2. Which is the most accurate statement regarding the demand for money? A. Precautionary money demand is directly related to GDP. B. Transactions money demand is inversely related to returns on bonds. C. Speculative demand is inversely related to the perceived risk of other assets. 这个知识点好像没有在基础班里面提及过，NOTE上也没有，考试需要掌握吗？

为什么coupon payment会上升呢？无违约风险利率上升的话，折现率上升，coupon payment不是应该下降么？

10.单选题 收藏 标记 纠错 A swap that involves the exchange of a fixed payment for a floating payment is most likely equivalent to a series of: A forward contracts that all have an initial positive value. B forward contracts that all have an initial value equal to the fixed payment. C forward contracts that have initial positive or negative value. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：36% Swap 难度：一般 推荐：      答案解析 Since the cost of carrying an asset over different time periods will vary, the values of the implicit forward contracts embedded in the swap will not be equal. Some maybe positive and some maybe negative. 问：固定 浮动利率互换虽然不考定量，但是感觉这样比定量题还难，对于这种题没有切入点，请问怎么办

09.单选题 收藏 标记 纠错 The party making the fixed-rate payment under a swap contract may also have to make the variable payment on that contract if the swap is belonged to: A currency swap. B interest rate swap. C equity swap. 查看解析 上一题 下一题 正确答案C 您的答案B本题平均正确率：25% Swap 难度：一般 推荐：      答案解析 If the value of the index on which the swap is based declines, the resulting negative return would have to be paid by the party making the fixed-rate payment. This characteristic is one of the distinguishing features of equity swaps. 问:老师 股票互换和货币互换 基础课里没有讲，这块要不要 自己找资料研究，还是考试比例很小？

The internal rate of return method assumes that the cash flows from a project are reinvested at the project's IRR 可以解释下这句话吗？？

这道题是问第一年的EP，所以用Asset的200000，如果是问第二年的EP，应该怎么算

老师能再解释一下这个汇率转换嘛，例子一开始为什么PV支=1000就相当于1块钱本金会获得1000块钱现值啊？

35.单选题 收藏 标记 纠错 In an investment policy statement (IPS), which of the following typical topics is most closely related to the client's "distinctive needs"? A Procedures. B Investment Guidelines. C Statement of Duties and Responsibilities 老师，讲解下这个题，麻烦

老师，为什么incentive fees不是等于（90-75-90*2%）*20%呢

02.单选题 已收藏 标记 纠错 Consider a U.S. investor who has a portfolio of Australian government bonds that are denominated in Australian dollars. Why would the investor wish to enter into a swap contract? As the Australian: A dollar increases in value, the interest payments from the Australian bonds translate into fewer U.S. dollars. B interest rate decreases, the value of the Australian bonds decreases. C dollar decreases in value, the interest payments from the Australian bonds translate into fewer U.S. Dollars. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：54% Swap 难度：一般 推荐：      答案解析 As the Australian dollar decreases in value, the interest payments from the bond (and perhaps the bond’s face value if the bond is at maturity), translate into fewer U.S. dollars, which reduces the interest earned on the Australian bonds. 问：这题C的逻辑是在说什么？我持有的是澳币的资产，不是应该担心澳币下跌给我带来损失吗，所以签了这份协议。所以签完之后应该是 澳币下跌，我会有好处吧，但是C说的是收到的利息更少了，好像不对吧