登陆定居 多伦多日记
- 主题发起人 rw777
- 发布时间 2010-11-15
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喜欢楼主的叙事风格，顶！
喜欢楼主的叙事风格，顶！
回复: 多伦多日记
多伦多日记-2011.10.24
1024 = 1K
今日开始CSC学习, 每天两小时, 周六周日不学习. 时间为晚9PM-11PM, 计划五个月考完试. 累计约200小时. 其实不一定有用, 多个证书总是好点吧. 错误的选择也总比不做选择,原地踏步要好!
第二个马拉松开始了!
多伦多日记-2011.10.24
1024 = 1K
今日开始CSC学习, 每天两小时, 周六周日不学习. 时间为晚9PM-11PM, 计划五个月考完试. 累计约200小时. 其实不一定有用, 多个证书总是好点吧. 错误的选择也总比不做选择,原地踏步要好!
第二个马拉松开始了!
回复: 多伦多日记
多伦多日记-2011.10.29
10.24 俯卧撑 800个
10.25 俯卧撑 1000个
10.26 俯卧撑 1600个
10.27 俯卧撑 650个
10.28 俯卧撑 1500个
本周看书七章. 6,7,8,9,10,11,12 证券及期货,衍生品部分不太容易理解,雾里看花. 昨日去团契,觉得英文还是不行. 非母语教学学出来的英文实在不敢恭违.
明日帮朋友搬家
多伦多日记-2011.10.29
10.24 俯卧撑 800个
10.25 俯卧撑 1000个
10.26 俯卧撑 1600个
10.27 俯卧撑 650个
10.28 俯卧撑 1500个
本周看书七章. 6,7,8,9,10,11,12 证券及期货,衍生品部分不太容易理解,雾里看花. 昨日去团契,觉得英文还是不行. 非母语教学学出来的英文实在不敢恭违.
明日帮朋友搬家
回复: 多伦多日记
CSC CHAPTER 7
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Your location: Home Page Course Material - 2011 CSC Modules 2011 Section III - Investment Products Module 7:
Fixed-Income Securities: Pricing and Trading Module 7 Post-Test 2011 Module 7 Post-Test 2011 Assessments View All
Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 7 Post-Test 2011
Started: October 29, 2011 12:28 PM
Submitted: October 31, 2011 6:41 AM
Time spent: 42:13:38
Total score: 11/15 = 73.3333% Total score adjusted by 0.0 Maximum possible score: 15
1. 4
A client is considering an investment in an 8%, $1,000 par value, 5-year Government of Canada bond. Assuming a discount
rate of 6%, and semi-annual coupon payments, what should the client pay for this bond?
Student Response Value Correct Answer Feedback
1. Not pay more than $1,000.
2. Not pay more than $1,060.
3. Not pay more than $1,084.25. 0%
4. Not pay more than $1,085.30.
General Feedback: The present value of the coupon payments is found using the APV formula:
APV=C ((1-(1/(1+r)n))/r) = $40((1-(1/(1.03)10))/.03 = $40(8.5302) = $341.21
The present value of the principal is found using the PV formula:
PV=FV/(1+r)n = $1,000/(1.03)10= $744.09
The present value of this bond is simply the sum of these two present values:
PV = $744.09 + $341.21= $1,085.30
Score: 0/1
2.
What is the yield of a 92-day T-bill with a price of 98.75?
Student Response Value Correct Answer Feedback
A. 3.19%
B. 4.02%
C. 4.96%
D. 5.02% 100%
General Feedback: T-bill yield is calculated as (100-price)/price x (365/term) x 100. In this example, the T-bill yield of
5.02% is determined as (100-98.75)/98.75 x (365/92) x 100.
Score: 1/1
3. A
What is the approximate yield to maturity (per $100 face value) for a bond with a 7.0% coupon, current market price of
$107.50 and 5 years to maturity?
Student Response Value Correct Answer Feedback
A. 5.30%
B. 5.50%
C. 6.15% 0%
D. 8.19%
General Feedback: The approximate yield to maturity is determined as (annual interest income +/- annual price change)/
((purchase price + 100)/2) x 100. In this example, the return is determined as ($7.00 - ($7.50/5 years))/((107.50 + 100)/2)
x100 = 5.30%.
Score: 0/1
4.
What expectations are implicit in a downward sloping yield curve?
Student Response Value Correct Answer Feedback
A. Investors expect rates to fall in the future. 100%
B. Investors expect rates to rise in the future.
C. Investors expect rates to rise then fall.
D. Investors expect rates to remain fairly stable.
General Feedback: A downward sloping yield curve, where short-term rates are higher than long-term rates, indicates that
investors expect interest rates to decline in the future. They require a high short-term rate, perhaps because current
inflation rates are high, but are willing to accept lower long-term rates due to the expected rate declines.
Score: 1/1
5.
Which of the following bond theorems are correct?
i) Bond prices move inversely to interest rates.
ii) The longer the term to maturity the greater the interest rate risk.
iii) Bonds with low coupon rates have more price volatility than bonds with high coupon rates.
iv) Bond prices are more volatile when interest rates are high.
Student Response Value Correct Answer Feedback
1. i) only.
2. iv) only.
3. ii), and iv) only.
4. i), ii), and iii). 100%
General Feedback: There are some conventional rules regarding the price action of fixed-income securities. Each of these
rules is explained separately below.
First it must be understood that there is very little difference between interest rates and yields. After all, each
represents a rate of return on an investment. Therefore, as interest rates rise, the yields on competing investments must
also rise, and vice versa. Since interest payments are fixed, the only way to increase yields must be to decrease the market
price, and vice versa. Bonds with long terms to maturity have more volatile prices i.e. when interest rates change, the
price of longer term bonds change more than the price of shorter term bonds.
Bonds with lower coupons have more volatile prices. When interest rates rise, bonds drop in price, but lower coupon bonds
drop more than higher coupon bonds. This difference is material when larger coupon differences are considered, or when large
sums of money are invested and even small price changes involve significant amounts of money. Bond prices are more volatile
when interest rates are low. For example, a drop in yields from 12% to 10% will have a lesser impact on a bond's price than
a drop in yields from 4% to 2%. Although both represent a drop of 200 basis points, or 2 percent, the former is a 17% change
in yields, and the latter is a 50% change in yields. Thus, bond prices are more volatile when interest rates are low.
Score: 1/1
6.
If an investor expects market interest rates to decline, what type of bonds should she buy?
Student Response Value Correct Answer Feedback
A. Short-term, low coupon.
B. Long-term, low coupon. 100%
C. Long-term, high coupon.
D. Short-term, high coupon.
General Feedback: If market interest rates decline, bond prices will increase and bondholders will earn capital gains. The
investor should attempt to maximize the potential capital gain by purchasing bonds that are more volatile. Long-term bonds
are more volatile than short-term bonds and low coupon bonds are more volatile than high coupon bonds. Therefore, a long-
term, low coupon bond offers the greatest potential for capital gains if interest rates decline.
Score: 1/1
7.
Why is the normal slope of the yield curve upward sloping to the right?
Student Response Value Correct Answer Feedback
A. Yields increase with time to reflect the increased risk of longer terms to maturity. 100%
B. Bond prices increase as the term to maturity of the bond increases.
C. Yields are higher for bonds with shorter terms to maturity to compensate for the short holding period.
D. Yields decrease as term to maturity increases.
General Feedback: Bond yields normally increase as the term to maturity increases to reflect the risk of holding a bond with
a longer term. The actual slope of the yield curve can vary significantly depending on economic conditions and other factors
such as supply and demand.
Score: 1/1
8.
What is the settlement period for Government of Canada bonds with terms to maturity of three years or less?
Student Response Value Correct Answer Feedback
A. Same day
B. Second clearing day after the transaction takes place. 100%
C. Third clearing day after the transaction takes place.
D. First clearing day on or after the fifteenth calendar day of the month.
General Feedback: Government of Canada (GoC) Treasury Bills are settled the same day. All GoC Bonds and GoC Guaranteed Bonds
with a term to maturity of three years or less, or to the earliest call date, where a transaction is completed at a premium,
are settled the second clearing day after the transaction takes place. All GoC Bonds and GoC Guaranteed bonds with terms to
maturity of more than three years are settled the third clearing day after the transaction takes place.
Score: 1/1
9.
What must an investor pay when purchasing a bond?
Student Response Value Correct Answer Feedback
A. The bond's market price plus interest accrued since the last interest payment. 100%
B. The market price of the bond.
C. The market price of the bond as of the settlement date.
D. The bond's market price less interest accrued since the last interest payment.
General Feedback: When a securities transaction takes place, the change in legal ownership of the securities is effective
immediately. However, payment for purchased securities does not have to be made until some time later, and delivery of sold
securities also does not have to be done until the end of this time period, called the settlement period. The length of the
settlement period varies depending on the type of security being transacted. The client who purchases a bond pays the
purchase or market price plus the interest which has accrued or accumulated since the last interest date. This interest is
regained if the bond is held until the next interest payment date, or if the bond is sold in the meantime, resulting in
accrued interest being paid to that seller.
Score: 1/1
10. 3
Calculate the accrued interest on the following transaction. A 7% bond maturing April 12, 2018 is purchased on December
15th and settles on December 18th. The principal amount of the purchase is $100,000.
Student Response Value Correct Answer Feedback
1. $642.47
2. 1,227.40
3. $1,284.93
4. $4,794.42 0%
General Feedback: Accrued interest is determined from the day after the last interest payment date up to and including the
settlement date. Interest payments are semi-annual on the anniversary date of maturity (e.g. April 12) and exactly six
months later (e.g. October 12). Accrued interest is calculated as (Par value x % coupon rate x (# days accrued/365). In this
example, the accrued interest = $100,000 x 0.07 x (67/365) = $1,284.93. The number of days for accrual is:
October 13 - 31 = 19 days
November 1 - 30 = 30 days
December 1 - 18 = 18 days
Total 67 days
Score: 0/1
11.
DDD Co. Inc. has an outstanding 12 year bond with a coupon of 8.75%. The financial press is quoting it with a yield of 6%.
What does this imply with respect to the bond?
Student Response Value Correct Answer Feedback
A. The price of the bond will be below par.
B. The price of the bond will be at par.
C. The price of the bond will be above par. 100%
D. The price of the bond will be slowing increasing to par as time to maturity approaches.
General Feedback: The most important bond pricing relationship to understand is the inverse relationship between bond prices
and interest rates (or bond yields) as interest rates rise, bond prices fall and as interest rates fall, bond prices rise.
So if the yield of the bond has fallen below the coupon rate, the price must have increased above par.
Score: 1/1
12.
Sonoma is convinced that interest rates are going to drop. She wishes to buy a bond, hold it until rates have dropped,
then sell it to earn a capital gain. Recommend a bond for her to purchase.
Student Response Value Correct Answer Feedback
A. A 6% 10 year bond. 100%
B. A 6% 8 year bond.
C. A 6 month T-bill.
D. 9 month T-bill.
General Feedback: Longer-term bonds are more volatile in price than shorter-term bonds. If she wishes the price to move up
more, she should choose the longer term bond.
Score: 1/1
13. D
Neta has read that interest rates are expected to go up. She currently owns 4 bonds and is thinking of selling one before
this happens. Recommend the best bond she should sell?
Student Response Value Correct Answer Feedback
A. A 6% 8 year bond with a duration of 7.
B. A 7% 9 year bond with a duration of 8.
C. 5% 7 year bond with a duration of 6. 0%
D. A 6.5% 10 year bond with a duration of 9.
General Feedback: Duration is a measure of the sensitivity of a bond’s price to changes in interest rates. It is defined as
the approximate percentage change in the price or value of a bond for a 1% change in interest rates. The higher the duration
of the bond, the more it will react to a change in interest rates. If interest rates are going up, prices will fall. She
should sell the bond which is the most volatile as its price will fall the most. That is the bond with the highest duration.
Score: 0/1
14.
The inflation rate is expected to be 3% next year. Sharif buys a bond at par with a 7% coupon. Calculate his real rate of
return?
Student Response Value Correct Answer Feedback
A. 3%
B. 4% 100%
C. 7%
D. 10%
General Feedback: Because inflation reduces the value of a dollar, the return that is received, known as the nominal rate,
must be reduced by the inflation rate to arrive at the actual or real rate of return.
Real Rate = Nominal Rate - Inflation Rate.
Score: 1/1
15.
JVV Inc. is about to sell a new issue of debt. The maturity of the debt is expected to be 20 years. Interest rates in the
market place are as follows:
BONDS
BOND YIELDS
Government of Canada 10 year bonds
4%.
Government of Canada 20 year bonds
8%
10 year corporate bonds
5%
20 year corporate bonds
9%
What coupon rate should the company set for its new issue?
Student Response Value Correct Answer Feedback
A. 4%
B. 5%
C. 8%
D. 9% 100%
General Feedback: The appropriate discount rate is chosen based on the risk of the particular bond. The discount rate can be
estimated by the yields currently applicable to bonds with similar coupon, term and credit quality. These yields are
determined by the marketplace and change as market conditions change. Companies would set the coupon rate on a new issue of
bonds by determining what similar bonds are yielding.
Score: 1/1
CSC CHAPTER 9
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Your location: Home Page Course Material - 2011 CSC Modules 2011 Section III - Investment Products Module 9: Equity Securities: Equity Transactions Module 9 Post-Test 2011 Module 9 Post-Test 2011 Assessments View All Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 9 Post-Test 2011
Started: October 31, 2011 9:32 AM
Submitted: October 31, 2011 9:49 AM
Time spent: 00:16:25
Total score: 11/15 = 73.3333% Total score adjusted by 0.0 Maximum possible score: 15
1. B
What does margin mean?
Student Response Value Correct Answer Feedback
A. The total value of the transaction.
B. The amount of funds that the investor must provide to buy on margin.
C. The amount of credit loaned by the broker to buy on margin. 0%
D. The change in the broker loan resulting from a change in market price.
General Feedback: Margin is the amount of funds the investor must personally provide to buy securities on margin.
Score: 0/1
2.
What is the minimum a TSX listed stock must trade at, to qualify for margin on a long position?
Student Response Value Correct Answer Feedback
A. $1.50 100%
B. $2.00
C. There is no minimum.
D. $1.00
General Feedback: Maximum Loan Values
On listed securities selling: Maximum Loan Value
Securities Eligible for Reduced Margin 70% of market
at $2.00 and over 50% of market value
at $1.75 to $1.99 40% of market
at $1.50 to $1.74 20% of market
under $1.50 No loan value
Score: 1/1
3.
A client calls his IA and places an order to sell short 101,000 shares of Pure Gold Mines. This security is currently trading at $0.99. The client currently has $75,000 in his margin account. How much additional margin, if any, must the client deposit? Ignore commissions.
Student Response Value Correct Answer Feedback
A. $199,980
B. $75,000
C. $24,990 100%
D. $25,005
General Feedback: Minimum account balance required = 200% x 101,000 x $0.99 = $199,980
Less: Proceeds from short sale: $ 99,990
Equals: Minimum margin required: $ 99,990
Less: Existing balance: $ 75,000
Equals: Additional deposit required: $ 24,990
Margin Required for Short Positions (Listed Equities)
On listed securities selling Short: Minimum Credit Balance in the Account:
securities eligible for reduced margin 130% of market
at $2.00 and over 150% of market
at $1.50 to $1.99 $3.00 per share
at $0.25 to $1.49 200% of market
under $0.25 100% of market plus $0.25 per share
Score: 1/1
4.
How long may a short position be maintained?
Student Response Value Correct Answer Feedback
A. Indefinitely provided that adequate margin is maintained in the account. 100%
B. Until the owner wishes to sell the stock if the dealer can borrow to facilitate delivery.
C. Until the next dividend payment date.
D. Indefinitely.
General Feedback: There is no time limit for a short provided that adequate margin is maintained in the account and as long as equivalent amounts of the shorted stock can be borrowed by the short seller's dealer. If the owner (generally the firm) wishes to sell the stock, the short position can be maintained if the firm can borrow additional shares to cover the shorted security.
Score: 1/1
5.
Why would an investor undertake a short?
Student Response Value Correct Answer Feedback
A. She expects that the share price will remain stable and she will earn a premium on the sale.
B. She expects the share price will increase and she will earn a capital gain.
C. She expects the share price will increase and she will earn a larger capital gain due to the leverage of the short sale.
D. She expects the share price will decrease and she will earn a capital gain by replacing the stock at a lower price. 100%
General Feedback: An investor will undertake a short sale if she expects that the price of the stock will decrease. She can the replace the stock at a lower price than the sale and earn a capital gain.
Score: 1/1
6.
Who is responsible for payment of the dividend in a short sale?
Student Response Value Correct Answer Feedback
A. The company.
B. The short seller. 100%
C. The buyer.
D. The broker who lend the stock.
General Feedback: The short seller is liable for any dividends or other benefits paid during the period the account is short.
Score: 1/1
7. C
Select the limit order.
Student Response Value Correct Answer Feedback
A. Buy 1,000 shares of ABC company at the best available price.
B. Buy 10,000 shares of Beta Corp until October 15th.
C. Sell 5,000 shares of XYZ company at $75.25.
D. Buy 20,000 shares of ABC but only if can purchase the total number. 0%
General Feedback: In a limit order, the client sets a specified price at which the transaction may be executed. In this case, sell 5,000 shares of XYZ at $75.25.
Score: 0/1
8.
An investor purchased 2,000 shares of ABC.com for $75. He is concerned that the stock price might decline suddenly and does not wish to lose more than $10 on the stock. Therefore, he entered an order to sell his shares of ABC.com if the price drops to $65 or below. What type of order is this?
Student Response Value Correct Answer Feedback
A. Stop buy order.
B. Market order.
C. Good through order.
D. Stop loss order. 100%
General Feedback: A stop loss order is an order to sell, which becomes effective as a market order when the price declines to or below the stated limit order. The purpose is to reduce potential losses or to protect part of a paper profit that the investor may have earned.
Score: 1/1
9. B
If a client order is placed at the same time and at the same price as a non-client order, which order must be filled first?
Student Response Value Correct Answer Feedback
A. The client order must be filled first.
B. The non-client order must be filled first. 0%
C. It does not matter which is filled first.
D. They can be filled at the same time.
General Feedback: A fundamental trading regulation to protect the public relates to the priority given to clients' orders. Where the order of a client competes at the same price with a non-client order (i.e. an order of an account in which a partner, director, officer, shareholder, IA or in some cases other employee of a member holds a direct or indirect interest or an arbitrage order), the client's order is given priority of execution over the non-client order. This rule is applied within member firms in its dealings with clients so that client orders have priority over pro orders.
Score: 0/1
10.
Darby holds shares in NFR Industries that have recently appreciated in value. She is about to leave on four-week vacation and wants to ensure her investments are looked after while she is away. What type of order would you recommend she enter on the NFR shares?
Student Response Value Correct Answer Feedback
A. Any part order.
B. Good through order. 100%
C. All or none order.
D. Day order.
General Feedback: Darby should enter a good through order on the NFR shares. A good through order is an order to buy or sell that is good for a specified number of days and then automatically cancelled if it has not been filled by the end of the trading session on the date specified in the order.
Score: 1/1
11. A
What must a dealer member do when it accepts a short sale from a client?
Student Response Value Correct Answer Feedback
A. The sell-order ticket must be marked Short.
B. The dealer member must report the short sale on the TSX website immediately.
C. The dealer member must report the short sale to the OSC before execution.
D. The dealer member must check the short sale report to make sure the trade is allowed. 0%
General Feedback: IAs entering an order for a short sale of a security for anyone must clearly mark the sell-order ticket Short or S, so that the trading department may process the order properly. The TSX Venture Exchange and the TSX compile and publicly report total short positions in applicable securities twice a month.
Score: 0/1
12.
What happens to the capital requirement of a firm if a client is late in making payments for trades in his cash account?
Student Response Value Correct Answer Feedback
A. The capital requirement goes down as the cash account is showing a debit position.
B. The capital requirement goes up as the account is delinquent. 100%
C. The capital requirement goes down as the account will become a margin account with lower capital requirements.
D. The capital requirements are not affected as the trade has already taken place.
General Feedback: Firms keep track of the dates when accounts become overdue and the amounts of capital that must be maintained by the member to carry these overdue accounts. At a certain point, the account will become restricted and trading activity will no longer be permitted until the account is settled.
Dealer members may adopt more stringent rules to minimize the amount of capital being unprofitably tied up in carrying delinquent cash accounts.
Score: 1/1
13.
Marc purchased 5,000 shares of TEE Inc. on margin. He paid $1.95 a share and immediately put up the required margin. A week later TEE fell to $1.65 per share. Determine the impact on the amount of margin that must be held in the account.
Student Response Value Correct Answer Feedback
A. Marc will be able to withdraw $1,500.
B. Marc will have to put up an additional $2,250. 100%
C. Marc will be able to withdraw $2,400.
D. Marc will have to put up an additional $600.
General Feedback: The original dealer’s loan was $3,900 (40% of $9,750) so Marc had to put $5,850 up as margin ($9,750 less the loan). After the stock dropped to $1.65, the new loan is $1,650 (20% of $8,250) so Marc has to put an additional $2,250 to cover the reduction of the loan.
Score: 1/1
14.
Edward, a client of a member firm, bought 1,000 shares of ABB, a stock that trades on the London Stock Exchange. He paid $25.25CA a share. This stock is not eligible for reduced margin. Calculate the amount of margin he must put up.
Student Response Value Correct Answer Feedback
A. $25,250 as stocks trading on other exchanges are not eligible for margin in Canada.
B. $15,150 as it is eligible for 50% margin but an additional 10% is required because of the fluctuating currency risk.
C. $12,625 as it is eligible for 50% margin. 100%
D. $7,575 as it is eligible for 70% margin as it trades on another exchange.
General Feedback: The amount of margin is $12,625: 1,000 × $25.25 × 50%.
Score: 1/1
15.
Stephen sold short 1,000 shares of SMT Inc. at $45 a share. He closed the position when SMT was trading at $35 a share. While he held the short position, a dividend was paid by SMT of $1.50 per share. What was Stephen’s profit or loss?
Student Response Value Correct Answer Feedback
A. $11,500 loss.
B. $10,000 profit.
C. $10,000 loss.
D. $8,500 profit. 100%
General Feedback: He made a $10,000 profit on the short sale (sold at $45, bought at $35, giving him a $10 profit per share for a profit of $10,000) but he would have had to pay the dividend to the owner of the shares he borrowed ($1.50 x 1000 shares - $1,500).
Score: 1/1
CSC CHAPER 10
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Your location: Home Page Course Material - 2011 CSC Modules 2011 Section III - Investment Products Module 10: Derivatives Module 10 Post-Test 2011 Module 10 Post-Test 2011 Assessments View All Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 10 Post-Test 2011
Started: October 31, 2011 10:04 PM
Submitted: October 31, 2011 10:31 PM
Time spent: 00:26:52
Total score: 12/15 = 80% Total score adjusted by 0.0 Maximum possible score: 15
1.
Which of the following situations is not an example of a hedger in the futures market?
Student Response Value Correct Answer Feedback
A. A wheat farmer sells 10 wheat futures contracts for January delivery.
B. A large coffee chain buys sugar futures for August delivery.
C. A Canadian company signs a large contract to export to the U.S. and buys a Canadian dollar futures contract for the export month.
D. A doctor buys oil futures because of expected global oil shortages. 100%
General Feedback: Hedgers are corporations or individuals who deal in actual commodities or financial instruments. They buy or sell futures contracts to limit their financial losses or to protect their position. Hedgers either produce or use the commodity or financial instrument that they are hedging. The doctor is acting as a speculator, as his business does not move large amounts of oil.
Score: 1/1
2.
What is the major objective of hedgers in the futures market?
Student Response Value Correct Answer Feedback
A. To make a profit.
B. To increase the leverage potential of their portfolio.
C. To limit financial risk and losses. 100%
D. To increase their rate of return.
General Feedback: Hedgers are corporations and individuals who deal in commodities or financial instruments and buy or sell futures contracts to protect their holdings or expected holdings in the cash market. Futures are used to provide a form of insurance and to limit financial losses:
by selling contracts as a means of pre selling inventories at current market prices; or,
by buying futures contracts, thereby locking in a price on the underlying commodity they intend to own in the future.
Score: 1/1
3.
Meghan deposits the initial margin of $10,000 to her futures account to establish her long position. At the end of the first trading day, her contract gains $500 and her account is credited by that amount. Select the term that is used to refer to this activity.
Student Response Value Correct Answer Feedback
A. Hedging.
B. Open interest.
C. Valuation.
D. Marking-to-market. 100%
General Feedback: One of the important features of futures trading is the daily settlement of gains and losses. This process is known as marking-to-market. At the end of each trading day, those who are long a contract make a payment to those who are short, or vice versa, depending on the change in the price of the contract from the previous day.
Score: 1/1
4.
An investor writes one XYZ Apr 40 uncovered call for $3.40. At expiry the stock price is $50 and the writer is assigned. What is the gain or loss for the writer?
Student Response Value Correct Answer Feedback
A. Loss $660. 100%
B. Loss $340.
C. Gain $340.
D. Gain $660.
General Feedback: The call writer is exposed to the risk that the stock price will increase and he/she will be obligated to sell at the then lower strike price. In this example, the writer earned income of $3.40 × 100 shares = $340 from the call premium. At expiry, he/she will lose $10 × 100 shares = $1,000 due to the stock price increase. The call writer will have to buy 100 shares @ $50 ($5,000) and will receive only 100 × $40 ($4,000) from the call buyer. The net loss is $660 ($1,000 $340).
Score: 1/1
5.
All else being equal, which of the following call option contracts would have the highest premium?
Student Response Value Correct Answer Feedback
A. In-the-money call option contracts. 100%
B. Out-of-the money call option contracts.
C. At-the-money call option contracts.
D. It cannot be determined.
General Feedback: An in the money option has the highest premium since it already realizes the imbedded value. For example, assume that there are three nearly identical call option contracts. They all have 9 months until expiry and a time value of $2. The common trades at $10.An in the money option has a strike price of $5. Its theoretical value would be ($10 - $5) plus the $2 time value, for a total of $7.An out of the money option contract has a strike price of $15. Its theoretical value would be ($10 - $15) plus the $2 in time value for a total of $2.An at the money option has a strike price equal to the market value. Its theoretical value would be ($10 - $10) plus the $2 in time value for a total of $2.In actual fact, the at the money option would trade with a higher premium than the out of the money contract since the underlying security only has to move up by a small amount to increase the value of the option contract. Using the above example, a $1 increase would increase the premium by $1, whereas the out of the money contract may only increase marginally.
Score: 1/1
6.
An investor purchases an ABC Nov 50 call for $5.75 when the market price of the stock is $55. If the market price of the stock increases to $58 the next day, what will be the approximate option premium?
Student Response Value Correct Answer Feedback
A. $3.00
B. $5.75
C. $8.00
D. $8.75 100%
General Feedback: The premium will be at least equal to the $8.00 ($58-50) intrinsic value. And in addition, it will have time value of approximately $0.75. The time value was $0.75 on the purchase date and since only one day has passed, the time value should be at least $0.75.
Score: 1/1
7.
What is the primary reason that an investor would write a call?
Student Response Value Correct Answer Feedback
A. To fix a future price.
B. To acquire the underlying security.
C. As an alternative to selling the underlying security.
D. To earn additional income. 100%
Score: 1/1
8. B
Which of the following statements regarding option contracts is true?
Student Response Value Correct Answer Feedback
A. An opening transaction to buy a position results in a short position in the option.
B. All equity put and call option contracts represent 100 shares.
C. Only European-style options can be exercised prior to the expiration date.
D. Writers of OTC options are required to maintain appropriate margin in their options accounts at all times. 0%
General Feedback: An option is a contract or agreement between a buyer and seller, based on a particular asset or security, called the underlying security. The contract is based on a particular number of shares or units of the underlying security. In the case of an equity option listed on an exchange, the underlying contract size is 100 shares. An opening transaction to buy represents a long position in the option, while an opening transaction to sell represents a short position. American-style options can be exercised at any time up to expiry, while European-style options can only be exercised on expiry. Sellers (or writers) of exchange-listed options have margin requirements, while those who trade OTC (over-the-counter) typically do not have this requirement.
Score: 0/1
9. D
Which of the following statements are correct regarding futures and forwards?
i) A futures contract entails an immediate transfer of ownership of the underlying security.
ii) A forward allows the holder to make or take delivery of the underlying commodity or financial instrument, in the future, at the going price on that future date.
iii) Because of the associated risks, the margins requirements (in percentage terms) are set higher than most financial instruments.
iv) Both futures and forward contracts are derivative instruments used extensively as a risk management tool by portfolio managers and other hedgers.
Student Response Value Correct Answer Feedback
A. ii) and iii) only. 0%
B. iii) only.
C. i), ii) and iv).
D. iv) only.
General Feedback: Futures contracts are legally binding commitments to deliver or take delivery of a specified commodity or financial instrument at a specified future time and at a specified future price.
Score: 0/1
10. B
XYZ Company declares a rights offering to shareholders of record as of Friday, September 15th. Two rights are required to purchase 1 new share at a subscription price of $10. The rights offering expires on Friday, October 15th. Given the following stock prices, what would be the theoretical intrinsic value of the right during the last day of the cum rights period?
Date Price
(Actual or Expected)
Monday, Sept. 11 $15.00
Tuesday, Sept. 12 $15.50
Wednesday, Sept. 13 $15.25
Thursday, Sept. 14 $14.75
Friday, Sept. 15 $14.00
Monday, Oct. 11 $16.95
Tuesday, Oct. 12 $16.50
Wednesday, Oct. 13 $16.25
Thursday, Oct. 14 $16.75
Friday, Oct. 15 $16.00
Student Response Value Correct Answer Feedback
A. $1.67
B. $1.75 0%
C. $1.83
D. None of the above.
General Feedback: The first step is to identify the last day the share trade cum rights. Recall that shares trade ex-rights two business days prior to the record date (Friday, Sept. 15), therefore the last day in the cum rights period would be Tuesday Sept. 12, ($15.50).
To calculate the theoretical value of a right during the cum rights period:
Market price of stock minus Subscription price
Number of rights needed to subscribe for one share plus one
$15.50 - $10 = $1.83
2+1
Score: 0/1
11.
WSX Inc. has warrants outstanding. Using the following information, calculate the time value and intrinsic value of these warrants.
WSX shares are trading at $35 per share
WSX warrants are trading at $ 14 per warrant
WSX warrants allow you to buy 1 common share at $25 per share
Student Response Value Correct Answer Feedback
A. Intrinsic value is $25, time value is $0.
B. Intrinsic value is $14, time value is $10.
C. Intrinsic value is $10, time value is $4. 100%
D. Intrinsic value is $0, time value is $14.
General Feedback: Like options, warrants may have both intrinsic value and time value. Intrinsic value is the amount by which the market price of the underlying common stock exceeds the exercise price of the warrant. A warrant has no intrinsic value if the market price of the common stock is less than the exercise price. Time value is the amount by which the market price of the warrant exceeds the intrinsic value.
Score: 1/1
12.
Gregoire has $20,000 to invest. LEV Inc. is trading at $50 per share. LEV warrants are trading at $10 per warrant. He makes his purchase and the shares subsequently go up to $55. He then closes out the position. Calculate the return on his investment if he chooses to use leverage in this purchase to increase his return.
Student Response Value Correct Answer Feedback
A. 10%
B. 30%
C. 50% 100%
D. 100%
General Feedback: The main attraction of warrants is their leverage potential. The market price of a warrant is usually much lower than the price of the underlying security, and generally moves in the same direction at the same time as the price of the underlying. The capital appreciation of a warrant on a percentage basis can therefore greatly exceed that of the underlying security. Gregoire would have bought the warrants at $10. He could have bought 2,000 warrants. When the stock went up by $5.00, the warrants would have increased by $5.00 as well. He would have made a profit of 2,000 x $5 = $10,000, a 50% return. If he had bought the shares, he would have made $2,000 ((55 50)x 400)/20,000 = 10%
Score: 1/1
13.
Jose believes that the market is going to continue to fall for another 6 months. Which investment is she likely to make?
Student Response Value Correct Answer Feedback
A. She will write a call. 100%
B. She will write a put.
C. She will buy a call.
D. She will buy a future.
General Feedback: If she writes a call, and the stock price declines she will not be assigned and will be able to keep the stock and the premium. If she writes a put, and the stock price declines, she will be assigned and have to pay the higher exercise price for the stock.
Investors buy futures or forwards to profit from an expected increase in the price of the underlying asset. Jose thinks the price will fall.
Score: 1/1
14.
Shania buys one TMN Jan 25 call at a premium of $10 per share, when the underlying stock is trading at $32. Which statement is true?
Student Response Value Correct Answer Feedback
A. The call is in-the-money by $10, and has a time value of $7.
B. The call is in-the-money by $0, and has a time value of $10.
C. The call is in-the-money by $7, and has a time value of $0.
D. The call is in-the-money by $7, and has a time value of $3.00. 100%
General Feedback: A call option is in-the-money when the price of the underlying asset is higher than the strike price. If this is the case, the call option holder can exercise the right to buy the underlying asset at the strike price and then turn around and sell it at the higher market price. The call is in the money by $7 and the remainder of the premium is the time value.
Score: 1/1
15.
A client has sold an option that requires her to pay $5,000 for 100 shares of POL Inc. if she is assigned. She has set aside $5,000 in case this happens. What type of option has she sold?
Student Response Value Correct Answer Feedback
A. A naked call option.
B. A cash secured put. 100%
C. A covered call option.
D. A naked put option.
General Feedback: If the put writer had set aside an amount of cash equal to the purchase value of the stock if assigned, the strategy is known as a cash-secured put write.
Score: 1/1
CSC CHAPTER 7
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Fixed-Income Securities: Pricing and Trading Module 7 Post-Test 2011 Module 7 Post-Test 2011 Assessments View All
Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 7 Post-Test 2011
Started: October 29, 2011 12:28 PM
Submitted: October 31, 2011 6:41 AM
Time spent: 42:13:38
Total score: 11/15 = 73.3333% Total score adjusted by 0.0 Maximum possible score: 15
1. 4
A client is considering an investment in an 8%, $1,000 par value, 5-year Government of Canada bond. Assuming a discount
rate of 6%, and semi-annual coupon payments, what should the client pay for this bond?
Student Response Value Correct Answer Feedback
1. Not pay more than $1,000.
2. Not pay more than $1,060.
3. Not pay more than $1,084.25. 0%
4. Not pay more than $1,085.30.
General Feedback: The present value of the coupon payments is found using the APV formula:
APV=C ((1-(1/(1+r)n))/r) = $40((1-(1/(1.03)10))/.03 = $40(8.5302) = $341.21
The present value of the principal is found using the PV formula:
PV=FV/(1+r)n = $1,000/(1.03)10= $744.09
The present value of this bond is simply the sum of these two present values:
PV = $744.09 + $341.21= $1,085.30
Score: 0/1
2.
What is the yield of a 92-day T-bill with a price of 98.75?
Student Response Value Correct Answer Feedback
A. 3.19%
B. 4.02%
C. 4.96%
D. 5.02% 100%
General Feedback: T-bill yield is calculated as (100-price)/price x (365/term) x 100. In this example, the T-bill yield of
5.02% is determined as (100-98.75)/98.75 x (365/92) x 100.
Score: 1/1
3. A
What is the approximate yield to maturity (per $100 face value) for a bond with a 7.0% coupon, current market price of
$107.50 and 5 years to maturity?
Student Response Value Correct Answer Feedback
A. 5.30%
B. 5.50%
C. 6.15% 0%
D. 8.19%
General Feedback: The approximate yield to maturity is determined as (annual interest income +/- annual price change)/
((purchase price + 100)/2) x 100. In this example, the return is determined as ($7.00 - ($7.50/5 years))/((107.50 + 100)/2)
x100 = 5.30%.
Score: 0/1
4.
What expectations are implicit in a downward sloping yield curve?
Student Response Value Correct Answer Feedback
A. Investors expect rates to fall in the future. 100%
B. Investors expect rates to rise in the future.
C. Investors expect rates to rise then fall.
D. Investors expect rates to remain fairly stable.
General Feedback: A downward sloping yield curve, where short-term rates are higher than long-term rates, indicates that
investors expect interest rates to decline in the future. They require a high short-term rate, perhaps because current
inflation rates are high, but are willing to accept lower long-term rates due to the expected rate declines.
Score: 1/1
5.
Which of the following bond theorems are correct?
i) Bond prices move inversely to interest rates.
ii) The longer the term to maturity the greater the interest rate risk.
iii) Bonds with low coupon rates have more price volatility than bonds with high coupon rates.
iv) Bond prices are more volatile when interest rates are high.
Student Response Value Correct Answer Feedback
1. i) only.
2. iv) only.
3. ii), and iv) only.
4. i), ii), and iii). 100%
General Feedback: There are some conventional rules regarding the price action of fixed-income securities. Each of these
rules is explained separately below.
First it must be understood that there is very little difference between interest rates and yields. After all, each
represents a rate of return on an investment. Therefore, as interest rates rise, the yields on competing investments must
also rise, and vice versa. Since interest payments are fixed, the only way to increase yields must be to decrease the market
price, and vice versa. Bonds with long terms to maturity have more volatile prices i.e. when interest rates change, the
price of longer term bonds change more than the price of shorter term bonds.
Bonds with lower coupons have more volatile prices. When interest rates rise, bonds drop in price, but lower coupon bonds
drop more than higher coupon bonds. This difference is material when larger coupon differences are considered, or when large
sums of money are invested and even small price changes involve significant amounts of money. Bond prices are more volatile
when interest rates are low. For example, a drop in yields from 12% to 10% will have a lesser impact on a bond's price than
a drop in yields from 4% to 2%. Although both represent a drop of 200 basis points, or 2 percent, the former is a 17% change
in yields, and the latter is a 50% change in yields. Thus, bond prices are more volatile when interest rates are low.
Score: 1/1
6.
If an investor expects market interest rates to decline, what type of bonds should she buy?
Student Response Value Correct Answer Feedback
A. Short-term, low coupon.
B. Long-term, low coupon. 100%
C. Long-term, high coupon.
D. Short-term, high coupon.
General Feedback: If market interest rates decline, bond prices will increase and bondholders will earn capital gains. The
investor should attempt to maximize the potential capital gain by purchasing bonds that are more volatile. Long-term bonds
are more volatile than short-term bonds and low coupon bonds are more volatile than high coupon bonds. Therefore, a long-
term, low coupon bond offers the greatest potential for capital gains if interest rates decline.
Score: 1/1
7.
Why is the normal slope of the yield curve upward sloping to the right?
Student Response Value Correct Answer Feedback
A. Yields increase with time to reflect the increased risk of longer terms to maturity. 100%
B. Bond prices increase as the term to maturity of the bond increases.
C. Yields are higher for bonds with shorter terms to maturity to compensate for the short holding period.
D. Yields decrease as term to maturity increases.
General Feedback: Bond yields normally increase as the term to maturity increases to reflect the risk of holding a bond with
a longer term. The actual slope of the yield curve can vary significantly depending on economic conditions and other factors
such as supply and demand.
Score: 1/1
8.
What is the settlement period for Government of Canada bonds with terms to maturity of three years or less?
Student Response Value Correct Answer Feedback
A. Same day
B. Second clearing day after the transaction takes place. 100%
C. Third clearing day after the transaction takes place.
D. First clearing day on or after the fifteenth calendar day of the month.
General Feedback: Government of Canada (GoC) Treasury Bills are settled the same day. All GoC Bonds and GoC Guaranteed Bonds
with a term to maturity of three years or less, or to the earliest call date, where a transaction is completed at a premium,
are settled the second clearing day after the transaction takes place. All GoC Bonds and GoC Guaranteed bonds with terms to
maturity of more than three years are settled the third clearing day after the transaction takes place.
Score: 1/1
9.
What must an investor pay when purchasing a bond?
Student Response Value Correct Answer Feedback
A. The bond's market price plus interest accrued since the last interest payment. 100%
B. The market price of the bond.
C. The market price of the bond as of the settlement date.
D. The bond's market price less interest accrued since the last interest payment.
General Feedback: When a securities transaction takes place, the change in legal ownership of the securities is effective
immediately. However, payment for purchased securities does not have to be made until some time later, and delivery of sold
securities also does not have to be done until the end of this time period, called the settlement period. The length of the
settlement period varies depending on the type of security being transacted. The client who purchases a bond pays the
purchase or market price plus the interest which has accrued or accumulated since the last interest date. This interest is
regained if the bond is held until the next interest payment date, or if the bond is sold in the meantime, resulting in
accrued interest being paid to that seller.
Score: 1/1
10. 3
Calculate the accrued interest on the following transaction. A 7% bond maturing April 12, 2018 is purchased on December
15th and settles on December 18th. The principal amount of the purchase is $100,000.
Student Response Value Correct Answer Feedback
1. $642.47
2. 1,227.40
3. $1,284.93
4. $4,794.42 0%
General Feedback: Accrued interest is determined from the day after the last interest payment date up to and including the
settlement date. Interest payments are semi-annual on the anniversary date of maturity (e.g. April 12) and exactly six
months later (e.g. October 12). Accrued interest is calculated as (Par value x % coupon rate x (# days accrued/365). In this
example, the accrued interest = $100,000 x 0.07 x (67/365) = $1,284.93. The number of days for accrual is:
October 13 - 31 = 19 days
November 1 - 30 = 30 days
December 1 - 18 = 18 days
Total 67 days
Score: 0/1
11.
DDD Co. Inc. has an outstanding 12 year bond with a coupon of 8.75%. The financial press is quoting it with a yield of 6%.
What does this imply with respect to the bond?
Student Response Value Correct Answer Feedback
A. The price of the bond will be below par.
B. The price of the bond will be at par.
C. The price of the bond will be above par. 100%
D. The price of the bond will be slowing increasing to par as time to maturity approaches.
General Feedback: The most important bond pricing relationship to understand is the inverse relationship between bond prices
and interest rates (or bond yields) as interest rates rise, bond prices fall and as interest rates fall, bond prices rise.
So if the yield of the bond has fallen below the coupon rate, the price must have increased above par.
Score: 1/1
12.
Sonoma is convinced that interest rates are going to drop. She wishes to buy a bond, hold it until rates have dropped,
then sell it to earn a capital gain. Recommend a bond for her to purchase.
Student Response Value Correct Answer Feedback
A. A 6% 10 year bond. 100%
B. A 6% 8 year bond.
C. A 6 month T-bill.
D. 9 month T-bill.
General Feedback: Longer-term bonds are more volatile in price than shorter-term bonds. If she wishes the price to move up
more, she should choose the longer term bond.
Score: 1/1
13. D
Neta has read that interest rates are expected to go up. She currently owns 4 bonds and is thinking of selling one before
this happens. Recommend the best bond she should sell?
Student Response Value Correct Answer Feedback
A. A 6% 8 year bond with a duration of 7.
B. A 7% 9 year bond with a duration of 8.
C. 5% 7 year bond with a duration of 6. 0%
D. A 6.5% 10 year bond with a duration of 9.
General Feedback: Duration is a measure of the sensitivity of a bond’s price to changes in interest rates. It is defined as
the approximate percentage change in the price or value of a bond for a 1% change in interest rates. The higher the duration
of the bond, the more it will react to a change in interest rates. If interest rates are going up, prices will fall. She
should sell the bond which is the most volatile as its price will fall the most. That is the bond with the highest duration.
Score: 0/1
14.
The inflation rate is expected to be 3% next year. Sharif buys a bond at par with a 7% coupon. Calculate his real rate of
return?
Student Response Value Correct Answer Feedback
A. 3%
B. 4% 100%
C. 7%
D. 10%
General Feedback: Because inflation reduces the value of a dollar, the return that is received, known as the nominal rate,
must be reduced by the inflation rate to arrive at the actual or real rate of return.
Real Rate = Nominal Rate - Inflation Rate.
Score: 1/1
15.
JVV Inc. is about to sell a new issue of debt. The maturity of the debt is expected to be 20 years. Interest rates in the
market place are as follows:
BONDS
BOND YIELDS
Government of Canada 10 year bonds
4%.
Government of Canada 20 year bonds
8%
10 year corporate bonds
5%
20 year corporate bonds
9%
What coupon rate should the company set for its new issue?
Student Response Value Correct Answer Feedback
A. 4%
B. 5%
C. 8%
D. 9% 100%
General Feedback: The appropriate discount rate is chosen based on the risk of the particular bond. The discount rate can be
estimated by the yields currently applicable to bonds with similar coupon, term and credit quality. These yields are
determined by the marketplace and change as market conditions change. Companies would set the coupon rate on a new issue of
bonds by determining what similar bonds are yielding.
Score: 1/1
CSC CHAPTER 9
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Your location: Home Page Course Material - 2011 CSC Modules 2011 Section III - Investment Products Module 9: Equity Securities: Equity Transactions Module 9 Post-Test 2011 Module 9 Post-Test 2011 Assessments View All Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 9 Post-Test 2011
Started: October 31, 2011 9:32 AM
Submitted: October 31, 2011 9:49 AM
Time spent: 00:16:25
Total score: 11/15 = 73.3333% Total score adjusted by 0.0 Maximum possible score: 15
1. B
What does margin mean?
Student Response Value Correct Answer Feedback
A. The total value of the transaction.
B. The amount of funds that the investor must provide to buy on margin.
C. The amount of credit loaned by the broker to buy on margin. 0%
D. The change in the broker loan resulting from a change in market price.
General Feedback: Margin is the amount of funds the investor must personally provide to buy securities on margin.
Score: 0/1
2.
What is the minimum a TSX listed stock must trade at, to qualify for margin on a long position?
Student Response Value Correct Answer Feedback
A. $1.50 100%
B. $2.00
C. There is no minimum.
D. $1.00
General Feedback: Maximum Loan Values
On listed securities selling: Maximum Loan Value
Securities Eligible for Reduced Margin 70% of market
at $2.00 and over 50% of market value
at $1.75 to $1.99 40% of market
at $1.50 to $1.74 20% of market
under $1.50 No loan value
Score: 1/1
3.
A client calls his IA and places an order to sell short 101,000 shares of Pure Gold Mines. This security is currently trading at $0.99. The client currently has $75,000 in his margin account. How much additional margin, if any, must the client deposit? Ignore commissions.
Student Response Value Correct Answer Feedback
A. $199,980
B. $75,000
C. $24,990 100%
D. $25,005
General Feedback: Minimum account balance required = 200% x 101,000 x $0.99 = $199,980
Less: Proceeds from short sale: $ 99,990
Equals: Minimum margin required: $ 99,990
Less: Existing balance: $ 75,000
Equals: Additional deposit required: $ 24,990
Margin Required for Short Positions (Listed Equities)
On listed securities selling Short: Minimum Credit Balance in the Account:
securities eligible for reduced margin 130% of market
at $2.00 and over 150% of market
at $1.50 to $1.99 $3.00 per share
at $0.25 to $1.49 200% of market
under $0.25 100% of market plus $0.25 per share
Score: 1/1
4.
How long may a short position be maintained?
Student Response Value Correct Answer Feedback
A. Indefinitely provided that adequate margin is maintained in the account. 100%
B. Until the owner wishes to sell the stock if the dealer can borrow to facilitate delivery.
C. Until the next dividend payment date.
D. Indefinitely.
General Feedback: There is no time limit for a short provided that adequate margin is maintained in the account and as long as equivalent amounts of the shorted stock can be borrowed by the short seller's dealer. If the owner (generally the firm) wishes to sell the stock, the short position can be maintained if the firm can borrow additional shares to cover the shorted security.
Score: 1/1
5.
Why would an investor undertake a short?
Student Response Value Correct Answer Feedback
A. She expects that the share price will remain stable and she will earn a premium on the sale.
B. She expects the share price will increase and she will earn a capital gain.
C. She expects the share price will increase and she will earn a larger capital gain due to the leverage of the short sale.
D. She expects the share price will decrease and she will earn a capital gain by replacing the stock at a lower price. 100%
General Feedback: An investor will undertake a short sale if she expects that the price of the stock will decrease. She can the replace the stock at a lower price than the sale and earn a capital gain.
Score: 1/1
6.
Who is responsible for payment of the dividend in a short sale?
Student Response Value Correct Answer Feedback
A. The company.
B. The short seller. 100%
C. The buyer.
D. The broker who lend the stock.
General Feedback: The short seller is liable for any dividends or other benefits paid during the period the account is short.
Score: 1/1
7. C
Select the limit order.
Student Response Value Correct Answer Feedback
A. Buy 1,000 shares of ABC company at the best available price.
B. Buy 10,000 shares of Beta Corp until October 15th.
C. Sell 5,000 shares of XYZ company at $75.25.
D. Buy 20,000 shares of ABC but only if can purchase the total number. 0%
General Feedback: In a limit order, the client sets a specified price at which the transaction may be executed. In this case, sell 5,000 shares of XYZ at $75.25.
Score: 0/1
8.
An investor purchased 2,000 shares of ABC.com for $75. He is concerned that the stock price might decline suddenly and does not wish to lose more than $10 on the stock. Therefore, he entered an order to sell his shares of ABC.com if the price drops to $65 or below. What type of order is this?
Student Response Value Correct Answer Feedback
A. Stop buy order.
B. Market order.
C. Good through order.
D. Stop loss order. 100%
General Feedback: A stop loss order is an order to sell, which becomes effective as a market order when the price declines to or below the stated limit order. The purpose is to reduce potential losses or to protect part of a paper profit that the investor may have earned.
Score: 1/1
9. B
If a client order is placed at the same time and at the same price as a non-client order, which order must be filled first?
Student Response Value Correct Answer Feedback
A. The client order must be filled first.
B. The non-client order must be filled first. 0%
C. It does not matter which is filled first.
D. They can be filled at the same time.
General Feedback: A fundamental trading regulation to protect the public relates to the priority given to clients' orders. Where the order of a client competes at the same price with a non-client order (i.e. an order of an account in which a partner, director, officer, shareholder, IA or in some cases other employee of a member holds a direct or indirect interest or an arbitrage order), the client's order is given priority of execution over the non-client order. This rule is applied within member firms in its dealings with clients so that client orders have priority over pro orders.
Score: 0/1
10.
Darby holds shares in NFR Industries that have recently appreciated in value. She is about to leave on four-week vacation and wants to ensure her investments are looked after while she is away. What type of order would you recommend she enter on the NFR shares?
Student Response Value Correct Answer Feedback
A. Any part order.
B. Good through order. 100%
C. All or none order.
D. Day order.
General Feedback: Darby should enter a good through order on the NFR shares. A good through order is an order to buy or sell that is good for a specified number of days and then automatically cancelled if it has not been filled by the end of the trading session on the date specified in the order.
Score: 1/1
11. A
What must a dealer member do when it accepts a short sale from a client?
Student Response Value Correct Answer Feedback
A. The sell-order ticket must be marked Short.
B. The dealer member must report the short sale on the TSX website immediately.
C. The dealer member must report the short sale to the OSC before execution.
D. The dealer member must check the short sale report to make sure the trade is allowed. 0%
General Feedback: IAs entering an order for a short sale of a security for anyone must clearly mark the sell-order ticket Short or S, so that the trading department may process the order properly. The TSX Venture Exchange and the TSX compile and publicly report total short positions in applicable securities twice a month.
Score: 0/1
12.
What happens to the capital requirement of a firm if a client is late in making payments for trades in his cash account?
Student Response Value Correct Answer Feedback
A. The capital requirement goes down as the cash account is showing a debit position.
B. The capital requirement goes up as the account is delinquent. 100%
C. The capital requirement goes down as the account will become a margin account with lower capital requirements.
D. The capital requirements are not affected as the trade has already taken place.
General Feedback: Firms keep track of the dates when accounts become overdue and the amounts of capital that must be maintained by the member to carry these overdue accounts. At a certain point, the account will become restricted and trading activity will no longer be permitted until the account is settled.
Dealer members may adopt more stringent rules to minimize the amount of capital being unprofitably tied up in carrying delinquent cash accounts.
Score: 1/1
13.
Marc purchased 5,000 shares of TEE Inc. on margin. He paid $1.95 a share and immediately put up the required margin. A week later TEE fell to $1.65 per share. Determine the impact on the amount of margin that must be held in the account.
Student Response Value Correct Answer Feedback
A. Marc will be able to withdraw $1,500.
B. Marc will have to put up an additional $2,250. 100%
C. Marc will be able to withdraw $2,400.
D. Marc will have to put up an additional $600.
General Feedback: The original dealer’s loan was $3,900 (40% of $9,750) so Marc had to put $5,850 up as margin ($9,750 less the loan). After the stock dropped to $1.65, the new loan is $1,650 (20% of $8,250) so Marc has to put an additional $2,250 to cover the reduction of the loan.
Score: 1/1
14.
Edward, a client of a member firm, bought 1,000 shares of ABB, a stock that trades on the London Stock Exchange. He paid $25.25CA a share. This stock is not eligible for reduced margin. Calculate the amount of margin he must put up.
Student Response Value Correct Answer Feedback
A. $25,250 as stocks trading on other exchanges are not eligible for margin in Canada.
B. $15,150 as it is eligible for 50% margin but an additional 10% is required because of the fluctuating currency risk.
C. $12,625 as it is eligible for 50% margin. 100%
D. $7,575 as it is eligible for 70% margin as it trades on another exchange.
General Feedback: The amount of margin is $12,625: 1,000 × $25.25 × 50%.
Score: 1/1
15.
Stephen sold short 1,000 shares of SMT Inc. at $45 a share. He closed the position when SMT was trading at $35 a share. While he held the short position, a dividend was paid by SMT of $1.50 per share. What was Stephen’s profit or loss?
Student Response Value Correct Answer Feedback
A. $11,500 loss.
B. $10,000 profit.
C. $10,000 loss.
D. $8,500 profit. 100%
General Feedback: He made a $10,000 profit on the short sale (sold at $45, bought at $35, giving him a $10 profit per share for a profit of $10,000) but he would have had to pay the dividend to the owner of the shares he borrowed ($1.50 x 1000 shares - $1,500).
Score: 1/1
CSC CHAPER 10
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Your location: Home Page Course Material - 2011 CSC Modules 2011 Section III - Investment Products Module 10: Derivatives Module 10 Post-Test 2011 Module 10 Post-Test 2011 Assessments View All Submissions View Attempt
View Attempt 1 of unlimited
Title: Module 10 Post-Test 2011
Started: October 31, 2011 10:04 PM
Submitted: October 31, 2011 10:31 PM
Time spent: 00:26:52
Total score: 12/15 = 80% Total score adjusted by 0.0 Maximum possible score: 15
1.
Which of the following situations is not an example of a hedger in the futures market?
Student Response Value Correct Answer Feedback
A. A wheat farmer sells 10 wheat futures contracts for January delivery.
B. A large coffee chain buys sugar futures for August delivery.
C. A Canadian company signs a large contract to export to the U.S. and buys a Canadian dollar futures contract for the export month.
D. A doctor buys oil futures because of expected global oil shortages. 100%
General Feedback: Hedgers are corporations or individuals who deal in actual commodities or financial instruments. They buy or sell futures contracts to limit their financial losses or to protect their position. Hedgers either produce or use the commodity or financial instrument that they are hedging. The doctor is acting as a speculator, as his business does not move large amounts of oil.
Score: 1/1
2.
What is the major objective of hedgers in the futures market?
Student Response Value Correct Answer Feedback
A. To make a profit.
B. To increase the leverage potential of their portfolio.
C. To limit financial risk and losses. 100%
D. To increase their rate of return.
General Feedback: Hedgers are corporations and individuals who deal in commodities or financial instruments and buy or sell futures contracts to protect their holdings or expected holdings in the cash market. Futures are used to provide a form of insurance and to limit financial losses:
by selling contracts as a means of pre selling inventories at current market prices; or,
by buying futures contracts, thereby locking in a price on the underlying commodity they intend to own in the future.
Score: 1/1
3.
Meghan deposits the initial margin of $10,000 to her futures account to establish her long position. At the end of the first trading day, her contract gains $500 and her account is credited by that amount. Select the term that is used to refer to this activity.
Student Response Value Correct Answer Feedback
A. Hedging.
B. Open interest.
C. Valuation.
D. Marking-to-market. 100%
General Feedback: One of the important features of futures trading is the daily settlement of gains and losses. This process is known as marking-to-market. At the end of each trading day, those who are long a contract make a payment to those who are short, or vice versa, depending on the change in the price of the contract from the previous day.
Score: 1/1
4.
An investor writes one XYZ Apr 40 uncovered call for $3.40. At expiry the stock price is $50 and the writer is assigned. What is the gain or loss for the writer?
Student Response Value Correct Answer Feedback
A. Loss $660. 100%
B. Loss $340.
C. Gain $340.
D. Gain $660.
General Feedback: The call writer is exposed to the risk that the stock price will increase and he/she will be obligated to sell at the then lower strike price. In this example, the writer earned income of $3.40 × 100 shares = $340 from the call premium. At expiry, he/she will lose $10 × 100 shares = $1,000 due to the stock price increase. The call writer will have to buy 100 shares @ $50 ($5,000) and will receive only 100 × $40 ($4,000) from the call buyer. The net loss is $660 ($1,000 $340).
Score: 1/1
5.
All else being equal, which of the following call option contracts would have the highest premium?
Student Response Value Correct Answer Feedback
A. In-the-money call option contracts. 100%
B. Out-of-the money call option contracts.
C. At-the-money call option contracts.
D. It cannot be determined.
General Feedback: An in the money option has the highest premium since it already realizes the imbedded value. For example, assume that there are three nearly identical call option contracts. They all have 9 months until expiry and a time value of $2. The common trades at $10.An in the money option has a strike price of $5. Its theoretical value would be ($10 - $5) plus the $2 time value, for a total of $7.An out of the money option contract has a strike price of $15. Its theoretical value would be ($10 - $15) plus the $2 in time value for a total of $2.An at the money option has a strike price equal to the market value. Its theoretical value would be ($10 - $10) plus the $2 in time value for a total of $2.In actual fact, the at the money option would trade with a higher premium than the out of the money contract since the underlying security only has to move up by a small amount to increase the value of the option contract. Using the above example, a $1 increase would increase the premium by $1, whereas the out of the money contract may only increase marginally.
Score: 1/1
6.
An investor purchases an ABC Nov 50 call for $5.75 when the market price of the stock is $55. If the market price of the stock increases to $58 the next day, what will be the approximate option premium?
Student Response Value Correct Answer Feedback
A. $3.00
B. $5.75
C. $8.00
D. $8.75 100%
General Feedback: The premium will be at least equal to the $8.00 ($58-50) intrinsic value. And in addition, it will have time value of approximately $0.75. The time value was $0.75 on the purchase date and since only one day has passed, the time value should be at least $0.75.
Score: 1/1
7.
What is the primary reason that an investor would write a call?
Student Response Value Correct Answer Feedback
A. To fix a future price.
B. To acquire the underlying security.
C. As an alternative to selling the underlying security.
D. To earn additional income. 100%
Score: 1/1
8. B
Which of the following statements regarding option contracts is true?
Student Response Value Correct Answer Feedback
A. An opening transaction to buy a position results in a short position in the option.
B. All equity put and call option contracts represent 100 shares.
C. Only European-style options can be exercised prior to the expiration date.
D. Writers of OTC options are required to maintain appropriate margin in their options accounts at all times. 0%
General Feedback: An option is a contract or agreement between a buyer and seller, based on a particular asset or security, called the underlying security. The contract is based on a particular number of shares or units of the underlying security. In the case of an equity option listed on an exchange, the underlying contract size is 100 shares. An opening transaction to buy represents a long position in the option, while an opening transaction to sell represents a short position. American-style options can be exercised at any time up to expiry, while European-style options can only be exercised on expiry. Sellers (or writers) of exchange-listed options have margin requirements, while those who trade OTC (over-the-counter) typically do not have this requirement.
Score: 0/1
9. D
Which of the following statements are correct regarding futures and forwards?
i) A futures contract entails an immediate transfer of ownership of the underlying security.
ii) A forward allows the holder to make or take delivery of the underlying commodity or financial instrument, in the future, at the going price on that future date.
iii) Because of the associated risks, the margins requirements (in percentage terms) are set higher than most financial instruments.
iv) Both futures and forward contracts are derivative instruments used extensively as a risk management tool by portfolio managers and other hedgers.
Student Response Value Correct Answer Feedback
A. ii) and iii) only. 0%
B. iii) only.
C. i), ii) and iv).
D. iv) only.
General Feedback: Futures contracts are legally binding commitments to deliver or take delivery of a specified commodity or financial instrument at a specified future time and at a specified future price.
Score: 0/1
10. B
XYZ Company declares a rights offering to shareholders of record as of Friday, September 15th. Two rights are required to purchase 1 new share at a subscription price of $10. The rights offering expires on Friday, October 15th. Given the following stock prices, what would be the theoretical intrinsic value of the right during the last day of the cum rights period?
Date Price
(Actual or Expected)
Monday, Sept. 11 $15.00
Tuesday, Sept. 12 $15.50
Wednesday, Sept. 13 $15.25
Thursday, Sept. 14 $14.75
Friday, Sept. 15 $14.00
Monday, Oct. 11 $16.95
Tuesday, Oct. 12 $16.50
Wednesday, Oct. 13 $16.25
Thursday, Oct. 14 $16.75
Friday, Oct. 15 $16.00
Student Response Value Correct Answer Feedback
A. $1.67
B. $1.75 0%
C. $1.83
D. None of the above.
General Feedback: The first step is to identify the last day the share trade cum rights. Recall that shares trade ex-rights two business days prior to the record date (Friday, Sept. 15), therefore the last day in the cum rights period would be Tuesday Sept. 12, ($15.50).
To calculate the theoretical value of a right during the cum rights period:
Market price of stock minus Subscription price
Number of rights needed to subscribe for one share plus one
$15.50 - $10 = $1.83
2+1
Score: 0/1
11.
WSX Inc. has warrants outstanding. Using the following information, calculate the time value and intrinsic value of these warrants.
WSX shares are trading at $35 per share
WSX warrants are trading at $ 14 per warrant
WSX warrants allow you to buy 1 common share at $25 per share
Student Response Value Correct Answer Feedback
A. Intrinsic value is $25, time value is $0.
B. Intrinsic value is $14, time value is $10.
C. Intrinsic value is $10, time value is $4. 100%
D. Intrinsic value is $0, time value is $14.
General Feedback: Like options, warrants may have both intrinsic value and time value. Intrinsic value is the amount by which the market price of the underlying common stock exceeds the exercise price of the warrant. A warrant has no intrinsic value if the market price of the common stock is less than the exercise price. Time value is the amount by which the market price of the warrant exceeds the intrinsic value.
Score: 1/1
12.
Gregoire has $20,000 to invest. LEV Inc. is trading at $50 per share. LEV warrants are trading at $10 per warrant. He makes his purchase and the shares subsequently go up to $55. He then closes out the position. Calculate the return on his investment if he chooses to use leverage in this purchase to increase his return.
Student Response Value Correct Answer Feedback
A. 10%
B. 30%
C. 50% 100%
D. 100%
General Feedback: The main attraction of warrants is their leverage potential. The market price of a warrant is usually much lower than the price of the underlying security, and generally moves in the same direction at the same time as the price of the underlying. The capital appreciation of a warrant on a percentage basis can therefore greatly exceed that of the underlying security. Gregoire would have bought the warrants at $10. He could have bought 2,000 warrants. When the stock went up by $5.00, the warrants would have increased by $5.00 as well. He would have made a profit of 2,000 x $5 = $10,000, a 50% return. If he had bought the shares, he would have made $2,000 ((55 50)x 400)/20,000 = 10%
Score: 1/1
13.
Jose believes that the market is going to continue to fall for another 6 months. Which investment is she likely to make?
Student Response Value Correct Answer Feedback
A. She will write a call. 100%
B. She will write a put.
C. She will buy a call.
D. She will buy a future.
General Feedback: If she writes a call, and the stock price declines she will not be assigned and will be able to keep the stock and the premium. If she writes a put, and the stock price declines, she will be assigned and have to pay the higher exercise price for the stock.
Investors buy futures or forwards to profit from an expected increase in the price of the underlying asset. Jose thinks the price will fall.
Score: 1/1
14.
Shania buys one TMN Jan 25 call at a premium of $10 per share, when the underlying stock is trading at $32. Which statement is true?
Student Response Value Correct Answer Feedback
A. The call is in-the-money by $10, and has a time value of $7.
B. The call is in-the-money by $0, and has a time value of $10.
C. The call is in-the-money by $7, and has a time value of $0.
D. The call is in-the-money by $7, and has a time value of $3.00. 100%
General Feedback: A call option is in-the-money when the price of the underlying asset is higher than the strike price. If this is the case, the call option holder can exercise the right to buy the underlying asset at the strike price and then turn around and sell it at the higher market price. The call is in the money by $7 and the remainder of the premium is the time value.
Score: 1/1
15.
A client has sold an option that requires her to pay $5,000 for 100 shares of POL Inc. if she is assigned. She has set aside $5,000 in case this happens. What type of option has she sold?
Student Response Value Correct Answer Feedback
A. A naked call option.
B. A cash secured put. 100%
C. A covered call option.
D. A naked put option.
General Feedback: If the put writer had set aside an amount of cash equal to the purchase value of the stock if assigned, the strategy is known as a cash-secured put write.
Score: 1/1
最后编辑: 2011-10-31
回复: 多伦多日记
多伦多日记-2011.11.06
13:18 - 17:48 Union Station 慢跑往返 41.4公里
多伦多日记-2011.11.06
13:18 - 17:48 Union Station 慢跑往返 41.4公里
附件
-
53c5fe71gb126137f4ae2&690.jpg
最后编辑: 2011-11-07
回复: 多伦多日记
多伦多日记-2011.11.09
COLLEGE 跑步玩返 6.8公里
12:20 - 13:20; 14:33 - 15:39 700 Markham Rd 慢跑往返 22公里
截止今日CSC已经学习13日，约30小时，第一卷基本看完，早上做了CSC VOL1 EXAM模拟测试, 2小时, 正确率 82/100. 试题重复率较高。还有很多地方比较模糊,靠的是记忆不是理解。需要多看书。
时间越来越觉得无法分配.
多伦多日记-2011.11.09
COLLEGE 跑步玩返 6.8公里
12:20 - 13:20; 14:33 - 15:39 700 Markham Rd 慢跑往返 22公里
截止今日CSC已经学习13日，约30小时，第一卷基本看完，早上做了CSC VOL1 EXAM模拟测试, 2小时, 正确率 82/100. 试题重复率较高。还有很多地方比较模糊,靠的是记忆不是理解。需要多看书。
时间越来越觉得无法分配.
附件
-
run2.JPG
回复: 多伦多日记
多伦多日记-2011.11.11
11.11 COLLEGE 来回, 慢跑, 单程3.4KM, 3.4*2=6.8KM;俯卧撑 800个;仰卧起坐100个
CSC VOL1 EXAM模拟测试第二次做, 2小时, 正确率 88/100; 是否需要修改计划,将考试时间提前? 还是100%把握再考,毕竟考试费用N贵!
昨日觉得右脚指甲不适,应该是11.6日跑DOWNTOWN来回跑坏掉的. 一按,居然能听见指甲盖翕合的声音,并且很多粉红色血水流了出来. 晕, 居然指甲报废不自知,还又跑了22公里700 MARKHAM RD来回. 看来肉体对疼痛已经不敏感了.其实存在对于个体没什么意义了.
世界上的事情大体均可以通过训练来完成.
多伦多日记-2011.11.11
11.11 COLLEGE 来回, 慢跑, 单程3.4KM, 3.4*2=6.8KM;俯卧撑 800个;仰卧起坐100个
CSC VOL1 EXAM模拟测试第二次做, 2小时, 正确率 88/100; 是否需要修改计划,将考试时间提前? 还是100%把握再考,毕竟考试费用N贵!
昨日觉得右脚指甲不适,应该是11.6日跑DOWNTOWN来回跑坏掉的. 一按,居然能听见指甲盖翕合的声音,并且很多粉红色血水流了出来. 晕, 居然指甲报废不自知,还又跑了22公里700 MARKHAM RD来回. 看来肉体对疼痛已经不敏感了.其实存在对于个体没什么意义了.
世界上的事情大体均可以通过训练来完成.
回复: 多伦多日记
多伦多日记-2011.12.07
Yesterday I took the CSC VOL1 EXAM
Preparation time period: 2011.10.24 - 2011.12.05 about 40days and 60 hours
It's not difficult
Today I got the mark
Exam Name Status Exam Date Attempt Mark
Exam 1 Passed 2011-12-06 1 74.0%
Plan to take the CSC vol 2 EXAM in Jan
EXAM MARK: 74.0%
Category: Category Score:
Common and Preferred Shares 69.2%
The Economy 85.7%
Financing and Listing Securities 71.4%
Equity Transactions 90.0%
Pricing and Trading of Fixed-Income Securities 72.7%
Corporations and their Financial Statements 50.0%
Features and Types of Fixed-Income Securities 91.7%
Derivatives 30.0%
The Canadian Investment Marketplace 86.7%
多伦多日记-2011.12.07
Yesterday I took the CSC VOL1 EXAM
Preparation time period: 2011.10.24 - 2011.12.05 about 40days and 60 hours
It's not difficult
Today I got the mark
Exam Name Status Exam Date Attempt Mark
Exam 1 Passed 2011-12-06 1 74.0%
Plan to take the CSC vol 2 EXAM in Jan
EXAM MARK: 74.0%
Category: Category Score:
Common and Preferred Shares 69.2%
The Economy 85.7%
Financing and Listing Securities 71.4%
Equity Transactions 90.0%
Pricing and Trading of Fixed-Income Securities 72.7%
Corporations and their Financial Statements 50.0%
Features and Types of Fixed-Income Securities 91.7%
Derivatives 30.0%
The Canadian Investment Marketplace 86.7%
最后编辑: 2011-12-07
回复: 多伦多日记
放假了, COLLEGE已完成一半. 计划用两到三天时间粗读CSC下册,然后制订学习计划. 拟用两到三周时间, 每天三到四个小时. 2012.1.4或2012.1.11考试.
放假了, COLLEGE已完成一半. 计划用两到三天时间粗读CSC下册,然后制订学习计划. 拟用两到三周时间, 每天三到四个小时. 2012.1.4或2012.1.11考试.
回复: 多伦多日记
多伦多日记-2011.12.23
粗读CSC下册花了五天时间, 计15章. 测试总成绩 70%. 放假在家似乎更加没有自己的时间了. 昨日预订了2012.01.11下册考试. 20天的复习时间, 计划每天三小时. 20*3=60小时.
多伦多日记-2011.12.23
粗读CSC下册花了五天时间, 计15章. 测试总成绩 70%. 放假在家似乎更加没有自己的时间了. 昨日预订了2012.01.11下册考试. 20天的复习时间, 计划每天三小时. 20*3=60小时.
回复: 多伦多日记
留印
留印
回复: 多伦多日记
CSC VOL2复习第十天, 今天做了下卷测试,正确率90%.
View Attempt 1 of unlimited
Title:Volume 2 - 2011Started
ecember 27, 2011 2:25 PMSubmittedecember 27, 2011 3:18 PMTime spent:00:52:48 Total score:90/100 = 90%
Total score adjusted by 0.0
Maximum possible score: 100
看来应该将考试日期定在2012.01.04更加合适.
不过似乎内容并没有理解多少, 题库还是题太少!
通过是王道, 平时测试啥也不是. 耐心复习
CSC VOL2复习第十天, 今天做了下卷测试,正确率90%.
View Attempt 1 of unlimited
Title:Volume 2 - 2011Started
ecember 27, 2011 2:25 PMSubmittedecember 27, 2011 3:18 PMTime spent:00:52:48 Total score:90/100 = 90%
看来应该将考试日期定在2012.01.04更加合适.
不过似乎内容并没有理解多少, 题库还是题太少!
通过是王道, 平时测试啥也不是. 耐心复习
回复: 多伦多日记
多伦多日记-2011.12.29
2012健身计划
临时计划(待调整): 购买二手哑铃杆
俯卧撑训练 单次季度目标200,半年目标500,全年目标1000,年总数365,000
创造条件争取2012再参加一次全程马拉松
多伦多日记-2011.12.29
2012健身计划
临时计划(待调整): 购买二手哑铃杆
俯卧撑训练 单次季度目标200,半年目标500,全年目标1000,年总数365,000
创造条件争取2012再参加一次全程马拉松
回复: 多伦多日记
LZ是个非常有恒心毅力的人,PF!
LZ在考CSC,请问你有相关金融背景知识吗?我也在看CSC的书,有些专业词汇非常难理解。最好有类似的中文资料先自学一下，先扫扫盲，谢谢！
LZ是个非常有恒心毅力的人,PF!
LZ在考CSC,请问你有相关金融背景知识吗?我也在看CSC的书,有些专业词汇非常难理解。最好有类似的中文资料先自学一下，先扫扫盲，谢谢！
回复: 多伦多日记
有金融工作背景(IT),无金融教育背景.个人觉得与背景无关,只要是国内接受过高等教育的,应该还是不难的. 加拿大的教育体系,比较适合自学的人.
是的,专业词汇有些不太好理解. 但多读多看多做题自然就理解了. 外事不决问google.中文书就免了吧.
有金融工作背景(IT),无金融教育背景.个人觉得与背景无关,只要是国内接受过高等教育的,应该还是不难的. 加拿大的教育体系,比较适合自学的人.
是的,专业词汇有些不太好理解. 但多读多看多做题自然就理解了. 外事不决问google.中文书就免了吧.
回复: 多伦多日记
多伦多日记-2012.01.12
Yesterday I took the CSC VOL2 EXAM
Preparation time period: 2011.12.17 - 2012.01.10 about 25days and 50 hours
It's not easy
Today I got the mark
Exam Name Status Exam Date Attempt Mark
Exam 2
Passed 2012-01-11 1 65.0%
EXAM MARK: 65.0%
Category: Category Score:
Mutual Funds 56.3%
Company Analysis 63.6%
Taxation 42.9%
Portfolio Management Process 75.0%
Working with the Institutional Client 66.7%
Segregated and Hedge Funds 60.0%
Working with the Retail Client 80.0%
Introduction to the Portfolio Approach 83.3%
Other Managed and Structured Products 50.0%
多伦多日记-2012.01.12
Yesterday I took the CSC VOL2 EXAM
Preparation time period: 2011.12.17 - 2012.01.10 about 25days and 50 hours
It's not easy
Today I got the mark
Exam Name Status Exam Date Attempt Mark
Exam 2
Passed 2012-01-11 1 65.0%
EXAM MARK: 65.0%
Category: Category Score:
Mutual Funds 56.3%
Company Analysis 63.6%
Taxation 42.9%
Portfolio Management Process 75.0%
Working with the Institutional Client 66.7%
Segregated and Hedge Funds 60.0%
Working with the Retail Client 80.0%
Introduction to the Portfolio Approach 83.3%
Other Managed and Structured Products 50.0%
回复: 多伦多日记
多伦多日记-2012.01.31
好些日子不发帖了. 周围的朋友均找到不错的专业工作了. 有点坐不住了,是否需要调整方向,随行就市, 再入IT? 明日开始发简历! IT? 金融? 会计?
多伦多日记-2012.01.31
好些日子不发帖了. 周围的朋友均找到不错的专业工作了. 有点坐不住了,是否需要调整方向,随行就市, 再入IT? 明日开始发简历! IT? 金融? 会计?
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