Investment Management
Practice Questions
Course Introduction
Investment Management explores the principles, strategies, and tools necessary for effectively managing investment portfolios in both individual and institutional contexts. The course covers core topics such as asset allocation, risk assessment, portfolio theory, security analysis, and performance evaluation. Students will gain a comprehensive understanding of different asset classes, including equities, fixed income, and alternative investments, and learn how economic and financial factors impact market behavior. Through case studies and practical exercises, students develop skills in constructing diversified portfolios, assessing investor objectives, and implementing ethical and professional standards within the investment management industry.
Recommended Textbook Fundamentals of Investment Management 9th Edition by Geoffrey A. Hirt
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Page 2
Chapter 1: The Investment Setting
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Q1) Common stock represents a direct equity claim.
A)True
B)False
Answer: True
Q2) Assume the real return in the economy is 5.0 percent.It is anticipated that the consumer price index will go from 340 to 363.8.Shares of common stock for the market in general are assumed to have a required rate of return 1/4th higher than the risk-free rate.Compute the required return on common stock.
Answer: Inflation rate = 363.8 - 340 340 = 23.8/340 = .07 or 7.0% Risk free rate Rf= (1 + .05) (1 + .07)- 1 = 1.1235 - 1 = .1235 or 12.35% or Rf= 5.0% + 7.0% = 12.0% Risk Premium = (1.25) (Risk free rate)- (Risk free rate)= (1.25) (12.35)- 12.35% = 15.4375% - 12.35% = .030875 or 3.1% Required Rate of Return = (1.05) (1.07) (1.031)- 1 on common stock = 1.1583 - 1 = .1583 or 15.83%
Q3) In the financial world,risk is defined as variability of returns.
A)True
B)False
Answer: True
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Chapter 2: Security Markets: Present and Future
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Q1) All markets must have a physical central trading location.
A)True
B)False Answer: False
Q2) A shelf registration enables an investment banker to sell a small portion of an issue without forming a syndicate.
A)True
B)False Answer: True
Q3) International competition from world markets has had very little affect on U.S.exchanges.
A)True
B)False Answer: False
Q4) The advent of the regional exchange in 1975 improved market efficiency and price competition between exchanges.
A)True
B)False Answer: False
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Chapter 3: Participating in the Market
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Q1) If a stock is sold short,the equity in the investor's account will go up if the stock
A)Price goes down
B)Price goes up
C)Is split 2 for 1
D)A and c
Answer: A
Q2) Commissions charged by stock brokers tend to vary among different classes of brokers.
A)True
B)False Answer: True
Q3) Online brokers have become popular because
A)They offer discounts on stock research reports
B)Their commissions are lower than full-service or discount brokers
C)They specialize in the stock of low priced securities
D)Only online brokers can service self-directed individual retirement accounts
Answer: B
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Chapter 4: Sources of Investment Information
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Q1) You can find the same economic data on any of the 12 Federal Reserve Bank's Internet Site.
A)True
B)False
Q2) Which of the following is a characteristic of Standard & Poor's Corporation Reports?
A)More detailed information than the stock guide
B)Grouped into volumes based on the exchange on which the company's stock is listed
C)Each company is updated quarterly on earnings,dividends and other relevant information
D)All of the above
Q3) Which of the following statements about Value Line Investment Survey is NOT ?
A)It is generally less comprehensive than Standard & Poor's and Moody's Manuals
B)Companies are evaluated based on historical relationships and regression analysis,and not on human judgment
C)Companies are listed by industry within one of thirteen sections
D)All stocks are rated one through five with one being the highest
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Chapter 5: Economic and Industry Analysis
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Q1) If the Fed buys securities,the money supply goes down,along with interest rates.
A)True
B)False
Q2) Which of the following statements is ?
A)Its open-market activity is believed by many to be an excellent indicator of the Federal Reserve's attitude toward the economy
B)Money market funds and consumer behavior restrict the ability of the Federal Reserve to control the money supply
C)In the early 1980s the Federal Reserve reversed its historical policy by emphasizing the growth of the money supply rather than only influencing interest rates
D)All of the above are true
Q3) The Federal Reserve Board of Governors controls money supply and interest rates through its monetary policy.
A)True
B)False
Q4) Subjective beliefs and judgments are usually eliminated from economic forecasts.
A)True
B)False
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Chapter 6: Industry Analysis
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Q1) Which of the following statements is ?
A)Industry life cycles measure the growth path of an industry through 5 stages
B)Industry life cycles predict an industry's sensitivity to the economy
C)The industry life cycle curve is graphed so that the steeper the slope of the line,the faster the growth rate of the industry
D)The particular phase of the life cycle of an industry determines the growth of earnings,dividends,capital expenditures,and market demand for products
E)The five stages of the industry life cycle are development,growth,expansion,maturity,and decline
Q2) When we regress grocery store sales against GDP data,we find a high correlation between the two and a cyclical trend-line of grocery sales around the least squares trendline.
A)True B)False
Q3) Dividend payout ratios in declining industries can often reach 100 percent of earnings.
A)True
B)False
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Chapter 7: Valuation of the Individual Firm
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Q1) The P/E ratio approach to stock valuation is based on
A)A yearly range of historical P/E ratios resulting in an average expected P/E,an earnings forecast derived from expected growth rates in earnings,and the stock's current P/E
B)The average yearly P/E ratio relative to the market,a yearly range of P/E ratios,and earnings based on an assumed constant growth rate
C)An increasing yearly range of P/E ratios and an earnings forecast based on the EPS of previous years
D)The current P/E ratio compared to the P/E ratio of some market index.
Q2) The best time period for use in the combined earnings and dividend valuation model is
A)2 years
B)5 years
C)10 years
D)Any time period is acceptable
Q3) Firms with highly liquid cash positions may be attractive merger candidates mainly because their cash can be used to pay dividends.
A)True
B)False
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Chapter 8: Financial Statement Analysis
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Q1) Which of the following is a good example of changes in accounting principles?
A)A change in earnings per share due to an increase in the number of shares of common stock
B)A change in income due to a change for post retirement benefits
C)A change in earnings before taxes because of a change in internal rates on debt
D)None of the above
Q2) Regardless of the method of presentation in the financial statements,the analyst should eliminate the effect of extraordinary gains and losses in projecting data into the future.
A)True
B)False
Q3) The Beaver and Altman bankruptcy studies found that firms can survive at least two years once they declare bankruptcy.
A)True
B)False
Q4) The after-tax profit margin represents operating income divided by sales.
A)True
B)False
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Page 10
Chapter 9: A Basic View of Technical Analysis and Market
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Q1) While the Dow Jones Industrial Average may be weighted toward large firms,a(n)__________ indicator may be used to examine all stocks on an exchange.
A)Key
B)Contrary opinion
C)Breadth of the market
D)More than one of the above
Q2) Smart money rules or approaches to the market include
A)Short sales by specialists
B)The put-call ratio
C)Investment Advisory recommendations
D)The odd-lot theory
Q3) The ideas that stock prices tend to move in trends that persist for long periods and that these trends can be detected in charts are basic assumptions of fundamental analysis.
A)True
B)False
Q4) Technical analysis assumes that many chart patterns tend to repeat themselves.
A)True
B)False
11
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Chapter 10: Investment in Special Situations and Anomalies
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Q1) Besides management and prior performance,what primary factors should be considered by the investor in a new issue?
A)The intended use of funds from the issue
B)Expected stock price in the secondary market
C)The investment banker handling the distribution
D)More than one of the above
Q2) One reason a firm may repurchase its own shares is
A)Management views the firm's future prospects to be bright
B)To go public
C)To qualify for an exchange listing
D)To adhere to SEC requirements on number of shares outstanding
Q3) The strong form of the efficient market hypothesis suggests that only insiders are able to show superior risk-adjusted returns.
A)True
B)False
Q4) The study by Barry and Jennings of new stock issues indicates that 90 percent of the gain occurs in the opening transaction.
A)True
B)False
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Chapter 11: Bond and Fixed Income Fundamentals
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Q1) The IRS taxes zero coupon bonds as if interest were paid semiannually even though no cash flow is received until maturity.
A)True
B)False
Q2) An important feature of the GNMA pass-through certificate is that there is no principal balance at maturity.
A)True
B)False
Q3) For the major bond rating agencies,the lowest level of an investment grade bond is
A)AA (investment grade includes AAA and AA)
B)A (investment grade includes AAA,AA and A)
C)BBB (investment grade includes AAA,AA,A,and BBB)
D)B (investment grade includes AAA,AA,A,BBB,BB and B)
Q4) 73 Assume a $1,000 Treasury bill is quoted to pay 9.5 percent interest over a six month period.
a)How much interest would an investor receive?
b)What will be the price of the Treasury bill?
c)What will be the rate of return?
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Page 13
Chapter 12: Principles of Bond Valuation and Investment
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Q1) Interest rate changes affect low quality issues to a greater degree than high quality issues.
A)True
B)False
Q2) The investor in deep-discount bonds generally accepts a lower yield because of
A)The unique conversion feature associated with deep-discount bonds
B)The extremely low risk of a call
C)The fact that the return represents pure interest income
D)More than one of the above
Q3) Deep discount bonds reflect questionable quality.
A)True
B)False
Q4) Bond investors tend to place less emphasis on independent analysis of quality than do common stock investors.
A)True
B)False
Q5) Current yield is the annual interest divided by the price of the bond.
A)True
B)False
Q6) What would be the current yield of a 6 percent coupon bond priced at $950?
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Chapter 13: Duration and Reinvestment Concepts
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Q1) Duration is:
A)Always longer than maturity
B)Always the same as maturity
C)Normally shorter than maturity
D)Always shorter than maturity
Q2) In general,duration is the number of years,on a future-value basis,that it takes to recover an initial investment in a bond.
A)True
B)False
Q3) High coupon bonds will usually have higher durations than low coupon bonds of the same maturity.
A)True
B)False
Q4) Under terminal wealth analysis,the greater the period to maturity
A)The greater the shift in interest rates
B)The greater the effect of a decrease in interest rates
C)The greater the effect of any shift in interest rates
D)None of the above
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15
Chapter 14: Convertible Securities and Warrants
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Q1) Which of the following is NOT a characteristic of a warrant?
A)It is a option to buy a specified number of shares of stock at a given price over a given period of time
B)It represents a cash inflow to the issuing company when exercised
C)When exercised,it replaces debt on the balance sheet
D)It allows the bond to carry a lower coupon rate
Q2) Corporations may use warrants for the following reason(s):
A)To issue debt under normal circumstances
B)To use as an 'add-on' in a merger or acquisition agreement
C)To lower the cost of the bonds to the corporation
D)None of the above
Q3) Conversion value represents the total value of the underlying shares of common stock into which the security may be converted.
A)True
B)False
Q4) The premium of warrants tends to decrease as the stock price rises.
A)True
B)False
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16
Chapter 15: Put and Call Options
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Q1) An Arthur Corp.25 put option is selling for $3 when the stock is trading at $22
A)The intrinsic value is $3 and the speculative premium is 0
B)The intrinsic value is $3 and the speculative premium is $3
C)The time to expiration must be very close
D)A)and C)
Q2) An investor who wishes to take advantage of a current stock price,but does not expect to have cash available until a specific date in the future,would probably use the _________ strategy to invest in options.
A)Hedging
B)Leverage
C)Guaranteed price
D)None of the above
Q3) The longer the time to expiration the higher the speculative premium per day. A)True
B)False
Q4) The intrinsic value of an option is solely a function of market price and strike price,without any consideration of risk,dividend yield,leverage,or any other factor.
A)True
B)False
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Chapter 16: Commodities and Financial Futures
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Q1) You,a farmer,anticipate taking 80,000 bushels of soybeans to the market in three months.The current cash price for soybeans is $5.85.The size of the futures contract is 5,000 bushels per contract and the current three-month futures price is $5.88.You decide to hedge one-half of your exposure to a drop in the value of soybeans.Assume that in three months,when you take the soybeans to market,you close out the futures contracts and the price has fallen to $5.80.How much did this hedge in the futures market generate in gains?
A)$2,400
B)$2,000
C)$6,400
D)$4,000
E)$3,200
Q2) Interest rate swaps are __________ structured than futures and options contracts.
A)Usually less
B)Usually more
C)Always more
D)Never less
Q3) If a $100,000 treasury bond futures contract changes by 15/32,what is the dollar change?
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Chapter 17: Stock Index Futures and Options
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Q1) If you have a put option on a stock index you hope the market will:
A)Go up
B)Go down
C)Remain unchanged
D)None of the above
Q2) Value Line future contracts tread on the Kansas City Board of trade.
A)True
B)False
Q3) With stock options and stock index options an investor's maximum loss is her premium on the contract.
A)True
B)False
Q4) Stock index options tend to be more highly speculative than stock index futures.
A)True
B)False
Q5) One of the major uses of a stock index future is the ability:
A)To use it to hedge
B)To make an unlimited amount of money
C)To increase risk
D)All of the above
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Chapter 18: Mutual Funds
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Q1) Which of the following shareholder services is a taxable event
A)Safekeeping
B)Automatic reinvestment
C)Pre-authorized check plan
D)Exchange privilege
Q2) Mutual funds have several disadvantages.Which of the following would apply?
A)Diversification of assets reduces risk
B)Mutual funds allow an investor to choose an international portfolio with high risk
C)Mutual funds on average do not outperform the market
D)No-load funds minimize transaction costs
Q3) Exchange Traded Funds offer the investor many advantages over open-end and closed-end mutual funds.Which of the following are comparative advantages?
A)There are global and international funds to choose
B)There are over 80 broad based domestic equity index funds
C)They are bought and sold like common stocks
D)All of the above are comparative advantages
Q4) Load mutual funds outperform no-load funds.
A)True
B)False
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Chapter 19: International Securities Markets
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Q1) One possible way of achieving international diversification in a portfolio is to invest in foreign firms which trade on United States markets or through ADRs.
A)True
B)False
Q2) Developed countries' stock market returns have correlations to the U.S.market that A)Are stable over the years
B)Seem to maintain their relative rank order to each other compared to the U.S. C)Are consistently correlated to the U.S.markets at less than 1.00
D)As a group has seen their correlation decline over the last 42 years
Q3) By combining foreign securities with domestic securities,investors increase their portfolio risk because foreign securities are more volatile than United States securities.
A)True
B)False
Q4) Correlations between U.S.returns and foreign stock returns appear to remain fairly stable from period to period.
A)True
B)False
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21
Chapter 20: Investment in Real Assets
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Q1) Compared to other investments,which of the following is not a disadvantage of investing in real assets?
A)The initial amount of money is usually large
B)The absence of a relatively efficient,liquid market
C)High transaction and incidental costs
D)All of the above are disadvantages
Q2) In evaluating a general partner of a limited partnership an investor should be sensitive to his or her
A)Experience
B)Possible lawsuits
C)Law degree
D)A and B
Q3) Real assets in comparison to financial assets are more likely to produce
A)Superior returns
B)High liquidity
C)Psychic pleasure
D)Deflationary benefits
Q4) Silver has more industrial and commercial uses than gold.
A)True
B)False
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Chapter 21: A Basic Look at Portfolio Management and Capital Market Theory
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Q1) The Security Market Line shows the risk-return trade-off for an individual security.
A)True
B)False
Q2) The capital market line (CML)as defined by the capital asset pricing model is characterized by all of the following except
A)A straight line tangent to the efficient frontier
B)A straight line which includes the rate of return on a risk free asset
C)A point on the efficient frontier above which higher returns can be generated by borrowing funds without assuming more risk
D)All of the above are characteristics of the capital market line
Q3) An investor is indifferent between points on a risk-return indifference curve,though not indifferent to achieving the highest curve possible.
A)True
B)False
Q4) An investment has the following range of outcomes and probabilities.
Q5) Unsystematic risk cannot be diversified away.
A)True
B)False
23
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Chapter 22: Measuring Risks and Returns of Portfolio Managers
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Q1) The Brinson,Hood and Beebower (BHB)study indicted that asset managers are more likely to lose their jobs because of poor _____________ rather than poor __________.
A)Asset allocation; stock selection
B)Stock selection; asset allocation
C)Customer relations; performance
D)Performance; customer relations
Q2) To achieve effective diversification,a fund must have 80 to 100 different securities. A)True
B)False
Q3) Using the Jensen approach to portfolio valuation rank the three portfolios.The market rate of return (Km)is 12 percent.
Q4) The relationship between excess returns and the portfolio beta is represented by the market line. A)True
B)False
Q5) In general,the best portfolio managers are those who earn the highest returns. A)True B)False
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Chapter 23: Sustainable Growth Model
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Q1) A firm had earnings per share of $3.25 for the year.The book value per share at the beginning of the year was $13.What was the firm's return on equity for the year?
A)25%
B)20%
C)42.25%
D)75%
E)40%
Q2) The sustainable growth model is appropriate for firms that exhibit a constant pattern of growth and reinvestment.
A)True
B)False
Q3) Based on the sustainable growth model,a decrease in the dividend payout ratio (1the retention ratio)will increase the growth in earnings per share in the future. A)True
B)False
Q4) The sustainable growth model is appropriate for highly cyclical firms. A)True
B)False
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Chapter 24: a Black Scholes Option Pricing Model
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Q1) The Black and Scholes option pricing model makes an assumption that markets have no taxes or transactions costs.
A)True
B)False
Q2) The Black and Scholes option pricing model makes an assumption that the option could be exercised before maturity.
A)True
B)False
Q3) The Black and Scholes option pricing model makes an assumption that stock prices are lognormally distributed with a constant variance for the underlying returns.
A)True
B)False
Q4) The Black and Scholes option pricing model makes an assumption that the option could only be exercised at maturity.
A)True
B)False
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Chapter 26: A Comprehensive Analysis for Real Estate
Investment Decisions
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Q1) An apartment complex has net operating income of $15,000,depreciation of $8,000,and interest expense of $13,000.The tax rate is 30 percent.
(a)What is taxable income or loss?
(b)what is the tax shield benefit or tax owed?
Q2) A duplex was purchases for $120,000 and depreciation of $3,300 has been taken for the last seven years.The net proceeds from the sale of the property is $135,000.
(a)Assuming the property qualifies for capital gains treatment at a 15% rate,what is the tax owed?
(b)What are the net funds from the sale?
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Chapter 25: Unit Investment Trusts Uits
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Q1) Unit investment trusts have all of the following features except
A)They usually invest in tax-exempt municipals
B)Stipulated end to the life of the fund
C)Little interest rate risk
D)Actively trading the bonds in the portfolio
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Chapter 27: The Makeup of Institutional Investors
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Q1) The largest category of institutional investor's are:
A)Foundations
B)Personal trusts
C)Mutual savings banks
D)Pension funds
Q2) Foundations represent profitable organizations set up to accomplish social,educational,or charitable purposes.
A)True
B)False
Q3) Which of the following are NOT examples of institutional investors?
A)Mutual funds and pension funds
B)Insurance companies
C)Commercial Banks
D)All of the above are institutional investors
Q4) Organizations responsible for bringing together large pools of capital for purposes of reinvestment are called:
A)Individual investors
B)Institutional investors
C)Social security clubs
D)B and C
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