答案和详解如下： 21.Swap contracts typically: A) are standardized contracts. B) cover a single payment. C) are liquid securities. D) do not require a payment from either party at initiation. The correct answer was D) Swaps typically do not require a payment from either party at initiation. The exception is currency swaps. 22.Determine the transactions involved with a plain vanilla interest rate swap and whether or not notional principal is generally swapped: Plain vanilla interest
rate swap | Notional principal |
A) pay fixed rate,
pay fixed rate not swapped B) pay fixed rate,
pay fixed rate swapped C) pay floating rate,
pay fixed rate not swapped D) pay fixed rate,
pay floating rate swapped The correct answer was C) The most common type of interest rate swap is called a plain vanilla interest rate swap. It involves trading fixed interest rate payments for floating-rate payments. Notional principal is generally not swapped in single currency swaps. 23.Which of the following statements regarding call options is most accurate? The: A) breakeven point for the seller is the strike price minus the option premium. B) call holder will exercise (at expiration) whenever the strike price exceeds the stock price. C) greatest profit the purchaser can make is the option premium. D) breakeven point for the buyer is the strike price plus the option premium. The correct answer was D) The breakeven for the buyer and the seller is the strike price plus the premium. The call holder will exercise if the market price exceeds the strike price and the greatest profit the writer can make is the option premium; the purchaser has potentially an infinite profit (as far as the stock price can go up over the life of the option). | 
发表于 2008-4-10 15:07
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