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RSM336 Midterm with solution
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RSM336 Midterm with solution
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Sort Number (will be provided when you sign in) _________Rotman Commerce
University of Toronto
RSM 336 H1F – Mid-Term Exam
October 10, 2019
Instructors: Dana Boyko
Maureen Stapleton
Instructions:
Please fill out your name and student number on the top of this page and on the Scantron. The sort number will be
provided to you when you sign in on the attendance sheet.
Please do not open this exam paper until you are instructed to do so.
You have 90 minutes for this exam.
Part A: Complete your Scantron and use it to answer Part A of this exam.
Part B: Answer on this paper in the space provided.
Formulas: Selected formulas are presented on the last page of this exam paper.
All cell phones and portable electronic devices must be turned off.
This is a closed book exam. A formula sheet is attached to the back of this exam.
Non-programmable calculators are permitted.
For the short answer questions, show the main points used to obtain your answer. Keep your answers brief and to
the point. Write clearly and legibly; you may not get the marks you deserve if we cannot read your handwriting.
Points allotted to each question are indicated. There are 100 points in total.
LAST (Family) NAME: _____________________________________
FIRST (Given) NAME: ______________________________________
STUDENT NUMBER: _______________________________________
PLEASE check that you have filled in your SCANTRON sheet correctly in PENCIL:
Write in and bubble your student ID number (one entry per column) as well as your Last Name and Initials.
Hyphenated last names should be bubbled in without spaces or dashes.
Do not make any marks outside the shaded area.
This exam paper has 15 PAGES including this cover page.
PLEASE ENSURE THAT YOU HAVE PUT YOUR NAME AND STUDENT NUMBER ON
BOTH THE SCANTRON AND THIS BOOKLET
,Question Total Marks
Marks Received
MCQ 70
Q1 5
Q2 4
Q3 a 3
Q3 b 2
Q3 c 4
Q4 a 5
Q4 b 2
Q4 c 5
100
2
, Part A: MULTIPLE CHOICE QUESTIONS: (Total of 70 marks).
Please answer in pencil on the Scantron sheet.
Each of Questions 1 through 28 is worth 2.5 marks and has only one correct answer.
1. Why are yields on commercial paper and Bankers Acceptances higher than on Treasury bills?
I. Treasury bills carry greater default risk.
II. Treasury bills have more liquidity.
III. Treasury bills are easier to buy and sell.
A. II only
B. I, II, and III
C. II and III only
D. I and III only
E. I only
2. Which of the following statements about Exchange-Traded Funds is true?
A. The number of ETF shares outstanding is determined at the time the ETF is created and does
not change over time.
B. Best practice in trading ETFs is to use a market order.
C. The primary determinant of liquidity of an ETF is the liquidity of the underlying
market.
D. ETFs typically have higher expense ratios than mutual funds.
E. ETFs typically trade at a large discount or premium to Net Asset Value (NAV).
3. Which of the following activities is consistent with a top down investing approach?
A. Forecasting macroeconomic trends
B. Analysing the strength of a firm’s balance sheet
C. Identifying the outlook for the firm’s industry
D. Assessing a company’s ability to pay its dividend
E. Comparing a firm’s sales to those of its competitors
4. Which of the following statements is NOT true?
A. The S&P/TSX Index has a high concentration of stocks in the financial services sector.
B. The performance of a country’s stock market can be affected by local factors, such as Brexit.
C. The US stock market accounts for more than 40% of world stock market capitalization.
D. Canadian municipal bonds have favourable treatment for taxable investors.
E. Commercial paper and bankers’ acceptances are two types of money market securities.
3
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