对外经济贸易大学国际商学院 国际财务管理 平时测验 d.All of the above are factors in determining equilibrium exchange rates. 9.Which of the following hedging strategies result in certain receipts of cash flows? a.unhedged position;forward hedge b. forward hedge;money market hedge C. money market hedge:call option d forward hedge;put option 10.Generally speaking,a money market hedge is generally the first choice of corporate managers for foreign currency exchange exposure. a.True b.False 11.Hedging,or reducing risk,is the same as adding value or return to the firm. a.True b.False 12.Assuming no transaction costs (i.e.,hedging is"free"),hedging currency exposures should the variability of expected cash flows to a firm and at the same time,the expected value of the cash flows should a. increase;not change b. decrease;not change c. not change;increase d.not change;not change 13. exposure may result from a firm having a payable in a foreign currency. a. Transaction b. Accounting c. Operating d None of the above 14.A hedge allows Plains States to enjoy the benefits of a favorable change in exchange rates for their Euro receivables contract while protecting the firm from unfavorable exchange rate changes a. forward b. call option C. put option d.money market 15.If Plains States purchased the put option,and the option expires in six months on the same day that Plains States receives the e1,250,000,the firm will exercise the put at that time if the spot rate is $.91/e a.True b.False 16.What type of international risk exposure is measures the change in present value of a firm resulting from changes in future operating cash flows caused by any unexpected change in exchange rates? a. Transaction exposure. b. Accounting exposure C. Operating exposure. d.Translation exposure 17.The goal of operating exposure analysis is to identify strategic operating techniques the firm might adopt to enhance value in the face of unanticipated exchange rate changes. a.True b.False 18 exposure is far more important for the long-run health of a business than changes caused by_ or exposure a.Operating;translation,transaction b.Transaction;operating,translation c.Accounting;translation,transaction -2对外经济贸易大学国际商学院 国际财务管理 平时测验 d. All of the above are factors in determining equilibrium exchange rates. 9. Which of the following hedging strategies result in certain receipts of cash flows? a. unhedged position; forward hedge b. forward hedge; money market hedge c. money market hedge; call option d. forward hedge; put option 10. Generally speaking, a money market hedge is generally the first choice of corporate managers for foreign currency exchange exposure. a. True b. False 11. Hedging, or reducing risk, is the same as adding value or return to the firm. a. True b.False 12. Assuming no transaction costs (i.e., hedging is “free”), hedging currency exposures should __________ the variability of expected cash flows to a firm and at the same time, the expected value of the cash flows should _________. a. increase; not change b. decrease; not change c. not change; increase d. not change; not change 13. ___________ exposure may result from a firm having a payable in a foreign currency. a. Transaction b. Accounting c. Operating d. None of the above 14. A _________ hedge allows Plains States to enjoy the benefits of a favorable change in exchange rates for their Euro receivables contract while protecting the firm from unfavorable exchange rate changes. a. forward b. call option c. put option d. money market 15. If Plains States purchased the put option, and the option expires in six months on the same day that Plains States receives the €1,250,000, the firm will exercise the put at that time if the spot rate is $.91/€. a. True b. False 16. What type of international risk exposure is measures the change in present value of a firm resulting from changes in future operating cash flows caused by any unexpected change in exchange rates? a. Transaction exposure. b. Accounting exposure. c. Operating exposure. d. Translation exposure. 17. The goal of operating exposure analysis is to identify strategic operating techniques the firm might adopt to enhance value in the face of unanticipated exchange rate changes. a. True b. False 18. _____________ exposure is far more important for the long-run health of a business than changes caused by ___________ or ____________ exposure. a. Operating; translation, transaction b. Transaction; operating, translation c.Accounting; translation, transaction - 2 -