投资学题库Chap001 (2)

15. The smallest component of domestic net worth in 2012 was

A. nonresidential real estate.

B. residential real estate.

C. inventories.

D. consumer durables.

E. equipment and software.

16. The national net worth of the U.S. in 2012 was

A. $15.411 trillion.

B. $26.431 trillion.

C. $42.669 trillion.

D. $48.616 trillion.

E. $70.983 trillion.

17. A fixed-income security pays

A. a fixed level of income for the life of the owner.

B. a fixed stream of income or a stream of income that is determined according to a specified formula for the life of the security.

C. a variable level of income for owners on a fixed income.

D. a fixed or variable income stream at the option of the owner.

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18. A debt security pays

A. a fixed level of income for the life of the owner.

B. a variable level of income for owners on a fixed income.

C. a fixed or variable income stream at the option of the owner.

D. a fixed stream of income or a stream of income that is determined according to a specified formula for the life of the security.

19. Money market securities

A. are short term.

B. are highly marketable.

C. are generally very low risk.

D. are highly marketable and are generally very low risk.

E. All of the options

20. An example of a derivative security is

A. a common share of Microsoft.

B. a call option on Intel stock.

C. a commodity futures contract.

D. a call option on Intel stock and a commodity futures contract.

E. a common share of Microsoft and a call option on Intel stock.

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21. The value of a derivative security

A. depends on the value of the related security.

B. is unable to be calculated.

C. is unrelated to the value of the related security.

D. has been enhanced due to the recent misuse and negative publicity regarding these instruments.

E. is worthless today.

22. Although derivatives can be used as speculative instruments, businesses most often use

them to

A. attract customers.

B. appease stockholders.

C. offset debt.

D. hedge risks.

E. enhance their balance sheets.

23. Financial assets permit all of the following except

A. consumption timing.

B. allocation of risk.

C. separation of ownership and control.

D. elimination of risk.

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24. The ____________ refers to the potential conflict between management and shareholders.

A. agency problem

B. diversification problem

C. liquidity problem

D. solvency problem

E. regulatory problem

25. A disadvantage of using stock options to compensate managers is that

A. it encourages managers to undertake projects that will increase stock price.

B. it encourages managers to engage in empire building.

C. it can create an incentive for managers 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.

D. All of the options

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26. Which of the following are mechanisms that have evolved to mitigate potential agency

problems?

I) Using the firm's stock options for compensation II) Hiring bickering family members as corporate spies

III) Boards of directors forcing out underperforming management IV) Security analysts monitoring the firm closely V) Takeover threats

A. II and V

B. I, III, and IV

C. I, III, IV, and V

D. III, IV, and V

E. I, III, and V

27. Corporate shareholders are best protected from incompetent management decisions by

A. the ability to engage in proxy fights.

B. management's control of pecuniary rewards.

C. the ability to call shareholder meetings.

D. the threat of takeover by other firms.

E. one-share/one-vote election rules.

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