投資學(xué)英文版課件Chp 3-1

PAGE66TestBankChapter1SecuritiesMarketsPAGE67PAGE65 Chapter3SecuritiesMarketsSection1SecondaryMarketsandRoleofMarketMakersSection2MechanicsofInvestinginSecuritiesTRUE/FALSE1.Aroundlotisthegeneralunitfortradinginasecurity.2.Thepurchaseof53sharesofIBMisanoddlot.3.Ifastockisquoted5051,aninvestorcanbuythestockfor51.4.Ifastockisquoted1213,aninvestorcansellthestockfor13.5.Thespreadbetweenthebidandaskpricesmaybeviewedasoneofthecostsofinvesting.6.Marketmakersguaranteetobuyandsellatleastoneroundlotatthepricestheyquote.7.TheAmericanStockExchangeisanexampleofasecondarymarket.8.PubliclyownedstockthatisnotlistedonanexchangeistradedintheoverthecountermarketssuchastheNasdaqstockmarket.9.Investorswhoare"bearish"purchasesecurities.10.Onceasecurityhasbeensold,thesellerreceivesaconfirmationspecifyingthesettlementdate.11.ThemarginrequirementissetbytheSEC.12.Themarginrequirementsetsthemaximumcashinvestmenttheindividualinvestormustremitwhenbuyingastock.13.Iftheinvestorbuysstockonmarginandthepricefalls,thepercentagelossismagnified.14.Ashortpositionispremisedonsecuritypricesrising.MULTIPLECHOICE1. Aspecialist a. stressesonetypeofinvestment b. makesamarketinsecurities c. buyssecuritiesforcustomers'accounts d. underwritesstockbutnotcorporatebonds2. Thespreadisthe a. differencebetweenthebidandaskprices b. commissionchargedbythebroker c. differencebetweenthepurchaseandsaleprices d. differencebetweenthecommissionschargedbyfullserviceanddiscountbrokers3. Amarketmaker 1. sellsstockattheaskprice 2. buysstockattheaskprice 3. sellsstockatthebidprice 4. buysstockatthebidprice a. 1and2 b. 1and4 c. 2and3 d. 3and44.Theadvantagesofleavingsecuritieswiththebrokerandregisteredinastreetnameinclude a. avoidanceofincometaxesondividends b. reductionincommissions c. facilitationoftrading d. betterexecutionofsecurityorders5.Thecostofinvestingincludes 1. commissions 2. thespread 3. dividends a. 1and2 b. 1and3 c. 2and3 d. alloftheabove6.Ifastockisboughtonmargin, a. partofthecostofinvestmentisborrowed b. thecommissionsontheinvestmentareincreased c. thecostoftheinvestmentisreduced d. theinterestontheborrowedfundsissetbytheSECPROBLEMS1.AninvestorpurchasedonmarginOrangeComputerfor$30ashare.Thestock'spricesubsequentlyroseto$50ashareatwhichtimetheinvestorsoldthestock.Ifthemarginrequirementwere60percentandtheinterestrateonborrowedfundswere7percent,whatwouldbethepercentageearnedontheinvestor'sfunds(excludingcommissions)?Whatwouldhavebeenthereturniftheinvestorhadnotboughtthestockonmargin?2.Aninvestorboughtonmargin100sharesofCopierCorp.for$85ashare.Thefirmpaidanannualdividendof$4ashare;themarginrequirementwas60percentwithaninterestrateof8percentonborrowedfunds,andcommissionsonthepurchaseandsalewere$75.Thepriceofthestockroseto$120inoneyear. a. Whatisthepercentageearnedont