英文證券卷八 HKSI Paper 8 第一章
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- 已答
- 回顧
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1/244問題
1. 問題
1 分QID2957:
正確
錯誤
提示
Reference Chapter:1.4.3
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2/244問題
2. 問題
1 分QID2949:Which of the following statements about China’s A or B shares is true?
I. A shares are settled in renminbi
II. B shares are settled in renminbi in Shenzhen
III. B shares are settled in Hong Kong dollars in Shanghai
IV.B shares in Shenzhen and Shanghai were initially available only to foreign investors, but have now been opened up to domestic investors with a foreign exchange account正確
Correct descriptions of China’s A or B shares include
I. A shares are settled in renminbi
II. B shares are settled in Hong Kong dollars in Shenzhen
III. B shares are settled in US dollars in Shanghai
IV. B shares in Shenzhen and Shanghai were initially available only to foreign investors, but have now been opened up to domestic investors with a foreign exchange account錯誤
Correct descriptions of China’s A or B shares include
I. A shares are settled in renminbi
II. B shares are settled in Hong Kong dollars in Shenzhen
III. B shares are settled in US dollars in Shanghai
IV. B shares in Shenzhen and Shanghai were initially available only to foreign investors, but have now been opened up to domestic investors with a foreign exchange account提示
Reference Chapter:1.2.3
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3/244問題
3. 問題
1 分QID2419:Which of the following stock market has the least influence to Hong Kong stock market?
正確
Malaysian has minor trade relations with Hong Kong. Besides, Malaysian stock market has the smallest market cap among the above options and hence has lesser influence on the global market.
錯誤
Malaysian has minor trade relations with Hong Kong. Besides, Malaysian stock market has the smallest market cap among the above options and hence has lesser influence on the global market.
提示
Reference Chapter:1.3.
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4/244問題
4. 問題
1 分QID2421:China B shares settled in HKD are traded in which of the below exchanges?
正確
B shares traded in the Shenzhen Stock Exchange are denoted in Hong Kong dollars
錯誤
B shares traded in the Shenzhen Stock Exchange are denoted in Hong Kong dollars
提示
Reference Chapter:1.2.3.2
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5/244問題
5. 問題
1 分QID2424:If the nominal interest rate is 4% and the inflation rate is 2%, which of the following is the most accurate value of the real interest rate?
正確
Real interest rate = (1+nominal interest rate)/ (1+inflation rate) -1
But these questions can be answered even without a calculator. Since real interest rate is approximately nominal interest rate minus inflation rate, the real interest rate must be positive in this case, so A and B can be eliminated. Although the simple calculation method is 4%-2%, the question emphasizes the MOST ACCURATE, so the answer should be less than 4%-2% by using the most accurate formula. Therefore, the answer is C錯誤
Real interest rate = (1+nominal interest rate)/ (1+inflation rate) -1
But these questions can be answered even without a calculator. Since real interest rate is approximately nominal interest rate minus inflation rate, the real interest rate must be positive in this case, so A and B can be eliminated. Although the simple calculation method is 4%-2%, the question emphasizes the MOST ACCURATE, so the answer should be less than 4%-2% by using the most accurate formula. Therefore, the answer is C提示
Reference Chapter:1.4.1.2
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6/244問題
6. 問題
1 分QID2426:If the face value of a 60-day deposit certificate is $1000, purchased at $970, which is the annual interest rate? (assuming that there are 365 days in a year)
正確
Present value x (1 is the principal itself + annual interest rate x number of days/365 days in a year) = face value
970x (1+ n% x 60/365) = 1000
1 + n% x 60/365 = 1000/970
n% x 60/365 = 1.03093-1
n% = 0.03093 x 365/60
n%= 0.18814錯誤
Present value x (1 is the principal itself + annual interest rate x number of days/365 days in a year) = face value
970x (1+ n% x 60/365) = 1000
1 + n% x 60/365 = 1000/970
n% x 60/365 = 1.03093-1
n% = 0.03093 x 365/60
n%= 0.18814提示
Reference Chapter:1.4.1.1
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7/244問題
7. 問題
1 分QID2427:A 10,000,000 demand deposit was made this morning with an interest rate of 7%. How much interest will be received tomorrow? (Assuming there are 365 days in a year)
正確
Principal x (1 + annual interest rate/number of days per year) ^ interest calculation several times-principal
Tomorrow, interest is given once (1 time a day)
10,000,000x(1+7%/365)^1 – 10,000,000
= 10,000,000×1.000191781 – 10,000,000
= 1917.8082錯誤
Principal x (1 + annual interest rate/number of days per year) ^ interest calculation several times-principal
Tomorrow, interest is given once (1 time a day)
10,000,000x(1+7%/365)^1 – 10,000,000
= 10,000,000×1.000191781 – 10,000,000
= 1917.8082提示
Reference Chapter:1.4.1.1
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8/244問題
8. 問題
1 分QID2430:Which of the following is the correct description of the inverse yield curve?
正確
The inverse yield curve indicates that the short-term interest rate is higher than the long-term interest rate, which means that in the future, interest rate will fall
錯誤
The inverse yield curve indicates that the short-term interest rate is higher than the long-term interest rate, which means that in the future, interest rate will fall
提示
Reference Chapter:1.4.1.3
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9/244問題
9. 問題
1 分QID2431:The definition of QDIIs is?
正確
QDIIs refers to Mainland Chinese investors who are permitted to invest in overseas financial markets, such as fund houses, banks, insurance companies and securities brokerage firms
錯誤
QDIIs refers to Mainland Chinese investors who are permitted to invest in overseas financial markets, such as fund houses, banks, insurance companies and securities brokerage firms
提示
Reference Chapter:1.4.7
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10/244問題
10. 問題
1 分QID2432:Which of the following indices covers a wider range?
正確
The Hang Seng Composite Index Series covers the top 95% of the market value of shares listed on the main board of the exchange which has a wider range than the other two HSIs
The S & P / HKEx Large Cap Index covers only dozens of stock錯誤
The Hang Seng Composite Index Series covers the top 95% of the market value of shares listed on the main board of the exchange which has a wider range than the other two HSIs
The S & P / HKEx Large Cap Index covers only dozens of stock提示
Reference Chapter:1.5.2.1
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11/244問題
11. 問題
1 分QID2237:To approximate financial instrument’s real interest rate:
正確
To approximate financial instrument’s real interest rate: nominal interest rate – inflation
錯誤
To approximate financial instrument’s real interest rate: nominal interest rate – inflation
提示
Reference Chapter:1.4.1.2
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12/244問題
12. 問題
1 分QID2238:When the long-term interest rate is smaller than the short-term interest rate, it means that:
正確
When the long-term interest rate is smaller than the short-term interest rate, it means that the yield curve is reversed. It probably represents decreased inflation and economic downturn. The government may implement expansionary monetary policies to drive down the interest rate.
錯誤
When the long-term interest rate is smaller than the short-term interest rate, it means that the yield curve is reversed. It probably represents decreased inflation and economic downturn. The government may implement expansionary monetary policies to drive down the interest rate.
提示
Reference Chapter:1.4.1.3
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13/244問題
13. 問題
1 分QID2240:Which of the following is incorrect:
正確
A decrease in the exchange rate leads to the weakening of the currency of a country. To foreign consumers, the products exporting from the nation become cheaper. It may strengthen the export of a country rather than weakening.
錯誤
A decrease in the exchange rate leads to the weakening of the currency of a country. To foreign consumers, the products exporting from the nation become cheaper. It may strengthen the export of a country rather than weakening.
提示
Reference Chapter:1.4.3
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14/244問題
14. 問題
1 分QID2242:Which of the following index covers the widest range and biggest market value?
正確
The Hang Seng Composite Index (“HSCI”) covers the highest 95% of market value on the Mainboard of the exchange.
錯誤
The Hang Seng Composite Index (“HSCI”) covers the highest 95% of market value on the Mainboard of the exchange.
提示
Reference Chapter:1.5.2.1
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15/244問題
15. 問題
1 分QID2302:There is a deposit of 10000 with a term of 5 years and an interest of 6%. Assuming the interest is not reinvested, the sum of interest in 5 years is:
正確
There is a deposit of 10000 with a term of 5 years and an interest of 6%. Assuming the interest is not reinvested, the sum of interest in 5 years is:
Principal*terms*interest
10000*5*6%=$3000錯誤
There is a deposit of 10000 with a term of 5 years and an interest of 6%. Assuming the interest is not reinvested, the sum of interest in 5 years is:
Principal*terms*interest
10000*5*6%=$3000提示
Reference Chapter:1.4.1.1
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16/244問題
16. 問題
1 分QID462:What is the main reason Hong Kong had a slow development in bond market?
I. Hong Kong has a long history of budget surplus such that it has little need to issue government bonds.
II. Hong Kong has a more active stock market to absorb the majority of capital.
III. Government thinks debt securities are not suitable for general investors.
IV. Hong Kong Monetary Authority prohibits retail investors from securities trading.正確
With its consistent budget surplus, the HKSAR Government does not have any need to raise capital by issuing debts. Thus, Hong Kong’s debt market has historically been illiquid and inactive when compared to its equity markets.
錯誤
With its consistent budget surplus, the HKSAR Government does not have any need to raise capital by issuing debts. Thus, Hong Kong’s debt market has historically been illiquid and inactive when compared to its equity markets.
提示
Reference Chapter:1.1.2
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17/244問題
17. 問題
1 分QID464:Which of the following actions did the Hong Kong government take to boost the development of debt securities market?
I. The Hong Kong Monetary Authority issues different maturities of exchange fund bill and exchange fund notes.
II. The market-making system is introduced into exchange fund bill and exchange fund notes to increase liquidity.
III. Exchange fund bill and exchange fund notes can be listed on Stock Exchange of Hong Kong Limited(SEHK).
IV. There is no restriction in foreign investors investing in local debt securities market.正確
To develop the debt market, the Hong Kong Monetary Authority (“HKMA”) issues a number of debt securities on behalf of the HKSAR Government including Exchange Fund Bills (“EFBs”) and Exchange Fund Notes (“EFNs”). To enhance secondary market liquidity, the HKMA has established an effective market-making system for EFBs and EFNs. There are currently no restrictions on foreign borrowers issuing and investing in the Hong Kong debt market, which has resulted in its internationalization. In an effort to appeal to retail investors and to encourage the development of Hong Kong’s debt market, some debt securities, EFNs and government bonds have been listed on the SEHK.
錯誤
To develop the debt market, the Hong Kong Monetary Authority (“HKMA”) issues a number of debt securities on behalf of the HKSAR Government including Exchange Fund Bills (“EFBs”) and Exchange Fund Notes (“EFNs”). To enhance secondary market liquidity, the HKMA has established an effective market-making system for EFBs and EFNs. There are currently no restrictions on foreign borrowers issuing and investing in the Hong Kong debt market, which has resulted in its internationalization. In an effort to appeal to retail investors and to encourage the development of Hong Kong’s debt market, some debt securities, EFNs and government bonds have been listed on the SEHK.
提示
Reference Chapter:1.1.2
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18/244問題
18. 問題
1 分QID2297:Under the same investment horizon, which of the following institution issue bonds with the highest yield?
正確
The higher the credit risk of the issuer, the higher the yield theoretically. The yield of supranational institutions is lower than England and America, whereas quasi-government entities are higher than the above. As a result, the yield of quasi-government entities is the highest in theory.
錯誤
The higher the credit risk of the issuer, the higher the yield theoretically. The yield of supranational institutions is lower than England and America, whereas quasi-government entities are higher than the above. As a result, the yield of quasi-government entities is the highest in theory.
提示
Reference Chapter:1.4.1.3
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19/244問題
19. 問題
1 分QID2301:What does a positive yield curve means?
正確
A positive yield curve means the long-term yield is higher than short-term yield, and it is expected that the inflation will become worse in the future.
錯誤
A positive yield curve means the long-term yield is higher than short-term yield, and it is expected that the inflation will become worse in the future.
提示
Reference Chapter:1.4.1.3
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20/244問題
20. 問題
1 分QID487:What is the main reason Hong Kong issues exchange fund notes and exchange fund bills?
正確
To develop the debt market, the Hong Kong Monetary Authority (“HKMA”) issues a number of debt securities on behalf of the HKSAR Government including Exchange Fund Bills (“EFBs”) and Exchange Fund Notes (“EFNs”) .
錯誤
To develop the debt market, the Hong Kong Monetary Authority (“HKMA”) issues a number of debt securities on behalf of the HKSAR Government including Exchange Fund Bills (“EFBs”) and Exchange Fund Notes (“EFNs”) .
提示
Reference Chapter:1.4.1.2
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21/244問題
21. 問題
1 分QID876:Assume an annual nominal interest rate of 22% and then borrow HKD$20,000 for ten years with daily compounding. What is the return?
正確
[(1+0.22/365) ^ (10)(365)] – 1=8.019
Thus, the return is 801.9%
錯誤
[(1+0.22/365) ^ (10)(365)] – 1=8.019
Thus, the return is 801.9%
提示
Reference Chapter:1.4.1.2
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22/244問題
22. 問題
1 分QID877:Nominal return =
正確
Nominal interest rates are the most common way of quoting annual interest rates, without considering the compounding effect. Real interest rates take into account changes in the purchasing power of money over time, i.e. inflation. Therefore, nominal interest rates are the sum of real returns and inflation rate.
錯誤
Nominal interest rates are the most common way of quoting annual interest rates, without considering the compounding effect. Real interest rates take into account changes in the purchasing power of money over time, i.e. inflation. Therefore, nominal interest rates are the sum of real returns and inflation rate.
提示
Reference Chapter:1.4.1.2
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23/244問題
23. 問題
1 分QID497:What is it meant by upward-sloping yield curves?
正確
Positive, or normal: this is the normal situation where yield increases with an increase in the term to maturity. The longer the term to maturity, the greater the uncertainty and therefore the greater the risk. Yields on securities therefore increase to reflect this greater risk for investors. A positive yield curve is consistent with expectations of rising inflation over the longer term.
錯誤
Positive, or normal: this is the normal situation where yield increases with an increase in the term to maturity. The longer the term to maturity, the greater the uncertainty and therefore the greater the risk. Yields on securities therefore increase to reflect this greater risk for investors. A positive yield curve is consistent with expectations of rising inflation over the longer term.
提示
Reference Chapter:1.4.1.3
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24/244問題
24. 問題
1 分QID899:Exchanges in Hong Kong are listed in which of the following exchanges?
正確
Hong Kong Exchanges and Clearing Limited (“Hex”) was listed its shares on the SEHK on 27 June 2000.
錯誤
Hong Kong Exchanges and Clearing Limited (“Hex”) was listed its shares on the SEHK on 27 June 2000.
提示
Reference Chapter:1.1.
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25/244問題
25. 問題
1 分QID900:Stocks listed in the Main Board of the Stock Exchange of Hong Kong Limited(SEHK) have which of the following characteristics?
I. Larger size
II. Longer life since inception
III. Longer record of earnings
IV. More suitable for professional investors正確
Main board listing: this refers to the main group of publicly listed companies with proven profitability records and size to justify being publicly listed. An example is the Main Board of the SEHK.
錯誤
Main board listing: this refers to the main group of publicly listed companies with proven profitability records and size to justify being publicly listed. An example is the Main Board of the SEHK.
提示
Reference Chapter:1.1.1
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26/244問題
26. 問題
1 分QID1686:B shares traded in Shenzhen Stock Exchange are settled in
正確
Shenzhen Stock Exchange was established in December 1990, and also trades in A and B shares. A shares are traded and settled in the local currency (i.e. RMB) and B shares in Hong Kong dollars.
錯誤
Shenzhen Stock Exchange was established in December 1990, and also trades in A and B shares. A shares are traded and settled in the local currency (i.e. RMB) and B shares in Hong Kong dollars.
提示
Reference Chapter:1.2.3.2
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27/244問題
27. 問題
1 分QID1687:The main purpose for China to promote new securities laws in 1998 is
正確
In 1998, the government passed new securities laws to govern the emerging securities market, aiming to increase the levels of disclosure and to prevent insider trading.
錯誤
In 1998, the government passed new securities laws to govern the emerging securities market, aiming to increase the levels of disclosure and to prevent insider trading.
提示
Reference Chapter:1.2.3
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28/244問題
28. 問題
1 分QID1688:The most representative market in Europe is
正確
London is still the largest stock market in Europe and its total market capitalisation at the end of June 2016 was USD 3,480 billion. The Financial Times Stock Exchange (“FTSE”) 100 Index tracks the performance of the London stock market’s top 100 shares and is the most common performance indicator for the UK equity market.
錯誤
London is still the largest stock market in Europe and its total market capitalisation at the end of June 2016 was USD 3,480 billion. The Financial Times Stock Exchange (“FTSE”) 100 Index tracks the performance of the London stock market’s top 100 shares and is the most common performance indicator for the UK equity market.
提示
Reference Chapter:1.3.2
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29/244問題
29. 問題
1 分QID939:Risk premium is:
正確
The component above the risk-free rate, the risk premium, represents the additional reward to investors for investing in higher risk securities.
錯誤
The component above the risk-free rate, the risk premium, represents the additional reward to investors for investing in higher risk securities.
提示
Reference Chapter:1.4.1.3
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30/244問題
30. 問題
1 分QID940:Duration measures:
正確
Duration measures the sensitivity of securities to changes in interest rates, by taking into account the maturity date and the coupon cash flows. It approximates to the percentage bond price change that results from a 1% change in interest rates. It also measures the average number of years it takes for the discounted cash flow to be returned to an investor.
錯誤
Duration measures the sensitivity of securities to changes in interest rates, by taking into account the maturity date and the coupon cash flows. It approximates to the percentage bond price change that results from a 1% change in interest rates. It also measures the average number of years it takes for the discounted cash flow to be returned to an investor.
提示
Reference Chapter:1.4.1.4
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31/244問題
31. 問題
1 分QID941:Which of the following factors affect the security market?
I. Exchange rate
II. Inflation
III. Economic cycle
IV. Political factor正確
All factors above affects the security market.
錯誤
All factors above affects the security market.
提示
Reference Chapter:1.4.1.3
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32/244問題
32. 問題
1 分QID951:In Hong Kong, the nominal interest rate is 4% whereas the inflation is 8%. What is the real interest rate in Hong Kong?
正確
Nominal interest rate = Real Interest rate + Inflation rate
4-8 = -4
The real interest rate in Hong Kong is -4%.
錯誤
Nominal interest rate = Real Interest rate + Inflation rate
4-8 = -4
The real interest rate in Hong Kong is -4%.
提示
Reference Chapter:1.4.1.2
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33/244問題
33. 問題
1 分QID952:In Hong Kong, the nominal interest rate is 4% whereas the inflation is 8%. What is the approximate real interest rate in Hong Kong?
正確
Nominal interest rate = Real Interest rate + Inflation rate
4-8 = -4
The real interest rate in Hong Kong is -4%.
錯誤
Nominal interest rate = Real Interest rate + Inflation rate
4-8 = -4
The real interest rate in Hong Kong is -4%.
提示
Reference Chapter:1.4.1.2
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34/244問題
34. 問題
1 分QID427:Mr. GAO works as a manager for the Dog Charity Fund whose assets are mainly invested in fixed-rate bonds. Mr. GAO got an insider information from the Monetary Authority such that there will be a huge increase in Hong Kong’s interest rate, knowing that earnings yield on 10-year and 30-year bonds will increase 1%. Not concerning about moral and legal problems, which of the following ways is more likely to make profits for the Dog Charity Fund?
正確
The interest payment or coupon on a fixed rate bond remains constant throughout the life of the bond while interest payment or coupon of a floating rate bond is based on a reference rate. If there will be a huge increase in Hong Kong’s interest rate, The interest payment on a fixed rate bond remains unchanged but that on a floating rate bond may increase. Therefore, he will benefit from the increased returns resulting from higher interest rates after selling sell 10-year and 30-year fixed-rate bond and purchasing floating-rate bond.
錯誤
The interest payment or coupon on a fixed rate bond remains constant throughout the life of the bond while interest payment or coupon of a floating rate bond is based on a reference rate. If there will be a huge increase in Hong Kong’s interest rate, The interest payment on a fixed rate bond remains unchanged but that on a floating rate bond may increase. Therefore, he will benefit from the increased returns resulting from higher interest rates after selling sell 10-year and 30-year fixed-rate bond and purchasing floating-rate bond.
提示
Reference Chapter:1.4.1.4
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35/244問題
35. 問題
1 分QID428:Mr. GAO works as a manager for the Dog Charity Fund whose assets are mainly invested in fixed-rate bonds. Mr. GAO got an insider information from the Monetary Authority such that there will be a huge increase in Hong Kong’s interest rate, knowing that earnings yield on 10-year and 30-year bonds will increase 1%. Which of the following is more likely to occur.
正確
An increase in short-term interest rates results in a decrease in the value of long-term debt securities. Since 30-year bond is longer than 10-year bond, it will drop more when short-term interest rates increases.
錯誤
An increase in short-term interest rates results in a decrease in the value of long-term debt securities. Since 30-year bond is longer than 10-year bond, it will drop more when short-term interest rates increases.
提示
Reference Chapter:1.4.1.4
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36/244問題
36. 問題
1 分QID430:Ms. Yu wanted to get married and forced his conservative boyfriend Mr. Zhou to invest. Ms. Yu’s mother requested a gift of money of 500,000. The interest rate in banks is 5% with a semi-annual interest payment. How much should Mr. Zhou invest if he wants to have that amount of money in two years?
正確
S=P(1+r/m)^(tm)
500000=P(1+0.05/2)^(2X2)
P=4529753
Thus, Mr. Zhou need to invest $452,975.錯誤
S=P(1+r/m)^(tm)
500000=P(1+0.05/2)^(2X2)
P=4529753
Thus, Mr. Zhou need to invest $452,975.提示
Reference Chapter:1.4.1.2
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37/244問題
37. 問題
1 分QID413:What is the main difference between simple interest and compound interest?
正確
Simple interest involves interest being calculated on a constant principal amount throughout the period of the loan. Compound interest assumes that all income earned in a period is reinvested at the same interest rate so that for each succeeding period that the interest is calculated, the principal amount has increased by the amount of interest earned up to the end of the previous period.
錯誤
Simple interest involves interest being calculated on a constant principal amount throughout the period of the loan. Compound interest assumes that all income earned in a period is reinvested at the same interest rate so that for each succeeding period that the interest is calculated, the principal amount has increased by the amount of interest earned up to the end of the previous period.
提示
Reference Chapter:1.4.1.1
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38/244問題
38. 問題
1 分QID414:Nominal interest rate British construction bank paid is 5%. What is the real interest rate if compounded monthly?
正確
Real interest rate =[(1+0.05/12)^12]-1 = 0.0512
Thus, the real interest rate is 5.12%
錯誤
Real interest rate =[(1+0.05/12)^12]-1 = 0.0512
Thus, the real interest rate is 5.12%
提示
Reference Chapter:1.4.1.2
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39/244問題
39. 問題
1 分QID415:Nominal interest rate British construction bank paid is 5%. What is the real interest rate if compounded semi-annually?
正確
Real interest rate =[(1+0.05/2)^2]-1=0.0506
Thus, the real interest rate is 5.06%
錯誤
Real interest rate =[(1+0.05/2)^2]-1=0.0506
Thus, the real interest rate is 5.06%
提示
Reference Chapter:1.4.1.2
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40/244問題
40. 問題
1 分QID416:Mr. GAO has a business of making usurious loan. According to Hong Kong’s law, interest rate cannot be higher than 60%. Which of the following loans may exceed the legal interest rate limit?
正確
Real interest rate for the daily payment:
[(1+0.475/365)^365]-1 = 0.608Thus, the real interest rate is 60.8% and it exceeds the legal interest rate limit.
錯誤
Real interest rate for the daily payment:
[(1+0.475/365)^365]-1 = 0.608Thus, the real interest rate is 60.8% and it exceeds the legal interest rate limit.
提示
Reference Chapter:1.4.1.2
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41/244問題
41. 問題
1 分QID417:Vitamilk bond has a 5-year time-to-maturity with a coupon rate of 6% whose interest can be reinvested continuously with a 6% return. What is the future value if investing $20,000 now?
正確
Future value:
20000(1×0.06)^5
=26764Thus, the future value is $26,764.
錯誤
Future value:
20000(1×0.06)^5
=26764Thus, the future value is $26,764.
提示
Reference Chapter:1.4.1.1
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42/244問題
42. 問題
1 分QID418:Ms. Yu wanted to get married and forced his conservative boyfriend Mr. Zhou to invest. Mr. Zhou had a deposit of HK$500,000 now. Mr. GAO, an obliging bank clerk recommended Mr. Zhou to buy a high risk bond of a Chinese company with a coupon rate of 30% paying interest annually which can be reinvested with the same coupon rate. How much can Mr. Zhou have five years later if he invests HK$500,000 and upcoming interests in this bond?
正確
500000(1+0.3)^5 = 1856465
Mr. Zhou will have $1,856,465 after 5 years.
錯誤
500000(1+0.3)^5 = 1856465
Mr. Zhou will have $1,856,465 after 5 years.
提示
Reference Chapter:1.4.1.2
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43/244問題
43. 問題
1 分QID419:Ms. Yu wanted to get married and forced his conservative boyfriend Mr. Zhou to invest. Mr. Zhou had a deposit of HK$500,000 now. Mr. GAO, an obliging bank clerk recommended Mr. Zhou to buy a high risk bond of a Chinese company with a coupon rate of 30% paying interest annually which can be reinvested with the same coupon rate. How much interests can Mr. Zhou have five years later if he invests HK$500,000 and upcoming interests in this bond?
正確
1856465-500000 = 1,356,465
Mr. Zhou will have $1,856,465 after 5 years.
錯誤
1856465-500000 = 1,356,465
Mr. Zhou will have $1,856,465 after 5 years.
提示
Reference Chapter:1.4.1.2
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44/244問題
44. 問題
1 分QID420:Ms. Yu wanted to get married and forced his conservative boyfriend Mr. Zhou to invest. Mr. Zhou had a deposit of HK$500,000 now. Mr. GAO, an obliging bank clerk recommended Mr. Zhou to buy a high risk bond of a Chinese company with a coupon rate of 30% paying interest semi-annually which can be reinvested with the same coupon rate. How much can Mr. Zhou have five years later if he invests HK$500,000 and upcoming interests in this bond?
正確
500000[(1+(0.3/2)]^(5×2)= 2022778.868
Mr. Zhou will have $2,022,779 after 5 years.
錯誤
500000[(1+(0.3/2)]^(5×2)= 2022778.868
Mr. Zhou will have $2,022,779 after 5 years.
提示
Reference Chapter:1.4.1.2
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45/244問題
45. 問題
1 分QID849:Which of the following statements is correct regarding yield curve?
正確
When the yield curve is upward-sloping, the curve is showing the positive or normal one. This is the normal situation where yield increases with an increase in the term to maturity. The longer the term to maturity, the greater the uncertainty and therefore the greater the risk. The investors require additional risk premium and the yields on securities therefore increase to reflect this greater risk for investors.
錯誤
When the yield curve is upward-sloping, the curve is showing the positive or normal one. This is the normal situation where yield increases with an increase in the term to maturity. The longer the term to maturity, the greater the uncertainty and therefore the greater the risk. The investors require additional risk premium and the yields on securities therefore increase to reflect this greater risk for investors.
提示
Reference Chapter:1.4.1.3
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46/244問題
46. 問題
1 分QID850:Generally, with respect to fixed income securities, what is the difference between long-term securities and short-term securities?
正確
Generally, the longer the term to maturity, the greater the uncertainty and therefore the greater the risk. The investors require additional risk premium and the yields on securities therefore increase to reflect this greater risk for investors.
錯誤
Generally, the longer the term to maturity, the greater the uncertainty and therefore the greater the risk. The investors require additional risk premium and the yields on securities therefore increase to reflect this greater risk for investors.
提示
Reference Chapter:1.4.1.3
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47/244問題
47. 問題
1 分QID851:Generally, the lower the credit risk of fixed income securities,
正確
The lower the credit risk of fixed income securities, the lower the risk premium. Thus, the additional yields on securities will also become lower in fixed income securities with low credit risk.
錯誤
The lower the credit risk of fixed income securities, the lower the risk premium. Thus, the additional yields on securities will also become lower in fixed income securities with low credit risk.
提示
Reference Chapter:1.4.1.3
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48/244問題
48. 問題
1 分QID852:If short-term rate is lower than long-term rate, then
正確
When short-term rate is lower than long-term rate, the yield curve is positive or normal. This is the normal situation where yield increases with an increase in the term to maturity. There is thus an upward-sloping yield curve.
錯誤
When short-term rate is lower than long-term rate, the yield curve is positive or normal. This is the normal situation where yield increases with an increase in the term to maturity. There is thus an upward-sloping yield curve.
提示
Reference Chapter:1.4.1.3
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49/244問題
49. 問題
1 分QID853:If short-term rate equals to long-term rate, then
正確
A flat yield curve reflects market expectations that interest rates will remain stable in the future. There is a horizontal yield curve.
錯誤
A flat yield curve reflects market expectations that interest rates will remain stable in the future. There is a horizontal yield curve.
提示
Reference Chapter:1.4.1.3
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50/244問題
50. 問題
1 分QID854:If short-term rate is greater than long-term rate, then
正確
Downward-sloping yield curve represents the negative, or inverse yield curve. An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates.
錯誤
Downward-sloping yield curve represents the negative, or inverse yield curve. An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates.
提示
Reference Chapter:1.4.1.3
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51/244問題
51. 問題
1 分QID855:Which of the following are less likely to be the causes of a downward-sloping yield curve?
I. The market expects an interest rate hike in the future.
II. The market expects an interest rate drop in the future.
III. Investors require additional risk premium in borrowing long-term debt.
IV. Investors require additional risk premium in borrowing short-term debt.正確
An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates. This may indicate that there are expectations of falling interest rates in the future. In other words, investors require additional risk premium in borrowing short-term debt in this situation.
錯誤
An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates. This may indicate that there are expectations of falling interest rates in the future. In other words, investors require additional risk premium in borrowing short-term debt in this situation.
提示
Reference Chapter:1.4.1.3
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52/244問題
52. 問題
1 分QID942:If long-term bond yield is lower than short-term bond yield, it is more likely to represent:
正確
An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates. This may indicate that there are expectations of falling interest rates in the future.
錯誤
An inverse yield curve reflects a situation where short-term interest rates are higher than long-term interest rates. This may indicate that there are expectations of falling interest rates in the future.
提示
Reference Chapter:1.4.1.3
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53/244問題
53. 問題
1 分QID891:Required return =
正確
The component above the risk-free rate, the risk premium, represents the additional reward to investors for investing in higher risk securities. Risk premium = yield(Required return) – rise-free rate
錯誤
The component above the risk-free rate, the risk premium, represents the additional reward to investors for investing in higher risk securities. Risk premium = yield(Required return) – rise-free rate
提示
Reference Chapter:1.4.1.3
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54/244問題
54. 問題
1 分QID896:Hong Kong’s first stock exchange was established in which of the following year?
正確
The first reported trading of equity securities in Hong Kong dates back to the mid 19th century. In 1891, the first formalized stock exchange, the Association of Stockbrokers in Hong Kong, was established. This was renamed the Hong Kong Stock Exchange in 1914.
錯誤
The first reported trading of equity securities in Hong Kong dates back to the mid 19th century. In 1891, the first formalized stock exchange, the Association of Stockbrokers in Hong Kong, was established. This was renamed the Hong Kong Stock Exchange in 1914.
提示
Reference Chapter:1.1.
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55/244問題
55. 問題
1 分QID897:The Stock Exchange of Hong Kong Limited(SEHK) are responsible for operating which of the following two stock markets?
I. Main board
II. Hang Seng index
III. China Enterprise index
IV. Growth Enterprise Market正確
There are generally two tiers of listing: (1) Main board listing: this refers to the main group of publicly listed companies with proven profitability records and size to justify being publicly listed. An example is the Main Board of the SEHK. (2) Second board listing: this generally caters for smaller companies that do not qualify for main board listing. An example is the Growth Enterprise Market (“GEM”) in Hong Kong.
錯誤
There are generally two tiers of listing: (1) Main board listing: this refers to the main group of publicly listed companies with proven profitability records and size to justify being publicly listed. An example is the Main Board of the SEHK. (2) Second board listing: this generally caters for smaller companies that do not qualify for main board listing. An example is the Growth Enterprise Market (“GEM”) in Hong Kong.
提示
Reference Chapter:1.1.1
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56/244問題
56. 問題
1 分QID898:The duty of Securities and Futures Commission include:
I. Execute Securities and Futures Ordinance
II. Monitor the exchanges
III. Ensure the fairness of securities trading
IV. License professionals in securities and futures industry正確
The objectives of the SFC in relation to the securities and futures industry, as stated in the SFO, are to: (1) maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the industry; (2) promote understanding by the public of financial services including the operation and functioning of the industry; (3) provide protection to the investing public; (4) minimize crime and misconduct in the industry; (5) reduce systemic risks in the industry; and (6) assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the industry.
錯誤
The objectives of the SFC in relation to the securities and futures industry, as stated in the SFO, are to: (1) maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the industry; (2) promote understanding by the public of financial services including the operation and functioning of the industry; (3) provide protection to the investing public; (4) minimize crime and misconduct in the industry; (5) reduce systemic risks in the industry; and (6) assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the industry.
提示
Reference Chapter:1.1.
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57/244問題
57. 問題
1 分QID716:If the price of stock index rises, what does it mean?
正確
A stock market index represents the average price movement in a sample of shares traded on the stock market. If the price of stock index rises, the average price of stocks in the index rises for sure.
錯誤
A stock market index represents the average price movement in a sample of shares traded on the stock market. If the price of stock index rises, the average price of stocks in the index rises for sure.
提示
Reference Chapter:1.5.
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58/244問題
58. 問題
1 分QID2317:The People’s Bank Of China adjusts the interest rate. Which of the following index will be affected the least?
正確
Due to the linked exchange rate system, the interest rate on Hong Kong dollars is affected by the interest rate on US dollars rather than the interest rate on RMB.
錯誤
Due to the linked exchange rate system, the interest rate on Hong Kong dollars is affected by the interest rate on US dollars rather than the interest rate on RMB.
提示
Reference Chapter:1.4.2
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59/244問題
59. 問題
1 分QID2318:Which of the central bank has the biggest impact on the interest rate of Hong Kong dollars?
正確
Due to the linked exchange rate system, the interest rate on Hong Kong dollars is affected by the interest rate on US dollars rather than the interest rate on RMB.
錯誤
Due to the linked exchange rate system, the interest rate on Hong Kong dollars is affected by the interest rate on US dollars rather than the interest rate on RMB.
提示
Reference Chapter:1.4.2
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60/244問題
60. 問題
1 分QID2321:Deflation is more likely to be caused by:
正確
Government purchasing bonds increase the funds in the market which worsens inflation rather than deflation. An increase in the oil price will worsen the inflation rather than deflation. Foreign funds coming in will worsen the inflation rather than deflation. An appreciation of the currency leads to a decrease in the price of imported goods which may cause deflation.
錯誤
Government purchasing bonds increase the funds in the market which worsens inflation rather than deflation. An increase in the oil price will worsen the inflation rather than deflation. Foreign funds coming in will worsen the inflation rather than deflation. An appreciation of the currency leads to a decrease in the price of imported goods which may cause deflation.
提示
Reference Chapter:1.4.4
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61/244問題
61. 問題
1 分QID2201:What’s the sum of the principal and interest for a deposit of $10000 compounded at 4% after two years?
正確
Sum of principal and interest = principal*(1+annual interest)^term
Sum of principal and interest = 10000*(1+4%)^2
Sum of principal and interest = 10816錯誤
Sum of principal and interest = principal*(1+annual interest)^term
Sum of principal and interest = 10000*(1+4%)^2
Sum of principal and interest = 10816提示
Reference Chapter:1.4.1.1
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62/244問題
62. 問題
1 分QID2202:What’s the sum of the interest for a deposit of $10000 compounded at 4% after two years?
正確
interest = principal*(1+annual interest)^term – principal
interest = 10000*(1+4%)^2-10000
interest = 10816-10000
interest = 816錯誤
interest = principal*(1+annual interest)^term – principal
interest = 10000*(1+4%)^2-10000
interest = 10816-10000
interest = 816提示
Reference Chapter:1.4.1.1
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63/244問題
63. 問題
1 分QID2203:What securities should you buy if there is a negative yield curve in the future?
正確
A negative yield curve represents that short-term interest rate is higher than long-term interest rate. It is expected that the interest rate will drop and the government impose an expansionary monetary policy. Therefore, you should buy long-term bonds or bond portfolios with extended terms.
錯誤
A negative yield curve represents that short-term interest rate is higher than long-term interest rate. It is expected that the interest rate will drop and the government impose an expansionary monetary policy. Therefore, you should buy long-term bonds or bond portfolios with extended terms.
提示
Reference Chapter:1.4.1.3
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64/244問題
64. 問題
1 分QID2204:What securities shouldn’t you buy if there is a positive yield curve and expected high inflation pressure?
正確
A positive yield curve represents that the short-term interest rate is lower than long-term interest rate. It is expected that the interest rate will increase and the government imposes a contractionary monetary policy. Therefore, you should not buy long-term bonds or bond portfolios with extended terms.
錯誤
A positive yield curve represents that the short-term interest rate is lower than long-term interest rate. It is expected that the interest rate will increase and the government imposes a contractionary monetary policy. Therefore, you should not buy long-term bonds or bond portfolios with extended terms.
提示
Reference Chapter:1.4.1.3
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65/244問題
65. 問題
1 分QID192:The main differences between Hang Seng China-Affiliated Corporations Index and Hang Seng China Enterprises Index is
正確
China-Affiliated Corporations mean that the funds of the enterprises come from China but are registered in Hong Kong or overseas.
China Enterprises mean that the funds of the enterprises come from China and are registered in China at the same time.
錯誤
China-Affiliated Corporations mean that the funds of the enterprises come from China but are registered in Hong Kong or overseas.
China Enterprises mean that the funds of the enterprises come from China and are registered in China at the same time.
提示
Reference Chapter:1.5.2.3
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66/244問題
66. 問題
1 分QID193:Which of the following description about H share is not correct?
正確
The H Shares are shares issued by companies incorporated in the Mainland of China and which listed on the SEHK. Also, anyone can become H-share company’s major shareholder.
錯誤
The H Shares are shares issued by companies incorporated in the Mainland of China and which listed on the SEHK. Also, anyone can become H-share company’s major shareholder.
提示
Reference Chapter:1.5.2.3
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67/244問題
67. 問題
1 分QID440:Both 5-year and 10-year bonds of the Exchange Fund had a 0.25% increase in the earnings yield. Which of the following is more likely to occur?
正確
Bonds with longer term are more sensitive to interest rate than those with short term. It is because long-term bonds have longer maturity date and the attraction of each dividend drops when the interest rate rise. Therefore, the price decline effectively. Short-term bonds have short maturity date and there is less effect of the increasing interest rate on the each dividend.
錯誤
Bonds with longer term are more sensitive to interest rate than those with short term. It is because long-term bonds have longer maturity date and the attraction of each dividend drops when the interest rate rise. Therefore, the price decline effectively. Short-term bonds have short maturity date and there is less effect of the increasing interest rate on the each dividend.
提示
Reference Chapter:1.4.1.4
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68/244問題
68. 問題
1 分QID441:The Dog Charity Fund is composed of 30% floating-rate bond and 70% fixed-rate bond. If interest rate decrease, the manager of Dog Charity Fund should:
正確
The Dog Charity Fund should rebalance his portfolio by reducing the weighting of floating rate bonds and increasing that of fixed rate bonds. In this way, it will benefit from the increased returns resulting from higher interest rates when the interest rate decreases.
錯誤
The Dog Charity Fund should rebalance his portfolio by reducing the weighting of floating rate bonds and increasing that of fixed rate bonds. In this way, it will benefit from the increased returns resulting from higher interest rates when the interest rate decreases.
提示
Reference Chapter:1.4.1.4
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69/244問題
69. 問題
1 分QID2463:Which of the following index can represent the US stock market?
正確
S&P 500 can best represent the US stock market.
錯誤
S&P 500 can best represent the US stock market.
提示
Reference Chapter:1.5.4.3
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70/244問題
70. 問題
1 分QID2472:In terms of compound interest, Ms. Tse deposited a 100,000 Cat Medical Fund into Brown Cat Bank. The interest is calculated every six months and the annual interest rate is 4%. After 3 years, how much interest can be recovered?
正確
Principal x (1 + annual interest rate/how many times the interest is calculated annually) ^ (remaining period x how many times the interest is calculated annually)-principal = interest
100,000 x (1 + 0.04/2) ^ (3×2) -100,000
= $12,616.2419錯誤
Principal x (1 + annual interest rate/how many times the interest is calculated annually) ^ (remaining period x how many times the interest is calculated annually)-principal = interest
100,000 x (1 + 0.04/2) ^ (3×2) -100,000
= $12,616.2419提示
Reference Chapter:1.4.1.1(b)
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71/244問題
71. 問題
1 分QID110:A phenomenon of a continuous increase in price in the past three years is called:
正確
Inflation refers to the tendency for prices to continue to rise over a period of time, resulting in a decrease in the purchasing power of money – more money is needed to purchase the same value of goods and services.
錯誤
Inflation refers to the tendency for prices to continue to rise over a period of time, resulting in a decrease in the purchasing power of money – more money is needed to purchase the same value of goods and services.
提示
Reference Chapter:1.4.4
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72/244問題
72. 問題
1 分QID172:Using simple interest, how many interest and principal will receive in three years assume a deposit of HKD$50,000 and an interest rate of 10%?
正確
50000 x (1+0.1 x 3)
=65000$65000 interest and principal will receive in three years
錯誤
50000 x (1+0.1 x 3)
=65000$65000 interest and principal will receive in three years
提示
Reference Chapter:1.4.1.1
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73/244問題
73. 問題
1 分QID173:Mr. Gao deposits HKD$15,000 in the British Construction Bank with an annual interest rate of 4.75%. Using simple interest rate, how many interest will Mr. Gao receive in a year?
正確
15000 x 1 x 0.0475
=712.5Mr. Gao can receive $712.5 after one year.
錯誤
15000 x 1 x 0.0475
=712.5Mr. Gao can receive $712.5 after one year.
提示
Reference Chapter:1.4.1.1
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74/244問題
74. 問題
1 分QID174:Mr. Gao deposits HKD$1,000,000 in the British Construction Bank with an annual interest rate of 5.25%. Using compound interest rate, how many interest will Mr. Gao receive in three year?
正確
[1000000 x (1+5.25%) ^ 3] – 1000000 =165913.5Mr. GAO can receive $165913.5 interest after three years.
錯誤
[1000000 x (1+5.25%) ^ 3] – 1000000 =165913.5Mr. GAO can receive $165913.5 interest after three years.
提示
Reference Chapter:1.4.1.1
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75/244問題
75. 問題
1 分QID175:Mr. Ma is a civil servant with lower income. His girlfriend Miss Fung wishes that Mr. Ma buys a property and marries her in a year. In order to reduce the burden on Mr. Ma’s property buying, Miss Fung is willing to give her own money to Mr. Ma to invest. Assume the property they like has a down payment of $500,000, the price increase of this property in a year is 0%, and the saving rate is 10%. How much should Miss Fung provide for Mr. Ma?
正確
500000 / (1+10%) = 454545
Miss Fung should provide $454545 to Mr. Ma.
錯誤
500000 / (1+10%) = 454545
Miss Fung should provide $454545 to Mr. Ma.
提示
Reference Chapter:1.4.1.2
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76/244問題
76. 問題
1 分QID176:Mr. Ma is a civil servant with lower income. His girlfriend Miss Fung wishes that Mr. Ma buys a property and marries her in a year. In order to reduce the burden on Mr. Ma’s property buying, Miss Fung is willing to give her own money to Mr. Ma to invest. Assume the property they like has a down payment of $500,000, the price increase of this property in a year is 10%, and the saving rate is 10%. How much should Miss Fung provide for Mr. Ma?
正確
500000 (1+10%) / (1+10%) = 500000
Miss Fung should provide $500000 to Mr. Ma.
錯誤
500000 (1+10%) / (1+10%) = 500000
Miss Fung should provide $500000 to Mr. Ma.
提示
Reference Chapter:1.4.1.2
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77/244問題
77. 問題
1 分QID177:Interest rate can be classified as:
正確
Interest rate can be classified as nominal interest rate and official interest rate.
錯誤
Interest rate can be classified as nominal interest rate and official interest rate.
提示
Reference Chapter:1.4.1.2
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78/244問題
78. 問題
1 分QID178:What is the main difference between nominal interest rate and real interest rate?
正確
Nominal interest rates is the most common way of quoting annual interest rates, without considering the compounding effect. Real interest rates take into account changes in the purchasing power of money over time, i.e. inflation.
錯誤
Nominal interest rates is the most common way of quoting annual interest rates, without considering the compounding effect. Real interest rates take into account changes in the purchasing power of money over time, i.e. inflation.
提示
Reference Chapter:1.4.1.2
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79/244問題
79. 問題
1 分QID179:In 2010~2015, nominal interest rate in Hong Kong was all positive. Why did real estate brokers usually state that negative interest rate is coming and encourage the public to buy properties?
正確
Negative interest rate refers to the rate of inflation higher than nominal interest rates of the bank deposit, the price index (CPI) rapid rise resulting in the real bank deposit interest rate is actually negative.
錯誤
Negative interest rate refers to the rate of inflation higher than nominal interest rates of the bank deposit, the price index (CPI) rapid rise resulting in the real bank deposit interest rate is actually negative.
提示
Reference Chapter:1.4.1.2
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80/244問題
80. 問題
1 分QID180:If economists expect an economic deflation, which of the following yield curves is more likely to happen?
正確
A negative yield curve is consistent with expectations of falling inflation (or disinflation) over the longer term.
錯誤
A negative yield curve is consistent with expectations of falling inflation (or disinflation) over the longer term.
提示
Reference Chapter:1.4.1.3
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81/244問題
81. 問題
1 分QID181:If economists expect an economic hyper-inflation, which of the following yield curve is more likely to happen?
正確
A positive yield curve is consistent with expectations of rising inflation over the longer term.
錯誤
A positive yield curve is consistent with expectations of rising inflation over the longer term.
提示
Reference Chapter:1.4.1.3
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82/244問題
82. 問題
1 分QID943:If long-term rate is lower than short-term rate, interest rate in the future may:
正確
In the situation where short-term interest rates are higher than long-term interest rates, there are expectations of falling interest rates in the future.
錯誤
In the situation where short-term interest rates are higher than long-term interest rates, there are expectations of falling interest rates in the future.
提示
Reference Chapter:1.4.1.3
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83/244問題
83. 問題
1 分QID944:Why does inflation have a bad effect on the stock price?
正確
High inflation leads to an increase in interest rate and the borrowing cost of companies increases. Therefore, the profit of the companies is affected by the increasing cost.
錯誤
High inflation leads to an increase in interest rate and the borrowing cost of companies increases. Therefore, the profit of the companies is affected by the increasing cost.
提示
Reference Chapter:1.4.4
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84/244問題
84. 問題
1 分QID945:Assume a country has a nominal interest rate of 7% and an inflation of 3%. What is the real interest rate?
正確
Nominal interest rate = Real Interest rate + Inflation rate
Real Interest rate = 7% -3% = 4%
The real interest rate is 4%.
錯誤
Nominal interest rate = Real Interest rate + Inflation rate
Real Interest rate = 7% -3% = 4%
The real interest rate is 4%.
提示
Reference Chapter:1.4.1.1
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85/244問題
85. 問題
1 分QID946:The fund manager of Kaohsiung fund, Mr. Yin, manages a bond portfolio which includes mainly US country bonds and corporate bonds. Mr. Yin expects the long-term rate will rise whereas short-term rate will be unchanged. Mr. Yin is more likely to take which of the following investment strategies to make the highest return?
正確
The yields of long-term bond increase when the long-term rate rises. The higher the yield, the lower the price. Thus, the price of long-term bond drops when the long-term rate rises.
錯誤
The yields of long-term bond increase when the long-term rate rises. The higher the yield, the lower the price. Thus, the price of long-term bond drops when the long-term rate rises.
提示
Reference Chapter:1.4.1.3
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86/244問題
86. 問題
1 分QID948:How can the central bank intervene if the inflation worsens?
正確
When there are overheating in the economy and inflation, it is likely that the government would institute a contractionary monetary policy by increasing short-term interest rates and discouraging spending.
錯誤
When there are overheating in the economy and inflation, it is likely that the government would institute a contractionary monetary policy by increasing short-term interest rates and discouraging spending.
提示
Reference Chapter:1.4.4
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87/244問題
87. 問題
1 分QID950:Which of the following events is not the political factor which can affect the stock market?
正確
The introduction of the Government Bond cannot be classified as political factor.
錯誤
The introduction of the Government Bond cannot be classified as political factor.
提示
Reference Chapter:1.4.6
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88/244問題
88. 問題
1 分QID917:Linked exchange rate regime links:
正確
Hong Kong has adopted a linked exchange rate regime, which is a variant of the fixed rate regime where the Hong Kong dollar is linked to the US dollar.
錯誤
Hong Kong has adopted a linked exchange rate regime, which is a variant of the fixed rate regime where the Hong Kong dollar is linked to the US dollar.
提示
Reference Chapter:1.3.1
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89/244問題
89. 問題
1 分QID918:What indicator of the US has the most direct impact on the stock market of Hong Kong?
正確
Hong Kong has adopted a linked exchange rate regime, which is a variant of the fixed rate regime where the Hong Kong dollar is linked to the US dollar. Thus, the US interest rate affect HK interest rate and the attraction of HK stock market to foreigner directly.
錯誤
Hong Kong has adopted a linked exchange rate regime, which is a variant of the fixed rate regime where the Hong Kong dollar is linked to the US dollar. Thus, the US interest rate affect HK interest rate and the attraction of HK stock market to foreigner directly.
提示
Reference Chapter:1.3.
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90/244問題
90. 問題
1 分QID919:If the US stock market increases, Hong Kong stock market would most likely:
正確
The HKD is linked to the USD through the Currency Board system. Any change in the US interest rates (and therefore the value of the USD) will influence interest rates in Hong Kong and the value of the HKD against other currencies. Thus, the performance of US and HK stock markets have positive relationship.
錯誤
The HKD is linked to the USD through the Currency Board system. Any change in the US interest rates (and therefore the value of the USD) will influence interest rates in Hong Kong and the value of the HKD against other currencies. Thus, the performance of US and HK stock markets have positive relationship.
提示
Reference Chapter:1.3.1
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91/244問題
91. 問題
1 分QID920:Which of the following statements is incorrect regarding the stock market in Hong Kong?
正確
Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
錯誤
Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
提示
Reference Chapter:1.3.1
-
92/244問題
92. 問題
1 分QID922:Which of the following is not the reason why investors use index?
正確
Index and futures are made with reference to two different benchmarks. Thus, it cannot be hedged by using futures.
錯誤
Index and futures are made with reference to two different benchmarks. Thus, it cannot be hedged by using futures.
提示
Reference Chapter:1.5.
-
93/244問題
93. 問題
1 分QID908:Which of the following stocks are traded in the Shanghai Stock Exchange(SSE)?
I. A share
II. B share
III. Red chip stocks
IV. H share正確
A share and B share are traded in the Shanghai Stock Exchange(SSE).
錯誤
A share and B share are traded in the Shanghai Stock Exchange(SSE).
提示
Reference Chapter:1.2.3
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94/244問題
94. 問題
1 分QID909:Which of the following stocks are traded in the Shenzhen Stock Exchange(SZSE)?
I. A share
II. B share
III. Red chip stocks
IV. H share正確
A share and B share are traded in the Shenzhen Stock Exchange(SZSE).
錯誤
A share and B share are traded in the Shenzhen Stock Exchange(SZSE).
提示
Reference Chapter:1.2.3.2
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95/244問題
95. 問題
1 分QID910:Chinese A share is traded at which of the following exchanges?
I. Shanghai Stock Exchange(SSE)
II. Shenzhen Stock Exchange(SZSE)
II. Stock Exchange of Hong Kong Limited(SEHK)
IV. Shanghai-Hong Kong Stock Connect Stock Exchanges正確
A share and B share are traded in the Shenzhen Stock Exchange(SZSE) and the Shanghai Stock Exchange(SSE).
錯誤
A share and B share are traded in the Shenzhen Stock Exchange(SZSE) and the Shanghai Stock Exchange(SSE).
提示
Reference Chapter:1.2.3.1
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96/244問題
96. 問題
1 分QID911:Shanghai-Hong Kong Stock Connect allows:
正確
Shanghai-Hong Kong Stock is open to all Hong Kong and foreign investors, including institutions and individuals. Shanghai-Hong Kong Stock can be traded include the 180 index, the SSE 380 index constituent stocks, and the Shanghai Stock Exchange listed A + H shares of the company stock.
錯誤
Shanghai-Hong Kong Stock is open to all Hong Kong and foreign investors, including institutions and individuals. Shanghai-Hong Kong Stock can be traded include the 180 index, the SSE 380 index constituent stocks, and the Shanghai Stock Exchange listed A + H shares of the company stock.
提示
Reference Chapter:1.2.3.1
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97/244問題
97. 問題
1 分QID912:Which of the following stock markets affects Hong Kong the most?
正確
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners.
錯誤
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners.
提示
Reference Chapter:1.3.1
-
98/244問題
98. 問題
1 分QID924:Generally the relation between interest rate and the stock price is:
正確
A decrease in interest rates will result in lower rates from lending institutions, and borrowers – for example, households or businesses – therefore have lower loan interest to pay. This results in borrowers effectively having higher disposable incomes, which may increase consumer and business investment, which in turn leads to stock price increases.
An increase in interest rates by institutions will increase borrowers’ loan interest and therefore effectively lower their disposable incomes. This results in investment in the economy, which could lead to capital market slowdown.
錯誤
A decrease in interest rates will result in lower rates from lending institutions, and borrowers – for example, households or businesses – therefore have lower loan interest to pay. This results in borrowers effectively having higher disposable incomes, which may increase consumer and business investment, which in turn leads to stock price increases.
An increase in interest rates by institutions will increase borrowers’ loan interest and therefore effectively lower their disposable incomes. This results in investment in the economy, which could lead to capital market slowdown.
提示
Reference Chapter:1.4.1
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99/244問題
99. 問題
1 分QID925:Interest rate reflects:
正確
A change in short-term interest rates set by the central bank results in authorized banks adjusting interest rates accordingly. Thus, interest rate reflects borrowing cost.
錯誤
A change in short-term interest rates set by the central bank results in authorized banks adjusting interest rates accordingly. Thus, interest rate reflects borrowing cost.
提示
Reference Chapter:1.4.1
-
100/244問題
100. 問題
1 分QID926:Which of the following is the most accurate statement regarding the impact of an interest rate hike on the stock price?
正確
When the interest rates rises, the borrowing cost of borrower increases correspondingly. This results in borrowers effectively having lower disposable incomes, the profit of the corporations decreases and the cost of expanding the business of corporations will increase.
錯誤
When the interest rates rises, the borrowing cost of borrower increases correspondingly. This results in borrowers effectively having lower disposable incomes, the profit of the corporations decreases and the cost of expanding the business of corporations will increase.
提示
Reference Chapter:1.4.1
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101/244問題
101. 問題
1 分QID927:Which of the following statements is correct regarding the impact of stocks on interest rate.
正確
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities.
The relation between interest rate and the stock price is negatively correlated and thus the unexpected increase in interest rate has a bad impact on the stock price.錯誤
Often news is pre-empted in the market (i.e. market expectations) and as a result the expected impact has already been factored into the prices of securities.
The relation between interest rate and the stock price is negatively correlated and thus the unexpected increase in interest rate has a bad impact on the stock price.提示
Reference Chapter:1.4.1
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102/244問題
102. 問題
1 分QID913:Why does American stock market affect Hong Kong the most?
正確
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners. Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
錯誤
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners. Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
提示
Reference Chapter:1.3.1
-
103/244問題
103. 問題
1 分QID914:Why is that global market has an impact on the stock market in Hong Kong?
正確
There are other global and regional economic factors that affect Hong Kong’s financial markets. Some of the major economic factors include the stability of regional economies and currencies and free trade versus tariffs/quotas.
錯誤
There are other global and regional economic factors that affect Hong Kong’s financial markets. Some of the major economic factors include the stability of regional economies and currencies and free trade versus tariffs/quotas.
提示
Reference Chapter:1.3.
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104/244問題
104. 問題
1 分QID915:Why is that a change in US interest rate has an impact on the stock market in Hong Kong?
正確
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners. Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
錯誤
The US economy has a significant impact on Hong Kong’s economy because it is a major trading and investment partner, and also because the HKD is linked to the USD and hence the strength or weakness of the USD will affect the trade relations of Hong Kong with other trading partners. Any changes in the US economy will therefore be reflected in its levels of trade and investment, which in turn affects Hong Kong’s levels of trade and investment and the value of the HKD.
提示
Reference Chapter:1.3.1
-
105/244問題
105. 問題
1 分QID916:The stock market volatility in the US leads to market volatility in Hong Kong because:
正確
Because global investment portfolios are large, they can have a significant impact on the volume, pricing and direction of international capital flows, and on regulatory and stability conditions in both domestic and international markets. In addition, international capital flows can be very volatile in nature, with a tendency to reverse direction when there is the slightest hint of risk or concern over the fragility of the financial sector. Globalization can result in global instability.
錯誤
Because global investment portfolios are large, they can have a significant impact on the volume, pricing and direction of international capital flows, and on regulatory and stability conditions in both domestic and international markets. In addition, international capital flows can be very volatile in nature, with a tendency to reverse direction when there is the slightest hint of risk or concern over the fragility of the financial sector. Globalization can result in global instability.
提示
Reference Chapter:1.3.
-
106/244問題
106. 問題
1 分QID426:Mr. GAO works as a manager for the Dog Charity Fund whose assets are mainly invested in fixed-rate bonds. Mr. GAO got an insider information from the Monetary Authority such that there will be a huge increase in Hong Kong’s interest rate. Not concerning about moral and legal problems, which of the following way is more likely to make profits for the Dog Charity Fund?
正確
The interest payment or coupon on a fixed rate bond remains constant throughout the life of the bond while interest payment or coupon of a floating rate bond is based on a reference rate. If there will be a huge increase in Hong Kong’s interest rate, The interest payment on a fixed rate bond remains unchanged but that on a floating rate bond may increase. Therefore, he will benefit from the increased returns resulting from higher interest rates after selling fixed-rate bond and purchasing floating-rate bond.
錯誤
The interest payment or coupon on a fixed rate bond remains constant throughout the life of the bond while interest payment or coupon of a floating rate bond is based on a reference rate. If there will be a huge increase in Hong Kong’s interest rate, The interest payment on a fixed rate bond remains unchanged but that on a floating rate bond may increase. Therefore, he will benefit from the increased returns resulting from higher interest rates after selling fixed-rate bond and purchasing floating-rate bond.
提示
Reference Chapter:1.4.1.4
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107/244問題
107. 問題
1 分QID1956:QFIIs are foreign institutional investors who are allowed to invest
正確
Qualified Domestic Institutional Investors (“QDIIs”) and Qualified Foreign Institutional Investors (“QFIIs”) are introduced in China in 2002. QDIIs are local institutional investors (such as fund houses, banks, insurance companies and securities brokerages) in Mainland China who have been granted permission to invest in overseas financial markets, while QFIIs are foreign institutional investors who are allowed to invest in China A shares. These have an impact on the flow of funds in the market. Investment by QFIIs, for instance, has a positive impact
on the flow of funds into the country.錯誤
Qualified Domestic Institutional Investors (“QDIIs”) and Qualified Foreign Institutional Investors (“QFIIs”) are introduced in China in 2002. QDIIs are local institutional investors (such as fund houses, banks, insurance companies and securities brokerages) in Mainland China who have been granted permission to invest in overseas financial markets, while QFIIs are foreign institutional investors who are allowed to invest in China A shares. These have an impact on the flow of funds in the market. Investment by QFIIs, for instance, has a positive impact
on the flow of funds into the country.提示
Reference Chapter:1.4.7
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108/244問題
108. 問題
1 分QID1957:The most commonly used index in the Hong Kong stock market is
正確
The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market.
錯誤
The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market.
提示
Reference Chapter:1.5.1
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109/244問題
109. 問題
1 分QID1958:After 2006, which of the following methods is used to calculate the Hang Seng Index?
正確
From 11 September 2006, the calculation methodology of the HSI was also changed from the full market capitalisation weighted approach to a free float-adjusted market capitalisation weighted approach 14 (to reflect strategic holdings), with a capping level on the weighting of individual stocks in the HIS.
錯誤
From 11 September 2006, the calculation methodology of the HSI was also changed from the full market capitalisation weighted approach to a free float-adjusted market capitalisation weighted approach 14 (to reflect strategic holdings), with a capping level on the weighting of individual stocks in the HIS.
提示
Reference Chapter:1.5.1
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110/244問題
110. 問題
1 分QID1959:The most commonly used index in the Hong Kong stock market is
The most commonly used index in the Hong Kong stock market is
I. Hang Seng Index
II. Hang Seng China Enterprises Index (“HSCEI”)
III. Hang Seng China-Affiliated Corporations Index(“HSCCI”)
IV. HSI Volatility Index (“VHSI”)正確
The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market. The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market.
錯誤
The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market. The HSI was publicly launched on 24 November 1969 (the HSI was set to 100 on 31 July 1964 as the base date) and was designed as a barometer of share price movements on the Hong Kong stock market.
提示
Reference Chapter:1.5.1
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111/244問題
111. 問題
1 分QID1960:The criteria of being a constituent of HSI is
I. belonging to the top 90% of the total market value
II. belonging to the top 90% of the total turnover
III. having a listing history of 24 months
IV. having the top 90% of the profits正確
The 50 stocks included in the index are selected according to the following criteria: they must belong to the top 90% of the total market value (expressed as an average of the past 12 months) of all eligible shares listed on SEHK; they must belong to the top 90% of the total turnover (aggregated and individually assessed for eight quarterly sub-periods over the past 24 months) of all eligible shares listed on SEHK; and they should normally have a listing history of 24 months or meet the requirements of the Guidelines for Handling Large-cap Stocks Listed for Less Than 24 Months shown below.
錯誤
The 50 stocks included in the index are selected according to the following criteria: they must belong to the top 90% of the total market value (expressed as an average of the past 12 months) of all eligible shares listed on SEHK; they must belong to the top 90% of the total turnover (aggregated and individually assessed for eight quarterly sub-periods over the past 24 months) of all eligible shares listed on SEHK; and they should normally have a listing history of 24 months or meet the requirements of the Guidelines for Handling Large-cap Stocks Listed for Less Than 24 Months shown below.
提示
Reference Chapter:1.5.1
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112/244問題
112. 問題
1 分QID1961:If Company A has 100 issued shares and its price is $5; Company B has 100 issued shares and its price is $6; Company C has 200 issued shares and its price is $5. The index is 150. For the coming day, if Company A’s price is $10, B’s price is $12 and C ’s price is $10, according to the Aggregated market capitalisation weighted approach, what is the tomorrow’s index?
正確
Aggregated market capitalisation weighted approach uses the following formula to calculate the level of an index:
Current Index = (today’s current aggregate market capitalisation of constituent stocks / yesterday’s closing aggregate market capitalisation of constituent stocks x yesterday’s closing indexToday’s current index = ( 100 x 10 + 100 x12 + 200 x 10) / ( 100 x 5 + 100 x6 + 200 x 5) x 150 = 300
錯誤
Aggregated market capitalisation weighted approach uses the following formula to calculate the level of an index:
Current Index = (today’s current aggregate market capitalisation of constituent stocks / yesterday’s closing aggregate market capitalisation of constituent stocks x yesterday’s closing indexToday’s current index = ( 100 x 10 + 100 x12 + 200 x 10) / ( 100 x 5 + 100 x6 + 200 x 5) x 150 = 300
提示
Reference Chapter:1.5.1.1
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113/244問題
113. 問題
1 分QID1962:If Hang Seng Composite Index increases 1.5% while Hang Seng Index increases 1.0%, this represents
正確
The Hang Seng Composite Index (“HSCI”) covers about the top 95th percentile of the market capitalisation of the stocks listed on the Main Board of SEHK. The HSI comprised 50 stocks, whose aggregate capitalisation accounted for approximately 56.7% of the total market capitalization. Therefore, when the Hang Seng Composite Index increases more than HIS, this represents the price of constituent stocks increase less than others.
錯誤
The Hang Seng Composite Index (“HSCI”) covers about the top 95th percentile of the market capitalisation of the stocks listed on the Main Board of SEHK. The HSI comprised 50 stocks, whose aggregate capitalisation accounted for approximately 56.7% of the total market capitalization. Therefore, when the Hang Seng Composite Index increases more than HIS, this represents the price of constituent stocks increase less than others.
提示
Reference Chapter:1.5.2
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114/244問題
114. 問題
1 分QID1963:If Hang Seng Composite Index increases 1.0% while Hang Seng Index increases 1.5%, this represents
正確
The Hang Seng Composite Index (“HSCI”) covers about the top 95th percentile of the market capitalisation of the stocks listed on the Main Board of SEHK. The HSI comprised 50 stocks, whose aggregate capitalisation accounted for approximately 56.7% of the total market capitalization. Therefore, when the Hang Seng Composite Index increases less than HIS, this represents the price of constituent stocks increase more than others.
錯誤
The Hang Seng Composite Index (“HSCI”) covers about the top 95th percentile of the market capitalisation of the stocks listed on the Main Board of SEHK. The HSI comprised 50 stocks, whose aggregate capitalisation accounted for approximately 56.7% of the total market capitalization. Therefore, when the Hang Seng Composite Index increases less than HIS, this represents the price of constituent stocks increase more than others.
提示
Reference Chapter:1.5.2
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115/244問題
115. 問題
1 分QID1964:If Company A has 1000000 issued shares and its price is $50; Company B has 500000 issued shares and its price is $75; Company C has 750000 issued shares and its price is $25. The index is 10000. For the coming day, if Company A’s price is $52, B’s price is $70 and C ’s price is $30, according to the Aggregated market capitalisation weighted approach, what is the tomorrow’s index?
正確
Aggregated market capitalisation weighted approach uses the following formula to calculate the level of an index:
Current Index = (today’s current aggregate market capitalisation of constituent stocks / yesterday’s closing aggregate market capitalisation of constituent stocks) x yesterday’s closing indexToday’s current index = ( 1000000 x 50 + 500000 x750000 + 200 x 25) / ( 1000000 x 52 + 500000 x70 + 750000 x 30) x 10000 = 10306
錯誤
Aggregated market capitalisation weighted approach uses the following formula to calculate the level of an index:
Current Index = (today’s current aggregate market capitalisation of constituent stocks / yesterday’s closing aggregate market capitalisation of constituent stocks) x yesterday’s closing indexToday’s current index = ( 1000000 x 50 + 500000 x750000 + 200 x 25) / ( 1000000 x 52 + 500000 x70 + 750000 x 30) x 10000 = 10306
提示
Reference Chapter:1.5.1.1
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116/244問題
116. 問題
1 分QID1965:Before 2006, which of the following methods is used to calculate the Hang Seng Index?
正確
Since the establishment of the HSI in 1969, it has adopted a full market capitalisation weighted approach to calculate the index level. From 11 September 2006, the calculation methodology of the HSI was also changed from the full market capitalisation weighted approach to a free float-adjusted market capitalisation weighted approach 14 (to reflect strategic holdings), with a capping level on the weighting of individual stocks in the HIS.
錯誤
Since the establishment of the HSI in 1969, it has adopted a full market capitalisation weighted approach to calculate the index level. From 11 September 2006, the calculation methodology of the HSI was also changed from the full market capitalisation weighted approach to a free float-adjusted market capitalisation weighted approach 14 (to reflect strategic holdings), with a capping level on the weighting of individual stocks in the HIS.
提示
Reference Chapter:1.5.1
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117/244問題
117. 問題
1 分QID1378:What is the calculating methodology of Hang Seng China Enterprises Index?
正確
The Hang Seng China Enterprises Index is reviewed quarterly and is calculated
with free float adjustment; no constituents can have a weighting exceeding 10%.錯誤
The Hang Seng China Enterprises Index is reviewed quarterly and is calculated
with free float adjustment; no constituents can have a weighting exceeding 10%.提示
Reference Chapter:1.5.2.2
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118/244問題
118. 問題
1 分QID966:A downward-sloping yield curve means the inflation:
正確
An downward-sloping yield curve is the negative, or inverse yield curve. A negative yield curve is consistent with expectations of falling inflation (or disinflation) over the longer term.
錯誤
An downward-sloping yield curve is the negative, or inverse yield curve. A negative yield curve is consistent with expectations of falling inflation (or disinflation) over the longer term.
提示
Reference Chapter:1.4.1.3
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119/244問題
119. 問題
1 分QID967:An upward-sloping yield curve is called:
正確
An upward-sloping yield curve is called normal/positive yield curve.
錯誤
An upward-sloping yield curve is called normal/positive yield curve.
提示
Reference Chapter:1.4.1.3
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120/244問題
120. 問題
1 分QID968:An downward-sloping yield curve is called:
正確
An downward-sloping yield curve is called negative/inverted yield curve.
錯誤
An downward-sloping yield curve is called negative/inverted yield curve.
提示
Reference Chapter:1.4.1.3
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121/244問題
121. 問題
1 分QID969:In a normal/positive yield curve,