投资学复习试题 第二章

《投资学》试题及答案 试卷B注：需配备答题纸的考试，请在此备注说明“请将答案写在答题纸上，写在试卷上无效”。

一、单项选择题（共 15 题，请将正确答案的代号填写在指定位置，每小题 2分，共 30分）1.研究和发现股票的( )，并将其与市场价格相比较，进而决定投资策略是证券研究人员、投资管理人员的主要任务。

A ．票面价值B ．账面价值C ．内在价值D ．清算价值 2.下列不属于证券市场显著特征的选项是( )。

A ．证券市场是价值直接交换的场所B ．证券市场是价值实现增值的场所 C．证券市场是财产权利直接交换的场所 D ．证券市场是风险直接交换的场所 3. A 股票的β系数为1.5，B 股票的β系数为0.8，则（ ）。

A ．A 股票的风险大于B 股票 B ．A 股票的风险小于B 股票 C ．A股票的系统风险大于B 股票 D ．A 股票的非系统风险大于B 股票4. 某只股票年初每股市场价值是30元，年底的市场价值是35元，年终分红5元，则该股票的收益率是（ ）。

A ．10% B.14.3% C.16.67% D.33.3%5.某一国家借款人在本国以外的某一国家发行以该国货币为面值的债券属（ ）。

A ．欧洲债券 B ．扬基债券 C ．亚洲债券 D ．外国债券6、 市场风险也可解释为。

( )A. 系统风险，可分散化的风险B. 系统风险，不可分散化的风险C. 个别风险，不可分散化的风险D. 个别风险，可分散化的风险7.如果某可转换债券面额为l 000元，规定其转换比例为50，则转换价格为（ ）元。

A ．10B ．20C ．50D ．1008. 根据马柯威茨的证券组合理论，下列选项中投资者将不会选择（ ）组合作为投资对象。

A ．期望收益率18%、标准差32%B ．期望收益率12%、标准差16%C ．期望收益率11%、标准差20%D ．期望收益率8%、标准差11%9．就单根K 线而言，反映多方占据绝对优势的K 线形状是（ ）。

博迪的投资学第⼆章练习题（英）21.Which of the following is not a money market instrument?A. Treasury billB. Commercial paperC. Preferred stockD. Banker's acceptance2.Thirteen week T-bill auctions are conducted ____.A. dailyB. weeklyC. monthlyD. quarterly3.When computing the bank discount yield you would use ____ days in the year.A. 260B. 360C. 365D. 3664. A dollar denominated deposit at a London bank is called _____.A. eurodollarsB. LIBORC. fed fundsD. banker's acceptance5.Money market securities are sometimes referred to as "cash equivalent" because _____.A. they are safe and marketableB. they are not liquidC. they are high riskD. they are low denomination6.The most actively traded money market security isA. Treasury billsB. Bankers' AcceptancesC. Certificates of DepositD. Common stock7.______ voting of common stock gives minority shareholders the most representation on the board of directors.A. MajorityB. CumulativeC. RightsD. Proxy8.An investor in a T-bill earns interest by _________.A. receiving interest payments every 90 daysB. receiving dividend payments every 30 daysC. converting the T-bill at maturity into a higher valued T-noteD. buying the bill at a discount from the face value received at maturity9.______ would not be included in the EAFE index.A. AustraliaB. CanadaC. FranceD. Japan10._____ is considered to be an emerging market country.A. FranceB. NorwayC. BrazilD. Canada11.Which one of the following is a true statement?A. Dividends on preferred stocks are tax-deductible to individual investors but not to corporate investorsB. Common dividends cannot be paid if preferred dividends are in arrears on cumulative preferred stockC. Preferred stockholders have voting powerD. Investors can sue managers for nonpayment of preferred dividends12.The bid price of a treasury bill is _________.A. the price at which the dealer in treasury bills is willing to sell the billB. the price at which the dealer in treasury bills is willing to buy the billC. greater than the ask price of the treasury bill expressed in dollar termsD. the price at which the investor can buy the treasury bill13.The German stock market is measured by which market index?A. FTSEB. Dow Jones 30C. DAXD. Nikkei14.Deposits of commercial banks at the Federal Reserve are called _____.A. bankers acceptancesB. federal fundsC. repurchase agreementsD. time deposits15.Which of the following is not a true statement regarding municipal bonds?A. A municipal bond is a debt obligation issued by state or local governments.B. A municipal bond is a debt obligation issued by the Federal Government.C. The interest income from a municipal bond is exempt from federal income taxation.D. The interest income from a municipal bond is exempt from state and local taxation in the issuing state.16.Which of the following is not a characteristic of a money market instrument?A. LiquidityB. MarketabilityC. Low riskD. Maturity greater than one year17.An individual who goes short in a futures positionA. commits to delivering the underlying commodity at contract maturityB. commits to purchasing the underlying commodity at contract maturityC. has the right to deliver the underlying commodity at contract maturityD. has the right to purchase the underlying commodity at contract maturity18.Which of the following is not a nickname for an agency associated with the mortgage markets?A. Fannie MaeB. Freddie MacC. Sallie MaeD. Ginnie Mae/doc/50f32b22dd36a32d73758155.html mercial paper is a short-term security issued by __________ to raise funds.A. the Federal ReserveB. commercial banksC. large well-known companiesD. the New York Stock Exchange20.The maximum maturity on commercial paper isA. 270 daysB. 180 daysC. 90 daysD. 30 days21.Which one of the following is a true statement regarding the Dow Jones Industrial Average?A. It is a value-weighted average of 30 large industrial stocksB. It is a price-weighted average of 30 large industrial stocksC. It is a price-weighted average of 100 large stocks traded on the New York Stock ExchangeD. It is a value-weighted average of all stocks traded on the New York Stock Exchange22.Treasury bills are financial instruments issued by __________ to raise funds.A. commercial banksB. the Federal GovernmentC. large corporationsD. state and city governments23.Which of the following are true statements about T-bills?I. T-bills typically sell in denominations of $10,000II. Income earned on T-bills is exempt from all Federal taxesIII. Income earned on T-bills is exempt from state and local taxesA. I onlyB. I and II onlyC. I and III onlyD. I, II and III24. A bond that has no collateral is called _________.A. a callable bondB. a debentureC. a junk bondD. a mortgage25. A __________ gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.A. call optionB. futures contractC. put optionD. interest rate swap26. A T-bill quote sheet has 90 day T-bill quotes with a 4.92 bid and a 4.86 ask. If the bill has a $10,000 face value an investor could buy this bill forA. $10,000.00B. $9,878.50C. $9,877.00D. $9,880.1627.Which one of the following is a true statement regarding corporate bonds?A. A corporate callable bond gives its holder the right to exchange it for a specified number of thecompany's common sharesB. A corporate debenture is a secured bondC. A corporate convertible bond gives its holder the right to exchange it for a specified number of the company's common sharesD. Holders of corporate bonds have voting rights in the company28.The yield on tax-exempt bonds is ______.A. usually less than 50% of the yield on taxable bondsB. normally about 90% of the yield on taxable bondsC. greater than the yield on taxable bondsD. less than the yield on taxable bonds29.__________ is not a money market instrument.A. A certificate of depositB. A treasury billC. A treasury bondD. Commercial paper30.An investor buys a T-bill at a bank discount quote of 4.80 with 150 days to maturity. The investor's actual annual rate of return on this investment was _____.A. 4.80%B. 4.97%C. 5.47%D. 5.74%31.The U.K. stock index is the _________.A. DAXB. FTSEC. GSED. TSE32. A __________ gives its holder the right to buy an asset for a specified exercise price on or before a specified expiration date.A. call optionB. futures contractC. put optionD. interest rate swap33.Which one of the following provides the best example of securitization?A. convertible bondB. call optionC. mortgage pass-through securityD. preferred stock34.Which of the following indices are market-value weighted?I. The NYSE CompositeII. The S&P 500III. The Wilshire 5000A. I and II onlyB. II and III onlyC. I and III onlyD. I, II and III35.The interest rate charged by large banks in London to lend money among themselves is called _________.A. the prime rateB. the discount rateC. the federal funds rateD. LIBOR36. A firm that has large securities holdings that wishes to raise money for a short length of time may be able tofind the cheapest financing from which of the following?A. Reverse repurchase agreementB. Banker's acceptanceC. Commercial paperD. Repurchase agreement37.Currently the Dow Jones Industrial Average is computed by _________.A. adding the prices of 30 large "blue-chip" stocks and dividing by 30B. calculating the total market value of the 30 firms in the index and dividing by 30C. measuring the current total market value of the 30 stocks in the index relative to the total value on theprevious dayD. a dding the prices of 30 large "blue-chip" stocks and dividing by a divisor adjusted for stock splits andlarge stock dividends38.An investor purchases one municipal and one corporate bond that pay rates of return of 5.00% and 6.40% respectively. If the investor is in the 15% tax bracket, his after tax rates of return on the municipal and corporate bonds would be respectivelyA. 5.00% and 6.40%B. 5.00% and 5.44%C. 4.25% and 6.40%D. 5.75% and 5.44%39.If a treasury note has a bid price of $996.25, the quoted bid price in the Wall Street Journal would be_________.A. 99:25B. 99:63C. 99:20D. 99:0840.TIPS are ______.A. Treasury bonds that pay a variable rate of interestB. U.K. bonds that protect investors from default riskC. securities that trade on the Toronto stock indexD. Treasury bonds that protect investors from inflation41.The price quotations of treasury bonds in the Wall Street Journal show a bid price of 102:12 and an ask price of 102:14. If you sold the bond you expect to receive _________.A. $1,024.75B. $1,024.38C. $1,023.75D. $1,022.5042.The Dow Jones Industrial Average is _________.A. a price weighted averageB. a value weight and averageC. an equally weighted averageD. an unweighted average43.Investors will earn higher rates of returns on TIPS than equivalent default risk standard bonds if_______________.A. inflation is lower than anticipated over the investment periodB. inflation is higher than anticipated over the investment periodC. the U.S. dollar increases in value against the euroD. the spread between commercial paper and Treasury securities remains low44.Preferred stock is like long-term debt in that ___________.A. it gives the holder voting power regarding the firm's managementB. it promises to pay to its holder a fixed stream of income each yearC. the preferred dividend is a tax-deductible expense for the firmD. in the event of bankruptcy preferred stock has equal status with debt45.Which of the following does not approximate the performance of a buy and hold portfolio strategy?A. An equally weighted indexB. A price weighted indexC. A value weighted indexD. Weights are not a factor in this situation46.In calculating the Dow Jones Industrial Average, the adjustment for a stock split occurs _________.A. automaticallyB. by adjusting the divisorC. by adjusting the numeratorD. by adjusting the market value weights47.If the market prices of the 30 stocks in the Dow Jones Industrial Average all change by the same dollaramount on a given day, assuming there are no stock splits which stock will have the greatest impact on the average?A. The one with the highest priceB. The one with the lowest priceC. All 30 stocks will have the same impactD. The answer cannot be determined by the information given48. A bond issued by the State of Alabama is priced to yield 6.25%. If you are in the 28% tax bracket this bondwould provide you with an equivalent taxable yield of _________.A. 4.50%B. 7.25%C. 8.68%D. none of the above49.The purchase of a futures contract gives the buyer _________.A. the right to buy an item at a specified priceB. the right to sell an item at a specified priceC. the obligation to buy an item at a specified priceD. the obligation to sell an item at a specified price50.Ownership of a put option entitles the owner to the __________ to ___________ a specific stock, on orbefore a specific date, at a specific price.A. right, buyB. right, sellC. obligation, buyD. obligation, sell51.An investor in a 28% tax bracket is trying to decide whether to invest in a municipal bond or a corporatebond. She looks up municipal bond yields (r m) but wishes to calculate the taxable equivalent yield r. The formula she should use is given by ______.A. r = r m * (1 - 28%)B. r = r m/(1 - 72%)C. r = r m * (1 - 72%)D. r = r m/(1 - 28%)52.June call and put options on King Books Inc are available with exercise prices of $30, $35 and $40. Amongthe different exercise prices, the call option with the _____ exercise price and the put option with the _____ exercise price will have the greatest value.A. $40; $30B. $30; $40C. $35; $35D. $40; $4053.Ownership of a call option entitles the owner to the __________ to __________ a specific stock, on orbefore a specific date, at a specific price.A. right, buyB. right, sellC. obligation, buyD. obligation, sell54.The ________ the ratio of municipal bond yields to corporate bond yields the _________ the cutoff taxbracket where more individuals will prefer to hold municipal debt.A. higher; lowerB. lower; lowerC. lower; higherD. higher; higher55.Which of the following types of bonds are excluded from most bond indices?A. Corporate bondsB. Junk bondsC. Municipal bondsD. None of the above56.The Hang Seng index reflects market performance on which of the following major stock markets?A. JapanB. SingaporeC. TaiwanD. Hong Kong57.The Standard and Poors 500 is a(n) __________ weighted index.A. equallyB. priceC. valueD. share58. A firm that fails to pay dividends on its preferred stock is said to be _________.A. insolventB. in arrearsC. insufferableD. delinquent/doc/50f32b22dd36a32d73758155.html rge well-known companies often issue their own short term unsecured debt notes directly to the public,rather than borrowing from banks, their notes are called _________.A. certificates of depositB. repurchase agreementsC. banker's acceptancesD. commercial paper60.Which of the following is most like a short-term collateralized loan?A. Certificate of depositB. Repurchase agreementC. Banker's acceptanceD. Commercial paper61.Eurodollars are _________.A. dollar denominated deposits at any foreign bank or foreign branch of an American bankB. dollar denominated bonds issued by firms outside their home marketC. currency issued by Euro Disney and traded in FranceD. dollars that wind up in banks as a result of money laundering activities62.Which of the following is used to back international sales of goods and services?A. Certificate of depositB. Banker's acceptanceC. Eurodollar depositsD. Commercial paper63.Treasury notes have initial maturities between ________ years.A. 2 and 4B. 5 and 10C. 10 and 30D. 1 and 1064.Which of the following are not characteristic of common stock ownership?A. Residual claimantB. Unlimited liabilityC. Voting rightsD. Limited life of the security65.If you thought prices of stock would be rising over the next few months you may wish to__________________ on the stock.A. purchase a call optionB. purchase a put optionC. sell a futures contractD. place a short sale order66. A typical bond price quote includes all but which one of the following?A. Daily high price for the bondB. Closing bond priceC. Yield to maturityD. Dividend yield67.What are business firms most likely to use derivative securities for?A. HedgingB. SpeculatingC. Doing calculus problemsD. Market making68.What would you expect to have happened to the spread between yields on commercial paper and Treasurybills immediately after September 11, 2001?A. No change, as both yields will remain the same.B. Increase, the spread usually increases in response to a crisis.C. Decrease, the spread usually decreases in response to a crisis.D. No change, as both yields will move in the same direction.69. A stock quote indicates a stock price of $60 and a dividend yield of 3%. The latest quarterly dividendreceived by stock investors must have been ______ per share.A. $0.55B. $1.80C. $0.45D. $1.2570.Three stocks have share prices of $12, $75, and $30 with total market values of $400 million, $350 millionand $150 million respectively. If you were to construct a price-weighted index of the three stocks what would be the index value?A. 300B. 39C. 43A. Bankers acceptancesB. EurodollarC. Repurchase agreementD. Treasury note72.The Federal Reserve Board of Governors directly controls which of the following interest rates?A. Bankers acceptancesB. Brokers callC. Federal fundsD. LIBOR73.You decide to purchase an equal number of shares of stocks of firms to create a portfolio. If you wishedto construct an index to track your portfolio performance your best match for your portfolio would be to construct a/an ______.A. value weighted indexB. equal weighted indexC. price weighted indexD. bond price index74.In a ___________ index changes in the value of the stock with the greatest market value will move theindex value the most everything else equal.A. value weighted indexB. equal weighted indexC. price weighted indexD. bond price index75. A corporation in a 34% tax bracket invests in the preferred stock of another company and earns a 6% pre-tax rate of return. An individual investor in a 15% tax bracket invests in the same preferred stock and earns the same pre-tax return. The after tax return to the corporation is _______ and the after tax return to the individual investor is _______.A. 3.96%; 5.1%B. 5.39%; 5.1%C. 6.00%; 6.00%D. 3.96%; 6.00%76.All but which one of the following indices is value weighted?A. Nasdaq CompositeB. S&P 500C. Wilshire 5000D. DJIA77.What is the tax exempt equivalent yield on a 9% bond yield given a marginal tax rate of 28%?78. A tax free municipal bond provides a yield of 3.2%. What is the equivalent taxable yield on the bond givena 35% tax bracket?A. 3.20%B. 3.68%C. 4.92%D. 5.00%79.An index computed from a simple average of returns is a/an _____.A. equal weighted indexB. value weighted indexC. price weighted indexD. share weighted index80. A tax free municipal bond provides a yield of 2.34%. What is the equivalent taxable yield on the bondgiven a 28% tax bracket?A. 2.34%B. 2.68%C. 3.25%81.The Chompers Index is a price weighted stock index based on the 3 largest fast food chains. The stockprices for the three stocks are $54, $23, and $44. What is the price weighted index value of the Chompers Index?A. 23.43B. 35.36C. 40.33D. 49.5882.The Hydro Index is a price weighted stock index based on the 5 largest boat manufacturers in the nation.The stock prices for the five stocks are $10, $20, $80, $50 and $40. The price of the last stock was just split2 for 1 and the stock price was halved from $40 to $20. What is the new divisor for a price weighted index?A. 5.00B. 4.85C. 4.50D. 4.7583. A benchmark index has three stocks priced at $23, $43, and $56. The number of outstanding shares foreach is 350,000 shares, 405,000 shares, and 553,000 shares, respectively. If the market value weighted index was 970 yesterday and the prices changed to $23, $41, and $58, what is the new index value?84. A benchmark market value index is comprised of three stocks. Yesterday the three stocks were pricedat $12, $20, and $60. The number of outstanding shares for each is 600,000 shares, 500,000 shares, and 200,000 shares, respectively. If the stock prices changed to $16, $18, and $62 today respectively, what is the one day rate of return on the index?A. 5.78%B. 4.35%C. 6.16%D. 7.42%85.Which of the following mortgage scenarios will benefit the homeowner the most?A. Adjustable rate mortgage when interest rate increases.B. Fixed rate mortgage when interest rates falls.C. Fixed rare mortgage when interest rate rises.D. None of the above, as banker's interest will always be protected.2 Key1.Which of the following is not a money market instrument?A. Treasury billB. Commercial paperC.Preferred stockD. Banker's acceptanceBodie - Chapter 02 #1Difficulty: Easy2.Thirteen week T-bill auctions are conducted ____.A. dailyB. weeklyC. monthlyD. quarterlyBodie - Chapter 02 #2Difficulty: Easy3.When computing the bank discount yield you would use ____ days in the year.A. 260B. 360C. 3654. A dollar denominated deposit at a London bank is called _____.A. eurodollarsB. LIBORC. fed fundsD. banker's acceptanceBodie - Chapter 02 #4Difficulty: Easy5.Money market securities are sometimes referred to as "cash equivalent" because _____.A. they are safe and marketableB. they are not liquidC. they are high riskD. they are low denominationBodie - Chapter 02 #5Difficulty: Easy6.The most actively traded money market security isA. Treasury billsB. Bankers' AcceptancesC. Certificates of DepositD. Common stockBodie - Chapter 02 #6Difficulty: Medium 7.______ voting of common stock gives minority shareholders the most representation on the board of directors.A. MajorityB.CumulativeC. RightsD. ProxyBodie - Chapter 02 #7Difficulty: Medium8.An investor in a T-bill earns interest by _________.A. receiving interest payments every 90 daysB. receiving dividend payments every 30 daysC. converting the T-bill at maturity into a higher valued T-noteD.buying the bill at a discount from the face value received at maturity9.______ would not be included in the EAFE index.A. AustraliaB. CanadaC. FranceD. JapanBodie - Chapter 02 #9Difficulty: Hard10._____ is considered to be an emerging market country.A. FranceB. NorwayC. BrazilD. CanadaBodie - Chapter 02 #10Difficulty: Medium11.Which one of the following is a true statement?A.D ividends on preferred stocks are tax-deductible to individual investors but not to corporate investorsB. Common dividends cannot be paid if preferred dividends are in arrears on cumulative preferred stockC. Preferred stockholders have voting powerD. Investors can sue managers for nonpayment of preferred dividendsBodie - Chapter 02 #11Difficulty: Medium12.The bid price of a treasury bill is _________.A. the price at which the dealer in treasury bills is willing to sell the billB.the price at which the dealer in treasury bills is willing to buy the billC. greater than the ask price of the treasury bill expressed in dollar termsD. the price at which the investor can buy the treasury billBodie - Chapter 02 #12Difficulty: Easy13.The German stock market is measured by which market index?A. FTSEB. Dow Jones 30C. DAXBodie - Chapter 02 #13Difficulty: Easy14.Deposits of commercial banks at the Federal Reserve are called _____.A. bankers acceptancesB. federal fundsC. repurchase agreementsD. time depositsBodie - Chapter 02 #14Difficulty: Easy15.Which of the following is not a true statement regarding municipal bonds?A. A municipal bond is a debt obligation issued by state or local governments.B. A municipal bond is a debt obligation issued by the Federal Government.C. The interest income from a municipal bond is exempt from federal income taxation.D.T he interest income from a municipal bond is exempt from state and local taxation in the issuing state.Bodie - Chapter 02 #15Difficulty: Easy16.Which of the following is not a characteristic of a money market instrument?A. LiquidityB. MarketabilityC. Low riskD. Maturity greater than one yearBodie - Chapter 02 #16Difficulty: Easy17.An individual who goes short in a futures positionA. commits to delivering the underlying commodity at contract maturityB. commits to purchasing the underlying commodity at contract maturityC. has the right to deliver the underlying commodity at contract maturityD. has the right to purchase the underlying commodity at contract maturityBodie - Chapter 02 #17Difficulty: Easy18.Which of the following is not a nickname for an agency associated with the mortgage markets?A. Fannie MaeB. Freddie MacD. Ginnie MaeBodie - Chapter 02 #18Difficulty: Easy/doc/50f32b22dd36a32d73758155.html mercial paper is a short-term security issued by __________ to raise funds.A. the Federal ReserveB. commercial banksC. large well-known companiesD. the New York Stock ExchangeBodie - Chapter 02 #19Difficulty: Easy20.The maximum maturity on commercial paper isA. 270 daysB. 180 daysC. 90 daysD. 30 daysBodie - Chapter 02 #20Difficulty: Medium21.Which one of the following is a true statement regarding the Dow Jones Industrial Average?A. It is a value-weighted average of 30 large industrial stocksB. It is a price-weighted average of 30 large industrial stocksC. It is a price-weighted average of 100 large stocks traded on the New York Stock ExchangeD. It is a value-weighted average of all stocks traded on the New York Stock ExchangeBodie - Chapter 02 #2122.Treasury bills are financial instruments issued by __________ to raise funds.A. commercial banksB. the Federal GovernmentC. large corporationsD. state and city governmentsBodie - Chapter 02 #22Difficulty: Easy23.Which of the following are true statements about T-bills?I. T-bills typically sell in denominations of $10,000II. Income earned on T-bills is exempt from all Federal taxesB. I and II onlyC. I and III onlyD. I, II and IIIBodie - Chapter 02 #23Difficulty: Medium24. A bond that has no collateral is called _________.A. a callable bondB.a debentureC. a junk bondD. a mortgageBodie - Chapter 02 #24Difficulty: Easy 25. A __________ gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.A. call optionB. futures contractC.put optionD. interest rate swapBodie - Chapter 02 #25Difficulty: Easy 26. A T-bill quote sheet has 90 day T-bill quotes with a 4.92 bid and a 4.86 ask. If the bill has a $10,000 face value an investor could buy this bill forA. $10,000.00B. $9,878.50C. $9,877.00D. $9,880.1627.Which one of the following is a true statement regarding corporate bonds?A.A corporate callable bond gives its holder the right to exchange it for a specified number of thecompany's common sharesB. A corporate debenture is a secured bondC.A corporate convertible bond gives its holder the right to exchange it for a specified number of thecompany's common sharesD. Holders of corporate bonds have voting rights in the companyBodie - Chapter 02 #27A. usually less than 50% of the yield on taxable bondsB. normally about 90% of the yield on taxable bondsC. greater than the yield on taxable bondsD. less than the yield on taxable bondsBodie - Chapter 02 #28Difficulty: Easy29.__________ is not a money market instrument.A. A certificate of depositB. A treasury billC. A treasury bondD. Commercial paperBodie - Chapter 02 #29Difficulty: Easy 30.An investor buys a T-bill at a bank discount quote of 4.80 with 150 days to maturity. The investor's actual annual rate of return on this investment was _____.A. 4.80%B. 4.97%C. 5.47%D. 5.74%Bodie - Chapter 02 #30Difficulty: Hard31.The U.K. stock index is the _________.A.DAXB. FTSEC. GSED. TSEBodie - Chapter 02 #31Difficulty: Easy。

投资学复习题（最终五篇）第一篇：投资学复习题投资学练习题第一篇投资学总论一、判断题1.现代经济条件下，投资就是基本建设。

（）2.发达国家的投资主体是企业和居民，占比70%以上。

（）3.投资风险的主要根源是投资系统的复杂性和与外部的广泛联系性。

（）4.投资学既研究投资的一般运动规律又研究不同投资的特殊运动规律。

（）5.投资方式包括直接投资、间接投资、风险投资等。

（）6.投资主体包括法政府、企业、个人等，我国当前逐渐打破所有制的界限，出现了投资主体复合化的趋势。

（）7.投资周期由建设周期和经营周期两部分组成。

（）8.哈罗德——多马模型反映了投资供给对经济增长的推动作用，但其局限性是把投资作为推动经济增长的唯一因素。

（）9.投资乘数理论说明，如果某一时期产量增加，则投资净额必须以乘数为倍数，大于产量的增加幅度而增加。

（）10.经济增长是决定投资支出数量的最主要因素，投资对技术进步有很大影响。

（）11.经济体制是投资体制的一部分，包括运行机制和管理制度。

其中管理体制是指投资主体筹集资金和资金的投放使用方式。

（）12.我国政府于2014年6月发布了《政府核准投资项目管理办法》，企业投资规模和投资效益不属于核准范围。

（）13.上海自贸区出台了负面清单，意味着负面清单以外的行业或者项目，符合条件的企业都可以投资。

（）14.高度集权型投资模式的优势在于有利于刺激经济单位的积极性。

（）15.从微观角度看，投资结构合理化的唯一标准是当期投资主体的产出最大化。

16.投资存量是经济结构演变的决定因素。

（）17.苏联动用一国主要资源去发展“星球大战”项目，违背了投资结构要与生产消费结构相适应原则。

（）18.投资大师罗杰斯号召大家“到中国当农民去”，当农民从事广义的农业属于克拉克的产业划分法的第一产业。

（）19.我国与发达国家有较大差距，未来有巨大投资机会的产业是第三产业服务业。

（）20.2014年开始试点的国有企业混合所有制改革属于投资主体结构方面的改革。

第一章证券概述一、单选题１、证券按其性质不同，可以分为（）。

Ａ.凭证证券和有价证券Ｂ.资本证券和货券Ｃ.商品证券和无价证券Ｄ.虚拟证券和有券６、投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。

所以，收益是对风险的补偿，风险与收益成（）关系。

Ａ.正比Ｂ.反比Ｃ.不相关Ｄ.线性二、多选题３、货币证券是指本身能使持券人或第三者取得货币索取权的有价证券。

属于货币证券的有（）。

Ａ.商业汇票Ｂ.商业本票Ｃ.银行汇票Ｄ.银行本票５、资本证券是指由金融投资或与金融投资有直接联系的活动而产生的证券，持券人对发行人有一定收入的请求。

这类证券有（）。

Ａ.银行证券Ｂ.股票Ｃ.债券Ｄ.基金证券三、判断题１、证券的最基本特征是法律特征和书面特征。

（）５、有价证券本身没有价值，所以没有价格。

（）答案：一、１、Ａ２、Ａ３、Ｃ４、Ｄ５、Ｃ６、Ａ二、１、ＢＣ２、ＡＣＤ３、ＡＢＣＤ４、ＡＢ５、ＢＣＤ６、ＡＢＣ三、１、对２、错３、错４、错５、错６、对７、错８、对９、对１０、错第二章债券一、单选题１、债券是由（）出具的。

Ａ.投资者Ｂ.债权人Ｃ.债务人Ｄ.代理发行者５、贴现债券的发行属于（）。

Ａ.平价方式Ｂ.溢价方式Ｃ.折价方式Ｄ.都不是二、多选题３、影响债券偿还期限的因素主要有（）。

Ａ.债券票面金额Ｂ.债务人资金需求时限Ｃ.市场利率变化Ｄ.债券变现能力６、债券的特征可以表现为（）。

Ａ.偿还性Ｂ.安全性Ｃ.收益性Ｄ.流动性三、判断题３、债券利息对于债务人来说是筹资成本，对于债权人来说是投资收益。

（）７、债券持有者可以按期获取利息及到期收回本金，并参与公司的经营决策。

（）答案：一、１、Ｃ２、Ａ３、Ｄ４、Ｂ５、Ｃ６、Ａ７、Ｄ８、Ｂ９、Ａ１０、Ｃ二、１、ＡＢＣＤ２、ＡＢＤ３、ＢＣＤ４、ＡＢＣ５、ＡＣ６、ＡＢＣＤ７、ＡＢＣＤ８、ＡＢＣＤ三、１、错２、错３、对４、对５、错６、对７、错８、对第三章股票一、单选题１、设立股份有限公司申请公开发行股票，发起人认购的股本数额不少于公司拟发行股本总额的（）。

第二章国际投资理论第一节国际直接投资理论一、西方主流投资理论（一）垄断优势论：市场不完全性是企业获得垄断优势的根源，垄断优势是企业开展对外直接投资的动因。

市场不完全：由于各种因素的影响而引起的偏离完全竞争的一种市场结构。

市场的不完全包括：1.产品市场不完全2..要素市场不完全3.规模经济和外部经济的市场不完全4.政策引致的市场不完全。

跨国公司具有的垄断优势：1.信誉与商标优势2.资金优势3.技术优势4.规模经济优势（内部和外部）5.信息与管理优势。

跨国公司的垄断优势主要来源于其对知识资产的控制。

垄断优势认为不完全市场竞争是导致国际直接投资的根本原因。

（二）产品生命周期论：产品在市场销售中的兴与衰。

（三）内部化理论：把外部市场建立在公司内部的过程。

（纵向一体化，目的在于以内部市场取代原来的外部市场，从而降低外部市场交易成本并取得市场内部化的额外收益。

）（1）内部化理论的基本假设：1.经营的目的是追求利润最大化2.企业可能以内部市场取代外部市场3.内部化跨越了国界就产生了国际直接投资。

（2）市场内部化的影响因素：1.产业因素（最重要）2.国家因素 3.地区因素4.企业因素（最重要）（3）市场内部化的收益：来源于消除外部市场不完全所带来的经济效益，包括1.统一协调相互依赖的企业各项业务，消除“时滞”所带来的经济效益。

2.制定有效的差别价格和转移价格所带来的经济效益。

3.消除国际市场不完全所带来的经济效益。

4.防止技术优势扩散和丧失所带来的经济效益。

市场内部化的成本：1.资源成本（企业可能在低于最优化经济规模的水平上从事生产，造成资源浪费）2.通信联络成本3.国家风险成本4.管理成本当市场内部化的收益大于大于外部市场交易成本和为实现内部化而付出的成本时，跨国企业才会进行市场内部化，当企业的内部化行为超越国界时，就产生对外直接投资。

（四）国际生产折衷理论：决定跨国公司行为和对外直接投资的最基本因素有所有权优势、内部化优势和区位优势，即“三优势范式”。

证券投资学各章练习题及答案第一章证券概述一、单选题１、证券按其性质不同，可以分为（A ）。

Ａ.凭证证券和有价证券Ｂ.资本证券和货券Ｃ.商品证券和无价证券Ｄ.虚拟证券和有券２、广义的有价证券包括（A）货币证券和资本证券。

Ａ.商品证券Ｂ.凭证证券Ｃ.权益证券Ｄ.债务证券３、有价证券是（C）的一种形式。

Ａ.商品证券Ｂ.权益资本Ｃ.虚拟资本Ｄ.债务资本４、证券按发行主体不同，可分为公司证券、（D）、政府证券和国际证券。

Ａ.银行证券Ｂ.保险公司证券Ｃ.投资公司证券Ｄ.金融机构证券５、证券持有者可以获得一定数额的收益，这是投资者转让资金使用权的报酬。

此收益的最终源泉是（C ）。

Ａ.买卖差价Ｂ.利息或红利Ｃ.生产经营过程中的价值增值Ｄ.虚拟资本价值６、投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。

所以收益是对风险的补偿，风险与收益成（A）关系。

Ａ.正比Ｂ.反比Ｃ.不相关Ｄ.线性第二章二、多选题１、本身不能使持券人或第三者取得一定收入的证券称为（BC）。

Ａ.商业汇票Ｂ.证据证券Ｃ.凭证证券Ｄ.资本证券２、广义的有价证券包括很多种，其中有（ACD ）。

Ａ.商品证券Ｂ.凭证证券Ｃ.货币证券Ｄ.资本证券３、货币证券是指本身能使持券人或第三者取得货币索取权的有价证券。

属于货币证券的有（ABCD）。

Ａ.商业汇票Ｂ.商业本票Ｃ.银行汇票Ｄ.银行本票４、下列属于货币证券的有价证券是（AB ）。

Ａ.汇票Ｂ.本票Ｃ.股票Ｄ.定期存折５、资本证券是指由金融投资或与金融投资有直接联系的活动而产生的证券，持券人对发行人有一定收入的请求。

这类证券有（BCD）。

Ａ.银行证券Ｂ.股票Ｃ.债券Ｄ.基金证券６、未申请上市或不符合在证券交易所挂牌交易条件的证券称为（ABC ）。

Ａ.非挂牌证券Ｂ.非上市证券Ｃ.场外证券Ｄ.场内证券三、判断题１、证券的最基本特征是法律特征和书面特征。

（对）２、购物券是一种有价证券。

（错）３、有价证券是指无票面金额，证明持券人有权按期取得一定收入并可自由转让和买卖的所有权或债权证券。

证券投资学第二章的形考题及答案注意：选项（abcd）后面数字是一道题对这题的的评分，也就是答案，如果是0，是错误的，.就不要选择。

绿色为：单选题蓝色为：多选题紫色为：判断题top/第2章/单选题单选题股票的最基本特征是（）A. 18.收益性100B. 19.不可返还性0C. 20.风险性0D. 21.参与决策性0单选题22.资本利得是指（）A. 23.股份公司派发的红利0B. 股份公司派发的股利0C. 股票的买卖价差100D. 上市公司支付的利息0单选题（）是股票中最基本和最重要的一种形式，是构成股份有限公司资本基础的股份。

A. 优先股0B. A股0C. 24.普通股100D. 25.B股0单选题26.下面关于多数投票制说法正确的是（）A. 27.选票必须占选票总数的半数以上100B. 掌握大部分投票权的大股东也无法垄断全部董事会人选0C. 保障了多数小股东的利益0D. 28.以上说法都不正确0单选题下面关于了累计投票制说法正确的是（）A. 少数派股东无法当选为董事0B. 掌握大部分投票权的股东垄断全部董事会人选0C. 29.有利于保护大股东的利益0D. 各股东可以把投票权累计起来100单选题当公司因各种缘由破产、解散、清算时，普通股股东有权分的公司的剩余财产，并且必须排在（）A. 公司债权人之前0B. 30.优先股股东之前100C. 优先股股东之后，公司债券人之前0D. 公司债权人、优先股股东之后0单选题股东拥有新股优先认购权后，其处理权利的方式不正确的有（）A. 行使优先权0B. 转让优先认股权0C. 放弃这一权利0D. 在任其过期失效后，可以申请再次行使优先权100单选题31.下列关于优先股说法不正确的是（）A. 优先股在股息分配中，优先普通股0B. 在公司破产清算时，优先股优先于普通股参加公司剩余财产的分配0C. 在表决权方面优先于普通股100D. 一般采用固定股息0单选题32.下列不属于优先股的优点的是（）。

第2章金融市场与金融工具A. 多项选择题2.1 下面哪些不是货币市场工具的特征？a.流动性b.可销售性c.长期限d.股金变现e. c和d2.2 下面哪些不是货币市场工具()？a.短期国库券b.存款单c.商业票据d.长期国债e. 欧洲美元2.3 为筹集基金，美国短期国库券最初是由()发行的。

a. 商业银行b. 美国政府c. 地方政府或州政府d. 联邦政府机构e. b和d2.4 短期国库券在二级市场的出价是()。

a. 交易商愿意出售的价格b. 交易商愿意购买的价格c. 高于短期国库券的卖方报价d. 投资者的购买价格e. 不在财务压力下开价2.5 商业票据是由谁为筹资而发行的短期证券()？a. 联邦储备银行b. 商业银行c. 大型著名公司d. 纽约证券交易所e. 地方政府或州政府2.6 下面哪项内容最有效地阐述了欧洲美元的特点()？a. 存在欧洲银行的美元b. 存在美国的外国银行分行的美元c. 存在外国银行和在美国国土外的美国银行的美元d. 存在美国的美国银行的美元e. 和欧洲现金交易过的美元2.7 商业银行在联邦储备银行的存款叫()。

a.银行承兑汇票b.回购协议c.定期存款d.联邦基金e. 准备金要求2.8 为满足准备金要求，银行为在美联储借的隔夜的超额保证金所支付的利率是()。

a.优惠利率b.贴现利率c.联邦基金利率d.买入利率e. 货币市场利率2.9 下面哪些论述是正确的()？a. 中期国债期限可达10年b. 长期国债期限可达10年c. 中期国债期限可达10 ~ 30年d. 中期国债可随时支取e. 短期国库券期限可达10年2.10 关于市政债券，下例哪些说法是正确的()？I. 市政债券是州政府或地方政府发行的一种债券II. 市政债券是联邦政府发行的一种债券III. 由市政债券所得的利息收入可免缴联邦税I V. 由市政债券所得利息收入可免缴发行所在地的州政府税和地方政府税a. 只有I和I Ib. 只有I和I IIc. 只有I、II和IIId. 只有I、III和IVe. 上述各项均不准确2.11 关于公司债券，下面哪些说法是正确的()？a. 公司的提前赎回债券允许债券持有者按一定比例将债券转换成公司普通股b. 公司信用债券是经担保的债券c. 公司证券契约是经担保的债券d. 公司可转换债券允许债券持有者按一定比例将债券转换成公司普通股e. 公司债券持有者在公司有选举权2.12 在公司破产事件中()。

第一章练习题一、名词解释题（一）国际投资（二）公共投资（三）私人投资二、填空题（一）比较成功的投资，应该是产出量大于投入量及其应得到的（）之和.（二）广义的国际投资包括（）等内容。

（三）国际投资以资本的特性区分界限，可分为（）和（）。

（四）国际投资学研究对象是（）。

三、选择题（单项或多项）（一）投资的本质在于（c）.A。

承担风险B、社会效用C.资本增值D.确定（二）国际投资中的长期投资是指（D）年以上的投资。

A.三年B.八年C。

一年D、.五年（三）国际资本流动和国际投资是（B）。

A.两个相同的概念B、既有联系又有区别的两个不同概念C。

相互包含交叉的两个概念D、无法严格区分的两个概念（四）经济学家门在国际收支平衡表的资本项目中，把资本要素的国际流动区分为（A）。

A。

短期资本和长期资本B、经常项目和非经常项目c.顺差项目和逆差项目D、贸易项目和劳务项目（五）经济性质的投资（ABCD）。

A。

其本质在于获利性B、其主体可以是自然人，可以是法人C.其风险与利润成正D、其客体可以是有形资产，可以是无形资产（六）广义的国际投资包括（ABCD）.A.国际直接投资B、国际证券投资C.中长期国际贷款D、国际灵活投资（七）国际投资与国内投资相比具有以下特点（ACD）.A.国际投资的跨国性B、国际投资的政府性C.国际投资的风险性更大D、国际投资所体现的民族性（八）国际直接投资和国际间接投资的区别在于（ACD）.A。

国际直接投资能够有效控制投资对象的外国企业，而国际间接(X )投资则不能B 。

国际直接投资的投资者拥有所投资企业的10%的投票权，而国际间接投资的投资者只掌握低于10％的表决权C 。

国际直接投资的性质和过程比国际间接投资来得复杂D 。

国际直接投资的风险要大于国际间接投资（九）（AC ）都属于公共投资。

A 。

某国政府投资为第二国兴建机场B 。

某国际著名跨国公司到某一国家兴办合资企业C 。

国际货币基金组织给某国贷款以开发该国的矿业资源D 。