答案和详解如下： 11.Which of the following statements about initial margin requirements in the U.S. is FALSE? A) The margin requirement represents the portion of the transaction that must be paid in cash. B) If the stock price decreases the investors relative margin will decline. C) Currently, the initial margin requirement is 60 percent. D) The Federal Reserve Board specifies the minimum margin requirements. The correct answer was C) Currently, the initial margin requirement is 50 percent. Note that the maintenance margin, or required fraction of equity compared to the total value of the stock can fall below the initial margin requirements and is currently set at 25 percent. Individual broker-dealers are allowed to set the required maintenance margin for their clients at levels above 25 percent.
12.The initial margin is the:
A) minimum amount of funds that must be supplied when purchasing a security on margin. B) equity represented in the margin account at all times. C) amount of liquidity that must be maintained in a margin account. D) amount of cash that an investor must maintain in his/her margin account. The correct answer was A) Margin is the amount of equity in the account at a given time. Initial margin is the amount of equity required initially to execute an order.
13.Which of the following statements regarding margin accounts is TRUE?
A) A margin call is issued only on short positions. B) Margin accounts can be used to purchase securities by borrowing part of the purchase price. C) Margin refers to the amount of funds the investor can borrow. D) The total equity in the margin account cannot fall below the initial margin requirement (IMR). The correct answer was B) Margin accounts are brokerage accounts that allow investors to borrow part of the purchase price from the broker.
14.An investor bought a stock on margin. The margin requirement was 60%; the current price of the stock is $75 and the investor paid $50 for it 1 year ago. The rate on the margin loan was 10%. Ignoring transactions costs, what is the investor’s return on this transaction?
A) 115.00%. B) 76.67%. C) 143.33%. D) 83.33%. The correct answer was B) Margin = 0.60 * $50 = $30 (equity). Interest on loan = 0.10 * $20 (debt) = $2 (75 - 50 - 2)/30 = 76.67%.
15.When using margin to invest in equities, which of the following defines initial margin and what level will the margin be brought back to in the event of a margin call?
Initial margin Margin call action A) amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the initial margin B) amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the maintenance margin C) minimum amount of equity required of the investor a deposit must be made to bring the margin back to the initial margin D) minimum amount of equity required of the investor a deposit must be made to bring the margin back to the maintenance margin The correct answer was D) The initial margin requirement refers to the minimum amount of equity required of the investor. With equities, if the margin falls below the maintenance margin, funds must be deposited to bring it back up to the maintenance margin level. | 
发表于 2008-4-4 18:04
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