金融市場與機構(gòu)(九)

1、Chapter9TheMoneyMarketsMultipleChoiceQuestions1. Activityinmoneymarketsincreasedsignificantlyinthelate1970sandearly1980sbecauseof(a) risingshort-terminterestrates.(b) regulationsthatlimitedwhatbankscouldpayfordeposits.(c) both(a)and(b).(d) neither(a)nor(b).Answer:C2. Moneymarketsecuritieshaveallthef

2、ollowingcharacteristicsexcepttheyarenot(a) shortterm.(b) money.(c) lowrisk.(d) veryliquid.Answer:B3. Moneymarketinstruments(a) areusuallysoldinlargedenominations.(b) havelowdefaultrisk.(c) matureinoneyearorless.(d) arecharacterizedbyalloftheabove.(e) arecharacterizedbyonly(a)and(b)oftheabove.Answer:

3、D4. Thebankingindustry(a) shouldhaveanefficiencyadvantageingatheringinformationthatwouldeliminatetheneedforthemoneymarkets.(b) existsprimarilytomediatetheasymmetricinformationproblembetweensaver-lendersandborrower-spenders.(c) issubjecttomoreregulationsandgovernmentalcoststhanarethemoneymarkets.(d)

4、alloftheabovearetrue.(e) only(a)and(b)oftheabovearetrue.Answer:DChapter 9 The Money Markets1215. Insituationswhereasymmetricinformationproblemsarenotsevere,(a) themoneymarketshaveadistinctcostadvantageoverbanksinprovidingshort-termfunds.(b) themoneymarketshaveadistinctcostadvantageoverbanksinprovidi

5、nglong-termfunds.(c) bankshaveadistinctcostadvantageoverthemoneymarketsinprovidingshort-termfunds.(d) themoneymarketscannotallocateshort-termfundsasefficientlyasbankscan.Answer:A6. Brokeragefirmsthatofferedmoneymarketsecurityaccountsinthe1970shadacostadvantageoverbanksinattractingfundsbecausethebrok

6、eragefirms(a) werenotsubjecttodepositreserverequirements.(b) werenotsubjecttothedepositinterestrateceilings.(c) werenotlimitedinhowmuchtheycouldborrowfromdepositors.(d) hadtheadvantageofalltheabove.(e) hadtheadvantageofonly(a)and(b)oftheabove.Answer:E7. Whichofthefollowingstatementsaboutthemoneymark

7、etaretrue?(a) Notallcommercialbanksdealfortheircustomersinthesecondarymarket.(b) Moneymarketsareusedextensivelybybusinessesbothtowarehousesurplusfundsandtoraiseshort-termfunds.(c) ThesinglemostinfluentialparticipantintheU.S.moneymarketistheU.S.TreasuryDepartment.(d) Alloftheabovearetrue.(e) Only(a)a

8、nd(b)oftheabovearetrue.Answer:E8. Whichofthefollowingstatementsaboutthemoneymarketsaretrue?(a) Mostmoneymarketsecuritiesdonotpayinterest.Insteadtheinvestorpayslessforthesecuritythanitwillbeworthwhenitmatures.(b) Pensionfundsinvestaportionoftheirassetsinthemoneymarkettohavesufficientliquiditytomeetth

9、eirobligations.(c) Unlikemostparticipantsinthemoneymarket,theU.S.TreasuryDepartmentisalwaysademanderofmoneymarketfundsandneverasupplier.(d) Alloftheabovearetrue.(e) Only(a)and(b)oftheabovearetrue.Answer:D9. Whichofthefollowingaretruestatementsaboutparticipantsinthemoneymarkets?(a) Largebanksparticip

10、ateinthemoneymarketsbysellinglargenegotiableCDs.(b) TheU.S.governmentandcorporationsborrowinthemoneymarketsbecausecashinflowsandoutflowsarerarelysynchronized.(c) TheFederalReserveisthesinglemostinfluentialparticipantintheU.S.moneymarket.(d) Alloftheabovearetrue.(e) Only(a)and(b)oftheabovearetrue.Ans

11、wer:D10. Themostinfluentialparticipant(s)intheU.S.moneymarket(a) istheFederalReserve.(b) istheU.S.TreasuryDepartment.(c) arethelargemoneycenterbanks.(d) aretheinvestmentbanksthatunderwritesecurities.Answer:A11. TheFedisanactiveparticipantinmoneymarketsmainlybecauseofitsresponsibilityto(a) lowerborro

12、wingcoststoencouragecapitalinvestment.(b) controlthemoneysupply.(c) increasetheinterestincomeofretireesholdingmoneymarketinstruments.(d) assisttheSecuritiesandExchangeCommissioninregulatingthebehaviorothermoneymarketparticipants.Answer:B12. Commercialbanksarelargeholdersofandarethemajorissuerof.(a)

13、negotiablecertificatesofdeposit;U.S.governmentsecurities(b) U.S.governmentsecurities;negotiablecertificatesofdeposit(c) commercialpaper;Eurodollars(d) Eurodollars;commercialpaperAnswer:B13. Theprimaryfunctionoflargediversifiedbrokeragefirmsinthemoneymarketisto(a) sellmoneymarketsecuritiestotheFedera

14、lReserveforitsopenmarketoperations.(b) makeamarketformoneymarketsecuritiesbymaintaininganinventoryfromwhichtobuyorsell.(c) buymoneymarketsecuritiesfromcorporationsthatneedliquidity.(d) buyT-billsfromtheU.S.TreasuryDepartment.Answer:B14. Financecompaniesraisefundsinthemoneymarketbyselling(a) commerci

15、alpaper.(b) federalfunds.(c) negotiablecertificatesofdeposit.(d) Eurodollars.Answer:A15. Financecompaniesplayauniqueroleinmoneymarketsby(a) givingconsumersindirectaccesstomoneymarkets.(b) combiningconsumers'investmentstopurchasemoneymarketsecuritiesontheirbehalf.(c) borrowingincapitalmarketstofi

16、nancepurchasesofmoneymarketsecurities.(d) assistingthegovernmentinitssalesofU.S.Treasurysecurities.Answer:A16. Wheninflationroseinthelate1970s,(a) consumersmovedmoneyoutofmoneymarketmutualfundsbecausetheirreturnsdidnotkeeppacewithinflation.(b) bankssolidifiedtheiradvantageovermoneymarketsbyofferingh

17、igherdepositrates.(c) brokeragehousesintroducedhighlypopularmoneymarketmutualfunds,whichdrewsignificantamountsofmoneyoutofbankdeposits.(d) consumerswereunabletotakeadvantageofhigherratesinmoneymarketsbecauseoftherequirementoflargetransactionsizes.Answer:C17. Whichofthefollowingisthelargestborrowerin

18、themoneymarkets?(a) commercialbanks(b) largecorporations(c) theU.S.Treasury(d) U.S.firmsengagedinforeigntradeAnswer:C18. MoneymarketinstrumentsissuedbytheU.S.Treasuryarecalled(a) Treasurybills.(b) Treasurynotes.(c) Treasurybonds.(d) Treasurystrips.Answer:A19. TheTreasuryauctions91-dayand182-dayTreas

19、urybillsonceaweek.Itauctions52-weekbills(a) onceamonth.(b) onceevery13weeks.(c) onceayear.(d) everytwoweeks.Answer:A20. WhichofthefollowingstatementsaretrueofTreasurybills?(a) ThemarketforTreasurybillsisextremelydeepandliquid.(b) Occasionally,investorsfindthatearningsonT-billsdonotcompensatethemforc

20、hangesinpurchasingpowerduetoinflation.(c) Byvolume,mostTreasurybillsaresoldtoindividualswhosubmitnoncompetitivebids.(d) Alloftheabovearetrue.(e) Only(a)and(b)oftheabovearetrue.Answer:E21. Supposethatyoupurchasea91-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity'sannualizedyie

21、ldifheldtomaturityisabout(a) 4percent.(b) 5percent.(c) 6percent.(d) 7percent.Answer:22. Supposethatyoupurchasea182-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity'sannualizedyieldifheldtomaturityisabout(a)1.5%(b)2%(c)3%(d)6%Answer:C23. Treasurybillsdonot(a) payinterest.(b) ha

22、veamaturitydate.(c) haveafaceamount.(d) haveanactivesecondarymarket.Answer:A24. IfyourcompetitivebidforaTreasurybillissuccessful,thenyouwill(a) certainlypaylessthanifyouhadsubmittedanoncompetitivebid.(b) probablypaymorethanifyouhadsubmittedanoncompetitivebid.(c) paytheaverageofpricesofferedinothersu

23、ccessfulcompetitivebids.(d) paythesameasothersuccessfulcompetitivebidders.Answer:B25. IfyournoncompetitivebidforaTreasurybillissuccessful,thenyouwill(a) certainlypaylessthanifyouhadsubmittedacompetitivebid.(b) certainlypaymorethanifyouhadsubmittedacompetitivebid.(c) paytheaverageofpricesofferedinoth

24、ernoncompetitivebids.(d) paythesameasothersuccessfulnoncompetitivebidders.Answer:D26. Federalfunds(a) areshort-termfundstransferredbetweenfinancialinstitutions,usuallyforaperiodofoneday.(b) actuallyhavenothingtodowiththefederalgovernment.(c) providebankswithanimmediateinfusionofreserves.(d) areallof

25、theabove.(e) areonly(a)and(b)oftheabove.Answer:D27. Federalfundsare(a) usuallyovernightinvestments.(b) borrowedbybanksthathaveadeficitofreserves.(c) lentbybanksthathaveanexcessofreserves.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:D28. TheFedcaninfluencethefederalfundsinterestratebyadjustin

26、gthelevelofreservesavailabletobanks.TheFedcan(a) lowerthefederalfundsinterestratebyaddingreserves.(b) raisethefederalfundsinterestratebyremovingreserves.(c) removereservesbysellingsecurities.(d) doalloftheabove.(e) doonly(a)and(b)oftheabove.Answer:D29. TheFederalReservecaninfluencethefederalfundsint

27、erestratebybuyingsecurities,whichreserves,therebythefederalfundsrate.(a) adds;raising(b) removes;lowering(c) adds;lowering(d) removes;raisingAnswer:C30. TheFedcanlowerthefederalfundsinterestratebysecurities,therebyreserves.(a) selling;adding(b) selling;lowering(c) buying;adding(d) buying;loweringAns

28、wer:C31. IftheFedwantstolowerthefederalfundsinterestrate,itwillthebankingsystembysecurities.(a) addreservesto;selling(b) addreservesto;buying(c) removereservesfrom;selling(d) removereservesfrom;buyingAnswer:B32. IftheFedwantstoraisethefederalfundsinterestrate,itwillsecuritiestothebankingsystem.(a) s

29、ell;addreservesto(b) sell;removereservesfrom(c) buy;addreservesto(d) buy;removereservesfromAnswer:B33. Governmentsecuritiesdealersfrequentlyengageinreposto(a) manageliquidity.(b) takeadvantageofanticipatedchangesininterestrates.(c) lendorborrowforadayortwowithwhatisessentiallyacollateralizedloan.(d)

30、 doalloftheabove.(e) doonly(a)and(b)oftheabove.Answer:D34. Reposare(a) usuallylowriskloans.(b) usuallycollateralizedwithTreasurysecurities.(c) lowinterestrateloans.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:D35. Anegotiablecertificateofdeposit(a) isatermsecuritybecauseithasaspecifiedmaturi

31、tydate.(b) isabearerinstrument,meaningwhoeverholdsthecertificateatmaturityreceivestheprincipalandinterest.(c) canbeboughtandsolduntilmaturity.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:D36. Negotiablecertificatesofdeposit(a) arebearerinstrumentsbecausetheirholdersearntheinterestandprincipa

32、latmaturity.(b) typicallyhaveamaturityofonetofourmonths.(c) areusuallydenominatedat$100,000.(d) arealloftheabove.(e) areonly(a)and(b)oftheabove.Answer:E37. Commercialpapersecurities(a) areissuedonlybythelargestandmostcreditworthycorporations,astheyareunsecured.(b) carryaninterestratethatvariesaccord

33、ingtothefirm'slevelofrisk.(c) neverhaveatermtomaturitythatexceeds270days.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:D38. Unlikemostmoneymarketsecurities,commercialpaper(a) isnotgenerallytradedinasecondarymarket.(b) usuallyhasatermtomaturitythatislongerthanayear.(c) isnotpopularwithmost

34、moneymarketinvestorsbecauseofthehighdefaultrisk.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:A39. Abankersacceptanceis(a) usedtofinancegoodsthathavenotyetbeentransferredfromthesellertothebuyer.(b) anordertopayaspecifiedamountofmoneytothebeareronagivendate.(c) arelativelynewmoneymarketsecurit

35、ythataroseinthe1960sasinternationaltradeexpanded.(d) alloftheabove.(e) only(a)and(b)oftheabove.Answer:E40. Banker'sacceptances(a) canbeboughtandsolduntiltheymature.(b) areissuedonlybylargemoneycenterbanks.(c) carrylowinterestratesbecauseoftheverylowdefaultrisk.(d) arealloftheabove.(e) areonly(a)

36、and(b)oftheabove.Answer:D41. Eurodollars(a) aretimedepositswithfixedmaturitiesandare,therefore,somewhatilliquid.(b) mayoffertheborroweralowerinterestratethancanbereceivedinthedomesticmarket.(c) arelimitedtoLondonbanks.(d) arealloftheabove.(e) areonly(a)and(b)oftheabove.Answer:E42. Whichofthefollowin

37、gstatementsaboutmoneymarketsecuritiesaretrue?(a) Theinterestratesonallmoneymarketinstrumentsmoveverycloselytogetherovertime.(b) ThesecondarymarketforTreasurybillsisextensiveandwelldeveloped.(c) Thereisnowell-developedsecondarymarketforcommercialpaper.(d) Alloftheabovearetrue.(e) Only(a)and(b)oftheab

38、ovearetrue.Answer:DTrue/False1. Moneymarketsecuritiesareshort-terminstrumentswithanoriginalmaturityoflessthanoneyear.Answer:TRUE2. MoneymarketsecuritiesincludeTreasurybills,commercialpaper,federalfunds,repurchaseagreements,negotiablecertificatesofdeposit,banker'sacceptances,andEurodollars.Answer

39、:TRUE3. Thetermmoneymarketisactuallyamisnomer,becauseliquidsecuritiesaretradedinthesemarketsratherthanmoney.Answer:TRUE4. Moneymarketsarereferredtoasretailmarketsbecausesmallindividualinvestorsaretheprimarybuyersofmoneymarketsecurities.Answer:FALSE5. TheU.S.TreasuryDepartmentisthesinglemostinfluenti

40、alparticipantintheU.S.moneymarket.Answer:FALSE6. TheU.S.TreasuryDepartmentisthesinglelargestborrowerintheU.S.moneymarket.Answer:TRUE7. Banksareunusualparticipantsinthemoneymarketbecausetheybuy,butdonotsell,moneymarketinstruments.Answer:FALSE8. Moneymarketsareusedextensivelybybusinessesbothtowarehousesurplusfundsandtoraiseshort-termfunds.Answer:TRUE9. ThemarketforU.S.Treasurybillsisashallowmarketbecausesofewindividualinvestor