金融市场与机构Madura第九版题库ch13.doc

Chapter 13 Financial Futures Markets 1. A(n) ______ is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date. A) option contract B) brokerage contract C) financial futures contract D) margin call ANSWER: C 2. Interest rate futures are not available on A) Treasury bonds. B) Treasury notes. C) Eurodollar CDs. D) the SP 500 index. ANSWER: D 3. _________ take positions in futures to reduce their exposure to future movements in interest rates or stock prices. A) Hedgers B) Day traders C) Position traders D) none of the above ANSWER: A 4. ______ trade futures contracts for their own account. A) Commission brokers B) Floor brokers C) Commission traders D) Floor traders ANSWER: D 5. The initial margin of a futures contract is typically between ___________ percent of a futures contract’s full value. A) 0 and 2 B) 5 and 18 C) 25 and 40 D) 45 and 60 ANSWER: B 6. Futures exchanges facilitate the trading process and take buy or sell positions on futures contracts. A) True B) False ANSWER: B 7. If the prices of Treasury bonds ______, the value of an existing Treasury bond futures contract should ______. A) increase; be unaffected B) decrease; be unaffected C) A and B D) decrease; decrease E) decrease; increase ANSWER: D 8. Assume that a Tbill futures contract with a face value of $1 million is purchased at a price of $95.00 per $100 face value.? At settlement, the price of Tbills is $95.50.? What is the difference between the selling and purchase price of the futures contract? A) $.50 B) $50 C) $500 D) $5,000 E) none of the above ANSWER: D 9. If speculators believe interest rates will _______, they would consider ______ a Tbill futures contract today. A) increase; selling B) increase; buying C) decrease, selling D) decrease; purchasing a call option on ANSWER: A 10. Financial futures contracts on U.S. securities are __________ by non-U.S. financial