Chapter 2 Money and the Payments System
第二章 货币与货币制度

1. The unit of account characteristic of money:
1. 货币的记账单位特点：

A. makes it difficult to compare the relative prices of goods and services. B. refers to how we use money to transfer purchasing power overtime. C. means prices are expressed in terms of money
A. 使比较商品和服务的相对价格变得困难。B. 指我们如何用金钱来转移购买力 overtimeC.表示价格以货币表示.

D. means that money finalizes payments.
D.表示货币最终确定 payments。

2. As an economy produces more different types of goods:
2.随着一个经济体生产更多不同类型的商品：

A. it is more difficult to quote prices if the economy does not use money.
A.如果经济不使用货币，报价就更难了。

B. the number of relative prices decreases
B. 相对价格数量减少.

C. money becomes less useful as a unit of account.
C. 货币作为记账单位变得不那么有用。

D. money becomes less useful as a standard of value
D. 货币作为价值标准变得不那么有用.

3. The store of value characteristic of money refers to the fact that
3. 货币的价值储存特征是指:

A. people save most of their money
A. 人们把大部分钱都存起来.

B. money allows people to shift purchasing power into the future.
B. 货币使人们能够将购买力转移到未来。

C. money is not valuable unless it is stored.
C. 金钱不被储存起来就没有价值。

D. money is the only way people have to store value.
D.money 是人们存储价值的唯一方式。

4. Compare two economies: a barter economy versus an economy that uses money. In order to exchange goods and services:
4. 比较两个经济体：易货经济与使用货币的经济。为了交换商品和服务：

A. a double coincidence of wants is necessary in the barter economy.
A.在易货经济中，需求的双重重合是必要的。

B. a double coincidence of wants is more likely to occur in the barter economy.
B. 在易货经济中，需求出现双重重合的可能性更大。

C. transactions are likely to be smoother in the barter economy because goods and services are exchanged directly.
C.在 barter经济中，交易可能更顺畅，因为商品和服务是直接交换的。

D. the money economy requires that sellers have more information about buyers'wants
D. 货币经济要求卖家更多地了解买家的需求.

5. The high transaction costs associated with a barter system refers to the: A. fact that, oftentimes, these exchanges are taxed by governments
5. 与易货系统相关的高交易成本是指： A. 事实上，这些交易所通常由政府征税.

B. risk associated with having to carry an inventory of goods to trade. C. high cost associated with finding someone with whom to exchange. D. cost of drawing up complete contracts.
B. 与必须携带商品库存进行交易相关的风险。C. 与寻找相关人员相关的高成本。 D.起草完整合同的成本。

6. Which of the following statements is most correct?
6. 以下哪项陈述最正确？

A. Money is wealth but not all wealth is money.
A.金钱是财富，但不是所有的财富都是金钱。

B. Money is a means of payment but is not part of wealth
B. 金钱是一种支付手段，但不是财富的一部分.

C. In order to be considered part of a person's wealth, an asset must have a positive return.
C.为了被视为一个人财富的一部分，资产必须具有积极的回报。

D. Wealth is a store of value and a means of payment.
D.财富是一种价值储存手段，也是一种赚钱的手段。

7. In comparing money to a U.S. Treasury bond held by an individual, we can say:
7. 将货币与个人持有的美国国债进行比较时，我们可以说：

A. the treasury bond is an asset but money is not.
A.国债是一种资产，但货币不是。

B. money is an asset but the U.S. bond is a liability of the individual.
B. 货币是一种资产，但美国债券是个人的负债。

C. both are stores of value
C. 两者都是价值存储.

D. money is a store of value but the bond is not.
D.money 是一种价值储存手段，但债券不是。

8. Carlos pays his cable bill using his bank's internet banking web site to withdraw funds from his checking account. This transaction is a(n):
8. Carlos 使用他银行的网上银行网站支付他的有线电视账单，从他的支票账户中提取 w 笔资金。此交易为 a（n）：

A. automated clearinghouse transaction (ACH).
A.自动清算所交易 （ACH）。

B. digitized-check transaction. C. e-money transaction.
B. 数字化支票交易。C. 电子货币交易。

D. fedwire transaction.
D.fedwire 交易。

9. The value of fiat money:
9.法币m y 的价值：

A. comes from its intrinsic value.
A.来自其内在价值。

B. is worth more as a commodity than its value as money.
B. 作为商品的价值高于作为货币的价值。

C. comes from government decree.
C. 来自政府法令。

D. means that it is more desirable than currency.
D.表示它比 cu rrency 更可取。

10. One major difference between a debit and credit card is:
10. 借记卡和信用卡之间的一个主要区别是：

A. you can build a credit history with the credit card but not with the debit card.
A.您可以使用信用卡建立信用记录，但不能使用借记卡建立信用记录。

B. you have to pay interest on your purchases if you use a credit card.
B. 如果您使用信用卡，则必须支付购物利息。

C. credit cards are money and the debit card is not.
C. 信用卡是钱，而借记卡不是。

D. debit cards charge late fees.
D.借记卡收取滞纳金

11. To say an asset is liquid implies that:
11. 说资产具有流动性意味着：

A. we are focusing on a category of assets that are in a physically liquid form, like oil. B. we are considering assets that maybe readily converted into a means of payment
答：我们专注于一类物理流动性的资产，例如石油。B. 我们正在考虑可能很容易转换为支付手段的资产.

C. we are considering any asset that can be sold.
C. 我们正在考虑出售任何可以出售的资产。

D. we are only considering U.S. currency.
D.我们只考虑美国现行价格。

12. Money aggregates can best be defined as a set of measures of the amount of:
12. 货币总量最好定义为一组衡量以下金额的指标：

A. money that exists at a particular point in time.
A.存在于特定时间点的货币。

B. money the Federal Reserve has on deposit as reserves.
B. 美联储存入的re-serve 资金。

C. money available to the economy over a year.
C. 一年内经济可用的资金。

D. U.S. currency the Bureau of Printing and Engraving has produced.
美国印刷和雕刻局 （Bureau ofPrinting and Engraving） 生产的美国货币。

13. Ava buys a $2,000 computer using a paper check. At which step does $2,000 get recorded in M1?
13. Ava 使用纸质支票购买了 2,000 澳元的电脑。 M2,000 中记录 1 美元在哪一步？

A. When Ava hands the $2,000 check to the computer merchant.
A.当Ava 将 2,000 美元的支票交给电脑商家时。

B. Once the $2000 is credited to the merchant bank's reserve account and is debited from Ava's bank account.
湾。一旦 2000 美元记入商家银行的储备账户并从Ava 的银行账户中扣除。

C. Once the Federal Reserve sends the paper check (or an electronic image) to Ava's bank.
C.一旦美联储将纸质支票（或电子图像）发送到Ava 的银行。

D. The check is never M1. The $2000 is M1 both in Ava's bank account and, later, in the merchant's account. It is the deposit balance that is counted.
D.支票绝不是M1。这 2000 美元在 Av a 的银行账户中以及后来在商家的账户中都是 M1。这是存款余额。

14. Sophia receives a $400 gift card for her campus bookstore from her parents. Which of the following is true regarding the $400 gift card?
14.Sophia 从她的父母那里收到了 400 澳元的校园bookstore 礼品卡。 关于 400 gift 卡，以下哪一项是正确的？

A. It is counted only in M1.
A.仅计入M1 中。

B. It is included in both M1 and M2.
湾。它包含在 M1和M2 中。

C. It is counted in only M2.
C.它仅计入M2。

D. Stored-value cards are not counted in either M1 or M2.
D. 储值卡不计入 M1 或 M2。

15. In countries with low inflation:
15. 在低通货膨胀的国家：

A. M2 growth is a very strong forecaster of inflation.
A.M2 增长是通货膨胀的一个非常有力的预测指标。

B. there tends to be a greater reliance on checks than electronic payments.
B. 与电子支付相比，人们往往更依赖支票。

C. M2 growth is a poor forecaster of inflation.
C. M2 增长对通货膨胀的预测效果不佳。

D. money stocks are a larger percentage of GDP.
D.货币股票占GDP 的比例更大。

16. Sue uses a credit card to purchase a new pair of jeans. Sue is:
16.Sue 使用信用卡购买一双新jeans.Sue 是：

A. using money to buy her jeans since credit cards is money
A. 用钱买牛仔裤，因为信用卡就是钱.

B. creating a liability that she will ultimately have to pay with money.
B. 产生负债，她最终必须支付 with 钱。

C. using an electronic payment form of money
C. 使用电子支付方式.

D. using a form of money included in M2.
D.使用M 2 中包含的货币形式。

17. The purchasing power of money:
17. 购买款项：

A. rises when inflation rises.
A.当通货膨胀率上升时上升。

B. decreases as the price level decreases.
B. 随着价格水平的下降而降低。

C. decreases with inflation.
C. 随着 inflation 而减少。

D. is not impacted by inflation, only by monetary policy.
D.不受通货膨胀的影响，仅受货币政策的影响。

18. Inflation refers to growth in the economy's:
18. 通货膨胀是指经济的增长：

A. Gross Domestic Product (GDP).
A. 国内生产总值 （GDP）。

B. interest rates. C. money.
B. 利率。C. 金钱。

D. prices.
D. 价格。

1. Which of the following statements is most correct?
1. 以下哪项陈述最正确？

A. All banks are financial intermediaries, but not all financial intermediaries are banks.
A.所有银行都是金融中介机构，但并非所有金融中介日记都是银行。

B. Financial intermediaries must be public corporations. C. All financial intermediaries are insurance companies. D. Financial intermediaries are government agencies.
B. 金融中介机构必须是公共公司。 C.所有金融中介机构都是保险公司。 D. 金融中介机构是政府年龄限制。

2. Mary purchases a U.S. Treasury bond; the bond is a(n):
2. Mary 购买了美国国债; 保证金为 a（n）：

A. asset of the U.S. government as well as an asset for Mary. B. liability of the U.S. government and an asset for Mary.
A.美国政府的资产以及Mary 的资产。 B. 美国政府的负债和资产。

C. asset for Mary but not a liability of the U.S. Government. D. asset for the government but a liability for Mary.
C. Mary 的资产，但不是美国政府的负债。D. 政府的资产，但Mary 的能力。

3.A financial instrument would include
3.金融工具包括:

A. only a written obligation and a transfer of value. B. only a written obligation and a specified date.
一个。 只有书面义务和价值转让 B。只有书面承诺和指定日期。

C. a written obligation,a transfer of value, a future date, and certain conditions
C. 书面义务价值转让、未来日期和某些条件.

D. a written obligation, a transfer of value, a specific date for payment, uncertain conditions.
D. 书面义务、价值转让、具体付款日期、不确定的条件。

4. Many financial instruments are standardized because:
4. 许多金融工具是标准化的，原因如下：

A. it is believed that most parties to a contract do not read themanyway
A. 据信，合同的大多数各方无论如何都不会阅读它们.

B. complexity is costly, the more complex a contract, the more it costs to create.
B. 复杂性成本高昂，合同越复杂，创建成本就越高。

C. the standardization of contracts makes them harder to understand.
C. 合同的标准化使它们更难理解。

D. it is required by the government.
D. 政府要求。

5. Asymmetric information in financial markets is a potential problem usually resulting from:
5.金融市场中的信息不对称是一个潜在的问题，通常是由以下原因引起的：

A. borrowers having more information than the lenders. B. lenders having more information than borrowers.
A. 借款人比借款人拥有更多的信息。 B. 贷款人比 borr owers 拥有更多的信息。

C. the fact that people are basically dishonest.
C. 人们基本上都是 dishonest 的事实。

D. the uncertainty about Federal Reserve monetary policy.
D. 美联储货币政策的不确定性。

6. Agencies exist which rate bonds based on characteristics of the borrower Such bond rating agencies are an example of a financial market response designed to:
6. 存在根据借款人特征对债券进行评级的机构此类债券评级机构是金融市场反应的一个例子，旨在：

A. increase information asymmetry.
A. 增加信息不对称。

B. decrease the real return to bondholders.
B. 降低 bondholde rs 的实际回报。

C. provide a lower cost solution to the high cost of information.
C. 为高成本的信息提供低成本的解决方案。

D. transfer risk from the buyer to the rating agency.
D. 将风险从买方转移到评级 a程度。

7. The better the information provided to financial markets the:
7. 提供给金融市场的信息越好：

A. less the amount of funds transferred between savers and borrowers.
A. 减去储户和借款人之间转移的资金金额。

B. greater the amount of funds transferred between savers and borrowers though risk increases.
B. 尽管风险增加，但储户和借款人之间转移的资金金额更大。

C. higher the return required by lenders.
C. 更高的回报要求 by 贷方。

D. greater will be the flow of funds in these markets.
D. 这些市场的资金流动将更大。

8. The owner of a small business applies for a bank loan and tells the loan officer that the funds will be used to expand inventory for the upcoming holiday season. The small business finds itself in need of additional funds to meet the monthly rent for the next quarter and the owner uses the loan proceeds to pay the rent. This is an example of:
8.一家小企业的所有者申请银行贷款，并告诉信贷员这笔资金将用于为即将到来的假期扩大投资。 这家小企业发现自己需要额外的资金来支付下一季度的月租金，业主用贷款收益来支付租金。 这是一个例子：

A. liquidity risk.
A. 流动性风险。

B. default risk.
B. 违约风险。

C. a lack of diversification for the bank.
C. 银行缺乏多元化。

D. information asymmetry.
D. 信息不对称。

9.Aderivative instrument
9.衍生工具:

A. comes into existence after the underlying instrument is in default. B. is a low-risk financial instrument used by highly risk-averse savers.
A. 在基础工具违约后出现。 B. 是高度厌恶风险的储蓄者使用的低风险金融工具。

C. gets its value and payoff from the performance of the underlying instrument
C. 从基础工具的表现中获得其价值和回报.

D. should be purchased prior to purchasing the underlying security.
D. 应在购买基础证券之前购买。

10.A futures contract is an example of:
10.期货合约是以下例子：

A. a derivative instrument.
A. 衍生工具。

B. an instrument used solely by financial institutions.
B. 仅由金融机构使用的工具。

C. a high-risk security that will only have value if certain events occur.
C. 一种高风险证券，仅在发生某些事件时才有价值。

D. a contract that is traded but is not a financial instrument.
D. 已交易但不是金融工具的合约。

11. The primary use of derivative contracts is:
11.衍生品合约的主要用途是：

A. for IRA and other pension plans since they only have value well into the future.
A. 对于 IRA 和其他养老金计划，因为它们只在未来有价值。

B. to shift risk among investors.
B. 在 i 投资者之间转移风险。

C. for investors seeking a greater return by taking greater risk.
C. 适合通过承担风险来寻求更大回报的投资者。

D. to add to the profits an investor obtains through information asymmetry.
D. 增加投资者通过信息计量获得的利润。

12. Considering the value of a financial instrument, the bigger the size of the promised payment the:
12. 考虑到金融工具的价值，承诺付款的规模越大，：

A. less valuable the financial instrument because risk must be greater.
A. 金融工具的价值较低，因为风险必须很大。

B. longer an investor has to wait for the payment.
B. 投资者必须等待付款的时间更长。

C. more valuable the financial instrument.
C. 更有价值的财务结构。

D. greater the risk.
D. 风险更大。

13. Financial instruments used primarily to transfer risk would include all of the following, except:
13.主要用于转移风险的金融工具包括以下所有工具，但以下情况除外：

A. an insurance contract. B. a futures contract.
A. 保险合同。B. 期货合约。

C. options.
C. 选项。

D. a bank loan.
D. 银行贷款。

14. If financial markets didn't exist:
14. 如果金融市场不存在：

A. required returns would be lower since fewer instruments would trade.
A. 要求的回报会更低，因为 tr ade 的工具较少。

B. liquidity would diminish and returns would be lower.
B. 流动性会减少，回报会很低。

C. more funds would flow directly between borrowers and savers.
C. 更多的资金将直接在借款人和储户之间流动。

D. liquidity would diminish, reducing the flow of funds between borrowers and savers.
D. 流动性将减少，从而减少借款人和储户之间的资金流动。

15. Commissions paid to a stockbroker are an example of:
15. 支付给股票经纪人的佣金是一个例子：

A. risk transfer.
A. 风险转移。

B. transaction costs.
B. 交易成本。

C. information asymmetry. D. liquidity.
C. 信息不对称ry.D. 流动性。

16. Debt instruments that have maturities less than one year are traded in the:
16. 期限少于一年的债务工具在以下国家进行交易：

A. primary market exclusively.
A. 一级市场独家。

B. bond markets exclusively.
B. 债券市场独占。

C. bond market if they are already in existence
C. 债券市场（如果它们已经存在）.

D. money market.
D. 货币市场。

17. Financial institutions:
17. 金融机构：

A. raise the level of transaction costs relating to borrowing/lending
A. 提高与借贷相关的交易成本水平.

B. can lower the information asymmetry involved with borrowing/lending.
B. 可以降低借/贷丁所涉及的信息不对称。

C. decrease the liquidity to savers.
C. 减少储户的流动性。

D. are required for all financial transactions.
D. 是所有金融交易操作所必需的。

18. Money markets are where trades occur for:
18. 货币市场是以下交易发生的地方：

A. stocks.
A.股票。

B. bonds of all maturities
B. 所有到期日的债券.

C. derivatives.
C. 衍生物。

D. short-term bonds issued by both governments and private companies.
D. 政府和私人公司发行的短期债券。

19. Reasons for the rapid structural change in financial markets in recent years include all of the following except:
19.近年来金融市场结构性快速变化的原因包括以下所有原因：

A. globalization.
A. 全球化。

B. technological advances in computing.
B. 计算的技术进步。

C. technological advances in communication. D. high real interest rates.
C. 通信的技术进步。 D. 高实际利息 rates.

20. Derivative markets exist to allow for:
20. 衍生品市场的存在允许：

A. allow for the transfer of risk.
一个。 允许风险转移。

B. direct transfers of common stocks for bonds.
B. 普通股直接转让债券。

C. cash receipts from the sale of bonds.
C. 出售债券的现金收入。

D. reduced information asymmetry.
D. 减少信息非对称尝试。

1. Doubling the future value will cause: A. the present value to fall by half
1. 将 future 值加倍将导致： A. 现值下降一半.

B. the interest rate i, to double.
B. 利率 i，翻倍。

C. no change to present value, only the interest rate.
C. 现值不变，只变现价。

D. the present value to double.
D. 加倍 le 的现值。

2. The present value and the interest rate have:
2. 现值和利率有：

A. a direct relationship; as i increases, pv increases.
A. 直接关系;随着 i 的增加，pvi增加。

B. an inverse relationship; as i increases, pv decreases.
B. 反比关系;随着 I 的增加，PV Decr会减弱。

C. an unclear relationship; whether it is direct or inverse depends on the interest rate.
C. 关系不明确;是正向还是逆向取决于利率。

D. no relationship.
D. 无关系。

3. What is the present value of $500 promised four years from now at 5% annual interest?
3. 承诺四年后 500 美元（年利率为 5%）的现值是多少？

A. $411. 35 B. $400. 00 C. $607. 75 D. $520. 00
A.411 美元。35 B.400 美元。00加元 607 美元。75第 520 美元。00

4. An investment has grown from $100. 00 to $130. 00 or by 30% over four years. What annual increase gives a 30% increase over four years?
4.投资从 100. 00 美元增长到 130.00 美元，或超过四年增长了 30%。什么年增长在四年内增长 30%？

A. 7. 50% B. 6. 30% C. 6. 78% D. 7. 24%
答 7.50%B.6.30%C.6.78%D.7. 24%

5. The rule of 72 says that at 6% interest $100 should become $200 in about:
5.72 规则说，6% 利息的 100 美元应该变成 200 美元，大约为：

A. 72 months B. 100 months C. 12 years
A. 72个月 B.100 个月C.12 岁

D. 7. 2 years
D.7. 2 岁

6. The value of $100 left in a certificate of deposit for four years that earns 4. 5% annually will be
6. 存款证中剩余的 100 美元价值，为期四年，赚取 4.每年 5% 为:

A. $120. 00 B. $119. 25 C. $117. 00 D. $145. 00
120 澳元。00 B.119 美元。25 C.117 美元。00第 145 美元。00

7. If the internal rate of return from an investment is more than the opportunity cost of funds the firm should:
7.如果投资的内部回报率高于基金的机会成本，公司应：

A. make the investment.
A. 进行投资。

B. not make the investment.
B. 不进行投资。

C. only make the investment using retained earnings.
C. 仅使用 retaind 收益进行投资。

D. only make part of the investment and wait to see if interest rates decrease
D. 只进行部分投资，并等待利率是否下降.

8. The price of a coupon bond will increase as the:
8.票息债券的价格将上涨，因为：

A. face value decreases.
A. 面值下降。

B. yield increases.
B. 产量增加。

C. coupon payments increase. D. term to maturity is shorter.
C. 息票支付 increase. D. 到期期限为 shorter。

9.A promise of a $100 payment to be received one year from today is
9.承诺从今天起一年内收到 100 美元的付款:

A. more valuable than receiving the payment today.
A. 比收到付款更有价值 today.

B. less valuable than receiving the payment two years from now.
B. 比现在两年后收到付款的价值要低。

C. equally valuable as a payment received today if the interest rate is zero
C. 如果利率为零，则与今天收到的付款同等有价值.

D. not enough information is provided to answer the question.
D. 没有提供足够的信息来回答问题。

10. Compound interest means that:
10. 复利是指：

A. you get an interest deduction for paying your loan off early.
A. 提前还清贷款可获得利息扣除。

B. you get interest on interest.
B. 您获得利息。

C. you get an interest deduction if you take out a loan for longer than one year.
C. 如果您贷款超过一年，您将获得利息扣除。

D. interest rates will rise on larger loans.
D. La Rger 贷款的利率将上升。

11.A saver knows that if she put $95 in the bank today she will receive $100 from the bank one year from now, including the interest she will earn. What is the interest rate she is earning?
11.储户知道，如果她今天在银行存入 95 美元，她将在一年后从 ba nk 收到 100 美元，包括 she 将赚取的利息。她赚取的利率是多少？

A. 5. 10% B. 6. 00% C. 5. 52% D. 5. 26%
答 5.10%B.6.00%C.5.52%D.5. 26%

12. What is the future value of $1,000 after six months earning 12% annually?
12. 6 个月年收入12% 后 1,000 美元的未来价值是多少？

A. $1,050. 00 B. $1,060. 00 C. $1,120. 00 D. $1,058. 30

13. The shorter the time until a payment the:
13. 付款前的时间越短：

A. higher the present value.
A. 提高现值。

B. lower the present value because time is valuable.
B. 降低当前值，因为时间是有价值的。

C. lower must be the interest rate.
C. 较低的价格必须是最优惠的价格。

D. higher must be the interest rate.
D. 利率必须较高。

14. At any fixed interest rate, an increase in time,n, until a payment is made:
14.在任何固定利率下，在支付之前的时间增加，n：

A. increases the present value.
A. 增加 current value。

B. has no impact on the present value since the interest rate is fixed.
B. 对现值没有影响，因为利率是固定的。

C. reduces the present value.
C. 减少现值。

D. affects only the future value.
D. 仅影响future 值。

15.A change in the interest rate:
15.利率的变化：

A. has a smaller impact on the present value of a payment to be made far into the future than on one to be made sooner.
A. 对未来很远的付款的现值的影响要小于对提前付款的影响。

B. will not make a difference in the present values of two equal payments to be made at different times.
B.不会对在不同时间支付的两次等额付款的现值产生差异。

C. has a larger impact on the present value of a payment to be made far into the future than on one to be made sooner.
C. 对未来很久以后支付的付款的现值的影响大于对提前支付的付款的影响。

D. has a larger impact on the present value of a bigger payment to be made far into the future than on one of lesser value
D. 对未来很长一段时间内支付的大额付款的现值的影响大于对价值较小的付款的影响.

1. Which of the following would not be included in a definition of risk?
1. 以下哪项不包括在风险定义中？

A. Risk is a measure of uncertainty.
答：风险是衡量不确定性的指标。

B. Risk can always be avoided at no cost. C. Risk has a time horizon
B. 风险总是可以避免的，而且是无代价的C.风险有时间范围.

D. Risk usually involves some future payoff.
D. 风险通常涉及一些未来的回报。

2. All other factors held constant, an investment:
2. 所有其他因素heldconstant ，投资：

A. with more risk should offer a lower return and sell for a higher price.
A. 风险越大，应该提供较低的回报并以更高的价格卖出。

B. with less risk should sell for a lower price and offer a higher expected return. C. with more risk should sell for a lower price and offer a higher expected return. D. with less risk should sell for a lower price and offer a lower return.
B. 风险较小的公司应该以较低的价格出售并提供更高的预期回报。C. 风险较大时，应以较低的价格卖出，并提供较高的预期回报。D. 风险较小的公司应该以较低的价格出售并提供较低的回报。

3. Uncertainties that are not quantifiable:
3.无法量化的不确定性：

A. are what we define as risk.
一个。 是我们定义的风险。

B. are factored into the price of an asset.
B. 被计入资产的价格。

C. cannot be priced
C. 无法定价.

D. are benchmarks against which quantifiable risks can be assessed.
D. 是可以评估可量化风险的基准d.

4. When measuring the risk of an asset:
4.在衡量资产的风险时：

A. one must measure the uncertainty about the size of future payoffs. B. it is necessary to incorporate uncertainties that are not quantifiable.
答：必须衡量未来回报大小的不确定性。B. 有必要纳入不可量化的不确定性。

C. one must remember that the concept of risk applies only to financial markets, not to financial intermediaries.
C.必须记住，risk的概念仅适用于金融市场，不适用于金融中介机构。

D. one cannot use other investments to evaluate the asset's risk.
D. 不能使用其他投资者来评估资产的风险。

5. If the probability of an outcome equals one, the outcome:
5. 如果结果的概率等于1，则结果：

A. is more likely to occur than the others listed.
A. 比列出的其他情况更容易发生。

B. is certain to occur
B. 肯定会发生.

C. is certain not to occur. D. has unquantifiable risk.
C. 肯定不会发生D。 具有无法量化的风险。

6. Inflation presents risk because: A. inflation is always present
6. 通货膨胀带来风险，因为： A. 通货膨胀始终存在.

B. inflation cannot be measured.
B. 通货膨胀不能被衡量为红色。

C. there are different ways to measure it
C. 有不同的测量方法.

D. there is no certainty regarding what inflation will be in the future.
D. 未来通货膨胀的 WH 尚不确定。

7. Another name for the expected value of an investment would be the:
7.投资预期价值的另一个名称是：

A. mean value
A. 平均值.

B. upper-end value. C. certain value
B. 上限值 C.确定值.

D. risk-free value
D. 无风险价值.

8. The expected value of an investment:
8.投资的预期价值：

A. is what the owner will receive when the investment is sold.
A. 是业主在出售投资时将收到的。

B. is the sum of the payoffs
B. 是收益之和.

C. is the probability-weighted sum of the possible outcomes.
C. 是可能结果的概率加权和。

D. cannot be determined in advance.
D. 不能临时确定。

9. If an investment has a 20%(0.20) probability of returning $1,000; a 30%(0.30) probability of returning $1,500; and a 50%(0.50) probability of returning $1,800; the expected value of the investment is:
9. 如果投资有20%（0.20） 的概率回报 1,000 美元;30%（0.30） 的概率返回 1,500 美元;以及 50%（0.50） 的回报率 1,800 美元;投资的预期价值为：

A. $1,433.33 B. $1,550.00 C. $2,800.00 D. $1,600.00

10. An investment with a large spread between possible payoffs will generally have:
10.实际收益之间具有较大利差的投资通常具有：

A. a low expected return
A. 预期回报率低.

B. a high standard deviation. C. a low value at risk.
湾。 高标准差C。 风险低值。

D. both a low expected return and a low value at risk.
D. 预期回报低，风险价值低。

11. The standard deviation is generally more useful than the variance because:
11. 标准差通常比方差更有用，因为：

A. it is easier to calculate
A. 更容易计算.

B. variance is a measure of risk, where standard deviation is a measure of return. C. standard deviation is calculated in the same units as payoffs and variance isn't. D. it can measure unquantifiable risk.
B. 方差是风险的衡量标准，而标准差是回报的衡量标准。C. 标准差的计算d 与收益的单位相同，而方差则不是。D. 它可以衡量无法量化的风险。

12. Risk-free investments have rates of return:
12. 无风险投资有回报率：

A. equal to zero
A. 等于零.

B. with a standard deviation equal to zero.
B. 标准差等于零。

C. that are uncertain, but have a certain time horizon
C. 不确定但具有一定时间范围.

D. that exhibit a large spread of potential payoffs.
D. 表现出与潜在回报的巨大差异。

13. The greater the standard deviation of an investment the:
13. 投资的标准偏差越大：

A. lower the return. B. greater the risk. C. lower the risk.
一个。 降低返回B。 风险更大。C. 降低风险。

D. lower the risk and return
D. 降低风险和回报.

14. The difference between standard deviation and value at risk is:
14.标准差和风险值之间的差值为：

A. nothing, they are two names for the same thing.
A. 没什么，它们是同一事物的两个名称。

B. value at risk is a more common measure in financial circles than is standard deviation.
B. 风险价值是金融界比标准差更常见的衡量标准。

C. standard deviation reflects the spread of possible outcomes where value at risk focuses on the value of the worst outcome.
C.标准差反映了可能结果的分布，其中风险值与最坏结果的值相关。

D. value at risk is expected value times the standard deviation.
D. 预期风险值 v等于标准差。

15. The measure of risk that focuses on the worst possible outcome is called:
15.关注最坏可能结果的风险衡量标准称为：

A. expected rate of return.
A. 预期回报率。

B. risk-free rate of return
B. 无风险回报率.

C. standard deviation of return. D. value at risk.
C. 回报标准差。D. 价值风险。

16. Leverage
16. 杠杆:

A. reduces risk.
一个。 降低风险。

B. is synonymous with risk-free investment.
B. 是无风险投资者 t 的代名词。

C. increases expected rate of return.
C. 增加预期的return 率。

D. leads to smaller changes in the investment's price.
D. 导致投资价格的变化较小。

17. A risk-averse investor will
17. 规避风险的投资者将:

A. never prefer an investment with a lower expected return.
A. 永远不要喜欢预期回报较低的投资。

B. always prefer an investment with a certain return to one with the same expected return but that has any amount of uncertainty.
B.总是喜欢有一定回报的投资，而不是具有相同预期回报但具有任何不确定性的投资。

C. always require a certain return
C. 始终要求一定的回报.

D. always focus exclusively on the expected return.
D. 始终只关注exexpectedd回报。

18. The risk premium for an investment
18. 投资的风险溢价:

A. is negative for U.S. treasury securities
A. 对美国国债不利.

B. is a fixed amount added to the risk-free return, regardless of the level of risk.
B. 是添加到无风险回报中的固定金额，与risk 的水平无关。

C. increases with risk.
C. 随着风险的增加而增加。

D. is zero (0) for risk-averse investors
D. 为零 （0） 对于规避风险的投资者.

19. Diversification can eliminate
19. 多元化可以消除:

A. all risk in a portfolio
A. 投资组合中的所有风险.

B. risk only if the investor is risk averse. C. the systematic risk in a portfolio
B. 仅当投资者厌恶风险时才有风险。C. 投资组合中的系统性风险.

D. the idiosyncratic risk in a portfolio
D. 投资组合中的特殊风险.

20. Systematic risk:
20.系统性风险：

A. is the risk eliminated through diversification.
A. 是否通过多元化消除了风险。

B. represents the risk affecting a specific company. C. cannot be eliminated through diversification.
B. 代表影响特定公司的风险。C. 不能通过转化消除。

D. is another name for risk unique to an individual asset.
D. 是单个资产特有的风险的另一个名称。