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Chapter 1 The Investment Environment
投
资学
第7
版T
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答案
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资
投 学
第7
版T
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B
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答案
Multiple Choice Questions
1. In 2005, ____________ was the most significant real asset of U. S. nonfinancial
businesses in terms of total value.
A) equipment and software
B) inventory
C) real estate
D) trade credit
E) marketable securities
Answer: C Difficulty: Easy
Rationale: See Table 1.4.
2. In 2005, ____________ was the least significant real asset of U. S. nonfinancial
businesses in terms of total value.
A) equipment and software
B) inventory
C) real estate
D)
E) trade credit securities
marketable
Answer: B Difficulty: Easy
Rationale: See Table 1.4.
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3. In 2005, ____________ was the least significant liability of U. S. nonfinancial
businesses in terms of total value.
A) bonds and mortgatges
B) bank loans
C) inventories
D) trade debt
E) marketable securities
Answer: B Difficulty: Easy
Rationale: See Table 1.4.
1
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Chapter 1 The Investment Environment
4. In 2005, ____________ was the most significant financial asset of U. S. nonfinancial
businesses in terms of total value.
A) cash
B) trade credit
C) trade debt
D) inventory
E) marketable securities
Answer: B Difficulty: Easy
Rationale: See Table 1.4.
5. The material wealth of a society is equal to the sum of _________.
A) all financial assets
B) all real assets
C) all financial and real assets
D) all physical assets
E) none of the above
Answer: B Difficulty: Easy
Rationale: Financial assets do not directly contribute the productive capacity of the
economy.
6. ____________ of an investment bank.
A)
B) Citigroup is anisexample
Merrill Lynch an example
C) Goldman is an example
D) B and C are each examples
E) Each of the above is an example
E) Each of the above is an example
Answer: E Difficulty: Easy
7. _______ are financial assets.
A) Bonds
B) Machines
C) Stocks
D) A and C
E) A, B and C
Answer: D Difficulty: Easy
Rationale: Machines are real assets; stocks and bonds are financial assets.
Chapter 1 The Investment Environment
8. An example of a derivative security is ______.
A)
B) common
a call share
option of General
on Mobil stockMotors
C) a commodity futures contract
D) B and C
E) A and B
Answer: D Difficulty: Easy
Rationale:
the value ofThe
A isvalues
basedofonBthe
andvalue
C areofderived from
the firm that of an underlying financial asse
only.
9. _______ was the first to introduce mortgage pass-through securities.
A) Chase Manhattan
B) Citicorp
C) FNMA
D) GNMA
E) None of the above
Answer: D Difficulty: Easy
Answer: D Difficulty: Easy
10. A bond issue is broken up so that some investors will receive only interest payments
while others will receive only principal payments, which is an example of ________.
A) bundling
B) credit enhancement
C) unbundling
D) financial engineering
E) C and D
Answer: E Difficulty: Easy
Rationale: Unbundling is one of many examples of financial engineering that offer mo
alternatives to the investor.
11. An example of a primitive security is __________.
A) a common share of General Motors
B) a call option on Mobil stock
C) a U.
D) callS.option on a stock
government bondof a firm based in a Third World country
E) A and D
Answer: E Difficulty: Easy
Rationale: A primitive security's return is based only upon the earning power of the
issuing agency, such as stock in General Motors and the U. S. government.
Chapter 1 The Investment Environment
12. The ____________
shareholders refers to the potential
due to management's control conflict between
of pecuniary management
rewards and
as well as the
possibility of incompetent performance by managers.
A) agency problem
B) diversification problem
C) liquidity problem
D) solvency problem
E) regulatory problem
Answer: A Difficulty: Easy
Rationale: The agency problem describes potential conflict between management and
shareholders. The other problems are those of firm management only.
13. _________ financial asset(s).
A) Buildings are
B) Land is a
C) Derivatives are
D) U. S. Agency bonds are
E) C and D
Answer: E Difficulty: Easy
Rationale: A and B are real assets.
14. The value of a derivative security _______.
A) depends on the value of the related primitive security
B) can only cause increased risk.
C) is unrelated to the value of the related primitive security
D) has been enhanced due the recent misuse and negative publicity regarding these
instruments
E) is worthless today
Answer: A Difficulty: Easy
Rationale: Of the factors cited above, only A affects the value of the derivative and/or
a true statement.
Chapter 1 The Investment Environment
15. In terms of total value, the most significant liability of U. S. nonfinancial businesses i
2005 was _______.
A) bank loans
B) bonds and mortgages
C) trade debt
D) other loans
E) marketable securities.
Answer: B Difficulty: Easy
Rationale: See Table 1.4.
16. Money market funds were a financial innovation partly inspired to circumvent ______
A)
B) Regulation D
B, which is still in existence
C) DIDMCA
D) Regulation M
E) Regulation Q, which is no longer in existence
Answer: E Difficulty: Easy
Rationale: Regulation
depositors; money marketQ limited the amount
funds were of interest
not covered that banksQcould
by Regulation paycould
and thus to pay
higher rate of interest. Although Regulation Q no longer exists, money market funds
continue to be popular. See page 18.
17. __________ are a way U. S. investor can invest in foreign companies.
A) ADRs
B) IRAs
C) SDRs
D) GNMAs
E) Krugerrands
Answer: A Difficulty: Easy
Rationale: Only ADRs represent an indirect investment in a foreign company.
5
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