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The expected return minus the risk-free *

rate is called

the risk premium

the percentage return

the asset’s beta

the return premium

Cash markets are also known as *

speculative markets

spot markets

derivative markets

dollar markets
:
 A derivative security *

is useful only for speculation

is useful only for hedging

is useful only for manipulating markets

can be used for all of these purposes

Investors who do not consider risk in their *

decisions are said to be

speculating

short selling

risk neutral

traders

A market in which the price equals the true *

economic value

is risk-free

has high expected returns

is organized

is eBcient
:
 Nobel Prize– winning economist Ronald *
Coase’s view is:

regulations and taxes cause Cnancial

innovation

derivatives destroy Cnancial markets via

excessive speculation

derivatives improve social welfare through

better risk allocation in the economy

Crms often appear when they can lower

transaction costs

Which of the following statements is *

INCORRECT?

Derivatives can help traders to reduce price

risk from economic activities.

A derivatives trade is a zero- sum game in

the absence of market imperfections like
transaction costs.

Derivatives are powerful C nancial tools

that can be used for speculation as well as
hedging.

Derivatives have a history of always

causing signiC cant losses to any trader
who trades these contracts
:
 In financial markets, a coupon refers to: *
Lãi

the detachable part of a stock that entitles

the holder to get dividends from the
company

the interest paid on a bond on a regular

basis, typically semiannually

one side of a Cnancial swap that entitles

the holder to net payments

the discount from the principal amount at

which a zero- coupon bond is sold in the
market

If the market maker will buy at 4 and sell at *

4.50, the bid-ask spread is

8.50

4.25

0.50

4.00
:
 In the United States, the Great Moderation *
refers to:

a time period that began during the mid-

1980s and lasted a little over two decades
during which the growth of real output
Ouctuated, inOation declined, stock market
volatility was reduced, and business cycles
were moderated

the time period between 1920 and 1933

when sale, manufacture, and transportation
of alcohol was prohibited

a time period that began in 1955 and lasted

for nearly a decade during which business
cycle Ouctuations declined and inOation
was under control

a time period that began after World War II

and lasted for nearly a decade during the
growth of real output Ouctuated, inOation
declined, stock market volatility was
reduced, and business cycles were
moderated
:
 The process of selling borrowed assets *
with the intention of buying them back at a
later date and lower price is referred to as

longing an asset

asset Oipping

shorting

anticipated price fall arbitrage

The following is NOT a feature of current *

derivatives markets:

there is a huge variety in the number and

type of derivatives contracts that are
traded

commodity derivatives have emerged as

the most popular kind of derivatives traded
in the new millennium

colleges and universities now offer many

kinds of derivative courses

Wall Street C rms hire graduate degree

holders in C nance and quantitative
methods for designing and trading
derivatives
:
 Which of the following contract terms is *
not set by the futures exchange?

the dates on which delivery can occur

the expiration months

the price

the size of the contract

Options on futures are also known as *

spot options

commodity options

exchange options

security options

Which one of the following is not a type of *

transaction cost in options trading?

the bid-ask spread

the commission

clearing fees

the cost of obtaining a quote

:
 Organized options markets are different *
from over-the-counter options markets for
all of the following reasons except

exercise terms

physical trading Ooor

regulation

standardized contracts

A derivative security *

is useful for none of these purposes

is useful only for hedging

is useful only for manipulating markets

can be used for all of these purposes

:
 In which one of the following types of *
contract between a seller and a buyer does
the seller agree to sell a specified asset to
the buyer today and then buy it back at a
specified time in the future at an agreed
future price.

repurchase agreement

short selling

swap

call

Lop *

Sang Thu 5 Ca 1

Sang Thu 5 Ca 2
:
 If an investor exercises a cash settled *
derivative,

the transaction entails only a bookkeeping

entry

must purchase the underlying instrument

from the writer

immediately buy a put option to offset the

call option

immediately write another call option to

offset

A call option gives the holder *

the right to buy something

the right to sell something

the obligation to buy something

the obligation to sell something

:
 A transaction in which an investor holds a *
position in the spot market and sells a
futures contract or writes a call is

a gamble

a speculative position

a hedge

a risk-free transaction

Which of the following are advantages of *

derivatives?

lower transaction costs than securities and

commodities

reveal information about expected prices

and volatility

help control risk

all of the above

:
 Which of the following statements is NOT *
TRUE?

The absence of a daily settlement is one of

the factors distinguishing a forward
contract from a futures contract

A call option on a futures contract gives the

buyer the right to buy a futures contract.

Storing an asset entails risk.

The law of one price states that the price of

an asset cannot change.
Có thể thay đổi

When the law of one price is violated in *

that the same good is selling for two
different prices, an opportunity for what
type of transaction is created?

return-to-equilibrium transaction

risk-assuming transaction

speculative transaction

arbitrage transaction
:
 Which of the following statements is NOT *
TRUE about the law of one price

investors prefer more wealth to less

investments that offer the same return in

all states must pay the risk-free rate

if two investment opportunities offer

equivalent outcomes, they must have the
same price

investors are risk neutral

Interest rates in the United States became *

volatile during the late 1970s mainly due
to:

an end of the policy of Cxing interest rates

by the US Federal Reserve Bank

the demise of the Bretton Woods system of

Cxed exchange rates

technological changes that enabled banks

to modify interest rates

hedge funds manipulating interest rates

:
 A call option priced at $2 with a stock price *
of $30 and an exercise price of $35 allows
the holder to buy the stock at

$2

$32

$33

$35

The process of creating new financial *

products is sometimes referred to as

Cnancial frontiering xu hướng

Cnancial engineering

Cnancial modeling đi theo cái cũ

Cnancial innovation

Ho va ten *

Nguyễn Thị Thuý Vân

:
 The market value of the derivatives *
contracts worldwide totals

less than a trillion dollars

in the hundreds of trillion dollars

over a trillion dollars but less than a

hundred trillion

over quadrillion dollars

An investor who owns a call option can *

close out the position by any of the
following types of transactions except

exercise

offset

expiring out-of-the-money

buying a put
:
 The derivatives exchange with the largest *
trading volume is the

Moscow Exchange

CME Group Chicago

PaciCc Stock Exchange

National Stock Exchange of India

Which of the following is a legitimate type *

of option order on the exchange?

purchase order

limit order

execution order

Ooor order

So Thu Tu *

2023214547
:
 The number of options acquired when one *
contract is purchased on an exchange is

100

500

Which of the following contracts obligates *

a buyer to buy or sell something at a later
date?

call

futures

put

swaption
:
 Which of the following trade on organized *
exchanges?

caps

forwards

options

swaps

The positive relationship between risk and *

return is called

expected return

market eBciency

the law of one price

none of the above

:
 Who has described derivatives as “time *
bombs, both for the parties that deal in
them and the economic system”?

Warren Buffett

Ronald Coase

Alan Greenspan

Peter Lynch

Which of the following statements is *

TRUE?

The theoretical fair value is the only value

an asset can have.

Derivatives are securities and not

contracts.

Speculation is equivalent to gambling.

Derivatives permit investors to manage

their risk more eBciently.
:
 Foreign exchange prices became volatile *
during the 1970s mainly because of

an end of the policy of C xing interest rates

by the US Federal Reserve Bank

the demise of the Bretton Woods system of

Cxed exchange rates

supply shocks of the 1970s

technology that helped us overcome the

vagaries of Mother Earth

A forward contract has which of the *

following characteristics?

has a buyer and a seller

option contract
trades on an organized exchange

has a daily settlement

gives the right but not the obligation to buy

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