金融市场与机构(15).docxVIP

Chapter 15 Why Do Financial Institutions Exist? Multiple Choice Questions Of the following sources of external finance for American nonfinancial businesses, the least important is loans from banks. stocks. bonds and commercial paper. nonbank loans. Answer: B Of the following sources of external finance for American nonfinancial businesses, the most important is loans from banks. stocks. bonds and commercial paper. nonbank loans. Answer: D Of the sources of external funds for nonfinancial businesses in the United States, bonds account for approximately _________ of the total. 10 percent 20 percent 30 percent 50 percent Answer: C Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately _________ of the total. 10 percent 20 percent 30 percent 40 percent Answer: A 186 Mishkin/Eakins ? Financial Markets and Institutions, Fifth Edition With regard to external sources of financing for nonfinancial businesses in the United States, which of the following are accurate statements? Marketable securities account for a larger share of external business financing in the United States than in most other countries. Since 1970, less than 5 percent of newly issued corporate bonds and commercial paper have been sold directly to American households. The stock market accounted for the largest share of the financing of American businesses in the 1970–2000 period. All of the above. Only (a) and (b) of the above. Answer: E With regard to external sources of financing for nonfinancial businesses in the United States, which of the following are accurate statements? Direct finance is used in less than 5 percent of the external financing of American businesses. Only large, well-established corporations have access to securities markets to finance their activities. Loans from banks and other financial intermediaries in the United States provide five times more financing of corporate activities than do stock markets. All of the above