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1) Which of the following is incorrect? Commercial banks do have to worry about the liquidity of their assets The life insurance companies' major holdings are corporate bonds & stocks liquidity is concerned with relative ease, speed & transaction cost of an asset the shareholders can write checks against their holdings in a mutual fund e) money market mutual funds can purchase money market instruments & act to some extent like a depository institution 2) If the interest rate on a 2-year security is 8% & on a 2-year security one year from now is 6%, with 7% 1-year interest 2 years from now then current year rate is...... ...% 2x8 - (2x6-7) b) 2x8 - (3x6-7) c) 2x8 - (4x6-7) d) 2x8 - (5x6-7) e) 2x8 - (6x6-7) 3) Which of the following is correct? a) T-bills are money market, discounted, risk free & book entry security b) T-bills are discounted, default free bearer instrument the interest rate on a municipal bond is high as they are tax-exempted repos are short-term debt instrument in which T-bills serve as collateral commercial papers are book-entry securities, issued by large firms & secured by a backup line of credit Which of the following is incorrect? The used-car market may be a secondary& real-asset market T-bills market may be a spot & money market Furniture market may be a primary& real-asset market d) The market where bond are traded for the first time is a secondary &capital market e) The market where commercial papers are sold by firms is primary, financial & money market RISK AND RETURN