金融学基础(电子科技大学)1463455480 中国大学mooc慕课答案2024版 m100652

模块一：金融和金融系统 《模块一：金融和金融系统》单元测验

1、 A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is an example of (                 )

答案: capital structure decision

2、 In order to protect against a drop in price of the stocks you hold, you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? (                 )

答案: Risk-management decision

3、 Suppose you want to invest in the U.S. Treasury bills (T-bills). The minimum denomination is $100,000 and you have only $1,000. Therefore, you choose to invest your $1,000 in U.S. T-bill mutual funds at a price of $10 per share. Which function of financial systems does the mutual fund perform in doing this way? (                   )

答案: polling resources and subdividing shares

4、 In following businesses, ①—>②—>③ is the order of flow of funds of  （              ）

答案: You buy some bonds issued by China Construction Bank (CCB) and CCB then makes loans to families and firms

5、 The discipline of finance is devoted to understanding resource allocation problems of a particular nature. The two distinguishing characteristics of financial decisions are (             ）

答案: the roles of time and conditions of uncertainty

6、 Investment banks’ primary function is not to  (                          )

答案: take deposits and make loans

7、 Which of the following statements is not true? (                  )

答案: Usually, we can know the costs and benefits of financial decisions with certainty in advance

8、 The roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions

答案: 正确

9、 Stock is one of the financial instruments traded on the money market.

答案: 错误

10、 The fact that banks are less likely to make loans to applicants who cannot provide the collaterals is an example of moral hazard.

答案: 错误

11、 The fact that banks that do checks of the credit history of potential borrowers are more likely to attract higher quality borrowers than banks that do not check the credit history is an example of moral hazard.

答案: 正确

12、 The fact that you are less likely to take care of yourself when you have bought a health insurance than when you have not been insured is an example of adverse selection.

答案: 错误

13、 In the financial system, the flow of funds must be bundled with the flow of risks.

答案: 错误

14、 Because of the moral hazard caused by asymmetric information about the true types of borrowers, a bank without checking borrowers’ credit history were more likely to attract borrowers with poor quality compared to banks that did checks of credit history.

答案: 错误

15、 The goal of corporate management is to maximize the firm’s profits.

答案: 错误

16、 Generally, high-quality old cars do not tend to enter the “second-hand car” market just because of the moral hazard problem.

答案: 错误

17、 In following businesses, ①—>②—>③ is the order of flow of funds of  （              ）

答案: You buy some bonds issued by China Construction Bank (CCB) and CCB then makes loans to families and firms

作业模块一：金融和金融系统 《模块一：金融和金融系统》单元作业1

1、 Assume there are only two stocks traded in the stock market, and you are trying to construct an index to show what has happened to stock prices. Let us say that in the base year the prices were $20 per share for stock 1 with 100 million shares outstanding and $10 for stock 2 with 50 million shares outstanding. A year later, the prices are $30 per share for stock 1 and $2 per share for stock 2. Using the approaches of market-weighted and simple-averaged to construct two types of stock indexes showing what has happened to the overall stock market, respectively. Which of the two methods do you prefer and why? (Referred to APPENDIX of Chapter 2 in textbook).
评分规则:  

The total value of all stocks increased from 2.5 billion in base year to 3.1 billion a year later, which is a 24% increase. So the S&P-Type Index that I prefer accurately reflects what has happened to the total market value of all stocks.

2、 Assume there are only two stocks traded in the stock market, and you are trying to construct an index to show what has happened to stock prices. Let us say that in the base year the prices were $20 per share for stock 1 with 100 million shares outstanding and $10 for stock 2 with 50 million shares outstanding. A year later, the prices are $30 per share for stock 1 and $2 per share for stock 2.Using the approaches of market-weighted and simple-averaged to construct two types of stock indexes showing what has happened to the overall stock market, respectively. Which of the two methods do you prefer and why? (Referred to APPENDIX of Chapter 2 in textbook).
评分规则:  

The total value of all stocks increased from 2.5 billion in base year to 3.1 billion a year later, which is a 24% increase. So the S&P-Type Index that I prefer accurately reflects what has happened to the total market value of all stocks.

模块二：资金的时间价值和跨时期优化 《模块二：资金的时间价值和跨时期优化》单元测验

1、 If you put $1000 into an account today earning an interest rate of 5%. What are the simple interest and compound interest? 

答案:  $250, $26.28

2、 Suppose you saving account earns an annual percentage rate (APR) 6% which is compounded semiannually, then the effective annual rate (EFF) should be (        )

答案: 6.09%

3、 What is the present value of $100 to be received in 4 years at an interest rate of 6% per year?

答案: $79.21

4、 Suppose you deposit $1000 now and then $2000 a year from now. How much will you have two years from now, if the interest rate is 10% per year?

答案: $3410

5、 You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments. What is the monthly payment?

答案: $88.85

6、 You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?

答案: $490,907

7、 Larry’s bank account has a “floating” interest rate on certain deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?

答案: $23,818

8、 Assume that you are 40 years old and wish to retire at age 65. You expect to be able to average a 6% annual rate of interest on your savings over your lifetime (both prior to retirement and after retirement). You would like to save enough money to provide $8,000 per year beginning at age 66 in retirement income to supplement other sources (social security, pension plans, etc.). Suppose you decide that the extra income needs to be provided for only 15 years (up to age 80). Assume that your first contribution to the savings plan will take place one year from NOW. How much must you save each year between now and retirement to achieve your goal?

答案: $1416.18

9、 A firm is considering investing $10 million in equipment which is expected to have a useful life of four years and is expected to reduce the firm’s labor costs by $4 million per year. Assume the firm pays a 40% tax rate on accounting profits and uses the straight line depreciation method. If the firm’s hurdle rate for this investment is 15% per year, what is the investment’s IRR?

答案: 13.54%

10、 Tax-Less Software Corporation is considering an investment of $400,000 in equipment for producing a new tax preparation software package. The equipment has an expected life of 4 years. Sales are expected to be 60,000 units per year at a price of $20 per unit. Fixed costs excluding depreciation of the equipment are $200,000 per year, and variable costs are $12 per unit. The equipment will be depreciated over 4 years using the straight line method with a zero salvage value. Working capital requirements are assumed to be 1/12 of annual sales. The market capitalization rate for the project is 15% per year, and the corporation pays income tax at the rate of 34%. What is the project’s NPV? What is the breakeven volume?

答案: $181,845 & 37,500

11、 The compound interest is the interest on interest.

答案: 正确

12、 If compounding is done once per year, then the effective annual rate (EFF) is the same as the annual percentage rate (APR).

答案: 正确

13、 A mortgage is an example of immediate annuity. 

答案: 错误

14、 If you lease a car for a year and the monthly lease fee is $200, then the total lease payments should be $2,400.

答案: 错误

15、 The opportunity cost of a project under evaluation is measured by the average rate of returns on all alternative investment opportunities.

答案: 错误

16、 The opportunity cost of capital is the possible maximum return rate that you could earn somewhere else if you did not invest in the project under evaluation. 

答案: 错误

17、 When calculating the NPV of an investment project, a 10% increase in the cost of capital will lead to a 10% reduction in the NPV. 

答案: 错误

18、 When you use the money from selling your house to invest in a Treasure bond, the return rate on holding the house is the appropriate discount rate to evaluate if the investment in Treasure bond is worthwhile.

答案: 错误

19、 The IRR is the discount rate that the NPV is equal to zero.

答案: 正确

20、 Economics call the present value of one’s future labor income permanent income.

答案: 错误

作业模块二：资金的时间价值和跨时期优化 《模块二：资金的时间价值和跨时期优化》单元作业1

1、 Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe?
评分规则:   Calculate the month rate:

2、 A firm is considering investing $10 million in equipment which is expected to have a useful life of four years and is expected to reduce the firm’s labor costs by $4 million per year. Assume the firm pays a 40% tax rate on accounting profits and uses the straight line depreciation method. What is the after-tax cash flow from the investment in years 1 through 4? If the firm’s hurdle rate for this investment is 15% per year, is it worthwhile? What are the investment’s IRR and NPV?
评分规则:  According to straight line depreciation of 4 years, we kwon the depreciation per year is $2.5 (10/4) million per year, so we could get the cash flow (CF in million) per year: 
If the firm’s hurdle rate for this investment is 15% per year, then the NPV:Show that the NPV is negative when the firm’s hurdle rate for this investment is 15% per year, so it is not worthwhile.
According towe can calculate the investment’s IRR is

3、 A firm is considering investing $10 million in equipment which is expected to have a useful life of four years and is expected to reduce the firm’s labor costs by $4 million per year. Assume the firm pays a 40% tax rate on accounting profits and uses the straight line depreciation method. What is the after-tax cash flow from the investment in years 1 through 4? If the firm’s hurdle rate for this investment is 15% per year, is it worthwhile? What are the investment’s IRR and NPV?
评分规则:  According to straight line depreciation of 4 years, we kwon the depreciation per year is $2.5 (10/4) million per year, so we could get the cash flow (CF in million) per year: 
If the firm’s hurdle rate for this investment is 15% per year, then the NPV:Show that the NPV is negative when the firm’s hurdle rate for this investment is 15% per year, so it is not worthwhile.
According towe can calculate the investment’s IRR is

作业模块二：资金的时间价值和跨时期优化 《模块二：资金的时间价值和跨时期优化》单元作业2

1、 Analyze the following newspaper column:“What’s the best age for a person to start collecting Social Security benefits? According to conventional wisdom, retirement starts at age 65. It’s true that full benefits don’t start until age 65, but 62 year olds can retire and collect 80% of their benefits.      Take the hypothetical cases of John and Mary, who have the same birthday and who are both slated to start drawing $1,000 a month in Social Security benefits at age 65. On his 62nd birthday, John decides to go ahead and start claiming his benefits of $800 a month (80% of $1000). Mary decides to wait until she’s 65, when she can claim the full $1000. Three years later, Mary turns 65 and begins receiving $1,000 a month from the Social Security Administration. John continues to receive $800 a month. But he has already been paid $28,800 while Mary received nothing.      Five years go by, with Mary drawing $1,000 a month and John $800 a month. At 70, John has received $76,800, compared to Mary’s $60,000. When they reach 77, Mary will pull ahead. So, it seems if a person doesn’t live past 76, it would better to start collecting Social Security benefits at 62. For those who reach their upper 70’s, it pays to wait until they are 65 to collect Social Security. (adapted from Ó 1998, Atlanta Business Chronicle, Gary Summer Contributing writer, June 29, 1998.)
评分规则:  回答要点：货币的时间价值；正确计算在某一时间点一系列现金流现值和终值；确保两人计算的时点一致；利率变动的风险；其他言之有理并符合金融逻辑的观点也可。

2、 Analyze the following newspaper column:“What’s the best age for a person to start collecting Social Security benefits? According to conventional wisdom, retirement starts at age 65. It’s true that full benefits don’t start until age 65, but 62 year olds can retire and collect 80% of their benefits.      Take the hypothetical cases of John and Mary, who have the same birthday and who are both slated to start drawing $1,000 a month in Social Security benefits at age 65. On his 62nd birthday, John decides to go ahead and start claiming his benefits of $800 a month (80% of $1000). Mary decides to wait until she’s 65, when she can claim the full $1000. Three years later, Mary turns 65 and begins receiving $1,000 a month from the Social Security Administration. John continues to receive $800 a month. But he has already been paid $28,800 while Mary received nothing.      Five years go by, with Mary drawing $1,000 a month and John $800 a month. At 70, John has received $76,800, compared to Mary’s $60,000. When they reach 77, Mary will pull ahead. So, it seems if a person doesn’t live past 76, it would better to start collecting Social Security benefits at 62. For those who reach their upper 70’s, it pays to wait until they are 65 to collect Social Security. (adapted from Ó 1998, Atlanta Business Chronicle, Gary Summer Contributing writer, June 29, 1998.)
评分规则:  回答要点：货币的时间价值；正确计算在某一时间点一系列现金流现值和终值；确保两人计算的时点一致；利率变动的风险；其他言之有理并符合金融逻辑的观点也可。

模块三：资产估值原理与债券、股票估值 《模块三：资产估值原理与债券、股票估值》单元测验

1、 Suppose you purchase a Treasury bill that matures in three months. The bill is a pure discount instrument paying its face value of $100,000 at maturity. If the bill is priced to yield 1% over the three months, or an APR of 4% with quarterly compounding, what is the current selling price?

答案: $99009.90

2、 What is the current yield on a five-year 5% coupon bond with $100 face value? Suppose the bond’s yield to maturity is 7%. Assume annual compounding.

答案: 5.46%

3、 Assume a fifty-year zero-coupon bond with $1,000 face value is priced to yield 10 percent, measured as an annual rate with annual compounding. If the yield were to instantly drop to 5 percent, what would be the new price for the bond?

答案: $87.20

4、 Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. You have been told that the yield to maturity is 8%. What is the price (per $100 of face value)? What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?

答案: $93.29 , $93.20

5、 Assume a year ago the US Treasury yield curve was flat at a rate of 4% per year (with annual compounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year (with annual compounding). What rate of return did you earn on your initial investment, if the bond was a 4% coupon bond with $100 face value?

答案: -11.14%

6、 The DDM Corporation has just paid a cash dividend (D0) of $2 per share. It has consistently increased its cash dividends in the past by 5% per year, and you expect it to continue to do so. You estimate that the market capitalization rate for this stock should be 13% per year. What is your estimate of the intrinsic value of a share (derived using the DDM model)?

答案: $26.25

7、 The Constant Growth Corporation (CGC) has expected earnings per share of $5. It has a history of paying cash dividends equal to 20% of earnings. The market capitalization rate for CGC’s stock is 15% per year, and the expected ROE on the firm’s future investments is 17% per year. Using the constant growth rate discounted dividend model, what is the model’s estimate of the present value of the stock?

答案: $71.429

8、 Under the discounted dividend model, what is the value per share of a company expected to pay a $3.75 end-of-year dividend and have an ex-dividend price of $27.50 if the market capitalization rate is 7.5%? Suppose a bad news report about the company drops the expected end-of-year ex-dividend price by 10%. Will the current stock price decrease by more or less than 10%?

答案: $29.07 , less than 10%

9、 Maastricht Barge Builders (MBB) has expected next period earnings of €5.00 per share, retains 50% of its earnings, has a market capitalization rate of 8%, and expects to earn 12% on its new investments. What is your estimate of the current share price of MBB? What is the estimated net present value of MBB’s future investments?

答案: €125 , €62.50

10、 Tabled below are the relevant statistics for three competing firms. Under the constant-growth-rate discounted dividend model, which firm in the following table has the highest current price per share?

答案: Nod

11、 The efficient markets hypothesis (EMH) is the proposition that an asset’s current price fully reflects all publicly available information about future economic fundamentals affecting the asset’s value.

答案: 正确

12、 The value of the asset as it appears on the balance sheet is called the asset’s market value.

答案: 错误

13、 A firm’s price/earnings multiple is the ratio of its stock price to its earnings per share. 

答案: 正确

14、 The Law of One Price is enforced by a process called hedge.

答案: 错误

15、 If a coupon bond has a price higher than its face value, its yield to maturity is higher than its current yield.

答案: 错误

16、 The promised cash payment on a pure discount bond is called its face value or par value.

答案: 正确

17、 In the Constant-Growth Dividend Discount Model, the stream of earnings, dividends and stock prices all grow at exactly the same constant growth rate.

答案: 正确

18、 The yield to maturity is defined as the discount rate that makes the present value of the bond’s stream of promised cash payments equal to its price.

答案: 正确

19、 Usually, the potential default risk and taxes will increase the price of a bond.

答案: 错误

20、 The yield on a pure discount bond is the annualized rate of return to investors who buy it and hold it until it matures.

答案: 正确

21、 Suppose you purchase a Treasury bill that matures in three months. The bill is a pure discount instrument paying its face value of $100,000 at maturity. If the bill is priced to yield 1% over the three months, or an APR of 4% with quarterly compounding, what is the current selling price? 

答案: $99009.90

22、 What is the current yield on a five-year 5% coupon bond with $100 face value? Suppose the bond’s yield to maturity is 7%. Assume annual compounding. 

答案: 5.46%

23、 Tabled below are the relevant statistics for three competing firms. Under the constant-growth-rate discounted dividend model, which firm in the following table has the highest current price per share?  WinkinBlinkinNodCapitalization rate (k)15%15%15%Return on new investment15%14%20%Retention rate40%50%60%Expected dividend (D1)$3.00$1.00$2.50

答案: Nod

24、 The efficient markets hypothesis (EMH) is the proposition that an asset’s current price fully reflects all publicly available information about future economic fundamentals affecting the asset’s value. 

答案: 正确

25、 A firm’s price/earnings multiple is the ratio of its stock price to its earnings per share.

答案: 正确

26、 If a coupon bond has a price higher than its face value, its yield to maturity is higher than its current yield.

答案: 错误

27、 The promised cash payment on a pure discount bond is called its face value or par value. 

答案: 正确

28、 In the Constant-Growth Dividend Discount Model, the stream of earnings, dividends and stock prices all grow at exactly the same constant growth rate. 

答案: 正确

29、 The yield to maturity is defined as the discount rate that makes the present value of the bond’s stream of promised cash payments equal to its price

答案: 正确

30、 Usually, the potential default risk and taxes will increase the price of a bond. 

答案: 错误

作业模块三：资产估值原理与债券、股票估值 《模块三：资产估值原理与债券、股票估值》单元作业1

1、 Consider a pure discount bond with 10 years remaining to maturity selling for $61.39133 per $100 of face value. If the yield, calculated as an annual rate with annual compounding, remains constant over the next three years what price will the bond be selling for with 9, 8, and 7 years remaining to maturity? How high would the yield have to rise to in order that ,with 6 years remaining to maturity the bond’s price would be the same as two years prior, when it had 8 years remaining to maturity? (Notes: Please write down your calculation process for all questions!)
评分规则:  
The prices with 9, 8, and 7 years remaining to maturity with the same 5% yield would be:
The yield with 6 years remaining to maturity and a price of $67.68394 would be:The yield is 6.722%.

2、 Consider a pure discount bond with 10 years remaining to maturity selling for $61.39133 per $100 of face value. If the yield, calculated as an annual rate with annual compounding, remains constant over the next three years what price will the bond be selling for with 9, 8, and 7 years remaining to maturity? How high would the yield have to rise to in order that ,with 6 years remaining to maturity the bond’s price would be the same as two years prior, when it had 8 years remaining to maturity?(Notes: Please write down your calculation process for all questions!)
评分规则:  
The prices with 9, 8, and 7 years remaining to maturity with the same 5% yield would be:
 The yield with 6 years remaining to maturity and a price of $67.68394 would be:The yield is 6.722%.

作业模块三：资产估值原理与债券、股票估值 《模块三：资产估值原理与债券、股票估值》单元作业2

1、 The 2-Stage Co. just paid a dividend of $1 per share. The dividend is expected to grow at a rate of 25% per year for the next 3 years and then to level off to 5% per year forever. You think the appropriate market capitalization rate is 20% per year. a.  What is your estimate of the intrinsic value of a share of the stock?b.  If the market price of a share is equal to this intrinsic value, what is the expected         dividend yield?c. What do you expect its price to be one year from now? Is the implied capital gain consistent with your estimate of the dividend yield and the market capitalization rate?(Notes: Please write down your calculation process for all questions!)
评分规则:  
a. 2-Stage starts the constant growth stage in year 4. Therefore:
b. If the market price of a share is equal to this intrinsic value, the expected dividend yield       is D1/P0, which is 1.25/11.17 = 0.1119 or 11.2%.
c. Its price one year from now isThe implied capital gain is $12.15 – $11.17 = $0.98, which is 8.8% of the price P0. Thus the dividend yield plus the capital gain rate add up to 20%, which is k.

2、 The 2-Stage Co. just paid a dividend of $1 per share. The dividend is expected to grow at a rate of 25% per year for the next 3 years and then to level off to 5% per year forever. You think the appropriate market capitalization rate is 20% per year.(Notes: Please write down your calculation process for all questions!) a. What is your estimate of the intrinsic value of a share of the stock?b. If the market price of a share is equal to this intrinsic value, what is the expected dividend yield?c. What do you expect its price to be one year from now? Is the implied capital gain consistent with your estimate of the dividend yield and the market capitalization rate?
评分规则:  
a. 2-Stage starts the constant growth stage in year 4. Therefore:
b. If the market price of a share is equal to this intrinsic value, the expected dividend yield is D1/P0, which is 1.25/11.17 = 0.1119 or 11.2%.
c. Its price one year from now isThe implied capital gain is $12.15 – $11.17 = $0.98, which is 8.8% of the price P0. Thus the dividend yield plus the capital gain rate add up to 20%, which is k.

模块四：风险管理概述 《模块四：风险管理概述》单元测验

1、 Standard deviation measures which type of risk?

答案: Total risk

2、 (     ) is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date.

答案: Financial futures contract

3、 The feasible ways for a commercial bank to hedge its short-term deposits earning an interest rate that floats are to (      )

答案: invest in long-term fixed-rate bonds and simultaneously enter into an Interest Rate Swap contract

4、 Which kind of the following financial contracts can be used to hedge risk? 

答案: All of the above

5、 Which of the following statements is NOT correct?

答案: In all kinds of mechanisms of risk transfer, insuring is superior to hedging because it can catch upside gain.

6、 (      ) option allows the buyer to sell underlying assets at any time up to and including the expiration date.

答案: An American-type put

7、 Suppose you invest in a firm that produces software for personal computers. (      ) is not a kind of firm-specific risk affecting the rate of return on this investment.

答案: A broader decline in the software industry

8、 You are planning to invest $1,000 for one year, which of followings is the safer investment? 

答案: One-year Index-Linked Inflation Plus T-Bill

9、 Which of followings are ways to avoid losses through hedging rather than insuring?      (1) Lock -in a $979.00 fare home for the holidays.      (2) Purchase a put option on a stock you do own.       (3) Agree to purchase a house in one year for a fixed price of $200,000.       (4) Lease a car with an option to purchase it in three years.(5) Enter into a swap contract to exchange fixed interest payments for floating-rate payments because you       have floating-rate assets.(6) As a wheat grower, enter into a forward contract to sell your wheat in two months at a fixed price set       today.(7) Pay a premium for catastrophic health care coverage.(8) Pay for a credit guarantee on a loan you are worried about collecting.

答案: (1) (3) (5) (6)

10、 Suppose you just signed a Purchase and Sale Agreement on a new house and you have three choices based on the expectation of the variation of interest rates in the future:(1) Interest rates have been falling, so fixed-rate loans are now very attractive. You could lock in a fixed rate of 7% (annual percentage rate, APR) for 30 years(2) Interest rates are falling, so you are thinking about a 30-year variable-rate loan, which is currently at 4.5% and which is tied to the floating interest rates of Treasury bill(3) A variable-rate loan that begins at 5% and can increase by only as much as 2% per year up to a maximum of 11%      If you wanted to hedge all risk of interest rate exposure, you should choose the plan of (        ), if you wanted to transfer risk through insuring, you should choose the plan of (        ).

答案: (1); (3)

11、 The fact that there exists a risk premium (风险溢价/升水) for risky assets in financial markets is an evidence that rational behaviors in financial markets are risk-averse.

答案: 正确

12、 Risk aversion implies an increasing marginal utility.

答案: 错误

13、 On June 12, 2015, you go short 500 ounces gold futures with maturity of three months and the initial margin requirement is $20,000. If the future price closes 5 dollars per ounce higher on the next trading day, then your margin account will leave money of $20,000 $2,500=$22,500.

答案: 正确

14、 In the forward or future transaction, the winning party makes money at the loss of the losing party, hence forward or future would not contribute to economic efficiency.

答案: 错误

15、 The appropriateness of a risk-management decision should be judged in the light of the information available at the decision is made.

答案: 正确

16、 In essence, speculation in financial market is a kind of gambling behaviors.

答案: 错误

17、 On futures markets, the probability of contract default is lowered through the use of margin requirements and the process of daily realizations of gains and losses.

答案: 正确

18、 The cost of insuring a diversified portfolio of risks against a loss is almost more than the cost of insuring against each risk separately.

答案: 错误

19、 In order to hedge the risk about the price of wheat falling, a famer should take a (       ) position of wheat delivered in the future.
答案: short

20、 The party who agree to buy the specified item in the transaction of Futures is said to take a (     ) position.
答案: long

21、 The feasible ways for a commercial bank to hedge its short-term deposits earning an interest rate that floats are to (      )

答案: invest in long-term fixed-rate bonds and simultaneously enter into an Interest Rate Swap contract

22、 Suppose you just signed a Purchase and Sale Agreement on a new house and you have three choices based on the expectation of the variation of interest rates in the future:(1) Interest rates have been falling, so fixed-rate loans are now very attractive. You could lock in a fixed rate of 7% (annual percentage rate, APR) for 30 years(2) Interest rates are falling, so you are thinking about a 30-year variable-rate loan, which is currently at 4.5% and which is tied to the floating interest rates of Treasury bill(3) A variable-rate loan that begins at 5% and can increase by only as much as 2% per year up to a maximum of 11%      If you wanted to hedge all risk of interest rate exposure, you should choose the plan of (        ), if you wanted to transfer risk through insuring, you should choose the plan of (        ).

答案: (1); (3)

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