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Chapter 10 The Stock Market and the Efficient Market Hypothesis
10.1 Multiple Choice
1) A basic principle of finance is that the value of any investment is
A) the present value of all future net cash flows generated by the investment.
B) the undiscounted sum of all future net cash flows generated by the investment.
C) unrelated to the future net cash flows generated by the investment.
D) unrelated to the degree of risk associated with the future net cash flows generated by the investment. Answer: A
2) A stock currently sells for $25 per share and pays $0.24 per year in dividends. What is an investor’s valuation of this stock if she expects it to be selling for $30 in one year and requires 15 percent return on equity investments?
A) $30.24
B) $26.30
C) $26.09
D) $27.74
Answer: B
3) A stock currently sells for $30 per share and pays $1.00 per year in dividends. What is an investor’s valuation of this stock if he expects it to be selling for $37 in one year and requires 12 percent return on equity investments?
A) $38
B) $33.50
C) $34.50
D) $33.93
Answer: D
4) In the one-period valuation model, a stock’s value will be higher
A) the higher is its expected future price.
B) the lower is its dividend.
C) the higher is the required return on investments in equity.
D) all of the above.
Answer: A 5) In the one-period valuation model, a stock’s value falls if the ______ rises.
A) dividend
B) expected future price
C) required return on equity
D) current price
Answer: C 132
6) In the generalized dividend valuation model a stock’s value depend only on
A) its future dividend payments and its future price.
B) its future dividend payments and the required return on equity.
C) its future price and the required return on investments on equity.
D) its future dividend payments.
Answer: B
7) Which of the following is not an element of the Gordon growth model of stock
valuation?
A) the stock’s most recent dividend paid
B) the expected constant growth rate of dividends.
C) the required return on investments in equity.
D) the stock’s expected future price.
Answer: D
8) According to the Gordon growth model, what is an investor’s valuation of a stock whose current dividend is $1.00 per year if dividends are expected to grow at a constant rate of 10 percent over a long period of time and the investor’s required return is 11 percent?
A) $100
B) $9.09
C) $10
D) $4.76
Answer: A
9) According to the Gordon growth model, what is an investor’s valuation of a stock whos e current dividend is $1.00 per year if dividends are expected to grow at a constant rate of 10 percent over a long period of time and the investor’s required return is 15 percent?
A) $6.67
B) $10
C) $20
D) $4
Answer: C
10) Holding other things cons tant, a stock’s value will be highest if its dividend growth rate is
A) 15 percent
B) 10 percent
C) 5 percent
D) 2 percent
Answer: A133
11) Holding other things constant, a stock’s value will be highest if its most recent dividend is
A) $2.00
B) $5.00
C) $0.50
D) $1.00
Answer: B
12) Holding other things constant, a stock’s value will be highest if the investor’s required return on investments in equity is
A) 20 percent
B) 15 percent
C) 10 percent
D) 5 percent
Answer: D
13) Suppose the average industry PE ratio for auto parts retailers is 20. What is the current price of Auto Zone stock if the retailer’s earnings per share are projected to be $1.85?
A) $21.85
B) $37
C) $10.81
D) $9.25
Answer: B
14) Which of the following is true regarding the Gordon growth model?
A) Dividends are assumed to grow at a constant rate forever.
B) The dividend growth rate is assumed to be greater than the required return on equity.
C) Both (A) and (B).
D) Neither (A) nor (B).
Answer: A
15) The PE ratio approach to valuing stock is especially useful for valuing
A) privately held firms.
B) firms that don’t pay dividends.
C) both (A) and (B).
D) neither (A) nor (B).
Answer: C
16) The PE ratio approach to valuing stock is especially useful for valuing
A) publicly held corporations.
B) firms that regularly pay dividends.
C) both (A) and (B).
D) neither (A) nor (B).
Answer: D 134
17) A weakness of he PE approach to valuing stock is that
A) it is difficult to estimate the constant growth rate of a firm’s dividends.
B) it is difficult to estimate the required return on equity.
C) it is difficult to predict how much a firm will pay in dividends.
D) it is based on industry averages rather than firm-specific factors.
Answer: D
18) A firm’s current dividend is $1.00 per year and is expected to grow at a constant rate of 4 percent over time. Some investors have required returns on investments in equity of 12 percent, some 10 percent, and some 8 percent. The market price of th is firm’s stock will be slightly above
A) $25
B) $12.50
C) $16.67
D) $18
Answer: C
19) The market price of a security represents the highest value any investor puts on the security. (II) Superior information about a security increases its value by reducing its risk.
A) (I) is true, I(I) is false.
B) (I) is false, I(I) is true.
C) Both are true.
D) Both are false.
Answer: B
20) The main cause of fluctuations in stock prices is changes in
A) tax laws.
B) errors in technical stock analysis.
C) daily trading volume in stock markets.
D) information available to investors.
E) total household wealth in the economy. Answer: C
21) Stock values computed by valuation models may
differ from actual market prices because
A) it is difficult to estimate future dividend growth rates.
B) it is difficult to estimate the risk of a stock.
C) it is difficult to forecast a stock’s future dividends.
D) all of the above are true.
Answer: D 135
22) According to the efficient market hypothesis, the current price of a financial security
A) is the discounted net present value of future interest payments.
B) is determined by the highest successful bidder.
C) fully reflects all available relevant information.
D) is a result of none of the above.
Answer: C
23) The efficient market hypothesis
A) is based on the assumption that prices of securities fully reflect all available information.
B) holds that the expected return on a security equals the equilibrium return.
C) both (A) and (B).
D) neither (A) nor (B).
Answer: C
24) If the optimal forecast of the return on a security exceeds the equilibrium return, then
A) the market is inefficient.
B) an unexploited profit opportunity exists.
C) the market is in equilibrium.
D) only (A) and (B) of the above are true.
E) only (B) and (C) of the above are true.
Answer: D
25) According to the efficient market hypothesis
A) one cannot expect to earn an abnormally high return by purchasing a security.
B) information in newspapers and in the published reports of financial analysts is already reflected in market prices.
C) unexploited profit opportunities abound, thereby explaining why so many people get rich by trading securities.
D) all of the above are true.
E) only (A) and (B) of the above are true.
Answer: E
26) Another way to state the efficient market condition is that in an efficient market,
A) unexploited profit opportunities will be quickly eliminated.
B) unexploited profit opportunities will never exist.
C) arbitrageurs guarantee that unexploited profit opportunities never exist.
D) both (A) and (C) of the above occur.
Answer: A136
27) Another way to state the efficient market hypothesis is that in an efficient market,
A) unexploited profit opportunities will never exist as market participants, such as arbitrageurs, ensure that they are instantaneously dissipated.
B) unexploited profit opportunities will not exist for long, as market participants will act quickly to eliminate them.
C) every financial market participant must be well informed about securities.
D) only (A) and (C) of the above.
Answer: B
28) A situation in which the price of an asset differs from its fundamental market value is called
A) an unexploited profit opportunity.
B) a bubble.
C) a correction.
D) a mean reversion.
Answer: B
29) A situation in which the price of an asset differs from its fundamental market value
A) indicates that unexploited profit opportunities exist.
B) indicates that unexploited profit opportunities do not exist.
C) need not indicate that unexploited profit opportunities exist.
D) indicates that the efficient market hypothesis is fundamentally flawed.
Answer: C
30) Studies of mutual fund performance indicate that mutual funds that outperformed the market in one time period
A) usually beat the market in the next time period.
B) usually beat the market in the next two subsequent time periods.
C) usually beat the market in the next three subsequent time periods.
D) usually do not beat the market in the next time period.
Answer: D
31) The efficient market hypothesis suggests that allocating your funds in the financial markets on the advice of a financial analyst
A) will certainly mean higher returns than if you had made selections by throwing darts at the financial page.
B) will always mean lower returns than if you had made selections by throwing darts at the financial page.
C) is not likely to prove superior to a strategy of making selections by throwing darts at the financial page.
D) is good for the economy.
Answer: C 137
32) Ivan Boesky, the most successful of the so-called arbs in the 1980s, was able to outperform the market on a consistent basis, indicating that
A) securities markets are not efficient.
B) unexploited profit opportunities were abundant.
C) investors can outperform the market with inside information.
D) only (B) and (C) of the above.
Answer: D
33) To say that stock prices follow a "random walk" is to argue that
A) stock prices rise, then fall.
B) stock prices rise, then fall in a predictable fashion.
C) stock prices tend to follow trends.
D) stock prices are, for all practical purposes, unpredictable.
Answer: D
34) To say that stock prices follow a "random walk" is to argue that
A) stock prices rise, then fall, then rise again.
B) stock prices rise, then fall in a predictable fashion.
C) stock prices tend to follow trends.
D) stock prices cannot be predicted based on past trends.
Answer: D
35) Rules used to predict movements in stock prices based on past patterns are, according to the efficient markets theory,
A) a waste of time
B) profitably employed by all financial analysts.
C) the most efficient rules to employ.
D) consistent with the random walk hypothesis. Answer: A 36) Tests used to rate the performance of rules developed in technical analysis conclude that
A) technical analysis outperforms the overall market.
B) technical analysis far outperforms the overall market, suggesting that stockbrokers provide valuable services.
C) technical analysis does not outperform the overall market.
D) technical analysis does not outperform the overall market, suggesting that stockbrokers do not provide services of any value.
Answer: C
37) Which of the following types of information will most likely enable the exploitation of a profit opportunity?
A) Financial analysts' published recommendations
B) Technical analysis
C) Hot tips from a stockbroker
D) Insider information
Answer: D 138
38) Which of the following types of information will most likely enable the exploitation of a profit opportunity?
A) Financial analysts' published recommendations
B) Technical analysis
C) Hot tips from a stockbroker
D) None of the above
Answer: D
39) The advantage of a "buy-and-hold strategy" is that
A) net profits will tend to be higher because there will be fewer brokerage commissions.
B) losses will eventually be eliminated.
C) the longer a stock is held, the higher will be its price.
D) only (B) and (C) of the above are true.
Answer: A
40) The efficient market hypothesis suggests that
A) investors should not try to outguess the market by constantly buying and selling securities.
B) investors do better on average if they adopt a "buy and hold" strategy.
C) buying into a mutual fund is a sensible strategy for a small investor.
D) all of the above are sensible strategies.
E) only (A) and (B) of the above are sensible strategies.
Answer: D
41) Sometimes one observes that the price of a company's stock falls after the announcement of favorable earnings. This phenomenon is
A) clearly inconsistent with the efficient market hypothesis.
B) consistent with the efficient market hypothesis if the earnings were not as high as anticipated.
C) consistent with the efficient market hypothesis if the earnings were not as low as anticipated.
D) the result of none of the above.
Answer: B
42) Important implications of the efficient market hypothesis include which of the following?
A) Future changes in stock prices should, for all practical purposes, be unpredictable.
B) Stock prices will respond to announcements only when the information in these announcements is new. C) Sometimes a stock price declines when good news is announced.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D 139
43) Although the verdict is not yet in, the available evidence indicates that, for many purposes, the efficient market hypothesis is
A) a good starting point for analyzing expectations.
B) not a good starting point for analyzing expectations.
C) too general to be a useful tool for analyzing expectations.
D) none of the above.
Answer: A
44) The efficient market hypothesis suggests that
A) investors should purchase no-load mutual funds which have low management fees.
B) investors can use the advice of technical analysts to outperform the market.
C) investors let too many unexploited profit opportunities go by if they adopt a "buy and hold" strategy.
D) only (A) and (B) of the above are sensible strategies.
Answer: A
10.2 True/False
1) Evidence that stock prices sometimes fall when a firm announces good news contradicts the efficient market hypothesis.
Answer: FALSE
2) If the security markets are truly efficient, there is no need to pay for help selecting securities.
Answer: TRUE
3) Evidence that a mutual fund has performed extraordinarily well in the past contradicts the efficient market hypothesis.
Answer: FALSE
4) In an efficient market, every stock is a good choice. Answer: TRUE
5) Technical analysts look at historical prices for information to project future prices.
Answer: TRUE
6) The evidence suggests technical analysts are not superior stock pickers.
Answer: TRUE
7) If the markets are efficient, the optimal investment strategy will be to buy and hold so as to minimize transaction costs.
Answer: TRUE 140
8) In an efficient market, abnormal returns are not possible even using inside information.
Answer: FALSE
9) It is probably a good use of an investor's time to watch as many shows featuring technical analysts as possible.
Answer: FALSE
10.3 Essay
1) How is it possible that a firm can announce a record breaking loss, yet its stock price rise when the announcement is made?
2) What is the optimal investment strategy according to the efficient market hypothesis? Why?
3) Explain what the market reaction will be in an efficient market if a firm announces a fully anticipated filing for bankruptcy.
4) Explain how the market's reaction to a mispriced security will lead to the correct pricing of all securities.
5) What is the role of the required return on investments in equity in stock valuation models?
Chapter 11 The Mortgage Markets
11.1 Multiple Choice
1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?
A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.
B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.
C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.
D) All of the above are important differences.
E) Only (A) and (B) of the above are important differences.
Answer: D
2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?
A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.
B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.
C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.
D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals. Answer: D
3) Which of the following are true of mortgages?
A) A mortgage is a long-term loan secured by real estate.
B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.
C) Over 80 percent of mortgage loans finance residential home purchases.
D) All of the above are true of mortgages.
E) Only (A) and (B) of the above are true of mortgages.
Answer: D 142
4) Which of the following are true of mortgages?
A) A mortgage is a long-term loan secured by real estate.
B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.
C) Less than 65 percent of mortgage loans finance residential home purchases.
D) All of the above are true of mortgages.
E) Only (A) and (B) of the above are true of mortgages.
Answer: E
5) Which of the following are true of mortgages?
A) Prior to the 1920s, U.S. banking legislation discouraged mortgage lending by banks.
B) In the 1920s, most mortgages were balloon loans, which required the borrower to pay the entire loan amount after three to five years.
C) Because mortgages are long-term loans secured by real estate, mortgage
lenders tended to fail when land prices declined, as was often the case during economic recessions.
D) All of the above are true.
E) Only (A) and (B) of the above are true. Answer: D
6) Which of the following is true of mortgage interest rates?
A) Interest rates on mortgage loans are determined by three factors: current long-term markets rates, the term of the mortgage, and the number of discount points paid.
B) Mortgage interest rates tend to track along with Treasury bond rates.
C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.
D) All of the above are true.
E) Only (A) and (B) of the above are true. Answer: D
7) Which of the following are true of mortgages?
A) More than 80 percent of mortgage loans finance residential home purchases.
B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.
C) Most mortgages during the 1920s and 1930s were
balloon loans.
D) All of the above are true.
E) Only (A) and (C) of the above are true. Answer: E 143
8) Which of the following is true of mortgage interest rates?
A) Longer-term mortgages have lower interest rates than shorter-term mortgages.
B) Mortgage rates are lower than Treasury bond rates, because of the tax-deductibility of mortgage interest rates.
C) In exchange for points, lenders reduce interest rates on mortgage loans.
D) All of the above are true.
E) Only (A) and (B) of the above are true. Answer: C
9) Which of the following is true of mortgage interest rates?
A) Longer-term mortgages have higher interest rates than shorter-term mortgages.
B) In exchange for points, lenders reduce interest rates on mortgage loans.
C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.
D) All of the above are true.
E) Only (A) and (B) of the above are true. Answer: E
10) Which of the following reduces moral hazard for the mortgage borrower?
A) Collateral
B) Down payments
C) Private mortgage insurance
D) Borrower qualifications
Answer: B
11) Which of the following protects the mortgage lender’s right to sell property if the underlying loan defaults?
A) A lien
B) A down payment
C) Private mortgage insurance
D) Borrower qualification
E) Amortization
Answer: A
12) Which of the following is true of mortgage interest rates? A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral. B) Longer-term mortgages have higher interest rates than shorter-term mortgages.
C) Interest rates are higher on mortgage loans on which lenders charge points.
D) All of the above are true.
E) Only (A) and (B) of the above are true. Answer: B 144
13) During the early years of an amortizing mortgage loan, the lender applies
A) most of the monthly payment to the outstanding principal balance.
B) all of the monthly payment to the outstanding principal balance.
C) most of the monthly payment to interest on the loan.
D) all of the monthly payment to interest on the loan.
E) the monthly payment equally to interest on the loan and the outstanding principal balance.
Answer: C
14) During the last years of an amortizing mortgage loan, the lender applies
A) most of the monthly payment to the outstanding principal balance.
B) all of the monthly payment to the outstanding principal balance.
C) most of the monthly payment to interest on the loan.
D) all of the monthly payment to interest on the loan
E) the monthly payment equally to interest on the loan and the outstanding principal balance.
Answer: A
15) During the last years of a balloon mortgage loan, the lender applies
A) most of the monthly payment to the outstanding principal balance.
B) all of the monthly payment to the outstanding principal balance.
C) most of the monthly payment to interest on the loan.
D) all of the monthly payment to interest on the loan.
E) the monthly payment equally to interest on the loan and the outstanding principal balance.
Answer: D
16) During the early years of a balloon mortgage loan, the lender applies
A) most of the monthly payment to the outstanding principal balance.
B) all of the monthly payment to the outstanding principal balance.
C) most of the monthly payment to interest on the loan.
D) all of the monthly payment to interest on the loan.
E) the monthly payment equally to interest on the loan and the outstanding principal balance.
Answer: D
17) A borrower who qualifies for an FHA or V A loan enjoys the advantage that
A) the mortgage payment is much lower.
B) only a very low or zero down payment is required.
C) the cost of private mortgage insurance is lower.
D) the government holds the lien on the property. Answer: B 145
18) (I) Conventional mortgages are originated by private lending institutions, and FHA or V A loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or V A loans are insured by the government.
A) (I) is true, I(I) is false.
B) (I) is false, I(I) is true.
C) Both are true.
D) Both are false.
Answer: B
19) Borrowers tend to prefer ______ to ______, whereas lenders prefer ______
A) fixed-rate loans; ARMs; fixed-rate loans.
B) ARMs; fixed-rate loans; fixed-rate loans.
C) fixed-rate loans; ARMs; ARMs.
D) ARMs; fixed-rate loans; ARMs.
Answer: C
20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan.
(II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.
A) (I) is true, I(I) is false.
B) (I) is false, I(I) is true.
C) Both are true.
D) Both are false.
Answer: A
21) Growing-equity mortgages (GEMs) A) help the borrower pay off the loan in a shorter time.
B) have such low payments in the first few years that the principal balance increases.
C) offer borrowers payments that are initially lower than the payments on a conventional mortgage.
D) do all of the above.
E) do only (A) and (B) of the above.
Answer: A
22) A borrower with a 30-year loan can create a GEM by
A) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.
B) converting his ARM into a conventional mortgage.
C) converting his conventional mortgage into an ARM.
D) converting his conventional mortgage into a GPM. Answer: A146
23) Which of the following are useful for home buyers who expect their income to rise in the future?
A) GPMs
B) RAMs
C) GEMs
D) (A) and (B)
E) (A) and (C)
Answer: E
24) Which of the following are useful for home buyers who expect their income to fall in the future?
A) GPMs
B) RAMs
C) GEMs
D) (A) and (B)
E) (A) and (C)
Answer: B
25) Retired people can live on the equity they have in their homes by using a
A) GEM.
B) GPM.
C) SAM.
D) RAM.
Answer: D
26) Second mortgages serve the following purposes
A) they give borrowers a way to use the equity they have in their homes as security for another loan.
B) they allow borrowers to get a tax deduction on
loans secured by their primary residence or vacation home.
C) they allow borrowers to convert their conventional mortgages into GEMs.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?
A) The loans are secured by the borrower’s home.
B) The borrower gives up the tax deduction on the primary mortgage.
C) The borrower must pay points to get a second mortgage loan.
D) The borrower will find it more difficult to qualify for a second mortgage loan.
Answer: A147
28) The share of the mortgage market held by savings and loans is approximately
A) 50 percent.
B) 40 percent.
C) 20 percent.
D) 10 percent.
Answer: D
29) The share of the mortgage market held by commercial banks is approximately
A) 50 percent.
B) 25 percent.
C) 15 percent.
D) 5 percent.
Answer: B
30) A loan-servicing agent will
A) package the loan for an investor.
B) hold the loan in their investment portfolio.
C) collect payments from the borrower.
D) (A) and (C).
E) (B) and (C).
Answer: C
31) Distinct elements of a mortgage loan include
A) origination.
B) investment.
C) servicing.
D) all of the above.
E) only (B) and (C).
Answer: D
32) The Federal National Mortgage Association (Fannie Mae)
A) was set up to buy mortgages from thrifts so that these institutions could make more loans.
B) funds purchases of mortgages by selling bonds to the public.
C) provides insurance for certain mortgage contracts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
33) The Federal Housing Administration (FHA)
A) was set up to buy mortgages from thrifts so that these institutions could make more loans.
B) funds purchases of mortgages by selling bonds to the public.
C) provides insurance for certain mortgage contracts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: C 148
34) _______ issues participation certificates, and ________ provides federal insurance for participation cert ificates.
A) Freddie Mac; Freddie Mac
B) Freddie Mac; Ginnie Mae
C) Ginnie Mae; Freddie Mac
D) Ginnie Mae; Ginnie Mae
E) Freddie Mac; no one
Answer: E
35) REMICs are most like
A) Freddie Mae pass-through securities.
B) Ginnie Mae pass-through securities.
C) participation certificates.
D) collateralized mortgage obligations.
Answer: D
36) Ginnie Mae
A) insures qualifying mortgages.
B) insures pass-through certificates.
C) insures collateralized mortgage obligations.
D) (A) and (B).
E) (B) and (C).
Answer: B
37) Mortgage-backed securities
A) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.
B) are securities collateralized by a pool of mortgages.
C) are securities collateralized by both insured and
uninsured mortgages.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
38) The most common type of mortgage-backed security is
A) the mortgage pass-through, a security that has the borrower’s mortgage payments pass through the trust ee before being disbursed to the investors.
B) collateralized mortgage obligations, a security which reduces prepayment risk.
C) the participation certificate, a security which passes the borrower’s mortgage payments equally among all the owners of the certificates.
D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages. Answer: A149
11.2 True/False
1) Down payments are designed to reduce the likelihood of default on mortgage loans.
Answer: TRUE
2) Discount points (or simply points) are interest payments made at the beginning of a loan. Answer: TRUE
3) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.
Answer: TRUE
4) During the early years of the loan, the lender applies most of the payment to the principal on the loan. Answer: FALSE
5) One important advantage to a borrower who qualifies for an FHA or V A loan is the very low interest rate on the mortgage.
Answer: FALSE
6) Adjustable-rate mortgages generally have lower initial interest rates than do fixed-rate mortgages. Answer: TRUE
7) Mortgage interest rates loosely track interest rates on three-month Treasury bills.
Answer: FALSE
8) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.
Answer: TRUE 9) Nearly half the funds for mortgage lending come from mortgage pools and trusts.
Answer: TRUE
10) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.
Answer: TRUE
11) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.
Answer: TRUE 150
12) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.
Answer: FALSE
13) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages. Answer: TRUE
11.3 Essay
1) How has the modern mortgage market changed over recent years?
2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.
3) What are points? What is their purpose?
4) How does an amortizing mortgage loan differ from
a balloon mortgage loan?
5) Evaluate the advantages and disadvantages, from both th e lender’s and the borrower’s perspectives, of fixed-rate and adjustable-rate mortgages.
Chapter 14 Theory of Financial Structure
14.1 Multiple Choice Questions
1) Of the following sources of external finance for American nonfinancial businesses, the least important is
A) loans from banks.
B) stocks.
C) bonds and commercial paper.
D) loans from other financial intermediaries. Answer: B
2) Of the following sources of external finance for
American nonfinancial businesses, the most important is
A) loans from banks.
B) stocks.
C) bonds and commercial paper.
D) loans from other financial intermediaries. Answer: A
3) Of the sources of external funds for nonfinancial businesses in the United States, corporate bonds and commercial paper account for approximately _____ of the total.
A) 35 percent
B) 10 percent
C) 50 percent
D) 5 percent
Answer: A
4) Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately _____ of the total.
A) 10 percent
B) 20 percent
C) 30 percent
D) 40 percent
Answer: A188
5) With regard to external sources of financing for nonfinancial businesses in the United States, which of the following are accurate statements?
A) Marketable securities account for a larger share of external business financing in the United States than in most other countries.
B) Since 1970, less than 5 percent of newly issued corporate bonds and commercial paper have been sold directly to American households.
C) The stock market accounted for a sizeable fraction of the financing of American businesses in the 1970-1996 period.
D) All of the above.
E) Only (A) and (B) of the above.
Answer: E
6) With regard to external sources of financing for nonfinancial businesses in the United States, which of the following are accurate statements?
A) Direct finance is used in less than 5 percent of the external financing of American businesses.
B) Only large, well-established corporations have access to securities markets to finance their activities. C) Bank loans in the United States provide four times more financing of corporate activities than do stock markets.
D) All of the above.
E) Only (A) and (B) of the above.
Answer: D
7) (I) In the United States bank loans are the most important source of external funds for nonfinancial businesses. (II) In Germany and Japan, issuing stocks and bonds is the most important source of external for nonfinancial businesses.
A) (I) is true, (II) false.
B) (I) is false, (II) true.
C) Both are true.
D) Both are false.
Answer: A
8) Which of the following is not one of the eight basic facts about financial structure?
A) Debt contracts are typically extremely complicated legal documents that place substantial restrictions on the behavior of the borrower.
B) Indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in which businesses raise funds directly from lenders in financial markets.
C) Collateral is a prevalent feature of debt contracts for both households and business.
D) New security issues are the most important source of external funds to finance businesses.
Answer: D 189
9) Which of the following is not one of the eight basic facts about financial structure?
A) The financial system is among the most heavily regulated sectors of the economy.
B) Issuing marketable securities is the primary way businesses finance their operations.
C) Indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in which businesses raise funds directly from lenders in financial markets.
D) Banks are the most important source of external funds to finance businesses.
Answer: B
10) Because information is scarce,
A) equity contracts are used much more frequently to raise capital than are debt contracts.
B) monitoring managers gives rise to costly state verification.
C) government regulations, such as standard accounting principles, can help reduce moral hazard.
D) all of the above are true.
E) only (B) and (C) of the above are true.
Answer: E
11) Which of the following best explains the recent decline in the role of financial intermediaries?
A) Private production and sale of information
B) Government regulation to increase information
C) Improvements in information technology
D) None of the above can explain the recent decline Answer: C
12) If bad credit risks are the ones who most actively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries face the problem of
A) moral hazard.
B) adverse selection.
C) free-riding.
D) costly state verification.
Answer: B
13) If borrowers take on big risks after obtaining a loan, then lenders face the problem
of
A) moral hazard.
B) free-riding.
C) adverse selection.
D) costly state verification.
Answer: A190
14) Because of the lemons problem in the used car market, the average quality of the used cars offered for sale will be ______, which gives rise to the problem of ______.
A) low; moral hazard
B) low; adverse selection
C) high; moral hazard
D) high; adverse selection
Answer: B
15) In the used car market, asymmetric information leads to the lemons problem because the price that buyers are willing to pay will
A) reflect the highest quality of used cars in the market.
B) reflect the lowest quality of used cars in the market.
C) reflect the average quality of used cars in the market.
D) none of the above.
Answer: C
16) The problem created by asymmetric information before the transaction occurs is called _____, while the problem created after the transaction occurs is called _____
A) adverse selection; moral hazard.
B) moral hazard; adverse selection.
C) costly state verification; free-riding.
D) free-riding; costly state verification.
Answer: A
17) A borrower who takes out a loan usually has better information about the potential returns and risk of the investment projects he plans to undertake than does the lender. This inequality of information is called
A) moral hazard.
B) asymmetric information.
C) noncollateralized risk.
D) adverse selection.
Answer: B
18) Adverse selection is a problem associated with equity and debt contracts arising from
A) the lender’s relative lack of information about the borrower’s potential returns and risks of his investment activities.
B) the lender’s inability to legally require sufficient collateral to cover a 100 percent loss if the borrower defaults.
C) the borrower’s lack of incentive to seek a loan for highly risky investments.
D) none of the above.
Answer: A191
19) Moral hazard is a problem associated with debt and equity contracts arising from
A) the borrower’s incentive to take highly risky investments.
B) the owners’ inability to ensure that managers will act in the owners’ interest.
C) the difficulty lenders have in sorting out good credit risks from bad credit risks.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
20) Because of the adverse selection problem,
A) lenders may make a disproportionate amount of loans to bad credit risks.
B) lenders may refuse loans to individuals with low net worth.
C) lenders are reluctant to make loans that are not secured by collateral.
D) all of the above.
Answer: D
21) Because of the adverse selection problem,
A) good credit risks are more likely to seek loans, causing lenders to make a disproportionate amount of loans to good credit risks.
B) lenders may refuse loans to individuals with high net worth, because of their greater proclivity to “skip town.”
C) lenders are reluctant to make loans that are not secured by collateral.
D) all of the above.
Answer: C
22) The problem of adverse selection helps to explain
A) why banks prefer to make loans secured by collateral.
B) why banks have a comparative advantage in raising funds for American businesses.
C) why borrowers are willing to offer collateral to secure their promises to repay loans.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
23) The problem of adverse selection helps to explain
A) which firms are more likely to obtain funds from banks and other financial intermediaries, rather than from securities markets.
B) why collateral is an important feature of consumer, but not business, debt contracts.
C) why direct finance is more important than indirect finance as a source of business finance.
D) only (A) and (B) of the above.
Answer: A192
24) The concept of adverse selection helps to explain
A) why collateral is not a common feature of many debt contracts.
B) why large, well-established corporations find it so difficult to borrow funds in securities markets.
C) why financial markets are among the most heavily regulated sectors of the economy.
D) all of the above.
Answer: C
25) That most used cars are sold by intermediaries
(i.e., used car dealers) provides evidence that these intermediaries
A) have been afforded special government treatment, since used car dealers do not provide information that is valued by consumers of used cars.
B) are able to prevent potential competitors from free-riding off the information that they provide.
C) have failed to solve adverse selection problems in this market because “lemons” continue to be traded.
D) do all of the above.
Answer: B
26) That most used cars are sold by intermediaries
(i.e., used car dealers) provides evidence that these intermediaries
A) provide information that is valued by consumers of used cars.
B) are able to prevent others from free-riding off the information that they provide.
C) can profit by becoming experts in determining whether an automobile is a good car or a lemon.
D) do all of the above.
Answer: D
27) A key finding of the economic analysis of financial structure is that
A) the existence of the free-rider problem for traded securities helps to explain why banks play a predominant role in financing the activities of businesses.
B) while free-rider problems limit the extent to which securities markets finance some business activities, nevertheless the majority of funds going to businesses are channeled through securities markets.
C) given the great extent to which securities markets are regulated, free-rider problems are not of significant economic consequence in these markets.
D) economists do not have a very good explanation for why securities markets are so heavily regulated. Answer: A193
28) In the United States, the government agency requiring that firms, which sell securities in public markets, adhere to standard accounting principles and disclose information about their sales, assets, and
earnings is the
A) Federal Communications Commission.
B) Federal Trade Commission.
C) Securities and Exchange Commission.
D) U.S. Treasury Department.
E) Federal Reserve System.
Answer: C
29) The authors’ analysis of adverse selection indicates that financial intermediaries in general, and banks in particular because they hold a large fraction of non-traded loans,
A) have advantages in overcoming the free-rider problem, helping to explain why indirect finance is a more important source of business finance than is direct finance.
B) play a greater role in moving funds to corporations than do securities markets as a result of their ability to overcome the free-rider problem.
C) provide better-known and larger corporations a higher percentage of their external funds than they do to newer and smaller corporations, which rely to a greater extent on the new issues market for funds.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
30) The authors’ analysis of adverse selection indicates that financial intermediaries
A) overcome free-rider problems by holding non-traded loans.
B) must buy securities from corporations to diversify the risk that results from holding non-tradable loans. C) have not been very successful in dealing with adverse selection problems in financial markets.
D) do all of the above.
E) do only (A) and (B) of the above.
Answer: A
31) Financial intermediaries and, particularly, banks have the ability to avoid the free-rider problem as long as they primarily
A) make private loans.
B) acquire a diversified portfolio of stocks.
C) buy junk bonds.
D) do a balanced combination of (A) and (B) of the above.
Answer: A194
32) Property that is pledged to the lender in the event that a borrower cannot make his or her debt payment is called
A) collateral.
B) points.
C) interest.
D) good faith money.
Answer: A
33) Collateral is
A) property that is pledged to the lender if a borrower cannot make his or her debt payments.
B) a prevalent feature of debt contracts for households.
C) a prevalent feature of debt contracts for business.
D) all of the above.
E) only (A) and (C) of the above.
Answer: D
34) The majority of household debt in the United States consists of
A) credit card debt.
B) consumer installment debt.
C) collateralized loans.
D) unsecured loans, such as student loans. Answer: C
35) Commercial and farm mortgages, in which property is pledged as collateral, account for
A) one-quarter of borrowing by nonfinancial businesses.
B) one-half of borrowing by nonfinancial businesses.
C) one-twentieth of borrowing by nonfinancial businesses.
D) two-thirds of borrowing by nonfinancial businesses.
Answer: A
36) Because of the moral hazard problem,
A) lenders will write debt contracts that restrict certain activities of borrowers.
B) lenders will more readily lend to borrowers with high net worth.
C) debt contracts are used less frequently to raise capital than are equity contracts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E 195
37) Moral hazard in equity contracts is known as the _____ problem because the manager of the firm has fewer incentives to maximize profits than the
stockholders might ideally prefer.
A) principal-agent
B) adverse selection
C) free-rider
D) debt deflation
Answer: A
38) Because managers (_____) have less incentive to maximize profits than the stockholders-owners (_____) do, stockholders find it costly to monitor managers; thus, stockholders are reluctant to purchase equities.
A) principals; agents
B) principals; principals
C) agents; agents
D) agents; principals
Answer: D
39) The principal-agent problem
A) occurs when managers have more incentive to maximize profits than the stockholders-owners do.
B) would not arise if the owners of the firm had complete information about the activities of the managers.
C) in financial markets helps to explain why equity is a relatively important source of finance for American business.
D) all of the above.
E) only (A) and (B) of the above.
Answer: B
40) Solutions to the moral hazard problem include
A) high net worth.
B) monitoring and enforcement of restrictive covenants.
C) greater reliance on equity contracts and less on debt contracts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
41) One financial intermediary in our financ ial structure that helps to reduce the moral hazard from arising from the principal-agent problem is the
A) venture capital firm.
B) money market mutual fund.
C) pawn broker.
D) savings and loan association.
Answer: A196
42) A venture capital firm protects its equity investment from moral hazard through which of the following means?
A) It places people on the board of directors to better monitor the borrowing firm’s activities.
B) It writes contracts that prohibit the sale of an equity investment to anyone but the venture capital firm.
C) It prohibits the borrowing firm from replacing its management.
D) It does both (A) and (B) of the above.
E) It does both (A) and (C) of the above.
Answer: D
43) Debt contracts
A) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.
B) have an advantage over equity contracts in that they have a lower cost of state verification.
C) are used much more frequently to raise capital than are equity contracts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
44) Equity contracts account for a small fraction of external funds raised by American businesses because A) costly state verification makes the equity contract less desirable than the debt contract.
B) of the greater scope for moral hazard problems under equity contracts, as compared to debt contracts. C) equity contracts do not permit borrowing firms to raise additional funds by issuing debt.
D) of all of the above.
E) of both (A) and (B) of the above.
Answer: E
45) A debt contract is said to be incentive compatible if
A) the borrower’s net worth reduces the probability of moral hazard.
B) restrictive covenants limit the type of activities that can be undertaken by the borrower.
C) both (A) and (B) of the above occur.
D) neither (A) nor (B) of the above occur.
Answer: A197
46) A debt contract is more likely to be incentive compatible if
A) the company must follow standard accounting principles.
B) the funds are provided by a venture capital firm.
C) owners of the firm have more of their own money in the business.
D) all of the above.
E) only (B) and (C).
Answer: C
47) A clause in a mortgage loan contract requiring the borrower to purchase homeowner’s insurance is an example of
A) a restrictive covenant.
B) a collusive agreement between mortgage lenders and insurance companies.
C) both (A) and (B) of the above.
D) neither (A) and (B) of the above.
Answer: A
48) A debt contract that specifies that the company can only use the funds to finance certain activities
A) is a private loan.
B) contains a restrictive covenant.
C) increases the problem of adverse selection.
D) all of the above.
E) only (A) and (B).
Answer: B
49) Which of the following are accurate statements concerning the role that restrictive covenants play in reducing moral hazard in financial markets?
A) Covenants reduce moral hazard by restricting borrowers’ undesirable behavior.
B) Covenants require that borrowers keep collateral in good condition.
C) Covenants require periodic accounting statements and income reports.
D) All of the above.
E) Only (A) and (B) of the above.
Answer: D
50) Although restrictive covenants can potentially reduce moral hazard, a problem with restrictive covenants is that
A) borrowers may find loopholes that make the covenants ineffective.
B) they are costly to monitor and enforce.
C) too many resources may be devoted to monitoring and enforcing them, as debtholders duplicate others’ monitoring and enforcement efforts.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E 198 51) Governments in developing countries sometimes adopt policies that retard the efficient operation of their financial systems. These actions include policies that A) prevent lenders from foreclosing on borrowers with political clout.
B) nationalize banks and direct credit to politically-favored borrowers.
C) make it costly to collect payments and collateral from defaulting debtors.
D) do all of the above.
E) do only (A) and (B) of the above.
Answer: D
52) Financial crises
A) are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms.
B) occur when adverse selection and moral hazard problems in financial markets become more significant.
C) frequently lead to sharp contractions in economic activity.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
53) Financial crises
A) cause failures of financial intermediaries and leave only securities markets to channel funds from savers to borrowers.
B) are a recent phenomenon that occurs only in developing countries.
C) invariably lead to debt deflation.
D) all of the above.
E) none of the above.
Answer: E
54) Factors that lead to worsening conditions in financial markets include
A) increases in interest rates.
B) declining stock prices.
C) increasing uncertainty in financial markets.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
55) Factors that lead to worsening conditions in financial markets include
A) declining interest rates.
B) unanticipated increases in the price level.
C) bank panics.
D) only (A) and (C) of the above.
E) only (B) and (C) of the above.
Answer: C 199
56) If the anatomy of a financial crisis is thought of as
a sequence of events, which of the following events would be least likely to be the initiating cause of the financial crisis?
A) Increase in interest rates
B) Bank panic
C) Stock market decline
D) Increase in uncertainty
Answer: B
57) An examination of past financial crises in the United States indicates that a bank panic has typically been
A) the one key factor that initiates a financial crisis.
B) a consequence of worsening conditions during a financial crisis.
C) the result of declining interest rates that raised adverse selection problems.
D) an event that is unrelated to episodes that have come to be recognized as financial panics.
Answer: B
58) Most financial crises in the United States have begun with
A) a steep stock market decline.
B) an increase in uncertainty resulting from the failure of a major firm.
C) a steep decline in interest rates.
D) all of the above.
E) only (A) and (B) of the above.
Answer: E
59) Most financial crises in the United States have begun with
A) a sharp rise in interest rates.
B) a steep stock market decline.
C) an increase in uncertainty resulting from the failure of a major firm.
D) all of the above.
E) only (A) and (B) of the above.
Answer: D
60) In addition to having a direct effect on increasing adverse selection problems, increases in interest rates also promote financial crises by _____ firms’ and households’ interest payments, thereby _____ their cash flow. A) increasing; increasing
B) increasing; decreasing
C) decreasing; increasing
D) decreasing; decreasing
Answer: B 200
61) Deterioration in a firm’s balance sheet and a decline in net worth, which increases adverse selection and moral hazard problems, can be caused by
A) a sharp drop in the price level.
B) a sharp increase in uncertainty.
C) a sharp depreciation of the domestic currency.
D) all of the above.
E) only (A) and (C).
Answer: E
62) Adverse selection and moral hazard problems increased in magnitude during the early years of the Great Depression as
A) stock prices declined to 10 percent of their level in 1929.
B) banks failed.
C) the aggregate price level declined.
D) a result of all of the above.
E) a result of (A) and (B) of the above.
Answer: D
63) Adverse selection and moral hazard problems increased in magnitude during the early years of the Great Depression as
A) stock prices declined to 10 percent of their level in 1929.
B) banks failed.
C) the aggregate price level rose.
D) a result of all of the above.
E) a result of (A) and (B) of the above.
Answer: E
64) Financial crises in the United States and Mexico
A) were similar in being precipitated by an increase in interest rates abroad.
B) were different because in Mexico speculative attacks in the foreign exchange market played a key role.
C) were similar in being preceded by stock market declines.
D) all of the above.
E) only (A) and (C).
Answer: D
65) Stock market declines preceded a full blown
financial crisis
A) in the United States in 1987.
B) in Thailand in 1997.
C) in Indonesia in 1997.
D) all of the above.
E) only (B) and (C).
Answer: B 201
66) Which of the following factors led up to the Mexican financial crisis of 1994?
A) Speculative attacks on the peso and a rise in actual and expected inflation.
B) A rise in domestic interest rates and a deterioration of in bank balance sheets.
C) A rise in foreign interest rates and domestic stock market declines.
D) all of the above.
E) only (B) and (C).
Answer: E
67) Institutional features of debt markets in Asia that propelled several countries into financial crisis include
A) debt contracts with long duration.
B) firms with debt denominated in U. S. dollars.
C) governments that could not intervene to protect depositors.
D) all of the above.
E) only (A) and (C).
Answer: B
14.2 True/False
1) American businesses get more funds from direct financing than from indirect financing.
Answer: FALSE
2) American businesses use stock to finance about 10 percent of their external financing.
Answer: TRUE
3) One reason why indirect financing is used is to minimize adverse selection problems.
Answer: TRUE
4) Issuing marketable securities is the primary way businesses finance their operations.
Answer: FALSE
5) Because of the adverse selection problem, lenders may refuse loans to individuals with low net worth. Answer: TRUE
6) The concept of adverse selection helps to explain why indirect finance is more important than direct finance as a source of business finance. Answer: TRUE
7) The problem of adverse selection helps to explain why direct finance is more important than indirect finance as a source of business finance.
Answer: FALSE 202
8) The concept of adverse selection helps explain why collateral is an important feature of many debt contracts.
Answer: TRUE
9) One way of describing the solution that high net worth provides to the moral hazard problem is to say that it makes debt contracts incentive compatible. Answer: TRUE
10) Factors that lead to worsening conditions in financial markets include increasing interest rates and unanticipated increases in the price level.
Answer: FALSE
11) The principal-agent problem is an example of the adverse selection problem that can result from asymmetric information.
Answer: FALSE
14.3 Essay
1) Explain how the “lemons” problem could cause financial markets to fail.
2) Distinguish between adverse selection and moral hazard.
3) What facts about financial structure can be explained by adverse selection?
4) What facts about financial structure can be explained by moral hazard?
5) What factors usually cause an increase in moral hazard and adverse selection?
6) What is the principal-agent problem?
7) Describe the sequence of events in a financial crisis and explain why they can cause economic activity to decline?
Chapter 15 The Banking Firm and Bank Management
15.1 Multiple Choice Questions
1) Which of the following statements are true?
A) A bank’s assets are its sources of funds.
B) A bank’s liabilities are its uses of funds.
C) A bank’s balan ce sheet shows that total assets equal total liabilities plus equity capital.
D) Each of the above.
Answer: C
2) Which of the following statements is true?
A) A bank’s assets are its uses of funds.
B) A bank’s assets are its sources of funds.
C) A bank’s liabilities are its uses of funds.
D) Only (B) and (C) of the above are true. Answer: A
3) Which of the following statements is false?
A) A bank’s assets are its uses of funds.
B) A bank issues liabilities to acquire funds.
C) The bank’s assets provide the bank with income.
D) Bank capital is an asset in the bank balance sheet. Answer: D
4) A bank’s balance sheet
A) shows that total assets equal total liabilities plus equity capital.
B) lists sources and uses of bank funds.
C) indicates whether or not the bank is profitable.
D) does all of the above.
E) does only (A) and (B) of the above.
Answer: E
5) Which of the following are reported as liabilities on
a bank’s balance sheet?
A) Reserves
B) Checkable deposits
C) Loans
D) Deposits with other banks
Answer: B 204
6) Which of the following are reported as liabilities on
a bank’s balance sheet?
A) Discount loans
B) Cash items in the process of collection
C) State government securities
D) All of the above
E) Only (A) and (B) of the above
Answer: A
7) The share of checkable deposits in total bank liabilities has
A) expanded moderately over time.
B) expanded dramatically over time.
C) shrunk over time.
D) remained virtually unchanged since 1960. Answer: C
8) Checkable deposits and money market deposit accounts are A) payable on demand.
B) liabilities of the banks.
C) assets of the banks.
D) only (A) and (B) of the above.
E) only (A) and (C) of the above.
Answer: D
9) Which of the following statements is false?
A) Checkable deposits are usually the lowest cost source of bank funds.
B) Checkable deposits are the primary source of bank funds.
C) Checkable deposits are payable on demand.
D) Checkable deposits include NOW accounts. Answer: B
10) In recent years, the interest paid on checkable and time deposits has accounted for around _____ of total bank operating expenses, while the costs involved in servicing accounts have been approximately _____ of operating expenses.
A) 35 percent; 55 percent
B) 55 percent; 35 percent
C) 45 percent; 50 percent
D) 30 percent; 45 percent
Answer: C
11) Because checking accounts are _____ liquid for the depositor than passbook savings, they earn _____ interest rates.
A) less; higher
B) less; lower
C) more; higher
D) more; lower
Answer: D 205
12) Because passbook savings are _____ liquid for the depositor than checking accounts, they earn _____ interest rates.
A) less; higher
B) less; lower
C) more; higher
D) more; lower
Answer: A
13) Which of the following are transaction deposits?
A) Savings accounts
B) Small-denomination time deposits
C) Money market deposit accounts
D) Certificates of deposit
Answer: C
14) Which of the following are nontransaction deposits?
A) Savings accounts
B) Small-denomination time deposits
C) Negotiable order of withdraw accounts
D) All of the above
E) Only (A) and (B) of the above
Answer: E
15) Which of the following are not nontransaction deposits?
A) Savings accounts
B) Small-denomination time deposits
C) Negotiable order of withdraw accounts
D) Certificates of deposit
Answer: C
16) Large-denomination CDs are _____, so that like a bond they can be resold in a _____ market before they mature.
A) nonnegotiable; secondary
B) nonnegotiable; primary
C) negotiable; secondary
D) negotiable; primary
Answer: C
17) Bank loans from the Federal Reserve are called _____ and represent a _____ of funds.
A) discount loans; use
B) discount loans; source
C) fed funds; use
D) fed funds; source
Answer: B 206
18) Which of the following would substitute for discount loans?
A) Loans to businesses
B) Repurchase agreements
C) Investing in Eurodollars
D) Loans to bank holding companies
E) Reverse repurchase agreements
Answer: B
19) Loan loss reserves are listed on the _____ side of the bank’s balance sheet, indicating that they represent a _____ of funds.
A) liability; use
B) liability; source
C) asset; use
D) asset; source
Answer: B 20) When a bank decides that a $1 million loan will not be paid back and formally writes it off,
A) the loan loss reserve account will drop by $1 million.
B) the loan loss reserve account will rise by $1 million.
C) the bank’s assets are lowered by $1 million.
D) both (A) and (C) of the above occur.
E) both (B) and (C) of the above occur.
Answer: D
21) Which of the following are reported as assets on a bank’s balance sheet?
A) Discount loans from the Fed
B) Loans
C) Borrowings
D) Only (A) and (B) of the above
Answer: B
22) Which of the following are reported as assets on a bank’s balance sheet?
A) Cash items in the process of collection
B) Deposits with other banks
C) Checkable deposits
D) Bank capital
E) Only (A) and (B) of the above
Answer: E
23) Which of the following are reported as assets on a bank’s balance sheet?
A) Borrowings
B) Reserves
C) Savings deposits
D) Bank capital
E) Only (A) and (B) of the above
Answer: B 207
24) Which of the following are not reported as assets on a bank’s balance sheet?
A) Cash items in the process of collection
B) Deposits with other banks
C) U.S. Treasury securities
D) Checkable deposits
Answer: D
25) Which of the following are not reported as assets on a bank’s balance sheet?
A) Cash items in the process of collection
B) Borrowings
C) U.S. Treasury securities
D) Reserves
互联网金融复习题
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1. 我国人民币地主币是： A 元 B 角 C 分 D 厘 (答案：A ) 2. 按复利计算，年利率为5%地100元贷款，经过两年后产生地利息是： A 5元 B 10元 C 10.25元 D 20元 (答案：C ) 3. 以下关于汇率地说法中错误地是： A 汇率是两种货币之间地相对价格 B 汇率地直接标价法可以表示为1单位外币等于多少本币 C 我国地汇率报价一般采用直接标价法 D 我国地汇率报价一般采用间接标价法 (答案：D ) 4. 香港联系汇率制度是将香港本地货币与哪种货币挂钩？ A 英镑 B 日元 C 美元 D 欧元 (答案：C ) 5.我国地三家政策性银行是： A 中国人民银行国家开发银行中国农业发展银行 B 中国进出口银行国家开发银行中国农业发展银行 C 国家开发银行中国农业银行中国进出口银行 D 中国农业发展银行国家开发银行中国邮政储蓄银行 (答案：B ) 6. 下列哪一项不属于商业银行地“三性”原则？ A 安全性 B流动性 C 盈利性 D政策性 (答案：D ) 7. 以下不属于金融衍生品地是： A 股票 B 远期 C 期货 D 期权 (答案：A ) 8. 下列哪家机构不属于我国成立地金融资产管理公司？ A 东方 B信达 C华融 D光大 (答案：D ) 9. 我国于2003年初组建地银行业监管机构是： A 中国人民银行 B 中国银监会 C 中国证监会 D 中国保监会 (答案：B ) 10. 在国际银行监管史上有重要意义地1988年《巴塞尔协议》规定，银行地总资本充足率不能低于：A 4% B 6% C 8% D 10% (答案：C ) 11. 目前世界上最大地证券交易所是： A 纽约股票交易所 B 伦敦股票交易所 C 东京股票交易所 D香港股票交易所 (答案：A ) 12. 股票市场上常常会被提到地“IPO”地意思是： A 首次公开发行，即公司第一次公募股票 B 公司第一次私募股票 C 已有股票地公司再次公募股票 D 已有股票地公司再次私募股票 (答案：A ) 13. H股是指： A 在我国国内发行、供国内投资者用人民币购买地普通股票 B 在我国国内发行、以外币买卖地特种普通股票
金融知识竞赛试题题库完整
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B、询问县资助中心 C、询问国家开发银行 D、询问高校资助中心 9.个人作为信用报告主体的基本权利是（ D）。 A、向个人信用信息基础数据库提供信用信息 B、查询自己的信用报告 C、查询配偶的信用报告 D、向银行提供自己的信用报告 10.采集国家助学贷款是商业银行等金融机构按照国家政策，向经济困难的大学生发放的个人信用贷款，自（ D）起，商业银行等金融机构就将助学贷款及还款情况等相关信息报送到个人信用信息基础数据库。 A、大学生还款之日 B、贷款发放之日 C、大学生毕业进入还款期日 D、申请贷 款日 11.以下关于提前还款申请说确的是( B) A、提前还款申请分为一次性还清和部分还清 B、借款学生可在学生在线系统提交提前还款申请 C、学生需向县学生资助管理中心提交提前还款申请书 D、2010年之前发放的贷款如需提前还款，只能通过代理行模式进行，学生不能通过支付宝提前还款 12.通过什么途径可以知道自己的生源地信用助学贷款的详细情况( B) A、国家开发银行助学贷款学生在线系统 B、支付宝 C、咨询受理贷款的学生资助中心 D、A 或C 13.（B）是指个人对信用报告中的错误信息存在异议并经正常程序处理仍未得到满意解决可向法院提出起诉用法律手段维护自身的个人权益。 A、知情权 B、异议权 C、纠错权 D、司法救济权 14.采集国家助学贷款是商业银行等金融机构按照国家政策向经济困难的大学生发放的个人信用贷款自 (B) 起商业银行等金融机构就将助学贷款及还款情况等相关信息报送到个人信用信息基础数据库。 A.大学生还款之日 B.贷款发放之日 C.大学生毕业进入还款期日 D申请贷款日
金融基础知识试题与答案
《金融基础知识》试题 一、填空题 1.根据马克思对货币的历史考证和逻辑推断，货币产生于，是商品发展的必然结果。 2.价值尺度与流通手段是货币的两个最基本的，突出反映了货币的。 3.信用以为条件的单方面的转移。 4.在整个借贷期间利率固定不变，不随借贷资金的供求状况而波动的利率，称为。而利率随着的波动而定期调整变化的利率，称为浮动利率。 5.金融市场的组织形式主要有和两种方式。 6.我国的金融监管机构主要有、和保监会。 7.我国《商业银行法》规定，商业银行的资本充足率不得低于。 8.保险在经营中应坚持的原则是：、、补偿原则和近因原则。 9.我国的货币政策目标是保持，并以此促进经济增长。 10.外汇是以外币表示的支付手段和资产，其目的是用于。 二、单项选择题 1.金融理论研究的对象是（） A.货币 B.商品 C.信用 D.银行 2.商业信用的典型形式是（） A.委托代销 B.商品赊销 C.延期付款 D.预付货款 3.在现代市场经济中，在整个利率体系中处于主导作用的利率，是（） A.市场利率 B.浮动利率 C.官方利率 D.固定利率 4.金融市场最基本的功能是（） A.资源配置 B.融通资金 C.宏观调控 D.经济反映 5.为国家重点项目、重点产品和基础产业提供金融支持的银行是（） A.中国进出口银行 B.国家开发银行
C.中国农业银行 D.中国工商银行 6.商业银行对最大十家客户发放贷款不得超过银行资本总额的（） A.10% B.50% C.8% D.5%—7% 7.以各种形态的财产作为保险标的的保险，是（） A.社会保险 B.财产保险 C.责任保险 D.人身保险（） 8.针对货币供应总量或信用总量进行调节和控制的货币政策工具，属于（） A.选择性货币政策工具 B.直接信用控制 C.间接信用控制 D.一般性货币政策工具 9.国际支付令绝大多数采用电信方式传递，故（）是外汇市场的基准利率。 A.信汇汇率 B.中间汇率 C.票汇汇率 D.电汇汇率 10.（）贷款是解决成员国中小型私营企业的资金需要。 A.国际货币基金组织 B.国际金融公司 C.亚洲开发银行 D.国际开发协会 三、多项选择题 1.纵观世界各国货币制度的演变过程，货币制度的类型有（） A.银本位制 B.金本位制 C.金银复本位制 D.纸币制度 2.中央银行可以运用（）手段达到调节经济的目的 A.法定准备金制度 B.公开市场业务 C.转贴现业务 D.利率调整 3.决定证券行市最基本的因素是（） A.证券实际收益 B.市场利率 C.通货膨胀率 D.供求关系 4.下列银行中属于股份制商业银行的是（） A.中国民生银行 B.深圳发展银行 C.中信实业银行 D.中国光大银行 5.商业银行经营管理的原则是（） A.盈利性 B.安全性
(完整word版)互联网金融》系统性风险仿真模拟试题及答案.,推荐文档
基础知识——系统性风险仿真 一、单选（1-15） 1．有关互联网金融市场的企业准入标准、运作方式的合法性、（）的身份认证、电子合同和电子签名的有效性确认等方面，尚无详细明确的法律规范。 A.从业者 B.管理者 C.开发者 D.交易者 2. 信用风险是指互联网金融交易者在合约到期日（）其义务的风险。 A.不履行 B.不完整履行 C.不完全履行 D.选择性履行 3.有关信用风险，以下说法错误的是（） A.目前我国征信体系已经比较完善 B.借款人的资料和信息很容易造假 C.p2p平台能够获取的信息非常有限 D.可以通过大数据等方式获取信用数据 4.关于互联网金融的法律与制度风险，说法正确的是（） A.主体地位和经营范围尚不明确 B.监管体系尚不健全 C,交易主体权益保护机制缺失 D.以上都是 5.可能涉嫌非法吸收公众存款行为的主要模式是（） A.p2p平台 B.p2p的债权转让模式 C.p2p的纯中介模式 D.p2p引入担保公司模式 6.法律规定，当互联网金融平台因为破产、兼并等情况退出时，消费者的资金怎么办？（） A.全额退回 B.暂无相关具体规定 C.清算后看情况退回 D.不退回 7.通过扫描未知来源的二维码而丢失银行卡内资金的风险，属于（） A.信息数据风险 B.技术风险 C.支付的风险 D.系统性风险 8.非法集资有非法性、公开性、（）、社会性的四个基本特征。 A.隐蔽性 B.利诱性 C.集资性 D.传播性 9.以下不属于互联网金融市场风险的是（） A.流动性风险 B.利率风险 C.法律风险 D.信用风险 10.以下不属于防范信息安全风险的方法的是（） A.数据加密 B.加强投资人教育 C.数据备份 D.完善网络完全体系建设 11.导致互联网金融模式风险的原因有（） A.模式创新过度 B.盈利模式模糊不定 C.模式扭曲 D.以上都是 12.以下不属于非法集资的特征的是（） A.私密性 B.非法性 C.利诱性 D.社会性 13.流动性风险是指互联网金融机构在某个时点没有足够的资金满足客户（）需求的风险。 A.投资 B.提现 C.存款 D.贷款 14.以下属于互联网金融市场风险的是（）
公司金融学题库
公司金融学题库 1.设某酒厂有一批新酿的好酒，如果现在（假设 t=0 ）就售出，总收入为 R0 元。如果窖藏起来待来日按陈酒价格出售， t 年末总收入为 R=R0e ,假定银行的年利率为 r=0.06，并以连续复利计息，试计算窖藏多少年售出可使总收入的现值最大？ 2. 某公司拟购置一处房产,房主提出三种付款方案： （1）、从现在开始,每年年初支付20万,连续支付10次,共200万元 （2）、从第五年开始,每年年末支付25万元,连续支付10次,共250万元 （3）、从第五年开始,每年年初支付24万元,连续支付10次,共240万元 假设该公司的资金成本率为百分之10,你认为该公司应选哪个方案? （1）P=A×[（P/A,i,n-1）+1]=20*（（P/A,10%,9）+1）=20*（5.759+1）=135.18 2）P=A×（P/A,i,n）×（P/F,i,m）=25*（P/A,10%,10）*（P/F,10%,5） =25*6.1446*0.6209=95.3796 3）P=A×（P/A,i,n）×（P/F,i,m）=24*（P/A,10%,10）*（P/F,10%,4） =24*6.1446* 0.6830 =100.7223 选择第二种
3.A企业20×2年4月1日购买某公司20×1年1月1日发行的面值为10万元，票面利率8%，期限5年，每半年付息一次的债券，若此时市场利率为10%。 （1）求该债券的价值？ （2）若该债券此时市价为94000元，是否值得购买？ （3）如果20×5年1月1日，市价为97000元，计算20×5年1月1日债券的到期收益率 1、该债券价值： 10*0.6209+0.4*7.722＝9.2978（万元） 2、若该债券此时市价为94000元，高于其价值，故不值得购买。 3、如果2020×5年1月1日，市价为97000元： 97000＝10/(1+x)+0.4/(1+x/2)+0.4/((1+x/2)*(1+x/2)) 解得： x=11.57% 所以， 20×5年1月1日债券的到期收益率为11.57% 4.某公司 20x7 年有关数据如下：实现的税后净利为 1000 万元，资产总额为 5000 万元，资 产负债率为 40%，发行在外的普通股数为 500 万股，市净率为 4（市净率 =每股市价 /每股净
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金融简答题 第一章金融机构 1、简述中国人民银行的地位。 答：（1）根据《中国人民银行法》的规定，中国人民银行在国务院领导下依法独立执行货币政策，履行职责，开展业务，不受地方政府、各级政府部门、社会团体和个人的干涉。（2）人民银行相对于其它部委和地方政府具有明显的独立性。（3）财政不得向中国人民银行透支;中国人民银行不得直接认购政府债券，不得向各级政府贷款，不得包销政府债券。 2、简述《国有重点金融机构监事会暂行条例》所规定的监事会的主要职责。 答：（1）检查国有重点金融机构贯彻执行国家有关金融、经济的法律、法规和规章制度的情况；（2）检查国有重点金融机构的财务，查阅其财务会计资料及与其经营管理活动有关的其它资料，验证其财务报告、资金营运报告的真实性、合法性。（3）检查国有重点金融机构的经营效益、利润分配、国有资产保值增值、资金营运等情况。（4）检查国有重点金融机构董事、行长等主要负责人的经营行为，并对其经营管理业绩进行评价，提出奖惩、任免建议。 3、简要说明中国农业发展银行的主要任务。 答：按照国家有关法律、法规和方针、政策，以国家信用为基础，筹集农业政策性信贷资金，承担国家规定的农业政策性金融业务，代理财政性支农资金的拨付。 4、简述保险公司的宏观功能。 答：一是承担国家财政后备范围以外的损失补偿；二是聚集资金，支持国民经济发展；三是增强对人们生命财产安全的保障；四是为再生产的各个环节提供经济保障，防止因某个环节的突然断裂而破坏整个社会经济的平稳运行。 5、简要说明我国金融资产管理公司收购不良贷款的范围。 答：金融资产管理公司按照国务院确定的范围和额度收购国有独资商业银行不良的贷款；超出确定的范围或者额度的，须经国务院专项审批。在国务院确定的额度内，金融资产管理公司按照帐面价值收购有关贷款本金和相应的计入损益的应收未收利息；对未计入损益的应收未收利息，实行无偿划转。 6、简述我国政策性金融机构的特征。 答：（1）政策性银行的资本金多由政府财政拨付；（2）政策性银行经营时主要考虑国家的整体利益、社会效益，不以盈利为目的。政策性银行也必须考虑盈亏，力争保本微利；（3）政策性银行资金来源主要依靠发行金融债券或向中央银行举债，一般不面向公众吸收存款；（4）政策性银行有特定的业务领域，不与商业银行竞争。 7、简要说明我国商业银行经营的主要业务。 答：吸收公众存款，发放贷款，办理国内外结算、票据贴现，发行金融债券，从事同业拆借，买卖、代理买卖外汇，提供信用证服务及担保，代理受付款及代理保险业务等。 8、简述中国人民银行的性质。 答：（1）中国人民银行是我国的中央银行；（2）中央银行享有货币发行垄断权，是发行的银行；（3）代表政府经理国库，通常又把它称为政府的银行。 9、1998年，中国人民银行设立九大区分行，它们分别是哪些？ 答：天津分行；沈阳分行；上海分行；南京分行；济南分行；武汉分行；广州分行；成都分行；西安分行。 10、简述中国进出口银行的经营方针及主要任务。 答：（1）经营方针：中国进出口银行实行自主、保本经营和企业化管理。（2）主要任务是：执行国家产业政策和外贸政策，为扩大我国机电产品和成套设备等资本性货物出口提供政策性金融支持。 11、简述证券交易所的职能。 答：提供证券交易的场所和设施；制定证券交易所的业务规则；接受上市公司申请、安排证券上市；组织、
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