金融学双语考试复习资料
金融学基础（英语）复习资料
名词解释：Credit refers to a behavior of borrowing and lending with the feature of repayment of the principals plus interests . Financial markets refer to the whole of the places and activities of the financing and transactions of financial instruments. Sale on commission（推销）: It refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s left as medium of Money demand refers to the quantity of money that the whole economy needs exchange, means of payment and store of value under certain economic condition. Inflation is a continuous and obvious rise of the price level caused by great increase of money supply and it reduces the purchasing power of each unit of a currency. 二1 General equivalent 一般等价物2 Public credit 国家信用3 Default risk 违约风险4 Repurchase agreement（RP）回购协议5 Interest-rate future 利率期货6 Re-discount 再贴现7 Compound interest 复利8 Liquidity preference 流动偏好即货币需求9 Speculative motive 投机动机10 Adverse selection 逆向选择11 Require reserves 存款准备金12 Overdraft 透支13 Time lag 时滞14 velocity of money 货币流通速度15 money stock 货币存量16 derivative deposit 派生存款17 excess reserve 超额储备18 Money multiplier 货币乘数19 Endogenous 内生性判断题T F 1. When a central bank carries out expansionary monetary policy, bank reserves R will increase. T F 2. The monetary base consists of banking system reserves and the currency held by the non-bank public T F 3. The moral hazard arises before a financial transaction begins. T F 4. As is subject to time limit, the commercial credit can only be short-term one. T F 5. Sale on commission refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s what’s left. left. T F 6. 6. If If If a a a central central central bank bank bank wants wants wants to to to cool cool cool an an an inflationary inflationary inflationary boom, boom, boom, it it it will will will raise raise raise the the the discount discount discount rate, rate, which which will will will lead lead lead to to to a a a general general general interest interest interest rates rates rates rise rise rise for for for loans, loans, loans, decreasing decreasing decreasing the the the demand demand demand for for borrowing. T F 7. 7. A A A central central central bank bank bank is is is the the the financial financial financial institution institution institution that that that can can can gain gain gain profit profit profit in in in its its its operation operation operation and and businesses, but it is not a profit-seeker. T F 8. When a central bank carries out tight monetary policy, interest rates fall. T F 9. The theory of “Quantity theory of money” means that an increase in prices of all goods and and services services services leads leads leads to to to an an an increase increase increase in in in the the the supply supply supply of of of money money money when when when everything everything everything remains remains unchanged. T F 1010. Banker’s credit is an indirect credit . Banker’s credit is an indirect credit英译汉英译汉1. On the one hand, although the central bank does not make loans to enterprises and can not derive derive deposits deposits deposits directly, directly, it it controls controls controls the the the sources sources sources of of of commercial commercial commercial banks` banks` banks` money money money creation creation —the creation creation and and and supply supply supply of of of the the the monetary monetary monetary base; base; base; and and and on on on the the the other other other hand hand hand commercial commercial commercial banks` banks` banks` money money creation creation through through through taking taking taking in in in deposits deposits deposits and and and granting granting granting loans loans loans is is is based based based on on on the the the central central central bank's bank's bank's monetary monetary base. 一方面，尽管中央银行并不直接为企业发放贷款，尽管中央银行并不直接为企业发放贷款，也不能产生派生存款，也不能产生派生存款，也不能产生派生存款，但是中央银行却控但是中央银行却控制着商业银行创造货币的源泉——基础货币的供给和创造。
金融学(双语)复习资料第5章
Chapter 5错误！未指定书签。
THE FEDERAL RESERVETRUE/FALSEF 1. The power to create money is given by the Constitution to theFederal Reserve.创造货币的权力是宪法赋予美联储T 2. When corporations retire (pay off) loans from commercial banks, excess reserves are increased.当企业退休从商业银行（支付）的贷款，超额准备金增加。
F 3. When the general public uses money in checking accountsto purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少F 4. Only large commercial banks are subject to the regulation ofthe Federal Reserve.只有大型商业银行受到美联储的监管F 5. When the Federal Reserve sells securities, the money supplyis increased.当美联储出售证券，货币供应量增加T 6. When the Federal Reserve buys securities, the reserves of banks are increased.当美联储购买证券，银行的准备金增加T 7. Open market operations is a more flexible tool of monetary policy than the reserve requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求T 8. Reserve requirements are infrequently changed to affect commercial bank lending.准备金要求频繁改变会影响商业银行贷款T 9. The Open Market Committee has twelve members that include the Board of Governors.公开市场委员会有十二名成员，其中包括理事会F 10. The presidents of the District Banks elect the Board ofGovernors of the Federal Reserve.该地区银行的总统选举联邦储备理事会F 11. The federal funds rate is the interest rate the FederalReserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备F 12. If the Treasury borrows from the Federal Reserve, thelending capacity of banks is reduced.如果财政部从美联储借，银行的放贷能力降低T 13. If the Treasury sells debt that is purchased by corporations and uses the funds to purchase military equipment, theexcess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌F 15. During a period of recession, the Fed sells securities.在衰退期，美联储出售证券T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的T 17. The Federal Reserve is independent of the U.S. Treasury and is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有F 18. The President of the United States appoints the Federal OpenMarket Committee.美国总统任命的联邦公开市场委员会F 19. Since the reserves of commercial banks earn interest, thereis an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励T 20. Open market operations is a more flexible tool of monetary policy than the discount rate.公开市场操作是货币政策的一个更灵活的工具比贴现率T 21. Commercial banks may buy and sell reserves in the federal funds market.商业银行可以在联邦基金市场上购买和出售储备T 22. If the Treasury issues new bonds that are purchased by the general public, the money supply is reduced if the Treasurydeposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储F 23. Recession is a period of falling prices.经济衰退是一个时期的价格下跌F 24. When commercial banks grant loans to the public, theirtotal reserves are reduced.当商业银行发放贷款的市民，他们的总储量减少MULTIPLE CHOICEa 1. Withdrawing cash from a checking account does not decrease 从支票帐户提取现金不减少a. the money supply货币供应量b. demand deposits活期存款c. total reserves总储量d. excess reserves超额准备金d 2. Excess reserves are affected by超额准备金受1. reserve requirements准备金要求2. the repayment of existing bank loans现有偿还银行贷款3. cash withdrawals现金提款d. 1, 2, and 3b 3. When commercial banks grant loans,当商业银行发放贷款a. the money supply is reduced货币供应量减少b. the money supply is increased货币供应量增加c. total reserves increase总储量增加d. total reserves decrease总储量减少b 4. If deposits are withdrawn from a commercial bank, it mayobtain reserves by如果存款从商业银行撤出，它可能是由获得储备a. acquiring an asset收购资产b. borrowing in the federal funds market在联邦基金市场借款c. lending funds in the federal funds market在联邦基金市场资金d. liquidating a liability清算负债a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款1. its required reserves increase其所需的储备增加2. its required reserves decrease其所需的储备减少3. its total reserves increase其总储量增加4. its total reserves decrease其总储量减少a. 1 and 3b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的a. stock market股市b. federal funds market联邦基金市场c. reserves market储备市场d. over-the-counter market过？的？柜台市场b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备a. selling securities出售证券b. buying securities买证券c. raising reserve requirements提高存款准备金率d. raising the discount rate提高贴现率b 8. The Federal Reserve美国联邦储备委员会a. is part of the U.S. Treasury是美国财政部的一部分b. is owned by member banks由成员银行拥有c. is the nation's largest commercial bank是全国最大的商业银行d. lends funds to corporations借出资金的公司b 9. By lowering the discount rate, the Federal Reserve通过降低贴现率，美联储a. discourages commercial banks from lending鼓励商业银行从贷款b. encourages commercial banks to borrow reserves鼓励商业银行借入储备c. discourages depositors from withdrawing funds鼓励存户提款d. contracts the money supply收缩货币供应量d 10. The purpose of the Federal Reserve is to美联储的目的是a. finance government operations金融政府运作b. protect investors from bank failures保护投资者免受银行倒闭c. protect deposits from bank failures保护存款银行倒闭d. control the supply of money and credit控制货币信贷总量c 11. The structure of the Federal Reserve includes美联储的结构包括1. all commercial banks各商业银行2. the twelve district banks在12家地方银行3. the Board of Governors 理事会c. 2 and 3c 12. The members of the Board of Governors area. elected by the member banksb. appointed by the Senatec. appointed by the President of the United Statesd. elected by the Federal Open Market Committeec 13. During a period of recession, a federal government surplusshould retire debt oweda. the Federal Reserveb. commercial banksc. the general publicd. the Federal Deposit Insurance Corporationa 14. The Federal Reserve may contract the money supply by1. selling securities2. buying securities3. raising reserve requirements4. lowering reserve requirementsa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4理事会的成员是由成员银行推选由参议院任命由美国总统任命联邦公开市场委员会选举产生在衰退期，联邦政府的盈余应该退休欠下的债美联储商业银行广大市民美国联邦存款保险公司美联储可能通过收缩货币供应量出售证券买证券提高存款准备金率降低准备金要求如果联邦政府经营赤字，并从商业银行借入，总存款不受影响总存款增加超额准备金减少超额准备金均有所下降d 15. If the federal government runs a deficit and borrows fromcommercial banks,1. total deposits are not affected2. total deposits are increased3. excess reserves are reduced4. excess reserves are decreaseda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4c 16. If the federal government runs a deficit and finances thedeficit by borrowing from the Federal Reserve,1. the reserves of commercial banks are reduced2. the reserves of commercial banks are increased3. the required reserves of commercial banks areincreased4. the required reserves of commercial banks arereduceda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4b 17. Anticipation of inflation discourages1. saving2. borrowing3. lending4. purchasing goodsa. 1 and 2b. 1 and 3c. 2 and 3d. 3 and 4b 18. If the federal government runs a surplus,a. expenditures exceed taxesb. receipts exceed disbursementsc. debt must be issuedd. the Federal Reserve buys bondsb 19. Recession is a period ofa. declining pricesb. declining employmentc. declining unemploymentd. rising interest ratesb 20. The Board of Governorsa. manages the nation's stock of goldb. has the substantive control over the money supplyc. controls the U. S. Treasuryd. is appointed by the U. S. Treasurera 21. If commercial banks grant loans,a. the money supply is increasedb. total reserves are increasedc. excess reserves are increasedd. the money supply is reducedd 22. Commercial banks may borrow reserves from each other in thea. reserves marketb. stock marketc. bank marketd. federal funds marketa 23. By selling securities to the general public, the FEDa. reduces the money supplyb. raises commercial banks' depositsc. increases the money supplyd. increases banks' excess reservesa 24. The tools of monetary policy includea. open market operationsb. the purchase of corporate stockc. the federal government deficitd. taxationb 25. If the federal government runs a deficit,a. taxes exceed expendituresb. expenditures exceed taxesc. receipts exceed taxesd. taxes exceed revenuesb 26. Anticipation of inflation encouragesa. lendingb. borrowingc. retiring debtd. savingc 27. During a period of recession the Federal Reserve1. increases the federal funds rate2. buys government securities3. sells government securities4. lowers the federal funds area. 1 and 2b. 1 and 3c. 2 and 4d. 3 and 4SUPPLEMENTARY QUESTIONS1. If the reserve requirement for demand deposits is 10 percent,what is the maximum change in the money supply that thebanking system can create ifa. the Federal Reserve puts $1,000,000 of new reserves inthe banking systemb. $1,000,000 in cash is deposited in checking accountsc. General Motors borrows $1,000,000 from an insurancecompany?Answers:a. new excess reserves: $1,000,000maximum possible expansion in the money supply:$1,000,000/.1 = $10,000,000b. new excess reserves: $1,000,000 - 100,000 = $900,000maximum possible expansion in the money supply:$900,000/.1 = $9,000,000c. new excess reserves: $0maximum possible expansion in the money supply:$0/.1 = $0(Borrowing from the non-bank public does not affect thebanking system's ability to create new money.)2. What is the effect on (1) demand deposits, (2) requiredreserves, and (3) excess reserves of banks given thefollowing transactions?a. The general public builds up its holdings of cash bywithdrawing funds in checking accounts.b. After Christmas the general public deposits cash in checkingaccounts in commercial banks. (How may seasonal changes in the public's need for cash alter banks' ability to lend?)c. Corporations borrow from commercial banks.d. State and local governments issue debt securities that arepurchased by commercial banks.e. Homeowners borrow from commercial banks to finance homeimprovements. (Are there any differences on the expansion ofthe money supply in questions (c), (d), and (e)?)f. A bank in California with excess reserves lends these fundsthrough the federal funds market to a bank in Maine that hasinsufficient reserves.g. Corporations issue short-term securities that are purchased bythe general public.h. Corporations retire (i.e., pay off) loans from commercial banks.i. The Federal Reserve buys Treasury bills that are sold by thegeneral public.j. The Federal Reserve raises the discount rate, and banks retire debt owed the Federal Reserve.k. The Federal Reserve raises the reserve requirement on demand deposits.l. The Treasury borrows from the banks to finance payments.m. The federal government runs a deficit and borrows the funds from the general public.n. The federal government runs a deficit and borrows the funds from the Federal Reserve.Answers:a. Demand deposits - lowerRequired reserves - lowerExcess reserves - lowerb. Demand deposits - higherRequired reserves - higherExcess reserves - higherThese two questions illustrate that a seasonal flow of deposits into or out of the banking system will affect the reserves of the banking system. Unless the banks are able to find liquidity elsewhere (e.g., the Federal Reserve), such seasonal changes in reserves may produce fluctuations in the supply of credit.c. Demand deposits - higherRequired reserves - higherExcess reserves - lowerd. Demand deposits - higherRequired reserves - higherExcess reserves - lowere. Demand deposits - higherRequired reserves - higherExcess reserves - lowerThese three questions illustrate that from the viewpoint of the banking system, it does not matter if the banks acquire debt issued by firms, governments, or households. To acquire the debt, the banks must have excess reserves. After they have used their excess reserves, the money supply is expanded, and the excess reserves become required reserves.f. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeUnlike in the previous questions, the lending of excess reserves from one bank to another does not in the aggregate increase or decrease the reserves of the banking system.g. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeLoans between members of the non-bank general public do not affect banks' reserves and thus do not affect their capacity to lend.h. Demand deposits - lowerRequired reserves - lowerExcess reserves - higherWhile the creation of new loans uses the banks' excess reserves and creates new money, the retiring of loans from commercial banks reduces demand deposits and restores excess reserves (i.e., increases excess reserves).i. Demand deposits - higherRequired reserves - higherExcess reserves - higherj. Demand deposits - no changeRequired reserves - no changeExcess reserves - lowerk. Demand deposits - no changeRequired reserves - higherExcess reserves - lowerQuestions j and k illustrate two major monetary tools, the reserve requirement and the discount rate. Notice that changing the discount rate and the reserve requirements do not in themselves change demand deposits. Their impact is on reserves, and theeffect of this impact may lead to a change in the supply of money. l. Demand deposits - higherRequired reserves - higherExcess reserves - lowerm. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changen. Demand deposits - increaseRequired reserves - increaseExcess reserves - increaseDuring a period of inflation, a policy that contracts the money supply and the capacity of banks to lend is desirable. Theopposite situation would apply during a recession. If there were a deficit during a period of recession, it is desirable to increase the money supply and the capacity of the banks to lend. Hence n is better than m.。
金融学双语考试复习资料
金融学双语考试复习资料Chapter 1经济学关注的3个问题：How scarce resources are allocated in the productionprocess among competing uses.How income generated in the production and sale of goods and services is distributed among members of society.How people allocate their income through spending, saving, borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）–Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries areinstitutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
AC金融学复习资料英文版7
Comparing Arbitrage Strategies
Locational Arbitrage
:
Capitalizes on discrepancies in exchange rates across locations.
$/￡quote by Bank X
$/￡quote by Bank Y
International Arbitrage
? Arbitrage 套利 can be loosely defined as
capitalizing on a discrepancy in quoted prices to make a riskless profit.
? The effect of arbitrage on demand and
achieved from covered interest arbitrage should equal the rate of return available in the home country.
? End-value of a $1 investment in covered
interest arbitrage
relationship between forward rate premiums and interest rate differentials.
7 -9
Covered Interest Arbitrage
Example ￡spot rate = 90-day forward rate = $1.60 U.S. 90-day interest rate = 2% U.K. 90-day interest rate = 4%
7 -6
金融市场学双语题库及答案(第三章)米什金金融市场与机构
B) future value
C) interest
D) deflation
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
12) Dollars received in the future are worth ________ than dollars received today. The process of calculating what dollars received in the future are worth today is called ________.
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 40 percent.
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
11) The concept of ________ is based on the notion that a dollar paid to you in the future is less valuable to you than a dollar today.
B) U.S. Treasury bonds and notes are examples of coupon bonds.
C) Corporate bonds are examples of coupon bonds.
D) All of the above.
金融市场学双语题库及答案(第一章)米什金金融市场与机构
Financial Markets and Institutions^ 8e (Mishkin)Chapter 1 Why Study Financial Markets and Institutions?1.1 Multiple Choice1)Financial markets and institutionsA)involve the movement of huge quantities of money.B)affect the profits of businesses.C)affect the types of goods and seivices produced ill an economy.D)do all of the above.E)do only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)Financial market activities affectA)personal wealth.B)spending decisions by individuals and business firms.C)the economy's location in the business cycle.D)all of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)Markets in wliich funds are tiansfeired from those who have excess funds available to those who have a shortage of available funds are calledA)commodity markets.B)funds markets.C)derivative exchange markets.D)financial markets.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)The price paid for the rental of bonowed funds (usually expressed as a percentage of the rental of $100 per year) is conmionly referred to as theA)inflation rate.B)exchange late.C)interest rate.D)aggiegate price level.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition5)The bond maikets are impoitant becauseA)they are easily the most widely followed financial markets in the United States.B)they are the maikets where interest rates are deteimined.C)they are the markets where foreign exchange rates are determined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition6)Interest rates are impoitant to financial institutions since an interest rate uicrease the cost of acquiring funds and the income fiom assets.A)decreases; decreasesB)increases; increasesC)decreases; increasesD)increases; decreasesAnswer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition7)Typically, increasing interest ratesA)discourages individuals fiom saving.B)discourages corporate investments.C)encourages coipoiate expansion.D)encourages coipoiate borrowing.E)none of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition8)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates onfluctuate more and are lower on average.A)medium-quality coipoiate bondsB)low-quality corporate bondsC)high-quality coipoiate bondsD)tluee-month Treasuiy billsE)none of the aboveAnswer: DTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition9)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates on tluee-month Tieasuiy bills fluctuate and are on average.A)moie; lowerB)less; lowerC)moie; liigherD)less; higherAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10)The stock market is important becauseA)it is where interest rates are determined.B)it is the most widely followed financial market in the United States.C)it is where foreign exchange rates are deteimined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)Stock prices since the 1980s have beenA)relatively stable, trending upward at a steady pace.B)relatively stable, tiending downward at a moderate rate.C)extremely volatile.D)unstable, trending downward at a moderate late.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)The largest one-day drop in the liistoiy of the Ainei ican stock markets occuii ed inA)1929.B)1987.C)2000.D)2001.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13) A declining stock market index due to lower share pricesA)reduces people's wealth and as a result may reduce theii willingness to spend.B)increases people's wealth and as a result may increase their willingness to spend.C)decreases the amount of fiinds that business firms can raise by selling newly issued stock.D)both A and C of the above.E)both B and C of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition14)Changes in stock pricesA)affect people's wealth and their willingness to spend.B)affect films' decisions to sell stock to finance investment spending.C)are characterized by considerable fluctuations.D)all of the above.E)only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)(I) Debt markets are often referred to generically as the bond market.(II) A bond is a security that is a claim on the earnings and assets of a coiporation.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D)Both are false.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)(I) A bond is a debt security that promises to make paymen's periodically fbr a specified peiiod of time. (II) A stock is a security that is a claim on the earnings and assets of a corporation.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D)Both are false.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)The price of one countiy's currency in terms of another's is calledA)the foreign exchange rate.B)the interest rate.C)the Dow Jones industrial average.D)none of the above.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition18) A stronger dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign businessesC)American consumers; American businessesD)foreign businesses; American consumersAnswer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition19) A weaker dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign consumersC)American consumers; American businessesD)foreign businesses; American consumersAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition20)From 1980 to early 1985 the dollar in value, thereby benefiting American.A)appreciated; businessesB)appreciated; consumeisC)depreciated; businessesD)depreciated; consumersAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition21)In general, from 2001 tluougli 2013, the dollar in value relative to major foreign cunencies.A)appreciatedB)depreciatedC)remained about the sameAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question22)Money is defined asA)anything that is generally accepted in payment for goods and seivices or in the repayment of debt.B)bills of exchange.C) a riskless repositoiy of spending power.D)all of the above.E)only A and B of the above.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition23)The organization responsible foi the conduct of monetary policy in the United States is theA)Compti oiler of the Currency.B)U.S. Tieasuiy.C)Federal Reserve System.D)Bureau of Monetaiy Affairs.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition24)The central bank of the United States isA)Citicoip.B)The Fed.C)Bank of America.D)The Tieasuiy.E)none of the above.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition25)Monetaiy policy is chiefly conceined withA)how much money businesses earn.B)the level of interest rates and the nation's money supply.C)how much money people pay in taxes.D)whether people have saved enough money fbr letiiement.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition26)Economists gioup commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaiies. Financial intermediaiies A)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)produce notliing of value and are therefore a drain on society's resources.C)help piomote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition27)Economists gioup commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaiies. Financial intermediariesA)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)play an impoilant role in determining the quantity of money in the economy.C)help promote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition28)Banks are important to the study of money and the economy because theyA)provide a channel for linking those who want to save with those who want to invest.B)have been a source of financial innovation that is expanding the alternatives available to those wanting to invest theii money.C)are the only financial institution to play a role in determining tlie quantity of money in the economy.D)do all of the above.E)do only A and B of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition29)Banks, savings and loan associations, mutual savings banks, and credit unionsA)are no longer inipoitant players ill financial inteimediation.B)have been providing seivices only to small depositors since deregulation.C)have been adept at innovating in response to changes in the regulatoiy environment.D)all of the above.E)only A and C of the above.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition30)(I) Banks are financial inteimediaries that accept deposits and make loans.(II) The tenn "banks" includes firms such as commercial banks, savings and loan associations, mutual savings banks, credit unions, insurance companies, and pension funds.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D) Both are false.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous EditionA)Black FridayB)Black MondayC)Blackout DayD)none of the aboveAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition32)The largest financial intennediaiies areA)insurance companies.B)finance companies.C)banks.D)all of the above.Answer: CTopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition33)In recent yearsA)interest rates have remained constant.B)the success of financial institutions has reached levels unpiecedented since the Great Depiession.C)stock markets have crashed.D)all of the above.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition34) A securityA)is a claim oi price of property that is subject to ownei sliip.B)promises that payments will be made peiiodically fbr a specified peiiod of time.C)is the price paid fbr the usage of funds.D)is a claim on the issuers future income.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous EditionA)BanksB)Insurance companiesC)Finance companiesD)All of the aboveAnswer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition36)Monetaiy policy affectsA)interest rates.B)inflation.C)business cycles.D)all of the above.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition37) A rising stock market index due to higher share pricesA)incieases people's wealth and as a result may inciease their willingness to spend.B)increases the amount of funds that business films can raise by selling newly issued stock.C)decreases the amount of fiinds that business firms can raise by selling newly issued stock.D)both A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition38)From the peak of the high-tech bubble in 2000, the stock market by overby late 2002.A)collapsed; 75%B)rose; 35%C)collapsed; 30%D)rose; 50%Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition39)The Dow fell below 7,000 in 2009, only to stall a bull market inn, reaching new highs above in 2013.A)12,000B)10,000C)15,000D)19,000Answer: CTopic: Chapter 1.1 Why Study Financial Markets Question Status: New Question1.2 Tme/False1)Money is anything accepted by anyone as payment for sendees or goods.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition2)Interest rates are determined in the bond markets.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3) A stock is a debt security that promises to make periodic payments fbr a specific period of time.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)Monetaiy policy affects interest rates but has little effect on inflation or business cycles. Answer: FALSETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)The govenunent organization responsible fbr the conduct of monetaiy policy in the United States is the U.S. Treasury.Answer: FALSETopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition6)Interest rates can be accurately described as the rental price of money.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)Holding eveiytliiiig else constant, as the dollar weakens vacations abroad become less attractive.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)In recent years, financial markets have become more stable and less risky. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)Financial innovation has provided moie options to both investors and borrowers. Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10) A financial inteimediaiy bonows funds fiom people who have saved.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition11)Holding everything else constant, as the dollar stiengtliens fbreigiieis will buy more U.S. exports.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)In a bull market stock prices are rising, on average.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13)Financial institutions are among the largest employers in the countiy and frequently pay very high salaries.Answer: TRUETopic: Chapter 1.3 Applied Managerial PerspectiveQuestion Status: Previous Edition14)Different interest rates have a tendency to move in unison.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)Financial markets are what makes financial institutions work.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)In recent years, financial markets have become more risky. However, only a limited number of tools (such as derivatives) are available to assist in managing this risk. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)Although the internet lias changed many aspects of our lives, it hasn't proven very useful for collecting and/or analyzing financial and economic data.Answer: FALSETopic: Chapter 1.4 How We Study Financial Markets and Institutions Question Status: New Question1.3 Essay1)Have interest rates been more or less volatile in recent years? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)Why should consumers be concerned with movements in fbreign exchange rates? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)How does the value of the dollar affect the competitiveness of American businesses? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)What is monetary policy and who is responsible fbr its implementation?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)What are financial intermediaiies and what do they do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition6)What is money?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)How does a bond differ fiom a stock?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)Why is the stock market so important to individuals, films, and the economy? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)What is the cential bank and what does it do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition10)If you are plamiing a vacation to Europe, do you prefer a strong dollar 01 weak dollar relative to the euio? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)How has the stock market perfoimed since 2000?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question。
国际金融(双语)复习大纲
（一）论述、简答、计算题：1、What is the current account balance of France when the French budget surplus is 348million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?解答：National saving = private saving + government saving = 256+348=604 millionCurrent account balance = national saving – domestic real investment = 604-134=470 million附：Current account balance(CA)=net foreign investment(If)National saving(S)=domestic real investment(Id)+net foreign investment(If)If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and services)2、Which of the following transactions could contribute to a British current account surplus? Explain whya French firm sells defense equipment to the British government for 250 million pounds in bank depositsb Great Britain makes a gift of $500 million to the Iraqi government to aid in reconstruction.c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain.C：merchandise exports——current account surplusA：merchandise imports——current account deficitB：unilateral transfer——current account deficit3、You are provided with the following information about a country’s international transactions during a given year:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country’s holding of foreign assets, net(excluding official reserves assets) $352Increase in forei gn holdings of the country’s assets, net(excluding official reserve assets) $252Statistical discrepancy, net $154a.Calculate the official settlements balance and the current account balance.b.Is the country increasing or decreasing its net holdings of official reserve assets?Why?A: Current account balance=net credits – net debits on(the flow of goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135Financial account balance= foreign holdings of the country’s assets – the country’s holdingof foreign assets =—352 + 252 = —100So, official settlement balance(B)=CA balance + financial account balance= 135 —100=35B: Current account balance = 132—8+153—142=135B = CA + FA = 135 + （—100）= 35B + OR + Statistical discrepancy = 0OR = —1894、For each case below, state whether the euro has appreciated or depreciated and give an exampleof an event that could cause the change in the exchange rate.a.The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.A: indirect quotation, euro appreciatedB: direct quotation, euro depreciatedC: indirect quotation, euro depreciatedD: direct quotation, euro appreciated5、What are the two forms of interbank foreign exchange trading? Compare and contrasthe similarities and differences of the two forms.Form 1 Interbank trading is conducted directly between the traders at different banksForm 2 Interbank trading are conducted through foreign exchange brokerSimilarities: Both are making the foreign exchange trades.Differences:①Form1,the traders know to whom they are quoting exchange rates for possible。
金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》
Financial Markets and Institutions, 8e (Mishkin)Chapter 14 The Mortgage Markets14.1 Multiple Choice1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.D) All of the above are important differences.E) Only A and B of the above are important differences.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition3) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.C) Over 80 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition4) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.C) Less than 65 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition5) Which of the following are true of mortgage interest rates?A) Interest rates on mortgage loans are determined by three factors: current long-term market rates, the term of the mortgage, and the number of discount points paid.B) Mortgage interest rates tend to track along with Treasury bond rates.C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Which of the following are true of mortgages?A) More than 80 percent of mortgage loans finance residential home purchases.B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.C) Most mortgages during the 1920s and 1930s were balloon loans.D) All of the above are true.E) Only A and C of the above are true.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition7) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have lower interest rates than shorter-term mortgages.B) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest rates.C) In exchange for points, lenders reduce interest rates on mortgage loans.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) Typically, discount points should not be paid if the borrower will pay off the loan in ________ years or less.A) 5B) 10C) 15D) 20Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition9) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have higher interest rates than shorter-term mortgages.B) In exchange for points, lenders reduce interest rates on mortgage loans.C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition10) Which of the following reduces moral hazard for the mortgage borrower?A) CollateralB) Down paymentsC) Private mortgage insuranceD) Borrower qualificationsAnswer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition11) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults?A) A lienB) A down paymentC) Private mortgage insuranceD) Borrower qualificationE) AmortizationAnswer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition12) Which of the following is true of mortgage interest rates?A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral.B) Longer-term mortgages have higher interest rates than shorter-term mortgages.C) Interest rates are higher on mortgage loans on which lenders charge points.D) All of the above are true.E) Only A and B of the above are true.Answer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition13) During the early years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition14) During the last years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition15) During the last years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition16) During the early years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition17) A borrower who qualifies for an FHA or VA loan enjoys the advantage thatA) the mortgage payment is much lower.B) only a very low or zero down payment is required.C) the cost of private mortgage insurance is lower.D) the government holds the lien on the property.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition18) (I) Conventional mortgages are originated by private lending institutions, and FHA or VA loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or VA loans are insured by the government.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition19) Borrowers tend to prefer ________ to ________, whereas lenders prefer ________.A) fixed-rate loans; ARMs; fixed-rate loansB) ARMs; fixed-rate loans; fixed-rate loansC) fixed-rate loans; ARMs; ARMsD) ARMs; fixed-rate loans; ARMsAnswer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan. (II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.A) (I) is true, (II) is false.B) (I) is false, (II) is true.C) Both are true.D) Both are false.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition21) Growing-equity mortgages (GEMs)A) help the borrower pay off the loan in a shorter time.B) have such low payments in the first few years that the principal balance increases.C) offer borrowers payments that are initially lower than the payments on aconventional mortgage.D) do all of the above.E) do only A and B of the above.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition22) A borrower with a 30-year loan can create a GEM byA) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.B) converting his ARM into a conventional mortgage.C) converting his conventional mortgage into an ARM.D) converting his conventional mortgage into a GPM.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition23) Which of the following are useful for home buyers who expect their income to rise in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition24) Which of the following are useful for home buyers who expect their income to fall in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition25) Retired people can live on the equity they have in their homes by using aA) GEM.B) GPM.C) SAM.D) RAM.Answer: DTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition26) Second mortgages serve the following purposes:A) they give borrowers a way to use the equity they have in their homes as security for another loan.B) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home.C) they allow borrowers to convert their conventional mortgages into GEMs.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?A) The loans are secured by the borrower's home.B) The borrower gives up the tax deduction on the primary mortgage.C) The borrower must pay points to get a second mortgage loan.D) The borrower will find it more difficult to qualify for a second mortgage loan.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition28) The share of the mortgage market held by savings and loans isA) over 50 percent.B) approximately 40 percent.C) approximately 20 percent.D) less than 5 percent.Answer: DTopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition29) The share of the mortgage market held by commercial banks is approximatelyA) 50 percent.B) 30 percent.C) 15 percent.D) 5 percent.Answer: BTopic: Chapter 14.4 Mortgage-Lending Institutions Question Status: Updated from Previous Edition30) A loan-servicing agent willA) package the loan for an investor.B) hold the loan in their investment portfolio.C) collect payments from the borrower.D) do both A and C of the above.E) do both B and C of the above.Answer: CTopic: Chapter 14.5 Loan ServicingQuestion Status: Previous Edition31) Distinct elements of a mortgage loan includeA) origination.B) investment.C) servicing.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition32) The Federal National Mortgage Association (Fannie Mae)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: ETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition33) The Federal Housing Administration (FHA)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition34) ________ issues participation certificates, and ________ provides federal insurance for participation certificates.A) Freddie Mac; Freddie MacB) Freddie Mac; Ginnie MaeC) Ginnie Mae; Freddie MacD) Ginnie Mae; Ginnie MaeE) Freddie Mac; no oneAnswer: ETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition35) REMICs are most likeA) Freddie Mac pass-through securities.B) Ginnie Mae pass-through securities.C) participation certificates.D) collateralized mortgage obligations.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition36) Ginnie MaeA) insures qualifying mortgages.B) insures pass-through certificates.C) insures collateralized mortgage obligations.D) does only A and B. of the above.E) does only B and C of the above.Answer: BTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition37) Mortgage-backed securitiesA) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.B) are securities collateralized by a pool of mortgages.C) are securities collateralized by both insured and uninsured mortgages.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition38) The most common type of mortgage-backed security isA) the mortgage pass-through, a security that has the borrower's mortgage payments pass through the trustee before being disbursed to the investors.B) collateralized mortgage obligations, a security which reduces prepayment risk.C) the participation certificate, a security which passes the borrower's mortgage payments equally among all the owners of the certificates.D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition39) The interest rate borrowers pay on their mortgages is determined byA) current long-term market rates.B) the term.C) the number of discount points.D) all of the above.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition40) A loan for borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income isA) a subprime mortgage.B) a securitized mortgage.C) an insured mortgage.D) a graduated-payment mortgage.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition41) The percentage of the total loan paid back immediately when a mortgage loan is obtained, which lowers the annual interest rate on the debt, is calledA) discount points.B) loan terms.C) collateral.D) down payment.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition42) Which of the following terms are found in mortgage loan contracts to protect the lender from financial loss?A) CollateralB) Down paymentC) Private mortgage insuranceD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition43) What factors are used in determining a person's FICO score?A) Past payment historyB) Outstanding debtC) Length of credit historyD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition44) Between 2000 and 2005, home prices increased an average of ________ per year.A) 2%B) 4%C) 8%D) 12%Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question45) From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused byA) speculators.B) an increase in subprime loans, which increased demand for new and existing houses.C) both A and B.D) None of the above are correct.Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Updated from Previous Edition14.2 True/False1) In 2012, mortgage loans to farms represented the largest proportion of mortgage lending in the U.S.Answer: FALSETopic: Chapter 14.1 What Are Mortgages?Question Status: New Question2) Down payments are designed to reduce the likelihood of default on mortgage loans.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) Discount points (or simply points) are interest payments made at the beginning of a loan.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) A point on a mortgage loan refers to one monthly payment of principal and interest.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Closing for a mortgage loan refers to the moment the loan is paid off.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition7) During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) One important advantage to a borrower who qualifies for an FHA or VA loan is the very low interest rate on the mortgage.Answer: FALSETopic: Chapter 14.3 Types of Mortgages9) Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages.Answer: TRUETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition10) Mortgage interest rates loosely track interest rates on three-month Treasury bills.Answer: FALSETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition11) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.Answer: TRUETopic: Chapter 14.3 Types of Mortgages12) Nearly half the funds for mortgage lending comes from mortgage pools and trusts.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition13) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.Answer: TRUETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition14) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.Answer: TRUETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition15) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.Answer: FALSETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition16) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition17) Fannie Mae and Freddie Mac together either own or insure the risk on nearly one-fourth of America's residential mortgages.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition18) A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition19) Subprime loans are those made to borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition14.3 Essay1) How has the modern mortgage market changed over recent years?Topic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) What are points? What is their purpose?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) How does an amortizing mortgage loan differ from a balloon mortgage loan?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Evaluate the advantages and disadvantages, from both the lender's and borrower's perspectives, of fixed-rate and adjustable-rate mortgages.Topic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition6) Why has the online lending market developed in recent years and what are the advantages and disadvantages of this development?Topic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition7) Why may Fannie Mae and Freddie Mac pose a threat to the health of the financial system?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition8) What are mortgage-backed securities, why were they developed, whattypes of mortgage-backed securities are there, and how do they work?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition9) What are the benefits and side effects of securitized mortgages?Topic: Chapter 14.7 Securitization of MortgagesQuestion Status: Previous Edition10) Discuss the pros and cons of a subprime market for residential mortgages in the U.S.Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question。
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Chapter 1经济学关注的3个问题：⏹How scarce resources are allocated in the productionprocess among competing uses.⏹How income generated in the production and sale of goodsand services is distributed among members of society.⏹How people allocate their income through spending, saving,borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）– Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries are institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
货币三大职能：Functions of money:⏹Means of payment (medium of exchange)支付手段（即交换媒介）- Something generally acceptable for making payments. 支付过程中被普遍接受的物品。
⏹Store of value价值储藏手段- Something that retains itsvalue over time. 可以长久地保持价值的物品。
Unit of account记账单位- A standardized accounting unit such as the dollar that provides a consistent measure of value. 标准的会计单位，例如美元，可以提供一个一致的价值度量。
Money aggregates（货币总量）- The measures of money—including M1, M2, and M3—monitored and tracked by the Fed. 联储监控并随时关注的货币指标数——M1，M2，M3。
M1– Currency in the hands of the public plus checkable deposits.通货加支票存款。
M2–Everything in M1 plus other highly liquid assets.M1加上其他高流动性资产。
M3– Everything in M2 plus some less liquid assets.M2加上一些低流动性资产。
Domestic nonfinancial debt (DNFD)（国内非金融债务）- An aggregate that is a measure of total credit market debt owed by the domestic nonfinancial government and private sectors. 国内非金融部门（政府及私人部门）在信用市场上的债务合计。
Chapter 3Quantity demanded of money(货币需求量)- The specific amount of money that spending units wish to hold at a specific interest rate (price). 在某一特定的利率（价格）水平下，支出单位希望持有的货币数量。
Demand for money（货币需求）- The entire set of interest rate–quantity demanded combinations as represented by a downward-sloping demand curve for money. 是一条向下倾斜的曲线，有一系列表明利率和货币需求数量之间的一一对应关系的点构成。
⏹There is an inverse relationship between the quantity demanded ofmoney and the interest rate. That is, ceteris paribus, when the interest rate goes up, the quantity demanded of money goes down, and when the interest rate falls, the quantity demanded of money increases.⏹Why is the relationship inverse?⏹When the interest rate goes up, the opportunity cost of holdingmoney goes up, and ceteris paribus, the quantity demanded of money goes down.⏹The demand for money is primarily determined by spending plans,income, changes in inflation, changes in computer and telecommunications technologies and changes in the risk and liquidity of other financial instruments.The difference between a change in quantity demanded and a change in demand: EXHIBIT 3-31. When the interest rate changes, we move along a single money demand curve, and there is a change in quantity demanded.2. When the demand for money because of income, spending plan and so forth changes, the entire demand curve shifts.Supply of money (货币供给)- The stock of money (M1), which includes currency in the hands of the public plus checkable deposits. 货币存量M1即公众持有的现金加上支票存款。
Quantity supplied of money（货币供给量）- The specific amount of money that will be supplied at a specific interest rate. 在某一特定利率（价格）水平下可提供的货币数量。
The Fed enters the picture in two places:1、A depository institution must have reserve assets equal to a certain percentage of its deposit liabilities. The Fed sets percentage of deposit liabilities that depository institutions must reserves assets equal to. This percentage is called the required reserve ratio（法定准备金率）. For example, if a credit union has checkable deposits in the amount of $1,000 and the Fed as set a 10 percent required reserve ratio, then the credit union must hold $100 in reserve as cash in its vaults or as deposits with the Fed.2、The Fed influences the amount of cash assets outstanding and hence the amount available for reserves.What is the significance of the changes in interest rates caused by changes in the demand for or supply of money?For example:Supply of money↑→ interest rates ↓→ cost of borrowing money ↓→ borrow money ↑→ credit ↑→aggregate demand for goods and services ↑→ general level of prices↑Credit（信用）- The flow of money from net lenders or financial intermediaries to net borrowers in a given time period. 在一定时期内，货币从贷方直接或是间接通过金融中介流向借方。