兹维博迪金融学第二版试题库14TB(1)参照.pdfVIP

Chapter Fourteen Forward and Futures Markets This chapter contains 46 multiple choice questions, 19 short problems and 8 longer problems. Multiple Choice 1. The ________ is usually an average of the prices of the last few trades of the day. (a) margin requirement (b) daily realization (c) forward price (d) settlement price Answer: (d) 2. The process of daily realization minimizes the possibility of contract default. To ensure parties do not default the exchange requires a ________ posted in each account, and if the collateral in the account falls below a pre-specified level, the broker will make a ________. (a) settlement price; margin call (b) margin requirement; margin call (c) margin call; margin requirement (d) margin call; settlement price Answer: (b) 3. The total number of futures contracts still outstanding at the end of each trading day is indicated by the ________. (a) open interest (b) margin call (c) margin requirement (d) settlement price Answer: (a) 4. The physical costs of storing commodities, such as wheat or corn, are referred to as the ________, and include ________. (a) cost of storage; wastage costs (b) cost of distribution; interest, warehousing, and wastage costs (c) cost of carry; interest, warehousing, and spoilage costs (d) cost of carry; tax deductible payments Answer: (c) 14-1 5. If one were to consider the commodity of wheat, distributor j will choose to carry wheat in storage for another month only if ________. (a) C F –S j (b) C F –S j (c) C = F