第二十五章金融衍生工具的对冲交易.docx

第二十五章金融衍生工具的对冲交易.docx

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第二十五章金融衍生工具的对冲交易

第二十五章金融衍生工具的对冲交易

Chapter25HedgingwithFinancialDerivatives

25.1SingleChoice

1）Financialderivativesinclude

A）stocks.

B）bonds.

C）futures.

D）noneoftheabove.

2）Financialderivativesinclude

A）stocks.

B）bonds.

C）forwardcontracts.

D）bothAandB.

3）Whichofthefollowingisnotafinancialderivative?

A）Stock

B）Futures

C）Options

D）Forwardcontracts

4）Acontractthatrequirestheinvestortobuysecuritiesonafuturedateiscalleda

A）shortcontract.

B）longcontract.

C）hedge.

D）cross.

5）Acontractthatrequirestheinvestortosellsecuritiesonafuturedateiscalleda

A）shortcontract.

B）longcontract.

C）hedge.

D）microhedge.

6）Alongcontractrequiresthattheinvestor

A）sellsecuritiesinthefuture.

B）buysecuritiesinthefuture.

C）hedgeinthefuture.

D）closeouthispositioninthefuture.

7）Ashortcontractrequiresthattheinvestor

A）sellsecuritiesinthefuture.

B）buysecuritiesinthefuture.

C）hedgeinthefuture.

D）closeouthispositioninthefuture.

8）Whichisnotaproblemofforwardcontracts?

A）alackofliquidity

B）alackofflexibility

C）thedifficultyoffindingacounterparty

D）defaultrisk

9）Bysellingshortafuturescontractof$100,000atapriceof115,youareagreeingtodeliver_________facevaluesecuritiesfor_________.

A）$100,000;$115,000

B）$115,000;$110,000

C）$100,000;$100,000

D）$115,000;$115,000

10）Bysellingshortafuturescontractof$100,000atapriceof96,youareagreeingtodeliver_________facevaluesecuritiesfor_________.

A）$100,000;$104,167

B）$96,000;$100,000

C）$100,000;$96,000

D）$100,000;$100,000

11）Bybuyingalong$100,000futurescontractfor115,youagreetopay_________for_________facevaluesecurities.

A）$100,000;$115,000

B）$115,000;$100,000

C）$86,956;$100,000

D）$86,956;$115,000

12）Ifyousellashortcontractonfinancialfutures,youhopeinterestrateswill

A）rise.

B）fall.

C）notchange.

D）fluctuate.

13）Ifyoubuyalongcontractonfinancialfutures,youhopeinterestrateswill

A）rise.

B）fall.

C）notchange.

D）fluctuate.

14）Ifyousellashortfuturescontract,youhopethatbondpriceswill

A）rise.

B）fall.

C）notchange.

D）fluctuate.

15）Theeliminationofrisklessprofitopportunitiesinthefuturesmarketisreferredtoas

A）speculation.

B）hedging.

C）arbitrage.

D）openinterest.

E）marktomarket.

16）Futurescontractsareregularlytradedonthe

A）ChicagoBoardofTrade.

B）NewYorkStockExchange.

C）AmericanStockExchange.

D）ChicagoBoardOptionsExchange.

17）Financialfuturesareregularlytradedonallofthefollowingexceptthe

A）ChicagoBoardofTrade.

B）ChicagoMercantileExchange.

C）NewYorkFuturesExchange.

D）ChicagoCommodityMarketsBoard.

18）Theagencyresponsibleforregulationofthefuturesexchangesandtradinginfinancialfuturesisthe

A）CommodityFuturesTradingCommission.

B）SecuritiesandExchangeCommission.

C）FederalTradeCommission.

D）FuturesExchangeCommission.

19）ThepurposeoftheCommodityFuturesTradingCommissionistodoallofthefollowingexcept

A）overseefuturestrading.

B）seethatpricesarenotmanipulated.

C）approveproposedfuturescontracts.

D）establishminimumpricesforfuturescontracts.

20）Thenumberofcontractsoutstandinginaparticularfinancialfutureisthe

A）demandcoefficient.

B）openinterest.

C）indexlevel.

D）outstandingbalance.

21）Thefuturesmarketshavegrownrapidlyinrecentyearsbecause

A）interestratevolatilityhasincreased.

B）financialmanagersaremoreriskaverse.

C）bothAandB.

D）neitherAnorB.

22）Theadvantageofforwardcontractsoverfuturescontractsisthatforwardcontracts

A）arestandardized.

B）havelowerdefaultrisk.

C）aremoreliquid.

D）noneoftheabove.

23）Theadvantageofforwardcontractsoverfuturescontractsisthatforwardcontracts

A）arestandardized.

B）havelowerdefaultrisk.

C）aremoreflexible.

D）bothAandBaretrue.

24）Futuresmarketshavegrownrapidlybecausefuturescontracts

A）arestandardized.

B）havelowerdefaultrisk.

C）areliquid.

D）alloftheabove.

25）Futuresdifferfromforwardsbecausetheyare

A）usedtohedgeportfolios.

B）usedtohedgeindividualsecurities.

C）usedinbothfinancialandforeignexchangemarkets.

D）standardizedcontracts.

答案：

1-5：

CCABA6-10:

BABAC11-15:

BABBC16-20:

ADADB21-25:

CDCDD