ĐẦU TƯ TÀI CHÍNH constant, which of the following is least likely to

1. While deling how to allocate the fund's ass. increase the estimated value of a stock?
Which shop in the Top-down model that requires A. An increase in the next period's expected
us to classify com and classes within that dividend
country? B. A decrease in the expected growth rate of
A. Firm analysis dividend
B. Economy analysis C. A decease in the stock's systematic risk
C. Industry analysis D. A decrease in the stock's specific risk
D. quantitative analysis
6.10 bonds worth $100 each are purchased by an
2. Mistakes in investment include investor for the price of $900, with a nominal
A) Test to cut losses interest rate of 6% per year. The investor will
B) Listen to celebrities therefore receive the following interest payments
C) Realizing profin too early each year.
D. All of above A 60 USD
B. 600 USD
3. Which of the ring statements is true about C.570 USD
company pricing? D. 500 USD
A) The valtion is active action, the rest of the
valuation depends on the appraiser 7. When the underlying stock price is $95, an
B) The valuation tall, it does at depend on that cls of investor pays $2 for a call option with an exercise
information and time price of $95. If the stock price moves to $96, the
C) The outcoms of a valuation is 100% certain intrinsic value of the call option would be ( xem lại )
D) The more complex the pricing model is, the more A. - $1
exact the intrinsic price B. $0
C. S1
4. Yield curve describes the relationship D. $2
between:( xem lại)
A. Interest rate and risk 8.A bond with nominal yield of 10%, maturity of
B. Yield and risk 3 years, par value of $10, and discount rate of 7%
C. Yield and Maturity Duration would be.
D. Interest and bond price A. 2.75
D3
5. An analyst values stocks using a dividend C 23
discount model. Holding all other factors D. 15

1
9. A bond with Modified Duration 2.566, If it D 23.1%
interest increases 1%, the bond price will
A Increase 2.566 %% 13. The value of a call option on a stock is least
B Decrease 2.566% likely to increase as a result of: (Xem lại)
C Decrease less than 2.566 % A) an increase in asset price volatility
D De constant B) a decrease in market price of the underlying stock
C) a decrease in the strike price of the option
10. A derivative is most accurately defined as a D) a positive prospect of the underslying stock
financial instrument that provides:
A) an adjustment to another asset's level of ris 14. Invest in the following financial assets, which
B) a return based on the return of an underlying has the highest level of risk?
asset A VNM corporate bonds with term of 10 years
C) an agreement between two parties to provide B Derivative contracts
something for each other C. Government bonds
D) a loan for a future trade D. Vinamilk's shares

11. There are 5 types of bonds as follows: A 15. What is the basic difference between options
coupon rate = 15% B coupon rate = 11% C and futures?
coupon rate = 16% D coupon rate = 10% E A While the bolder of a future pledges to carry
coupon rate = 9% Let's sort in descending order out specific actions, the holder of an option does
of Duration: not neces- sarily exercise the right.
A E>D>B>A>C B. While the holder of an option pledges to carry out
B. C>A>B>D>E specific actions, the holder of a future does not
C A>C>B>D>E neces- sarily exercise the right
D. E>D>B>C>A C Time of contract performance
D. There is no difference
12 A mutual fund of the United States invests in
bonds in Vietnam. At the time of disbursement, the 16. For which of the following bonds is the price
USD/VND exchange rate = 22,000. After one year, more sensitive to changes in
the return rate of this investment fund reaches YTM? ( xem lại )
14%/year, but the exchange rate is now USD/VND A) 30-year bond with 5% coupon rate and
= 24,000. What is the real return rate of this semiannual coupon payment
investment fund? B) zero coupon bond with 15-year maturity
A 4% C) (A) and (B) have the same price sensitivity
B 4.9% D) cannot determine which has higher price
C 12% sensitivity without further information
2
17. An estimate of the price change for a coupon
Đề 1
bond caused by 1% decline in its yield to
Câu hỏi 1: ____ are examples of financial
maturity based only on its modified duration will
intermediaries.
result in an answer that:
A) is smaller than the actual price change a. Investment companies
B) is larger than the actual price change b. Insurance companies
C) in exactly equal to the actual price change
c. Commercial banks
D) non of the above
d. All of the options

18. If money supply and demand are in

equilibrium and the central bank sells securities
Câu hỏi 2: Governments never issue stock
in the open market:
because:
A) firms and households will sell securities for cash
Select one:
B) Bank reserves will increase
C) short-term interest rates will decrease a. the Constitution (Hiến pháp) expressly forbids it
D) non of the above b. both A and B of the above

c. they cannot sell ownership claims

19. The current YTM is 5% and the price of the
bond is $100. Suppose that the yield increases by d. neither A nor B of the above

100 bps (that is, to 6%), and the bond price

declines by $10. Suppose that the YTM then
Câu hỏi 3: New issues of securities are sold in the
increases further, by another 100 bps (that is, to
market(s).
7%). The bond price will
Select one:
A) rise by less than $10
B) rise by more than $10 a. primary
C) decline by less than $10 b. primary and secondary
D) decline by more than $10
c. secondary

20. An inversion head and shoulders pattern is d. over-the-counter

indicative: Câu hỏi 4: Commercial banks differ from other

A) Price increases businesses in that both their assets and their
B) Price decreases
liabilities are mostly
C) Stay the same
Select one:
D) Price does not increase, does not decrease
a. owned by the government
3
b. illiquid a. unemployment

c. real b. government borrowing

d. financial c. interest rates and government borrowing

Câu hỏi 6 d. interest rates

Which of the following is NOT a characteristic of Câu 10 ____ is a summary of the profitability of
a money market instrument? the firm over a period of time, such as a year.

Select one: Select one:

a. Long maturity a. The audit report

b. Liquidity premium b. The balance sheet

c. Long maturity and liquidity premium c. The income statement

d. Liquidity d. The statement of cash flows

Câu hỏi 7. A firm has a higher quick (or acid Câu hỏi 11. The goal of fundamental analysts is
test) ratio than the industry average, which to find securities
implies Select one:
Select one: a. with high market capitalization rates.
a. the firm is more likely to avoid insolvency in b. All of the options are correct.
the short run than other firms in the
c. with a positive present value of growth
industry, and the firm may be less profitable than opportunities.
other firms in the industry.
d. whose intrinsic value exceeds market price.
b. the firm is more likely to avoid insolvency in the
Câu hỏi 13. Other things being equal, a low
short run than other firms in the
would be most consistent with a relatively high
industry. growth rate of firm earnings.
c. the firm has a higher P/E ratio than other firms in Select one:
the industry.
a. degree of financial leverage
d. the firm may be less profitable than other firms in
b. variability of earnings
the industry.
c. dividend-payout ratio
Câu hỏi 9: Assume the U.S. government was to
decide to increase the budget field. Holding all d. inflation rate
else constant, this will cause______ to increase. Câu hỏi 14: An example of a positive demand
Select one: shock is:

4
Select one: d. growth rate of dividends.

a. a decrease in tax rates. Câu hỏi 24. Which of the following terms
represents an upper price limit for a stock, based
b. a decrease in the money supply.
on the quantity of willing sellers?
c. a decrease in foreign export demand.
Select one:
d. a decrease in government spending.
a. Resistance.
Câu hỏi 15. ____are analysts who use
b. Channel.
information concerning current and prospective
profitability of a firm to assess the firm's fair c. Support.
market value. d. Trendline.
Select one: Câu hỏi 25. In regard to moving averages, it is
a.Technical analysts considered to be a…. signal when market price
breaks through the moving average from…
b. Systems analysts
Select one:
c. Fundamental analysts
a. bearish; below
d. Credit analysts
b. None of the options are correct
Câu hỏi 22. Which of the following is most closely
associated with the terms "primary trend," c. bullish; above

"intermediate trend," and "short-term trend"? d. bullish; below

Select one: Câu hỏi 26. In order to have confirmation of a

major market trend under the Dow Theory, the:
a. Candlestick chart.
Select one:
b. Channel.
a. industrial and utility averages must confirm each
c. Dow Theory.
other.
d. Bar chart.
b. transportation and utility averages must confirm
each other.
Câu hỏi 23. One of the most popular tools used
c. transportation and industrial average must
by technical analysts is:
confirm each other.
Select one:
d. utility average must lead the transportation
a. moving averages. average.

b. book-to-market-value ratio. Câu hỏi 27: Of the following investments, (are)

c. P/E ratio. considered the safest.

5
Select one: a. both bonds will increase in value, but bond B
will increase more than bond A.
a. commercial paper
b. both bonds will increase in value, but bond A will
b. corporate bonds
increase more than bond B.
c. Treasury bills
c. both bonds will decrease in value, but bond B will
d. U.S. agency issues
decrease more than bond A.
Câu hỏi 28. Consider a 5-year bond with a 10%
d. both bonds will decrease in value, but bond A will
coupon that has a present yield to maturity of
decrease more than bond B.
8%. If interest rates remain constant, one year
Câu hỏi 35. The terms of futures contracts…
from now, the price of this bond will be
standardized, and the terms of forward
Select one:
contracts… standardized.
a. higher. Select one:

b. lower. a. are not; are not

b. are not; are
c. $1,000.
c. are; are
d. the same. d. are; are not
Câu hỏi 29. Ceteris paribus, the price and yield Câu hỏi 36. An American put option can be
on a bond are exercised
Select one: Select one:
a. only on the expiration date.
a. not related.
b. only after dividends are paid.
b. sometimes positively and sometimes negatively
c. any time on or before the expiration date.
related.
d. any time in the indefinite future.
c. negatively related.
Câu hỏi 37. Before expiration, the time value of
d. positively related. an in- the-money call option is always

Câu hỏi 30. Consider two bonds, A and B. Both Select one:
bonds presently are selling at their par value of
a. positive.
$1,000. Each pays interest of $120 annually. Bond
b. equal to the stock price minus the exercise price.
A will mature in five years, while bond B will
mature in six years. If the yields to maturity on c. negative.
the two bonds change from 12% to 10%. d. equal to zero.
Select one: Câu hỏi 38. An American put option allows the
holder to

6
Select one: b. more liquidity
a. sell the underlying asset at the striking price on
c. lower yields
or before the expiration date.
d. less risk
b. sell the underlying asset at the striking price on or
before the expiration date and potentially benefit Câu hỏi 3. New issues of securities are sold in the
from a stock price increase. market(s).
c. potentially benefit from a stock price increase. Select one:
d. buy the underlying asset at the striking price on or
a. primary
before the expiration date.
b. over-the-counter
Câu hỏi 39. You hold one long corn futures
contract that expires in April. To close your c. primary and secondary

position in corn futures before the delivery date d. secondary

you must
Câu hỏi 4. The value of a bond is the amount that
Select one:
the issuer must pay at maturity.
a. sell one April corn futures contract.
Select one:
b. buy one may corn futures contract.
c. sell one may corn futures contract. a. discounted
d. buy two April corn futures contract. b. present
Câu hỏi 40. The process of marking to market c. market
Select one: d. face
a. posts gains or losses to each account daily. Câu hỏi 5. Which of the following securities is a
b. may result in margin calls. money market instrument?

c. posts gains or losses to each account daily and Select one:

may result in margin calls. a. Treasury bond
d. impacts only long positions. b. Municipal bond
—------------------------------------------------------------ c. Treasury note
-------------------------------------------------
d. Commercial paper
Đề 2
Câu hỏi 6. Most of the time, the interest rate on
Câu hỏi 1. Compared to money market securities, Treasury notes and bonds is… that on money
capital market securities have: market securities because of… risk.
Select one: Select one:
a. longer maturities a. below; default

7
b. below; interest-rate a. a decrease in tax rates.

c. above, interest rate b. a decrease in the money supply.

Câu hỏi 8: Fiscal policy generally has a…. direct c. a decrease in foreign export demand.
impact than monetary policy on the economy, d. a decrease in government spending.
and the formulation and implementation of fiscal
Câu hỏi 15. The Gordon model
policy is…than that of monetary policy.
Select one:
Select one:
a. is a generalization of the perpetuity formula to
a. less; slower
cover the case of a growing perpetuity and is
b. more; quicker valid only when g is less than k.
c. more; slower b. is valid only when g is less than k.
d. less; quicker c. is valid only when k is less than g.
Câu hỏi 11. Low P/E ratios tend to indicate that a d. is a generalization of the perpetuity formula to
company will, ceteris paribus. cover the case of a growing
Select one: perpetuity.
a. grow at the same speed as the average company Câu hỏi 16. According to Michael Porter, there
b. grow slowly are five determinants of competition. An example
of is when a buyer purchases a large fraction of
c. P/E ratios are unrelated to growth.
an industry's output and can demand price
d. grow quickly
concessions.
Câu hỏi 13. Other things being equal, a low
Select one:
would be most consistent with a relatively high
a. rivalry between existing competitors
growth rate of firm earnings.
b. threat of entry
Select one:
c. bargaining power of buyers
a. degree of financial leverage
d. pressure from substitute products
b. variability of earnings
Câu hỏi 22. The two primary tools of a technical
c. dividend-payout ratio
analyst are:
d. inflation rate
Select one:
Câu hỏi 14. An example of a positive demand
a. price and volume.
shock is:
b. economic indicators and level of the market
Select one:
index.
8
c. level of the market index and volume. a. are called when interest rates decline appreciably.

d. price and technical indicators. b. are more likely to be called when interest rates
decline and have a call price that declines as time
Câu hỏi 23. To a technician that believed in the
passes.
importance of volume, a bullish signal would
occur when c. are called when interest rates increase
appreciably.
Select one:
d. have a call price that declines as time passes.
a. prices decrease on light volume.
Câu hỏi 29. Of the following investments, (are)
b. prices increase on heavy volume.
considered the safest.
c. prices decrease on heavy volume.
Select one:
d. prices increase on light volume.
a. Treasury bills
Câu hỏi 24: Giống đề 1
b. U.S. agency issues
Câu hỏi 25. A support level is a price range:
c. commercial paper
Select one:
d. corporate bonds is
a. above which a stock price cannot go.
Câu hỏi 30: Accrued interest
b. below which a stock price cannot go.
Select one:
c. at which a significant increase in demand for a
a. must be paid by the buyer of the bond and
stock is expected.
remitted to the seller of the bond.
d. at which a significant increase in supply of a stock
b. is quoted in the bond price in the financial press
is expected.
and must be paid by the buyer of the bond and
Câu hỏi 26. Which type of chart includes daily
remitted to the seller of the bond.
high price, low price, opening price, and closing
c. is quoted in the bond price in the financial press.
price?
d. must be paid to the broker for the inconvenience
Select one:
of selling bonds between maturity dates.
a. Bar chart.
Câu hỏi 35: A futures contract
b. Point-and-figure chart.
Select one:
c. Candlestick chart.
a. is an agreement to buy or sell a specified amount
d. Moving average chart.
of an asset at the spot price on the expiration date of
Câu hỏi 27. Callable bonds the contract.

Select one:

9
b. is an agreement to buy or sell a specified b. unlimited.
amount of an asset at a predetermined price on
c. equal to the call premium.
the expiration date of the contract.
d. limited.
c. gives the buyer the right, but not the obligation, to
Câu 40: A protective put strategy is
buy an asset sometime in the future.
Select one:
d. is a contract to be signed in the future by the
buyer and the seller of the commodity. a. a long put plus a long position in the
underlying asset.
Câu 36: A European put option allows the holder
to b. a long call plus a short put on the same underlying
asset.
Select one:
c. a long put plus a short call on the same underlying
a. sell the underlying asset at the striking price on
asset.
the expiration date.
d. a long put plus a long call on the same underlying
b. buy the underlying asset at the striking price on or
asset.
before the expiration date.
—------------------------------------------------------------
c. potentially benefit from a stock price increase.
-------------------------------------------------
d. sell the underlying asset at the striking price on or
Đề 3
before the expiration date.

Câu 37: Before expiration, the time value of an

in-the-money call option is always Câu hỏi 1: Which of the following portfolio
construction methods starts with security
Select one:
analysis?
a. positive.
Select one:
b. equal to the stock price minus the exercise price.
a. Middle-out
c. negative.
b. Bottom-up
d. equal to zero.
c. Top-down

d. Buy and hold

Câu 39: The potential loss for a writer of a naked
Câu 2: Which one of the following terms best
call option on a stock is
describes Eurodollars?
Select one:
Select one:
a. increasing when the stock price is
a. Dollars that have been exchanged for European
decreasing. currency.
10
b. Dollar-denominated deposits at foreign banks Câu hỏi 10: Other things being equal, a
and branches of American banks outside the U.S. low__________would be most consistent with a
relatively high growth rate of firm earnings.
c. Dollar-denominated deposits at branches of
foreign banks in the U.S. Select one:

d. Dollar-denominated deposits at American banks a. inflation rate

in the U.S. b. variability of earnings
e. Dollar-denominated deposits only in European c. dividend-payout ratio
banks.
d. degree of financial leverage
Câu hỏi 5: The riskiest capital market security is:
Câu hỏi 11: Low P/E ratios tend to indicate that a
Select one: company will ceteris paribus.
a. common stock Select one:
b. Treasury bonds a. grow slowly
c. preferred stock b. P/E ratios are unrelated to growth.
d. corporate bonds c. grow quickly
Câu hỏi 6: New issues of securities are sold in the d. grow at the same speed as the average company
Select one: Câu hỏi 12: Assume that the Federal Reserve
market(s). decreases the money supply. This action will
cause
a. primary
Select one:
b. secondary
a. the unemployment rate
c. over-the-counter
b. investment in the economy
d. primary and secondary
c. interest rates
Câu hỏi 7: Assume the U.S. government was to
decide to increase the budget field. Holding all d. trade balance
else constant, this will cause to increase.

Select one: Câu hỏi 13. Fundamental analysis uses

a. government borrowing Select one:
b. unemployment a. price momentum.
c. interest rates and government borrowing b. earnings, dividend prospects, and relative
d. interest rates strength.

11
c. earnings and dividends prospects. c. Point-and-figure chart.

d. relative strength to decrease. d. Candlestick chart.

Câu hỏi 14. Which of the financial statements Câu 23: Which of the following indicates a buy
recognizes only transactions in which cash signal to technical analysts?
changes hands? Select one:
Select one: a. The support level is broken.
a. Balance sheet b. The advance-dedine line is falling in a rising
b. Balance sheet and income statement market.

c. Statement of cash flows c. Odd-lot buying exceeds odd-lot selling.

d. Income statement d. The stock breaks through the moving average

line from below.
Câu hỏi 15. High P/E ratios tend to indicate that
a company will ceteris paribus. Câu 24: One of the most popular tools used by
technical analysts is:
Select one:
Select one:
a. not grow
a. growth rate of dividends.
b. grow at the same speed as the average company
b. P/E ratio.
c. grow slowly
c. moving averages.
d. grow quickly
d. book-to-market-value ratio.
Câu hỏi 16. The ___is defined as the present
value of all cash proceeds to the investor in the Câu 25: Which of the following is NOT
stock. considered an assumption of technical analysis?

a. dividend-payout ratio Select one:

b. intrinsic value a. Market value is determined solely by supply and

demand.
c. market-capitalization rate
b. Stock prices follow a random walk.
d. plowback ratio
c. Supply and demand are governed by both rational
Câu 22: On which of the following does a
and irrational factors.
hammer sometimes appear?
d. Security prices tend to move in trends that persist
Select one:
for an appreciable length of time.
a. Moving average chart.
Câu 26: Which of the following is not true
b. Bar chart.
regarding the Dow Theory?
12
Select one: d. corporate bonds

a. It has a very high success rate. Câu 30: Consider two bonds, A and B. Both
bonds presently are selling at their par value of
b. It is subject to many criticisms.
$1,000. Each pays interest of $120 annually. Bond
c. It does not forecast how long a movement will
A will mature in five years, while bond B will
last.
mature in six years. If the yields to maturity on
d. It is intended to forecast the start of a primary the two bonds change from 12% to 10%.
movement.
Select one:
Câu 27: Ceteris paribus, the price and yield on a
a. both bonds will decrease in value, but bond B will
bond are
decrease more than bond A.
Select one:
b. both bonds will increase in value, but bond A will
a. negatively related. increase more than bond B.

b. positively related. c. both bonds will increase in value, but bond B

c. sometimes positively and sometimes negatively will increase more than bond A.

related. d. both bonds will decrease in value, but bond A will

d. not related. decrease more than bond B.

Câu 28: Callable bonds Câu 35: Before expiration, the time value of an
in-the-money call option is always
Select one:
Select one:
a. are more likely to be called when interest rates
decline and have a call price that declines as time a. equal to zero.
passes. b. equal to the stock price minus the exercise price.

b. are called when interest rates increase c. negative.

appreciably.
d. positive.
c. have a call price that declines as time passes.
Câu 36: The current market price of a share of
d. are called when interest rates decline appreciably. Disney stock is $60. If a call option on this stock

Câu 29: Of the following investments, is (are) has a strike price of $65, the call

considered the safest. Select one:

Select one: a. is out of the money.

a. Treasury bills b. is in the money.

b. U.S. agency issues c. is out of the money and can be exercised

c. commercial paper profitably.

13
Od. can be exercised profitably. b. gives the buyer the right, but not the obligation, to
buy an asset sometime in the future.
Câu 37: A protective put strategy is
c. is an agreement to buy or sell a specified amount
Select one:
of an asset at the spot price on the expiration date of
a. a long put plus a long call on the same underlying the contract.
asset. d. is an agreement to buy or sell a specified amount

b. a long call plus a short put on the same underlying of an asset at a predetermined price on the

asset. expiration date of the

contract.
c. a long put plus a long position in the underlying
Đề Thu Trà
asset.
Câu hỏi 1. Investors trade previously issued
d. a long put plus a short call on the same underlying
securities in the ________ market(s).
asset.
Select one:
Câu 38: The price that the buyer of a call option a. primary
pays for the underlying asset if she executes her b. primary and secondary
option is called the c. derivatives

Select one: d. secondary

Câu hỏi 2. Preferred stockholders hold a claim on
a. strike price or exercise price.
assets that has priority over the claims of
b. exercise price. Select one:
c. execution price. a. bondholders, but after that of common
stockholders
d. strike price.
b. both common stockholders and bondholders
Câu 39: The price that the buyer of a call option
c. common stockholders, but after that of
pays to acquire the option is called the
bondholders
Select one: d. neither common stockholders nor bondholders

a. strike price. Câu hỏi 3. The ________ value of a bond is the

amount that the issuer must pay at maturity.
b. execution price.
Select one:
c. premium. a. market
d. exercise price. b. present
c. discounted
Câu 40: A futures contract
d. face
Select one:
Câu hỏi 5. New issues of securities are sold in the
a. is a contract to be signed in the future by the
________ market(s).
buyer and the seller of the commodity.
Select one:
14
a. over-the-counter d. the firm may be less profitable than other firms in
b. secondary the industry.
c. primary Câu hỏi 9. Many stock analysts assume that a
d. primary and secondary mispriced stock will
Câu hỏi 6. The most commonly quoted index is Select one:
the Dow Jones Industrial Average (DJIA), an a. immediately return to its intrinsic value.
index based on the performance of the stocks of b. never return to its intrinsic value.
________ large companies. c. return to its intrinsic value within a few days.
Select one: d. gradually approach its intrinsic value over
a. 25 several years.
b. 40 Câu hỏi 10. Assume that the Federal Reserve
c. 35 decreases the money supply. This action will
d. 30 cause ________ to decrease.
Select one:
a. the unemployment rate
Câu hỏi 7. Increases in the money supply will b. trade balance
cause demand for investment and consumption c. investment in the economy
goods to _______ in the short run and cause d. interest rates
prices to ________ in the long run. Câu hỏi 11. High P/E ratios tend to indicate that
Select one: a company will _______, ceteris paribus.
a. increase; increase Select one:
b. decrease; hold steady a. grow quickly
c. increase; decrease b. not grow
d. decrease; increase c. grow slowly
Câu hỏi 8. A firm has a higher quick (or acid d. grow at the same speed as the average company
test) ratio than the industry average, which Câu hỏi 12. Dividend discount models and P/E
implies ratios are used by __________ to try to find
Select one: mispriced securities.
a. the firm has a higher P/E ratio than other firms in Select one:
the industry. a. statistical analysts
b. the firm is more likely to avoid insolvency in the b. dividend analysts
short run than other firms in the industry. c. technical analysts
c. the firm is more likely to avoid insolvency in d. fundamental analysts
the short run than other firms in the industry, Câu hỏi 13. Sector rotation
and the firm may be less profitable than other Select one:
firms in the industry. a. is never worthwhile.
15
b. should always be carried out. of dividends for both stocks is 7%. The intrinsic
c. is shifting the portfolio more heavily toward an value of stock X:
industry or sector that is expected to perform well Select one:
in the future. a. will be greater than the intrinsic value of stock Y.
d. can be implemented without cost. b. will be the same or greater than the intrinsic
Câu hỏi 14. Fiscal policy generally has a _______ value of stock Y.
direct impact than monetary policy on the c. will be the same as the intrinsic value of stock Y.
economy, and the formulation and d. will be less than the intrinsic value of stock Y.
implementation of fiscal policy is ______ than Câu hỏi 22. A support level is a price range:
that of monetary policy. Select one:
Select one: a. above which a stock price cannot go.
a. less; slower b. below which a stock price cannot go.
b. more; quicker c. at which a significant increase in demand for a
c. more; slower stock is expected.
d. less; quicker d. at which a significant increase in supply of a
Câu hỏi 15. Proceeds from a company's sale of stock is expected.
stock to the public are included in Câu hỏi 23. When the 50-day moving average
Select one: crosses the 200-day moving average from ____ on
a. additional paid-in capital. ____ volume, this would be a ____ signal.
b. par value. Select one:
c. retained earnings. a. below, low, bullish.
d. par value and additional paid-in capital. b. above, low, bullish.
Câu hỏi 16. If the currency of your country is c. below, high, bullish.
depreciating, the result should be to ______ d. below, high, bearish.
exports and to _______ imports. Câu hỏi 24. Which of the following is true
Select one: regarding the resistance level?
a. decrease; increase Select one:
b. increase; decrease a. It is the level at which a significant decrease in
c. increase; increase demand is expected.
d. decrease; decrease b. It is the level at which a significant increase in
Câu hỏi 21. You wish to earn a return of 13% on supply is expected.
each of two stocks, X and Y. Stock X is expected c. Resistance levels usually develop after a stock
to pay a dividend of $3 in the upcoming year reaches a new low.
while stock Y is expected to pay a dividend of $4 d. Resistance levels tend to develop due to profit
in the upcoming year. The expected growth rate taking.

16
Câu hỏi 25. Which of the following terms Câu hỏi 28. The ________ is used to calculate the
represents an upper price limit for a stock, based present value of a bond.
on the quantity of willing sellers? Select one:
Select one: a. yield to call
a. Channel. b. current yield
b. Resistance. c. nominal yield
c. Trendline. d. yield to maturity
d. Support. Câu hỏi 29. Accrued interest
Câu hỏi 26. A technical analyst would consider Select one:
the following a strong buy signal: a. must be paid to the broker for the inconvenience
Select one: of selling bonds between maturity dates.
a. a graph begins to trade in a flat trend after it b. must be paid by the buyer of the bond and
breaks out of its rising trend channel. remitted to the seller of the bond.
b. a graph of declining prices ends in a trough c. is quoted in the bond price in the financial press.
followed by an upward trend that breaks through d. is quoted in the bond price in the financial press
the declining trend channel. and must be paid by the buyer of the bond and
c. a graph of increasing prices ends in a peak remitted to the seller of the bond.
followed by a downward trend that breaks through Câu hỏi 30. Consider a 5-year bond with a 10%
the rising trend channel. coupon that has a present yield to maturity of
d. a graph begins to trade in a declining trend after 8%. If interest rates remain constant, one year
it breaks out of its flat trend channel. from now, the price of this bond will be
Câu hỏi 27. Consider two bonds, A and B. Both Select one:
bonds presently are selling at their par value of a. higher.
$1,000. Each pays interest of $120 annually. Bond b. lower.
A will mature in five years, while bond B will c. the same.
mature in six years. If the yields to maturity on d. $1,000.
the two bonds change from 12% to 10%. Câu hỏi 35. The price that the buyer of a call
Select one: option pays for the underlying asset if she
a. both bonds will decrease in value, but bond A executes her option is called the
will decrease more than bond B. Select one:
b. both bonds will increase in value, but bond A a. execution price.
will increase more than bond B. b. strike price or exercise price.
c. both bonds will increase in value, but bond B c. strike price.
will increase more than bond A. d. exercise price.
d. both bonds will decrease in value, but bond B Câu hỏi 36. Before expiration, the time value of
will decrease more than bond A. an in-the-money call option is always
17
Select one: d. sell the underlying asset at the striking price on
a. negative. or before the expiration date.
b. equal to the stock price minus the exercise price. ---------------------------------------------------------------
c. equal to zero. ------------------------------------------------ Đề Giàu
d. positive. Câu hỏi 1. The riskiest capital market security is:
Câu hỏi 37. The terms of futures contracts Select one:
__________ standardized, and the terms of a. corporate bonds
forward contracts __________ standardized. b. common stock
Select one: c. preferred stock
a. are; are d. Treasury bonds
b. are not; are Câu hỏi 4. Compared to money market securities,
c. are; are not capital market securities have:
d. are not; are not Select one:
Câu hỏi 38. The process of marking to market a. longer maturities
Select one: b. lower yields
a. posts gains or losses to each account daily and c. less risk
may result in margin calls. d. more liquidity
b. may result in margin calls. Câu hỏi 5. _______ are examples of financial
c. posts gains or losses to each account daily. intermediaries.
d. impacts only long positions. Select one:
Câu hỏi 39. The potential loss for a writer of a a. Insurance companies
naked call option on a stock is b. Investment companies
Select one: c. Commercial banks
a. equal to the call premium. d. All of the options
b. limited. Câu hỏi 6. A fixed-income security pays.
c. unlimited. Select one:
d. increasing when the stock price is decreasing. a. a fixed or variable income stream at the option of
Câu hỏi 40. A European put option allows the the owner.
holder to b. a fixed level of income for the life of the owner.
Select one: c. a variable level of income for owners on a fixed
a. buy the underlying asset at the striking price on income.
or before the expiration date. d. a fixed stream of income or a stream of income
b. sell the underlying asset at the striking price on that is determined according to a specified formula
the expiration date. for the life of the security.
c. potentially benefit from a stock price increase. Câu hỏi 7. If the economy is growing, firms with
high operating leverage will experience:
18
Select one: c. the global economy.
a. higher increases in profits than firms with low d. the relative value of the firm
operating leverage. Câu hỏi 14. Fiscal policy generally has a _______
b. similar increases in profits as firms with low direct impact than monetary policy on the
operating leverage. economy, and the formulation and
c. no change in profits. implementation of fiscal policy is ______ than
d. smaller increases in profits than firms with low that of monetary policy.
operating leverage. Select one:
Câu hỏi 9. Which of the following are not a. less; quicker
examples of defensive industries? b. less; slower
Select one: c. more; quicker
a. Pharmaceutical firms d. more; slower
b. Public utilities Câu hỏi 16. A firm has a market to book value
c. Durable goods producers ratio that is equivalent to the industry average
d. Food producers and an ROE that is less than the industry
Câu hỏi 10. Dividend discount models and P/E average, which implies
ratios are used by __________ to try to find Select one:
mispriced securities. a. the firm is utilizing its assets more efficiently
Select one: than other firms in the industry.
a. technical analysts b. the firm is more profitable than other firms in the
b. statistical analysts industry.
c. fundamental analysts c. the firm has a higher P/E ratio than other
d. dividend analysts firms in the industry.
Câu hỏi 11. WACC is the most appropriate d. the firm is more likely to avoid insolvency in the
discount rate to use when applying a ______ short run than other firms in the industry.
valuation model. Câu hỏi 22. Which of the following terms
Select one: represents an upper price limit for a stock, based
a. FCFF on the quantity of willing sellers?
b. DDM Select one:
c. FCFE a. Resistance.
d. P/E b. Channel.
Câu hỏi 12. The top-down analysis of a firm c. Support.
starts with: d. Trendline.
Select one: Câu hỏi 23. One of the most popular tools used
a. the domestic economy by technical analysts is:
b. the industry outlook Select one:
19
a. growth rate of dividends. c. U.S. agency issues
b. moving averages. d. corporate bonds
c. P/E ratio. Câu hỏi 29. Callable bonds
d. book-to-market-value ratio. Select one:
Câu hỏi 24. A price range at which technicians a. are called when interest rates decline appreciably.
would expect a substantial increase in the b. have a call price that declines as time passes.
demand for a stock is called c. are more likely to be called when interest rates
Select one: decline and have a call price that declines as time
a. support level. passes.
b. demand threshold. d. are called when interest rates increase
c. resistance limit. appreciably.
d. resistance level. Câu hỏi 30. The ________ is used to calculate the
Câu hỏi 25. In order to have confirmation of a present value of a bond.
major market trend under the Dow Theory, the: Select one:
Select one: a. current yield
a. transportation and industrial average must b. yield to maturity
confirm each other. c. yield to call
b. industrial and utility averages must confirm each d. nominal yield
other. Câu hỏi 35. A futures contract
c. transportation and utility averages must confirm Select one:
each. other. a. is a contract to be signed in the future by the
d. utility average must lead the transportation buyer and the seller of the commodity.
average. b. is an agreement to buy or sell a specified amount
Câu hỏi 26. To a technician that believed in the of an asset at the spot price on the expiration date of
importance of volume, a bullish signal would the contract.
occur when c. is an agreement to buy or sell a specified
Select one: amount of an asset at a predetermined price on the
a. prices decrease on heavy volume. expiration date of the contract.
b. prices increase on heavy volume. d. gives the buyer the right, but not the obligation,
c. prices decrease on light volume. to buy an asset sometime in the future.
d. prices increase on light volume. Câu hỏi 36. A European put option allows the
Câu hỏi 27. Of the following investments, holder to
________ is (are) considered the safest. Select one:
Select one: a. sell the underlying asset at the striking price on or
a. commercial paper before the expiration date.
b. Treasury bills b. potentially benefit from a stock price increase.
20
c. buy the underlying asset at the striking price on c. move randomly
or before the expiration date. d. move in trends
d. sell the underlying asset at the striking price on Câu 26: The Dow Theory describes stock prices
the expiration date. as moving in trends analogous to the movement
of water. Which of the following statements is
Câu hỏi 38. The process of marking to market NOT true?
Select one:
a. Waves are the most important
a. impacts only long positions.
b. Major trends resemble tides
b. posts gains or losses to each account daily and
c. Intermediate trends resemble waves
may result in margin calls.
d. Short - run movements are like ripples
c. posts gains or losses to each account daily.
d. may result in margin calls. Câu 27: A ___ bond is a bond where the
Câu hỏi 39. You write one JNJ February 70 put bondholder has the right to cash in the bond
for a premium of $5. Ignoring transaction costs, before maturity at a specified price after a
what is the break-even price of this position? specific date.
Select one: a. zero- coupon
a. $5 b. coupon
b. $70 c. put
c. $75 d. callable (Sai)
d. $65 e. Treasury
Câu hỏi 40. The terms of futures contracts
Câu 35: The buyer of a futures contract is said to
__________ standardized, and the terms of
have a ____ position, and the seller of a futures
forward contracts __________ standardized.
contract is said to have a ___ position in futures.
Select one:
a. are not; are not a. short, short

b. are not; are b. short,long

c. are; are c. long, long

d. are; are not d. long, short

—------------------------------------------------------------ Câu 37: (chưa tìm đc đáp án)

------------------------------------------------- You purchase one JNJ 75 call option for a
Đề Hải My premium of $3. Ignoring transaction costs, the

Câu 25: Technical analysis reflects the idea that break-even price of the position is

stock prices: a. $78

b. $3
a. move inversely over time
c. $75
b. move upward over time
d. $72
21
Câu 39: The current market price of a share of Câu hỏi 3. If the Federal Reserve lowers the
AT&T stock is $50. If a call option on this stock discount rate, ceteris paribus, the equilibrium
has a strike price of $45, the call levels
of funds lent will ... and the equilibrium level of
Select one:
real interest rates will...
a. is out of the money and sells for a higher price
Select one:
than if the market price of AT& T stock is $40
a. increase; increase
b. is in the money. (thấp hơn) b. decrease; increase

c. is out of the money. c. increase; decrease

d. decrease; decrease
d. buy for a higher price than if the market price of
Câu hỏi 4. Which of the following portfolio
AT&T stock is $40.
construction methods starts with security
analysis?
Câu 40: The maximum loss a buyer of a stock put Select one:
option can suffer is equal to a. Buy and hold
a. The stock price b. Top-down
b. the put premium c. Middle-out
c. The stock price minus the values of the call d. Bottom-up
d. the striking price minus the stock price Câu hỏi 5. Compared to money market securities,
capital market securities have:
ĐỀ THẢO Select one:
Câu hỏi 1. Which of the following securities is a a. longer maturities
money market instrument? b. less risk
Select one: c. lower yields
a. Commercial paper d. more liquidity
b. Treasury bond Câu hỏi 6. Which one of the following terms best
c. Municipal bond describes Eurodollars?
d. Treasury note Select one:
Câu hỏi 2. Governments never issue stock a. Dollar-denominated deposits at branches of
because: foreign banks in the U.S.
Select one: b. Dollar-denominated deposits at American banks
a. both A and B of the above in the U.S.
b. they cannot sell ownership claims c. Dollar-denominated deposits at foreign banks
c. neither A nor B of the above and branches of American banks outside the U.S.
d. the Constitution (Hiến pháp) expressly forbids it d. Dollars that have been exchanged for European
currency.
22
e. Dollar-denominated deposits only in European c. the firm has a higher P/E ratio than other
banks. firms in the industry.
Câu hỏi 7. The goal of fundamental analysts is to d. the firm is utilizing its assets more efficiently than
find securities other firms in the industry.
Select one: Câu hỏi 11. WACC is the most appropriate
a. with a positive present value of growth discount rate to use when applying a valuation
opportunities. model.
b. with high market capitalization rates. Select one:
c. whose intrinsic value exceeds market price. a. FCFF
d. All of the options are correct. b. DDM
Câu hỏi 8: Which of the financial statements c. FCFE
recognizes only transactions in which cash d. P/E
changes hands? Câu hỏi 12. Fundamental analysis uses
Select one: Select one:
a. Income statement a. earnings, dividend prospects, and relative
b. Balance sheet strength.
c. Balance sheet and income statement (sai) b. price momentum.
d. Statement of cash flows c. relative strength.
Câu hỏi 9. According to Michael Porter, there are d. earnings and dividends prospects.
five determinants of competition. An example of Câu hỏi 13. Increases in the money supply will
is the threat new competitors pose to existing cause demand for investment and consumption
competitors in an industry. goods to... in the short run and cause prices to...
Select one: in the long run.
a. threat of entry Select one:
b. rivalry between existing competitors a. increase; increase
c. pressure from substitute products b. increase; decrease
d. bargaining power of buyers c. decrease, hold steady
Câu hỏi 10. A firm has a market to book value d. decrease, decrease
ratio that is equivalent to the industry average Câu hỏi 14. The top-down analysis of a firm
and an ROE that is less than the industry starts with:
average, which implies Select one:
Select one: a. the domestic economy
a. the firm is more profitable than other firms in the b. the global economy.
industry. c. the industry outlook
b. the firm is more likely to avoid insolvency in the d. the relative value of the firm
short run than other firms in the industry.
23
Câu hỏi 15. According to Michael Porter, there d. 0.75
are five determinants of competition. An example Câu hỏi 20. Torque Corporation is expected to
of is when competitors seek to expand their share pay a dividend of $1.00 in the upcoming year.
of the market. Dividends are expected to grow at the rate of 6%
Select one: per year. The risk-free rate of return is 5%, and
a. rivalry between existing competitors the expected return on the market portfolio is
b. bargaining power of buyers 13%. The stock of Torque Corporation has a
c. threat of entry beta of 1.2. What is the return you should require
d. pressure from substitute products on Torque's
Câu hỏi 16. Low P/E ratios tend to indicate that a stock?
company will ceteris paribus. Select one:
Select one: a. 14.6%
a. P/E ratios are unrelated to growth. b. 20%
b. grow quickly c. 12.0%
c. grow at the same speed as the average company d. 15.6%
d. grow slowly Câu hỏi 21. Sure Tool Company is expected to
Câu hỏi 17. You wish to earn a return of 13% on pay a dividend of $2 in the upcoming year. The
each of two stocks, X and Y. Stock X is expected risk-free rate of return is 4%, and the expected
to pay a dividend of $3 in the upcoming year return on the market portfolio is 14%. Analysts
while stock Y is expected to pay a dividend of $4 expect the price of Sure Tool Company shares to
in the upcoming year. The expected growth rate be $22 a year from now. The beta of Sure Tool
of dividends for both stocks is 7%. The intrinsic Company's stock is 1.25. The market's required
value of stock X: rate of return on Sure's stock is
Select one: Select one:
a. will be the same or greater than the intrinsic value a. 17.5%.
of stock Y. b. 14.0%.
b. will be the same as the intrinsic value of stock Y. c. 15.25%.
c. will be greater than the intrinsic value of stock Y. d. 16.5%.
d. will be less than the intrinsic value of stock Y.
Câu hỏi 18. If a firm's sales decrease by 15%, Câu hỏi 22. In regard to moving averages, it is
and profits decrease by 20% during a recession, considered to be a signal when market price
the firm's operating leverage (DOL) is breaks through the moving average from
Select one: Select one:
a. 5 a. bearish; below
b. -5 b. bullish; above
c. 1.33 c. None of the options are correct
24
d. bullish; below a. callable
Câu hỏi 23. Which of the following would be b. coupon
inconsistent with an efficient market? c. Treasury
Select one: d. put
a. Price adjustments are biased. e. zero-coupon
b. Price changes are independent. Câu hỏi 28 The ... is a measure of the average
c. Information arrives randomly and independently. rate of return an investor will earn if the investor
d. Stock prices adjust rapidly to new information. buys the bond now and holds until maturity.
Câu hỏi 24. Which of the following is most closely Select one:
associated with the terms "primary trend," a. P/E ratio
"intermediate trend," and "short-term trend"? b. yield to maturity
Select one: c. current yield
a. Channel. d. dividend yield
b. Dow Theory. Câu hỏi 29. Consider a 5-year bond with a 10%
c. Candlestick chart. coupon that has a present yield to maturity of
d. Bar chart. 8%. If interest rates remain constant, one year
Câu hỏi 25. Which of the following is not a part from now, the price of this bond will be
of the candlestick chart? Select one:
Select one: a. higher.
a. Volume of trading. b. lower.
b. Real body. (sai) c. the same.
c. Opening price. d. $1,000.
d. Closing price. Câu hỏi 30. The... is used to calculate the present
Câu hỏi 26. A price range at which technicians value of a bond.
would expect a substantial increase in the Select one:
demand for a stock is called a. current yield
Select one: b. yield to maturity
a. demand threshold. c. yield to call
b. resistance level. d. nominal yield;
c. support level. Câu hỏi 31. A 6.5 percent coupon bond issued by
d. resistance limit. the State of California sells for $1,000. What
Câu hỏi 27. A bond is a bond where the coupon rate on a corporate bond selling at $1,000
bondholder has the right to cash in the bond par value would produce the same
before maturity at a specified price after a after-tax return to the investor as the municipal
specific date. bond if the investor is in the 26 percent marginal
Select one: tax bracket?
25
Select one: c. $65
a. 14.63 percent d. $75
b. 8.78 percent ✔ Câu hỏi 36. In a futures contract, the futures
c. 1.69 percent price is

d. 11.25 percent Select one:

Câu hỏi 32. Calculate the yield to maturity of a a. determined by the buyer and the seller when

zero- coupon bond with a face value of $1000, they initiate the contract.
maturing in 10 years, and selling for a price of b. determined by the buyer and the seller when the

$628.72. delivery of the commodity takes

Select one: place.

a. 4.18 percent c. determined independently by the provider of the

b. 4.75 percent underlying asset.

c. 6.29 percent d. determined by the futures exchange.

d. 8.23 percent Câu hỏi 37. The maximum loss a buyer of a stock

Câu hỏi 33. Using semi-annual compounding, a call option can suffer is equal to
15-year zero-coupon bond that has a par value of Select one:

$1,000 and a required return of 8% would be a. the stock price minus the value of the call.
priced at approximately b. the stock price.

Select one: c. the call premium.

a. $308 d. the striking price minus the stock price.

b. $555. Câu hỏi 38. An American put option can be

c. $464. exercised

d. $315. Select one:

Câu hỏi 34. If a 7% coupon bond is trading for a. any time in the indefinite future.

$975.00, it has a current yield of b. any time on or before the expiration date.
Select one: c. only on the expiration date.

a. 7.00%. d. only after dividends are paid.

b. 7.18%. Câu hỏi 39. A trader who has a ...... position in

c. 6.53% wheat futures believes the price of wheat will... in

d. 7.24% the future.

Câu hỏi 35. You write one JNJ February 70 put Select one:
for a premium of $5. Ignoring transactions costs, a. long; increase

what is the break-even price of this position? b. long; stay the same
Select one: c. long; decrease

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

35
 b. Interest rate impacts mainly on fixed-rate c. Stay the same
bonds, little impacts on floating rate bond. d. Price does not increase, does not decrease
c. The longer the maturity time, the greater du 18. A investor longs put contract, he is expecting
the effect of interest rates. that:
d. The higher the coupon rate, the greater a. The price will raise
the effect of the interest rate b. The price will decrease
14. Which statement is correct about duration? c. The price will fluctuate strongly
a. When the expiration time is increased, d. Not enough information to decide
Macaulay duration will increase 19. Which statement is wrong about the
b. When coupon rate is increased, Macaulay relationship between bond price and maturity.
duration will decrease a. If the nominal interest rate is less than the
c. When YTM is increased, Macaulay duration market interest rate, the longer the term to
will decrease maturity is, the lower the price is.
d. All of above are correct b. If the nominal interest rate is greater than the
15. At the end of 2012, Mr. G invests in Amazon market interest rate, the longer the term to
stock. He bought 10,000 shares, the price of 1 maturity is, the higher the price is.
share was 25,000 VND. At the end of 2013: The c. If the nominal interest rate is equal to the
company paid dividend by stock at a rate of 30%. market interest rate, the bond price will
At the end of 2014: The company paid 22% cash depend on the maturity date and be equal
dividend. Calculates the dividend which Mr. G to the face value.
receives for the total number of shares. d. All of above are wrong
a. 22.000.000 VND 20. Investors who believe the price will fluctuate
b. 22.660.000 VND in the near future but are not sure about the
c. 23.233.000 VND direction of movement will follow:
d. 23.540.000 VND a. Straddle strategy
16. Assume that retention ratio is 65%, ROE is b. Covered call strategy
30.99% and discount rate is 25%, please c. Protective put strategy
calculate the intrinsic P/E d. Bull Call Spread
a. 8.55 câu 1: Stock valuation is the determining the
b. 8.66 intrinsic value or fair value of stock to serve the
c. 7.00 following tasks:
d. 7.50
a) Make investment decisions to buy, sell, or hold
Formula in Slide Chapter 2 (FA) page 176
17. An head and shoulders pattern is indicative: b) M&A
a. Price increases
b. Price decreases c) Exploit the potential of firm

36
d) A and B b. Sell
c. Hold
cau 2: An analyst values stocks using a dividend
d. Not enough information to decide
discount model holding all other factors constant,
7. The main risks of investing in bonds not
which of the following is least likely to increase
include the following
the estimated value of a stock?
a. interest rate risk

a decrease in the expected b. Liquidity risk

c. Credit risk
cau 3 if money supply and demand are d. systematic risk
equilibrium and the central bank sells securities 8. the investing strategy which focuses on the 10
increase in the open market of the 30 companies in the Dow Jones Industrial
Average (DJIA) with the highest dividend yield
A. firms and households will sell securities for
a. Growth at A Reasonable Price
cash
b. Growth Investing
B. Bank reserves will increasee
c. Quantitative Analysis Strategy
C. Short- term interest rates will decrease
d. Dogs of the Dow
D. non of abovethe above
9. Fundamental analysis is
cau 4: Company X earns 10 billion VND in 2007. a. handling economic and firm information
On Jan 1, 2007 X has 1 million outstanding such as GDP, Inflation, FDI, Industry analysis, firm
shares. On July 1,2007, X issues 100,000 analysis
additional common shares at the prices of 20,000 b. Handing the chart, price and voulumes,
VND/share paterns
A. 9.524 VND c. Using mathematical model
B. 10.000 vnd d. B and C
C. 10.233 Vnd 10. for bond investors: proactively and predict
D. 11.540vnd the interest rate will drop sharply, which tactic
Câu 5: Threat of news entrants excludes will he or she will invest
a. Economies of scale A. Long
b. Capital requirement B. Short
c. Number and size of suppliers C. Don’t buy or sell anything because the
d. Switching cost market is volatile
D. Arbitrage
6, the price line cross the MA15 (15- day) and the 11. Protective put strategy is:
MA50 (50-day) from up to down, investors a. We buy a stock and buy contemporaneously
should: put option of the same stock
a. Buy
37
b. We buy a stock and sell contemporaneously b.22.660.000 VND
put option of the same stock c.23.233.000 VND
c. Holding an equal number of put and call d.23.540.000 VND
options with the same strike price and expiration 16. Which statement is wrong about ex coupon
dates. date (ex interest date)
d. Buy calls at a specific strike price while also A. The ex-coupon date is the first day the bond
selling the same number of calls at a higher strike starts trading without the coupon attached to it
price. B. If the debt security ís purchased on or after
12. DDM is suitable for the following companies the ex-coupon date, the seller retains the right to
a. Company is in the steady growth period receive the next due interest payment
b. Company has policy which spend most of C. The buyer will have right to receive next
EAT to pay dividends interest payment if he buys the bond on ex coupon
c. Company has a lower dividend growth rate date
than the discount rate D. All of above are wrong
d. All above 17. Suppose that you buy a perpetual bond that
13. A strategy whereby an investor seeks out pays indefinitely you $50-per-year. And you
stocks with good growth potential and grow at an require an investment rate of 12%. The price of
above average rate compared to the industry: the bond will be:
a. CANSLIM a. 400.67$
b. Growth Investing strategy b.
c. Value Investing Strategy c. 416.67$
d. Growth at A reasonable price d. 420.50$
14. In the investment process, which step must be e. 425.23$
identified before Asset allocation
a. Looking for investment opportunities 18. Assume that retention ratio is 65%, ROE is
b. Identify the level of risk tolerance 30.99% and discount rate is 25% please calculate
c. Seeking about the law on investment a. 8.55
d. Market timing b. 8.66
15. At the end of 2012, Mr. G invests in amazon c. 7.00
stock. He bought 10,000 shares, the price of 1 d. 7.5050
share was 25,000 VND. At the end of 2013: The 19. In Dow Theory, the secondary wave (trend)
company paid dividend by stock at a rate of 30%. normally lasts:
At the end of 2014: The company paid 22% cash a. Less than 3 weeks
dividend. Calculates the dividend which Mr. G b. More than 3 months
receives for the total number of shares. c. 3 weeks to 3 months
a.22.000.000 VND d. more than 1 yea
38