绪论 单元测试

1、 问题:The nominal risk-free rate is best described as the sum of the real risk-free rate and a
选项:
A:maturity risk premium
B:liquidity risk premium
C:expected inflation premium
答案: 【expected inflation premium

2、 问题:A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.08%, then the bank is compounding interest
选项:
A:daily
B:quarterly
C:semi-annually
答案: 【daily

3、 问题:The value in six years of $75,000 invested today at a stated annual interest rate of 7% compounded quarterly is closest to
选项:
A:$112,555
B:$113,330
C:$113,733
答案: 【$113,733

4、 问题:a client requires $100,000 one year from now. If the stated annual rate is 2.50% compounded weekly, the deposit needed today is closest to
选项:
A:97500
B:97532
C:97561
答案: 【97532

5、 问题:An investment pays $300 annually for five years, with the first payment occurring today. The present value of the investment discounted at a 4% annual rate is closest to
选项:
A:$1,336
B:$1,389
C:$1,625
答案: 【$1,389

6、 问题:A sweepstakes winner may select either a perpetuity of $2,000 a month beginning with the first payment in one month or an immediate lump sum payment of $350,000. If the annual discount rate is 6% compounded monthly, the present value of the perpetuity is
选项:
A:less than the lump sum
B:equal to the lump sum
C:greater than the lump sum
答案: 【greater than the lump sum

7、 问题:A sports car, purchased for $200,000, is financed for five years at an annual rate of 6% compounded monthly. If the first payment is due in one month, the monthly payment is closest to
选项:
A:3847
B:3867
C:3957
答案: 【3867

8、 问题:Which of the following provisions is a benefit to the issuer?
选项:
A:Put provision
B:Call provision
C:Conversion provision
答案: 【Call provision

9、 问题:Grandparents are funding a newborn’s future university tuition costs, estimated at $50,000/year for four years, with the first payment due in 18 years. Assuming a 6% effective annual rate, the required deposit today is closest to
选项:
A:60699
B:64341
C:68201
答案: 【64341

10、 问题:Given a stated annual interest rate of 6% compounded quarterly, the level amount thatdeposited quarterly, will grow to $25,000 at the end of 10 years is closest to
选项:
A:461
B:474
C:836
答案: 【461

第一章 单元测试

1、 问题:

A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bonds

选项:
A:

tenor is six years

B:

nominal rate is 5%

C:

redemption value is 102% of the par value

答案: 【

tenor is six years

2、 问题:The legal contract that describes the form of the bond, the obligations of the issuer, and the rights of the bondholders can be best described as a bond’s
选项:
A:covenant
B:indenture
C:debenture
答案: 【indenture

3、 问题:Which of the following is a type of external credit enhancement?
选项:
A:Covenants
B:A surety bond
C:Overcollaterization
答案: 【A surety bond

4、 问题:An affirmative covenant is most likely to stipulate:
选项:
A:limits on the issuer’s leverage ratio
B:how the proceeds of the bond issue will be used
C:the maximum percentage of the issuers gross assets that can be sold
答案: 【how the proceeds of the bond issue will be used

5、 问题:Which of the following best describes a negative bond covenant? The issuer is
选项:
A:prohibited from investing in risky projects
B:required to pay taxes as they come due
C:required to maintain its current lines of business
答案: 【prohibited from investing in risky projects

6、 问题:A South African company issues bonds denominated in pound sterling that are sold to investors in the United Kingdom. These bonds can be best described as
选项:
A:Eurobonds
B:global bonds
C:foreign bonds
答案: 【foreign bonds

7、 问题:

If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by

选项:
A:

credit risk

B:

extension risk

C:

contraction risk

答案: 【

extension risk

8、 问题:Which of the following provisions is a benefit to the issuer?
选项:
A:Put provision
B:Call provision
C:Conversion provision
答案: 【Call provision

9、 问题:

Investors seeking some general protection against a poor economy are most likely to select a

选项:
A:

deferred coupon bond

B:

credit-linked coupon bond

C:

payment-in-kind coupon bond

答案: 【

credit-linked coupon bond

10、 问题:Relative to an otherwise similar option-free bond. a
选项:
A:putable bond will trade at a higher price
B:callable bond will trade at a higher price
C:convertible bond will trade at a lower price
答案: 【putable bond will trade at a higher price

第二章 单元测试

1、 问题:The distinction between investment grade debt and non-investment grade debt is best described by
选项:
A:tax status
B:credit quality
C:maturity dates
答案: 【credit quality

2、 问题:Compared with developed markets bonds, emerging markets bonds most likely
选项:
A:offer lower yields
B:exhibit higher risk
C:benefit from lower growth prospects
答案: 【exhibit higher risk

3、 问题:In an underwritten offering, an investment bank that underwrites a bond issue most likely
选项:
A:buys and resells the newly issued bonds to investors or dealers
B:acts as a broker and receives a commission for selling the bonds to investors
C:incurs less risk associated with selling the bonds than in a best efforts offering
答案: 【buys and resells the newly issued bonds to investors or dealers

4、 问题:In major developed bond markets, newly issued sovereign bonds are most often sold to the public via a(n)
选项:
A:auction
B:private placement
C:best efforts offering
答案: 【auction

5、 问题:A liquid secondary bond market allows an investor to sell a bond at
选项:
A:the desired price
B:a price at least equal to the purchase price
C:a price close to the bond’s fair market value
答案: 【a price close to the bond’s fair market value

6、 问题:A mechanism by which an issuer may be able to offer additional bonds to the general public without preparing a new and separate offering circular best describes
选项:
A:the grey market
B:a shelf registration
C:a private placement
答案: 【a shelf registration

7、 问题:Which of the following statements relating to commercial paper is most accurate?
选项:
A:There is no secondary market for trading commercial paper
B:Only the strongest, highly rated companies issue commercial paper
C:Commercial paper is a source of interim financing for long-term projects
答案: 【Commercial paper is a source of interim financing for long-term projects

8、 问题:For the issuer, a sinking fund arrangement is most similar to a
选项:
A:term maturity structure
B:serial maturity structure
C:bondholder put provision
答案: 【serial maturity structure

9、 问题:Which of the following is a source of wholesale funds for banks?
选项:
A:Demand deposits
B:Money market accounts
C:Negotiable certificates of deposit
答案: 【Negotiable certificates of deposit

10、 问题:The repo margin on a repurchase agreement is most likely to be lower when
选项:
A:the underlying collateral is in short supply
B:the maturity of the repurchase agreement is long
C:the credit risk associated with the underlying collateral is high
答案: 【the underlying collateral is in short supply

第三章 单元测试

1、 问题:A portfolio manager is considering the purchase of a bond with a 5.5% coupon rate that pays interest annually and matures in three years. If the required rate of return on the bond is 5%, the price of the bond per 100 of par value is closest to
选项:
A:98.65
B:101.36
C:106.43
答案: 【101.36

   

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