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ĐẦU TƯ TÀI CHÍNH
1. While deling how to allocate the fund's ass. Which shop in the Top-down model that
requires us to classify com and classes within that country?
A. Firm analysis
B. Economy analysis
C. Industry analysis
D. quantitative analysis
2. Mistakes in investment include
A) Test to cut losses
B) Listen to celebrities
C) Realizing profin too early
D. All of above
3. Which of the ring statements is true about company pricing?
A) The valtion is active action, the rest of the valuation depends on the appraiser
B) The valuation tall, it does at depend on that cls of information and time
C) The outcoms of a valuation is 100% certain
D) The more complex the pricing model is, the more exact the intrinsic price
4. Yield curve describes the relationship between:( xem lại)
A. Interest rate and risk
B. Yield and risk
C. Yield and Maturity
D. Interest and bond price
5. An analyst values stocks using a dividend discount model. Holding all other factors
constant, which of the following is least likely to increase the estimated value of a stock?
A. An increase in the next period's expected dividend
B. A decrease in the expected growth rate of dividend
C. A decease in the stock's systematic risk
D. A decrease in the stock's specific risk
6.10 bonds worth $100 each are purchased by an investor for the price of $900, with a
nominal interest rate of 6% per year. The investor will therefore receive the following
interest payments each year.
A 60 USD
B. 600 USD
C.570 USD
D. 500 USD
7. When the underlying stock price is $95, an investor pays $2 for a call option with an exercise
price of $95. If the stock price moves to $96, the intrinsic value of the call option would be ( xem
lại )
A. - $1
B. $0
C. S1
D. $2
8.A bond with nominal yield of 10%, maturity of 3 years, par value of $10, and discount
rate of 7% Duration would be.
A. 2.75
D3
C 23
D. 15
9. A bond with Modified Duration 2.566, If it interest increases 1%, the bond price will
A Increase 2.566 %%
B Decrease 2.566%
C Decrease less than 2.566 %
D De constant
10. A derivative is most accurately defined as a financial instrument that provides:
A) an adjustment to another asset's level of ris
B) a return based on the return of an underlying asset
C) an agreement between two parties to provide something for each other
D) a loan for a future trade
11. There are 5 types of bonds as follows: A coupon rate = 15% B coupon rate = 11% C
coupon rate = 16% D coupon rate = 10% E coupon rate = 9% Let's sort in descending
order of Duration:
A E>D>B>A>C
B. C>A>B>D>E
C A>C>B>D>E
D. E>D>B>C>A
12 A mutual fund of the United States invests in bonds in Vietnam. At the time of disbursement,
the USD/VND exchange rate = 22,000. After one year, the return rate of this investment fund
reaches 14%/year, but the exchange rate is now USD/VND = 24,000. What is the real return rate
of this investment fund?
A 4%
B 4.9%
C 12%
D 23.1%
13. The value of a call option on a stock is least likely to increase as a result of: (Xem lại)
A) an increase in asset price volatility
B) a decrease in market price of the underlying stock
C) a decrease in the strike price of the option
D) a positive prospect of the underslying stock
14. Invest in the following financial assets, which has the highest level of risk?
A VNM corporate bonds with term of 10 years
B Derivative contracts
C. Government bonds
D. Vinamilk's shares
15. What is the basic difference between options and futures?
A While the bolder of a future pledges to carry out specific actions, the holder of an option
does not neces- sarily exercise the right.
B. While the holder of an option pledges to carry out specific actions, the holder of a future does
not neces- sarily exercise the right
C Time of contract performance
D. There is no difference
16. For which of the following bonds is the price more sensitive to changes in
YTM? ( xem lại )
A) 30-year bond with 5% coupon rate and semiannual coupon payment
B) zero coupon bond with 15-year maturity
C) (A) and (B) have the same price sensitivity
D) cannot determine which has higher price sensitivity without further information
17. An estimate of the price change for a coupon bond caused by 1% decline in its yield to
maturity based only on its modified duration will result in an answer that:
A) is smaller than the actual price change
B) is larger than the actual price change
C) in exactly equal to the actual price change
D) non of the above
18. If money supply and demand are in equilibrium and the central bank sells securities in
the open market:
A) firms and households will sell securities for cash
B) Bank reserves will increase
C) short-term interest rates will decrease
D) non of the above
19. The current YTM is 5% and the price of the bond is $100. Suppose that the yield
increases by 100 bps (that is, to 6%), and the bond price declines by $10. Suppose that the
YTM then increases further, by another 100 bps (that is, to 7%). The bond price will
A) rise by less than $10
B) rise by more than $10
C) decline by less than $10
D) decline by more than $10
20. An inversion head and shoulders pattern is indicative:
A) Price increases
B) Price decreases
C) Stay the same
D) Price does not increase, does not decrease
Đề 1
Câu hỏi 1: ____ are examples of financial intermediaries.
a. Investment companies
b. Insurance companies
c. Commercial banks
d. All of the options
Câu hỏi 2: Governments never issue stock because:
Select one:
a. the Constitution (Hiến pháp) expressly forbids it
b. both A and B of the above
c. they cannot sell ownership claims
d. neither A nor B of the above
Câu hỏi 3: New issues of securities are sold in the market(s).
Select one:
a. primary
b. primary and secondary
c. secondary
d. over-the-counter
Câu hỏi 4: Commercial banks differ from other businesses in that both their assets and
their
liabilities are mostly
Select one:
a. owned by the government
b. illiquid
c. real
d. financial
Câu hỏi 6
Which of the following is NOT a characteristic of a money market instrument?
Select one:
a. Long maturity
b. Liquidity premium
c. Long maturity and liquidity premium
d. Liquidity
Câu hỏi 7. A firm has a higher quick (or acid test) ratio than the industry average, which
implies
Select one:
a. the firm is more likely to avoid insolvency in the short run than other firms in the
industry, and the firm may be less profitable than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the
industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm may be less profitable than other firms in the industry.
Câu hỏi 9: Assume the U.S. government was to decide to increase the budget field. Holding
all else constant, this will cause______ to increase.
Select one:
a. unemployment
b. government borrowing
c. interest rates and government borrowing
d. interest rates
Câu 10 ____ is a summary of the profitability of the firm over a period of time, such as a
year.
Select one:
a. The audit report
b. The balance sheet
c. The income statement
d. The statement of cash flows
Câu hỏi 11. The goal of fundamental analysts is to find securities
Select one:
a. with high market capitalization rates.
b. All of the options are correct.
c. with a positive present value of growth opportunities.
d. whose intrinsic value exceeds market price.
Câu hỏi 13. Other things being equal, a low would be most consistent with a relatively high
growth rate of firm earnings.
Select one:
a. degree of financial leverage
b. variability of earnings
c. dividend-payout ratio
d. inflation rate
Câu hỏi 14: An example of a positive demand shock is:
Select one:
a. a decrease in tax rates.
b. a decrease in the money supply.
c. a decrease in foreign export demand.
d. a decrease in government spending.
Câu hỏi 15. ____are analysts who use information concerning current and prospective
profitability of a firm to assess the firm's fair market value.
Select one:
a.Technical analysts
b. Systems analysts
c. Fundamental analysts
d. Credit analysts
Câu hỏi 22. Which of the following is most closely associated with the terms "primary
trend,"
"intermediate trend," and "short-term trend"?
Select one:
a. Candlestick chart.
b. Channel.
c. Dow Theory.
d. Bar chart.
Câu hỏi 23. One of the most popular tools used by technical analysts is:
Select one:
a. moving averages.
b. book-to-market-value ratio.
c. P/E ratio.
d. growth rate of dividends.
Câu hỏi 24. Which of the following terms represents an upper price limit for a stock, based
on the quantity of willing sellers?
Select one:
a. Resistance.
b. Channel.
c. Support.
d. Trendline.
Câu hỏi 25. In regard to moving averages, it is considered to be a…. signal when market
price breaks through the moving average from…
Select one:
a. bearish; below
b. None of the options are correct
c. bullish; above
d. bullish; below
Câu hỏi 26. In order to have confirmation of a major market trend under the Dow Theory,
the:
Select one:
a. industrial and utility averages must confirm each other.
b. transportation and utility averages must confirm each other.
c. transportation and industrial average must confirm each other.
d. utility average must lead the transportation average.
Câu hỏi 27: Of the following investments, (are) considered the safest.
Select one:
a. commercial paper
b. corporate bonds
c. Treasury bills
d. U.S. agency issues
Câu hỏi 28. Consider a 5-year bond with a 10% coupon that has a present yield to maturity
of 8%. If interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. $1,000.
d. the same.
Câu hỏi 29. Ceteris paribus, the price and yield on a bond are
Select one:
a. not related.
b. sometimes positively and sometimes negatively related.
c. negatively related.
d. positively related.
Câu hỏi 30. Consider two bonds, A and B. Both bonds presently are selling at their par
value of $1,000. Each pays interest of $120 annually. Bond A will mature in five years,
while bond B will mature in six years. If the yields to maturity on the two bonds change
from 12% to 10%.
Select one:
a. both bonds will increase in value, but bond B will increase more than bond A.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will decrease in value, but bond B will decrease more than bond A.
d. both bonds will decrease in value, but bond A will decrease more than bond B.
Câu hỏi 35. The terms of futures contracts… standardized, and the terms of
forward contracts… standardized.
Select one:
a. are not; are not
b. are not; are
c. are; are
d. are; are not
Câu hỏi 36. An American put option can be exercised
Select one:
a. only on the expiration date.
b. only after dividends are paid.
c. any time on or before the expiration date.
d. any time in the indefinite future.
Câu hỏi 37. Before expiration, the time value of an in- the-money call option is always
Select one:
a. positive.
b. equal to the stock price minus the exercise price.
c. negative.
d. equal to zero.
Câu hỏi 38. An American put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on or before the expiration date.
b. sell the underlying asset at the striking price on or before the expiration date and potentially
benefit from a stock price increase.
c. potentially benefit from a stock price increase.
d. buy the underlying asset at the striking price on or before the expiration date.
Câu hỏi 39. You hold one long corn futures contract that expires in April. To close your
position in corn futures before the delivery date you must
Select one:
a. sell one April corn futures contract.
b. buy one may corn futures contract.
c. sell one may corn futures contract.
d. buy two April corn futures contract.
Câu hỏi 40. The process of marking to market
Select one:
a. posts gains or losses to each account daily.
b. may result in margin calls.
c. posts gains or losses to each account daily and may result in margin calls.
d. impacts only long positions.
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Đề 2
Câu hỏi 1. Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. more liquidity
c. lower yields
d. less risk
Câu hỏi 3. New issues of securities are sold in the market(s).
Select one:
a. primary
b. over-the-counter
c. primary and secondary
d. secondary
Câu hỏi 4. The value of a bond is the amount that the issuer must pay at maturity.
Select one:
a. discounted
b. present
c. market
d. face
Câu hỏi 5. Which of the following securities is a money market instrument?
Select one:
a. Treasury bond
b. Municipal bond
c. Treasury note
d. Commercial paper
Câu hỏi 6. Most of the time, the interest rate on Treasury notes and bonds is… that on
money market securities because of… risk.
Select one:
a. below; default
b. below; interest-rate
c. above, interest rate
Câu hỏi 8: Fiscal policy generally has a…. direct impact than monetary policy on the
economy, and the formulation and implementation of fiscal policy is…than that of
monetary policy.
Select one:
a. less; slower
b. more; quicker
c. more; slower
d. less; quicker
Câu hỏi 11. Low P/E ratios tend to indicate that a company will, ceteris paribus.
Select one:
a. grow at the same speed as the average company
b. grow slowly
c. P/E ratios are unrelated to growth.
d. grow quickly
Câu hỏi 13. Other things being equal, a low would be most consistent with a relatively high
growth rate of firm earnings.
Select one:
a. degree of financial leverage
b. variability of earnings
c. dividend-payout ratio
d. inflation rate
Câu hỏi 14. An example of a positive demand shock is:
Select one:
a. a decrease in tax rates.
b. a decrease in the money supply.
c. a decrease in foreign export demand.
d. a decrease in government spending.
Câu hỏi 15. The Gordon model
Select one:
a. is a generalization of the perpetuity formula to cover the case of a growing perpetuity
and is valid only when g is less than k.
b. is valid only when g is less than k.
c. is valid only when k is less than g.
d. is a generalization of the perpetuity formula to cover the case of a growing
perpetuity.
Câu hỏi 16. According to Michael Porter, there are five determinants of competition. An
example of is when a buyer purchases a large fraction of an industry's output and can
demand price concessions.
Select one:
a. rivalry between existing competitors
b. threat of entry
c. bargaining power of buyers
d. pressure from substitute products
Câu hỏi 22. The two primary tools of a technical analyst are:
Select one:
a. price and volume.
b. economic indicators and level of the market index.
c. level of the market index and volume.
d. price and technical indicators.
Câu hỏi 23. To a technician that believed in the importance of volume, a bullish signal
would occur when
Select one:
a. prices decrease on light volume.
b. prices increase on heavy volume.
c. prices decrease on heavy volume.
d. prices increase on light volume.
Câu hỏi 24: Giống đề 1
Câu hỏi 25. A support level is a price range:
Select one:
a. above which a stock price cannot go.
b. below which a stock price cannot go.
c. at which a significant increase in demand for a stock is expected.
d. at which a significant increase in supply of a stock is expected.
Câu hỏi 26. Which type of chart includes daily high price, low price, opening price, and
closing price?
Select one:
a. Bar chart.
b. Point-and-figure chart.
c. Candlestick chart.
d. Moving average chart.
Câu hỏi 27. Callable bonds
Select one:
a. are called when interest rates decline appreciably.
b. are more likely to be called when interest rates decline and have a call price that declines
as time passes.
c. are called when interest rates increase appreciably.
d. have a call price that declines as time passes.
Câu hỏi 29. Of the following investments, (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency issues
c. commercial paper
d. corporate bonds is
Câu hỏi 30: Accrued interest
Select one:
a. must be paid by the buyer of the bond and remitted to the seller of the bond.
b. is quoted in the bond price in the financial press and must be paid by the buyer of the bond and
remitted to the seller of the bond.
c. is quoted in the bond price in the financial press.
d. must be paid to the broker for the inconvenience of selling bonds between maturity dates.
Câu hỏi 35: A futures contract
Select one:
a. is an agreement to buy or sell a specified amount of an asset at the spot price on the expiration
date of the contract.
b. is an agreement to buy or sell a specified amount of an asset at a predetermined price on
the expiration date of the contract.
c. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
d. is a contract to be signed in the future by the buyer and the seller of the commodity.
Câu 36: A European put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on the expiration date.
b. buy the underlying asset at the striking price on or before the expiration date.
c. potentially benefit from a stock price increase.
d. sell the underlying asset at the striking price on or before the expiration date.
Câu 37: Before expiration, the time value of an in-the-money call option is always
Select one:
a. positive.
b. equal to the stock price minus the exercise price.
c. negative.
d. equal to zero.
Câu 39: The potential loss for a writer of a naked call option on a stock is
Select one:
a. increasing when the stock price is
decreasing.
b. unlimited.
c. equal to the call premium.
d. limited.
Câu 40: A protective put strategy is
Select one:
a. a long put plus a long position in the underlying asset.
b. a long call plus a short put on the same underlying asset.
c. a long put plus a short call on the same underlying asset.
d. a long put plus a long call on the same underlying asset.
—-------------------------------------------------------------------------------------------------------------
Đề 3
Câu hỏi 1: Which of the following portfolio construction methods starts with security
analysis?
Select one:
a. Middle-out
b. Bottom-up
c. Top-down
d. Buy and hold
Câu 2: Which one of the following terms best describes Eurodollars?
Select one:
a. Dollars that have been exchanged for European currency.
b. Dollar-denominated deposits at foreign banks and branches of American banks outside
the U.S.
c. Dollar-denominated deposits at branches of foreign banks in the U.S.
d. Dollar-denominated deposits at American banks in the U.S.
e. Dollar-denominated deposits only in European banks.
Câu hỏi 5: The riskiest capital market security is:
Select one:
a. common stock
b. Treasury bonds
c. preferred stock
d. corporate bonds
Câu hỏi 6: New issues of securities are sold in the
Select one:
market(s).
a. primary
b. secondary
c. over-the-counter
d. primary and secondary
Câu hỏi 7: Assume the U.S. government was to decide to increase the budget field. Holding
all else constant, this will cause to increase.
Select one:
a. government borrowing
b. unemployment
c. interest rates and government borrowing
d. interest rates
Câu hỏi 10: Other things being equal, a low__________would be most consistent with a
relatively high growth rate of firm earnings.
Select one:
a. inflation rate
b. variability of earnings
c. dividend-payout ratio
d. degree of financial leverage
Câu hỏi 11: Low P/E ratios tend to indicate that a company will ceteris paribus.
Select one:
a. grow slowly
b. P/E ratios are unrelated to growth.
c. grow quickly
d. grow at the same speed as the average company
Câu hỏi 12: Assume that the Federal Reserve decreases the money supply. This action will
cause
Select one:
a. the unemployment rate
b. investment in the economy
c. interest rates
d. trade balance
Câu hỏi 13. Fundamental analysis uses
Select one:
a. price momentum.
b. earnings, dividend prospects, and relative strength.
c. earnings and dividends prospects.
d. relative strength to decrease.
Câu hỏi 14. Which of the financial statements recognizes only transactions in which cash
changes hands?
Select one:
a. Balance sheet
b. Balance sheet and income statement
c. Statement of cash flows
d. Income statement
Câu hỏi 15. High P/E ratios tend to indicate that a company will ceteris paribus.
Select one:
a. not grow
b. grow at the same speed as the average company
c. grow slowly
d. grow quickly
Câu hỏi 16. The ___is defined as the present value of all cash proceeds to the investor in the
stock.
a. dividend-payout ratio
b. intrinsic value
c. market-capitalization rate
d. plowback ratio
Câu 22: On which of the following does a hammer sometimes appear?
Select one:
a. Moving average chart.
b. Bar chart.
c. Point-and-figure chart.
d. Candlestick chart.
Câu 23: Which of the following indicates a buy signal to technical analysts?
Select one:
a. The support level is broken.
b. The advance-dedine line is falling in a rising market.
c. Odd-lot buying exceeds odd-lot selling.
d. The stock breaks through the moving average line from below.
Câu 24: One of the most popular tools used by technical analysts is:
Select one:
a. growth rate of dividends.
b. P/E ratio.
c. moving averages.
d. book-to-market-value ratio.
Câu 25: Which of the following is NOT considered an assumption of technical analysis?
Select one:
a. Market value is determined solely by supply and demand.
b. Stock prices follow a random walk.
c. Supply and demand are governed by both rational and irrational factors.
d. Security prices tend to move in trends that persist for an appreciable length of time.
Câu 26: Which of the following is not true regarding the Dow Theory?
Select one:
a. It has a very high success rate.
b. It is subject to many criticisms.
c. It does not forecast how long a movement will last.
d. It is intended to forecast the start of a primary movement.
Câu 27: Ceteris paribus, the price and yield on a bond are
Select one:
a. negatively related.
b. positively related.
c. sometimes positively and sometimes negatively related.
d. not related.
Câu 28: Callable bonds
Select one:
a. are more likely to be called when interest rates decline and have a call price that declines as
time passes.
b. are called when interest rates increase appreciably.
c. have a call price that declines as time passes.
d. are called when interest rates decline appreciably.
Câu 29: Of the following investments, is (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency issues
c. commercial paper
d. corporate bonds
Câu 30: Consider two bonds, A and B. Both bonds presently are selling at their par value
of $1,000. Each pays interest of $120 annually. Bond A will mature in five years, while
bond B will mature in six years. If the yields to maturity on the two bonds change from
12% to 10%.
Select one:
a. both bonds will decrease in value, but bond B will decrease more than bond A.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will increase in value, but bond B will increase more than bond A.
d. both bonds will decrease in value, but bond A will decrease more than bond B.
Câu 35: Before expiration, the time value of an in-the-money call option is always
Select one:
a. equal to zero.
b. equal to the stock price minus the exercise price.
c. negative.
d. positive.
Câu 36: The current market price of a share of Disney stock is $60. If a call option on this
stock has a strike price of $65, the call
Select one:
a. is out of the money.
b. is in the money.
c. is out of the money and can be exercised profitably.
Od. can be exercised profitably.
Câu 37: A protective put strategy is
Select one:
a. a long put plus a long call on the same underlying asset.
b. a long call plus a short put on the same underlying asset.
c. a long put plus a long position in the underlying asset.
d. a long put plus a short call on the same underlying asset.
Câu 38: The price that the buyer of a call option pays for the underlying asset if she
executes her option is called the
Select one:
a. strike price or exercise price.
b. exercise price.
c. execution price.
d. strike price.
Câu 39: The price that the buyer of a call option pays to acquire the option is called the
Select one:
a. strike price.
b. execution price.
c. premium.
d. exercise price.
Câu 40: A futures contract
Select one:
a. is a contract to be signed in the future by the buyer and the seller of the commodity.
b. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
c. is an agreement to buy or sell a specified amount of an asset at the spot price on the expiration
date of the contract.
d. is an agreement to buy or sell a specified amount of an asset at a predetermined price on the
expiration date of the
contract.
Đề Thu Trà
Câu hỏi 1. Investors trade previously issued securities in the ________ market(s).
Select one:
a. primary
b. primary and secondary
c. derivatives
d. secondary
Câu hỏi 2. Preferred stockholders hold a claim on assets that has priority over the claims of
Select one:
a. bondholders, but after that of common stockholders
b. both common stockholders and bondholders
c. common stockholders, but after that of bondholders
d. neither common stockholders nor bondholders
Câu hỏi 3. The ________ value of a bond is the amount that the issuer must pay at
maturity.
Select one:
a. market
b. present
c. discounted
d. face
Câu hỏi 5. New issues of securities are sold in the ________ market(s).
Select one:
a. over-the-counter
b. secondary
c. primary
d. primary and secondary
Câu hỏi 6. The most commonly quoted index is the Dow Jones Industrial Average (DJIA),
an index based on the performance of the stocks of ________ large companies.
Select one:
a. 25
b. 40
c. 35
d. 30
Câu hỏi 7. Increases in the money supply will cause demand for investment and
consumption goods to _______ in the short run and cause prices to ________ in the long
run.
Select one:
a. increase; increase
b. decrease; hold steady
c. increase; decrease
d. decrease; increase
Câu hỏi 8. A firm has a higher quick (or acid test) ratio than the industry average, which
implies
Select one:
a. the firm has a higher P/E ratio than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
 c. the firm is more likely to avoid insolvency in the short run than other firms in the
industry, and the firm may be less profitable than other firms in the industry.
d. the firm may be less profitable than other firms in the industry.
Câu hỏi 9. Many stock analysts assume that a mispriced stock will
Select one:
a. immediately return to its intrinsic value.
b. never return to its intrinsic value.
c. return to its intrinsic value within a few days.
d. gradually approach its intrinsic value over several years.
Câu hỏi 10. Assume that the Federal Reserve decreases the money supply. This action will
cause ________ to decrease.
Select one:
a. the unemployment rate
b. trade balance
c. investment in the economy
d. interest rates
Câu hỏi 11. High P/E ratios tend to indicate that a company will _______, ceteris paribus.
Select one:
a. grow quickly
b. not grow
c. grow slowly
d. grow at the same speed as the average company
Câu hỏi 12. Dividend discount models and P/E ratios are used by __________ to try to find
mispriced securities.
Select one:
a. statistical analysts
b. dividend analysts
c. technical analysts
d. fundamental analysts
Câu hỏi 13. Sector rotation
Select one:
a. is never worthwhile.
b. should always be carried out.
c. is shifting the portfolio more heavily toward an industry or sector that is expected to
perform well in the future.
d. can be implemented without cost.
Câu hỏi 14. Fiscal policy generally has a _______ direct impact than monetary policy on the
economy, and the formulation and implementation of fiscal policy is ______ than that of
monetary policy.
Select one:
a. less; slower
b. more; quicker
c. more; slower
d. less; quicker
Câu hỏi 15. Proceeds from a company's sale of stock to the public are included in
Select one:
 a. additional paid-in capital.
b. par value.
c. retained earnings.
d. par value and additional paid-in capital.
Câu hỏi 16. If the currency of your country is depreciating, the result should be to ______
exports and to _______ imports.
Select one:
a. decrease; increase
b. increase; decrease
c. increase; increase
d. decrease; decrease
Câu hỏi 21. You wish to earn a return of 13% on each of two stocks, X and Y. Stock X is
expected to pay a dividend of $3 in the upcoming year while stock Y is expected to pay a
dividend of $4 in the upcoming year. The expected growth rate of dividends for both stocks
is 7%. The intrinsic value of stock X:
Select one:
a. will be greater than the intrinsic value of stock Y.
b. will be the same or greater than the intrinsic value of stock Y.
c. will be the same as the intrinsic value of stock Y.
d. will be less than the intrinsic value of stock Y.
Câu hỏi 22. A support level is a price range:
Select one:
a. above which a stock price cannot go.
b. below which a stock price cannot go.
c. at which a significant increase in demand for a stock is expected.
d. at which a significant increase in supply of a stock is expected.
Câu hỏi 23. When the 50-day moving average crosses the 200-day moving average from
____ on ____ volume, this would be a ____ signal.
Select one:
a. below, low, bullish.
b. above, low, bullish.
c. below, high, bullish.
d. below, high, bearish.
Câu hỏi 24. Which of the following is true regarding the resistance level?
Select one:
a. It is the level at which a significant decrease in demand is expected.
b. It is the level at which a significant increase in supply is expected.
c. Resistance levels usually develop after a stock reaches a new low.
d. Resistance levels tend to develop due to profit taking.
Câu hỏi 25. Which of the following terms represents an upper price limit for a stock, based
on the quantity of willing sellers?
Select one:
a. Channel.
b. Resistance.
c. Trendline.
d. Support.
Câu hỏi 26. A technical analyst would consider the following a strong buy signal:
Select one:
a. a graph begins to trade in a flat trend after it breaks out of its rising trend channel.
b. a graph of declining prices ends in a trough followed by an upward trend that breaks
through the declining trend channel.
c. a graph of increasing prices ends in a peak followed by a downward trend that breaks through
the rising trend channel.
d. a graph begins to trade in a declining trend after it breaks out of its flat trend channel.
Câu hỏi 27. Consider two bonds, A and B. Both bonds presently are selling at their par
value of $1,000. Each pays interest of $120 annually. Bond A will mature in five years,
while bond B will mature in six years. If the yields to maturity on the two bonds change
from 12% to 10%.
Select one:
a. both bonds will decrease in value, but bond A will decrease more than bond B.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will increase in value, but bond B will increase more than bond A.
d. both bonds will decrease in value, but bond B will decrease more than bond A.
Câu hỏi 28. The ________ is used to calculate the present value of a bond.
Select one:
a. yield to call
b. current yield
c. nominal yield
d. yield to maturity
Câu hỏi 29. Accrued interest
Select one:
a. must be paid to the broker for the inconvenience of selling bonds between maturity dates.
b. must be paid by the buyer of the bond and remitted to the seller of the bond.
c. is quoted in the bond price in the financial press.
d. is quoted in the bond price in the financial press and must be paid by the buyer of the bond
and remitted to the seller of the bond.
Câu hỏi 30. Consider a 5-year bond with a 10% coupon that has a present yield to maturity
of 8%. If interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. the same.
d. $1,000.
Câu hỏi 35. The price that the buyer of a call option pays for the underlying asset if she
executes her option is called the
Select one:
a. execution price.
b. strike price or exercise price.
c. strike price.
d. exercise price.
Câu hỏi 36. Before expiration, the time value of an in-the-money call option is always
Select one:
 a. negative.
b. equal to the stock price minus the exercise price.
c. equal to zero.
d. positive.
Câu hỏi 37. The terms of futures contracts __________ standardized, and the terms of
forward contracts __________ standardized.
Select one:
a. are; are
b. are not; are
c. are; are not
d. are not; are not
Câu hỏi 38. The process of marking to market
Select one:
a. posts gains or losses to each account daily and may result in margin calls.
b. may result in margin calls.
c. posts gains or losses to each account daily.
d. impacts only long positions.
Câu hỏi 39. The potential loss for a writer of a naked call option on a stock is
Select one:
a. equal to the call premium.
b. limited.
c. unlimited.
d. increasing when the stock price is decreasing.
Câu hỏi 40. A European put option allows the holder to
Select one:
a. buy the underlying asset at the striking price on or before the expiration date.
b. sell the underlying asset at the striking price on the expiration date.
c. potentially benefit from a stock price increase.
d. sell the underlying asset at the striking price on or before the expiration date.
--------------------------------------------------------------------------------------------------------------- Đề
Giàu
Câu hỏi 1. The riskiest capital market security is:
Select one:
a. corporate bonds
b. common stock
c. preferred stock
d. Treasury bonds
Câu hỏi 4. Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. lower yields
c. less risk
d. more liquidity
Câu hỏi 5. _______ are examples of financial intermediaries.
Select one:
a. Insurance companies
 b. Investment companies
c. Commercial banks
d. All of the options
Câu hỏi 6. A fixed-income security pays.
Select one:
a. a fixed or variable income stream at the option of the owner.
b. a fixed level of income for the life of the owner.
c. a variable level of income for owners on a fixed income.
d. a fixed stream of income or a stream of income that is determined according to a specified
formula for the life of the security.
Câu hỏi 7. If the economy is growing, firms with high operating leverage will experience:
Select one:
a. higher increases in profits than firms with low operating leverage.
b. similar increases in profits as firms with low operating leverage.
c. no change in profits.
d. smaller increases in profits than firms with low operating leverage.
Câu hỏi 9. Which of the following are not examples of defensive industries?
Select one:
a. Pharmaceutical firms
b. Public utilities
c. Durable goods producers
d. Food producers
Câu hỏi 10. Dividend discount models and P/E ratios are used by __________ to try to find
mispriced securities.
Select one:
a. technical analysts
b. statistical analysts
c. fundamental analysts
d. dividend analysts
Câu hỏi 11. WACC is the most appropriate discount rate to use when applying a ______
valuation model.
Select one:
a. FCFF
b. DDM
c. FCFE
d. P/E
Câu hỏi 12. The top-down analysis of a firm starts with:
Select one:
a. the domestic economy
b. the industry outlook
c. the global economy.
d. the relative value of the firm
Câu hỏi 14. Fiscal policy generally has a _______ direct impact than monetary policy on the
economy, and the formulation and implementation of fiscal policy is ______ than that of
monetary policy.
Select one:
 a. less; quicker
b. less; slower
c. more; quicker
d. more; slower
Câu hỏi 16. A firm has a market to book value ratio that is equivalent to the industry
average and an ROE that is less than the industry average, which implies
Select one:
a. the firm is utilizing its assets more efficiently than other firms in the industry.
b. the firm is more profitable than other firms in the industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
Câu hỏi 22. Which of the following terms represents an upper price limit for a stock, based
on the quantity of willing sellers?
Select one:
a. Resistance.
b. Channel.
c. Support.
d. Trendline.
Câu hỏi 23. One of the most popular tools used by technical analysts is:
Select one:
a. growth rate of dividends.
b. moving averages.
c. P/E ratio.
d. book-to-market-value ratio.
Câu hỏi 24. A price range at which technicians would expect a substantial increase in the
demand for a stock is called
Select one:
a. support level.
b. demand threshold.
c. resistance limit.
d. resistance level.
Câu hỏi 25. In order to have confirmation of a major market trend under the Dow Theory,
the:
Select one:
a. transportation and industrial average must confirm each other.
b. industrial and utility averages must confirm each other.
c. transportation and utility averages must confirm each. other.
d. utility average must lead the transportation average.
Câu hỏi 26. To a technician that believed in the importance of volume, a bullish signal
would occur when
Select one:
a. prices decrease on heavy volume.
b. prices increase on heavy volume.
c. prices decrease on light volume.
d. prices increase on light volume.
Câu hỏi 27. Of the following investments, ________ is (are) considered the safest.
Select one:
a. commercial paper
b. Treasury bills
c. U.S. agency issues
d. corporate bonds
Câu hỏi 29. Callable bonds
Select one:
a. are called when interest rates decline appreciably.
b. have a call price that declines as time passes.
c. are more likely to be called when interest rates decline and have a call price that declines
as time passes.
d. are called when interest rates increase appreciably.
Câu hỏi 30. The ________ is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield
Câu hỏi 35. A futures contract
Select one:
a. is a contract to be signed in the future by the buyer and the seller of the commodity.
b. is an agreement to buy or sell a specified amount of an asset at the spot price on the expiration
date of the contract.
c. is an agreement to buy or sell a specified amount of an asset at a predetermined price on
the expiration date of the contract.
d. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
Câu hỏi 36. A European put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on or before the expiration date.
b. potentially benefit from a stock price increase.
c. buy the underlying asset at the striking price on or before the expiration date.
d. sell the underlying asset at the striking price on the expiration date.
Câu hỏi 38. The process of marking to market
Select one:
a. impacts only long positions.
b. posts gains or losses to each account daily and may result in margin calls.
c. posts gains or losses to each account daily.
d. may result in margin calls.
Câu hỏi 39. You write one JNJ February 70 put for a premium of $5. Ignoring transaction
costs, what is the break-even price of this position?
Select one:
a. $5
b. $70
c. $75
d. $65
Câu hỏi 40. The terms of futures contracts __________ standardized, and the terms of
forward contracts __________ standardized.
Select one:
a. are not; are not
b. are not; are
c. are; are
d. are; are not
—-------------------------------------------------------------------------------------------------------------
Đề Hải My
Câu 25: Technical analysis reflects the idea that stock prices:
1. move inversely over time
2. move upward over time
3. move randomly
4. move in trends
Câu 26: The Dow Theory describes stock prices as moving in trends analogous to the
movement of water. Which of the following statements is NOT true?
1. Waves are the most important
2. Major trends resemble tides
3. Intermediate trends resemble waves
4. Short - run movements are like ripples
Câu 27: A ___ bond is a bond where the bondholder has the right to cash in the bond
before maturity at a specified price after a specific date.
1. zero- coupon
2. coupon
3. put
4. callable (Sai)
5. Treasury
Câu 35: The buyer of a futures contract is said to have a ____ position, and the seller of a
futures contract is said to have a ___ position in futures.
1. short, short
2. short,long
3. long, long
4. long, short
Câu 37: (chưa tìm đc đáp án)
You purchase one JNJ 75 call option for a premium of $3. Ignoring transaction costs, the
break-even price of the position is
1. $78
2. $3
3. $75
4. $72
Câu 39: The current market price of a share of AT&T stock is $50. If a call option on this
stock has a strike price of $45, the call
Select one:
a. is out of the money and sells for a higher price than if the market price of AT& T stock is
$40
b. is in the money. (thấp hơn)
c. is out of the money.
d. buy for a higher price than if the market price of AT&T stock is $40.
Câu 40: The maximum loss a buyer of a stock put option can suffer is equal to
1. The stock price
2. the put premium
3. The stock price minus the values of the call
4. the striking price minus the stock price
ĐỀ THẢO
Câu hỏi 1. Which of the following securities is a money market instrument?
Select one:
a. Commercial paper
b. Treasury bond
c. Municipal bond
d. Treasury note
Câu hỏi 2. Governments never issue stock because:
Select one:
a. both A and B of the above
b. they cannot sell ownership claims
c. neither A nor B of the above
d. the Constitution (Hiến pháp) expressly forbids it
Câu hỏi 3. If the Federal Reserve lowers the discount rate, ceteris paribus, the equilibrium
levels
of funds lent will ... and the equilibrium level of real interest rates will...
Select one:
a. increase; increase
b. decrease; increase
c. increase; decrease
d. decrease; decrease
Câu hỏi 4. Which of the following portfolio construction methods starts with security
analysis?
Select one:
a. Buy and hold
b. Top-down
c. Middle-out
d. Bottom-up
Câu hỏi 5. Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. less risk
c. lower yields
d. more liquidity
Câu hỏi 6. Which one of the following terms best describes Eurodollars?
Select one:
a. Dollar-denominated deposits at branches of foreign banks in the U.S.
b. Dollar-denominated deposits at American banks in the U.S.
c. Dollar-denominated deposits at foreign banks and branches of American banks outside
the U.S.
d. Dollars that have been exchanged for European currency.
e. Dollar-denominated deposits only in European banks.
Câu hỏi 7. The goal of fundamental analysts is to find securities
Select one:
a. with a positive present value of growth opportunities.
b. with high market capitalization rates.
c. whose intrinsic value exceeds market price.
d. All of the options are correct.
Câu hỏi 8: Which of the financial statements recognizes only transactions in which cash
changes hands?
Select one:
a. Income statement
b. Balance sheet
c. Balance sheet and income statement (sai)
d. Statement of cash flows
Câu hỏi 9. According to Michael Porter, there are five determinants of competition. An
example of
is the threat new competitors pose to existing competitors in an industry.
Select one:
a. threat of entry
b. rivalry between existing competitors
c. pressure from substitute products
d. bargaining power of buyers
Câu hỏi 10. A firm has a market to book value ratio that is equivalent to the industry
average and an ROE that is less than the industry average, which implies
Select one:
a. the firm is more profitable than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm is utilizing its assets more efficiently than other firms in the industry.
Câu hỏi 11. WACC is the most appropriate discount rate to use when applying a valuation
model.
Select one:
a. FCFF
b. DDM
c. FCFE
d. P/E
Câu hỏi 12. Fundamental analysis uses
Select one:
a. earnings, dividend prospects, and relative strength.
b. price momentum.
c. relative strength.
d. earnings and dividends prospects.
Câu hỏi 13. Increases in the money supply will cause demand for investment and
consumption goods to... in the short run and cause prices to... in the long run.
Select one:
a. increase; increase
b. increase; decrease
c. decrease, hold steady
d. decrease, decrease
Câu hỏi 14. The top-down analysis of a firm starts with:
Select one:
a. the domestic economy
b. the global economy.
c. the industry outlook
d. the relative value of the firm
Câu hỏi 15. According to Michael Porter, there are five determinants of competition. An
example of is when competitors seek to expand their share of the market.
Select one:
a. rivalry between existing competitors
b. bargaining power of buyers
c. threat of entry
d. pressure from substitute products
Câu hỏi 16. Low P/E ratios tend to indicate that a company will ceteris paribus.
Select one:
a. P/E ratios are unrelated to growth.
b. grow quickly
c. grow at the same speed as the average company
d. grow slowly
Câu hỏi 17. You wish to earn a return of 13% on each of two stocks, X and Y. Stock X is
expected to pay a dividend of $3 in the upcoming year while stock Y is expected to pay a
dividend of $4 in the upcoming year. The expected growth rate of dividends for both stocks
is 7%. The intrinsic value of stock X:
Select one:
a. will be the same or greater than the intrinsic value of stock Y.
b. will be the same as the intrinsic value of stock Y.
c. will be greater than the intrinsic value of stock Y.
d. will be less than the intrinsic value of stock Y.
Câu hỏi 18. If a firm's sales decrease by 15%, and profits decrease by 20% during a
recession,
the firm's operating leverage (DOL) is
Select one:
a. 5
b. -5
c. 1.33
d. 0.75
Câu hỏi 20. Torque Corporation is expected to pay a dividend of $1.00 in the upcoming
year. Dividends are expected to grow at the rate of 6% per year. The risk-free rate of
return is 5%, and the expected return on the market portfolio is 13%. The stock of Torque
Corporation has a beta of 1.2. What is the return you should require on Torque's
stock?
Select one:
a. 14.6%
b. 20%
c. 12.0%
d. 15.6%
Câu hỏi 21. Sure Tool Company is expected to pay a dividend of $2 in the upcoming year.
The risk-free rate of return is 4%, and the expected return on the market portfolio is 14%.
Analysts expect the price of Sure Tool Company shares to be $22 a year from now. The
beta of Sure Tool Company's stock is 1.25. The market's required rate of return on Sure's
stock is
Select one:
a. 17.5%.
b. 14.0%.
c. 15.25%.
d. 16.5%.
Câu hỏi 22. In regard to moving averages, it is considered to be a signal when market price
breaks through the moving average from
Select one:
a. bearish; below
b. bullish; above
c. None of the options are correct
d. bullish; below
Câu hỏi 23. Which of the following would be inconsistent with an efficient market?
Select one:
a. Price adjustments are biased.
b. Price changes are independent.
c. Information arrives randomly and independently.
d. Stock prices adjust rapidly to new information.
Câu hỏi 24. Which of the following is most closely associated with the terms "primary
trend,"
"intermediate trend," and "short-term trend"?
Select one:
a. Channel.
b. Dow Theory.
c. Candlestick chart.
d. Bar chart.
Câu hỏi 25. Which of the following is not a part of the candlestick chart?
Select one:
a. Volume of trading.
b. Real body. (sai)
c. Opening price.
d. Closing price.
Câu hỏi 26. A price range at which technicians would expect a substantial increase in the
demand for a stock is called
Select one:
a. demand threshold.
b. resistance level.
c. support level.
d. resistance limit.
Câu hỏi 27. A bond is a bond where the bondholder has the right to cash in the bond before
maturity at a specified price after a specific date.
Select one:
a. callable
b. coupon
c. Treasury
d. put
e. zero-coupon
Câu hỏi 28 The ... is a measure of the average rate of return an investor will earn if the
investor buys the bond now and holds until maturity.
Select one:
a. P/E ratio
b. yield to maturity
c. current yield
d. dividend yield
Câu hỏi 29. Consider a 5-year bond with a 10% coupon that has a present yield to maturity
of 8%. If interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. the same.
d. $1,000.
Câu hỏi 30. The... is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield;
Câu hỏi 31. A 6.5 percent coupon bond issued by the State of California sells for $1,000.
What
coupon rate on a corporate bond selling at $1,000 par value would produce the same
after-tax return to the investor as the municipal bond if the investor is in the 26 percent
marginal tax bracket?
Select one:
a. 14.63 percent

b. 8.78 percent ✔
c. 1.69 percent
d. 11.25 percent
Câu hỏi 32. Calculate the yield to maturity of a zero- coupon bond with a face value of
$1000,
maturing in 10 years, and selling for a price of $628.72.
Select one:
a. 4.18 percent
b. 4.75 percent
c. 6.29 percent
d. 8.23 percent
Câu hỏi 33. Using semi-annual compounding, a 15-year zero-coupon bond that has a par
value of
$1,000 and a required return of 8% would be priced at approximately
Select one:
a. $308
b. $555.
c. $464.
d. $315.
Câu hỏi 34. If a 7% coupon bond is trading for $975.00, it has a current yield of
Select one:
a. 7.00%.
b. 7.18%.
c. 6.53%
d. 7.24%
Câu hỏi 35. You write one JNJ February 70 put for a premium of $5. Ignoring transactions
costs,
what is the break-even price of this position?
Select one:
a. $5
b. $70
c. $65
d. $75
Câu hỏi 36. In a futures contract, the futures price is
Select one:
a. determined by the buyer and the seller when they initiate the contract.
b. determined by the buyer and the seller when the delivery of the commodity takes
place.
c. determined independently by the provider of the underlying asset.
d. determined by the futures exchange.
Câu hỏi 37. The maximum loss a buyer of a stock call option can suffer is equal to
Select one:
a. the stock price minus the value of the call.
b. the stock price.
c. the call premium.
d. the striking price minus the stock price.
Câu hỏi 38. An American put option can be exercised
Select one:
a. any time in the indefinite future.
b. any time on or before the expiration date.
c. only on the expiration date.
d. only after dividends are paid.
Câu hỏi 39. A trader who has a ...... position in wheat futures believes the price of wheat
will... in the future.
Select one:
a. long; increase
b. long; stay the same
c. long; decrease
Câu hỏi 40. The buyer of a futures contract is said to have a position, and the seller of a
futures contract is said to have a position in futures.
Select one:
a. long; short
b. long; long
c. short; long
d. short; short
—---------------------------------------------------------------------------------------------------------
ĐỀ HUYỀN
Câu 2: Preferred stockholders hold a claim on assets that has priority over the claims of
1. bondholders, but after that of common stockholders
2. neither common stockholders nor bondholders
3. common stockholders, but after that of bondholders
4. both common stockholders and bondholders
Câu 3: The riskiest capital market security is:
1. common stock
2. corporate bonds
3. Treasury bonds
4. preferred stock
Câu 4: Which of the following portfolio construction methods starts with security analysis?
1. Buy and hold
2. Middle-out
3. Top-down
4. Bottom-up
Câu 5: The _____ value of a bond is the amount that the issuer must pay at maturity.
1. present
2. face
3. discounted
4. market
Câu 6: Which one of the following terms best describes Eurodollars?
Select one:
a. Dollar-denominated deposits at American banks in the U.S.
b. Dollar-denominated deposits at branches of foreign banks in the U.S.
C. Dollars that have been exchanged for European currency.
d. Dollar-denominated deposits at foreign banks and branches of American banks outside
the U.S.
e. Dollar-denominated deposits only in European banks.
Câu 7: Other things being equal, a low _____ would be most consistent with a relatively
high growth rate of firm earnings.
1. a degree of financial leverage
2. dividend-payout ratio
3. inflation rate
4. variability of earnings
Câu 8: Which of the following are not examples of defensive industries?
1. Public utilities
2. Food producers
3. Durable goods producers
4. Pharmaceutical firms
Câu 9: _____ is equal to common shareholder’s equity divided by common shares
outstanding.
1. Tobin’s Q
2. Market value per share
3. Liquidation value per share
4. Book value per share
Câu 10: Assume the U.S government was to decide to increase the budget field. Holding all
else constant, this will cause ____ to increase.
1. unemployment
2. interest rates and government borrowing
3. interest rates
4. government borrowing
Câu 11: According to Michael Porter, there are five determinants of competition. An
example of is the threat new competitors pose to existing competitors in an industry.
Select one:
1. bargaining power of buyers
2. threat of entry
3. pressure from substitute products
4. rivalry between existing competitors
Câu 12: If interest rates increase, business investment expenditures are likely to ____, and
consumer durable expenditures are likely to _____.
1. increase; decrease
2. increase; increase
3. decrease; decrease
4. decrease; increase
Câu 13: Dividend discount models and P/E ratios are used by ______ to try to find
mispriced securities.
1. statistical analysts
2. fundamental analysts
3. technical analysts
4. dividend analysts
Câu 14: A firm has a higher asset turnover ratio than the industry average, which implies
Select one:
1. the firm is more likely to avoid insolvency in the short run than other firms in the
industry.
 2. the firm is utilizing assets more efficiently than other firms in the industry.
3. the firm has a higher P/E ratio than other firms in the industry.
4. the firm is more profitable than other firms in the industry.
Câu 15: According to Michael Porter, there are five determinants of competition. An
example of is when a buyer purchases a large fraction of an industry's output and can
demand price concessions.
Select one:
1. rivalry between existing competitors
2. pressure from substitute products
3. threat of entry
4. bargaining power of buyers
Câu 16: According to Michael Porter, there are five determinants of competition. An
example of is when competitors seek to expand their share of the market.
Select one:
1. threat of entry
2. bargaining power of buyers
3. pressure from substitute products
4. rivalry between existing competitors
Câu 17: Fly Boy Corporation is expected have EBIT of $800k this year. Fly Boy
Corporation is in the 30% tax bracket, will report $52,000 in depreciation, will make
$86,000 in capital expenditures, and will have a $16,000 increase in net working capital this
year. What is Fly Boy's FCFF?
Select one:
1. 406,000
2. 682,000
3. 542,000
4. 510,000
5. 596,000
Câu 18: Zero had a FCFE of $4.5M last year and has 2.25M shares outstanding.
Zero's required return on equity is 10%, and WACC is 8.2%. If FCFE is expected to grow
at 8% forever, the intrinsic value of Zero's shares is
Select one:
a. $26.35.
b. $14.76.
C. $1080.00.
d. $108.00.
Câu 19: Torque Corporation is expected to pay a dividend of $1.00 in the upcoming year.
Dividends are expected to grow at the rate of 6% per year. The risk- free rate of return is
5%, and the expected return on the market portfolio is 13%. The stock of Torque
Corporation has a beta of 1.2. What is the intrinsic value of Torque's stock?
Select one:
a. $14.60
b. $11.62
C. $14.29
d. $12.33
Câu 20: Sales Company paid a $1.00 dividend per share last year and is expected to
continue to pay out 40% of earnings as dividends for the foreseeable future. If the firm is
expected to generate a 10% return on equity in the future, and if you require a 12% return
on the stock, the value of the stock is
Select one:
a. $13.00.
b. $17.67.
C. $16.67.
d. $18.67.
Câu 21: If a firm's sales decrease by 15%, and profits decrease by 20% during a recession, the
firm's operating leverage (DOL) is
Select one:
a. -5
b. 5
c. 1.33
d. 0.75
Câu 22: Technical analysis reflects the idea that stock prices:
Select one:
a. move upward over time.
b. move randomly.
c. move inversely over time.
d. move in trends.
Câu 23: Which of the following is not a part of the candlestick chart?
Select one:
a. Opening price.
b. Volume of trading.
c. Closing price.
d. Real body.
Câu 24: Which of the following is most closely associated with the terms "primary
trend" "intermediate trend" and "short-term trend"?
Select one:
a. Channel.
b. Dow Theory.
c. Bar chart.
d. Candlestick chart.
Câu 25: Technicians believe that an industry or stock that is outperforming the market will
tend to
Select one:
a. return to normal.
b. meet a resistance level.
c. continue to outperform the market.
d. reverse trend.
Câu 26: Which of the following terms represents an upper price limit for a stock, based on
the quantity of willing sellers?
Select one:
a. Trendline.
b. Support.
c. Channel.
d. Resistance.
Câu 27: The ______ is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield
Câu 28: A bond is a bond where the bondholder has the right to cash in the bond before
maturity at a specified price after a specific date.
Select one:
a. zero-coupon
b. put
c. callable
d. Treasury
e. coupon
Câu 29: Of the following investments, is (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency Issues
c. corporate bonds
d. commercial paper
Câu 30: Consider a 5-year bond with a 10% coupon that has a present yield to maturity of
8%. If interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. lower.
b. higher.
C. $1,000.
d. the same.
Câu 31: Calculate the yield to maturity of a zero-coupon bond with a face value of $1000,
maturing in 15 years and selling for a price of $525.75.
Select one:
a. 5.62 percent
b. 4.38 percent
c. 15.26 percent
d. 8.74 percent
Câu 32: A coupon bond that pays interest annually has a par value of $1,000, matures in
five years, and has a yield to maturity of 10%. The intrinsic value of the bond today will be
…..if the coupon rate is 12%.
Select one:
a. $924.16
b. $1,075.82
C. $922.77
d. $1,077.20
((12%*1000)/10%)*(1-1/(1.1)^5))+1000/(1.1)^5
Câu 33: A 6.5 percent coupon bond issued by the State of California sells for $1,000. What
coupon rate on a corporate bond selling at $1,000 par value would produce the same after-
tax return to the investor as the municipal bond if the investor is in the 26 percent marginal
tax bracket?
Select one:
a. 1.69 percent
b. 14.63 percent
C. 11.25 percent
d. 8.78 percent
Câu 34: A coupon bond that pays interest annually has a par value of $1,000, matures in
five years, and has a yield to maturity of 10%. The intrinsic value of the bond today will be
………. if the coupon rate is 7%.
Select one:
a. $1,123.01
b. $620.92
C. $712.99
d. $886.28
((7%*1000)/10%)*(1-1/(1.1)^5))+1000/(1.1)^5
Câu 35: The potential loss for a writer of a naked call option on a stock is
Select one:
a. unlimited.
b. equal to the call premium.
c. increasing when the stock price
is decreasing.
d. limited.
Câu 36: A trader who has a ...... position in wheat futures believes the price of wheat will ..
…. in the future.
Select one:
a. long; decrease
b. short; increase
c. long; stay the same
d. long; increase
Câu 37: The process of marking to market
Select one:
a. posts gains or losses to each account daily.
b. may result in margin calls.
c. posts gains or losses to each account daily and may result in margin calls.
d. impacts only long positions.
Câu 38: An American call option allows the buyer to
Select one:
a. sell the underlying asset at the exercise price on or before the expiration date.
b. sell the option in the open market prior to expiration.
c. buy the underlying asset at the exercise price on or before the expiration date.
d. sell the underlying asset at the exercise price on or before the expiration date and sell the
option in the open market prior to expiration.
Câu 39: You purchase one JNJ 75 call option for a premium of $3. Ignoring transaction
costs, the break-even price of the position is
Select one:
a. $72.
b. $75.
c. $78.
d. $3.
Câu 40: A trader who has a ...... position in gold futures wants the price of gold to ..... in the
future.
Select one:
a. short; decrease
b. long; decrease
c. short; increase
d. short; stay the same
—---------------------------------------------------------------------------------------------------------
Đề 1 _ clc
Câu 1: Mistakes in investment include:
1. “Fear” to cut losses
2. listen to celebrities
3. Realizing profits too early
4. all of above
Câu 2: Which of the following valuation methods is the most appropriate for SOE
equalization?
1. Discount cash flow model
2. P/E
3. Asset valuation
4. None of above
3. In Dow Theory, the secondary wave (trend) normally lasts:
1. Less than 3 weeks
2. More than 3 months
3. 3 weeks to 3 months
4. More than 1 year
4. Stock valuation is the determining the intrinsic value or fair value of stock to serve the
following tasks:
1. Make investment decisions to buy, sell, or hold
2. M&A
3. Exploit the potential of firm
d. A and B
5. Which of the following statements is true about company pricing?
1. The valuation is a subjective action, the result of the valuation depends on the
appraiser
2. The valuation is immutable, it does not depend on the change of information and time
3. The outcome of a valuation is 100% certain
4. The more complex the pricing model is, the more exact the intrinsic price.
6. Based on perspective: Compared to the value of other firms. Which pricing method do
we have?
 1. P/E
2. Asset valuation
3. Discount Cash Flow Model
4. Dividend discount model
7. Company X earns 10 billion VND in 2007. On Jan 1, 2007 X has 1 million outstanding
shares. On July 1, 2007, X issues 100,000 additional common shares at the price of 20,000
VND/share. Calculate EPS?
1. 9,524 VND
2. 9,091 VND
3. 10,233 VND
4. 11,540 VND
EPS= 10.000.000/(1.000.000*6/12+1100.000*6/12) = 9.524
8. Which of the following statements are out of Technical Analysis?
1. Prices fluctuate in trends
2. Market volatility eliminates objective and subjective factors
3. The real value of the stock.
4. Analyze price movements in the past.
9. In technical analysis, which price is most important?
1. Open
2. Close
3. High
4. Low
10. An inversion head and shoulders pattern is indicative:
1. Price increases
2. Price decreases
3. Stay the same
4. Price does not increase, does not decrease
11. What is the intrinsic value of a company's stock if dividends are expected to grow at
5%, last year's dividend was $1, and investors's required rate of return for this
stock is 10%?
1. $19
2. $20
3. $21
4. $26.50
V0= (1*(1-5%))/(10%-5%) =21
12. An analyst values stocks using a dividend discount model. Holding all other factors
constant, which of the following is least likely to increase the estimated value of a stock?
1. An increase in the next period's expected dividend
2. A decrease in the expected growth rate of dividend
3. A decease in the stock's systematic risk
4. An decrease in the stock's specific risk
13. A derivative is most accurately defined as a financial instrument that provides:
1. an adjustment to another asset's level of risk
2. a return based on the return of an underlying asset
3. an agreement between two parties to provide something for each other
4. a loan for a future trade
14. When the underlying stock price is $5, an investor pays $2 for a call option with an
exercise price of $95. If the stock price moves to $96, the intrinsic value of the call
option would be:
1. -$1
2. $0
3. $1
4. $2
96-97 =-1
15. The value of a call option on a stock is least likely to increase as a results of:
1. an increase in asset price volatility
2. a decrease in market price of the underlying stock
3. a decrease in the strike price of the option
4. a positive prospect of the underlying stock
16. For which of the following bonds is the price more sensitive to changes in YTM?
1. 30-year bond with 5% coupon rate and semiannual coupon payment.
2. zero coupon bond with 15-year maturity
3. (A) and (B) have the same price sensitivity
4. cannot determine which has higher price sensitivity without further information
17. The current YTM is 5% and the price of the bond is $100. Suppose that the yield
increases by 100 bps (that is, to 6%), and the bond price declines by $10. Suppose
that the YTM then increases further, by another 100 bps (that is, to 7%). The bond
price will
1. rise by less than $10
2. rise by more than $10
3. decline by less than $10
4. decline by more than $10
18. An estimate of the price change for a coupon bond caused by 1% decline in its yield to
maturity based only on its modified duration will result in an answer that:
1. is smaller than the actual price change
2. is larger than the actual price change
3. in exactly equal to the actual price change
4. none of the above
19. To reduce the negative economic impact of Covid-19 pandemic crisis, the State bank
of Vietnam cut its benhmark policy rates by 50 basis points on October 1 2020. Which of
the following is least likely the result of the SBV's rate cut
1. an increase in business investment in fixed assets
2. an increase in consumer spending on durable goods
3. depreciation of the Vietnam dong increases foreign demand for Vietnam's exports
4. an increase in the foreign exchange value of the Vietnam dong
20. If money supply and demand are in equilibrium and the central bank sells securities in
the open market:
1. firms and households will sell securities for cash
2. Bank reserves will increase
3. short-term interest rates will decrease
4. non of the above
—------------------------------------------------------------------------------------------------------------------
-------------------
Đề 2 -clc
4. When the underlying stock price is $95, an investor pays $2 for a call option with an
exercise price of $95. If the stock price moves to $97, the intrinsic value of the call
option would be:
5. -$1
6. $0
7. $1
8. $2
—------------------------------------------------------------------------------------------------------------------
-------------------
Đề 3 - clc
1. Reasonable ESOP (Employee Stock Ownership Plan) policy is:
1. Issued to as many employees as possible
2. Only Issued to CEOs
3. ESOP rate must be lower than EPS growth rate
4. A and C
2. A strategy whereby an investor seeks out stocks with good growth potential and grow at
an above-average rate compared to its industry:
1. CANSLIM
2. Growth Investing strategy
3. Value Investing Strategy
4. Growth At A Reasonable Price
3. In the investment process, which step must be identified before Asset allocation
1. Looking for investment opportunities
2. Identify the level of risk tolerance
3. Seeking about the law on investment
4. Market timing
4. DDM is suitable for the following companies
1. Company is in the steady growth period
2. Company has policy which spend most of EAT to pay dividends
3. Company has a lower dividend growth rate than the discount rate
4. All above
5. Fundamental analysis is:
1. Handling economic and firm information such as GDP, Inflation, FDI, Industry
analysis, firm analysis
2. Handling the chart, prices and volumes, patterns
3. Using mathematical models
4. B and C
6. Five competitive advantages exclude:
1. Trademark
2. License of invention
3. Number and size of suppliers
4. Price
7. Profitability ratios exclude:
 1. Return on assets
2. Investment turnover
3. Gross profitability
4. Debt to equity ratio
8. If A buys 10 shares at the price of VND 50,000 per share, after 4 years, A will sell 10
shares at the price of VND 70,000 per share. What is the investor's annual rate of return?
a. 8.112 %
b. 8.776%
c.9.102 %
d. 10.00%
Rate of return = (70-50)/50 = 40% → Annual rate of return = 40%/4 = 10%
9. Investors holding convertible bonds have face value of VND 1,000,000, convertible price
is VND 50,000/share, market price of stock is VND 55,000/share. The market price of
bonds is VND 1,120,000. The company requires to buy back bonds at VND 1,110,000. If
you are an investor, which option would you choose?
1. Convert bonds into common stock
2. Selling bonds to the company
3. Selling bonds on the market
4. None of above
Number of convertible bonds = Face value/Convertible price = 1.000.000/50.000 = 20
Value of convertible bonds = Number of convertible bonds*Market price = 20*55.000 =
1.100.000
10. Suppose that you buy a perpetual bond that pays indefinitely you $ 50-per-year. And
you require an investment rate of 12%. The price of this bond will be:
1. 400.67 $
2. 416.67 $
3. 420.50 $
4. 425.23 $
Price of perpetual bond = Fixed interest earned/Require rate = 50/12% = 416.67
11. Factors affecting bond interest rates include:
1. Market interest rate
2. Reputation of the issuing organization
3. Term to maturity
4. All of above
12. Which statement is wrong about ex coupon date (ex interest date)
1. The ex-coupon date is the first day the bond starts trading without the coupon attached to
it
2. If the debt security is purchased on or after the ex-coupon date, the seller retains the right
to receive the next due interest payment
3. The buyer will have right to receive next interest payment if he buys the bond on ex
coupon date
4. All of above are wrong
13. Which statement is wrong about Interest Rate Risk?
1. Generally, rising interest rates will result in falling bond prices
2. Interest rate impacts mainly on fixed-rate bonds, little impacts on floating rate bond.
3. The longer the maturity time, the greater du the effect of interest rates.
 4. The higher the coupon rate, the greater the effect of the interest rate
14. Which statement is correct about duration?
1. When the expiration time is increased, Macaulay duration will increase
2. When coupon rate is increased, Macaulay duration will decrease
3. When YTM is increased, Macaulay duration will decrease
4. All of above are correct
15. At the end of 2012, Mr. G invests in Amazon stock. He bought 10,000 shares, the price
of 1 share was 25,000 VND. At the end of 2013: The company paid dividend by stock at a
rate of 30%. At the end of 2014: The company paid 22% cash dividend. Calculates the
dividend which Mr. G receives for the total number of shares.
1. 22.000.000 VND
2. 22.660.000 VND
3. 23.233.000 VND
4. 23.540.000 VND
16. Assume that retention ratio is 65%, ROE is 30.99% and discount rate is 25%, please
calculate the intrinsic P/E
1. 8.55
2. 8.66
3. 7.00
4. 7.50
Formula in Slide Chapter 2 (FA) page 176
17. An head and shoulders pattern is indicative:
1. Price increases
2. Price decreases
3. Stay the same
4. Price does not increase, does not decrease
18. A investor longs put contract, he is expecting that:
1. The price will raise
2. The price will decrease
3. The price will fluctuate strongly
4. Not enough information to decide
19. Which statement is wrong about the relationship between bond price and maturity.
1. If the nominal interest rate is less than the market interest rate, the longer the term to
maturity is, the lower the price is.
2. If the nominal interest rate is greater than the market interest rate, the longer the term to
maturity is, the higher the price is.
3. If the nominal interest rate is equal to the market interest rate, the bond price will
depend on the maturity date and be equal to the face value.
4. All of above are wrong
20. Investors who believe the price will fluctuate in the near future but are not sure about
the direction of movement will follow:
a. Straddle strategy
b. Covered call strategy
c. Protective put strategy
d. Bull Call Spread
 câu 1: Stock valuation is the determining the intrinsic value or fair value of stock to serve
the following tasks:
a) Make investment decisions to buy, sell, or hold
b) M&A
c) Exploit the potential of firm
d) A and B
cau 2: An analyst values stocks using a dividend discount model holding all other factors
constant, which of the following is least likely to increase the estimated value of a stock?
a decrease in the expected
cau 3 if money supply and demand are equilibrium and the central bank sells securities
increase in the open market
1. firms and households will sell securities for cash
1. Bank reserves will increasee
1. Short- term interest rates will decrease
1. non of abovethe above
cau 4: Company X earns 10 billion VND in 2007. On Jan 1, 2007 X has 1 million
outstanding shares. On July 1,2007, X issues 100,000 additional common shares at the
prices of 20,000 VND/share
1. 9.524 VND
1. 10.000 vnd
1. 10.233 Vnd
1. 11.540vnd
Câu 5: Threat of news entrants excludes
1. Economies of scale
1. Capital requirement
1. Number and size of suppliers
1. Switching cost
6, the price line cross the MA15 (15- day) and the MA50 (50-day) from up to down,
investors should:
1. Buy
1. Sell
1. Hold
1. Not enough information to decide
7. The main risks of investing in bonds not include the following
1. interest rate risk
1. Liquidity risk
1. Credit risk
1. systematic risk
8. the investing strategy which focuses on the 10 of the 30 companies in the Dow Jones
Industrial Average (DJIA) with the highest dividend yield
1. Growth at A Reasonable Price
1. Growth Investing
1. Quantitative Analysis Strategy
1. Dogs of the Dow
9. Fundamental analysis is
 1. handling economic and firm information such as GDP, Inflation, FDI, Industry
analysis, firm analysis
1. Handing the chart, price and voulumes, paterns
1. Using mathematical model
1. B and C
10. for bond investors: proactively and predict the interest rate will drop sharply, which
tactic will he or she will invest
1. Long
1. Short
1. Don’t buy or sell anything because the market is volatile
1. Arbitrage
11. Protective put strategy is:
1. We buy a stock and buy contemporaneously put option of the same stock
1. We buy a stock and sell contemporaneously put option of the same stock
1. Holding an equal number of put and call options with the same strike price and
expiration dates.
1. Buy calls at a specific strike price while also selling the same number of calls at a
higher strike price.
12. DDM is suitable for the following companies
1. Company is in the steady growth period
1. Company has policy which spend most of EAT to pay dividends
1. Company has a lower dividend growth rate than the discount rate
1. All above
13. A strategy whereby an investor seeks out stocks with good growth potential and grow at
an above average rate compared to the industry:
1. CANSLIM
1. Growth Investing strategy
1. Value Investing Strategy
1. Growth at A reasonable price
14. In the investment process, which step must be identified before Asset allocation
1. Looking for investment opportunities
1. Identify the level of risk tolerance
1. Seeking about the law on investment
1. Market timing
15. At the end of 2012, Mr. G invests in amazon stock. He bought 10,000 shares, the price of
1 share was 25,000 VND. At the end of 2013: The company paid dividend by stock at a rate
of 30%. At the end of 2014: The company paid 22% cash dividend. Calculates the dividend
which Mr. G receives for the total number of shares.
a.22.000.000 VND
b.22.660.000 VND
c.23.233.000 VND
d.23.540.000 VND
16. Which statement is wrong about ex coupon date (ex interest date)
1. The ex-coupon date is the first day the bond starts trading without the coupon
attached to it
 1. If the debt security ís purchased on or after the ex-coupon date, the seller retains
the right to receive the next due interest payment
1. The buyer will have right to receive next interest payment if he buys the bond on
ex coupon date
1. All of above are wrong
17. Suppose that you buy a perpetual bond that pays indefinitely you $50-per-year. And
you require an investment rate of 12%. The price of the bond will be:
1. 400.67$
1.
1. 416.67$
1. 420.50$
1. 425.23$
18. Assume that retention ratio is 65%, ROE is 30.99% and discount rate is 25% please
calculate
1. 8.55
1. 8.66
1. 7.00
1. 7.5050
19. In Dow Theory, the secondary wave (trend) normally lasts:
1. Less than 3 weeks
1. More than 3 months
1. 3 weeks to 3 months
1. more than 1 yea