金融市场与机构(第六版)测试银行 ch25.docx
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1、Financial Markets and Institutions, 6e (Mishkin/Eakins)Chapter 25 Hedging with Financial Derivatives25.1 Multiple Choice1) Financial derivatives includeA) stocks.B) bonds.C) futures.D) none of the above.Answer: CQuestion Status: Previous Edition2) Financial derivatives includeA) stocks.B) bonds.C) f
2、orward contracts.D) both A and B.Answer: CQuestion Status: Previous Edition3) Which of the following is not a financial derivative?A) StockB) FuturesC) OptionsD) Forward contractsAnswer: AQuestion Status: Previous Edition4) A contract that requires the investor to buy securities on a future date is
3、called a A) short contract.B) long contract.C) hedge.D) cross.Answer: BQuestion Status: Previous Edition5) A contract that requires the investor to sell securities on a future date is called a A) short contract.B) long contract.C) hedge.D) micro hedge.Answer: AQuestion Status: Previous Edition53) A
4、call option gives the owner the to the underlying security.A) right; sellB) obligation; sellC) right; buyD) obligation; buyAnswer: CQuestion Status: Previous Edition54) A put option gives the owner the to the underlying security.A) right; sellB) obligation; sellC) right; buyD) obligation; buyAnswer:
5、 AQuestion Status: Previous Edition55) A call option gives the seller the to the underlying security.A) right; sellB) obligation; sellC) right; buyD) obligation; buyAnswer: BQuestion Status: Previous Edition56) A put option gives the seller the to the underlying security.A) right; sellB) obligation;
6、 sellC) right; buyD) obligation; buyAnswer: DQuestion Status: Previous Edition57) If you buy an option to buy Treasury futures at 115, and at expiration the market price is 110,A) the call will be exercised.B) the put will be exercised.C) the call will not be exercised.D) the put will not be exercis
7、ed.Answer: CQuestion Status: Previous Edition58) If you buy an option to sell Treasury futures at 115, and at expiration the market price is 110,A) the call will be exercised.B) the put will be exercised.C) the call will not be exercised.D) the put will not be exercised.Answer: BQuestion Status: Pre
8、vious Edition59) If you buy an option to buy Treasury futures at 110, and at expiration the market price is 115, A) the call will be exercised.B) the put will be exercised.C) the call will not be exercised.D) the put will not be exercised.Answer: AQuestion Status: Previous Edition60) If you buy an o
9、ption to sell Treasury futures at 110, and at expiration the market price is 115, A) the call will be exercised.B) the put will be exercised.C) the call will not be exercised.D) the put will not be exercised.Answer: DQuestion Status: Previous Edition61) The main advantage of using options on futures
10、 contracts rather than the futures contracts themselves is that interest-rate risk isA) controlled while preserving the possibility of gains.B) controlled while removing the possibility of losses.C) not controlled but the possibility of gains is preserved.D) not controlled but the possibility of gai
11、ns is lost.Answer: AQuestion Status: Previous Edition62) The main reason to buy an option on a futures contract rather than the futures contract itself isA) to reduce transaction cost.B) to preserve the possibility for gains.C) to limit losses.D) to remove the possibility for gains.Answer: BQuestion
12、 Status: Previous Edition63) The main disadvantage of futures contracts as compared to options on futures contracts is that futuresA) remove the possibility of gains.B) increase the transactions cost.C) are not as effective a hedge.D) do not remove the possibility of losses.Answer: AQuestion Status:
13、 Previous Edition64) All other things held constant, premiums on put options will increase when theA) exercise price increases.B) volatility of the underlying asset falls.C) term to maturity increases.D) A and C are both true.Answer: DQuestion Status: Previous Edition65) All other things held consta
14、nt, premiums on call options will increase when theA) exercise price falls.B) volatility of the underlying asset falls.C) term to maturity decreases.D) futures price increases.Answer: AQuestion Status: Previous Edition66) All other things held constant, premiums on both put and call options will inc
15、rease when the A) exercise price increases.B) volatility of the underlying asset increases.C) term to maturity decreases.D) futures price increases.Answer: BQuestion Status: Previous Edition67) An increase in the volatility of the underlying asset, all other things held constant, will the option pre
16、mium.A) increaseB) decreaseC) not affectD) Not enough information is given.Answer: AQuestion Status: Previous Edition68) An increase in the exercise price, all other things held constant, will the premiumon call options.)/ 7 7 A B c DincreasedecreaseNot enough information is given.Answer: BQuestion
17、Status: Previous Edition69) If a bank manager wants to protect the bank against losses that would be incurred on its portfolio of Treasury securities should interest rates rise, he could options onfinancial futures.A) buy putB) buy callC) sell putD) sell callAnswer: AQuestion Status: Previous Editio
18、n70) A financial contract that obligates one party to exchange a set of payments it owns for another set of payments owned by another party is called aA) cross hedge.B) cross call option.C) cross put option.D) swap.Answer: DQuestion Status: Previous Edition71) A swap that involves the exchange of a
19、set of payments in one currency for a set of payments in another currency is a(n)A) interest-rate swap.B) currency swap.C) swaption.D) notional swap.Answer: BQuestion Status: Previous Edition72) A swap that involves the exchange of one set of interest payments for another set of interest payments is
20、 called a(n)A) interest-rate swap.B) currency swap.C) swaption.D) notional swap.Answer: AQuestion Status: Previous Edition73) If Second National Bank has more rate-sensitive assets than rate-sensitive liabilities, it can reduce interest-rate risk with a swap which requires Second National toA) pay a
21、 fixed rate while receiving a floating rate.B) receive a fixed rate while paying a floating rate.C) both receive and pay a fixed rate.D) both receive and pay a floating rate.Answer: BQuestion Status: Previous Edition74) If Second National Bank has more rate-sensitive liabilities than rate-sensitive
22、assets, it can reduce interest-rate risk with a swap which requires Second National toA) pay a fixed rate while receiving a floating rate.B) receive a fixed rate while paying a floating rate.C) both receive and pay a fixed rate.D) both receive and pay a floating rate.Answer: AQuestion Status: Previo
23、us Edition75) If a bank has a gap of -$10 million, it can reduce its interest-rate risk byA) paying a fixed rate on $10 million and receiving a floating rate on $10 million.B) paying a floating rate on $10 million and receiving a fixed rate on $10 million.C) selling $20 million fixed-rate assets.D)
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