700+ câu trắc nghiệm Đầu tư tài chính có đáp án - Phần 9
30 câu hỏi
In 2009, _______was the most significant liability of Taiwanese households in terms of total value.
foreign liabilities
loans
accounts payable
real estate
other debt
Chọn đáp án B
Which of the following financial assets made up the greatest proportion of the financial assets held by Taiwanese households?
Deposits
Life insurance reserves
Mutual funds
Debt securities and other
Personal trusts
Chọn đáp án A
In 2009, ______of the total assets of Taiwanese households were domestic financial assets.
20.4%
34.2%
56.5%
71.7%
82.5%
Chọn đáp án C
The largest component of domestic net worth of Taiwan in 2009 was_______.
equipment
real estate
other assets
consumer durables and semi-durables
inventories
Chọn đáp án B
The smallest component of domestic net worth of Taiwan in 2009 was_______.
equipment
real estate
other assets
consumer durables and semi-durables
inventories
Chọn đáp án C
The national net worth of Taiwan in 2009 (in NT$ 100 million) was_____
NT$154,111
NT$264,387
NT$426,698
NT$1,302,656
NT$1,709,836
Chọn đáp án D
A fixed-income security pays_______.
a fixed level of income for the life of the owner
a fixed stream of income or a stream of income that is determined according to a specified formula for the life of the security
a variable level of income for owners on a fixed income
a fixed or variable income stream at the option of the owner
a riskless return that is fixed for life
Chọn đáp án B
A debt security pays______________.
a fixed level of income for the life of the owner
a variable level of income for owners on a fixed income
a fixed or variable income stream at the option of the owner
a fixed stream of income or a stream of income that is determined according to a specified formula for the life of the security
a riskless return that is fixed for life
Chọn đáp án D
Money market securities _______.
are short term
are highly marketable
are generally very low risk
are short term, highly marketable, and generally very low risk
highly marketable and generally very low risk
Chọn đáp án D
An example of a derivative security is/are_________.
a common share of Microsoft
an Intel bond
a commodity futures contract and a call option on Intel stock
a call option on Intel stock and an Intel bond
a common share of Intel stock
Chọn đáp án C
Giải thích: A call option on Intel stock and an Intel bond. Common stocks and bonds are not derivative assets
The value of a derivative security ______.
depends on the value of the related security
is unable to be calculated
is unrelated to the value of the related security
has been enhanced due to the recent misuse and negative publicity regarding these instruments
is worthless today
Chọn đáp án A
Although derivatives can be used as speculative instruments, businesses most often use them to_____
attract customers.
appease stockholders.
offset debt.
hedge risks.
enhance their balance sheets
Chọn đáp án D
Giải thích: Firms may use forward contracts and futures to protect against currency fluctuations or changes in commodity prices. Interest-rate options help companies control financing costs
Financial assets can permit all of the following except ___________.
consumption timing
allocation of risk
separation of ownership and control
elimination of risk
easy transfer of ownership
Chọn đáp án D
Giải thích: Firms may use forward contracts and futures to protect against currency fluctuations or changes in commodity prices. Interest-rate options help companies control financing costs
The ___________refers to the potential conflict between management and shareholders.
agency problem
diversification problem
liquidity problem
solvency problem
regulatory problem
Chọn đáp án A
Giải thích: The agency problem describes potential conflict between management and shareholders. The other problems are those of firm management only
A disadvantage of using stock options to compensate managers is that
it encourages mangers to undertake projects that will increase stock price.
it encourages managers to engage in empire building.
it can create an incentive for mangers to manipulate information to prop up a stock price temporarily, giving them a chance to cash out before the price returns to a level reflective of the firm's true prospects.
it causes managers to take undue risks.
it causes managers to be too conservative
Chọn đáp án C
Giải thích: It can create an incentive for mangers to manipulate information to prop up a stock price temporarily, giving them a chance to cash out before the price returns to a level reflective of the firm's true prospects
Which of the following are mechanisms that have evolved to mitigate potential agency problems?
I) Compensation in the form of the firm's stock options
II) Hiring bickering family members as corporate spies
III) Underperforming management teams being forced out by boards of directors
IV) Security analysts monitoring the firm closely
V) Takeover threats
II and V
I, III, and IV
I, III, IV, and V
III, IV, and V
I, III, and V
Chọn đáp án C
Corporate shareholders are best protected from incompetent management decisions by_______
the ability to engage in proxy fights.
management's control of pecuniary rewards.
the ability to call shareholder meetings.
the threat of takeover by other firms.
one-share/one-vote election rules.
Chọn đáp án D
Giải thích: Proxy fights are expensive and seldom successful, and management may often control the board or own significant shares. It is the threat of takeover of underperforming firms that has the strongest ability to keep management on their toes
Theoretically, takeovers should result in__________.
improved management
increased stock price
increased benefits to existing management of taken over firm
improved management and increased stock price
worse management and decreased stock price
Chọn đáp án D
Giải thích: Theoretically, when firms are taken over, better managers come in and thus increase the price of the stock; existing management often must either leave the firm, be demoted, or suffer a loss of existing benefits
During the period between 2000 and 2002, a large number of scandals were uncovered.
Most of these scandals were related to_________
I) Manipulation of financial data to misrepresent the actual condition of the firm.
II) Misleading and overly optimistic research reports produced by analysts.
III) Allocating IPOs to executives as a quid pro quo for personal favors.
IV) Greenmail.
II, III, and IV
I, II, and IV
II and IV
I, III, and IV
I, II, and III
Chọn đáp án D
The Sarbanes-Oxley Act ________.
requires corporations to have more independent directors
requires the firm's CFO to personally vouch for the firm's accounting statements
prohibits auditing firms from providing other services to clients
requires corporations to have more independent directors and requires the firm's CFO to personally vouch for the firm's accounting statements
requires corporations to have more independent directors and requires the firm's CFO to personally vouch for the firm's accounting statements, prohibits auditing firms from providing other services to clients, and requires corporations to have more independent directors and requires the firm's CFO to personally vouch for the firm's accounting statements
Chọn đáp án E
Giải thích: The Sarbanes-Oxley Act requires corporations to have more independent directors and requires the firm's CFO to personally vouch for the firm's accounting statements, prohibits auditing firms from providing other services to clients, and requires corporations to have more independent directors and requires the firm's CFO to personally vouch for the firm's accounting statements
Asset allocation refers to _____.
choosing which securities to hold based on their valuation
investing only in "safe" securities
the allocation of assets into broad asset classes
bottom-up analysis
top-down analysis
Chọn đáp án C
Security selection refers to____.
choosing which securities to hold based on their valuation
investing only in "safe" securities
the allocation of assets into broad asset classes
top-down analysis
moving assets between stocks and bonds
Chọn đáp án A
Which of the following portfolio construction methods starts with security analysis?
Top-down
Bottom-up
Middle-out
Buy and hold
Asset allocation
Chọn đáp án B
Giải thích: Bottom-up refers to using security analysis to find securities that are attractively priced. Top-down refers to using asset allocation as a starting point
Which of the following portfolio construction methods starts with asset allocation?
Top-down
Bottom-up
Middle-out
Buy and hold
Asset allocation
Chọn đáp án A
Giải thích: Bottom-up refers to using security analysis to find securities that are attractively priced
__________are examples of financial intermediaries.
Commercial banks
Insurance companies
Investment companies
Credit unions credit unions
Commercial banks, insurance companies, investment companies, and credit unions
Chọn đáp án E
Giải thích: Banks, insurance companies, investment companies, and credit unions are institutions that bring borrowers and lenders together
Financial intermediaries exist because small investors cannot efficiently_____
needed investments
diversify their portfolios
assess credit risk of borrowers
advertise for needed investments
diversify their portfolios, assess credit risk of borrowers, or advertise for
diversify their portfolios or assess credit risk of borrowers.
Chọn đáp án D
Giải thích: The individual investor cannot efficiently and effectively perform any of the tasks above without more time and knowledge than that available to most individual investors
________specialize in helping companies raise capital by selling securities.
commercial bankers
investment bankers
investment issuers
credit raters
commercial bankers, investment bankers, investment issuers, and credit raters
Chọn đáp án B
Giải thích: An important role of investment banking is to act as middlemen in helping firms place new issues in the market.
Commercial banks differ from other businesses in that both their assets and their liabilities are mostly_____
illiquid.
financial.
real.
owned by the government.
regulated.
Chọn đáp án B
In 2009, _________was the most significant financial asset of U.S. commercial banks in terms of total value.
loans and leases
cash
real estate
deposits
investment securities
Chọn đáp án A
In 2009, ____________was the most significant liability of U.S. commercial banks in terms of total value.
loans and leases
cash
real estate
deposits
investment securities
Chọn đáp án D
