15. The main liability on a bank balance sheet is ______.
A. deposits
B. capital and reserves
C. loans and overdrafts
D. cash
16. ______ shows that net income for a specified period of time and how it was calculated.
A. The income statement
B. The capital statement
C. The accounting statement
D. The statement of financial condition
17. Why must the liabilities and assets of a bank be actively managed? ______.
A. Because assets and liabilities are not evenly matched on the same time scale
B. Because assets and liabilities are evenly matched
C. Because the interbank market uses LIBOR
D. Because assets and liabilities can be underwritten
18. If the expected returns of two risky assets have a perfect negative correlation, then risk .
A. is increased
B. falls to zero
C. is unaffected
D. is reduced by one-half
19. A possible disadvantage of freely fluctuating exchange rates with no official intervention is that .
A. some nations would experience continual deficits
B. the exchange rates may experience wide and frequent fluctuations
C. nations would no longer be able to undertake domestic policies designed to achieve and maintain full employment
D. nations would need a larger supply of international reserves than otherwise
20. What are your GBP/USD position and the average rate if you sell ￡4m at 1.6350 buy ￡5m at 1.6340 and sell $5m at 1.6348?
A. Short ￡2 058 478.10 long $3 370 000 at 1.6371
B. Long ￡5 941 521.90 short $9710 000 at 1.6342
C. Short ￡5 941 521.90 long $9 710 000 at 1.6342
D. Long ￡4 058 478.10 short $6 630 000 at 1.6336
21. A correlation coefficient of +1.0 means two stocks are ______.
A. perfectly negatively correlated
B. opposite the market beta
C. equal to the market beta
D. perfectly positively correlated
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