金融市场与金融基础 Fabozzi Chapter15.docVIP

Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones) Chapter 15 Treasury and Agency Securities Markets Multiple Choice Questions 1 Market for Treasury Securities 1) Two factors account for the prominent role of U.S. Treasury securities: ________. A) volume (in terms of shares outstanding) and liquidity. B) volume (in terms of dollars outstanding) and illiquidity. C) volume (in terms of dollars outstanding) and liquidity. D) volume (in terms of shares outstanding) and illiquidity. Answer: C Diff: 2 Topic: 15.1 Market for Treasury Securities Objective: 15.1 the importance of the Treasury market 2) The large volume of total debt and the large size of any single issue have contributed to making the U.S. Treasury market the most active and hence the most liquid market ________. A) in the world. B) in the United States. C) in New York City. D) on the East Coast. Answer: A Diff: 2 Topic: 15.1 Market for Treasury Securities Objective: 15.1 the importance of the Treasury market 3) Compared to the United States Treasury market, many issues in the corporate and municipal markets are ________. A) liquid. B) illiquid. C) traded easily. D) none of these Answer: B Comment: Many issues in the corporate and municipal markets are illiquid by contrast and cannot be traded readily. Diff: 2 Topic: 15.1 Market for Treasury Securities Objective: 15.1 the importance of the Treasury market 4) Interest income from Treasury securities is ________. A) subject to federal, state, and local income taxes. B) subject to local income taxes but is exempt from federal income taxes. C) subject to state income taxes but is exempt from federal income taxes. D) subject to federal income taxes but is exempt from state and local income taxes. Answer: D Diff: 2 Topic: 15.1 Market for Treasury Securities Objective: 15.1 the importance of the Treasury market 5) Which of the below statements is FALSE? A) Current Treasury practice is to issue all securi