Select one:

a. the firm is more likely to avoid insolvency in the short run than other firms in the
industry, and the firm may be less profitable than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the
industry.

d. inflation rate tương đối cao

b. Channel.
c. Support.
d. Trendline.
Câu hỏi 25
In regard to moving averages, it is considered to be a…. signal when market price breaks
through the moving average from…
Select one:
a. bearish; below
b. None of the options are correct
c. bullish; above
d. bullish; below
Câu hỏi 26
In order to have confirmation of a major market trend under the Dow Theory, the:
Select one:
a. industrial and utility averages must confirm each other.
b. transportation and utility averages must confirm each other.
c. transportation and industrial average must confirm each other.
d. utility average must lead the transportation average.
Câu hỏi 27:
Of the following investments, (are) considered the safest.
Select one:
a. commercial paper
b. corporate bonds
c. Treasury bills
d. U.S. agency issues
Câu hỏi 28
Consider a 5-year bond with a 10% coupon that has a present yield to maturity of 8%. If
interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. $1,000.
d. the same.
Câu hỏi 29
Ceteris paribus, the price and yield on a bond are
Select one:
a. not related.
b. sometimes positively and sometimes negatively related.
c. negatively related.
d. positively related.
Câu hỏi 30
Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000.
Each pays interest of $120 annually. Bond A will mature in five years, while bond B will
mature in six years. If the yields to maturity on the two bonds change from 12% to 10%.
Select one:
a. both bonds will increase in value, but bond B will increase more than bond A.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will decrease in value, but bond B will decrease more than bond A.
d. both bonds will decrease in value, but bond A will decrease more than bond B.
Câu hỏi 35
The terms of futures contracts… standardized, and the terms of forward contracts…
standardized.
Select one:
a. are not; are not
b. are not; are
c. are; are
d. are; are not
Câu hỏi 36
An American put option can be exercised
Select one:
a. only on the expiration date.
b. only after dividends are paid.
c. any time on or before the expiration date.
d. any time in the indefinite future.
Câu hỏi 37
Before expiration, the time value of an in- the-money call option is always
Select one:
a. positive.
b. equal to the stock price minus the exercise price.
c. negative.
d. equal to zero.
Câu hỏi 38
An American put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on or before the expiration date.
b. sell the underlying asset at the striking price on or before the expiration date and
potentially benefit from a stock price increase.
c. potentially benefit from a stock price increase.
d. buy the underlying asset at the striking price on or before the expiration date.
Câu hỏi 39
You hold one long corn futures contract that expires in April. To close your position in corn
futures before the delivery date you must
Select one:
a. sell one April corn futures contract.
b. buy one may corn futures contract.
c. sell one may corn futures contract.
d. buy two April corn futures contract.
Câu hỏi 40
The process of marking to market
Select one:
a. posts gains or losses to each account daily.
b. may result in margin calls.
c. posts gains or losses to each account daily and may result in margin calls.
d. impacts only long positions.
—-------------------------------------------------------------------------------------------------------------
Đề 2
Câu hỏi 1
Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. more liquidity
c. lower yields
d. less risk
Câu hỏi 3
New issues of securities are sold in the market(s).
Select one:
a. primary
b. over-the-counter
c. primary and secondary
d. secondary
Câu hỏi 4
The value of a bond is the amount that the issuer must pay at maturity.
Select one:
a. discounted
b. present
c. market
d. face
Câu hỏi 5
Which of the following securities is a money market instrument?
Select one:
a. Treasury bond
b. Municipal bond
c. Treasury note
d. Commercial paper
Câu hỏi 6
Most of the time, the interest rate on Treasury notes and bonds is… that on money market
securities because of… risk.
Select one:
a. below; default
b. below; interest-rate
c. above, interest rate
Câu hỏi 8:
Fiscal policy generally has a…. direct impact than monetary policy on the economy, and the
formulation and implementation of fiscal policy is…than that of monetary policy.
Select one:
a. less; slower
b. more; quicker
c. more; slower
d. less; quicker
Câu hỏi 11
Low P/E ratios tend to indicate that a company will, ceteris paribus.
Select one:
a. grow at the same speed as the average company
b. grow slowly
c. P/E ratios are unrelated to growth.
d. grow quickly
Câu hỏi 13
Other things being equal, a low would be most consistent with a relatively high growth rate
of firm earnings.
Select one:
a. degree of financial leverage
b. variability of earnings
c. dividend-payout ratio
d. inflation rate
Câu hỏi 14
An example of a positive demand shock is:
Select one:
a. a decrease in tax rates.
b. a decrease in the money supply.
c. a decrease in foreign export demand.
d. a decrease in government spending.
Câu hỏi 15
The Gordon model
Select one:
a. is a generalization of the perpetuity formula to cover the case of a growing perpetuity
and is valid only when g is less than k.
b. is valid only when g is less than k.
c. is valid only when k is less than g.
d. is a generalization of the perpetuity formula to cover the case of a growing
perpetuity.
Câu hỏi 16
According to Michael Porter, there are five determinants of competition. An example of is
when a buyer purchases a large fraction of an industry's output and can demand price
concessions.
Select one:
a. rivalry between existing competitors
b. threat of entry
c. bargaining power of buyers
d. pressure from substitute products
Câu hỏi 22
The two primary tools of a technical analyst are:
Select one:
a. price and volume.
b. economic indicators and level of the market index.
c. level of the market index and volume.
d. price and technical indicators.
Câu hỏi 23
To a technician that believed in the importance of volume, a bullish signal would occur when
Select one:
a. prices decrease on light volume.
b. prices increase on heavy volume.
c. prices decrease on heavy volume.
d. prices increase on light volume.
Câu hỏi 24: Giống đề 1
Câu hỏi 25
A support level is a price range:
Select one:
a. above which a stock price cannot go.
b. below which a stock price cannot go.
c. at which a significant increase in demand for a stock is expected.
d. at which a significant increase in supply of a stock is expected.
Câu hỏi 26
Which type of chart includes daily high price, low price, opening price, and closing price?
Select one:
a. Bar chart.
b. Point-and-figure chart.
c. Candlestick chart.
d. Moving average chart.
Câu hỏi 27
Callable bonds
Select one:
a. are called when interest rates decline appreciably.
b. are more likely to be called when interest rates decline and have a call price that
declines as time passes.
c. are called when interest rates increase appreciably.
d. have a call price that declines as time passes.
Câu hỏi 29
Of the following investments, (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency issues
c. commercial paper
d. corporate bonds is
Câu hỏi 30:
Accrued interest
Select one:
a. must be paid by the buyer of the bond and remitted to the seller of the bond.
b. is quoted in the bond price in the financial press and must be paid by the buyer of the bond
and remitted to the seller of the bond.
c. is quoted in the bond price in the financial press.
d. must be paid to the broker for the inconvenience of selling bonds between maturity dates.
Câu hỏi 35:
A futures contract
Select one:
a. is an agreement to buy or sell a specified amount of an asset at the spot price on the
expiration date of the contract.
b. is an agreement to buy or sell a specified amount of an asset at a predetermined price
on the expiration date of the contract.
c. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
d. is a contract to be signed in the future by the buyer and the seller of the commodity.
Câu 36:
A European put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on the expiration date.
b. buy the underlying asset at the striking price on or before the expiration date.
c. potentially benefit from a stock price increase.
d. sell the underlying asset at the striking price on or before the expiration date.
Câu 37:
Before expiration, the time value of an in-the-money call option is always
Select one:
a. positive.
b. equal to the stock price minus the exercise price.
c. negative.
d. equal to zero.

Câu 39:
The potential loss for a writer of a naked call option on a stock is
Select one:
a. increasing when the stock price is
decreasing.
b. unlimited.
c. equal to the call premium.
d. limited.
Câu 40:
A protective put strategy is
Select one:
a. a long put plus a long position in the underlying asset.
b. a long call plus a short put on the same underlying asset.
c. a long put plus a short call on the same underlying asset.
d. a long put plus a long call on the same underlying asset.
—-------------------------------------------------------------------------------------------------------------
Đề 3

Câu hỏi 1:
Which of the following portfolio construction methods starts with security analysis?
Select one:
a. Middle-out
b. Bottom-up
c. Top-down
d. Buy and hold
Câu 2:
Which one of the following terms best describes Eurodollars?
Select one:
a. Dollars that have been exchanged for European currency.
b. Dollar-denominated deposits at foreign banks and branches of American banks
outside the U.S.
c. Dollar-denominated deposits at branches of foreign banks in the U.S.
d. Dollar-denominated deposits at American banks in the U.S.
e. Dollar-denominated deposits only in European banks.
Câu hỏi 5:
The riskiest capital market security is:
Select one:
a. common stock
b. Treasury bonds
c. preferred stock
d. corporate bonds
Câu hỏi 6:
New issues of securities are sold in the
Select one:
market(s).
a. primary
b. secondary
c. over-the-counter
d. primary and secondary
Câu hỏi 7:
Assume the U.S. government was to decide to increase the budget field. Holding all else
constant, this will cause to increase.
Select one:
a. government borrowing
b. unemployment
c. interest rates and government borrowing
d. interest rates
Câu hỏi 10:
Other things being equal, a low__________would be most consistent with a relatively high
growth rate of firm earnings.
Select one:
a. inflation rate
b. variability of earnings
c. dividend-payout ratio
d. degree of financial leverage
Câu hỏi 11:
Low P/E ratios tend to indicate that a company will
ceteris paribus.
Select one:
a. grow slowly
b. P/E ratios are unrelated to growth.
c. grow quickly
d. grow at the same speed as the average company
Câu hỏi 12:
Assume that the Federal Reserve decreases the money supply. This action will cause
Select one:
a. the unemployment rate
b. investment in the economy
c. interest rates
d. trade balance
Câu hỏi 13
Fundamental analysis uses
Select one:
a. price momentum.
b. earnings, dividend prospects, and relative strength.
c. earnings and dividends prospects.
d. relative strength to decrease.
Câu hỏi 14
Which of the financial statements recognizes only transactions in which cash changes hands?
Select one:
a. Balance sheet
b. Balance sheet and income statement
c. Statement of cash flows
d. Income statement
Câu hỏi 15
High P/E ratios tend to indicate that a company will
ceteris paribus.
Select one:
a. not grow
b. grow at the same speed as the average company
c. grow slowly
d. grow quickly
Câu hỏi 16
The ___is defined as the present value of all cash proceeds to the investor in the stock.
a. dividend-payout ratio
b. intrinsic value
c. market-capitalization rate
d. plowback ratio
Câu 22:
On which of the following does a hammer sometimes appear?
Select one:
a. Moving average chart.
b. Bar chart.
c. Point-and-figure chart.
d. Candlestick chart.
Câu 23:
Which of the following indicates a buy signal to technical analysts?
Select one:
a. The support level is broken.
b. The advance-dedine line is falling in a rising market.
c. Odd-lot buying exceeds odd-lot selling.
d. The stock breaks through the moving average line from below.
Câu 24:
One of the most popular tools used by technical analysts is:
Select one:
a. growth rate of dividends.
b. P/E ratio.
c. moving averages.
d. book-to-market-value ratio.
Câu 25:
Which of the following is NOT considered an assumption of technical analysis?
Select one:
a. Market value is determined solely by supply and demand.
b. Stock prices follow a random walk.
c. Supply and demand are governed by both rational and irrational factors.
d. Security prices tend to move in trends that persist for an appreciable length of time.
Câu 26:
Which of the following is not true regarding the Dow Theory?
Select one:
a. It has a very high success rate.
b. It is subject to many criticisms.
c. It does not forecast how long a movement will last.
d. It is intended to forecast the start of a primary movement.
Câu 27:
Ceteris paribus, the price and yield on a bond are
Select one:
a. negatively related.
b. positively related.
c. sometimes positively and sometimes negatively related.
d. not related.
Câu 28:
Callable bonds
Select one:
a. are more likely to be called when interest rates decline and have a call price that declines
as time passes.
b. are called when interest rates increase appreciably.
c. have a call price that declines as time passes.
d. are called when interest rates decline appreciably.
Câu 29:
Of the following investments, is (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency issues
c. commercial paper
d. corporate bonds
Câu 30:
Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000.
Each pays interest of $120 annually. Bond A will mature in five years, while bond B will
mature in six years. If the yields to maturity on the two bonds change from 12% to 10%.
Select one:
a. both bonds will decrease in value, but bond B will decrease more than bond A.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will increase in value, but bond B will increase more than bond A.
d. both bonds will decrease in value, but bond A will decrease more than bond B.
Câu 35:
Before expiration, the time value of an in-the-money call option is always
Select one:
a. equal to zero.
b. equal to the stock price minus the exercise price.
c. negative.
d. positive.
Câu 36:
The current market price of a share of Disney stock is $60. If a call option on this stock has a
strike price of $65, the call
Select one:
a. is out of the money.
b. is in the money.
c. is out of the money and can be exercised profitably.
Od. can be exercised profitably.
Câu 37:
A protective put strategy is
Select one:
a. a long put plus a long call on the same underlying asset.
b. a long call plus a short put on the same underlying asset.
c. a long put plus a long position in the underlying asset.
d. a long put plus a short call on the same underlying asset.
Câu 38:
The price that the buyer of a call option pays for the underlying asset if she executes her
option is called the
Select one:
a. strike price or exercise price.
b. exercise price.
c. execution price.
d. strike price.
Câu 39:
The price that the buyer of a call option pays to acquire the option is called the
Select one:
a. strike price.
b. execution price.
c. premium.
d. exercise price.
Câu 40:
A futures contract
Select one:
a. is a contract to be signed in the future by the buyer and the seller of the commodity.
b. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
c. is an agreement to buy or sell a specified amount of an asset at the spot price on the
expiration date of the contract.
d. is an agreement to buy or sell a specified amount of an asset at a predetermined price on
the expiration date of the
contract.
Đề Thu Trà
Câu hỏi 1
Investors trade previously issued securities in the ________ market(s).
Select one:
a. primary
b. primary and secondary
c. derivatives
d. secondary
Câu hỏi 2
Preferred stockholders hold a claim on assets that has priority over the claims of
Select one:
a. bondholders, but after that of common stockholders
b. both common stockholders and bondholders
c. common stockholders, but after that of bondholders
d. neither common stockholders nor bondholders
Câu hỏi 3
The ________ value of a bond is the amount that the issuer must pay at maturity.
Select one:
a. market
b. present
c. discounted
d. face
Câu hỏi 5
New issues of securities are sold in the ________ market(s).
Select one:
a. over-the-counter
b. secondary
c. primary
d. primary and secondary
Câu hỏi 6
The most commonly quoted index is the Dow Jones Industrial Average (DJIA), an index
based on the performance of the stocks of ________ large companies.
Select one:
a. 25
b. 40
c. 35
d. 30
Câu hỏi 7
Increases in the money supply will cause demand for investment and consumption goods to
_______ in the short run and cause prices to ________ in the long run.
Select one:
a. increase; increase
b. decrease; hold steady
c. increase; decrease
d. decrease; increase
Câu hỏi 8
A firm has a higher quick (or acid test) ratio than the industry average, which implies
Select one:
a. the firm has a higher P/E ratio than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
c. the firm is more likely to avoid insolvency in the short run than other firms in the industry,
and the firm may be less profitable than other firms in the industry.
d. the firm may be less profitable than other firms in the industry.
Câu hỏi 9
Many stock analysts assume that a mispriced stock will
Select one:
a. immediately return to its intrinsic value.
b. never return to its intrinsic value.
c. return to its intrinsic value within a few days.
d. gradually approach its intrinsic value over several years.
Câu hỏi 10
Assume that the Federal Reserve decreases the money supply. This action will cause
________ to decrease.
Select one:
a. the unemployment rate
b. trade balance
c. investment in the economy
d. interest rates
Câu hỏi 11
High P/E ratios tend to indicate that a company will _______, ceteris paribus.
Select one:
a. grow quickly
b. not grow
c. grow slowly
d. grow at the same speed as the average company
Câu hỏi 12
Dividend discount models and P/E ratios are used by __________ to try to find mispriced
securities.
Select one:
a. statistical analysts
b. dividend analysts
c. technical analysts
d. fundamental analysts
Câu hỏi 13
Sector rotation
Select one:
a. is never worthwhile.
b. should always be carried out.
c. is shifting the portfolio more heavily toward an industry or sector that is expected to
perform well in the future.
d. can be implemented without cost.
Câu hỏi 14
Fiscal policy generally has a _______ direct impact than monetary policy on the economy,
and the formulation and implementation of fiscal policy is ______ than that of monetary
policy.
Select one:
a. less; slower
b. more; quicker
c. more; slower
d. less; quicker
Câu hỏi 15
Proceeds from a company's sale of stock to the public are included in
Select one:
a. additional paid-in capital.
b. par value.
c. retained earnings.
d. par value and additional paid-in capital.
Câu hỏi 16
If the currency of your country is depreciating, the result should be to ______ exports and to
_______ imports.
Select one:
a. decrease; increase
b. increase; decrease
c. increase; increase
d. decrease; decrease
Câu hỏi 21
You wish to earn a return of 13% on each of two stocks, X and Y. Stock X is expected to pay
a dividend of $3 in the upcoming year while stock Y is expected to pay a dividend of $4 in
the upcoming year. The expected growth rate of dividends for both stocks is 7%. The intrinsic
value of stock X:
Select one:
a. will be greater than the intrinsic value of stock Y.
b. will be the same or greater than the intrinsic value of stock Y.
c. will be the same as the intrinsic value of stock Y.
d. will be less than the intrinsic value of stock Y.
Câu hỏi 22
A support level is a price range:
Select one:
 a. above which a stock price cannot go.
b. below which a stock price cannot go.
c. at which a significant increase in demand for a stock is expected.
d. at which a significant increase in supply of a stock is expected.
Câu hỏi 23
When the 50-day moving average crosses the 200-day moving average from ____ on ____
volume, this would be a ____ signal.
Select one:
a. below, low, bullish.
b. above, low, bullish.
c. below, high, bullish.
d. below, high, bearish.
Câu hỏi 24
Which of the following is true regarding the resistance level?
Select one:
a. It is the level at which a significant decrease in demand is expected.
b. It is the level at which a significant increase in supply is expected.
c. Resistance levels usually develop after a stock reaches a new low.
d. Resistance levels tend to develop due to profit taking.
Câu hỏi 25
Which of the following terms represents an upper price limit for a stock, based on the
quantity of willing sellers?
Select one:
a. Channel.
b. Resistance.
c. Trendline.
d. Support.
Câu hỏi 26
A technical analyst would consider the following a strong buy signal:
Select one:
a. a graph begins to trade in a flat trend after it breaks out of its rising trend channel.
b. a graph of declining prices ends in a trough followed by an upward trend that breaks
through the declining trend channel.
c. a graph of increasing prices ends in a peak followed by a downward trend that breaks
through the rising trend channel.
d. a graph begins to trade in a declining trend after it breaks out of its flat trend channel.
Câu hỏi 27
Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000.
Each pays interest of $120 annually. Bond A will mature in five years, while bond B will
mature in six years. If the yields to maturity on the two bonds change from 12% to 10%.
Select one:
a. both bonds will decrease in value, but bond A will decrease more than bond B.
b. both bonds will increase in value, but bond A will increase more than bond B.
c. both bonds will increase in value, but bond B will increase more than bond A.
 d. both bonds will decrease in value, but bond B will decrease more than bond A.
Câu hỏi 28
The ________ is used to calculate the present value of a bond.
Select one:
a. yield to call
b. current yield
c. nominal yield
d. yield to maturity
Câu hỏi 29
Accrued interest
Select one:
a. must be paid to the broker for the inconvenience of selling bonds between maturity dates.
b. must be paid by the buyer of the bond and remitted to the seller of the bond.
c. is quoted in the bond price in the financial press.
d. is quoted in the bond price in the financial press and must be paid by the buyer of the bond
and remitted to the seller of the bond.
Câu hỏi 30
Consider a 5-year bond with a 10% coupon that has a present yield to maturity of 8%. If
interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. the same.
d. $1,000.
Câu hỏi 35
The price that the buyer of a call option pays for the underlying asset if she executes her
option is called the
Select one:
a. execution price.
b. strike price or exercise price.
c. strike price.
d. exercise price.
Câu hỏi 36
Before expiration, the time value of an in-the-money call option is always
Select one:
a. negative.
b. equal to the stock price minus the exercise price.
c. equal to zero.
d. positive.
Câu hỏi 37
The terms of futures contracts __________ standardized, and the terms of forward contracts
__________ standardized.
Select one:
a. are; are
 b. are not; are
c. are; are not
d. are not; are not
Câu hỏi 38
The process of marking to market
Select one:
a. posts gains or losses to each account daily and may result in margin calls.
b. may result in margin calls.
c. posts gains or losses to each account daily.
d. impacts only long positions.
Câu hỏi 39
The potential loss for a writer of a naked call option on a stock is
Select one:
a. equal to the call premium.
b. limited.
c. unlimited.
d. increasing when the stock price is decreasing.
Câu hỏi 40
A European put option allows the holder to
Select one:
a. buy the underlying asset at the striking price on or before the expiration date.
b. sell the underlying asset at the striking price on the expiration date.
c. potentially benefit from a stock price increase.
d. sell the underlying asset at the striking price on or before the expiration date.
---------------------------------------------------------------------------------------------------------------
Đề Giàu
Câu hỏi 1
The riskiest capital market security is:
Select one:
a. corporate bonds
b. common stock
c. preferred stock
d. Treasury bonds
Câu hỏi 4
Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. lower yields
c. less risk
d. more liquidity
Câu hỏi 5
_______ are examples of financial intermediaries.
Select one:
 a. Insurance companies
b. Investment companies
c. Commercial banks
d. All of the options
Câu hỏi 6
A fixed-income security pays.
Select one:
a. a fixed or variable income stream at the option of the owner.
b. a fixed level of income for the life of the owner.
c. a variable level of income for owners on a fixed income.
d. a fixed stream of income or a stream of income that is determined according to a
specified formula for the life of the security.
Câu hỏi 7
If the economy is growing, firms with high operating leverage will experience:
Select one:
a. higher increases in profits than firms with low operating leverage.
b. similar increases in profits as firms with low operating leverage.
c. no change in profits.
d. smaller increases in profits than firms with low operating leverage.
Câu hỏi 9
Which of the following are not examples of defensive industries?
Select one:
a. Pharmaceutical firms
b. Public utilities
c. Durable goods producers
d. Food producers
Câu hỏi 10
Dividend discount models and P/E ratios are used by __________ to try to find mispriced
securities.
Select one:
a. technical analysts
b. statistical analysts
c. fundamental analysts
d. dividend analysts
Câu hỏi 11
WACC is the most appropriate discount rate to use when applying a ______ valuation model.
Select one:
a. FCFF
b. DDM
c. FCFE
d. P/E
Câu hỏi 12
The top-down analysis of a firm starts with:
Select one:
 a. the domestic economy
b. the industry outlook
c. the global economy.
d. the relative value of the firm
Câu hỏi 14
Fiscal policy generally has a _______ direct impact than monetary policy on the economy,
and the formulation and implementation of fiscal policy is ______ than that of monetary
policy.
Select one:
a. less; quicker
b. less; slower
c. more; quicker
d. more; slower
Câu hỏi 16
A firm has a market to book value ratio that is equivalent to the industry average and an ROE
that is less than the industry average, which implies
Select one:
a. the firm is utilizing its assets more efficiently than other firms in the industry.
b. the firm is more profitable than other firms in the industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
Câu hỏi 22
Which of the following terms represents an upper price limit for a stock, based on the
quantity of willing sellers?
Select one:
a. Resistance.
b. Channel.
c. Support.
d. Trendline.
Câu hỏi 23
One of the most popular tools used by technical analysts is:
Select one:
a. growth rate of dividends.
b. moving averages.
c. P/E ratio.
d. book-to-market-value ratio.
Câu hỏi 24
A price range at which technicians would expect a substantial increase in the demand for a
stock is called
Select one:
a. support level.
b. demand threshold.
c. resistance limit.
d. resistance level.
Câu hỏi 25
In order to have confirmation of a major market trend under the Dow Theory, the:
Select one:
a. transportation and industrial average must confirm each other.
b. industrial and utility averages must confirm each other.
c. transportation and utility averages must confirm each. other.
d. utility average must lead the transportation average.
Câu hỏi 26
To a technician that believed in the importance of volume, a bullish signal would occur when
Select one:
a. prices decrease on heavy volume.
b. prices increase on heavy volume.
c. prices decrease on light volume.
d. prices increase on light volume.
Câu hỏi 27
Of the following investments, ________ is (are) considered the safest.
Select one:
a. commercial paper
b. Treasury bills
c. U.S. agency issues
d. corporate bonds
Câu hỏi 29
Callable bonds
Select one:
a. are called when interest rates decline appreciably.
b. have a call price that declines as time passes.
c. are more likely to be called when interest rates decline and have a call price that
declines as time passes.
d. are called when interest rates increase appreciably.
Câu hỏi 30
The ________ is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield
Câu hỏi 35
A futures contract
Select one:
a. is a contract to be signed in the future by the buyer and the seller of the commodity.
b. is an agreement to buy or sell a specified amount of an asset at the spot price on the
expiration date of the contract.
c. is an agreement to buy or sell a specified amount of an asset at a predetermined price on
the expiration date of the contract.
 d. gives the buyer the right, but not the obligation, to buy an asset sometime in the future.
Câu hỏi 36
A European put option allows the holder to
Select one:
a. sell the underlying asset at the striking price on or before the expiration date.
b. potentially benefit from a stock price increase.
c. buy the underlying asset at the striking price on or before the expiration date.
d. sell the underlying asset at the striking price on the expiration date.
Câu hỏi 38
The process of marking to market
Select one:
a. impacts only long positions.
b. posts gains or losses to each account daily and may result in margin calls.
c. posts gains or losses to each account daily.
d. may result in margin calls.
Câu hỏi 39
You write one JNJ February 70 put for a premium of $5. Ignoring transaction costs, what is
the break-even price of this position?
Select one:
a. $5
b. $70
c. $75
d. $65
Câu hỏi 40
The terms of futures contracts __________ standardized, and the terms of forward contracts
__________ standardized.
Select one:
a. are not; are not
b. are not; are
c. are; are
d. are; are not
—-------------------------------------------------------------------------------------------------------------
Đề Hải My
Câu 25:
Technical analysis reflects the idea that stock prices:
a. move inversely over time
b. move upward over time
c. move randomly
d. move in trends
Câu 26:
The Dow Theory describes stock prices as moving in trends analogous to the movement of
water. Which of the following statements is NOT true?
a. Waves are the most important
 b. Major trends resemble tides
c. Intermediate trends resemble waves
d. Short - run movements are like ripples
Câu 27:
A ___ bond is a bond where the bondholder has the right to cash in the bond before maturity
at a specified price after a specific date.
a. zero- coupon
b. coupon
c. put
d. callable (Sai)
e. Treasury
Câu 35:
The buyer of a futures contract is said to have a ____ position, and the seller of a futures
contract is said to have a ___ position in futures.
a. short, short
b. short,long
c. long, long
d. long, short
Câu 37: (chưa tìm đc đáp án)
You purchase one JNJ 75 call option for a premium of $3. Ignoring transaction costs, the
break-even price of the position is
a. $78
b. $3
c. $75
d. $72
Câu 39:
The current market price of a share of AT&T stock is $50. If a call option on this stock has a
strike price of $45, the call
Select one:
a. is out of the money and sells for a higher price than if the market price of AT& T
stock is $40
b. is in the money. (thấp hơn)
c. is out of the money.
d. buy for a higher price than if the market price of AT&T stock is $40.

Câu 40:
The maximum loss a buyer of a stock put option can suffer is equal to
a. The stock price
b. the put premium
c. The stock price minus the values of the call
d. the striking price minus the stock price
ĐỀ THẢO
Câu hỏi 1
Which of the following securities is a money market instrument?
Select one:
a. Commercial paper
b. Treasury bond
c. Municipal bond
d. Treasury note
Câu hỏi 2
Governments never issue stock because:
Select one:
a. both A and B of the above
b. they cannot sell ownership claims
c. neither A nor B of the above
d. the Constitution (Hiến pháp) expressly forbids it
Câu hỏi 3
If the Federal Reserve lowers the discount rate, ceteris paribus, the equilibrium levels
of funds lent will ... and the equilibrium level of real interest rates will...
Select one:
a. increase; increase
b. decrease; increase
c. increase; decrease
d. decrease; decrease
Câu hỏi 4
Which of the following portfolio construction methods starts with security analysis?
Select one:
a. Buy and hold
b. Top-down
c. Middle-out
d. Bottom-up
Câu hỏi 5
Compared to money market securities, capital market securities have:
Select one:
a. longer maturities
b. less risk
c. lower yields
d. more liquidity
Câu hỏi 6
Which one of the following terms best describes Eurodollars?
Select one:
a. Dollar-denominated deposits at branches of foreign banks in the U.S.
b. Dollar-denominated deposits at American banks in the U.S.
c. Dollar-denominated deposits at foreign banks and branches of American banks
outside the U.S.
d. Dollars that have been exchanged for European currency.
e. Dollar-denominated deposits only in European banks.
Câu hỏi 7
The goal of fundamental analysts is to find securities
Select one:
a. with a positive present value of growth opportunities.
b. with high market capitalization rates.
c. whose intrinsic value exceeds market price.
d. All of the options are correct.
Câu hỏi 8: Which of the financial statements recognizes only transactions in which cash
changes hands?
Select one:
a. Income statement
b. Balance sheet
c. Balance sheet and income statement (sai)
d. Statement of cash flows
Câu hỏi 9
According to Michael Porter, there are five determinants of competition. An example of
is the threat new competitors pose to existing competitors in an industry.
Select one:
a. threat of entry
b. rivalry between existing competitors
c. pressure from substitute products
d. bargaining power of buyers
Câu hỏi 10
A firm has a market to book value ratio that is equivalent to the industry average and an
ROE that is less than the industry average, which implies
Select one:
a. the firm is more profitable than other firms in the industry.
b. the firm is more likely to avoid insolvency in the short run than other firms in the
industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm is utilizing its assets more efficiently than other firms in the industry.
Câu hỏi 11
WACC is the most appropriate discount rate to use when applying a valuation
model.
Select one:
a. FCFF
b. DDM
c. FCFE
d. P/E
Câu hỏi 12
Fundamental analysis uses
Select one:
a. earnings, dividend prospects, and relative strength.
b. price momentum.
c. relative strength.
d. earnings and dividends prospects.
Câu hỏi 13
Increases in the money supply will cause demand for investment and
consumption goods to... in the short run and cause prices to... in the long run.
Select one:
a. increase; increase
b. increase; decrease
c. decrease, hold steady
d. decrease, decrease
Câu hỏi 14
The top-down analysis of a firm starts with:
Select one:
a. the domestic economy
b. the global economy.
c. the industry outlook
d. the relative value of the firm
Câu hỏi 15
According to Michael Porter, there are five determinants of competition. An
example of is when competitors seek to expand their share of the market.
Select one:
a. rivalry between existing competitors
b. bargaining power of buyers
c. threat of entry
d. pressure from substitute products
Câu hỏi 16
Low P/E ratios tend to indicate that a company will
ceteris paribus.
Select one:
a. P/E ratios are unrelated to growth.
b. grow quickly
c. grow at the same speed as the average company
d. grow slowly
Câu hỏi 17
You wish to earn a return of 13% on each of two stocks, X and Y. Stock X is expected to
pay a dividend of $3 in the upcoming year while stock Y is expected to pay a dividend of
$4 in the upcoming year. The expected growth rate of dividends for both stocks is 7%.
The intrinsic value of stock X:
Select one:
a. will be the same or greater than the intrinsic value of stock Y.
b. will be the same as the intrinsic value of stock Y.
c. will be greater than the intrinsic value of stock Y.
d. will be less than the intrinsic value of stock Y.
Câu hỏi 18
If a firm's sales decrease by 15%, and profits decrease by 20% during a recession,
the firm's operating leverage (DOL) is
Select one:
a. 5
b. -5
c. 1.33
d. 0.75
Câu hỏi 20
Torque Corporation is expected to pay a dividend of $1.00 in the upcoming year.
Dividends are expected to grow at the rate of 6% per year. The risk-free rate of return is
5%, and the expected return on the market portfolio is 13%. The stock of Torque
Corporation has a beta of 1.2. What is the return you should require on Torque's
stock?
Select one:
a. 14.6%
b. 20%
c. 12.0%
d. 15.6%
Câu hỏi 21
Sure Tool Company is expected to pay a dividend of $2 in the upcoming year. The
risk-free rate of return is 4%, and the expected return on the market portfolio is 14%.
Analysts expect the price of Sure Tool Company shares to be $22 a year from now. The
beta of Sure Tool Company's stock is 1.25. The market's required rate of return on Sure's
stock is
Select one:
a. 17.5%.
b. 14.0%.
c. 15.25%.
d. 16.5%.

Câu hỏi 22
In regard to moving averages, it is considered to be a signal when market price breaks
through the moving average from
Select one:
a. bearish; below
b. bullish; above
c. None of the options are correct
d. bullish; below
Câu hỏi 23
Which of the following would be inconsistent with an efficient market?
Select one:
a. Price adjustments are biased.
b. Price changes are independent.
c. Information arrives randomly and independently.
d. Stock prices adjust rapidly to new information.
Câu hỏi 24
Which of the following is most closely associated with the terms "primary trend,"
"intermediate trend," and "short-term trend"?
Select one:
a. Channel.
b. Dow Theory.
c. Candlestick chart.
d. Bar chart.
Câu hỏi 25
Which of the following is not a part of the candlestick chart?
Select one:
a. Volume of trading.
b. Real body. (sai)
c. Opening price.
d. Closing price.
Câu hỏi 26
A price range at which technicians would expect a substantial increase in the
demand for a stock is called
Select one:
a. demand threshold.
b. resistance level.
c. support level.
d. resistance limit.
Câu hỏi 27
A bond is a bond where the bondholder has the right to cash in the bond before maturity
at a specified price after a specific date.
Select one:
a. callable
b. coupon
c. Treasury
d. put
e. zero-coupon
Câu hỏi 28 The ... is a measure of the average rate of return an investor will earn if the
investor buys the bond now and holds until maturity.
Select one:
a. P/E ratio
b. yield to maturity
c. current yield
d. dividend yield
Câu hỏi 29
Consider a 5-year bond with a 10% coupon that has a present yield to maturity of 8%. If
interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. higher.
b. lower.
c. the same.
d. $1,000.
Câu hỏi 30
The... is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield;
Câu hỏi 31
A 6.5 percent coupon bond issued by the State of California sells for $1,000. What
coupon rate on a corporate bond selling at $1,000 par value would produce the same
after-tax return to the investor as the municipal bond if the investor is in the 26 percent
marginal tax bracket?
Select one:
a. 14.63 percent
b. 8.78 percent ✔
c. 1.69 percent
d. 11.25 percent
Câu hỏi 32
Calculate the yield to maturity of a zero- coupon bond with a face value of $1000,
maturing in 10 years, and selling for a price of $628.72.
Select one:
a. 4.18 percent
b. 4.75 percent
c. 6.29 percent
d. 8.23 percent
Câu hỏi 33
Using semi-annual compounding, a 15-year zero-coupon bond that has a par value of
$1,000 and a required return of 8% would be priced at approximately
Select one:
a. $308
b. $555.
c. $464.
d. $315.
Câu hỏi 34
If a 7% coupon bond is trading for $975.00, it has a current yield of
Select one:
a. 7.00%.
b. 7.18%.
c. 6.53%
d. 7.24%
Câu hỏi 35
You write one JNJ February 70 put for a premium of $5. Ignoring transactions costs,
what is the break-even price of this position?
Select one:
a. $5
b. $70
c. $65
d. $75
Câu hỏi 36
In a futures contract, the futures price is
Select one:
a. determined by the buyer and the seller when they initiate the contract.
b. determined by the buyer and the seller when the delivery of the commodity takes
place.
c. determined independently by the provider of the underlying asset.
d. determined by the futures exchange.
Câu hỏi 37
The maximum loss a buyer of a stock call option can suffer is equal to
Select one:
a. the stock price minus the value of the call.
b. the stock price.
c. the call premium.
d. the striking price minus the stock price.
Câu hỏi 38
An American put option can be exercised
Select one:
a. any time in the indefinite future.
b. any time on or before the expiration date.
c. only on the expiration date.
d. only after dividends are paid.
Câu hỏi 39
A trader who has a ...... position in wheat futures believes the price of wheat will... in the
future.
Select one:
a. long; increase
b. long; stay the same
c. long; decrease
Câu hỏi 40
The buyer of a futures contract is said to have a position, and the seller of a futures
contract is said to have a position in futures.
Select one:
a. long; short
b. long; long
c. short; long
d. short; short
—---------------------------------------------------------------------------------------------------------
ĐỀ HUYỀN
Câu 2: Preferred stockholders hold a claim on assets that has priority over the claims of
 a. bondholders, but after that of common stockholders
b. neither common stockholders nor bondholders
c. common stockholders, but after that of bondholders
d. both common stockholders and bondholders
Câu 3: The riskiest capital market security is:
a. common stock
b. corporate bonds
c. Treasury bonds
d. preferred stock
Câu 4: Which of the following portfolio construction methods starts with security
analysis?
a. Buy and hold
b. Middle-out
c. Top-down
d. Bottom-up
Câu 5: The _____ value of a bond is the amount that the issuer must pay at maturity.
a. present
b. face
c. discounted
d. market
Câu 6: Which one of the following terms best describes Eurodollars?
Select one:
a. Dollar-denominated deposits at American banks in the U.S.
b. Dollar-denominated deposits at branches of foreign banks in the U.S.
C. Dollars that have been exchanged for European currency.
d. Dollar-denominated deposits at foreign banks and branches of American banks outside
the U.S.
e. Dollar-denominated deposits only in European banks.
Câu 7: Other things being equal, a low _____ would be most consistent with a relatively
high growth rate of firm earnings.
a. a degree of financial leverage
b. dividend-payout ratio
c. inflation rate
d. variability of earnings
Câu 8: Which of the following are not examples of defensive industries?
a. Public utilities
b. Food producers
c. Durable goods producers
d. Pharmaceutical firms
Câu 9: _____ is equal to common shareholder’s equity divided by common shares
outstanding.
 a. Tobin’s Q
b. Market value per share
c. Liquidation value per share
d. Book value per share
Câu 10: Assume the U.S government was to decide to increase the budget field. Holding
all else constant, this will cause ____ to increase.
a. unemployment
b. interest rates and government borrowing
c. interest rates
d. government borrowing
Câu 11: According to Michael Porter, there are five determinants of competition. An
example of is the threat new competitors pose to existing competitors in an industry.
Select one:
a. bargaining power of buyers
b. threat of entry
c. pressure from substitute products
d. rivalry between existing competitors
Câu 12: If interest rates increase, business investment expenditures are likely to ____,
and consumer durable expenditures are likely to _____.
a. increase; decrease
b. increase; increase
c. decrease; decrease
d. decrease; increase
Câu 13: Dividend discount models and P/E ratios are used by ______ to try to find
mispriced securities.
a. statistical analysts
b. fundamental analysts
c. technical analysts
d. dividend analysts
Câu 14: A firm has a higher asset turnover ratio than the industry average, which implies
Select one:
a. the firm is more likely to avoid insolvency in the short run than other firms in
the industry.
b. the firm is utilizing assets more efficiently than other firms in the industry.
c. the firm has a higher P/E ratio than other firms in the industry.
d. the firm is more profitable than other firms in the industry.
Câu 15: According to Michael Porter, there are five determinants of competition. An
example of is when a buyer purchases a large fraction of an industry's output and can
demand price concessions.
Select one:
a. rivalry between existing competitors
 b. pressure from substitute products
c. threat of entry
d. bargaining power of buyers
Câu 16: According to Michael Porter, there are five determinants of competition. An
example of is when competitors seek to expand their share of the market.
Select one:
a. threat of entry
b. bargaining power of buyers
c. pressure from substitute products
d. rivalry between existing competitors
Câu 17: Fly Boy Corporation is expected have EBIT of $800k this year. Fly Boy
Corporation is in the 30% tax bracket, will report $52,000 in depreciation, will make
$86,000 in capital expenditures, and will have a $16,000 increase in net working capital
this year. What is Fly Boy's FCFF?
Select one:
a. 406,000
b. 682,000
c. 542,000
d. 510,000
e. 596,000
Câu 18: Zero had a FCFE of $4.5M last year and has 2.25M shares outstanding.
Zero's required return on equity is 10%, and WACC is 8.2%. If FCFE is expected to grow
at 8% forever, the intrinsic value of Zero's shares is
Select one:
a. $26.35.
b. $14.76.
C. $1080.00.
d. $108.00.
Câu 19: Torque Corporation is expected to pay a dividend of $1.00 in the upcoming year.
Dividends are expected to grow at the rate of 6% per year. The risk- free rate of return is
5%, and the expected return on the market portfolio is 13%. The stock of Torque
Corporation has a beta of 1.2. What is the intrinsic value of Torque's stock?
Select one:
a. $14.60
b. $11.62
C. $14.29
d. $12.33
Câu 20: Sales Company paid a $1.00 dividend per share last year and is expected to
continue to pay out 40% of earnings as dividends for the foreseeable future. If the firm is
expected to generate a 10% return on equity in the future, and if you require a 12% return
on the stock, the value of the stock is
Select one:
a. $13.00.
b. $17.67.
C. $16.67.
d. $18.67.
Câu 21: If a firm's sales decrease by 15%, and profits decrease by 20% during a
recession, the firm's operating leverage (DOL) is
Select one:
a. -5
b. 5
c. 1.33
d. 0.75
Câu 22: Technical analysis reflects the idea that stock prices:
Select one:
a. move upward over time.
b. move randomly.
c. move inversely over time.
d. move in trends.
Câu 23: Which of the following is not a part of the candlestick chart?
Select one:
a. Opening price.
b. Volume of trading.
c. Closing price.
d. Real body.
Câu 24: Which of the following is most closely associated with the terms "primary
trend" "intermediate trend" and "short-term trend"?
Select one:
a. Channel.
b. Dow Theory.
c. Bar chart.
d. Candlestick chart.
Câu 25: Technicians believe that an industry or stock that is outperforming the market
will tend to
Select one:
a. return to normal.
b. meet a resistance level.
c. continue to outperform the market.
d. reverse trend.
Câu 26: Which of the following terms represents an upper price limit for a stock, based
on the quantity of willing sellers?
Select one:
a. Trendline.
b. Support.
c. Channel.
d. Resistance.
Câu 27: The ______ is used to calculate the present value of a bond.
Select one:
a. current yield
b. yield to maturity
c. yield to call
d. nominal yield
Câu 28: A bond is a bond where the bondholder has the right to cash in the bond before
maturity at a specified price after a specific date.
Select one:
a. zero-coupon
b. put
c. callable
d. Treasury
e. coupon
Câu 29: Of the following investments, is (are) considered the safest.
Select one:
a. Treasury bills
b. U.S. agency Issues
c. corporate bonds
d. commercial paper
Câu 30: Consider a 5-year bond with a 10% coupon that has a present yield to maturity
of 8%. If interest rates remain constant, one year from now, the price of this bond will be
Select one:
a. lower.
b. higher.
C. $1,000.
d. the same.
Câu 31: Calculate the yield to maturity of a zero-coupon bond with a face value of
$1000, maturing in 15 years and selling for a price of $525.75.
Select one:
a. 5.62 percent
b. 4.38 percent
c. 15.26 percent
d. 8.74 percent
Câu 32: A coupon bond that pays interest annually has a par value of $1,000, matures in
five years, and has a yield to maturity of 10%. The intrinsic value of the bond today will
be …..if the coupon rate is 12%.
Select one:
a. $924.16
b. $1,075.82
C. $922.77
d. $1,077.20
((12%*1000)/10%)*(1-1/(1.1)^5))+1000/(1.1)^5
Câu 33: A 6.5 percent coupon bond issued by the State of California sells for $1,000.
What coupon rate on a corporate bond selling at $1,000 par value would produce the same
after-tax return to the investor as the municipal bond if the investor is in the 26 percent
marginal tax bracket?
Select one:
a. 1.69 percent
b. 14.63 percent
C. 11.25 percent
d. 8.78 percent
Câu 34: A coupon bond that pays interest annually has a par value of $1,000, matures in
five years, and has a yield to maturity of 10%. The intrinsic value of the bond today will
be ………. if the coupon rate is 7%.
Select one:
a. $1,123.01
b. $620.92
C. $712.99
d. $886.28
((7%*1000)/10%)*(1-1/(1.1)^5))+1000/(1.1)^5
Câu 35: The potential loss for a writer of a naked call option on a stock is
Select one:
a. unlimited.
b. equal to the call premium.
c. increasing when the stock price
is decreasing.
d. limited.
Câu 36: A trader who has a ...... position in wheat futures believes the price of wheat will
..…. in the future.
Select one:
a. long; decrease
b. short; increase
c. long; stay the same
d. long; increase
Câu 37: The process of marking to market
Select one:
a. posts gains or losses to each account daily.
b. may result in margin calls.
c. posts gains or losses to each account daily and may result in margin calls.
d. impacts only long positions.
Câu 38: An American call option allows the buyer to
Select one:
a. sell the underlying asset at the exercise price on or before the expiration date.
b. sell the option in the open market prior to expiration.
c. buy the underlying asset at the exercise price on or before the expiration date.
d. sell the underlying asset at the exercise price on or before the expiration date and
sell the option in the open market prior to expiration.
Câu 39: You purchase one JNJ 75 call option for a premium of $3. Ignoring transaction
costs, the break-even price of the position is
Select one:
a. $72.
b. $75.
c. $78.
d. $3.
Câu 40: A trader who has a ...... position in gold futures wants the price of gold to ..... in
the future.
Select one:
a. short; decrease
b. long; decrease
c. short; increase
d. short; stay the same
—---------------------------------------------------------------------------------------------------------
Đề 1 _ clc
Câu 1: Mistakes in investment include:
a. “Fear” to cut losses
b. listen to celebrities
c. Realizing profits too early
d. all of above
Câu 2: Which of the following valuation methods is the most appropriate for SOE
equalization?
a. Discount cash flow model
b. P/E
c. Asset valuation
 d. None of above
3. In Dow Theory, the secondary wave (trend) normally lasts:
a. Less than 3 weeks
b. More than 3 months
c. 3 weeks to 3 months
d. More than 1 year
4. Stock valuation is the determining the intrinsic value or fair value of stock to serve the
following tasks:
a. Make investment decisions to buy, sell, or hold
b. M&A
c. Exploit the potential of firm
d. A and B
5. Which of the following statements is true about company pricing?
a. The valuation is a subjective action, the result of the valuation depends on the
appraiser
b. The valuation is immutable, it does not depend on the change of information and time
c. The outcome of a valuation is 100% certain
d. The more complex the pricing model is, the more exact the intrinsic price.
6. Based on perspective: Compared to the value of other firms. Which pricing method do we
have?
a. P/E
b. Asset valuation
c. Discount Cash Flow Model
d. Dividend discount model
7. Company X earns 10 billion VND in 2007. On Jan 1, 2007 X has 1 million outstanding
shares. On July 1, 2007, X issues 100,000 additional common shares at the price of 20,000
VND/share. Calculate EPS?
a. 9,524 VND
b. 9,091 VND
c. 10,233 VND
d. 11,540 VND
EPS= 10.000.000/(1.000.000*6/12+1100.000*6/12) = 9.524
8. Which of the following statements are out of Technical Analysis?
a. Prices fluctuate in trends
b. Market volatility eliminates objective and subjective factors
c. The real value of the stock.
d. Analyze price movements in the past.
9. In technical analysis, which price is most important?
a. Open
b. Close
c. High
d. Low
10. An inversion head and shoulders pattern is indicative:
a. Price increases
 b. Price decreases
c. Stay the same
d. Price does not increase, does not decrease
11. What is the intrinsic value of a company's stock if dividends are expected to grow at 5%,
last year's dividend was $1, and investors's required rate of return for this
stock is 10%?
a. $19
b. $20
c. $21
d. $26.50
V0= (1*(1-5%))/(10%-5%) =21
12. An analyst values stocks using a dividend discount model. Holding all other factors
constant, which of the following is least likely to increase the estimated value of a stock?
a. An increase in the next period's expected dividend
b. A decrease in the expected growth rate of dividend
c. A decease in the stock's systematic risk
d. An decrease in the stock's specific risk
13. A derivative is most accurately defined as a financial instrument that provides:
a. an adjustment to another asset's level of risk
b. a return based on the return of an underlying asset
c. an agreement between two parties to provide something for each other
d. a loan for a future trade
14. When the underlying stock price is $5, an investor pays $2 for a call option with an
exercise price of $95. If the stock price moves to $96, the intrinsic value of the call
option would be:
a. -$1
b. $0
c. $1
d. $2
96-97 =-1
15. The value of a call option on a stock is least likely to increase as a results of:
a. an increase in asset price volatility
b. a decrease in market price of the underlying stock
c. a decrease in the strike price of the option
d. a positive prospect of the underlying stock
16. For which of the following bonds is the price more sensitive to changes in YTM?
a. 30-year bond with 5% coupon rate and semiannual coupon payment.
b. zero coupon bond with 15-year maturity
c. (A) and (B) have the same price sensitivity
d. cannot determine which has higher price sensitivity without further information
17. The current YTM is 5% and the price of the bond is $100. Suppose that the yield
increases by 100 bps (that is, to 6%), and the bond price declines by $10. Suppose
that the YTM then increases further, by another 100 bps (that is, to 7%). The bond
price will
 a. rise by less than $10
b. rise by more than $10
c. decline by less than $10
d. decline by more than $10
18. An estimate of the price change for a coupon bond caused by 1% decline in its yield to
maturity based only on its modified duration will result in an answer that:
a. is smaller than the actual price change
b. is larger than the actual price change
c. in exactly equal to the actual price change
d. none of the above
19. To reduce the negative economic impact of Covid-19 pandemic crisis, the State bank of
Vietnam cut its benhmark policy rates by 50 basis points on October 1 2020. Which of the
following is least likely the result of the SBV's rate cut
a. an increase in business investment in fixed assets
b. an increase in consumer spending on durable goods
c. depreciation of the Vietnam dong increases foreign demand for Vietnam's exports
d. an increase in the foreign exchange value of the Vietnam dong
20. If money supply and demand are in equilibrium and the central bank sells securities in the
open market:
a. firms and households will sell securities for cash
b. Bank reserves will increase
c. short-term interest rates will decrease
d. non of the above
—-------------------------------------------------------------------------------------------------------------
------------------------
Đề 2 -clc
4. When the underlying stock price is $95, an investor pays $2 for a call option with an
exercise price of $95. If the stock price moves to $97, the intrinsic value of the call
option would be:
e. -$1
f. $0
g. $1
h. $2
—-------------------------------------------------------------------------------------------------------------
------------------------
Đề 3 - clc
1. Reasonable ESOP (Employee Stock Ownership Plan) policy is:
a. Issued to as many employees as possible
b. Only Issued to CEOs
c. ESOP rate must be lower than EPS growth rate
d. A and C
2. A strategy whereby an investor seeks out stocks with good growth potential and grow at an
above-average rate compared to its industry:
a. CANSLIM
 b. Growth Investing strategy
c. Value Investing Strategy
d. Growth At A Reasonable Price
3. In the investment process, which step must be identified before Asset allocation
a. Looking for investment opportunities
b. Identify the level of risk tolerance
c. Seeking about the law on investment
d. Market timing
4. DDM is suitable for the following companies
a. Company is in the steady growth period
b. Company has policy which spend most of EAT to pay dividends
c. Company has a lower dividend growth rate than the discount rate
d. All above
5. Fundamental analysis is:
a. Handling economic and firm information such as GDP, Inflation, FDI, Industry
analysis, firm analysis
b. Handling the chart, prices and volumes, patterns
c. Using mathematical models
d. B and C
6. Five competitive advantages exclude:
a. Trademark
b. License of invention
c. Number and size of suppliers
d. Price
7. Profitability ratios exclude:
a. Return on assets
b. Investment turnover
c. Gross profitability
d. Debt to equity ratio
8. If A buys 10 shares at the price of VND 50,000 per share, after 4 years, A will sell 10
shares at the price of VND 70,000 per share. What is the investor's annual rate of return?
a. 8.112 %
b. 8.776%
c.9.102 %
d. 10.00%
Rate of return = (70-50)/50 = 40% → Annual rate of return = 40%/4 = 10%
9. Investors holding convertible bonds have face value of VND 1,000,000, convertible price
is VND 50,000/share, market price of stock is VND 55,000/share. The market price of bonds
is VND 1,120,000. The company requires to buy back bonds at VND 1,110,000. If you are an
investor, which option would you choose?
a. Convert bonds into common stock
b. Selling bonds to the company
c. Selling bonds on the market
d. None of above
Number of convertible bonds = Face value/Convertible price = 1.000.000/50.000 = 20
Value of convertible bonds = Number of convertible bonds*Market price = 20*55.000 =
1.100.000
10. Suppose that you buy a perpetual bond that pays indefinitely you $ 50-per-year. And you
require an investment rate of 12%. The price of this bond will be:
a. 400.67 $
b. 416.67 $
c. 420.50 $
d. 425.23 $
Price of perpetual bond = Fixed interest earned/Require rate = 50/12% = 416.67
11. Factors affecting bond interest rates include:
a. Market interest rate
b. Reputation of the issuing organization
c. Term to maturity
d. All of above
12. Which statement is wrong about ex coupon date (ex interest date)
a. The ex-coupon date is the first day the bond starts trading without the coupon
attached to it
b. If the debt security is purchased on or after the ex-coupon date, the seller retains the
right to receive the next due interest payment
c. The buyer will have right to receive next interest payment if he buys the bond on
ex coupon date
d. All of above are wrong
13. Which statement is wrong about Interest Rate Risk?
a. Generally, rising interest rates will result in falling bond prices
b. Interest rate impacts mainly on fixed-rate bonds, little impacts on floating rate
bond.
c. The longer the maturity time, the greater du the effect of interest rates.
d. The higher the coupon rate, the greater the effect of the interest rate
14. Which statement is correct about duration?
a. When the expiration time is increased, Macaulay duration will increase
b. When coupon rate is increased, Macaulay duration will decrease
c. When YTM is increased, Macaulay duration will decrease
d. All of above are correct
15. At the end of 2012, Mr. G invests in Amazon stock. He bought 10,000 shares, the price of
1 share was 25,000 VND. At the end of 2013: The company paid dividend by stock at a rate
of 30%. At the end of 2014: The company paid 22% cash dividend. Calculates the dividend
which Mr. G receives for the total number of shares.
a. 22.000.000 VND
b. 22.660.000 VND
c. 23.233.000 VND
d. 23.540.000 VND
16. Assume that retention ratio is 65%, ROE is 30.99% and discount rate is 25%, please
calculate the intrinsic P/E
 a. 8.55
b. 8.66
c. 7.00
d. 7.50
Formula in Slide Chapter 2 (FA) page 176
17. An head and shoulders pattern is indicative:
a. Price increases
b. Price decreases
c. Stay the same
d. Price does not increase, does not decrease
18. A investor longs put contract, he is expecting that:
a. The price will raise
b. The price will decrease
c. The price will fluctuate strongly
d. Not enough information to decide
19. Which statement is wrong about the relationship between bond price and maturity.
a. If the nominal interest rate is less than the market interest rate, the longer the term to
maturity is, the lower the price is.
b. If the nominal interest rate is greater than the market interest rate, the longer the term
to maturity is, the higher the price is.
c. If the nominal interest rate is equal to the market interest rate, the bond price
will depend on the maturity date and be equal to the face value.
d. All of above are wrong
20. Investors who believe the price will fluctuate in the near future but are not sure about the
direction of movement will follow:
a. Straddle strategy
b. Covered call strategy
c. Protective put strategy
d. Bull Call Spread

—-----------------------------------------------------------------------------------------------------------
ĐỀ TUI

Câu 1:

The value of a bond is the amount that the issuer must pay at maturity.

A. Present

B. Face

C. Market

D. Discounted
Câu 2:

A year ago, you invested $1,000 in a savings account that pays an annual interest rate of 9%.
What is your approximate annual real rate of return if the rate of inflation was 4% over the
year?

A. 3%

B. 10%

C. 7%

D. 5%

Câu 3:

Which of the following portfolio construction methods starts with security analysis? Select
one:

a. Bottom-up

b. Buy and hold

c. Middle-out

d. Top-down

Câu 4:

You purchased a share of stock for $68. One year later you received $3.00 as a dividend and
sold the share for $74.50. What was your holding-period return? Select one:

a. 11.8%

b. 13,97%

c. 13.6%

d. 12.5%

($3.00 + $74.50 - $68.00)/$68.00 = 0.1397, or 14.0%.

Câu 5:

Commercial banks differ from other businesses in that both their assets and their liabilities
are mostly Select one:
a. illiquid

b. b. owned by the government

c. c. real

d. financial

Câu 6:

Preferred stockholders hold a claim on assets that has priority over the claims of Select one:

a. neither common stockholders nor bondholders

b. common stockholders, but after that of bondholders

c. bondholders, but after that of common stockholders

d. both common stockholders and bondholders

Câu 7:

The Gordon model. Select one:

a. is a generalization of the perpetuity formula to cover the case of a growing perpetuity.

b. is a generalization of the perpetuity formula to cover the case of a growing perpetuity and
is valid only when g is less than k.

c. is valid only when k is less than g.

d. is valid only when g is less than k

Câu 8:

If interest rates increase, business investment expenditures are likely to............and consumer
durable expenditures are likely to............. Select one:

a. increase; decrease

b. increase; increase

c. decrease; increase
d. decrease; decrease

Câu 9:

Fiscal policy generally has a............ direct impact than monetary policy on the economy, and
the formulation and implementation of fiscal policy is ...............than that of monetary policy.

a. more; slower

b. less; slower

c. more; quicker

d. less; quicker

Câu 10:

...............are analysts who use information concerning current and prospective profitability of
a firm to assess the firm's fair market value. Select one:

a. Technical analysts

b. Systems analysts

c. Fundamental analysts

d. Credit analysts

Câu 11:

An example of a positive demand shock is: Select one:

a. a decrease in foreign export demand.

b. a decrease in the money supply.

c. a decrease in government spending.

d. a decrease in tax rates

Câu 12:
Dividend discount models and P/E ratios are used by ..............to try to find mispriced
securities. Select one:

a. statistical analysts

b. fundamental analysts

c. technical analysts

d. dividend analysts

Câu 13:

Low P/E ratios tend to indicate that a company will ............, ceteris paribus. Select one:

a. grow slowly

b. grow at the same speed as the average company

c. grow quickly

d. P/E ratios are unrelated to growth

Câu 14:

Sector rotation

a. can be implemented without cost.

b. should always be carried out.

c. is shifting the portfolio more heavily toward an industry or sector that is expected to
perform well in the future.

d. is never worthwhile

Câu 15:

Firm A produces widgets. The price of widgets is $1 each. Firm A has total fixed costs of
$500,000 and variable costs of $0.5 per widget. The corporate tax rate is 40%. If the economy
enters a recession, each firm will sell 1,100,000 widgets. If the economy enters a recession,
the after-tax profit of Firm A will be: Select one:
a. $0.

b. $30,000.

c. $60,000.

d. $6,000

Câu 16:

The top-down analysis of a firm starts with: Select one:

a. the industry outlook

b. the domestic economy

c. the relative value of the firm

d. the global economy

Câu 17:

Zero had a FCFE of $4.5M last year and has 2.25M shares outstanding. Zero's required return
on equity is 10%, and WACC is 8.2%. If FCFE is expected to grow at 8% forever, the
intrinsic value of Zero's shares is Select one:

a. $108.00.

b. $14.76

c. $1080.00

d. $26.35

$4.5M/2.25M = $2.00 FCFE per share; 2.00*1.08 = 2.16; 2.16/(.10−.08) = 108

Câu 18:

Fly Boy Corporation is expected have EBIT of $800k this year. Fly Boy Corporation is in the
30% tax bracket, will report $52,000 in depreciation, will make $86,000 in capital
expenditures, and will have a $16,000 increase in net working capital this year. What is Fly
Boy's FCFF? Select one:
a. 542,000

b. 682,000

c. 406,000

d. 596,000

e. 510,000

FCFF = EBIT(1 -T) + depreciation − capital expenditures − increase in NWC or

800,000(0.7) + 52,000 − 86,000 − 16,000 = 510,000

Câu 19:

Suppose that the average P/E multiple in the oil industry is 20. Dominion Oil is expected to
have an EPS of $3.00 in the coming year. The intrinsic value of Dominion Oil stock should
be Select one:

a. $35.55.

b. $72.00.

c. $60.00.

d. $28.12

3*20=60

Câu 20:

Each of two stocks, A and B, are expected to pay a dividend of $5 in the upcoming year. The
expected growth rate of dividends is 10% for both stocks. You require a rate of return of 11%
on stock A and a return of 20% on stock B. The intrinsic value of stock A:

a. will be greater than the intrinsic value of stock B.

b. cannot be calculated without knowing the market rate of return.

c. will be the same as the intrinsic value of stock B.

d. will be less than the intrinsic value of stock B

Câu 21:

Antiquated Products Corporation produces goods that are very mature in their product life
cycles. Antiquated Products Corporation is expected to pay a dividend in year 1 of $1.00, a
dividend of $0.90 in year 2, and a dividend of $0.85 in year 3. After year 3, dividends are
expected to decline at a rate of 2% per year. An appropriate required rate of return for the
stock is 8%. The stock should be worth Select one:

a. $10.57.

b. $8.98.

c. $20.00.

d. $22.22

Câu 22:

Which of the following terms represents an upper price limit for a stock, based on the
quantity of willing sellers? Select one:

a. Resistance.

b. Support.

c. Channel.

d. Trendline

Câu 23:

Technicians believe that an industry or stock that is outperforming the market will tend to
Select one:

a. return to normal.

b. meet a resistance level.

c. continue to outperform the market.

d. reverse trend

Câu 24:

Which of the following indicates a sell signal to technical analysts? Select one:

a. The advance-decline line is rising in a falling market.

b. The majority of stock market newsletters are bearish.

c. The resistance level is broken.

d. The amount of short selling done by specialists is high

Câu 25:

The two primary tools of a technical analyst are: Select one:

a. level of the market index and volume.

b. price and technical indicators.

c. economic indicators and level of the market index.

d. price and volume

Câu 26:

On which of the following does a hammer sometimes appear? Select one:

a. Bar chart.

b. Candlestick chart.

c. Moving average chart.

d. Point-and-figure chart

Câu 27:

Callable bonds Select one:

a. have a call price that declines as time passes.

b. are more likely to be called when interest rates decline and have a call price that declines
as time passes.

c. are called when interest rates decline appreciably.

d. are called when interest rates increase appreciably

Câu 28:

The..........is a measure of the average rate of return an investor will earn if the investor buys
the bond now and holds until maturity.

a. P/E ratio

b. yield to maturity

c. current yield

d. dividend yield

Câu 29:

of the following investments, considered the safest. ...........is (are)

Select one:

a. commercial paper

b. U.S. agency issues

c. corporate bonds

d. Treasury bills

Câu 30:

Ceteris paribus, the price and yield on a bond are

Select one:

a. negatively related.

b. sometimes positively and sometimes negatively related.

c. not related.

d. positively related
Câu 31:

At what point would an investor be indifferent between a GM corporate bond yielding 9.5
percent and a tax-free municipal bond of equal financial strength if the investor's marginal tax
rate is 25 percent?

a. 7.13 percent

b. 12.67 percent

c. 7.60 percent

d. 11.87 percent

Câu 32:

A zero-coupon bond has a yield to maturity of 9% and a par value of $1,000. If the bond
matures in eight years (using annual compounding), the bond should sell for a price
of.......today.

Select one: .

a. $483.49

b. $501.87

c. $513.16

d. $422.41

Câu 33:

A coupon bond that pays interest annually has a par value of $1,000, matures in six years, and
has a yield to maturity of 11%. The intrinsic value of the bond today will be....... if the
coupon rate is 7.5%.

a. $851.93

b. $886.28

c. $1,123.01

d. $712.99
Câu 34:

If a 7% coupon bond is trading for $975.00, it has a current yield of

a. 7.18%.

b. 7.00%.

c. 7.24%.

d. 6.53%

Câu 35:

You hold one long corn futures contract that expires in April. To close your position in corn
futures before the delivery date you must

a. buy two April corn futures contract.

b. sell one May corn es contract.

c. sell one April corn futures contract.

d. buy one May corn futures contract

Câu 36:

A trader who has a...........position in wheat futures believes the price of wheat will..........in
the future.

Select one:

a. long; decrease

b. long; stay the same

c. short; increase

d. long; increase

Câu 37:
You purchased one corn future contract at $2.29 per bushel. What would be your profit (loss)
at maturity if the corn spot price at that time were $2.10 per bushel? Assume the contract size
is 5,000 bushels and there are no transactions costs.

a. $950 profit

b. $95 loss

c. $95 profit

d. $950 loss

Rationale: $2.10 - $2.29 = - $0.19 X 5,000 =- $950

Câu 38:

Buyers of put options anticipate the value of the underlying asset will ..............and sellers of
call options anticipate the value of the underlying asset will ..........

a. increase; decrease

b. decrease; increase

c. decrease; decrease

d. increase; increase

Câu 39:

You sold one silver future contract at $3 per ounce. What would be your profit (loss) at
maturity if the silver spot price at that time is $4.10 per ounce? Assume the contract size is
5,000 ounces and there are no transactions costs.

a. $5.50 profit

b. $5.50 loss

c. $5,500 loss

d. $5,500 profit

Rationale:

$3.00 - $4.10 = -$1.10 X 5,000 = -$5,500.

Câu 40:

The maximum loss a buyer of a stock put option can suffer is equal to

a. the put premium.

b. the stock price.

c. the striking price minus the stock price.

d. the stock price minus the value of the call.