not hedge this transaction, you face exchange rate risk. The best way to remove the risk of loss due to currency fluctuations is to:A假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不套头这项交易,你将会面临汇率变化的风险.最好的做法去排除货币浮动造成的风险是在交货期这６０天内在期货市场买500,000欧元
a. Buy 500,000 euros in the forward market for delivery in 60 days.
b. Buy 500,000 euros now, hold them for 60 days, and then sell them at the current spot rate.
c. Sell 500,000 euros in the forward market for delivery after 60 days. d. Sell 500,000 euros now in the spot market.
8. An import-export business that finds itself in a “short” foreign-currency position risks a
financial loss if:C 如果国内货币贬值的话,一个进出口商会因为处于一个外汇不足的景况而蒙受损失（本币供过于求，导致本币贬值，此时必须买本币，卖外币来补抵外汇缺口，本币贬值不利于进口商品） a. Exports fall.
b. Domestic currency appreciates.
c. Domestic currency depreciates.国内货币贬值 d. Foreign currency depreciates.
9. In a ____C______ contract you can effectively lock in the price at which you buy or sell a foreign currency at a set date in the future. 在外汇期货合约中,你可以通过有效地锁定一个价格,在未来特定的时间里,买卖外币. a. Securities spot b. Securities futures c. Currency futures
d. Spot foreign exchange
10. An investment exposed to exchange rate risk is a(n) __B________ international investment. 如果一项投资会面临汇率风险,那么这是一项未保险的国际投资 a. Covered
b. Uncovered 未保险的 c. Hedged d. Contracted
11. An investment is __A________ if it is fully hedged against exchange rate risk. 如果一项投资对汇率风险作出了避险措施,那么这项投资是被保险的 a. Covered b. Uncovered c. Speculative d. Contracted
12. Which financial instrument provides a buyer the right (but not the obligation) to purchase or sell a fixed amount of currency at a prearranged price, within a few days to a couple of years?B外币期权给买家一种权利（不是义务）,这种权利可以在几天甚至几年内,通过预先定好的价格买卖一定数量的外币 a. Letter of credit.
b. Foreign currency option.外币期权 c. Currency swap. d. Forward contract.
13. Concerning the covering of exchange market risks—assuming that a depreciation of the domestic currency is feared, one can say that there is an incentive for:B 关于外汇风险的保险问题, 假设一个国家的国内货币将出现贬值,那么这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商) a. Exporters to rush to cover their future needs. b. Importers to rush to cover their future needs.
c. Both exporters and importers to rush to cover their future needs. d. Neither exporters nor importers to rush to cover their future needs.
14. If Canadian speculators believed the euro was going to appreciate against the U.S. dollar, they would: C 如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元 a. Purchase Canadian dollars. b. Purchase U.S. dollars. c. Purchase euros. d. Sell euros.
15. If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you can maximize speculative gains by:C 如果欧元的即时汇率是１.１美元每欧元,同时３０天期货汇率是１美元１欧元,你相信即时汇率在３０天赊会变成１.０５美元每欧元,那么你怎样做才能利益最大化？（美元将会升值）
a. Buying euros in the spot market and selling the euros in 30 days at the future spot rate.
b. Signing a forward foreign exchange contract to sell the euros in 30 days.
c. Signing a forward foreign exchange contract to sell the dollars in 30 days.签订一远期外汇合约以便在３０天内卖出美元
d. Buying dollars in the spot market and selling the dollars in 30 days at the future spot rate.
16. If an investor starts with dollars and wants to end up with dollars in the future, which of the following is NOT an investment choice that can be made?A如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪一项投资不是明智的？
a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign
currency. 用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币
b. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.
c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate. d. Buy a dollar-denominated financial asset.
17. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of uncovered international investment?C如果一个投资者想以美元投资,最后也以美元收取利益,,那么以下哪个选项是一种未保险国际投资的例子？
a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign currency.
b. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.
c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate.用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元 d. Buy a dollar-denominated financial asset.
18. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of hedging?B如果一个投资者想以美元投资,最后也以美元收取利益,以下哪个选项是一种套头交易？
a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign currency.
b. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.以即时汇率卖出美元,用收益投资于外国金融工具,再签订一份远期汇率合约用来买回美元 c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate. d. Buy a dollar-denominated financial asset.
19. The proportionate difference between the current forward exchange rate value of a currency and its current spot value is the ___C_______ premium.一种货币的即时远期汇率值与即时交易值的不同在于远期升水（f-e） a. Investment b. Spot c. Forward
d. Currency-option
20. The _____A_____ differential is approximately equal to the forward premium on a currency plus the interest rate differential.抵补套汇差异相当于一货币的远期升水加上利率差异 （CD=F+I-If）
a. Covered interest b. Uncovered interest c. Covered currency d. Uncovered currency
21. ___A_______ arbitrage is buying a country's currency spot and selling that country's
currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country's currency.抵补套汇是指以即时价买一个国家的货币然后在远期卖出,这样就可以通过利率的差异和货币的远期升水赚取净收益
a. Covered interest 抵补套汇 b. Uncovered interest c. Covered currency d. Uncovered currency
22. Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. If today?s spot price of the pound is $2.00 while the 6-month forward price of the pound is $1.98, by investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange rate risk, U.S. investors earn an extra return for the 6 months of:A a. 0.5 percent. b. 1.5 percent.
c. 3 percent. 计算题,,唔翻啦
d. It is not possible to determine without additional information.
23. Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United
Kingdom and 4 percent per year in the United States, and today?s spot price of the pound is $2.00 while the 6-month forward price of the pound is $1.98. If the price of the 6-month
forward pound were to ____D________, U.S. investors would no longer earn an extra return by shifting funds to the United Kingdom. 同上 a. Rise to $1.99 b. Rise to $2.01 c. Fall to $1.96 d. Fall to $1.97
24. If the forward premium of the euro is positive, the exchange market?s consensus appears to be that over the period of a forward contract, the spot rate of the euro will:B 如果欧元的远期升水是正数,在远期外汇合约中的远期升水也是正数的话,那么欧元的即时汇率会升值 （f>e:远期汇率大于即期汇率） a. Depreciate. b. Appreciate.
c. Remain constant. d. Fluctuate randomly.
25. If the covered interest differential is zero:C 如果抵补汇率差异为０,那么外币投资的总回报等于相应的国内货币投资回报,[CD=0，(1+Iuk)*f/e=1+I] a. International investments will be unprofitable. b. Parity has not been reached.
c. The overall covered return on a foreign-currency investment equals the return on a comparable domestic-currency investment. 一
d. A currency is at a forward premium by as much as its interest rate is higher than the interest rate in the other country.
True/False Questions
26. Hedging a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency.(T) 对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法
27. Speculating in a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. 投机是对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法
28. The profits and losses on a futures contract accrue to you daily, as the contract is “marked to market” daily. (T) 在未来合约中,得益与损失每天都会产生,因为未来合约本来就是一种每天结算的合约
29. Forward exchange contracts are used for hedging but not for speculating.远期汇率合约是用来避险,不是用来投资（机）的