490 道题
衡量公司债券信用（违约）风险的最佳方法是看它的：
- a.距到期时间，因为到期超过十年的债券带有投机级评级
- b.日均交易量，它直接衡量发行人的信用状况
- c.来自全国认可统计评级机构的评级✓
- d.票息支付频率，例如每半年付息与每季度付息
信用或违约风险是发行人未能支付利息或本金的可能性。穆迪、标普和惠誉等评级机构给出评级（例如从 AAA 至投资级以下），概括发行人的信用状况。评级较低（高收益或“垃圾”）债券违约风险更大，因而支付更高收益率。
一位处于 32% 联邦税率档的投资者正在比较一只收益率 4% 的市政债券与一只公司债券。该市政债的应税等效收益率约为：
- a.6.25%
- b.5.88%✓
- c.3.04%
- d.4.32%
应税等效收益率 = 免税收益率 /（1 − 税率）= 4% /（1 − 0.32）= 4% / 0.68 ≈ 5.88%。这意味着应税公司债需达到约 5.88% 的收益率才能匹配该市政债的税后回报，因此除非公司债收益率高于 5.88%，否则市政债更具吸引力。
某制造商在输掉一起重大产品责任诉讼后股价下跌。这一损失是以下哪种风险的例子？
- a.购买力（通胀）风险
- b.非系统性（公司特定）风险✓
- c.利率（债券价格）风险
- d.系统性（全市场）风险
影响某一特定公司的诉讼是公司特定或非系统性风险，因为它并非源于广泛的市场力量。这类风险可通过分散化降低，因为持有许多不同公司会稀释任何单一公司不幸事件的影响。相比之下，全市场范围的事件则属于系统性风险。
一位客户想要一种由政府支持的证券，其现金流来自房主每月的抵押还款，并带有美国政府的完全信用担保。最合适的是：
- a.以贴现方式出售的六个月期美国国库券
- b.无担保的长期公司信用债（debenture）
- c.以过路费收入作担保的市政收入债券
- d.吉利美（GNMA）过手证券✓
吉利美过手证券把一批住房抵押贷款的每月本金和利息转付给投资者，并由美国政府的完全信用支持。国库券由政府支持但与抵押无关，房利美/房地美证券以抵押为基础但缺乏直接的完全信用担保。GNMA 独特地同时满足这两个条件。
父母想要一个享有税收优惠的账户来为孩子未来的大学学费储蓄，并对合格教育支出免税提款。最合适的选择是：
- a.可转让的大额（jumbo）银行存单
- b.ABLE 残障账户
- c.529 大学储蓄计划✓
- d.滚动发行的商业票据计划
529 计划专为教育储蓄设计，提供税延增长和用于合格教育支出的免税提款。ABLE 账户用于与残障相关的支出，而非一般的大学储蓄，而存单或商业票据等货币市场工具不提供教育专属税收优惠。529 最符合所述目标。
一位美国投资者购买了一只以欧元计价的债券。随后欧元相对美元大幅下跌。该投资者主要受到以下哪种风险的损害？
- a.立法（税法变更）风险
- b.票息再投资利率风险
- c.发行人信用（违约）风险
- d.货币（汇率）风险✓
当投资者把以欧元计价的利息和本金换回美元时，欧元走弱意味着换得的美元更少，即使债券本身表现符合预期也会降低回报。这就是货币（汇率）风险，是持有外币资产固有的风险。它与发行人的信用质量无关。
持有 GNMA 过手证券的投资者在以下哪种情况下面临最大的提前偿还风险？
- a.利率上升、房主持有其抵押贷款的时间长得多
- b.该证券达到其约定的最终到期日并按面值偿还
- c.发行人对资产池中所有基础抵押贷款违约
- d.利率下降、房主提前对抵押贷款再融资✓
提前偿还风险是房主提前还清抵押贷款、比预期更早把本金返还给投资者的危险。这在利率下降、借款人以更低利率再融资时最常发生。届时投资者必须以新的、更低的现行利率对返还的本金再投资，降低预期收入。
一位投资者必须迅速卖出一只交易清淡的小额市政债券，但只能以远低于公允价值的价格找到买家。这说明了：
- a.流动性（可销售性）风险✓
- b.信用（发行人违约）风险
- c.票息再投资利率风险
- d.通胀（购买力）风险
当证券交易不频繁时，需要快速卖出的投资者可能不得不接受低得多的价格以吸引买家。快速卖出价与公允价值之间的差距正是流动性（可销售性）风险的标志。它常见于小额市政债、有限合伙和其他交易清淡的资产。
想要一个波动性低于整体市场的投资组合的投资者应偏好具有以下特征的股票：
- a.贝塔低于 1.0✓
- b.贝塔恰好等于 1.0
- c.负股息收益率
- d.贝塔高于 1.0
贝塔衡量相对于市场的波动性，市场贝塔为 1.0。贝塔低于 1.0 的股票波动往往小于市场，因此由低贝塔股票构成的组合通常波动性更低、系统性风险更小。高贝塔股票（高于 1.0）会放大市场波动。
以下哪项是国库券、商业票据和银行承兑汇票等货币市场工具共有的特征？
- a.它们都支付免税利息
- b.它们都由美国政府的完全信用支持
- c.它们都在 10 年以上到期
- d.它们都是短期、高流动性的债务工具✓
货币市场工具是短期债务证券（通常一年或以内到期），流动性高、风险相对较低。国库券、商业票据、银行承兑汇票和可转让存单都是例子。它们在发行人和支持背书上不同，因此并非都由政府担保或免税，但都具有短期、高流动性的特征。
一个城市偿还一般责任债券的能力最直接取决于其：
- a.企业赞助和冠名权费用
- b.其每年的联邦公共交通拨款分配
- c.从单座收费桥收取的净收入
- d.征税权和整体财务健康状况✓
由于 GO 债券由发行人的完全信用支持，其偿还取决于市政当局的征税权及整体财政状况。分析师会审查房产价值、税收征收率、债务水平和当地经济。单一设施的收入支持的是收入债券，而非 GO 债券。
“双重担保”市政债券是指由以下哪项支持的债券？
- a.从两家独立的市政债券保险公司购买的担保
- b.同一债券凭证中的两个不同到期日
- c.特定收入来源与发行人的一般征税权两者✓
- d.联邦财政部担保与州担保相结合
双重担保债券结合了收入债券和一般责任债券的特征：首先由特定收入来源偿还，但如果该收入不足，还由发行人的完全信用和征税权支持。这种双重支持通常使其比纯收入债券更安全。
TAN、RAN 和 BAN 等市政票据主要用于：
- a.五年后转换为市政当局的普通股
- b.在较长期收入或资金到位之前提供短期过渡融资✓
- c.为市政雇员提供联邦担保的退休福利
- d.为重大基础设施项目提供 30 年永久融资
市政预期票据是弥补市政当局现金流时间差的短期工具。TAN 由预期税收偿还，RAN 由预期收入偿还，BAN 由未来长期债券发行的收益偿还。它们在相对较短的时间内到期，用于过渡而非永久融资。
某些“私营活动”市政债券的利息可能：
- a.免除联邦、州和地方的所有税，包括资本利得税
- b.在包括发行人所在州在内的每个州都需缴纳州和地方所得税
- c.根据第 103 条在联邦层面按普通利息收入征税
- d.作为替代性最低税（AMT）的优惠项目计入✓
一些市政债券为私营活动融资，其利息虽然通常免征常规联邦所得税，但在计算替代性最低税（AMT）时该利息可能是必须加回的优惠项目。因此受 AMT 约束的投资者可能就这笔本来免税的利息缴税，从而降低该债券对他们的税后吸引力。
某些市政债券（如“建设美国债券”）在联邦层面应税，因为：
- a.它们由美国财政部的完全信用支持，而非由发行人支持
- b.它们为宗教机构融资，而国会已将其排除在免税范围之外
- c.发行人在向投资者出售之前未向 SEC 注册这些债券
- d.它们被设计为应税，通常以换取联邦对发行人的利息补贴✓
并非所有市政债券都免税。某些发行（如建设美国债券）被有意设计为对投资者应税，联邦政府补贴发行人部分利息成本。由于其利息应税，它们通常提供高于同类免税市政债的收益率以保持竞争力。
预付学费计划（529 计划的一种）主要允许家庭：
- a.在缴款当年从联邦所得税中扣除全部缴款
- b.为任何目的免税提取资金，包括非教育支出
- c.为合格院校按当前价格锁定未来学费✓
- d.投资于账户所有人选择的个别股票和债券
预付学费计划让家庭按当前费率支付未来大学学费，对冲参与学校学费上涨的风险。这不同于 529 大学储蓄计划——后者把缴款投资于价值波动的市场型组合。两者都是 529 计划，但预付版锁定学费，而非让储蓄承受市场回报。
由联邦住房贷款银行等 GSE 发行的机构信用债是：
- a.该机构的无担保债务，以其一般信用而非特定抵押池为支持✓
- b.联邦保险的银行存款，由 FDIC 对每家银行的每位存款人提供最高 25 万美元的保护
- c.该机构的所有权份额，附带表决权和对其剩余利润的求偿权
- d.免税的市政证券，其利息对持有人免征联邦所得税
某些机构证券是信用债，即以发行机构的一般信用而非抵押池为支持的无担保债券。它们被视为高质量，但作为 GSE 债务不由美国政府直接担保，因此收益率略高于国债。它们不同于现金流来自基础贷款的抵押支持过手证券。
与普通国债相比，持有 CMO 特有的一项关键风险是：
- a.货币风险，因为基础抵押贷款的还款以外币支付
- b.该 CMO 交易的每个分层（tranche）都完全没有利率风险
- c.所收到的利息免除全部联邦所得税
- d.来自基础抵押贷款的提前偿还（延长与缩短）风险✓
由于 CMO 的现金流来自一批抵押贷款，其实际期限取决于房主提前还款的速度。利率下降时提前还款加快（缩短风险）；利率上升时提前还款放缓、CMO 寿命延长（延长风险）。普通国债有固定期限，没有这种提前偿还的不确定性。
持有长期固定利率债券的投资者最担心购买力风险，这意味着：
- a.通胀可能随时间侵蚀固定利息支付的实际价值✓
- b.发行人可能在债券到期前对利息或本金违约
- c.持有外币债券的投资者可能遭遇汇率不利变动
- d.在利率下降后，债券可能按设定的赎回价被提前赎回
购买力（通胀）风险是物价上涨侵蚀债券固定票息和本金实际价值的危险。对长期固定利率债券尤为重要，因为其支付被锁定多年。TIPS 或股票等投资常用于帮助抵消这一风险。
衰退期间的广泛市场下跌导致多元化组合中几乎每只股票都下跌。这是以下哪种风险的例子？
- a.非系统性经营风险
- b.系统性（市场）风险✓
- c.流动性/可销售性风险
- d.再投资利率风险
由衰退驱动的全市场下跌几乎影响所有证券，无论个别公司经营得多好，这正是系统性或市场风险的定义。由于它冲击整个市场，分散化无法消除它。相比之下，非系统性风险只会影响单一公司或行业。
赎回风险是指以下这种危险：
- a.发行人在到期前赎回债券，通常在利率下降时✓
- b.通胀上升将侵蚀债券固定票息支付的实际价值
- c.投资者在交投清淡的市场中无法以公允价格为债券找到买家
- d.发行人违约，无法支付债券预定的利息和本金
当债券可赎回、允许发行人提前赎回时会产生赎回风险。发行人最常在利率下降后赎回债券，以便以更低利率再融资。届时投资者失去高票息债券，必须以更低的现行利率再投资，这使赎回风险与再投资风险密切相关。
投资于与某股指挂钩的结构性票据的投资者应理解，即使该指数上涨，如果出现以下情况投资者仍可能亏损：
- a.票据只是被持有至其规定的到期日，而不是提前卖出
- b.发行的金融机构破产而无法偿付✓
- c.挂钩指数仅在价格上上涨，不派发任何股息
- d.现行利率在票据的整个期限内保持不变
结构性票据是发行金融机构的债务，因此其承诺的收益取决于该发行人保持偿付能力。如果发行人破产，投资者只是一般债权人，无论挂钩指数表现如何都可能损失本金。这种发行人信用风险是结构性产品一个关键、有时被忽视的特征。
即使是充分分散化的股票组合，仍然承担哪种类型的风险？
- a.完全没有风险，因为分散化消除了所有损失来源
- b.来自某一家公司自身经营问题的公司特定风险
- c.影响整个市场的系统性（市场）风险✓
- d.仅非系统性风险，因为市场风险已被分散化消除
分散化降低或消除非系统性（公司特定）风险，但无法消除源于全市场力量（如衰退或利率变化）的系统性风险。因此，即使是广泛分散化的组合仍然承受系统性风险。这正是为什么分散化降低但从不完全消除组合总风险。
一位保守型客户希望在其组合的固定收益部分尽量降低信用风险和违约风险。哪种证券最符合该目标？
- a.评级较低公司的商业票据
- b.短期美国国库券✓
- c.BBB 级收入债券
- d.高收益（“垃圾”）公司债
美国国库券由美国政府的完全信用支持，被认为基本没有信用和违约风险，因此最适合希望尽量降低这些风险的客户。高收益债券和评级较低的商业票据承担相当大的违约风险，即使是 BBB 级收入债券的信用风险也高于国债。代价是最安全的证券通常提供最低的收益率。
Which statement best distinguishes common stock from preferred stock?
- a.Common stock has the lowest claim in liquidation, while preferred has none
- b.Common stock pays a fixed dividend, while preferred pays a variable payout
- c.Common stockholders usually have voting rights, while most preferred stockholders do not✓
- d.Preferred stock carries the vote on director elections, while common stock does not
Common stockholders usually vote; most preferred stockholders do not. Common has the lowest liquidation claim (not "none"), common dividends are variable while preferred are fixed, and preferred generally lacks a vote — so the other choices are reversed.
In a corporate liquidation, which class is paid last?
- a.Common stockholders✓
- b.Secured bondholders
- c.General (unsecured) creditors
- d.Preferred stockholders
Common stockholders are paid last in a liquidation, after secured creditors, general creditors, and preferred stockholders. Owners always stand behind creditors.
A debenture is best described as:
- a.A bond secured by a first lien on the issuer's real property
- b.A bond backed by a pledge of specific rolling-stock equipment
- c.An unsecured bond backed by the issuer's general credit✓
- d.A residual ownership share in the issuing corporation
A debenture is an unsecured bond backed only by the issuer's general credit and promise to pay. Mortgage and equipment bonds are secured; a share of ownership describes stock, not a bond.
Market interest rates rise after an investor buys a bond. The price of the existing bond will most likely:
- a.Fall✓
- b.Rise
- c.Stay exactly the same
- d.Rise to par and then fall
By the price–yield seesaw, when rates rise, existing bond prices fall. The bond's fixed coupon is now below market, so its price drops to make its yield competitive.
For a bond purchased at a discount, which yield is the highest?
- a.Yield to maturity✓
- b.Nominal yield
- c.Current yield
- d.All the yields are equal
For a discount bond the yields rank nominal < current < YTM, so yield to maturity is the highest because the investor also gains the price appreciation to par. (For a premium bond the order reverses.)
Which security is considered to carry essentially no credit (default) risk because it is backed by the full faith and credit of the U.S. government?
- a.A U.S. Treasury bond✓
- b.A corporate debenture
- c.A municipal revenue bond
- d.Commercial paper
A U.S. Treasury bond is backed by the full faith and credit of the government and is treated as essentially free of default risk. A debenture, a revenue bond, and commercial paper all carry credit risk.
Which of the following carries the full faith and credit of the U.S. government?
- a.FNMA (Fannie Mae) mortgage-backed securities
- b.FHLMC (Freddie Mac) mortgage-backed securities
- c.Corporate commercial paper
- d.GNMA (Ginnie Mae) mortgage-backed securities✓
GNMA (Ginnie Mae) securities carry the government's full faith and credit. FNMA and FHLMC are government-sponsored enterprises whose securities are not directly government-guaranteed; commercial paper is corporate.
The interest paid on most municipal bonds is:
- a.Taxed federally above the corporate bond rate
- b.Taxable in the issuer's own home state
- c.Generally exempt from federal income tax✓
- d.Guaranteed by the federal government
Municipal bond interest is generally exempt from federal income tax, which is its defining advantage. It is not federally guaranteed, and it is often (not always) state-tax-exempt for residents.
Shares of an open-end mutual fund are:
- a.Traded on an exchange throughout the day at a premium or discount to NAV
- b.Fixed in number after the initial offering
- c.Priced once per day at net asset value using forward pricing✓
- d.Priced continuously throughout the trading day
Open-end mutual fund shares are priced once daily at NAV using forward pricing (the next computed NAV). Exchange trading at a premium/discount and continuous intraday pricing describe closed-end funds and ETFs; open-end share counts are not fixed.
Unlike an open-end fund, a closed-end fund:
- a.Trades on an exchange and can sell above or below its NAV✓
- b.Continuously issues new shares and redeems existing shares at NAV
- c.Prices its shares at net asset value at the daily close
- d.Has no fixed share count, so the total grows and shrinks
A closed-end fund trades on an exchange and its market price can be above or below NAV. Continuous issuance/redemption at NAV and an unfixed share count describe open-end funds.
A mutual fund share class that charges a front-end sales load at the time of purchase is:
- a.Class C
- b.A no-load fund
- c.Class A✓
- d.Class B
Class A shares carry a front-end sales load paid at purchase (usually with lower ongoing expenses). Class C is a level load, Class B is back-end (CDSC), and a no-load fund has no sales charge.
Which product holds a basket of securities but trades throughout the day on an exchange like a stock?
- a.A traditional open-end mutual fund
- b.A unit investment trust (UIT)
- c.A fixed annuity
- d.An exchange-traded fund (ETF)✓
An ETF holds a basket of securities but trades intraday on an exchange like a stock. A mutual fund and a UIT do not trade continuously; a fixed annuity is an insurance product.
A unit investment trust (UIT) is characterized by:
- a.An actively managed portfolio that trades securities frequently
- b.A fixed portfolio held for a set term with no active manager✓
- c.Continuous issuance of new shares to investors at the daily NAV
- d.Daily exchange trading at a premium or discount to the fund's NAV
A UIT holds a fixed portfolio for a set term with no active manager. It does not actively trade, continuously issue shares, or trade at a premium/discount like a closed-end fund.
A variable annuity is considered a security because:
- a.The insurer guarantees a fixed minimum annual rate of return
- b.The owner bears the investment risk of the subaccounts✓
- c.It is insured by the FDIC for up to $250,000 per depositor
- d.Its account value is floored at the sum of the premiums paid
A variable annuity is a security because the owner bears the investment risk of the subaccounts. A fixed annuity (insurer bears the risk) is not a security; annuities are not FDIC-insured and can lose value.
A call option gives its holder the right to:
- a.Sell the underlying security if its price falls below the strike price
- b.Buy the underlying security at the exercise price✓
- c.Buy the underlying security at the market price on the expiration date
- d.Collect the stock's dividends
A call gives its holder the right, but not the obligation, to buy the underlying security at the strike price. Selling the underlying security is the right a put gives, and a call has no price-drop trigger. On exercise the holder pays the strike price, not the market price on the expiration date. An option holder collects no dividends and has no vote until the shares are actually bought through exercise.
The writer (seller) of an option:
- a.Pays a premium in exchange for the right to buy or sell the underlying security
- b.Has risk limited to the premium paid at the time of purchase
- c.Can refuse an assignment by returning the premium to the holder
- d.Receives a premium and takes on an obligation if the option is exercised✓
The writer receives the premium and takes on the obligation to perform if exercised. The buyer pays the premium and has limited risk; a writer can indeed be assigned.
Which type of risk affects the entire market and cannot be eliminated through diversification?
- a.Business risk
- b.Credit risk
- c.Liquidity (marketability) risk
- d.Systematic (market) risk✓
Systematic (market) risk affects the whole market and cannot be diversified away. Business, credit, and liquidity risks are unsystematic and can be reduced by diversifying.
Diversifying a portfolio across many companies and industries is most effective at reducing:
- a.Interest-rate risk
- b.Unsystematic (company-specific) risk✓
- c.Inflation risk
- d.Systematic risk affecting the broad market
Diversification reduces unsystematic (company-specific) risk by spreading exposure across many holdings. Interest-rate, inflation, and broad market risks are systematic and remain.
Purchasing-power (inflation) risk is generally greatest for:
- a.Common stocks of growing companies
- b.Directly owned real estate
- c.Physical commodities
- d.Long-term fixed-income securities✓
Inflation (purchasing-power) risk is greatest for long-term fixed-income securities, whose fixed payments lose real value as prices rise. Stocks, real estate, and commodities can rise with inflation.
Compared with a right, a warrant typically:
- a.Has a very short life and is priced below the market price
- b.Is issued only to the company's existing shareholders at a discount price
- c.Has a longer life and an exercise price initially above the market✓
- d.Settles only in cash rather than being exercised for shares
A warrant has a longer life and an exercise price initially above the market, often issued as a sweetener. Short life, below-market pricing, and existing-shareholder distribution describe rights.
An American Depositary Receipt (ADR) allows a U.S. investor to:
- a.Buy municipal bonds whose interest is exempt from federal, state, and local income tax
- b.Avoid all market risk
- c.Receive a dividend that is guaranteed by the federal government
- d.Hold shares of a foreign company that trade in U.S. dollars, subject to currency risk✓
An ADR lets a U.S. investor hold a foreign company's shares priced in U.S. dollars, carrying currency risk. It is not tax-free, risk-free, or federally guaranteed.
If an issuer skips a dividend on its cumulative preferred stock, the missed dividend:
- a.Is permanently forfeited by the preferred shareholder
- b.Accumulates and must be paid before any common dividend✓
- c.Automatically converts into common shares of the issuer
- d.Must be redirected to the issuer's bondholders instead
On cumulative preferred, a skipped dividend accumulates and must be paid before any common dividend. It is not lost (that is straight/noncumulative preferred), does not auto-convert, and is not redirected to bondholders.
Because a convertible bond can be exchanged for common shares, it usually:
- a.Pays a higher coupon than a comparable nonconvertible bond
- b.Has no stated maturity date, unlike a straight bond
- c.Must be secured by a first lien on the issuer's assets
- d.Pays a lower coupon than a comparable nonconvertible bond✓
The conversion feature is valuable, so a convertible bond usually pays a lower coupon than a comparable nonconvertible bond. It still has a maturity and need not be secured.
Municipal bonds are generally most attractive to investors who are in:
- a.The lowest tax brackets
- b.The highest tax brackets✓
- c.A tax-exempt retirement account
- d.A foreign tax jurisdiction
Because muni interest is tax-free, munis benefit high-tax-bracket investors most. Low brackets gain little, and holding a tax-free bond inside a tax-exempt retirement account wastes the advantage.
Which of the following is a money market instrument?
- a.Commercial paper✓
- b.A 30-year Treasury bond
- c.Common stock
- d.A convertible debenture
Commercial paper is short-term (one year or less) corporate debt — a money market instrument. A 30-year bond and a convertible debenture are long-term debt; common stock is equity.
A real estate investment trust (REIT):
- a.Passes both its income and its operating losses through directly to its investors
- b.Pools capital to invest in income-producing real estate and trades like a stock✓
- c.Is an insurance contract that pays lifetime income
- d.Guarantees investors a fixed rate of return
A REIT pools capital to invest in income-producing real estate and trades like a stock. It does not pass through losses (unlike a DPP), is not an insurance contract, and does not guarantee a return.