二、多选英语
1．The current stock price is ＄29 and a 3-month call with a strike price of ＄30 costs ＄2.90. Under what circumstances will the option be exercised?（）
    A． stock price is 29$            B． stock price is 30.90$ 
    C． stock price is 26$            D． stock price is 35$ 
2．Trading strategies of hedge funds include （）
    A．Market neutral              B．Treasury bonds
    C．Convertible arbitrage          D．Emerging markets
3．When the spot price is above the futures price during the delivery period，a clear arbitrage opportunity by traders is （）
assessable是什么意思  A．Make delivery                B．Buy a futures contract
  C．Buy the asset                C．Sell a futures contract        E．Sell the asset
4．Individuals taking positions can be categorized as （）
  A．scalpers    B．hedgers    C．arbitrageurs    D．speculators
5．The main features that futures are different from forward are （）
  A．Settled daily                  B．Some credit risk
  C．Standardized contract          D．Traded on an exchangeposition of the day
6．If the price of gold goes up，the conclusions that the following are correct are （）
  A．The company that does not use futures contracts to hedge its purchase is unaffected on its gross profit margin.
  B．The company’s profit margin will increase after the effects of hedge have been taken into account.
  C．The company’superslider上下滚动s profit margin will decrease after the effects of hedge have been taken into account.
  D．The wholesale price of the jewelry will tend to lead a corresponding decrease.
7．When β=3.0，it illustrate源码下载是什么意思s that（）
  A．the excess return on the portfolio tends to be three times as great as the excess return on the market
  B．the sensitive to market movement is twice as a portfolio with a beta 1.5
  C．it is therefore necessary to use twice as many contracts to hedge the portfolio
  D．if the beta of portfolio falls to 2.0，the number of contracts shorted should increase
免费的数据库软件有哪些8．The bank’s statement that the interest rate is 10% means that $100 grow to （）
  A．$110.38 when the interest rate is measured with semiannual compounding
  B．$110.52 when the interest rate is measured with daily compounding
  C．$110.52 when the interest rate is measured with continuous compounding
  D．$110.47 when the interest rate is measured with monthly compounding
9．Suppose the underlying asset is gold and assume no storage costs or income. If F0<S0erT，an investor can adopt the following strategy to make a profit.（）
  A．Borrow S0 dollars at an interest rate r for T years
  B．Sell the gold for S0
  C．Take a long position in a forward contract on 1 ounce of time T
  D．Invest the proceeds at interest rate r for time T
10．When S is strongly positively correlated with interest rates，so （）
  A．Forward prices will tend to be slightly higher than futures prices
  B．Futures prices will tend to be slightly higher than forward prices
  C．when S increases，an investor who holds a long futures position makes an immediate gain
  D．when S decreases，an investor who holds a long forward contract is not affected.
11．If the futures price is an increasing function of the time to maturity，so （）
  A．the benefits from holding the asset are less than the risk-free rate
  B．it is usually optimal for the party with the short position to deliver as late as possible
  C．the interest earned on the cash received outweighs the benefits of holding the asset
  D．futures prices should be calculated on the basis that delivery will take place at the end of the delivery period.
嵌入式芯片
12．The day count conventions that are commonly used in the United States are （）
  A．actual/365    B．actual/actual    C．30/360    D．actual/360
13．The examples of the instruments that can be used for hedging by swap market maker are （）
  A．bonds    B．forward rate agreements    C．stock option    D．interest rate futures
14．Suppose that the term structure of interest rates is upward-sloping at the time the swap is negotiated，this means （）
  A．The value of the FRAS corresponding to early payment dates is negative
  B．The forward interest rates increase as the maturity of the FRA increases
  C．The value of the FRAS corresponding to later payment dates is negative
  D．The forward interest rates decrease as the maturity of the FRA increases

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