金融市场与金融机构基础-Fabozzi-Chapter09

1Copyright©2010PearsonEducationInc.PublishingasPrenticeHallFoundationsofFinancialMarketsandInstitutions,4e(Fabozzi/Modigliani/Jones)Chapter9PropertiesandPricingofFinancialAssetsMultipleChoiceQuestions1PropertiesofFinancialAssets1)WhichofthebelowisNOToneoftheelevenpropertiesoffinancialassets?A)moneynessB)multiplicityanddenominationC)reversibilityD)cashflowAnswer:BComment:Theelevenpropertiesoffinancialassetsare(1)moneyness,(2)divisibilityanddenomination,(3)reversibility,(4)cashflow,(5)termtomaturity,(6)convertibility,(7)currency,(8)liquidity,(9)returnpredictability,(10)complexity,and(11)taxstatus.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus2)WhichofthebelowisNOToneoftheelevenpropertiesoffinancialassets?A)convertibilityB)currencyC)liquiditypredictabilityD)taxstatusAnswer:CComment:Theelevenpropertiesoffinancialassetsare(1)moneyness,(2)divisibilityanddenomination,(3)reversibility,(4)cashflow,(5)termtomaturity,(6)convertibility,(7)currency,(8)liquidity,(9)returnpredictability,(10)complexity,and(11)taxstatus.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus2Copyright©2010PearsonEducationInc.PublishingasPrenticeHall3)WhichofthebelowareTHREEoftheelevenpropertiesoffinancialassets?A)returnpredictability,complexity,andtaxstatusB)convertibility,currency,liquidityC)liquidity,reversibility,andcashflowD)money,divisibility,anddenominationAnswer:DComment:The11propertiesoffinancialassetsare(1)moneyness,(2)divisibilityanddenomination(theseareonlyONEpropertyandnotTWO),(3)reversibility,(4)cashflow,(5)termtomaturity,(6)convertibility,(7)currency,(8)liquidity,(9)returnpredictability,(10)complexity,and(11)taxstatus.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus4)WhichofthebelowstatementsisTRUE?A)Nearmoneyisafinancialassetthatisusedasamediumofexchangeorinsettlementoftransactions.B)IntheUnitedStates,moneyconsistsofcurrencyandaveryfewformsofdepositsthatpermitcheckwriting.C)Nearmoneyisveryclosetomoneyinthatitcanbetransformedintomoneyatlittlecost,delay,orrisk.D)Farawaymoney,inthecaseoftheUnitedStates,includes(i)timeandsavingsdepositsand(ii)asecurityissuedbytheU.S.governmentcalledaTreasurybill.Answer:CComment:Moneyisafinancialassetthatisusedasamediumofexchangeorinsettlementoftransactions.IntheUnitedStates,moneyconsistsofcurrencyandallformsofdepositsthatpermitcheckwriting.Nearmoney,inthecaseoftheUnitedStates,includes(i)timeandsavingsdepositsand(ii)asecurityissuedbytheU.S.governmentcalledaTreasurybill.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus3Copyright©2010PearsonEducationInc.PublishingasPrenticeHall5)________relatestotheminimumsizeinwhichafinancialassetcanbeliquidatedandexchangedformoney.A)ReversibilityB)DenominationC)ConvertibilityD)DivisibilityAnswer:DDiff:1Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus6)Reversibilityisreferredtoas________.A)thecostofinvestinginafinancialassetandthengettingoutofitbutnotbackintocashagain.B)thecostofinvestinginafinancialassetinsteadofinvestingincash.C)one-waycostD)turnaroundcostAnswer:DComment:Reversibilityreferstothecostofinvestinginafinancialassetandthengettingoutofitandbackintocashagain.Consequently,reversibilityisalsoreferredtoasturnaroundcostorround-tripcost.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeypropertiesoffinancialassets:moneyness;divisibilityanddenomination;reversibility;cashflowandreturn;termtomaturity;convertibility;currency;liquidity;returnpredictabilityorrisk;complexity;andtaxstatus7)The________,thegreatertheprobabilityofthemarketmaker________inexcessofastatedboundbetweenthetimeofbuyingandresellingthefinancialasset.A)greaterthevariability;incurringalossB)lesserthevariability;incurringalossC)lesserthevariability;incurringalargegainD)greaterthevariability;incurringnolossorgainAnswer:AComment:Thegreaterthevariability,thegreatertheprobabilityofthemarketmakerincurringalossinexcessofastatedboundbetweenthetimeofbuyingandresellingthefinancialasset.Diff:2Topic:9.1PropertiesofFinancialAssetsObjective:9.1themanykeyproper