兹维博迪金融学第二版
试题库11TB(1)
-CAL-FENGHAI.-(YICAI)-Company One1
Chapter Eleven
Hedging, Insuring, and Diversifying
This chapter contains 35 multiple choice questions, 10 short problems and 5 longer problems.
Multiple Choice
1. One is said to ________ a risk if reducing one’s exposure to a loss requires giving up the
possibility of a gain, whereas ________ means paying a premium to avoid possible losses.
(a) diversify; hedging (b) insure; hedging (c) hedge; insuring (d) hedge; diversifying
Answer: (c)
2. A(n) ________ insures creditors against losses stemming from a debtor’s failure to make
promised payments.
(a) hedge
(b) credit guarantee (c) option
(d) asset guarantee
Answer: (b)
3. In a forward contract, the price for immediate delivery of an item is termed the ________.
(a) spot price (b) forward price (c) face value (d) long position
Answer: (a)
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4. In a forward contract, the party who commits to sell an item is said to take a ________, and
the party who commits to buy the specified item is said to take a ________.
(a) long position; short position (b) short position, spot position (c) short position; long position (d) long position; spot position
Answer: (c)
5. ________ are traded on organized exchanges.
(a) Forward contracts (b) Futures contracts (c) Options (d) b and c
Answer: (d)
6. A(n) ________ is an agreement between two parties to exchange a series of cash flows at
specified intervals over a specified period of time.
(a) futures contract (b) swap contract (c) option contract (d) credit contract
Answer: (b)
7. The swap contract is equivalent to ________.
(a) a series of forward contracts (b) a series of credit contracts (c) a series of option contracts
(d) a series of diversification contracts
Answer: (a)
8. For a savings bank with customer liabilities that are short-term deposits earning an interest
rate that changes with market conditions, one appropriate hedging strategy might be to roll over short-term bonds. This is termed ________.
(a) a swaps contract (b) an options contract
(c) matching assets to liabilities (d) an insurance contract
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兹维博迪金融学第二版试题库11TB(1)
