1、第一章11 The _ is designed to finance long-term investments, making possible the construction of factories, office buildings, highways, bridges, schools, homes, and apartments.-是专为长期投资提供的融资,从而得以建设工厂、写字楼、公路、桥梁、学校、住宅,公寓。 A) money market 货币市场 B) capital market 资本市场 C) secondary market 二级市场 D) negotiated m
2、arket 讲价市场 E) primary market 一级市场 22 Providing loanable funds to supplement current income in order to sustain current living standards represents what financial service area?为了补充现有的收入,维持目前的生活水平而提供可贷资金代表了哪种金融服务功能? A) payments services 支付服务 B) thrift services 节俭服务 C) agency services 代理服务 D) credit se
3、rvices 信贷业务 E) none of the above 无上述 33 Trading in securities previously issued takes place in the:已经发行过的证券交的易发生在 : A) open market 公开市场 B) secondary market 二级市场 C) primary market 一级市场 D) negotiated market 议价市场 E) capital market 资本市场 44 The financial system and financial markets are responsible for p
4、roviding which of the following services?金融体系和金融市场有责任提供下列哪项服务? A) Credit services 信贷业务 B) Payment services 支付服务 C) Liquidity 流动性 D) Facilitating the flow of savings 推动积蓄的流动 E) All of the above 以上所述的所有 55 A(n) _ market exists if the market is fully competitive and the same information is available to
5、 all participants.一个(n)充分竞争并且所有的参与者可以得到相同信息的市场是-市场。A) primary 主要 B) secondary 二次 C) perfect 完全竞争 D) imperfect 不完全竞争 E) neutral 中立 66 The role of markets in a market-oriented economy like the United States is to:像美国这样的市场主导型金融体系的作用是: A) allocate resources.合理分配资源。 B) distribute income.分配的收入。 C) produce
6、 needed goods and services.生产所需要的商品和服务。 D) all of the above.上述的所有东西。 E) none of the above.无上述。 77 The financial service supplied by the money and capital markets in which financial instruments are created to attract savings for future financial needs is called:货币和资本市场为了吸引储蓄为未来的金融需求而提供的金融服务被称为: A) ag
7、ency services 代理服务 B) credit services 信贷业务 C) payments services 支付服务 D) thrift services 节俭服务 E) none of the above 无上述 88 When different sets of information are available to different participants in the market, we say that there is:当市场中不同的参与者在市场上得到不同的信息时,我们说这是: A) arbitrage 套利 B) asymmetric informat
8、ion 信息不对称 C) a hedging market 套期保值市场 D) a brokered market 一个有经纪人参与的市场 E) collusion 勾结 99 The circular flow of funds includes which of the following:循环流动的资金包括下列哪项 : A) consumer units 消费单位 B) households 家庭 C) government 政府 D) all of the above 以上所述的所有 E) none of the above 无上述 1010 The _ is designed for
9、 the making of short-term loans where individuals and institutions with temporary surpluses of funds meet borrowers who have temporary cash shortages.有短期资金剩余的个人和机构通过-来满足暂时资金不足的借贷者的短期资金需求 .A) money market 货币市场 B) capital market 资本市场 C) open market 公开市场 D) negotiated market 议价市场 E) primary market 一级市场
10、 1111 The financial system determines:金融系统决定了: A) the cost of credit 信贷的成本 B) how much credit is available 信贷的额度 C) the prices of securities 证券价格 D) the quantity of securities issued by borrowers 借款者发行证券的数量 E) all of the above.上述的所有东西。 1212 To gain access to the money market an institution must:为了进入
11、货币市场 ,一个机构必须: A) have an excellent credit rating 有一个优秀的信用评级 B) be well known 是有名的 C) be large 是巨大的 , D) all of the above 以上所述的所有 E) none of the above 无上述 1313 The largest market in the world for a single security is:全球最大的作为唯一安全的市场是: A) the capital market 资本市场 B) the money market 货币市场 C) the treasury
12、 bill market 国库券市场 D) the federal funds market 联邦基金市场 E) none of the above 无上述 1414 A market in which competition among buyers and sellers sets the terms of trade is a:由买家和卖家之间的竞争决定的交易的市场是: A) primary market 一级市场 B) forward market 期货市场 C) efficient market 有效市场 D) perfect market 完全竞争市场 E) none of the
13、 above 无上述 1515 The financial system provides all the following services except:金融系统能提供的服务不包括: A) furnish credit 提供信用 B) payment services 支付服务 C) equitably distribute wealth 公正合理地分配财富 D) provide liquidity 提供流动性 E) risk protection 风险防范 1616 According to your text, a key trend in the financial system
14、is:根据教材,金融体系的的一个关键的趋势是: A) increasing competition 市场竞争日益激烈 B) greater risk 更大的风险 C) growth of technology 增长的技术 D) growth of debt 增长的债务 E) all of the above are key trends for the financial system 上述所有都是金融系统的主要趋势 1717 Which type of market is not part of the circular flow?哪种类型的市场不是循环流动的一部分吗? A) Factor
15、market 要素市场 B) Information market 信息市场 C) Financial market 金融市场 D) Product market 产品市场 E) All of the above 以上所述的所有 1818 Acting as an agent for a customer in managing retirement funds or other property represents what financial service area?代理客户在管理养老金基金或其他财产的金融服务领域是什么? A) hedging services 套期保值服务 B) c
16、redit services 信贷业务 C) thrift services 节俭服务 D) insurance 保险 E) none of the above 无上述 1919 The form of market efficiency in which assets are priced efficiently based on the past history of prices and all current assets prices reflect fully the past history of information about the assets to which tho
17、se prices are attached is known as: a weak form market efficiency 市场效率的形式,将资产定价有效地基于过去的历史和目前所有资产的价格反映的是完全过去的历史中信息的那些人的资产价格均附呈被称为:弱形成市场效率 A) semi-strong form efficiency 半强势形成效率 B) strong form efficiency 强形式效率 C) market perfection 市场完善 D) none of the above 无上述 2020 One of the financial markets listed
18、below is not part of the nations capital market. 以下哪一项不属于国家的资本市场。A) Mortgage market 抵押贷款市场 B) Corporate bond market 公司债券市场 C) Municipal bond market 市政债券市场 D) Commercial paper market 商业票据市场 E) Stock market 股票市场 第二章11 According to the textbook, a new form of disintermediation has appeared in recent ye
19、ars in which:根据教科书,最近几年已经出现的“非中介化”的新形式包括: A) financial intermediaries sell of some of their loans in order to raise new capital 金融中介机构出售的一些他们的贷款,以提高新资本 B) financial intermediaries develop new types of deposits not previously available and thereby add to their capital base 金融中介机构发展的以前没有的新类型的储蓄,从而增加他们
20、的资本基础 C) some of the best borrowing customers of financial intermediaries have recently chosen to raise funds directly from the open market 金融中介机构的一些较大的借款客户最近开始选择直接从公开的市场筹集资金 D) a and c are both correct a 和 c 都是正确的 E) none of the above 无上述 22 Investment companies (sometimes called mutual funds) are
21、classified as, according to the textbook:根据课本,投资公司(有时叫做共同基金) 分为: A) depository institutions 存款机构 B) contractual institutions 合作机构 C) investment institutions 投资机构 D) stock savings institutions 储蓄机构股票 E) none of the above 无上述 33 Savings accounts at banks and shares in money market mutual funds are:银行的
22、储蓄帐户和货币市场共同基金份额是: A) financial assets but not liabilities 金融资产而不是负债 B) debts giving rise to financial assets 使金融资产增加的债券 C) real assets 实物资产 D) equal to total financial assets in a financial system 等于金融体系中的总金融资产 E) none of the above 无上述 44 According to the text, pension funds are classified as:根据课文,养
23、老基金分为: A) depository institutions 存款机构 B) contractual institutions 契约性机构 C) investment institutions 投资机构 D) investment mutuals 投资互惠 E) none of the above 无上述 55 ITT decides to use receivables as collateral for debt it issues rather than borrow from the bank. 招标书决定采用应收账款债务抵押给银行作为事务而不是银行借钱了。This is an
24、example of:这是一个什么的示例: A) asset reduction 资产减少 B) arbitrage 套利 C) hedging 套期保值 D) indirect finance 间接融资的 E) disintermediation 脱媒 66 An increased quantity of real assets leads to:实际资产增加量导致。 A) an increased quantity of goods and services 增加的数量的货物和服务 B) an increased volume of financial assets 一种容量增加的金融资
25、产 C) an increased volume of liabilities 一种容量增加的债务 D) a more efficient financial system 一个更有效率的金融系统 E) an increased net worth for business 一个商业净增加值 77 The government sector in the economy usually is a :政府部门在经济中往往是 : A) balanced-budget sector 预算平衡部门 B) surplus-budget sector 预算盈余部门 C) deficit-budget se
26、ctor 预算赤字部门 D) financially neutral sector 财政中立的部门 E) none of the above 无上述 88 Savings banks are classified as one of the following types of financial institutions. Which one?储蓄银行被划分为以下哪一个类型的金融机构 A) Commercial banking firms 商业银行公司 B) Credit Unions 信贷工会 C) Contractual institutions 契约型机构 D) Investment
27、institutions 投资机构 E) none of the above 无上述 99 According to the textbook, savings and loan associations are classified as:根据课本、储蓄和贷款协会被分类为: A) depository institutions 存款机构 B) contractual institutions 契约型机构 C) investment institutions 投资机构 D) short-term intermediaries 短期中介机构 E) none of the above 无上述 10
28、10 For the most part secondary securities issued by financial intermediaries share all of the following characteristics except one. 绝大部分的由金融中介机构发行的二级市场债券拥有以下所有特征,只有一个除外。Identify which one.确定哪一个。 A) Low risk 低风险 B) Long maturity 期限长 C) Small denominations 小面额 D) Liquidity 流动性 E) Convenience 方便 1111 T
29、he smallest measure of the U.S. money supply that includes small savings and time deposits (under $100,000 each in amount) is known as:最小的措施,包括美国货币供应量小储蓄和定期存款(每 10 万美金的金额)被称为: A) M1 M1 (公众在银行外持有的通货和硬币,加上存款机构的各种支付帐户)B) M2 M2 (M1 加上小额的储蓄和定期存款和零售货币市场基金)C) M3 M3 (一国货币供应总量)D) Ll E) none of the above 无上述
30、1212 Disintermediation _ the dependence of corporations and individuals on financial institutions.脱媒 -中介公司和个人对金融机构的依赖。 A) increases 增加 B) reduces 减少 C) has no effect on 并无影响 D) the effect depends on the level of interest rates 效果取决于利率的水平 E) none of the above 无上述 1313 The withdrawal of funds from a f
31、inancial intermediary by ultimate lenders (savers) and the lending of those funds to ultimate borrowers is called:最终贷款人从一个金融中介撤回资金(储蓄)并将其借给最终的借款人被称为: A) diversification 多样化 B) indirect finance 间接融资的 C) disintermediation 脱媒 D) internal finance 内部融资 E) none of the above 无上述 1414 According to the text,
32、 the secondary securities issued by financial intermediaries include all of the following items except one. 根据课文,金融中介机构发行的二级市场债券包括了除一项以外所有的下列事项,Which is not normally a secondary security?哪一项通常不是二级市场债券? A) Checking accounts 支票账户 B) Insurance policies 保险政策 C) Retirement plans 退休计划 D) Savings deposits
33、储蓄存款 E) Corporate bonds 公司债券 1515 Which of the following statements about financial assets is usually not true?下列哪种陈述关于金融资产通常是不正确的? A) Serve as a store of value 作为一种价值储存手段 B) Cannot be depreciated 不能贬值 C) Physical condition or form important in determining their value 物理状态或组成在决定他们的价值起到重要作用 D) Little
34、 or not value as a commodity 作为一种商品很少或没有价值 E) Easily stored and transported 便于储藏和运输 1616 A _ executes the sell order, while a _ may buy the securities from the seller.一个实行卖出指令,而一个可以从卖方购买证券。 A) arbitrageur, speculator 套利者,投机者 B) dealer, speculator 经销商,投机者 C) arbitrageur, broker 套利者,经纪人 D) broker, dea
35、ler 经纪人、经销商 E) dealer, broker 经销商,经纪人 1717 U.S. savings bonds would be an example of what kind of financial asset (as defined in the textbook)?美国储蓄债券是哪种类型金融资产的例子 (根据教科书的定义)? A) Money 钱 B) Equities 股市 C) Negotiable debt 面议债务 D) Nonnegotiable debt 不可转让的债务 E) none of the above 无上述 1818 According to the
36、 text, the most important financial asset in the economy is:根据课文,在经济体中最重要的金融资产是: A) money 钱 B) common stock 普通股 C) mortgages 抵押贷款 D) savings deposits in banks and credit unions 在银行和信贷协会中的存款储蓄 E) government bonds 政府债券 1919 Credit unions are classified as what type of financial institution, according
37、to the textbook?信用合作社都被分类为什麽类型的金融机构,根据教材吗? A) depository institutions 存款机构 B) contractual institutions 契约型机构 C) investment institutions 投资机构 D) stockholder-owned savings 储蓄机构 E) none of the above 无上述 2020 There is a term missing from the identity shown below: Expenditures out of Current Income Curre
38、nt Income Receipts = Change in Holdings of Debt and Equity During the Current Period- _. 以下恒等式中漏掉了一个术语:从当前收入的支出当前收入=当期未付债务和权益的变化- -。Which of the terms shown below correctly completes the identity above?如下图所示的正确条款完成身份以上吗? A) Change in holdings of real and financial assets during the current period 在持
39、有的真实变化、金融资产在当前时期 B) Change in holdings of real assets during the current period 持有的实际资产变化当期 C) Change in holdings of financial assets during the current period 持有的金融资产变化当期 D) Change in net worth during the current period 变化当期净资产 E) none of the above 无上述 第三章1、在有效市场假说(EMH) 每项资产的基本价值会随著 -变化 A) ratio of
40、 expected return to risk 预期收入和风险的比率 B) size of the asset 资产的规模 C) cost of information about the asset 该资产的信息成本 D) state of the world 世界现状 E) none of the above 无上述 22 The statement “Investors who trade using publicly available information should expect to earn normal profits“ best reflects the:声明:“投资
41、者的交易使用公开信息应该期望获得正常获利”的最好体现。 A) adverse selection hypothesis 逆向选择的假设 B) information asymmetries hypothesis 信息不对称的假设 C) weak form of the efficient market hypothesis 弱式有效市场假说 D) semi-strong form of the efficient market hypothesis 半强势形式的效率市场假说 E) strong form of the efficient market hypothesis 强烈的形式的效率市场
42、假说 33 According to the _ an assets current price is the best estimate of that assets expected fundamental value.根据_当固定资产的当前价格是最好的估计资产的预期的基本价值。 A) Asymmetric information theory 信息不对称理论 B) Efficient markets hypothesis 有效市场假说 C) Adverse selection theory 逆向选择理论 D) Random assets theory 随机资产理论 E) none of
43、the above 无上述 44 As a student, you live from paycheck to paycheck. 作为一名学生,你紧靠一点点薪水过活。In deciding where to open a checking account, you look for the bank which requires a low minimum balance even though it might charge higher per check fees. 当你决定在哪儿开一个支票账户时,你会寻找找要求低的最低余额的银行即使它可能会收取更高的支票费用。This is an
44、example of:这是一个-的示例: A) adverse selection 逆向选择 B) the lemons problem 柠檬问题 C) efficient markets 有效率的市场 D) perfect information 完美信息 E) none of the above 无上述 55 According to the efficient markets hypothesis (EMH) any deviation of actual returns from the expected returns on financial assets lying along
45、the SML should be:根据有效市场假说(EMH), 任何基于证券市场线之下的金融资产的实际收益率和预期回报率之间的偏差应该是: A) Large and statistically significant 大非常明显,具有统计学显著差异 B) Quickly eliminated 迅速消除 C) Apparent to all investors at negligible cost 所有的投资者在明显可以忽略不计成本 D) Fully explained by the arrival of new information 充分解释到来的新信息 E) none of the ab
46、ove 无上述 66 The discovery of a financial asset whose expected return is above or below the security market line (SML) would be a signal of:金融资产预期回报率的发现高于或低于证券市场线 SML 直观地实现将是一个- 的信号: A) Higher or lower risk depending upon the size of the expected return 更高或更低的风险取决于预期收益的大小 B) Market efficiency at work
47、市场的工作效率 C) The presence of market inefficiency 市场低效率的表现 D) Temporary overpricing 暂时定价过高 E) none of the above 无上述 77 One of the most complete listings of daily price and yield quotations on securities appears in:最完整的包含证券每日价格和交易量的清单之一的是-: A) Survey of Current Business 公司目前的业务的调查 B) Stock Reports 股票报告
48、C) Monetary Trends 货币趋势 D) Wall Street Journal华尔街日报 E) Value Line Investment Survey 投资价值线调察 88 Data from the Flow of Funds Accounts are reported in the:流动资金帐户中的数据的来源是-: A) Survey of Current Business 公司目前的业务的调查 B) U.S. Financial Data 美国金融数据 C) Federal Reserve Bulletin 联邦储备公报 D) Monetary Trends 货币趋势 E
49、) National Economic Trends 国民经济趋势 F) Moodys Bank and Finance Manual 穆迪银行和金融手册 G)G) none of the above are sources of Flow-of-Funds data 以上都不是流动资金数据的来源 99 The statement “Investors who use insider information may earn excess profits“ best reflects the:下列哪项是“投资者利用内幕信息可能会获得超额收益。 ”表述的最佳体现? A) adverse selection hypothesis 逆向选择的假设 B) information asymmetries hypothesis 信息不对称的假设 C) weak form of the efficient market hypothesis 弱有效市场假说 D) semi-strong form of the efficient ma
