial intermediaries are defined as firms whose primary business is to provide financial services and products. Among the m ain types of intermediaries are banks, investment companies and insurance companies. Products offered include checking accounts, commercial loans, mortgages, mutual funds and a wide range of insurance contracts.
Consider the following yield data and answer questions 2 and 3:
2/29/98
Treasury 1-10 yr 5.58%
10+ yr 5.72
Corporate 1-10 yr High Qlty 5.98
Med Qlty 6.17
Corporate 10+ yr High Qlty 6.26
Med Qlty 6.57
2. Calculate the yield spread for Treasury bonds with maturity 10+ years and corporate bonds of high quality of the same maturity.
Answer: Yield Spread = 6.26 – 5.72%
= 0.54%
3. Calculate the yield spread for Treasury bonds with maturity 1-10 years and corporate bonds of medium quality of the same maturity.
Answer: Yield Spread = 6.17 – 5.58%
= 0.59%
4. Discuss the level and shape of the Treasury yield curves that have appeared in the latest media.
Answer: Answers will vary depending on media announcements at the time.
5. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your expected rate of return if you sell the stock for $45 at the end of the year?
Answer: Expected rate of return = Ending Price – Beginning Price + Cash Dividend
Beginning Price
= $45 - $42.50 + $1.80
$42.50
= 10.12%
6. Refer to Question 5. What if you do not sell the stock at the end of the year?
Answer: You measure the rate of return exactly the same way, whether or not you sell. The price appreciation is as m uch a part of your returns the dividend. That you choose to keep it does not change the fact that you could convert it into $45 cash at the end of the year.
7. You invest in a stock that costs $42.50 per share. It pays a cash dividend during the year of $1.80 and you expect its price to be $45 at year’s end. What is your realized rate of return if the stock’s price is actually $39 at year’s end?
Answer: Realized rate of return = Ending Price – Beginning Price + Cash Dividend
Beginning Price
= $39 - $42.50 + $1.80
$42.50
= -4%
8. Suppose the risk-free nominal interest rate on a one-year U.S. Treasury bill is 5% per year and the expected rate of inflation is 3%. What is the expected real rate of return on the T-bill?
Answer: Real rate = Nominal interest rate – Rate of Inflation
= 0.05 – 0.03
1 + 0.03
= 0.02
1.03
= 1.94%
9. Suppose you are a Dutch investor, who wants a safe investment in terms of Guilders. You are investing
for one year and the interest rate on a one-year Netherlands government bond is 6% and at the same time
it is 9% on a U.S. government bond. The exchange rate is currently 2.05 Guilders to the dollar. Suppose you invest $1,000 in a U.S. bond. Also suppose a year from now that the Guilder/dollar exchange rate is
2.15 Guilders to the dollar. What will be the realized Dutch rate of return on the U.S. bond?
Answer: Dutch realized rate of return = $1090 x Future Guilder price of dollar – 2050
2050
= $1090 x 2.15 – 2050
2050
= 14.32%
10. Refer to Question 9. What does the exchange rate have t o be at year’s end for the Dutch investor to
earn exactly 12% per year on the investment in U.S. bonds?
Answer: Dutch rate of return = $1090 x Future Guilder price of dollar – 2050
2050
0.12 = $1090 x Guilder price – 2050
2050
Future price of Guilder = 2.11 Guilder per dollar
11. Distinguish between nominal interest rates and real interest rates.
Answer: The nominal interest rate is the promised amount of money you receive per unit you lend.
The real rate of return is the nominal interest rate you earn corrected for the change in purchasing
power of money. A nominal interest rate is denominated in units of some currency; a real interest rate
is denominated in units of some commodity or basket of goods and services (commonly, whatever
basket is used to compute the CPI).
12.Discuss the costs associated with trading stocks and why index funds provide a low-cost advantage.
Answer: Costs can come in the form of:
1.the fund’s expense ratio (which includes advisory fees, distribution charges,
and operating expenses).
2.Portfolio transaction costs (brokerage and after trading costs).
One of the prime advantages of an index fund should be its low cost. An index fund should pay only
minimal advisory fees, keep operating expenses at the lowest possible level, and should keep portfolio
transaction costs at minimal levels.
13.Discuss the investment approach known as indexing.
Answer: Indexing is an investment approach that seeks to match the investment returns of a
specified stock market index. When indexing, an investment manager attempts to replicate the
investment results of the target index by holding all – or a representative sample – of the
securities in the index. Indexing is a passive investment approach emphasizing broad
diversification and low portfolio trading activity.
14.Outline the purpose of a mutual fund and describe the advantages of investing with a mutual fund.
Answer: A mutual fund is one that pools the financial resources of many sm all savers and invests their money in securities. A mutual fund has substantial economies of scale in record keeping and in executing purchases and sales of securities and offers its customers a more efficient way of
investing in securities than the direct purchase and sale of securities in the markets. It also
provides an efficient means of diversification.
15.Define interest-rate arbitrage.
Answer: Interest-rate arbitrage is borrowing at a lower rate and lending at a higher rate.
16.Describe the main features of the IMF and the Bank for International Settlements.
Answer: The Bank for International Settlements (BIS) promotes uniformity of regulations. The IMF monitors economic and financial conditions in member countries, provides technical
assistance, establishes rules for international trade and finance, provides a forum for
international consultation and provides individual members a lengthened time (if necessary) to
correct imbalances in their payments to other countries.
17.You invest in a stock costing $60 per share. It pays a cash dividend during the year of $2.50, and you
expect its price to be $85 at year’s end. Calculate your expected rate of return. If the stock price at the end of the year is actually $50, calculate your realized rate of return.
Answer: Expected rate of return = ($2.50 + $85 - $60)/$60 = 45.8%
Realized rate of return = ($2.50 + $50 - $60)/$60 = -12.5%
18.You invest in a stock costing $45 per share. It pays a cash dividend of $3.20 during the year, and you
expect its price to be $60 at the end of the year. If the price is actually $42 at the end of the year, calculate your realized rate of return.
Answer: Realized rate of return = ($3.20 + $42 - $45)/$45 = 0.4%
19.Suppose you have $15,000 in a bank account earning an interest rate of 5% per year. At the same time
you have an unpaid balance on your credit card of $8,000 for which you are paying 18% interest.
What is the arbitrage opportunity you face?
Answer: If you take $8,000 out of your bank account and pay off the credit card you give up
0.05% x $8,000 = $400, but you can save 0.18 x $8,000 = $1,440 in interest expenses. So the
arbitrage opportunity is worth $1,040 per year.
20.Suppose the real rate of interest on a TIPS is 4% per year, and the expected U.S. inflation rate is 3.5%
per year. What is the expected nominal rate of return on these bonds?
Answer: (1+ nominal rate) = (1 + real rate) x (1 + inflation)
= (1.04) x (1.035)
= 1.0764
nominal rate = 7.64% per year
Longer Problems
1.Discuss the four main factors that determine rates of return in a market economy.
Answer: The four main factors that should be discussed are:
?The productivity of capital goods – expected rates of return on mines, dams, roads, bridges, factories, machinery and investments
?The degree of uncertainty regarding the productivity of capital goods
?The time preferences of people
?Risk aversion
2.Discuss the role of the financial intermediary and give two examples.
Answer: A financial intermediary is an entity whose primary business is to provide customers with financial products that cannot be obtained m ore efficiently by transacting directly in securities
markets.
Examples include banks, insurance com panies, mutual funds, investment companies, venture capital firms, asset m anagement firms, and pension and retirement funds.
3.Suppose that you have $30,000 in a bank account earning an interest rate of 6% per year. At the same
time you have an unpaid balance on your credit card of $14,000 on which you are paying an interest rate of 18% per year. What is the arbitrage opportunity you face?
Answer: You could take $14,000 out of your bank account and pay down your credit card balance.
You would give up 6% per year in interest earnings ($840 per year), but you would save 18% per year in interest expenses ($2,520 per year). Therefore, the arbitrage opportunity is $1,680 per year.
https://www.doczj.com/doc/f02957252.html,e the data in the table below to compute both the DIJ-type index and the market-weighted index for
a hypothetical two-stock index. Discuss which index more accurately reflects the reality of the market.
Answer:
DJI type index = Average of current stock prices x 100
Average of stock prices in base year
= (30 + 2)/2 x 100
(20 + 10)/2
= 106.67, indicating an increase of 6.67%
market-weighted index = (0.8 x 30/20) + (0.2 x 2/10) x 100
= (1.2 + 0.04) x 100
= 124, indicating an increase of 24%
The market-weighted index shows a 24% increase, which reflects what has actually happened to the total market value of all stocks: 2.5 billion to 3.1 billion is growth of 0.6 billion, which as a percent is
(0.6)/(2.5) = 24%
5.You invest in a stock that pays $2 per quarter and costs you $50.50 per share. At the end of the year
you expect the stock price to be $59.50. What is the expected rate of return on this stock? What is the realized rate of return if the price of the stock is $52 at the end of the year?
Answer:
Expected rate of return = $2(4) + $59.50 - $50.50
$50.50
= 33.66% per year
Realized rate of return = $2(4) + $52 - $50.50
$50.50
= 18.81% per year
6.Outline the six core functions performed by the financial system.
Answer:
The six core functions performed by the financial system are:
1.To provide ways of managing risk.
2.To provide ways to transfer economic resources through time, across borders, and among
industries.
3.To provide ways of clearing and settling payment to facilitate trade.
4.To provide a mechanism for the pooling of resources and for the subdividing of shares in various
enterprises.
5.To provide ways of dealing with the incentive problems created when one party to a transaction
has information that the other party does not, or when one party acts as an agent for another.
6.To provide price information to help coordinate decentralized decision making in various sectors
of the economy.
7. Outline the basic types of financial assets that are traded in the markets.
Answer:
Debt instruments – issued by anyone who borrows money – firms, government, and households.
Equity – the claim of the owners of a firm. Corporations who issue equity securities are issuing
common stock.
Derivatives – such as options and futures contracts that derive their value from the prices of one or more other assets.
8.Describ e how a banking panic can cause a “contagion” to set in the economy.
Answer:
If there is a banking panic and if a bank does not have sufficient funds to pay off its depositors, then “contagion” can set in, and other banks are faced with a run. If there is a “flight to currency,” then a contagion problem occurs for the banking system as a whole, and the people refuse to hold deposits of any bank and insist on having currency.
9. Discuss the rates of return and volatility of U.S. T-bills, U.S. Treasury bonds, and large stock over
the period of 1926-2003.
Answer:
From a historical perspective, T-bills have proved to be the least risky asset class, whereas large stock has proved to be the most risky asset class.
Large stocks (as measured in the S&P 500 stock portfolio) have provided an average rate of return of
12.25% between 1926 and 2003, whereas T-bills have provided an average rate of return of 3.79%
and 5.64% for U.S. Treasury bonds.
Large stock returns, with a standard deviation of 20.5%, have also been the most volatile asset class between 1926 and 2003. U.S. Treasury bonds had a standard deviation of 8.19% over the same
period and U.S. bills have been the least volatile asset class, with a standard deviation of 3.18%.
Chapter Six The Analysis of Investment Projects This chapter contains 41 multiple choice problems, 20 short problems and 8 longer problems. Multiple Choice 1.The objective of a firm's management is to only undertake the projects that ________ the market value of shareholders' equity. a)decrease b)do not decrease c)change d)do not change Answer: (b) 2.The decision rule that management uses with the net present value is to undertake only those projects with ________ NPV. a) a discounted b) a contingent c) a positive d)negative Answer: (c) 3.If a firm decides to invest in automated machines that will allow the firm to reduce labor costs, this is an example of a ________ capital expenditures project. a)new products b)replacement of existing assets c)cost reduction d)advertising Answer: (c) 4.The NPV of a project represents the amount by which it is expected to increase ________. a)the break-even point b)capital budgeting c)capital expenditures d)shareholder wealth Answer: (d)
西华大学课程考试（考查）试题卷（ B 卷） 试卷编号： 一单项选择题（每小题只有一个正确答案。每小题1.5分，共12分。） 1．商业银行最早萌芽于17世纪末叶设立的（） A. 瑞典国家银行 B. 英格兰银行 C.法兰西银行 D.德国国家银行2．按我国货币供应量的统计口径，准货币指（） A. 流通中的现金 B. 活期性质存款 C. M2-M1 D.储蓄存款 3．商业汇票签发后，必须经过债务人的认可和承认，即债务人签字、划押、盖章的过程，这一行为称为（） A.背书 B.承兑 C.贴现 D.转让 4．在商品的赊买赊卖过程中，货币发挥的职能是（） A.价值尺度 B.交易媒介 C.支付手段 D.贮藏手段 E.世界货币 5．2月10 日，美元兑日元的报价为 103.00美元=100.00日元 2月15 日，美元兑日元的报价为 101.00美元=100.00日元。则贬值的货币是（）B. 日元 C.美元和日元 A.美元 D.不能确定。6．商业银行开展的代理保险业务属于（）A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 ）7．商业银行开展的贷款承诺业务属于（ A. 中间业务 C. B.D. 负债业务表外业务资产业务8．中央银行从商业银行收购外汇或黄金，意味着（） A.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量多倍扩张 B.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量等额扩张 C.基础货币流入中央银行，基础货币与商业银行的存款准备金等额减少，货币供应量多倍收缩 D.基础货币从中央银行流出，商业银行的存款准备金多倍增加，货币供应量多倍扩张 ）分，共16分。二、多项选择题（每小题有两个以上的正确答案。每小题21．人民币符合以下特点（） A. 是信用货币 B.起一般等价物作用 C.是我国唯一合法流通的货币 D.是典型的国家货币 E.由中国人民银行统一发行 2．商业银行的资产业务有（） A. 准备金 B. 应收现金 C.存款 D.同业存款 E.贷款 F.证券 3．银行保持超额准备金的目的是（） A. 保持银行资产的流动性 B. 降低银行的经营风险 C.用于银行间票据交换差额的清算 D.应付不可预料的现金提取 E.等待有利的贷款或投资机会 4．在下列各项中，属于中央银行“政府的银行”职能的内容是（）。 A. 充当最后贷款人 B. 代理国库 C.监督和管理全国的商业银行 D.制定和执行货币政策 E.作为全国票据清算中心，实现商业银行之间的票据清算 5．商业银行经营的原则包括（）。
第一章货币与货币制度 二、单项选择题 (每题1分，共15题) 1．货币的产生是＿C＿。 A由金银的天然属性决定的 B 国家发明创造的 C商品交换过程中商品内在矛盾发展的产物 D人们相互协商的结果 2．货币在＿D＿时执行价值尺度职能。 A 商品买卖 B 缴纳租金 C 支付工资 D 给商品标价时 3．货币在＿D＿时执行价值贮藏职能。 A 支付水电费 B 购买商品 C 表现和衡量商品价值 D 准备用于明年的购买 4．货币执行支付手段职能的特点是＿D＿。 A 货币是商品交换的媒介 B 货币运动伴随商品运动 C 货币是一般等价物 D 货币作为价值的独立形式进行单方面转移 5．在金属货币流通条件下，货币在执行贮藏手段职能时，能自发的调节＿B＿。 A 货币流通 B 货币必要量 C 生产规模 D 投资规模 6．中国工商银行发行的电子货币是＿＿。 A 牡丹卡 B VISA卡 C 长城卡 D 金穗卡 7．货币单位规定有含金量，但国内流通银行券，无铸币流通，无金块可供兑换，银行券可兑换外币汇票是（C ）。 A 金块本位制 B 金铸币本位制 C 金汇兑本位制 D 银行券制 8．目前世界各国实行的是＿D＿。 A 银本位制 B 金本位制 C 金、银复本位制 D 不兑现信用货币制度 9．金银复本位制中,金银两种货币比价均各按其市场价值决定的货币制度是＿＿。 A平行本位制 B双本位制 C跛行本位制 D单本位制 10．金币本位制的特点是＿B＿。 A货币单位规定有含金量，但不铸造、不流通金币 B金币可以自由铸造和熔化 C 纸币仍是金单位 D金银铸币同时流通 11．劣币驱逐良币规律中所谓的劣币是指＿B＿。 A名义价值高于实际价值的货币 B名义价值低于实际价值的货币 C没有名义价值的货币 D没有实际价值的货币 12．与本位币相比,辅币具有如下特点＿A＿。 A为有限法偿货币 B为不足值货币 C国家垄断铸造 D币材多为贱金属 13．我国货币制度规定，人民币具有以下特点＿B＿。 Ａ人民币与黄金有直接联系Ｂ人民币是可兑现的银行券 Ｃ人民币与黄金没有直接联系Ｄ人民币不与任何外币确定正式联系 14．弗里德曼将货币定义为B A 流动性 B M2 C 商业银行储蓄 D购买力的暂息所 15．＿＿指出货币和资本作为每一个新开办的企业的第一推动力和持续的动力。 A．凯恩斯B．马克思 C．弗里德曼 D．卢卡斯 三、判断题 (共10题，每题1分) 1．凯恩斯是个典型名目主义者，他认为货币是用于债务支付和商品交换的一种符号。对 2．商品交换必须具备两个前提条件：分工与货币。错 3．市场是交换关系的总和，货币是交换的媒介和桥梁。对 4．马克思的货币本质观认为，货币是固定地充当一般等价物的特殊商品。对 5．金融资产的流动性也称作“货币性”，它反映了金融资产的盈利能力。错
Chapter Nine Valuation of Common Stocks This chapter contains 47 multiple choice questions, 17 short problems, and 9 longer problems. Multiple Choice 1.In a quote listing of stocks, the ________ is defined as the annualized dollar dividend divided by the stock’s price, and is usually expressed as a percentage. (a)cash dividend (b)dividend payout (c)dividend coverage (d)dividend yield Answer: (d) 2.According to the discounted-dividend model, the price of a share of stock is the ________ value of all expected ________ dividends per share, discounted at the market capitalization rate. (a)present; current (b)present; future (c)future; future (d)future; current Answer: (b) 3.The value of common stock is determined by which of the following expected cash flows? (a)dividends and interest payments (b)dividends and maturity value of stock (c)dividends and net cash flows from operations of the firm (d)interest payments and maturity value Answer: (c)
西华大学课程考试（考查）试题卷（ B卷） 试卷编号： 一单项选择题（每小题只有一个正确答案。每小题1.5分，共12分。） 1．商业银行最早萌芽于17世纪末叶设立的（） A. 瑞典国家银行 B. 英格兰银行 C.法兰西银行 D.德国国家银行 2．按我国货币供应量的统计口径，准货币指（） A. 流通中的现金 B. 活期性质存款 C. M2-M1 D.储蓄存款 3．商业汇票签发后，必须经过债务人的认可和承认，即债务人签字、划押、盖章的过程，这一行为称为（） A.背书 B.承兑 C.贴现 D.转让 4．在商品的赊买赊卖过程中，货币发挥的职能是（） A.价值尺度 B.交易媒介 C.支付手段 D.贮藏手段 E.世界货币 5．2月10日，美元兑日元的报价为 103.00美元=100.00日元 2月15日，美元兑日元的报价为 101.00美元=100.00日元。 则贬值的货币是（） A.美元 B.日元 C.美元和日元 D.不能确定。 6．商业银行开展的代理保险业务属于（） A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 7．商业银行开展的贷款承诺业务属于（） A. 中间业务 B.表外业务 C. 资产业务 D. 负债业务 8．中央银行从商业银行收购外汇或黄金，意味着（） A.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量多倍扩张 B.基础货币从中央银行流出，基础货币与商业银行的存款准备金等额增加，货币供应量等额扩张 C.基础货币流入中央银行，基础货币与商业银行的存款准备金等额减少，货币供应量多倍收缩 D.基础货币从中央银行流出，商业银行的存款准备金多倍增加，货币供应量多倍扩张 二、多项选择题（每小题有两个以上的正确答案。每小题2分，共16分。） 1．人民币符合以下特点（） A. 是信用货币 B.起一般等价物作用 C.是我国唯一合法流通的货币 D.是典型的国家货币 E.由中国人民银行统一发行 2．商业银行的资产业务有（） A. 准备金 B. 应收现金 C.存款 D.同业存款 E.贷款 F.证券 3．银行保持超额准备金的目的是（） A. 保持银行资产的流动性 B. 降低银行的经营风险 C.用于银行间票据交换差额的清算 D.应付不可预料的现金提取 E.等待有利的贷款或投资机会 4．在下列各项中，属于中央银行“政府的银行”职能的内容是（）。 A. 充当最后贷款人 B. 代理国库 C.监督和管理全国的商业银行 D.制定和执行货币政策 E.作为全国票据清算中心，实现商业银行之间的票据清算 5．商业银行经营的原则包括（）。 A. 盈利性 B. 社会性 C.流动性 D.安全性 E.合理性 6．公司债券的主要特点是（） A. 在指定时间按票面金额还本付息 B. 与政府债券相比投资风险较大 C.在二级市场上的流动性不如政府债券 D.收益不固定 E.没有到期日 7．根据骆驼（CAMEL）评级体系，对商业银行的监管的内容主要有（） A. 资本 B. 贷款规模 C.管理水平 D.收益水平 E.流动性 F.资产 8．根据贷款的五级分类方法，不良贷款包括（） A. 正常贷款 B. 关注贷款 C.次级贷款 D.可疑贷款 E.损失贷款 三判断题（每小题1.5分，共15分）
试题一 二、单项选择题（每小题2分，共10分） 1、在下列货币制度中劣币驱逐良币律出现在（）。 A、金本位制 B、银本位制 C、金银复本位制 D、金汇兑本位制 2、下列利率决定理论中，那种理论是着重强调储蓄与投资对利率的决定作用的。（） A、马克思的利率理论 B、流动偏好理论 C、可贷资金理论 D、实际利率理论 3、国际收支出现巨额逆差时，会导致下列哪种经济现象。（） A、本币汇率贬值，资本流入 B、本币汇率升值，资本流出 C、本币汇率升值，资本流入 D、本币汇率贬值，资本流出 4、超额准备金作为货币政策中介指标的缺陷是（）。 A、适应性弱 B、可测性弱 C、相关性弱 D、抗干扰性弱 5、货币均衡的自发实现主要依靠的调节机制是（）。 A、价格机制 B、利率机制 C、汇率机制 D、中央银行宏观调控 三、多项选择题（每小题3分，共15分） 1、信用货币制度的特点有（）。 A、黄金作为货币发行的准备 B、贵金属非货币化 C、国家强制力保证货币的流通 D、金银储备保证货币的可兑换性 E、货币发行通过信用渠道 2、银行提高贷款利率有利于（）。 A、抑制企业对信贷资金的需求 B、刺激物价上涨 C、刺激经济增长 D、抑制物价上涨 E、减少居民个人的消费信贷 3、汇率变化与资本流动的关系是。（） A、汇率变动对长期资本的影响较小。 B、本币汇率大幅度贬值会引起资本外逃。 C、汇率升值会引起短期资本流入。 D、汇率升值会引起短期资本流出。 4、下列属于货币市场金融工具的是（）。 A、商业票据 B、股票 C、短期公债 D、公司债券 E、回购协议 5、治理通货膨胀的可采取紧缩的货币政策，主要手段包括（） A、通过公开市场购买政府债券 B、提高再贴现率 C、通过公开市场出售政府债券 D、提高法定准备金率
Chapter Seven Principles of Market Valuation This chapter contains 30 multiple choice questions，10 short problems and 5 longer problems. Multiple Choice 1.In regard to an asset，the ________ is defined as the process well-informed investors must pay for it in a free and competitive market. (a)analyst value (b)technical value (c)competitive value (d)fundamental value Answer：(d) 2.In corporate finance decision making，an extremely important rule is to choose the investment that ________ current shareholders’ wealth. (a)minimizes (b)maximizes (c)provides zero change in (d)jeopardizes Answer：(b) 3.In asset valuation，the method used to accomplish the estimation depends on the ________. (a)number of participants (b)quality of calculating instruments
金融学期末试题a及答案 Final revision on November 26, 2020
韶关学院2011－2012学年第二学期 经济管理学院《金融学》期末考试试卷（A 卷） 年级 __ _ _ 专业 __ ___ 班级 _ _ 学号 姓名 ____ ___ 注：1、共120分钟，总分100分 。 2、此试卷适用专业：工商管理、人力资源管理 一、 单项选择 题：（下 列各题只有一个符合题意的正确答案。将你选 定的答案编号填入每题的答案栏中。本大题共10小题，每小题1分，共10分。） 1、货币的本质特征是充当（ ）。 A 、普通商品 B 、特殊商品 C 、一般等价物 D 、特殊等价物 2、一直在我国占主导地位的信用形式是（ ）。 A 、银行信用 B 、国家信用 C 、消费信用 D 、民间信用 3、目前，我国实施的人民币汇率制度是：（ ） A 、固定汇率制 B 、弹性汇率制 C 、钉住汇率制 D 、管理浮动汇率制 4、如果借款人的还款能力出现了明显的问题，依靠其正常经营已经无法保证足额偿还本息，那么该笔贷款属于五级分类法中的：（ ） A 、关注 B 、次级 C 、可疑 D 、损失 5、现金漏损率越高，则存款货币创造乘数：（ ） A 、越大 B 、越小 C 、不变 D 、不一定 6、我国货币政策的首要目标是（ ）。 A 、充分就业 B 、币值稳定 C 、经济增长 D 、国际收支平衡 7、某公司获得银行贷款100万元，年利率6%，期限为3年，按年计息，复利计算，则到期后应偿还银行本息共为：（ ） A 、11.91万 B 、119.1万 C 、118万 D 、11.8万 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量的外国货币，这表明：（ ） A 、本币币值上升，外币币值下降，通常称为外汇汇率上升 B 、本币币值下降，外币币值上升，通常称为外汇汇率上升
韶关学院2011－2012学年第二学期 经济管理学院《金融学》期末考试试卷（A 卷） 年级 __ _ _ 专业 __ ___ 班级 _ _ 学号 姓名 ____ ___ 注：1、共120分钟，总分100分 。 2、此试卷适用专业：工商管理、人力资源管理 一、 单项选择题：（下列各题只有一个符合题意的正确答案。将你选定的答案编号填入每 题的答案栏中。本大题共10小题，每小题1分，共10分。） 1、货币的本质特征是充当（ ）。 A 、普通商品 B 、特殊商品 C 、一般等价物 D 、特殊等价物 2、一直在我国占主导地位的信用形式是（ ）。 A 、银行信用 B 、国家信用 C 、消费信用 D 、民间信用 3、目前，我国实施的人民币汇率制度是：（ ） A 、固定汇率制 B 、弹性汇率制 C 、钉住汇率制 D 、管理浮动汇率制 4、如果借款人的还款能力出现了明显的问题，依靠其正常经营已经无法保证足额偿还本息，那么该笔贷款属于五级分类法中的：（ ） A 、关注 B 、次级 C 、可疑 D 、损失 5、现金漏损率越高，则存款货币创造乘数：（ ） A 、越大 B 、越小 C 、不变 D 、不一定 6、我国货币政策的首要目标是（ ）。 A 、充分就业 B 、币值稳定 C 、经济增长 D 、国际收支平衡 7、某公司获得银行贷款100万元，年利率6%，期限为3年，按年计息，复利计算，则到
期后应偿还银行本息共为：（） A、11.91万 B、119.1万 C、118万 D、11.8万 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量的外国货币，这表明：（） A、本币币值上升，外币币值下降，通常称为外汇汇率上升 B、本币币值下降，外币币值上升，通常称为外汇汇率上升 C、本币币值上升，外币币值下降，通常称为外汇汇率下降 D、本币币值下降，外币币值上升，通常称为外汇汇率下降 9、金融机构之间发生的短期临时性借贷活动是：（） A、贷款业务 B、票据业务 C、同业拆借 D、再贴现 10、一般是由政府设立，以贯彻国家产业政策、区域发展政策等为目标，盈利目标居次要地位的金融机构是：（） A、中央银行 B、存款货币银行 C、投资银行 D、政策性银行 二、多项选择题：（下列各题有两个或两个以上符合题意的正确答案。将你选定的答案编号填入每题的答案栏中。本大题共10小题，每小题2分，共20分。） 1、在商品交换过程中，价值形式的发展经历了四个阶段，这四个阶段是（）。 A、简单的价值形式 B、等价形式 C、扩大的价值形式 D、货币形式 E、一般价值形式 2、我国货币制度规定，人民币应具有以下特点（）。 A、是不可兑现的银行券 B、是可兑现的银行券 C、与黄金没有直接联系 D、具有无限法偿能力 E、法偿能力是有限的 3、我国利率的决定与影响因素主要有（）。 A、利润的平均水平 B、资金的供求状况 C、物价的变动幅度 D、国际经济环境 E、政策性因素
单选题/多选题/名词解释/案例分析/判断题/问答题/论述题/设计题/简答题 美国绝大部分基金属于： A开放式基金 B公司型基金 C.契约型基金 D.封闭式基金 回答错误!正确答案：B 互换业务最初的形式为： A.利率互换 B.股票互换 C.商品互换 D.货币互换 回答错误!正确答案：D 并购活动成功的起点是： A.制定战略目标 B.挑选投资银行 C.筹集足够资金 D.制订相应措施 回答错误!正确答案：A 创新金融工具中最重要的一种是： A.风险控制工具 B.货币市场基金 C.开放式基金 D.作空机制 回答错误!正确答案：A 20世纪60年代和70年代，投资银行国际业务的开展主要依靠： A.国外的代理行 B.国内的分支机构 C.国外的分支机构 D.负责全球业务的专门机构 回答错误!正确答案：C “金边债券”是指： A.国际机构债券 B.金融债券 C.政府债券 D.国债 回答错误!正确答案：D
按照股东权利股票可以分为： A.垃圾股 B.记名股 C.普通股 D.绩优股 回答错误!正确答案：C 自证监会核准发行之日起，发行人发行股票在： A.5个月内 B.6个月内 C.8个月内 D.7个月内 回答错误!正确答案：B 下属于对投资银行经纪业务管理内容的是： A.经营报告制度 B.实行委托优先和客户优先原则 C.禁止对发行企业征收过高的费用 D.未经委托不能自作主张替客户买卖证券 回答错误!正确答案：D “金边债券”是指： A.国债 B.金融债券 C.政府债券 D.国际机构债券 回答错误!正确答案：A 股票质押贷款的警戒线是： A.100％ B.120％ C.150％ D.130％ 回答错误!正确答案：D 股票质押贷款的警戒线是： A.100％ B.120％ C.150％ D.130％
金融学期末考试试题 一、名词解释 (每小题 3 分，共 15) 1．资本与金融项目—— 2．贮藏手段— — 3．证券交易所—— 4．出口信贷—— 5．浮动利率—— 二、判断正确与错误(正确的打V,错误的打X。每小题1分，共10分。答对给分，答错扣分，不答不给分 ) 1．经济发展的商品化是货币化的前提与基础，但商品化不一定等于货币化。( ) 2．商业票据不能作为信用货币的形式。( ) 3．格雷欣法则是在金银平行本位制中发生作用的。( ) 4．当市场利率上升时，证券行市也上升。( ) 5．中央银行独占货币发行权是中央银行区别于商业银行的根本标志。 ( ) 6．银行和保险业务收支在国际收支平衡表中属于资本项目。( ) 7．现金漏损与贷款余额之比称为现金漏损率，也称提现率。( ) 8．物价上涨就是通货膨胀。( ) 9．基准利率一般属于长期利率。( ) 10．通知放款是商业银行之间的短期资金拆借。( ) 三、单项选择题 (每小题 1 分，共 10分，每小题有一项答案正确，请将正确答案的序号填写在括号内 ) 1．中国第一家现代银行是 ( ) A ．汇丰银行 B ．花旗银行 C ．英格兰银行 D 。丽如银行 2．( ) 膨胀是引起财政赤字和银行信用膨胀的主要原因 A ．消费需求 B ．投资需求 C ．社会总储蓄 D ．社会总需求 3．银行持有的流动性很强的短期有价证券是商业银行经营中的 ( ) A ．第一道防线 B ．第二道防线 C ．第三道防线 D 。第四道防线 4．银行在大城市设立总行，在本市及国内外各地普遍设立分支行的制度是
( ) A ．单一银行制 B ．总分行制 C ．持股公司制 D ．连锁银行制 5．著名国际金融专家特里芬提出的确定一国储备量的指标是各国的外汇储备应大致相当—国 ( ) 个月的进口额 A ．三 B ．六 C ．九 D ．十 6．下列属于消费信用的是 ( ) A ．直接投资 B ．银团贷款 C ．赊销 D 。出口信贷 7．金本位制下， ( ) 是决定两国货币汇率的基础 A ．货币含金量 B ．铸币平价 C ．中心汇率 D ．货币实际购买力 8．专门向经济不发达会员国的私营企业提供贷款和投资的国际金融组织是 ( ) A ．国际开发协会 B ．国际金融公司 C ．国际货币基金组织 D 。国际清算银行 9．属于管理性金融机构的是 ( ) A ．商业银行 B ．中央银行 C ．专业银行 D ．投资银行 10．属于货币政策远期中介指标的是 ( ) A ．汇率 B ．超额准备金 C.利率 D .基础货币四、多项选择题 (每小题 2 分，共 20分，每小题有数目不等的答案正确，请将所有正确答案的序号填写在括号内 ) 1．商业银行在经营活动中可能面临的风险有 ( ) A ．信用风险 B 。资产负愤失衡风险 C ，来自公众信任的风险 D ．竞争的风险 E ．市场风险 2．按照外汇支付方式划分的汇率是 ( ) A ．卖出汇率 B ．买人汇率 C ．信汇汇率 D ．票汇汇率 E ．电汇汇率
题库中客观题的答案已全部附上，主观题的答案学生自己看书，全在书上 ：期末考试的选择题、判断题大部分来源于题库；名词解释、简答与论述全部出自于题库。第一章货币与货币制度 一、不定项选择题 1、与货币的出现紧密相联的是（ B ） A、金银的稀缺性 B、交换产生与发展 C、国家的强制力 D、先哲的智慧 2、商品价值形式最终演变的结果是（ D ） A、简单价值形式 B、扩大价值形式 C、一般价值形式 D、货币价值形式 3、中国最早的铸币金属是（ A ） A、铜 B、银 C、铁 D、贝 4、在下列货币制度中劣币驱逐良币律出现在（ C ） A、金本位制 B、银本位制 C、金银复本位制 D、金汇兑本位制 5、中华人民国货币制度建立于（ A ） A、1948年 B、1949年 C、1950年 D、1951年 6、欧洲货币同盟开始使用“欧元EURO”于（ B ） A、1998年 B、1999年 C、2001年 D、2002年 7、金银复本位制的不稳定性源于（ D ） A、金银的稀缺 B、生产力的迅猛提高 C、货币发行管理混乱 D、金银同为本位币 8、中国本位币的最小规格是（ C ） A、1分 B、1角 C、1元 D、10元 9、金属货币制度下的蓄水池功能源于（ C ） A、金属货币的稀缺性 B、金属货币的价值稳定 C、金属货币的自由铸造和熔化 D、金属货币的易于保存 10、单纯地从物价和货币购买力的关系看，物价指数上升25%，则货币购买力（ B ） A、上升20% B、下降20% C、上升25% D、下降25% 11、在国家财政和银行信用中发挥作用的主要货币职能是（ C ） A、价值尺度 B、流通手段 C、支付手段 D、贮藏手段 12、下列货币制度中最稳定的是（ C ） A、银本位制 B、金银复本位制 C、金铸币本位制 D、金汇兑本位制 13、马克思的货币本质观的建立基础是（ A ） A、劳动价值说 B、货币金属说
CHAPTER 12 CHOOSING AN INVESTMENT PORTFOLIO Objectives ?To understand the process of personal investing in theory and in practice. ?To build a quantitative model of the tradeoff between risk and reward. Outline 12.1 The Process of Personal Portfolio Selection 12.2 The Trade-off between Expected Return and Risk 12.3 Efficient Diversification with Many Risky Assets Summary ?There is no single portfolio selection strategy that is best for all people. ?Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities. ?Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon. ?In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk. ?One can sometimes reduce risk without lowering expected return by diversifying more completely either within a given asset class or across asset classes. ?The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited. ?Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers these intermediaries make use of the latest advances in financial technology.
《金融学》课程复习题 一、判断并改错 1.纸币之所以作为流通手段，是因为它本身具有价值。( Χ )P9 纸币——货币纸币本身是没有价值的，纸币只是国家或地区强制发行并使用的货币符号，货币才有价值。 2.税务局向工商企业征收税款时，货币执行支付手段职能。(√ )P10 3.商业票据不能（能）作为信用货币的形式。（Χ）百度商业票据是商业信用的工具，信用货币包括了商业票据、银行存款、电子货币、本币、辅币、支票 4.可以签发支票的存款被称为存款货币P7，定期存款不能签发支票，因而不是货币。（Χ，无因果关系）P171 5.作为价值尺度和支付手段职能的货币必须是现实的货币。（Χ）P9 价值尺度需要的是观念上的货币 6.判断民间借贷是不是高利贷的一个关键界限是：是否显著超出现代信用关系中的利率水平。√P33 7.银行信用与商业信用是相互对立的，银行信用发展起来以后，克服了商业信用的局限性，因而会取代商业信用。( Χ)P35 不是相互独立不会取代 商业信用和银行信用各自都有其优缺点，两者可以相互补充的 8.消费信用是与住房和耐用品的销售紧密联系在一起的。（√）见书P38 9.基准利率一般属于长期利率。（Χ）P42 不属于 长期利率和短期利率、基准利率和长期利率属于不同的分法，没有隶属关系（from百度） 10.在市场经济国家，中央银行发布的利率就是无风险利率。（F ）P42 在市场经济国家，国债利率就是无风险利率。 11.名义利率是指包括补偿通货膨胀（包括通货紧缩）风险的利率。（T ）P43 12.管制利率的基本特征是由政府有关部门直接制定利率或利率变动的界限。（T ）P47 13.金融体系是指一国一定时期金融机构的总和。( T) 14.在我国，经纪类证券公司可从事证券承销、经纪、自营业务。（F） 经纪类证券公司在我国是指只能从事单一的经纪业务的证券公司。它是我国依据分类管理的原则划分的证券公司的一种形式。 15.投资银行的主要资金来源是吸收存款。（F）P69投资银行的主要资金来源是发行股票和债券 16.我国的财务公司是由大经济集团组建并主要从事股票和债券的发行。（F）P69 我国的财务公司是由大经济集团组建并主要从事集团内部融资 17.我国1994年成立了国家开发银行、中国进出口银行和中国农业银行三家政策性银行。×P72 我国1994年成立了国家开发银行、中国进出口银行和中国农业发展银行三家政策性银行 18.通知放款是商业银行之间的短期资金拆借。（ F）百度 不是商业银行之间，而是证券人与商业银行的短期资金拆借 通知放款盛行于证券市场，借款人大多是交易所经纪人或证券购买人。通知放款的利率较低，但须以证券或其他财产作为担保，如借款人无力偿还，银行有权处理担保品。通知放款的性质属于短期拆借，对于银行来说，具有较大的流动性，但不利于借款人有计划地使用资金 19.商业银行的最基本职能是充当企业之间的支付中介。（F，充当企业之间的信用中介P84） 20.我国在1995年颁布的《中华人民共和国商业银行法》中确立了混业经营的原则。（F，确立了严格的分业经营原则）P87 21.商业银行的全部资金来源就是吸收外来的资金。（F，包括外来资金与自有资金，而吸收未来资金只是外来资金的大部分来源。P94） 22.信用证、信用卡和证券投资都是商业银行的表外业务。（F,证券投资属于商业银行的资产业务。P97-99 ）
Chapter Five Household Savings and Investment Decisions This chapter contains 28 multiple choice questions, 10 short problems, and 9 longer problems. Multiple Choice 1.Getting a professional degree can be evaluated as ________. a) a social security decision b)an investment in human capital c)an investment in a consumer durable d) a tax exempt decision Answer: (b) 2.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and invest $10,000 to a tax deferred retirement plan. If you choose to withdraw the total accumulated amount at retirement, what will you be left with after paying taxes? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (c) 3.Suppose you will face a tax rate of 20% before and after retirement. The interest rate is 8%. You are 30 years before your retirement date and have $10,000 to invest. If you invest this in an ordinary savings plan instead of a tax deferred retirement plan, what amount will you have accumulated at retirement? a)$51,445 b)$64,000 c)$80,501 d)$100,627 Answer: (a)
Chapter Four Allocating Resources Over Time This chapter contains 46 multiple-choice questions, 18 short problems and 9 longer problems. Multiple Choice 1.________ is the process of going from present value to future value, whereas ________ is finding the present value of some future amount. (a)Discounting; compounding (b)Compounding; annualizing (c)Compounding; discounting (d)Discounting; leasing Answer: (c) 2.________ refers to the interest rate at which money received before the end of the planning horizon can be reinvested. (a)Internal rate (b)Reinvestment rate (c)Cost of equity (d)Compound interest Answer: (b) 3.The difference between an immediate annuity and an ordinary annuity is ________. (a)the number of periods (b)the amount of the payments (c)the interest rate (d)the timing of the payments Answer: (d)
金融学复习题库 一、填空题 1、就是由足值货币向现代信用货币发展得一种过渡性得货币形态。代用货币 2、在现代经济中，信用货币存在得主要形式就是与.现金银行存款 3、就是新型得信用货币形式，就是高科技得信用货币。电子货币 4、所谓“流通中得货币”，就就是发挥职能得货币与发挥职能得货币得 总与.流通手段支付手段 5、从货币制度诞生以来，经历了、、与四种主要 货币制度形态。银本位制金银复本位制金本位制信用货币制度 6、金银复本位制主要有两种类型: 与 .平行本位制双本位制７、在格雷欣法则中，实际价值高于法定比价得货币就是。良币 8、在格雷欣法则中，实际价值低于法定比价得货币就是。劣币 ９、金本位制有三种形式: 、、。金币本位制金块本位制金汇兑本位制 １０、货币制度得四大构成要素就是：货币得币材、货币得单位名称、本位币与辅币得发行、铸造、流通程序、准备金制度。 １1、目前,世界各国普遍以金融资产得强弱作为划分货币层次得主要依据。流动性 12、狭义货币M 1由与 ,构成，广义货币M 2 由M 1 加构成。流通 中现金支票存款储蓄存款 1３、货币制度最基本得内容就是。币材 １４、在现代经济中，信用货币得发行主体就是.银行 1５、“金融”一词在广义上指由货币及两大类活动引致得经济行为.信用 １６、借贷活动中产生得利息或者利率就是得价格.借贷资金 1７、一级市场融资就是指在时发生得融资活动.发行融资工具 18、二级市场融资就是指在时发生得融资活动.已发行得融资工具再交易 19、商业信用得方向性就是指它只能沿着得方向提供。商品得生产者到商品 得需求者 2０、信用得要素由信用活动得主体、客体及三个方面得因素构成。信用活动得基 础 21、信用得基础性要素包括三要素。品德能力资本 22、按就是否可转让分类,采用记帐式发行得国债就是得国债。可转让 23、按就是否可转让分类,采用凭证式发行得国债就是得国债。不可转让 24、出口国银行为扶植与扩大本国商品出口，向或国外得进口商提供得贷款称之为出 口信贷。本国得出口商 25、根据中央银行得基本性质与特征及其在世界中央银行制度形成过程中得历史作用来瞧, 英格兰银行就是最早全面发挥中央银行功能得银行. 26、在具体得业务经营活动中,中央银行一般不奉行原则。盈利性 27、中央银行得职能一般可归纳为发行得银行,银行得银行与。政府得 银行