cfa一级assetvaluation∶marketandinstruments(编辑修改稿)

cfa一级assetvaluation∶marketandinstruments(编辑修改稿)内容摘要：

he New York Stock Exchange sometimes uses call markets to determine an opening stock price. B. In a continuous market trades can occur any time the market is open. C. In a continuous market, dealers determine stock prices rather than by auction in order to avoid interruptions in the market place. D. Call markets may be used to determine a stock price in the event trading is suspended. C Stock prices are determined by dealers and by auction in continuous markets. If auction transactions bee slow then dealers can act to facilitate transactions and maintain a continuous market. Question ID: 21195 Which type of market allows trading of stock to occur at specific times and is used to facilitate trading when stocks are not being actively traded or when there are few stocks listed? 12 A. Primary market. B. Call market. C. Pure auction market. D. Dealer market. B The call market allows stock to be traded at specific times and is often times used to facilitate trading in newly developed exchanges where trading is thin. Question ID: 13848 Which of the following statements concerning call or continuous markets is TRUE? A. All financial markets are either call or continuous markets. They cannot be both. B. Call markets are used primarily in smaller markets and to set the opening price in major markets. C. Call markets are markets where trades occur at any time the market is open. D. The price in continuous markets can only be set by dealer bidask quotes. B Question ID: 13851 The direct exchange of securities between investors without using an intermediary or the services of a broker is which of the following types of markets? A. overthecounter market. B. third market. C. fourth market. 13 D. regional exchange markets. C This is the definition of the Fourth Market. Recall that the Third Market is where nonmember investment firms can make markets in and trade registered securities without going through the exchange. Question ID: 21197 What type of transaction allows two investors to trade securities without the use of a broker? A. Regional exchange transaction. B. Fourth market transaction. C. Overthecounter market transaction. D. Third market transaction. B The fourth market refers to transactions that take place between two investors without the use of a broker. Most often this transaction occurs between two institutional investors that want to make a high volume trade without incurring the expensive brokerage fees. Question ID: 13854 Which of the following statements about US securities markets is TRUE? A. It is against US securities laws to trade exchange traded stocks off the floor of the exchange. B. To be traded on the OTC market a security must be approved by the National Association of Securities Dealers. C. All of these choices are correct. D. The US OTC market is the largest segment of the US secondary market in terms of the number of issues traded. D 14 Question ID: 21198 Members of the exchange who act as brokers but do not work for a specific brokerage firm are referred to as: A. registered brokers. B. exchange brokers. C. floor brokers. D. mission brokers. C Floor brokers are independent brokers that help other brokerage firms fill orders when they are unable to handle the volume of orders. Question ID: 13859 The second tier of the TSE is a(n): A. continuous driven market. B. price driven market. C. order driven market. D. auction driven market. C Question ID: 13858 The NYSE, AMEX and LSE are: A. price driven markets. B. order driven markets. 15 C. dealer driven markets. D. call driven markets. A Question ID: 21200 Randy Smith called his broker, Pam Durbin, and asked her to borrow 100 shares of Zylex Corp. stock. Randy then sold the stock at the current market price of $45 while anticipating that Durbin would be able to buy the stock back for him at a lower price in the future. What type of order did Smith place? A. Special order. B. Margin order. C. Short sale. D. Market order. C The objective of a short sale is to borrow securities, sell them at the current market price and then replace them with the same securities purchased at a lower price. Question ID: 13861 Which of the following steps in process to sell a stock short are FALSE? A. The short seller gets the proceeds of the short sell. B. The seller must inform their broker that the order is a short sale before pleting the transaction. C. The seller must return the securities at the request of the lender. D. The seller must borrow the securities from a broker before selling them. A 16 Short sellers DO NOT get the proceeds of the short sell. Question ID: 21199 An investor can profit from a stock price decline by: A. placing a stop buy order. B. purchasing a call option. C. going long. D. selling short. D Short selling provides a way for an investor to profit from a stock price decline. In order to sell short, the broker borrows the security and then sells it for the short seller. Later, if the investor can replace the borrowed securities by repurchasing them at a lower price, then the investor will profit from the transaction. Question ID: 21202 Which of the following statements regarding regulations governing the shortsale process is FALSE? A. Short sales can only be made when the last change in the market price of the stock has been upward. B. The shortsale process must be pleted within a 90day period. C. If dividends were paid on the stock during the shortsale transaction, the short seller must pay dividends to the investor that loaned the stock. D. The short seller must pay a margin equivalent to the prevailing margin req。