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1 According to your text, is a country that has been perceived as one of the most attractive sources of new demand a Australia b India c Vietnam d China A banker's acceptance is a draft drawn on and accepted by a(n) a importer b none of the above c bank d exporter The "J curve" effect describes a the tendency for exporters to initially reduce the price of goods when their own currency appreciates b the short-run tendency for a country's balance of trade to deteriorate even while its currency is depreciating c the continuous long-term inverse relationship between a country's current account balance and the country's growth in gross national product d the reaction of a country's currency to initially depreciate after the country's inflation rate declines Mr Nghia purchase a put option that was written on £100,000 The strike price is $1.50 = £1.00 and the option premium is $0.02 per British Pound What is the theoretical maximum gain on this position in USD? a $148,000 correct 100% b $2,000 c $80,000 d There is unlimited upside potential Cách giải: Thuộc Put option - buyer (người mua) Spot = S Strike = X Phí= C => Lớn -S+X-C>=0 -S+1.5-0.02 >=0 -S+1.48>=0 S Lỗ 0.1*62500= -6250 22 You bought a put option on euros with a strike price of $1.70/£ The option premium is 0.02 USD per unit Which spot price make you break-even(điểm hòa vốn) if you choose to exercise the option before maturity? (write number only, round up to decimal numbers) -c+k-st c=0.02 st=1.7 k=? Strike price-Spot price-Premium=0 => Spot price=Strike price - Premium = 1,7-0,02 = 1,68 23 Which of the following industries would most likely take advantage of lower costs in some less developed foreign countries a assembly line production b specialized professional services c nuclear missile planning d planning for more sophisticated computer technology 24 What is a name of a foreign currency contract that calls for the future delivery of a standard amount of foreign exchange at a predetermined time, place, and price? a forward b swap c option d futures Đề thầy khoa Due to the risks involved in international business, firms should none of above With regard to corporate goals, an MNC is mostly concerned with maximizing , and a purely domestic firm is mostly concerned with maximizing Shareholder wealth Shareholder wealth For the MNC, agency costs are typically Lager than agency cost of a small purely domestic firm The valuation of an MNC should rise when an event causes the expected cash flows from foreign to and when foreign currencies denominating these cash flows are expected to increase; appreciate An increase in the current account deficit will place pressure on the home currency value, other things equal Downward The World Bank was established to _ Enhance economic development through non-subsidized loans (at market interest rates.) The International Development Association was established to _ Enhance economic development through low-interest rate loans (belowmarket rates) Which of the following is not mentioned in the text as an additional risk resulting from international business interest risk Assume that a bank's bid rate on Swiss francs is 0.45 and its ask rate is 0.45an ditsask rate is 0.47 Its bid-ask percentage spread is None of above The bid/ask spread for small retail transactions is commonly in the range of percent? all of above Which of the following statement is incorrect regarding to spot market liquidity? if a currency is illiquid, an MNC is typically able to quickly purchase that currency at a resonable exchange rate Which of the following is not the main objective of the international money market? all of above What is main purpose of calculating the bid-ask spread on an exchange rate? the bid - ask spread determines the transaction cost of foreign exchange Assume that $1 is equal to 85 British Pound and 98 yen What is the value of British Pound in Yen a 0.0087 b 121.23 c None of above d 111.49 You observe a quotation of the Swiss Franc of 0.007 You are, however, interested in the number of Swiss Franc per dollar Thus, you calculate the quotation of Swiss Franc / a b c d direct; 124.86 direct; 150 indirect;150 indirect; 142.86 An MNC's medium debt financing decisions are satisfied in the market, while its short-term financing decisions are satisfied in the market? international credit; international money The owners of a multinational firm are the Shareholders The world's largest foreign exchange trading center is london What is the spot market? involves the almost - immediate purchase or sale of foreign exchange Suppose that the current exchange rate is €0.80 = $1.00 The direct quote, from the U.S perspective is €1.00=$1.25 The Bid price is the price that a bank stands ready to pay Suppose a bank customer with €1,000,000 wishes buy Japanese yen The dollar-euro exchange rate is quoted as $1.60 = €1.00 and the dollar-yen exchange rate is quoted at $1.00 = ¥120 How many yen will the customer get a b c d ¥5,208,333 ¥5,208.33 ¥192,000,000 ¥75,000,000 The largest and most active financial market in the world is the fx market What is the definition of a call option? The correct answer is gives the holder the right, but not the obligation, to buy the underlying asset for a stated price over a stated time period If we have put options that have the same maturity and premium, the more valuable one will have a higher strike price a b c d None of above Larger St Lower strike price larger R$ Which of the following does the most to reduce default risk for futures contracts? The correct answer is Marking to market A put option has a strike price of $15 The price of the underlying stock is currently $22 The put is a b c d in the money near the money at the money None of above Who has the right to sell an asset at a “lock-in” price The correct answer is A buyer of a put option Who has an obligation to sell an asset at a “lock-in” price? The correct answer is A seller of a put option Which of the following strategies will be profitable if the price of the underlying asset is expected to decrease? The correct answer is Buying a put & selling a call A _ option is said to be in the money when the market price of the underlying security _ the exercise price? The correct answer is call; exceeds The the existing market price of the underlying financial instrument relative to the strike price, the the call option premium Your answer is correct! higher; higher A foreign currency option gives the holder the right to a foreign currency whereas a foreign currency option gives the holder the right to an option Your answer is correct! call, buy, put, sell The price at which an option can be exercised is called the Your answer is correct! strike price The maximum gain for the purchaser of a call option contract is while the maximum loss is The correct answer is unlimited; the premium paid Which of the following is NOT true for the writer of a call option? The correct answer is The maximum gain is unlimited You have to pay a loan denominated in SGD due in months To protect yourself against unexpected changes in the VND/SGD exchange rate you should? Your answer is correct! buy a SGD call option Which of the following is NOT a factor in determining the premium price of a currency option? a b c d all of the above are factors in determining the premium price the time to maturity the standard deviation of the daily spot price movement the present spot rate The FDI flows from U.S firms to other countries have generally … over time; the FDI flows from other countries into the U.S by non-U.S firms have generally … over time a increased; decreased b decreased; increased c decreased; decreased d increased; increased The U.S treasury bonds yields currently 3% The expected return of S&P 500 index is 10% Ford, Inc is considering a project that has a beta of 1.2 What is the cost of dollar-denominated equity in percentage? (Write down the number only, round up to decimal number) CAPM: rf + B*(rm - rf) = 3% + 1.2*(10% - 3%) = 11.4 The higher a project's beta, the is the project's risk? a higher; unsystematic b higher; systematic c lower; unsystematic d lower; systematic If we have put options that have the same maturity and premium, the more valuable one will have a a lower strike price b higher strike price c larger R$ d larger St Consider a PUT option written on €100,000 The strike price is C$1.68 = €1.00 and the option premium is C$0.01 At what exchange rate will the buyer of this put option break even? (round up to decimal numbers, write number only) -C + K - St = -0.01 + 1.68 - St = => St = 1.67 You bought a put option on euros with a strike price of $1.70/£ The option premium is 0.02 USD per unit Which spot price make you break-even if you choose to exercise the option before maturity? (write number only, round up to decimal numbers) -C + K - St = -0.02 + 1.7 - St = => St = 1.68 are most commonly classified as a direct foreign investment a Licensing agreements b Foreign acquisitions c Exporting transactions d Purchases of international stocks Ms Xuan buys an European call option on euro The contract size is £62,500, the maturity is six months, and the strike price is $1.50 = £1 At maturity, the settlement price is $1.60 = £1 What is the amount her gain or loss in USD (write + before the number for gain, - before the number for loss, round up to decimal numbers) Lỗ 0.1$ mà giá hợp đồng 62,500 => Đổi 62500*1.6 = 100,000$ Question text According to the textbook, what is the average daily foreign exchange trading globally? a equals about $500 billion b equals about $700 billion c equals about $300 billion d None of above Question 16 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is NOT true for the writer of a call option? a All of the above are true b The gain or loss is equal to but of the opposite sign of the buyer of a call option c The maximum loss is unlimited d The maximum gain is unlimited Question 17 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is an incorrect bid/ask quotation for the Taiwan dollar? a $.653/$.651 b $.351/$.353 c $.350/$.351 d $.349/$.350 Question 18 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is not the main objective of the international credit market? a placing newly issued stock in foreign markets b providing an exchange of foreign currencies for firms who need them c short-term lending (less than one year) d All of above Question 19 Not yet answered Marked out of 1.00 Flag question Question text A _ option is said to be in the money when the market price of the underlying security _ the exercise price? a call; is less than b put; exceeds c none of the above d call; exceeds Question 20 Not yet answered Marked out of 1.00 Flag question Question text A call option with a strike price of $35 can be bought for $4 What will be your net profit in USD if you sell the call option and the stock price is $22 when the call expires? (write number only) Answer: An MNC's medium debt financing decisions are satisfied in the market, while its short-term financing decisions are satisfied in the market? a international money; international bond b international bond; international credit c international money; international credit d international credit; international money Question Not yet answered Marked out of 1.00 Remove flag Question text Which of the following strategies will be profitable if the price of the underlying asset is expected to decrease? a Selling a call & selling a put b Buying a put & selling a call c Buying a call & buying a put d Selling a put & buying a call Question 11 Not yet answered Marked out of 1.00 Remove flag Question text The maximum gain for the purchaser of a call option contract is while the maximum loss is a unlimited; the premium paid b the premium paid; unlimited c unlimited; unlimited d unlimited; the value of the underlying asset Question 10 Not yet answered Marked out of 1.00 Remove flag Question text Mr Nghia purchase a put option that was written on £100,000 The strike price is $1.50 = £1.00 and the option premium is $0.02 per British Pound What is the theoretical maximum gain on this position in USD? a There is unlimited upside potential b $148,000 c $2,000 d $80,000 You have to pay a loan denominated in SGD due in months To protect yourself against unexpected changes in the VND/SGD exchange rate you should? a buy a SGD call option b sell a SGD call option c sell a SGD put option d buy a SGD put option Mr Thinh wants to speculate on a rise in the value of the AUD If his forecast is correct and the value of the AUD does indeed increase in the future, he would profit with a a short position in a forward contract on the AUD b a short position in a futures contract on the AUD c a long position in a futures contract on the AUD d None of the above Which of the following does the most to reduce default risk for futures contracts? a Marking to market b Flexible delivery arrangements c Credit checks for both buyers and sellers d High liquidity For the MNC, agency costs are typically: Question 19 Not yet answered Marked out of 1.00 Remove flag Question text Consider a PUT option written on €100,000 The strike price is C$1.45 = €1.00 and the option premium is C$0.02 What is spot exchange rate that make you break-even? (write number only) Answer: 1.43 Q.Due to the risks involved in international business, firms should only consider international business in major countries maintain international business to no more than 20% of total business None of above maintain international business to no more than 35% of total business 30 sec Q.With regard to corporate goals, an MNC is mostly concerned with maximizing , and a purely domestic firm is mostly concerned with maximizing short-term earnings; sales volume shareholder wealth; shareholder wealth short-term earnings; shareholder wealth shareholder wealth; short-term earnings 30 sec Q.For the MNC, agency costs are typically smaller than agency costs of a small purely domestic firm larger than agency costs of a small purely domestic firm non-existent the same as agency costs of a small purely domestic firm 30 sec Q.The valuation of an MNC should rise when an event causes the expected cash flows from foreign to and when foreign currencies denominating these cash flows are expected to increase; depreciate increase; appreciate decrease; depreciate decrease; appreciate 30 sec Q.An increase in the current account deficit will place pressure on the home currency value, other things equal downward no upward or downward (depending on the size of the deficit) upward 30 sec Q.The World Bank was established to _ enhance development solely in Asia through grants enhance economic development of the private sector through investment in stock of corporations enhance economic development through non-subsidized loans (at market interest rates) enhance economic development through low-interest rate loans (below-market rates) 30 sec Q.The International Development Association was established to _ enhance economic development through non-subsidized loans (at market interest rates) enhance development solely in Asia through grants enhance economic development through low-interest rate loans (below-market rates) enhance economic development of the private sector through investment in stock of corporations 30 sec Q.Which of the following is not mentioned in the text as an additional risk resulting from international business political risk exchange rate fluctuations exposure to foreign economies interest rate risk 30 sec Q.Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47 Its bid-ask percentage spread is about 4.44% about 4.03% None of above about 4.17% 30 sec Q.The bid/ask spread for small retail transactions is commonly in the range of percent? Inventory costs Volume All of above Order costs 10 30 sec Q.Which of the following statement is incorrect regarding to spot market liquidity? The spot markets for heavily traded currencies such as the Japanese yen are very liquid If a currency is illiquid, an MNC is typically able to quickly purchase that currency at a reasonable exchange rate A currency's liquidity affects the ease with which an MNC can obtain or sell that currency The more willing buyers and sellers there are, the more liquid a market is 11 30 sec Q.Which of the following is not the main objective of the international money market? placing newly issued stock in foreign markets placing bonds with investors medium-term lending All of above 12 30 sec Q.What is main purpose of calculating the bid-ask spread on an exchange rate? The bid-ask spread determines the currency option premium The bid-ask spread determines how an exchange rate will change The bid-ask spread determines the transaction cost of foreign exchange The bid-ask spread determines the forward premium 13 30 sec Q.Assume that $1 is equal to 85 British Pound and 98 yen What is the value of British Pound in Yen None of above 111.49 0.0087 121.23 14 45 sec Q.Which of the following is an incorrect bid/ask quotation for the Taiwan dollar? $.350/$.351 $.653/$.651 $.349/$.350 $.351/$.353 15 45 sec Q.You observe a quotation of the Swiss Franc of $0.007 You are, however, interested in the number of Swiss Franc per dollar Thus, you calculate the quotation of Swiss Franc /$ indirect; 142.86 indirect; 150 direct; 150 direct; 124.86 16 60 sec Q.An MNC's medium debt financing decisions are satisfied in the market, while its short-term financing decisions are satisfied in the market? international bond; international credit international credit; international money international money; international credit international money; international bond 17 30 sec Q.The owners of a multinational firm are the suppliers Shareholders workers taxpayers 18 30 sec Q.The world's largest foreign exchange trading center is New York Beijing Tokyo London 19 30 sec Q.What is the spot market? involves the sale of futures, forwards, and options on foreign exchange None of above takes place only on the floor of a physical exchange involves the almost-immediate purchase or sale of foreign exchange 20 30 sec Q.Suppose that the current exchange rate is €0.80 = $1.00 The direct quote, from the U.S perspective is £1.00 = $1.80 €0.80 = $1.00 None of the above €1.00 = $1.25 21 45 sec Q.The Bid price refers only to auctions like eBay, not over the counter transactions with dealers is the price that a bank stands ready to sell at None of above is the price that a bank stands ready to pay 22 30 sec Q.Suppose a bank customer with €1,000,000 wishes buy Japanese yen The dollar-euro exchange rate is quoted as $1.60 = €1.00 and the dollar-yen exchange rate is quoted at $1.00 = ¥120 How many yen will the customer get ¥192,000,000 ¥75,000,000 ¥5,208.33 ¥5,208,333 23 60 sec Q.The largest and most active financial market in the world is none of the above the NYSE in New York the Fleet Street Exchange in London the FX market 24 30 sec Q.What is the definition of a call option? is a contract to buy a certain quantity of a specific underlying asset at a specific price at a specified date in the future gives the holder the right, but not the obligation, to buy the underlying asset for a stated price over a stated time period gives the holder the right, but not the obligation, to sell the underlying asset for a stated price over a stated time period is an exchange-traded contract to buy a certain quantity of a specific underlying asset at a specific price at a specified date in the future 25 30 sec Q.Mr Nghia purchase a put option that was written on £100,000 The strike price is $1.50 = £1.00 and the option premium is $0.02 per British Pound What is the theoretical maximum gain on this position in USD? $2,000 $80,000 There is unlimited upside potential $148,000 26 60 sec Q.If we have put options that have the same maturity and premium, the more valuable one will have a None of above lower strike price larger St larger R$ 27 30 sec Q.Which of the following does the most to reduce default risk for futures contracts? Flexible delivery arrangements High liquidity Marking to market Credit checks for both buyers and sellers 28 30 sec Q.A put option has a strike price of $15 The price of the underlying stock is currently $22 The put is None of above at the money in the money near the money 29 60 sec Q.Who has the right to sell an asset at a “lock-in” price A seller of a put option A seller of a call option A buyer of a put option A buyer of a call option 30 30 sec Q.Who has an obligation to sell an asset at a “lock-in” price? A buyer of a put option A seller of a put option A seller of a call option A buyer of a call option 31 30 sec Q.Which of the following strategies will be profitable if the price of the underlying asset is expected to decrease? Selling a put & buying a call Selling a call & selling a put Buying a call & buying a put Buying a put & selling a call 32 30 sec Q.A _ option is said to be in the money when the market price of the underlying security _ the exercise price? none of the above call; is less than call; exceeds put; exceeds 33 60 sec Q.The the existing market price of the underlying financial instrument relative to the strike price, the the call option premium none of the above higher; higher lower; higher higher; lower 34 45 sec Q.A foreign currency option gives the holder the right to a foreign currency whereas a foreign currency option gives the holder the right to an option call, buy, put, sell put, hold, call, release none of the above call, sell, put, buy 35 120 sec Q.The price at which an option can be exercised is called the spot rate commission premium strike price 36 30 sec Q.The maximum gain for the purchaser of a call option contract is while the maximum loss is the premium paid; unlimited unlimited; unlimited unlimited; the premium paid unlimited; the value of the underlying asset 37 60 sec Q.Which of the following is NOT true for the writer of a call option? The maximum loss is unlimited The maximum gain is unlimited The gain or loss is equal to but of the opposite sign of the buyer of a call option All of the above are true 38 30 sec Q.You have to pay a loan denominated in SGD due in months To protect yourself against unexpected changes in the VND/SGD exchange rate you should? sell a SGD call option buy a SGD call option buy a SGD put option sell a SGD put option 39 30 sec Q.Which of the following is NOT a factor in determining the premium price of a currency option? all of the above are factors in determining the premium price the present spot rate the standard deviation of the daily spot price movement the time to maturity Ms Xuan buys an European call option on euro The contract size is £62,500, the maturity is six months, and the strike price is $1.50 = £1 At maturity, the settlement price is $1.60 = £1 What is the amount her gain or loss in USD (write + before the number for gain, - before the number for loss, round up to decimal numbers) Which of the following statements regarding currency futures contracts and forward contracts is NOT true a A futures contract is for a fixed maturity whereas the forward contract is for any maturity you like up to one year b A futures contract is a standardized amount per currency whereas the forward contact is for any size desired c All of the above are true d Futures contracts trade on organized exchanges whereas forwards take place between individuals and banks with other banks via tel A call option whose exercise price exceeds the spot price is said to be: A) in-the-money B) at-the-money C) out-of-the-money D) over-the-spot A call option whose exercise price is less than the spot price is said to be: A) in-the-money B) at-the-money C) out-of-the-money D) under-the-spot An option whose exercise price is equal to the spot rate is said to be: A) in-the-money B) at-the-money C) out-of-the-money D) on-the-spot A call option with a strike price of $35 can be bought for $2 What will be your net profit in USD if you sell the call and the stock price is $22 when the call expires? (write number only) 15 Ms Xuan buys an European call option on euro The contract size is £62,500, the maturity is six months, and the strike price is $1.50 = £1 At maturity, the settlement price is $1.60 = £1 What is the amount her gain or loss in USD (write + before the number for gain, - before the number for loss, round up to decimal numbers): 6250 ... Which of the following is an incorrect characteristic of banks who provides foreign exchange services? a Forecasting advice b Advice about current market conditions c Quote competitiveness d Order... years Vinaphone's cost of capital is 13%, and the project in New Zealand has the same risk as Vinaphone's existing projects All cash flows generated from the project will be remitted to Vinaphone... contracts trade on organized exchanges whereas forwards take place between individuals and banks with other banks via telecom linkages b A futures contract is for a fixed maturity whereas the