粽子卡通图片Chapter 13
Financial Futures Markets
1. A(n) ______ is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date.
A) option contract
近的组词B) brokerage contract
C) financial futures contract
D) margin call
ANSWER: C
2. Interest rate futures are not available on
A) Treasury bonds.
B) Treasury notes.
C) Eurodollar CDs.
D) the S&P 500 index.
ANSWER: D
3. _________ take positions in futures to reduce their exposure to future movements in interest rates or stock prices.
A) Hedgers
B) Day traders
C) Position traders
D) none of the above
ANSWER: A
4. ______ trade futures contracts for their own account.
A) Commission brokers
B) Floor brokers
C) Commission traders
D) Floor traders
ANSWER: D
5. The initial margin of a futures contract is typically between ___________ percent of a futures contract’s full value.
红领巾的故事
A) 0 and 2
B) 5 and 18
C) 25 and 40
D) 45 and 60
ANSWER: B
6. Futures exchanges facilitate the trading process and take buy or ll positions on futures contracts.
A) True
B) Fal
ANSWER: B
7. If the prices of Treasury bonds ______, the value of an existing Treasury bond futures contract should ______.
A) increa; be unaffected
B) decrea; be unaffected
C) A and B
D) decrea; decrea
E) decrea; increa
ANSWER: D
8. Assume that a Tbill futures contract with a face value of $1 million is purchad at a price of $95.00 per $100 face value. At ttlement, the price of Tbills is $95.50. What is the difference between the lling and purcha price of the futures contract?
A) $.50
B) $50
C) $500
D) $5,000
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E) none of the above
ANSWER: D
9. If speculators believe interest rates will _______, they would consider ______ a Tbill futures contract today.
A) increa; lling
B) increa; buying
C) decrea, lling
D) decrea; purchasing a call option on
ANSWER: A
10. Financial futures contracts on U.S. curities are __________ by non-U.S. financial institutions.劳动的收获
A) not allowed to be traded
B) are rarely desired
C) are commonly traded
D) A and B
ANSWER: C
11. Assume that speculators had purchad a futures contract at the beginning of the year. If the price of a curity reprented by a futures contract ______ over the year, then the speculators would likely have purchad the futures contract for ________ than they can ll it for.
A) incread; more
B) decread; less
C) remains the same; more
D) incread; less
ANSWER: D
12. Assume that a futures contract on Treasury bonds with a face value of $100,000 is purchad at 9300. If the same contract is later sold at 9418, what is the gain, ignoring transactions costs?
A) $1,180,000
B) $118
C) $11,800
D) $15,625
E) $1,562.50
ANSWER: E
腾冲是哪里
13. The u of financial leverage
A) magnifies the positive returns of futures contracts.
B) magnifies loss of futures contracts.
C) both A and B
D) none of the above
ANSWER: C
屏幕锁定怎么设置14. According to the text, when a financial institution lls futures contracts on curities in order to hedge against a change in interest rates, this is referred to as
A) a long hedge.
B) a short hedge.
C) a clod out position.
D) basis trading.
ANSWER: B
15. A financial institution that maintains some Treasury bond holdings lls Treasury bond futures contracts. If interest rates increa, the market value of the bond holdings will ______ and the position in futures contracts will result in a _______.
A) increa; gain
B) increa; loss
C) decrea; gain
D) decrea; loss
ANSWER: C
16. The basis is the
A) difference between the price of a curity and the price of a futures contract on the curity.
人以动物B) gain or loss from hedging with futures contracts.
C) difference between a futures contract price and the initial deposit required.
D) price paid for a futures contract after accounting for transactions costs.
E) price paid for an option contract.
ANSWER: A
17. The profits of a financial institution with interestrate nsitive liabilities and interest rateinnsitive asts are ______ with hedging than without hedging if interest rates decrea.
A) higher
B) the same
C) lower
D) higher or the same
ANSWER: C
18. Assume that a bank obtains most of its funds from large CDs with a oneyear maturity. Its asts are in the form of loans with rates that adjust every six months. The bank would be ______ affected if interest rates increa. To partially hedge its position, it could _______ futures contracts.
