博迪的投資學第一章練習題(英)

1、11. Financial assets represent _ of total assets of U.S. households.A. over 60%B. over 90%C. under 10%D. about 30%2. Real assets in the economy include all but which one of the following?A. LandB. BuildingsC. Consumer durablesD. Common stock3. Net worth represents _ of the liabilities and net worth

2、of commercial banks.A. about 50%B. about 90%C. about 10%D. about 30%4. According to the Flow of Funds Accounts of the United States, the largest single asset of U.S. households is _.A. mutual fund sharesB. real estateC. pension reservesD. corporate equity5. According to the Flow of Funds Accounts of

3、 the United States, the largest liability of U.S. households is _.A. mortgagesB. consumer creditC. bank loansD. gambling debts6. _ is not a derivative security.A. A share of common stockB. A call optionC. A futures contractD. All of the above are derivative securities.7. According to the Flow of Fun

4、ds Accounts of the United States, the largest financial asset of U.S.households is _.A. mutual fund sharesB. corporate equityC. pension reservesD. personal trusts8. Active trading in markets and competition among securities analysts helps ensure that _.I. security prices approach informational effic

5、iencyII. riskier securities are priced to offer higher potential returnsIII. investors are unlikely to be able to consistently find under- or overvalued securitiesA. I onlyB. I and II onlyC. II and III onlyD. I, II and III9. The material wealth of society is determined by the economy's _, which

6、is a function of the economy's _.A. investment bankers, financial assetsB. investment bankers, real assetsC. productive capacity, financial assetsD. productive capacity, real assets10. Which of the following is not a money market security?A. U.S. Treasury billB. Six month maturity certificate of

7、 depositC. Common stockD. Banker's acceptance11. _ assets generate net income to the economy and _ assets define allocation of income among investors.A. Financial, financialB. Financial, realC. Real, financialD. Real, real12. Which of the following are financial assets?I. Debt securitiesII. Equi

8、ty securitiesIII. Derivative securitiesA. I onlyB. I and II onlyC. II and III onlyD. I, II and III13. _ are examples of financial intermediaries.A. Commercial banksB. Insurance companiesC. Investment companiesD. All of the above are financial intermediaries14. Asset allocation refers to the _.A. all

9、ocation of the investment portfolio across broad asset classesB. analysis of the value of securitiesC. choice of specific assets within each asset classD. none of the answers define asset allocation15. Which one of the following best describes the purpose of derivatives markets?A. Transferring risk

10、from one party to anotherB. Investing for a short time period to earn a small rate of returnC. Investing for retirementD. Earning interest income16. _ was the first to introduce mortgage pass-through securities.A. Chase ManhattanB. CiticorpC. FNMAD. GNMA17. Security selection refers to the _.A. allo

11、cation of the investment portfolio across broad asset classesB. analysis of the value of securitiesC. choice of specific securities within each asset classD. top down method of investing18. _ is an example of an agency problem.A. Managers engage in empire buildingB. Managers protect their jobs by av

12、oiding risky projectsC. Managers over consume luxuries such as corporate jetsD. All of the answers provide examples of agency problems19. _ is a mechanism to mitigate potential agency problems.A. Tying income of managers to success of the firmB. Directors defending top managementC. Anti takeover str

13、ategiesD. Straight voting method of electing the board of directors20. _ are real assets.A. BondsB. Production equipmentC. StocksD. Commercial paper21. _ portfolio construction starts with selecting attractively priced securities.A. Bottom-upB. Top-downC. Upside-downD. Side-to-side22. In a capitalis

14、t system capital resources are primarily allocated by _.A. governmentsB. the SECC. financial marketsD. investment bankers23. A _ represents an ownership share in a corporation.A. call optionB. common stockC. fixed-income securityD. preferred stock24. The value of a derivative security _.A. depends o

15、n the value of other related securityB. affects the value of a related securityC. is unrelated to the value of a related securityD. can only be integrated by calculus professors25. A bond issue is broken up so that some investors will receive interest payments while others will receive principal pay

16、ments. This is an example of _.A. bundlingB. credit enhancementC. securitizationD. unbundling26. _ portfolio management calls for holding diversified portfolios without spending effort or resources attempting to improve investment performance through security analysis.A. ActiveB. MomentumC. PassiveD

17、. Market timing27. Financial markets allow for all but which one of the following?A. Shift consumption through time from higher income periods to lowerB. Price securities according to their riskinessC. Channel funds from lenders of funds to borrowers of fundsD. Allow most participants to routinely e

18、arn high returns with low risk28. Financial intermediaries exist because small investors cannot efficiently _.A. diversify their portfoliosB. gather informationC. monitor their portfoliosD. all of the answers provide reasons why29. Methods to encourage managers to act in shareholders' best inter

19、est includeI. Threat of takeoverII. Proxy fights for control of the Board of DirectorsIII. Tying managers' compensation to stock price performanceA. I onlyB. I and II onlyC. II and III onlyD. I, II and III30. Firms that specialize in helping companies raise capital by selling securities to the p

20、ublic are called _.A. pension fundsB. investment banksC. savings banksD. REITs31. In securities markets, there should be a risk-return trade-off with higher-risk assets having _ expected returns than lower-risk assets.A. higherB. lowerC. the sameD. Can't tell from the information given32. _ are

21、an indirect way U.S. investors can invest in foreign companies.A. ADRsB. IRAsC. SDRsD. CPCs33. Security selection refers to _.A. choosing specific securities within each asset-classB. deciding how much to invest in each asset-classC. deciding how much to invest in the market portfolio versus the ris

22、kless assetD. deciding how much to hedge34. An example of a derivative security is _.A. a common share of General MotorsB. a call option on Intel stockC. a Ford bondD. a U.S. Treasury bond35. _ portfolio construction starts with asset allocation.A. Bottom-upB. Top-downC. Upside-downD. Side-to-side36

23、. Which one of the following firms falsely claimed to have a $4.8 billion bank account at Bank of America and vastly understated its debts, eventually resulting in the firm's bankruptcy?A. WorldComB. EnronC. ParmalatD. Global Crossing37. Debt securities promise _.I. a fixed stream of incomeII. a

24、 stream of income that is determined according to a specific formulaIII. a share in the profits of the issuing entityA. I onlyB. I or II onlyC. I and III onlyD. II or III only38. The Sarbanes-Oxley Act tightened corporate governance rules by requiring all but which one of the following?A. Required c

25、orporations to have more independent directorsB. Required the CFO to personally vouch for the corporation's financial statementsC. Required that firms could no longer employ investment bankers to sell securities to the publicD. The creation of a new board to oversee the auditing of public compan

26、ies39. The success of common stock investments depends on the success of _.A. derivative securitiesB. fixed income securitiesC. the firm and its real assetsD. government methods of allocating capital40. The historical average rate of return on the large company stocks since 1926 has beenA. 5%B. 8%C.

27、 12%D. 20%41. The average rate of return on U.S. Treasury bills since 1926 was _.A. 0.5%B. 2.4%C. 3.8%D. 6.0%42. An example of a real asset is _.I. a college educationII. customer goodwillIII. a patentA. I onlyB. II onlyC. I and III onlyD. I, II and III43. The 2002 law designed to improve corporate

28、governance is titled theA. Pension Reform ActB. ERISAC. Financial Services Modernization ActD. Sarbanes-Oxley Act44. Which of the following is not a financial intermediary?A. a mutual fundB. an insurance companyC. a real estate brokerage firmD. a savings and loan company45. The combined liabilities

29、of American households represent approximately _ percent ofcombined assets.A. 11%B. 21%C. 25%D. 33%46. In 2008 real assets represented approximately _ percent of the total asset holdings of American households.A. 37%B. 42%C. 48%D. 55%47. In 2008 mortgages represented approximately _ percent of total

30、 liabilities and net worth of American households.A. 12%B. 15%C. 28%D. 42%48. Liabilities equal approximately _ of total assets for nonfinancial U.S. businesses.A. 10%B. 25%C. 44%D. 75%49. Which of the following is not an example of a financial intermediary?A. Goldman SachsB. Allstate InsuranceC. Fi

31、rst Interstate BankD. IBM50. Real assets represent about _ of total assets for financial institutions.A. 1%B. 15%C. 25%D. 40%51. Money Market securities are characterized by _.I. maturity less than one yearII. safety of the principal investmentIII. low rates of returnA. I onlyB. I and II onlyC. I an

32、d III onlyD. I, II and III52. After much investigation an investor finds that Intel stock is currently under priced. This is an example of _.A. asset allocationB. security analysisC. top down portfolio managementD. passive management53. After considering current market conditions an investor decides

33、 to place 60% of their funds in equities and the rest in bonds. This is an example ofA. asset allocationB. security analysisC. top down portfolio managementD. passive management54. Suppose an investor is considering one of two investments which are identical in all respects except for risk. If the i

34、nvestor anticipates a fair return for the risk of the security they invest in they can expect toA. earn no more than the Treasury bill rate on either securityB. pay less for the security that has higher riskC. pay less for the security that has lower riskD. earn more if interest rates are lower55. T

35、he efficient markets hypothesis suggests that _.A. active portfolio management strategies are the most appropriate investment strategiesB. passive portfolio management strategies are the most appropriate investment strategiesC. either active or passive strategies may be appropriate, depending on the

36、 expected direction of the marketD. a bottom up approach is the most appropriate investment strategy56. In a perfectly efficient market the best investment strategy is probably a/anA. active strategyB. passive strategyC. asset allocationD. market timing57. An important trend that has changed the con

37、temporary investment market is _.A. financial engineeringB. globalizationC. securitizationD. all three of the other answers58. Securitization refers to the creation of new securities by _.A. selling individual cash flows of a security or loanB. repackaging individual cash flows of a security or loan

38、 into a new payment patternC. taking an illiquid asset and converting it into a marketable securityD. selling financial services overseas as well as in the U.S.59. Brady bonds were an example of _.A. securitizationB. mortgagizationC. bundlingD. pass through securities60. Individuals may find it more

39、 advantageous to purchase claims from a financial intermediary rather than directly purchasing claims in capital markets becauseI. intermediaries are better diversified than most individualsII. intermediaries can exploit economies of scale in investing that individual investors cannotIII. intermedia

40、ted investments usually offer higher rates of return than direct capital market claimsA. I onlyB. I and II onlyC. II and III onlyD. I, II and III61. Surf City Software Company develops new surf forecasting software. It sells the software to Microsoft in exchange for 1000 shares of Microsoft common s

41、tock. Surf City Software has exchanged a _ asset for a _ asset in this transaction.A. real, realB. financial, financialC. real, financialD. financial, real62. Stone Harbor Products takes out a bank loan. It receives $100,000 and signs a promissory note to pay back the loan over 5 years.A. A new fina

42、ncial asset was created in this transaction.B. A financial asset was traded for a real asset in this transaction.C. A financial asset was destroyed in this transaction.D. A real asset was created in this transaction.63. Which of the following firms was not engaged in a major accounting scandal betwe

43、en 2000 and 2005?A. General ElectricB. ParmalatC. EnronD. WorldCom64. Accounting scandals can often be attributed to a particular concept in the study of finance known as theA. agency problemB. risk - return trade - offC. allocation of riskD. securitization65. An intermediary that pools and manage f

44、unds for many investors is called a/an _.A. investment companyB. savings and loanC. investment bankerD. ADR66. Financial institutions that specialize in assisting corporations in primary market transactions are called _.A. mutual fundsB. investment bankersC. pension fundsD. globalization specialists

45、67. WEBS allow investors to _.A. invest in U.S. mortgage backed securitiesB. invest in an individual foreign stockC. invest in a portfolio of foreign stocksD. avoid any exposure to foreign exchange risk68. In 2008 the largest corporate bankruptcy in the U.S. history involved the investment banking f

46、irm of _.A. Goldman SachsB. Lehman BrothersC. Morgan StanleyD. Merrill Lynch69. The inability of shareholders to influence the decisions of managers, despite overwhelming shareholder support, is a breakdown in what process or mechanism?A. AuditingB. Public financeC. Corporate governanceD. Public rep

47、orting70. Real assets are _.A. are assets used to produce goods and servicesB. always the same as financial assetsC. always equal to liabilitiesD. claims on company's income71. A major cause of mortgage market meltdown in 2007 and 2008 was linked to _.A. globalizationB. securitizationC. negative

48、 analyst recommendationsD. online trading72. In recent years the greatest dollar amount of securitization occurred for which type loan?A. Home mortgagesB. Credit card debtC. Automobile loansD. Equipment leasing73. The process of securitizing poor quality bank loans made to developing nations resulte

49、d in the creation of _.A. Pass-throughsB. Brady bondsC. WEBSD. FHLMC participation certificates74. U.S. Treasury bonds pay interest every six months and repay the principal at maturity. The U.S.Treasury routinely sells individual interest payments on these bonds to investors. This is an example of _

50、.A. unbundlingB. bundlingC. securitizationD. security selection75. An investment advisor has decided to purchase gold, real estate, stocks, and bonds in equal amounts. This decision reflects which part of the investment process?A. Asset allocationB. Investment analysisC. Portfolio analysisD. Securit

51、y selection1 Key1. Financial assets represent _ of total assets of U.S. households.B. over 90%C. under 10%D. about 30%Bodie - Chapter 01 #1 Difficulty: Easy 2. Real assets in the economy include all but which one of the following?A. LandB. BuildingsC. Consumer durablesBodie - Chapter 01 #2 Difficult

52、y: Easy 3. Net worth represents _ of the liabilities and net worth of commercial banks.A. about 50%B. about 90%D. about 30%Bodie - Chapter 01 #3 Difficulty: Medium 4. According to the Flow of Funds Accounts of the United States, the largest single asset of U.S.households is _.A. mutual fund sharesC.

53、 pension reservesD. corporate equityBodie - Chapter 01 #4 Difficulty: Medium 5. According to the Flow of Funds Accounts of the United States, the largest liability of U.S. households is _.B. consumer creditC. bank loansD. gambling debtsBodie - Chapter 01 #5 Difficulty: Medium6. _ is not a derivative

54、 security.B. A call optionC. A futures contractD. All of the above are derivative securities.Bodie - Chapter 01 #6 Difficulty: Easy 7. According to the Flow of Funds Accounts of the United States, the largest financial asset of U.S. households is _.A. mutual fund sharesB. corporate equityD. personal

55、 trustsBodie - Chapter 01 #7 Difficulty: Medium 8. Active trading in markets and competition among securities analysts helps ensure that _. I. security prices approach informational efficiencyII. riskier securities are priced to offer higher potential returnsIII. investors are unlikely to be able to consistently find under- or overvalued securitiesA. I onlyB. I and II onlyC. II and III onlyBodie - Chapter 01 #8 Difficulty: Hard 9. The material wealth of society is determined by the economy's _, which is a function of the