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1、 专业整理分享 Chapter 15Why Do Financial Institutions Exist?nMultiple Choice Questions1.Of the following sources of external finance for American nonfinancial businesses, the least important is(a)loans from banks.(b)stocks.(c)bonds and commercial paper.(d)nonbank loans.Answer:B2.Of the following sources o
2、f external finance for American nonfinancial businesses, the most important is(a)loans from banks.(b)stocks.(c)bonds and commercial paper.(d)nonbank loans.Answer:D3.Of the sources of external funds for nonfinancial businesses in the United States, bonds account for approximately _ of the total.(a)10
3、 percent(b)20 percent(c)30 percent(d)50 percentAnswer:C4.Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately _ of the total.(a)10 percent(b)20 percent(c)30 percent(d)40 percentAnswer:A5.With regard to external sources of financing for n
4、onfinancial businesses in the United States, which of the following are accurate statements?(a)Marketable securities account for a larger share of external business financing in the United States than in most other countries.(b)Since 1970, less than 5 percent of newly issued corporate bonds and comm
5、ercial paper have been sold directly to American households.(c)The stock market accounted for the largest share of the financing of American businesses in the 19702000 period.(d)All of the above.(e)Only (a) and (b) of the above.Answer:E6.With regard to external sources of financing for nonfinancial
6、businesses in the United States, which of the following are accurate statements?(a)Direct finance is used in less than 5 percent of the external financing of American businesses.(b)Only large, well-established corporations have access to securities markets to finance their activities.(c)Loans from b
7、anks and other financial intermediaries in the United States provide five times more financing of corporate activities than do stock markets.(d)All of the above.(e)Only (a) and (b) of the above.Answer:D7.(I) In the United States nonbank loans are the most important source of external funds for nonfi
8、nancial businesses. (II) In Germany and Japan, issuing stocks and bonds is the most important source of external for nonfinancial businesses.(a)(I) is true, (II) false.(b)(I) is false, (II) true.(c)Both are true.(d)Both are false.Answer:A8.Which of the following is not one of the eight basic facts a
9、bout financial structure?(a)Debt contracts are typically extremely complicated legal documents that place substantial restrictions on the behavior of the borrower.(b)Indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in whic
10、h businesses raise funds directly from lenders in financial markets.(c)Collateral is a prevalent feature of debt contracts for both households and business.(d)New security issues are the most important source of external funds to finance businesses.Answer:D9.Which of the following is not one of the
11、eight basic facts about financial structure?(a)The financial system is among the most heavily regulated sectors of the economy.(b)Issuing marketable securities is the primary way businesses finance their operations.(c)Indirect finance, which involves the activities of financial intermediaries, is ma
12、ny times more important than direct finance, in which businesses raise funds directly from lenders in financial markets.(d)Financial intermediaries are the most important source of external funds to finance businesses.Answer:B10.Because information is scarce,(a)equity contracts are used much more fr
13、equently to raise capital than are debt contracts.(b)monitoring managers gives rise to costly state verification.(c)government regulations, such as standard accounting principles, can help reduce moral hazard.(d)all of the above are true.(e)only (b) and (c) of the above are true.Answer:E11.Which of
14、the following best explains the recent decline in the role of financial intermediaries?(a)Private production and sale of information(b)Government regulation to increase information(c)Improvements in information technology(d)None of the above can explain the recent declineAnswer:C12.(I) The total cos
15、t of carrying out a transaction in financial markets increases proportionally with the size of the transaction. (II) Financial intermediaries facilitate diversification when an investor has only a small sum to invest.(a)(I) is true; (II) is false(b)(I) is false; (II) is true(c)Both (I) and (II) are true(d)Both (I) and (II) are falseAnswer:B13.If bad credit risks are the ones who most actively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries
