绪论 单元测试
1、单选题：
The nominal risk-free rate is best described as the sum of the real risk-free rate and a
选项：
A:liquidity risk premium
B:maturity risk premium
C:expected inflation premium
答案: 【expected inflation premium】
2、单选题：
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:semi-annually
B:quarterly
C:daily
答案: 【daily】
3、单选题：
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、单选题：
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:97561
C:97532
答案: 【97532】
5、单选题：
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、单选题：
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:equal to the lump sum
B:less than the lump sum
C:greater than the lump sum
答案: 【greater than the lump sum】
7、单选题：
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:3867
B:3847
C:3957
答案: 【3867】
8、单选题：
Which of the following provisions is a benefit to the issuer?
选项：
A:Call provision
B:Conversion provision
C:Put provision
答案: 【Call provision】
9、单选题：
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:64341
B:68201
C:60699
答案: 【64341】
10、单选题：
Given a stated annual interest rate of 6% compounded quarterly, the level amount that，deposited quarterly, will grow to $25,000 at the end of 10 years is closest to
选项：
A:474
B:836
C:461
答案: 【461】
第一章 单元测试
1、单选题：
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: 【redemption value is 102% of the par value】
2、单选题：
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:debenture
B:covenant
C:indenture
答案: 【indenture】
3、单选题：
Which of the following is a type of external credit enhancement?
选项：
A:Overcollaterization
B:Covenants
C:A surety bond
答案: 【A surety bond】
4、单选题：
An affirmative covenant is most likely to stipulate:
选项：
A:the maximum percentage of the issuers gross assets that can be sold
B:limits on the issuer"s leverage ratio
C:how the proceeds of the bond issue will be used
答案: 【how the proceeds of the bond issue will be used】
5、单选题：
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、单选题：
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、单选题：
If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by
选项：
A:credit risk
B:contraction risk
C:extension risk
答案: 【contraction risk】
8、单选题：
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、单选题：
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、单选题：
The distinction between investment grade debt and non-investment grade debt is best described by
选项：
A:credit quality
B:tax status
C:maturity dates
答案: 【credit quality】
2、单选题：
Compared with developed markets bonds, emerging markets bonds most likely
选项：
A:exhibit higher risk
B:benefit from lower growth prospects
C:offer lower yields
答案: 【exhibit higher risk】
3、单选题：
In an underwritten offering, an investment bank that underwrites a bond issue most likely
选项：
A:acts as a broker and receives a commission for selling the bonds to investors
B:buys and resells the newly issued bonds to investors or dealers
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、单选题：
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、单选题：
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、单选题：
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:a shelf registration
B:a private placement
C:the grey market
答案: 【a shelf registration】
7、单选题：
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:Commercial paper is a source of interim financing for long-term projects
C:Only the strongest, highly rated companies issue commercial paper
答案: 【Commercial paper is a source of interim financing for long-term projects】
8、单选题：
For the issuer, a sinking fund arrangement is most similar to a
选项：
A:bondholder put provision
B:term maturity structure
C:serial maturity structure
答案: 【serial maturity structure】
9、单选题：
Which of the following is a source of wholesale funds for banks?
选项：
A:Demand deposits
B:Negotiable certificates of deposit
C:Money market accounts
答案: 【Negotiable certificates of deposit】
10、单选题：
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】
