出台政策投资学选择题及答案英文版

2021年1月22日发(作者：工作压力)
INVESTMENT
TUTORIAL 1

SUMISSION DEADLINE: OCT 22



1. Primary market refers to the market ____________.

A. that attempts to identify mispriced securities and arbitrage opportunities.

B. in which investors trade already issued securities.

C. where new issues of securities are offered.

D. in which securities with custom-tailored characteristics are designed.

2. Asset allocation refers to the _________.

A. allocation of the investment portfolio across broad asset classes
B. analysis of the value of securities
C. choice of specific assets within each asset class
D. none of the answers define asset allocation

3. An example of a derivative security is _________.

A. a common share of General Motors
B. a call option on Intel stock
C. a Ford bond
D. a U.S. Treasury bond

4. Money Market securities are characterized by ________.
I. maturity less than one year
II. safety of the principal investment
III. low rates of return

A. I only
B. I and II only
C. I and III only
D. I, II and III

5. __________ assets generate net income to the economy and __________ assets define allocation of income among
investors.

A. Financial, financial
B. Financial, real
C. Real, financial
D. Real, real

6. An important trend that has changed the contemporary investment market is _________.

A. financial engineering
B. globalization
C. securitization
D. all three of the other answers

7. Securitization refers to the creation of new securities by _________.

A. selling individual cash flows of a security or loan
B. repackaging individual cash flows of a security or loan into a new payment pattern
C. taking an illiquid asset and converting it into a marketable security
D. selling financial services overseas as well as in the U.S.
8.
Individuals
may
find
it
more
advantageous
to
purchase
claims
from
a
financial
intermediary
rather
than
directly
purchasing claims in capital markets because
I. intermediaries are better diversified than most individuals
II. intermediaries can exploit economies of scale in investing that individual investors cannot
III. intermediated investments usually offer higher rates of return than direct capital market claims

A. I only
B. I and II only
C. II and III only
D. I, II and III

9. 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 financial 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.

10. In recent years the greatest dollar amount of securitization occurred for which type loan?

A. Home mortgages
B. Credit card debt
C. Automobile loans
D. Equipment leasing

11. 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 allocation
B. Investment analysis
C. Portfolio analysis
D. Security selection

12. A dollar denominated deposit at a London bank is called _____.

A. eurodollars
B. LIBOR
C. fed funds
D. banker's acceptance

13. The German stock market is measured by which market index?

A. FTSE
B. Dow Jones 30
C. DAX
D. Nikkei

14. 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 stocks
B. It is a price-weighted average of 30 large industrial stocks
C. It is a price-weighted average of 100 large stocks traded on the New York Stock Exchange
D. It is a value-weighted average of all stocks traded on the New York Stock Exchange

15. Preferred stock is like long-term debt in that ___________.

A. it gives the holder voting power regarding the firm's management
B. it promises to pay to its holder a fixed stream of income each year
C. the preferred dividend is a tax-deductible expense for the firm
D. in the event of bankruptcy preferred stock has equal status with debt

16. Three stocks have share prices of $$12, $$75, and $$30 with total market values of $$400 million, $$350 million and $$150
million respectively. If you were to construct a price- weighted index of the three stocks what would be the index value?

A. 300
B. 39
C. 43
D. 30

17. In a ___________ index changes in the value of the stock with the greatest market value will move the index value
the most everything else equal.

A. value weighted index
B. equal weighted index
C. price weighted index
D. bond price index

18.
A
benchmark
index
has
three
stocks
priced
at
$$23,
$$43,
and
$$56.
The
number
of
outstanding
shares
for
each
is
350,000 shares, 405,000 shares, and 553,000 shares, respectively. If the market value weighted index was 970 yesterday
and the prices changed to $$23, $$41, and $$58, what is the new index value?

A. 960
B. 970
C. 975
D. 985

19. Under firm commitment underwriting the ______ assumes the full risk that the shares cannot be sold to the public at
the stipulated offering price.

A. red herring
B. issuing company
C. initial stockholder
D. underwriter

20. Barnegat Light sold 200,000 shares in an initial public offering. The underwriter's explicit fees were $$90,000. The
offering
price
for
the
shares
was
$$35,
but
immediately
upon
issue,
the
share
price
jumped
to
$$43.
What
is
the
best
estimate of the total cost to Barnegat Light of the equity issue?

A. $$90,000
B. $$1,290,000
C. $$2,390,000
D. $$1,690,000

21. Which one of the following statements about IPOs is not true?

A. IPOs generally underperform in the short run.
B. IPOs often provide very good initial returns to investors.
C. IPOs generally provide superior long-term performance as compared to other stocks.
D. Shares in IPOs are often primarily allocated to institutional investors.

22. The NYSE recently acquired the ECN _______ and NASDAQ recently acquired the ECN ________.

A. Archipelago; Instinet
B. Instinet; Archipelago