1149 道题
Before a representative may exercise discretion over which security to buy in a customer's account, the firm must have:
- a.Verbal authorization from the customer
- b.Written approval from the branch manager alone
- c.Prior written discretionary authorization from the customer✓
- d.Customer authorization signed after the first trade
FINRA Rule 3260(b) says no member or registered representative may exercise discretionary power in a customer's account unless the customer has given prior written authorization to a stated individual and the member has accepted the account in writing. A verbal instruction is not enough, a manager's approval cannot replace the customer's own authorization, and authorization signed after the first trade comes too late.FINRA Rule 3260(b)
Under the Federal Reserve's Regulation T, the initial margin requirement for a purchase of marginable securities is currently:
- a.50% of the purchase price✓
- b.25% of the purchase price
- c.30% of the purchase price
- d.100% of the purchase price
Regulation T sets the initial margin requirement at 50% of the purchase price. The 25% figure resembles a maintenance minimum; 100% would be a cash purchase.
Excessive trading in a customer's account primarily to generate commissions is called:
- a.Front running
- b.Churning✓
- c.Selling away
- d.Backing away
Excessive trading to generate commissions is churning, a suitability/fair-dealing violation. Front running, selling away, and backing away are different violations.
A representative who arranges a private securities transaction outside the firm without giving the firm prior written notice has engaged in:
- a.Churning
- b.Front running
- c.Unauthorized trading
- d.Selling away✓
Participating in a private securities transaction without first giving the firm written notice is selling away (FINRA Rule 3280 requires prior written notice). Churning is excessive trading to generate commissions, front running is trading ahead of a customer's order, and unauthorized trading is trading in a customer's account without the customer's authority.FINRA Rule 3280
Which of the following violates the prohibition on insider trading?
- a.Buying a stock the day after reading its published annual report
- b.Tipping material nonpublic information to a friend who then trades on it✓
- c.Selling a stock based on a widely published wire-service news article
- d.Placing a limit order below the current market price to average in
Tipping material nonpublic information to someone who then trades violates the insider-trading prohibition — you need not trade yourself. Trading on public information or placing a routine limit order is lawful.
A Currency Transaction Report (CTR) is generally required for cash transactions:
- a.Of $10,000 or more in a single day
- b.Exceeding $5,000 in a single day
- c.Exceeding $10,000 in a single day✓
- d.Exceeding $3,000 in a single day
A CTR is required when currency transactions by or for one person total more than $10,000 in a single business day (31 CFR 1010.311 and the aggregation rule in 1010.313). Exactly $10,000 does not trigger it, because the rule says 'more than $10,000'. The $5,000 and $3,000 figures belong to other rules (suspicious activity reporting and certain funds-transfer and monetary-instrument recordkeeping). Splitting cash to stay under the threshold is structuring, which is itself a federal offense.31 CFR 1010.311
When a firm files a Suspicious Activity Report (SAR):
- a.It may not disclose the filing to the customer involved✓
- b.It must notify the customer in writing within 30 days of the filing
- c.It may tell the customer once the account involved has been closed
- d.It may tell the customer if the customer asks whether a report was filed
A SAR, and any information that would reveal its existence, is confidential, so a firm and its personnel may not disclose the filing to the customer involved. The prohibition has no exception for a closed account or a direct question from the customer, and there is no customer-notification requirement at all.31 CFR 1023.320(e)
The Customer Identification Program (CIP) requires a firm at account opening to collect and verify a customer's:
- a.Annual salary and current employer only
- b.Name, date of birth, physical address, and taxpayer identification number✓
- c.Personal credit score
- d.A complete list of every brokerage firm where the customer previously held accounts
The CIP requires collecting and verifying a customer's name, date of birth, physical address, and taxpayer identification number at account opening. Salary, credit score, and prior-firm lists are not the CIP's four required elements.
An investor who sells stock short faces:
- a.Risk capped at the original investment
- b.No real risk if the stock is widely held
- c.Theoretically unlimited risk if the price rises✓
- d.A guaranteed profit in efficient markets
A short seller faces theoretically unlimited risk if the price rises, because there is no ceiling on how high a stock can go. The risk is not capped, is not eliminated by wide ownership, and is never a guaranteed profit.
A very narrow bid-ask spread on a security generally indicates that the security is:
- a.Highly liquid and heavily traded✓
- b.Thinly traded and hard to sell quickly
- c.About to be delisted by the exchange
- d.Exempt from SEC registration rules
A narrow bid-ask spread signals a highly liquid, heavily traded security. Wide spreads indicate thin markets; the spread does not by itself signal delisting or an exemption.
A stop order:
- a.Executes immediately at the best price then available in the market
- b.Remains dormant until the market reaches a trigger price, then activates✓
- c.Guarantees the customer execution at one specific price regardless of market conditions
- d.Can be entered only as a buy order under FINRA's order-entry rules
A stop order stays dormant until the market hits its trigger price, then activates (becoming a market order). It does not execute immediately, guarantee a price, or work only for buys.
A market maker in a security:
- a.Posts a bid only, leaving the offer side to the exchange floor
- b.Charges its customers a separate advisory fee on each trade
- c.Is prohibited by FINRA from trading securities for its own account
- d.Continuously quotes both a bid and an ask, providing liquidity✓
A market maker continuously quotes both a bid and an ask, supplying liquidity and profiting from the spread. It both buys and sells, charges no separate advisory fee, and does trade for its own account.
A firm's obligation to use reasonable diligence to know the essential facts about each customer is established by:
- a.Regulation T
- b.The Bank Secrecy Act and the USA PATRIOT Act
- c.The Investment Company Act of 1940
- d.FINRA Rule 2090 (Know Your Customer)✓
The know-your-customer duty is set by FINRA Rule 2090. Regulation T governs margin, the BSA governs anti-money-laundering, and the 1940 Act governs investment companies.
The federal agency that oversees the entire securities industry and approves the rules adopted by self-regulatory organizations is the:
- a.FINRA
- b.MSRB
- c.SEC✓
- d.Federal Reserve Board
The SEC is the top federal regulator and approves the rules SROs adopt. FINRA and the MSRB are SROs/rule-writers under SEC oversight; the Federal Reserve handles monetary policy and credit.
An individual seeking to register as a representative applies, through the sponsoring firm, by filing:
- a.Form U4✓
- b.Form U5
- c.Form BD
- d.Form 10-K
An individual registers by filing Form U4 through the sponsoring firm. Form U5 reports a departure, Form BD registers the firm, and Form 10-K is an issuer's annual report.
Which statement about the SIE exam is correct?
- a.It requires employer sponsorship in order to take it
- b.Passing it alone fully qualifies a person to transact securities business
- c.It replaces all top-off representative-level exams
- d.Anyone may take it, even without association with a firm✓
Anyone may take the SIE, even without firm association or sponsorship. Passing it alone does not fully qualify a person, and it does not replace the top-off exams.
The Regulatory Element of continuing education is:
- a.Training that each individual member firm designs and delivers from its own needs analysis
- b.Completed on the second, fifth, and tenth anniversaries of initial registration
- c.A portion of the SIE exam that is completed once, when a person first registers
- d.Standardized, industrywide training on compliance and ethics completed on a set schedule✓
The Regulatory Element is standardized, industrywide training that a registered person completes on a set schedule: FINRA Rule 1240 requires it annually by December 31 for the person's registration category. Firm-designed training based on the firm's own needs analysis is the Firm Element. It is not tied to multi-year registration anniversaries, and it is not part of the SIE, which is a one-time qualification exam.FINRA Rule 1240
Under FINRA Rule 3220, a gift given in connection with the business to a person at another firm may not exceed:
- a.$100 per recipient per year
- b.$300 per recipient per year✓
- c.$500 per recipient per year
- d.Any amount; there is no limit
FINRA Rule 3220 caps business gifts at $300 per recipient per year — raised from $100 by Regulatory Notice 26-05 (SR-FINRA-2025-003), effective March 30, 2026. The $100 figure is the old limit and is a trap for anyone studying from pre-2026 materials; $500 and “no limit” have never been the rule.
When a registered representative leaves a firm, the firm reports the termination by filing:
- a.Form U5✓
- b.Form U4
- c.Form BD
- d.A new registration statement
A firm reports a representative's departure by filing Form U5. Form U4 registers the person, Form BD registers the firm, and a registration statement is for a securities offering.
To become fully qualified as a general securities representative, a candidate who has passed the SIE must also:
- a.Wait a mandatory five years
- b.Personally file Form BD
- c.Pass a top-off (representative-level) exam, which requires firm sponsorship✓
- d.Do nothing further; passing the SIE alone is sufficient to transact business
After the SIE, a candidate must pass a top-off (representative-level) exam, which requires firm sponsorship, to be fully qualified. There is no five-year wait, the individual does not file Form BD, and the SIE alone is not sufficient.
一位希望获得稳定收入、并在股息和清算方面优先于普通股股东的投资者,最可能选择:
- a.可认购该公司更多普通股的认股权(rights)
- b.更多普通股
- c.可按固定价格购买该公司普通股的认股权证(warrants)
- d.该公司的优先股✓
优先股支付固定股息,在股息和清算方面排在普通股之前,比普通股提供更稳定的收入和更高的优先权。认股权(rights)和认股权证是购买普通股的短期或投机性方式,不支付收入,而更多的普通股也不会增加任何收入优先权。
根据 FINRA 规则 2341,对于没有资产类销售费用且不支付服务费、并提供累积折扣权和数量折扣的共同基金,其前端和递延销售费用合计不得超过:
- a.投资额的6.25%,即基金设有资产类销售费用并支付服务费时的上限
- b.发行价的7.25%,即基金支付服务费时的上限
- c.发行价的8.0%,即不提供累积折扣权时的上限
- d.发行价的8.5%✓
FINRA 规则 2341(d)(1) 规定,没有资产类销售费用的基金,其前端和递延销售费用合计不得超过发行价的8.5%,前提是基金按规定标准提供累积折扣权(rights of accumulation)和数量折扣。若未按规定条件提供累积折扣权,上限降至8.0%;若基金支付服务费,上限降至7.25%。设有资产类销售费用并同时支付服务费的基金适用另一套6.25%的公式。所述基金不适用这些较低的上限。FINRA Rule 2341(d)(1)
一笔交易在周一上午以“现金”方式(cash settlement)成交。根据 FINRA 规则 11320,证券应在何时交付?
- a.周三,即两个营业日之后,2024年5月28日之前适用的周期
- b.周二,即下一个营业日,与常规交割交易相同
- c.同一个周一(交易日)✓
- d.由卖方选择的日期,如同卖方期权交易
根据 FINRA 规则 11320(a),“现金”交易须在交易当日于买方营业处所完成交付,因此周一的现金交易应在周一交付。规则 11320(b) 规定的常规交割(regular way)为交易日之后的第一个营业日,自2024年5月28日起为 T+1,因此周一成交的常规交割交易应在周二交付。周三是原来 T+2 周期下的常规交割日。卖方期权(seller's option)允许卖方选择较晚的交付日,与现金交易属于不同的交割类型。FINRA Rule 11320(a)
根据 FINRA 规则 4512,新客户账户记录上必须有谁的签名,以表明该账户已按公司政策被接受?
- a.开立账户的客户,须在每一份新账户表格上签名
- b.会员公司的合伙人、高级职员或经理✓
- c.将该账户介绍给公司的注册代表
- d.客户在账户上指定的可信联系人
FINRA 规则 4512(a)(1)(D) 要求有合伙人、高级职员或经理的签名,表明该账户已按公司的账户接受政策和程序被接受。该规则并不要求每份新账户记录都由客户签名,不过保证金账户或期权账户等类型依据其他规则另有须签署协议的要求。负责该账户的注册代表必须记录姓名,但该规则并不要求此人签字作为接受账户的证明。可信联系人是公司可就客户账户事宜联系的人,无需在任何文件上签名。FINRA Rule 4512(a)(1)(D)
根据 FINRA 规则 3280,代表在参与场外证券交易(私下销售,selling away)之前须向公司提供书面通知,这一义务主要是为了确保:
- a.代表在出售每项场外发行之前必须向 SEC 注册
- b.公司可以分享代表在场外产品上赚取的佣金
- c.公司能监督其代表的证券交易以保护客户✓
- d.只有机构投资者获准购买私募配售证券
设立通知要求,是为了让公司能够监督其代表的证券交易以保护客户。在公司不知情的情况下进行的私人证券交易脱离了公司的监督,可能使客户面临未经审查甚至欺诈性的发行。规则 3280 是对公司的通知与批准规则,并非代表向 SEC 注册的步骤,也没有为公司分享场外佣金提供途径。私募配售并不限于机构投资者。SEC 已于2026年9月15日批准 FINRA 新规则 3290;待 FINRA 公布生效日期后,它将取代规则 3270 和 3280,在此之前规则 3280 仍然适用。FINRA Rule 3280
哪个自律组织负责制定规范市政证券市场的规则,包括市政证券交易商的行为规则?
- a.北美证券管理者协会(NASAA)
- b.SEC 市政证券办公室(Office of Municipal Securities)
- c.市政证券规则制定委员会（MSRB）✓
- d.FINRA(金融业监管局)
国会依据《1934年证券交易法》第15B条设立了市政证券规则制定委员会(MSRB),由其制定市政证券交易商、市政顾问和市政市场的规则。MSRB 本身不检查或执行其规则;FINRA 对经纪自营商检查并执行这些规则,SEC 和银行监管机构负责监督其余机构。NASAA 是各州监管机构的协会,不是制定规则的自律组织;SEC 监督 MSRB,而非自行制定交易商行为规则。Securities Exchange Act of 1934 Section 15B(b)
MSRB 规则 G-37 规范市政证券交易商的政治捐款。如果交易商的市政金融专业人员向发行人官员作出不属于微量例外范围的捐款，主要后果是什么？
- a.该交易商在两年内被禁止与该发行人开展市政证券业务✓
- b.该交易商在一年内被禁止与该发行人开展市政证券业务
- c.该交易商可继续开展该业务，但须在 G-37 表格上披露该笔捐款
- d.该交易商在两年内被禁止与该州所有发行人开展市政证券业务
MSRB 规则 G-37(b) 规定，在交易商、交易商的市政金融专业人员或二者控制的政治行动委员会向某市政实体（发行人）的官员作出捐款后，交易商在两年内不得与该发行人开展市政证券业务。该禁令针对收到捐款的官员所属的发行人，而非所有发行人，期限为两年而非一年。交易商还须每季度在 G-37 表格上披露，但披露并不能取代禁令。微量例外允许市政金融专业人员向其有权投票的官员，按每位候选人、每次选举捐款不超过250美元。MSRB Rule G-37(b)
一名注册代表向一家机构客户的首席交易员赠送四张音乐会门票,每张面值和成本均为60美元,以感谢其客户业务。该代表本人不会出席。根据 FINRA 规则 3220,此礼品:
- a.允许,因为240美元的总额低于每人每年300美元的上限✓
- b.违规,因为每人每年的上限是100美元
- c.不受限制地允许,因为与客户业务相关的礼品不适用该规则
- d.违规,因为该规则禁止赠送任何门票,除非代表也出席活动
规则 3220 禁止会员公司就另一方雇主的业务,向该方的雇员或代理人每人每年赠送价值超过300美元的任何物品。该上限原为100美元,FINRA 已将其提高到300美元,自2026年3月30日起生效(监管通知 26-05)。门票按成本与面值中的较高者计价,此处合计240美元,同一人一年内收到的所有礼品合并计算。该规则恰恰适用于与收礼人雇主业务相关的礼品,因此“感谢业务”并不能使其免于适用。代表本人不一同使用的门票被视为受该上限约束的礼品,而非被一概禁止。向个人零售客户赠送的礼品不在规则 3220 的范围内。FINRA Rule 3220
一家公司发现其一名代表在另一家会员公司开立了经纪账户，且未通知任何一方公司。根据 FINRA 规则3210关于在其他券商开户的规定，该代表通常必须：
- a.取得执行公司的事先书面同意，然后在30天内将该账户通知雇主
- b.在开户后30天内通知雇主，但无需通知执行公司
- c.取得雇主的事先书面同意，并以书面形式将其从业关系通知执行公司✓
- d.取得雇主的事先书面同意，仅在执行公司询问时才告知其从业关系
根据 FINRA 规则3210，从业人员未经雇主会员公司事先书面同意，不得在另一家会员公司（执行会员）或任何其他金融机构开立账户，并且必须以书面形式将其从业关系通知执行会员。执行会员应要求向雇主发送重复的成交确认单和对账单。同意须来自雇主而非执行公司，必须在开户之前而非之后取得，并且还必须告知执行公司该从业关系。30天的期限仅适用于该人员与雇主建立从业关系时已经存在的账户。FINRA Rule 3210
As a widely used rule of thumb, a recession is defined as:
- a.Two consecutive quarters of rising unemployment
- b.A stock-market decline of 20% or more from a recent high
- c.Two consecutive quarters of declining GDP✓
- d.A sustained rise in consumer prices
The common rule of thumb for a recession is two consecutive quarters of declining GDP. A stock-market decline of 20% or more from a recent high is a bear market, a sustained rise in consumer prices is inflation, and rising unemployment is a related labor-market signal; none of them is the definition.
For a U.S. individual, the Customer Identification Program (CIP) requires a firm at account opening to collect and verify, at a minimum, the customer's:
- a.Name, date of birth, employer, annual income, net worth, and investment objectives
- b.Name, date of birth, physical address, and taxpayer identification number✓
- c.Name, residential address, occupation, employer, net worth, and risk tolerance
- d.Name, date of birth, physical address, and a reference letter from a prior broker-dealer
The CIP rule (31 CFR 1023.220(a)(2)) requires a broker-dealer to obtain at least the customer's name, date of birth (for an individual), address and identification number before opening an account; for a U.S. person the identification number is a taxpayer identification number, while a non-U.S. person may supply a passport or similar government-issued number. Investment profile items such as income, net worth, employer and objectives are collected for suitability and account-record purposes, not as CIP minimums, and a reference letter from a prior firm is not required.31 CFR 1023.220(a)(2)
A firm's obligation to use reasonable diligence, in opening and maintaining every account, to know the essential facts about each customer is established by:
- a.FINRA Rule 2111 (Suitability)
- b.SEC Rule 17a-3 (broker-dealer recordkeeping)
- c.FINRA Rule 4512 (Customer Account Information)
- d.FINRA Rule 2090 (Know Your Customer)✓
FINRA Rule 2090 requires every member to use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and the authority of each person acting on the customer's behalf. Rule 2111 covers the suitability of recommendations, and Rule 4512 and SEC Rule 17a-3 prescribe what account information must be recorded and kept; none of them is the general know-your-customer duty.FINRA Rule 2090
公司在一级市场向公众出售新发行的股票时,投资者支付的资金归谁所有?
- a.发行人,扣除承销商的价差后✓
- b.承销团,全部归其所有
- c.在二级市场卖出股票的股东
- d.上市这些新股的交易所
在首次公开发行中,发行人出售新创设的股份,并收取扣除承销价差后的募集资金。承销团只赚取这笔价差,而不是全部募集金额。现有股东向其他投资者出售股票属于二级市场交易,发行人不会因此获得任何收入。交易所赚取的是上市费,从不接收发行募集资金。Securities Act of 1933
一家投资银行同意按约定价格从发行人处直接买下一批新股,并持有其无法转售的股份。这种安排称为:
- a.全部或无(all-or-none)承销
- b.备用(standby)承销
- c.包销(firm commitment)承销✓
- d.尽力推销(best-efforts)承销
在包销中,承销商买下整批发行,并承担未售出股份的风险。在尽力推销中,银行只是尽力销售,卖不出去的股份退还发行人。备用承销为配股发行提供保障,只买下现有持有人不认购的股份。全部或无的发行如果没有全部售出就会被取消,因此银行不会持有未售出的股票。Securities Act of 1933
发行人提交注册声明之后、SEC宣布其生效之前,允许进行下列哪项行为?
- a.接受客户具有约束力的订单和付款
- b.按最终发行价确认股票的销售
- c.交付最终募股说明书,而这是开立账户的必要条件
- d.向有意向的投资者提供初步募股说明书✓
在冷却期(cooling-off period)内,承销商可以分发初步募股说明书(红鲱鱼,red herring),并收集无约束力的认购意向。在SEC宣布注册生效之前,不得进行销售、接受订单或收取款项。附有最终价格的最终募股说明书此时尚不存在,因此也无法按最终价格确认任何交易。Securities Act of 1933 Section 5
一家公司以Regulation D私募方式,仅向合格投资者(accredited investors)出售股票,且不做广告。与注册公开发行相比,下列哪项说法正确?
- a.无需向SEC注册,但买方取得的是限制性股票✓
- b.买方持有30天后即可自由转售股票
- c.发行人必须提交完整的Form S-1注册声明
- d.发行总共最多只能有35名购买者
Regulation D发行可豁免注册,但买方取得的是不能自由转售的限制性证券(restricted securities)。并不存在30天规则;转售取决于Rule 144的持有期或其他豁免。发行人提交的是简短的Form D通知,而不是Form S-1。35名购买者的上限仅适用于Rule 506(b)发行中的非合格投资者;合格投资者的人数不受限制。Securities Act of 1933 Regulation D
一家制造商希望在不做完整注册、采用简化披露的情况下,向社会公众募集4,000万美元。哪种豁免适用?
- a.Regulation A第2级(Tier 2),12个月内最高可募集7,500万美元✓
- b.Rule 144A,仅限合格机构买家
- c.Regulation A第1级(Tier 1),上限为2,000万美元
- d.Regulation D的Rule 506(b),禁止公开招揽
Regulation A第2级允许在12个月内向公众发行最高7,500万美元,并适用简化披露,因此4,000万美元可以适用。第1级上限为2,000万美元。Rule 506(b)不允许公开招揽,因此不能用于向公众销售。Rule 144A适用于向合格机构买家的转售,而不是面向公众的融资。Regulation A, 17 CFR 230.251(a)
哪个受SEC监督的机构负责制定并执行面向公众的经纪交易商及注册代表的行为规则?
- a.SIPC,客户账户的保险机构
- b.NASAA,即各州证券管理机构
- c.MSRB,负责市政证券交易商
- d.FINRA,一家自律组织(SRO)✓
FINRA是在SEC监督下,为经纪交易商及其注册代表制定并执行规则的自律组织。MSRB为市政证券业务制定规则。NASAA协调各州监管机构,但不制定或执行FINRA式的规则。SIPC在会员公司倒闭时保护客户,并不监管行为。
SIPC的保护旨在帮助经纪公司客户处理下列哪种情形?
- a.因会员公司倒闭而导致证券丢失✓
- b.因市场下跌而导致证券价值下降
- c.代表推荐了不适当的投资而造成亏损
- d.在该公司持有的商品期货合约价值下跌
当会员经纪公司倒闭时,SIPC会补偿丢失的现金和证券,每位客户最高50万美元,其中现金最高25万美元。它不保护市场下跌造成的损失,也不保护因不当建议或不适当推荐而造成的亏损。它同样不涵盖商品期货合约。
当美联储想要增加货币供应量并降低利率时,最可能采取的做法是:
- a.提高对银行收取的贴现率
- b.在公开市场买入政府证券✓
- c.向政府证券交易商出售国债
- d.提高银行的准备金要求
在公开市场买入证券会向银行体系注入现金,从而扩大货币供应量并压低利率。提高贴现率、出售国债和提高准备金要求都会抽走或限制信贷,收紧政策。
一名股东持有1,000股普通股和500股无投票权优先股。在年度股东大会上,有多少股拥有投票权?
- a.没有;只有董事才能投票
- b.1,000股,仅限普通股✓
- c.500股,因为优先股排序在前
- d.全部1,500股,每股一票
普通股拥有投票权,每股一票,因此只有1,000股普通股计入投票。无投票权优先股放弃投票权,换取固定股息以及在股息和清算上优先于普通股的地位,而不是在投票上优先。选举董事会和对重大提案投票的是股东,而不仅仅是董事。
一只优先股按$100面值支付6%股息,5年后可赎回,目前交易价格为$105。下列哪项说法正确?
- a.持有人可要求发行人按$100面值回购
- b.持有人可随时将其换成普通股
- c.发行人可在赎回日之后按赎回价赎回该股票✓
- d.如果市场利率下降,每年$6的股息会上升
赎回条款属于发行人,发行人可在赎回日之后按赎回价赎回优先股。持有人没有按面值回售股票的权利。普通优先股支付固定股息,此处为$100的6%,即每年$6,与市场利率无关。换成普通股需要另有转换条款,而题干并未提及。
一只公司债券按面值($1,000)发行,票面利率4%。如果市场利率随后升至5%,下列哪项说法正确?
- a.每年的利息支付从$40增加到$50
- b.价格升至$1,000以上,因为市场收益率更高
- c.债券价格跌至$1,000以下,因为新债券的利息更高✓
- d.票面利率重设为5%,因此价格保持在$1,000面值
债券价格与收益率反向变动。这只债券每年固定支付$40,而新债券支付$50,因此买家只有在债券折价于面值时才愿意接手。固定利率债券的票面利率不会重设,所以利息支付仍为$40,价格也不可能保持在面值。
一名处于25%联邦税率档的投资者,正在比较3%的免税市政债券和应税债券。多高的应税收益率能带来相同的税后回报?
- a.3.00%,因为无需调整
- b.4.00%,用3%除以0.75得出✓
- c.2.25%,用3%乘以0.75得出
- d.3.75%,用3%乘以1.25得出
应税等价收益率等于免税收益率除以(1减税率):3% / 0.75 = 4.00%。乘以1.25会低估答案,乘以0.75得到的是税后收益率,方向也错了。保持3%则忽略了应税债券的利息要被征税。
一只债券票面利率5%、面值$1,000,以90($900)的价格交易。它的当期收益率和到期收益率(YTM)相比如何?
- a.两者都等于5%的票面利率,因为票息固定
- b.当期收益率约为5.56%,YTM更高✓
- c.当期收益率约为5.56%,YTM低于该数值
- d.当期收益率为5.00%,等于票面利率,YTM更低
当期收益率等于年利息除以价格:$50 / $900 = 5.56%。折价债券在到期时回到面值还会再增值约$100,因此其YTM高于当期收益率。除非债券按面值交易,否则当期收益率并不等于票面利率。只有溢价债券的YTM才低于当期收益率。
ABC股票的交易价格为$55。ABC的一份看涨期权执行价为$50,权利金为$7。下列哪项说法正确?
- a.它处于虚值状态,因为股价高于执行价
- b.它处于平值状态,因此全部$7权利金都是时间价值
- c.它处于实值状态,实值$5,全部$7权利金都是内在价值
- d.它处于实值状态,实值$5,权利金中有$2是时间价值✓
当股价高于执行价时,看涨期权为实值。内在价值为$55 - $50 = $5,权利金中剩下的$7 - $5 = $2是时间价值。除非时间价值已经耗尽,否则内在价值不可能等于全部权利金。对看涨期权而言,虚值意味着股价低于执行价,平值意味着股价等于执行价。
看跌期权(put)的持有人有权做什么?
- a.按执行价买入标的股票
- b.要求发行公司回购股票
- c.在到期日按市价卖出标的股票
- d.按执行价卖出标的股票✓
看跌期权赋予持有人在到期前按执行价卖出标的股票的权利,当市价低于执行价时获利。按执行价买入是看涨期权持有人的权利。看跌期权是向期权卖方行权,而不是向发行人行权。按市价卖出并不需要期权,因此既不提供保护也不带来利润。
一名投资者卖出(writes)DEF股票的看涨期权。下列哪项描述了卖方的头寸?
- a.拥有按执行价卖出股票的权利
- b.收取权利金,即使被行权也无需承担义务
- c.如果被指派,必须按执行价买入股票
- d.如果被指派,必须按执行价卖出股票✓
看涨期权的卖方收取权利金,但如果持有人行权且卖方被指派,就必须按执行价交付股票。必须按执行价买入股票描述的是看跌期权卖方。拥有权利而非义务描述的是期权买方。权利金永远不能免除卖方的交割义务。
哪种风险由宽泛的经济或市场状况引起,且无法通过分散投资消除?
- a.信用风险,取决于单个发行人的偿付能力
- b.流动性风险,取决于资产交易的难易程度
- c.系统性风险,影响整个市场✓
- d.经营风险,取决于单个公司的管理层
系统性(市场)风险来自利率、衰退和通货膨胀等几乎影响所有证券的因素,因此持有更多证券也无法消除它。信用风险、流动性风险和经营风险与特定的发行人、证券或公司相关,可以通过分散投资于不同发行人来降低。
利率风险(interest rate risk)是指以下哪种情形:
- a.发行人未能按期支付利息
- b.票息必须以更低的利率再投资
- c.债券无法出售,否则会遭受重大损失
- d.市场利率上升时债券价格下跌的风险✓
利率风险是固定收益证券的价格风险:市场利率上升时,现有债券会贬值。未按期付息是信用(违约)风险。票息必须以更低利率再投资是再投资风险。难以出售、否则要承受重大损失是流动性或可销售性风险。