上海对外贸易学院 2008 — 2009 学年第一学期
《证券投资分析》课程研究生期末考试试卷
选课序号：
任课教师：
考试时间：
90 分钟
姓    名：
学    号：
年级专业：
金融学07级
研究生
考试形式：
■闭卷 □开卷
双语教学：
■是  □否
需计算器：
■是  □否
修读方式：
□必修 ■选修 □辅修
试卷页数
共 13 页
机考座位：
号机
题号
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四
总分
得分
得  分
评阅人
一、单选题（本大题共40小题，每小题1分，共40分）
（备注——请将答案写在题目上方的答题纸上，写在其它地方不给分）
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1.     A firm has a higher asset turnover ratio than the industry average, which implies
    A)    the firm has a higher P/E ratio than other firms in the industry.
    B)    the firm is more likely to avoid insolvency in the short run than other firms in the industry.
    C)    the firm is more profitable than other firms in the industry.
    D)    the firm is utilizing assets more efficiently than other firms in the industry.
   
2. The holding period yield (HPY) is equal to the holding period return (HPR) minus
A) 0.
B) 1.
C) 2.
D) 3.
   
3. Commercial paper is a short-term security issued by ________ to raise funds.
    A)    the Federal Reserve Bank
    B)    commercial banks
    C)    large, well-known companies
    D)    the New York Stock Exchange
   
4. You sold short 200 shares of common stock at $60 per share.  The initial margin is 60%.  Your initial investment was
证券从业资格考试报名时间    A)    $4,800.
    B)    $12,000.
    C)    $5,600.
    D)    $7,200.
   
5.      Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of $17,000,
000.  There were 24,300,000 shares in the fund at year-enD)  What was Multiple Mutual's Net Asset Value?
    A)    $18.11
    B)    $18.81
    C)    $69.96
    D)    $7.00
   
6.      Which of the following would increase the net asset value of a mutual fund share, assuming all other things remain unchanged?
    A)    an increase in the number of fund shares outstanding
    B)    an increase in the fund's accounts payable
    C)    a change in the fund's management
    D)    an increase in the value of one of the fund's stocks
7.      Over the past year you earned a nominal rate of interest of 10 percent on your money.  The inflation rate was 5 percent over the same perioD)  The exact actual growth rate of your purchasing power was
    A)    15.5%.
    B)    10.0%.
    C)    5.0%.
    D)    4.8%.
   
8.      You purchased a share of stock for $20.  One year later you received $1 as dividend and sold the share for $29.  What was your holding period return?
    A)    45%
    B)    50%
    C)    5%
    D)    40%
   
9.      Other things equal, an increase in the government budget deficit
    A)    drives the interest rate down.
    B)    drives the interest rate up.
    C)    might not have any effect on interest rates.
    D)    increases business prospects.
   
10.      In the mean-standard deviation graph an indifference curve has a ________ slope.
    A)    negative
    B)    zero
    C)    positive
    D)    northeast
   
11.  Which of the following describes the term ‘risk averse’?
A)  Being willing to take a fair gamble.
    B)    Not willing to take on any risk.
    C)    Choosing the less risky of two equal payoffs.
    D)    Always choosing low risk low return investments.
12.  Which of the following is NOT a step in the portfolio management process?
A) Sell all assets and reinvest the proceeds at least twice a year .
B) Construct the portfolio.
C) Study current financial and economic conditions.
D) Monitor investor’s needs and market conditions.
13. The rate of exchange between future consumption (future dollars) and current consumption (current dollars) is
A) the real rate of interest.
B) the pure rate of interest.
C) the risk-free rate of interest.
D) the nominal rate of interest.
14. You have $1000 to invest in a bank, which has offered you 6% interest compounded monthly. How much would you have at the end of the year if you placed $1000 in the bank?
A) 1060.
B) 1060.90.
C) 1061.68.
D) 1061.83.
15.  Firms that specialize in helping companies raise capital by selling securities are called ________.
    A)    commercial banks
    B)    investment banks
    C)    savings banks
D)  credit unions
16. Which of the following is not a risk in international operations?
A) Government regulations.
B) Manufacturing locations.
C) Capital structure decision.
D) Dividend decision.   
17.  The security market line (SML)
A) tells us the price of a security in the market.
B) indicates the amount of unsystematic risk for a given return .
C) describes the relationship between risk and return as being positive.
D) indicates the correlation between the risk free asset and the market.
18.  The Important strategic decisions that should be addressed in an investment policy statement include?
A) The asset classes that are to be deemed appropriate for investment in the target portfolio.