Sunteți pe pagina 1din 21

PA

PE
R

6$03/(3$3(5

SA

PL
E

,17(51$7,21$/,1752'8&7,21726(&85,7,(6 
,19(670(17

7,0($//2:(' +285

1RFRS\LQJRIDQ\SDUWRIWKLVSDSHULVSHUPLWWHGZLWKRXWWKHSULRU
ZULWWHQDXWKRULW\RIWKH&KDUWHUHG,QVWLWXWHIRU6HFXULWLHV ,QYHVWPHQW

&KDUWHUHG,QVWLWXWHIRU6HFXULWLHV ,QYHVWPHQW

+RZWRXVHWKLVVDPSOHSDSHU
7KHVHTXHVWLRQVVKRXOGEHDQVZHUHGLQDQKRXULQWKHUHDOH[DPVRPDNHVXUH\RXWLPH
\RXUVHOIDFFXUDWHO\
5HFRUG\RXUDQVZHUIRUHDFKTXHVWLRQE\FLUFOLQJ\RXUVHOHFWHGDQVZHU
:KHQ\RXKDYHILQLVKHGWKHWHVW\RXPD\FKHFN\RXUDQVZHUVDJDLQVWWKH$QVZHU6KHHW
DWWKHEDFNRIWKLVSDSHU






3DVVZLWK0HULW
3DVV
0DUJLQDO)DLO
)DLO

PA
PE
R

7KHH[DPLVVFRUHGDVIROORZV

SA

PL
E

)RUWKRVHTXHVWLRQV\RXDQVZHUHGLQFRUUHFWO\WKHDQVZHUVKHHWZLOOVKRZ\RXWKH
FRUUHVSRQGLQJV\OODEXVHOHPHQWVXEHOHPHQWDQGOHDUQLQJREMHFWLYHDJDLQVWZKLFKWKH
TXHVWLRQVZHUHZULWWHQVR\RXFDQLGHQWLI\DQ\V\OODEXVDUHDVZKHUH\RXPD\QHHGWR
UHYLVHIXUWKHU

International Introduction to Securities and Investment

%

:DUUDQWV

&

2UGLQDU\VKDUHV

'

(XURERQGV

6WRFNPDUNHWLQGLFHVIRUPWKHEDVLVRI
$

WUDFNHUSURGXFWV

%

ZDUUDQWLVVXHV

&

7UHDVXU\%LOOV

'

DFWLYHIXQGV

PA
PE
R

3UHIHUHQFHVKDUHV

PL
E



$

:KDWGRHVWKHVHOOHURIDQRSWLRQQRUPDOO\DFTXLUH"



:KLFKRIWKHIROORZLQJQRUPDOO\KDYHYRWLQJULJKWVDWWULEXWHGWRWKHPDWWKHWLPHRI
LVVXH"

$ 7KHULJKWWREX\DQDVVHWLQWKHIXWXUH
%
&
'

SA



7KHULJKWWRVHOODQDVVHWLQWKHIXWXUH
$QLPPHGLDWHSUHPLXP

$SUHPLXPDWDVSHFLILFIXWXUHGDWH

International Introduction to Securities and Investment

%

,WLVDQLQYHVWPHQWVFKHPHZKHUHE\LQGLYLGXDOVEX\VKDUHVWKURXJKDPDQDJHU

&

,WLVDWUXVWPDQDJHGIRUDQLQGLYLGXDOLQYHVWRU

'

,WLVDOLVWHGFRPSDQ\ZKLFKLQYHVWVLQWKHVKDUHVRIRWKHUFRPSDQLHV

PA
PE
R

,WLVDQLQYHVWPHQWVFKHPHZKHUHE\LQGLYLGXDOVEX\VKDUHVWKURXJKDWUXVWHH

7KHGLIIHUHQFHEHWZHHQDOHQGHUCVTXRWHGLQWHUHVWUDWHDQGLWVHIIHFWLYHDQQXDOUDWH
1250$//<UHODWHVWRZKDWNH\IDFWRU"
$

7D[UHOLHIRQWKHLQWHUHVWSD\PHQWV

%

)UHTXHQF\ZLWKZKLFKLQWHUHVWLVOHYLHG

&

3D\PHQWSURWHFWLRQLQVXUDQFHWRFRYHULQWHUHVWGXULQJVLFNQHVV

'

'LVFRXQWVIRUPDNLQJLQWHUHVWSD\PHQWVHDUO\

PL
E



$

:KLFKRIWKHIROORZLQJLV758(RIDFRXQWU\CV*URVV'RPHVWLF3URGXFW"
$
%
&
'



:KLFKRIWKHIROORZLQJVWDWHPHQWVDERXWDQLQYHVWPHQWWUXVWLV758("

,WLQFOXGHVDOODFWLYLWLHVSURGXFHGIRUFDVKDQGDQ\RWKHUILQDQFLDOPHDQV

SA



,WFRPSULVHVDOOJRRGVDQGVHUYLFHVSURGXFHGZLWKLQWKHFRXQWU\

7KHJURZWKRI*'3FDQUHGXFHWKHTXDOLW\RIOLYLQJIRUWKHFRXQWU\CVLQKDELWDQWV
,WLQFOXGHVWKRVHDFWLYLWLHVWKDWDUHLQFRUSRUDWHGLQWRWKHEODFNHFRQRP\

International Introduction to Securities and Investment

%



&



'



PA
PE
R



7UHDVXU\%LOOVDUHFRQVLGHUHGORZULVNLQYHVWPHQWVEHFDXVH
$

WKH\DUHJRYHUQPHQWEDFNHG

%

WKH\FDQQRWIDOOLQYDOXH

&

WKH\KDYHDVKRUWOLIHVSDQ

'

WKHULVNOLHVZLWKWKHLVVXHU

PL
E



$

7KH;(75$'$;LQGH[UHODWHVWRVWRFNPDUNHWSHUIRUPDQFHLQZKLFKFRXQWU\"
$
%
&
'

,WDO\



,QDFOLHQWKROGVDQERQGZKLFKPDWXUHVLQ,WLVFXUUHQWO\WUDGLQJDW
:KDWLVWKHIODW\LHOG"

SA



*HUPDQ\

)UDQFH
6SDLQ

International Introduction to Securities and Investment

$



%



&



'



PA
PE
R

 $FOLHQWLVSODQLQJWRERUURZVRPHPRQH\$KLJKVWUHHWEDQNKDVTXRWHGDQLQWHUHVW
UDWHRIZLWKLQWHUHVWSD\DEOHKDOI\HDUO\:KDWLVWKHHIIHFWLYHDQQXDOUDWHWKDWWKH
EDQNLVTXRWLQJ"

OLTXLGLW\ULVN

%

LQVWLWXWLRQDOULVN

&

OHJDOULVN

'

V\VWHPLFULVN

$

PL
E

 &RPSDUHGWRGLUHFWSURSHUW\LQYHVWPHQW5HDO(VWDWH,QYHVWPHQW7UXVWVQRUPDOO\RIIHU
DUHGXFHGOHYHORI

$
%

SA

 $ERQGWKDWSD\VQRLQWHUHVWEXWLVLVVXHGDWDVLJQLILFDQWGLVFRXQWWRUHGHPSWLRQYDOXH
LVNQRZQDVD
FOHDQERQG
GLUW\ERQG

&

VKRUWFRXSRQERQG

'

]HURFRXSRQERQG

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJLV758(RILQVXUDQFHFRPSDQLHV"
7KH\FROOHFWWD[GHGXFWDEOHSUHPLXPVLQUHWXUQIRUFRPSHQVDWLRQLQWKHHYHQWRI
SURSHUW\ORVVRUGDPDJH

%

7KH\FROOHFWSUHPLXPVLQUHWXUQIRUFRPSHQVDWLRQLQWKHHYHQWRISURSHUW\ORVVRU
GDPDJH

&

7KH\FRPSHQVDWHSROLF\KROGHUVIRUORVVRUGDPDJHRISURSHUW\XSWRUHJXODWRU\
OLPLWV

'

7KH\FRPSHQVDWHSROLF\KROGHUVIRUORVVRUGDPDJHRISURSHUW\XSWR
*RYHUQPHQWOLPLWV

PA
PE
R

$

 :KHQDVKDUHKROGHUGHOHJDWHVWKHULJKWWRYRWHDWDQDQQXDOFRPSDQ\PHHWLQJWR
DQRWKHUSHUVRQZKLFKRIWKHIROORZLQJVWDWHPHQWVLV758("
7KHULJKWWRYRWHVKRXOGEHGHOHJDWHGWRDQHXWUDOSDUW\

%

7KHULJKWWRYRWHLVDOZD\VGHOHJDWHGWRWKHFKDLUPDQ

&

7KH\JLYHDSRZHURIDWWRUQH\

'

7KH\DSSRLQWDSUR[\

PL
E

$

$
%

SA

 +RZFDQDVPDOOUHWDLOLQYHVWRUQRUPDOO\JDLQDFFHVVWRPRQH\PDUNHWLQVWUXPHQWV"
%\GLUHFWLQYHVWPHQW
7KURXJKFROOHFWLYHLQYHVWPHQWIXQGV

&

7KURXJKWKHFHQWUDOEDQN

'

7KURXJKDFRPPHUFLDOEDQN

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJLQVWUXPHQWVLVSULQFLSDOO\GHVLJQHGWRSURWHFWWKHKROGHUDJDLQVW
DIDOOLQWKHPDUNHW"
$KHGJHIXQG

%

$XQLWWUXVW

&

$Q,6$

'

$QLQGH[WUDFNHUIXQG

PA
PE
R

$

$

/0(

%

YLUW[

&

/,))(

'

$,0

PL
E

 :KDWLVWKHPDLQH[FKDQJHIRUWUDGLQJILQDQFLDOGHULYDWLYHVLQWKH8."

%
&
'

%DQNGHSRVLWV

SA

$

 :KLFKRIWKHIROORZLQJGRHVWKH8.LQVLGHUGHDOLQJOHJLVODWLRQFRYHU"

&RPPHUFLDOSURSHUW\

(TXLWLHV
*ROG

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJLVD(XURERQG"
$ERQGLVVXHGE\WKHJRYHUQPHQWRIDPHPEHUVWDWHRIWKH(8

%

$ERQGLVVXHGLQDQ\(XURSHDQFXUUHQF\RWKHUWKDQVWHUOLQJ

&

$ERQGLVVXHGE\D86FRPSDQ\VSHFLILFDOO\IRU(XURSHDQLQYHVWRUV

'

$ERQGGHQRPLQDWHGLQDFXUUHQF\RWKHUWKDQWKDWRIWKHFRXQWU\ZKHUHWKH
LVVXHULVEDVHG

 :KDWW\SHRIERQGLVDJLOW"
)RUHLJQ FRPSDQ\LVVXHG

%

8.JRYHUQPHQW

&

8.FRPSDQ\LVVXHG

'

)RUHLJQJRYHUQPHQW

PL
E

$

PA
PE
R

$

%
&
'

&RPSOLDQFHRIILFHU

SA

$

 ,IPRQH\ODXQGHULQJLVVXVSHFWHGWRZKRPPXVWHPSOR\HHVUHSRUWWKHLUVXVSLFLRQ"

0RQH\/DXQGHULQJ5HSRUWLQJ2IILFHU

,QWHUQDODXGLWRU
1DWLRQDO&ULPH$JHQF\

International Introduction to Securities and Investment

$

7KHGHSRVLWDU\

%

7KHPDQDJHU

&

7KHXQLWKROGHUV

'

7KHWUXVWHH

PA
PE
R

 ,QDFFRUGDQFHZLWKWKHGHILQLWLRQRIDXQLWWUXVWZKRLVGHHPHGWREHWKHOHJDORZQHURI
WKHWUXVWCVXQGHUO\LQJDVVHWV"

 ,IWD[LVGHGXFWHGDWVRXUFHIURPWKHJURVVLQWHUHVWWKHDFWXDODPRXQWSD\DEOHLV
QRUPDOO\GHVFULEHGDV
QRPLQDOLQWHUHVW

%

\LHOGLQWHUHVW

&

UHDOLQWHUHVW

'

QHWLQWHUHVW

PL
E

$

$
%

SA

 7KHIXQGDPHQWDOUHDVRQDQLQVWDQWDFFHVVGHSRVLWDFFRXQWLVGHHPHGDVDIHKRPHIRU
VDYLQJVLVWKDW
WKHLQWHUHVWLVJXDUDQWHHG
WKHFDSLWDOFDQQRWGHFUHDVH

&

FDVKFDQEHZLWKGUDZQZLWKRXWSHQDOW\

'

LQWHUHVWSDLGLVIUHHRIWD[

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJPDUNHWVXVHVDTXRWHGULYHQWUDGLQJPHWKRG"
1<6((XURQH[W

%

1$6'$4

&

3DULV%RXUVH

'

'HXWVFKH%|UVH

PA
PE
R

$

 :KDWGRHVDQLQYHVWRUKDYHWKHULJKWWRGRZKHQVKHEX\VDWUDGHGFDOORSWLRQ"
7KHULJKWWRVHOODVKDUHDWDSUHGHWHUPLQHGSULFHE\DJLYHQGDWH

%

7KHULJKWWREX\DVKDUHDWDSUHGHWHUPLQHGSULFHE\DJLYHQGDWH

&

7KHULJKWWRVHOODVKDUHDWDSULFHWREHGHWHUPLQHGE\DJLYHQGDWH

'

7KHULJKWWREX\DVKDUHDWDSULFHWREHGHWHUPLQHGE\DJLYHQGDWH

PL
E

$

%
&
'

/HYHORILPSRUWWDULIIV

SA

$

 :KLFKIXQGDPHQWDOIDFWRUXVXDOO\GLFWDWHVWKHSULFHRIJRRGVDQGVHUYLFHVZLWKLQD
PDUNHWHFRQRP\"

)RUHLJQH[FKDQJHFRQWUROV

6XSSO\DQGGHPDQG
*RYHUQPHQWSROLF\

,QWURGXFWLRQWR6HFXULWLHVDQG,QYHVWPHQW

 :KHQDQLQYHVWRUEX\VEDFNWKHVDPHDPRXQWRIORQJJLOWIXWXUHVFRQWUDFWVWKDWKH
VROGHDUOLHUWKLVLVNQRZQDV
FORVLQJRXWWKHSRVLWLRQ

%

JRLQJORQJRIWKHIXWXUHV

&

RSHQLQJDQHZSRVLWLRQ

'

WDNLQJSURILW

ER

$

PA
P

 :K\PLJKWKLJKHULQWHUHVWUDWHVUHGXFHWKHOHYHORIHFRQRPLFDFWLYLW\"
([FKDQJHUDWHVPLJKWEHFRPHPRUHYRODWLOH

%

*'3OHYHOVPLJKWEHFRPHOHVVVWDEOH

&

7KHFRVWRIERUURZLQJPLJKWJRXS

&

SA
M
PL
E

$

'

$UHWXUQUHODWHGWRLQWHUHVWUDWHV

'

7KHUDWHRILQIODWLRQPLJKWIDOO

 :KLFKRIWKHIROORZLQJREMHFWLYHVGRHVDQLQYHVWRULQHTXLWLHVVHHNWRDFKLHYH"
$
%

&DSLWDOJURZWK

$ULVNIUHHUHWXUQ

$JXDUDQWHHGLQFRPH

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJVWDWHPHQWVUHJDUGLQJ([FKDQJHWUDGHGIXQGV
LQWKH8.LV758("7KH\DUH
SULFHGDWRUQHDUQHWDVVHWYDOXH

%

SULYDWHOLPLWHGFRPSDQLHV

&

WUDGHGWKURXJKDPDUNHWPDNHU

'

VXEMHFWWR8.VWDPSGXW\

PA
PE
R

$

 :KDWLVWKH35,0(UHVSRQVLELOLW\RIWKH%DQNRI(QJODQGCV0RQHWDU\3ROLF\
&RPPLWWHH"
'HWHUPLQLQJLQWHUHVWUDWHVLQDFFRUGDQFHZLWKLQIODWLRQWDUJHWV

%

,QWHUYHQLQJLQWKHPDUNHWWRLQIOXHQFHH[FKDQJHUDWHV

&

2UJDQLVLQJWKHDPRXQWRIQRWHVDQGFRLQVLQFLUFXODWLRQ

'

3UHSDULQJHFRQRPLFVWDWLVWLFVIRUWKHJRYHUQPHQW

PL
E

$

$
%

SA

 $PRUWJDJHLV%(67GHILQHGDVD
ORDQIXQGHGE\WKHLQFRPHIURPDSURSHUW\
GHEWZKLFKPDWFKHVWKHHTXLW\LQWKHSURSHUW\

&

GHEWUHSD\DEOHRQWKHVDOHRIDSURSHUW\

'

ORDQVHFXUHGRQDSURSHUW\

International Introduction to Securities and Investment

 $SRUWIROLRPDQDJHUH[SHFWVWRUHFHLYHDODUJHLQFRPLQJSD\PHQWQH[WPRQWKDQG
LQWHQGVSXUFKDVLQJDSDUWLFXODUDVVHWZLWKLW:KDWW\SHRISURGXFWFDQEHXVHGWR
RIIVHWWKHULVNWKDWWKLVDVVHWCVSULFHZLOOULVHEHIRUHWKHSXUFKDVHFDQEHPDGH"
&HUWLILFDWHRI'HSRVLW

%

&RPPHUFLDO3DSHU

&

([FKDQJH7UDGHG)XQG

'

)XWXUHV

PA
PE
R

$

$

/D\HULQJ

%

6ZLWFKLQJ

&

,QWHJUDWLRQ

'

3ODFHPHQW

PL
E

 :KLFKRIWKHIROORZLQJLV127DUHFRJQLVHGWHUPIRUWKHVWDJHVRIPRQH\ODXQGHULQJ"

%

DWZRWLHUWUDQVDFWLRQ

SA

$

 ,IDSURGXFWLVERXJKWLQ-DQXDU\EXWQRWSDLGIRUXQWLO-XQHWKLVLVJHQHUDOO\NQRZQDV

WUDQVDFWLQJDGHEW

&

SXUFKDVLQJRQFUHGLW

'

DGHIHUUDOSXUFKDVH

International Introduction to Securities and Investment

 :KLFKRIWKHIROORZLQJW\SHVRIULVNLVJHQHUDOO\FRQVLGHUHGWREHPXFKJUHDWHUIRU
SURSHUW\LQYHVWPHQWWKDQIRUHTXLW\LQYHVWPHQW"
3ULFHULVN

%

/LTXLGLW\ULVN

&

,VVXHUULVN

'

,QIODWLRQULVN

PA
PE
R

$

 :KLFKRIWKHIROORZLQJGHWHUPLQHVWKHSULFHRIVKDUHVLQLQYHVWPHQWWUXVWV"
7KHLQYHVWPHQWWUXVWIXQGPDQDJHUVHWVSULFHVGDLO\

%

7KHLQYHVWRUCVVWRFNEURNHUGHFLGHVWKHSULFHSDLGDWWKHWLPHRIH[HFXWLRQ

&

3ULFHVDUHVHWE\PDUNHWPDNHUVDQGGHSHQGRQGHPDQGDQGVXSSO\

'

7KHSULFHLVVHWDWLQFRUSRUDWLRQDQGGRHVQRWFKDQJH

PL
E

$

%

7KHQXPEHURIVKDUHVZLOOFKDQJH

SA

$

 $FDSLWDOLVDWLRQLVVXHZLOOKDYHZKLFKRIWKHIROORZLQJHIIHFWVRQDQLQYHVWRUCV
VKDUHKROGLQJ"

7KHVKDUHSULFHZLOOUHPDLQWKHVDPH

&

7KHUHZLOOEHSDUWLDOSD\PHQWRIFDSLWDO

'

7KHLQYHVWRUZLOOEHUHTXLUHGWRVHOOSDUWRIWKHLUKROGLQJ

International Introduction to Securities and Investment

$

FXVWRGLDQ

%

PDUNHWPDNHU

&

EURNHU

'

LQYHVWRU

PA
PE
R

 6DIHNHHSLQJRIVHFXULWLHVLVDIXQFWLRQEHVWGHVFULEHGDVWKDWRID

 :KLFKW\SHRIRFFXSDWLRQDOSHQVLRQVFKHPHFRQYHUWVSHQVLRQDEOHVHUYLFHLQWRD
EHQHILWUHODWHGWRSHQVLRQDEOHVDODU\DWRUQHDUUHWLUHPHQW"
&RQWUDFWHG2XW0RQH\3XUFKDVH6FKHPH

%

([HFXWLYH3HQVLRQ3ODQ

&

)LQDO6DODU\6FKHPH

'

6PDOO6HOI$GPLQLVWHUHG6FKHPH

PL
E

$

%
&
'

)76(

SA

$

 :KLFKRIWKHIROORZLQJLQGLFHVFRQWDLQVRQO\WKHODUJHVWFRPSDQLHVE\FDSLWDOLVDWLRQ
OLVWHGRQWKH/RQGRQ6WRFN([FKDQJH"

)76(

)76($OO6KDUH
)76(7HFKPDUN

International Introduction to Securities and Investment

 :KDWLVLQVLGHUGHDOLQJ"
$FULPLQDODFWLYLW\LQYROYLQJSODFHPHQWDQGOD\HULQJ

%

$FLYLORIIHQFHZKLFKFDUULHVDYHU\ODUJHILQH

&

$FULPLQDORIIHQFHLQYROYLQJWKHDEXVHRISULFHVHQVLWLYHLQIRUPDWLRQ

'

$FLYLODFWLYLW\LQYROYLQJEX\LQJHTXLWLHVSULRUWRWKHLUULVHLQYDOXH

PA
PE
R

$

 $VSRWWUDQVDFWLRQLQIRUHLJQH[FKDQJHLVRQHWKDWVHWWOHV
LQWZREXVLQHVVGD\V

%

LQILYHEXVLQHVVGD\V

&

DWDGDWHWREHDJUHHG

'

ZLWKLQWZRKRXUVRIFRQILUPDWLRQ

PL
E

$

%
&
'

$FRPSDQ\ZKLFKLQYHVWVLQGLIIHUHQWFODVVHVRIVKDUHV

SA

$

 :KDWLVDQ2SHQ(QGHG,QYHVWPHQW&RPSDQ\"

$FRPSDQ\ZKLFKKDVVSHFLDOWD[DGYDQWDJHVFRPSDUHGWRXQLWWUXVWV

$FRPSDQ\ZKLFKFDQRQO\LQYHVWLQWKH8.
$FRPSDQ\ZKLFKKDVDIL[HGVKDUHFDSLWDO

International Introduction to Securities and Investment

 7ZRFRPSDQLHVKDYHGHFLGHGWRUDLVHPRQH\&RPSDQ\$LVLVVXLQJVKDUHVDQG
&RPSDQ\%LVLVVXLQJERQGV7KLVPHDQVWKDWWKHLVVXHZLOOWDNHSODFHLQWKH
SULPDU\PDUNHWIRUERWK

%

VHFRQGDU\PDUNHWIRUERWK

&

SULPDU\PDUNHWIRUWKHVKDUHVDQGLQWKHVHFRQGDU\PDUNHWIRUWKHERQGV

'

SULPDU\PDUNHWIRUWKHERQGVDQGLQWKHVHFRQGDU\PDUNHWIRUWKHVKDUHV

PA
PE
R

$

 :KDWZDVWKHPDLQUHDVRQWKDWWKHILQDQFLDOVHUYLFHVPDUNHWPRYHGIURPD
VHOIUHJXODWRU\DSURDFKWRDVWDWXWRU\DSSURDFK"
7KHQHHGIRUUHGXFHGVXSHUYLVLRQFRVWV

%

7KHGHVLUHIRUSURGXFWGLYHUVLILFDWLRQ

&

7KHGHVLUHIRULQFUHDVHGFRPSHWLWLRQ

'

7KHQHHGIRULPSURYHGVWDQGDUGV

PL
E

$

$
%

SA

 7KHERQXVQRUPDOO\DGGHGWRDZLWKSURILWVSROLF\DWPDWXULW\RUGHDWKLVNQRZQDV
DUHYHUVLRQDU\ERQXV
DFRPSRXQGERQXV

&

DWHUPLQDOERQXV

'

DQLQWHULPERQXV

International Introduction to Securities and Investment

$



%



&



'



PA
PE
R

 6HDQLQYHVWVLQDGHSRVLWEDVHGDFFRXQWSD\LQJJURVVLQWHUHVWRISD
FRPSRXQGHGDQQXDOO\,IWD[RILVGHGXFWHGDWVRXUFHKRZPXFKQHWLQWHUHVWZLOO
KHUHFHLYHDWWKHHQGRIWKH\HDU"

'LYLGHQG

%

5LJKWVLVVXH

&

7DNHRYHU

'

6FULSGLYLGHQG

SA

$

PL
E

 :KLFKRIWKHIROORZLQJLVDPDQGDWRU\HYHQW"

ANSWER SHEET
International Introduction to Securities and Investment

Question
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

Key Syllabus/Unit Element


C
A
C
D
B
B
C
A
B
B
A
D
B
D
B
A
C
C
D
B
B
D
D
B
B
B
C
A
C
A
A
A
D
D
B
C
B
C
A
A
C
A

4
4
6
7
9
2
5
3
4
9
7
5
1
4
3
7
6
8
5
5
8
7
3
3
4
6
2
6
2
4
7
2
9
6
8
2
3
7
4
1
9
4

1
1
3
3
2
1
2
2
1
2
4
2
1
1
2
6
5
3
2
1
2
2
1
1
1
3
1
4
1
1
5
1
3
1
2
1
3
3
1
1
1
1

1
10
1
1
2
5
2
2
11
3
1
1
1
7
2
1
1
1
1
2
2
1
2
1
11
2
1
1
1
1
1
2
1
1
1
3
1
2
6
1
2
11

ANSWER SHEET
International Introduction to Securities and Investment

43
44
45
46
47
48
49
50

C
A
A
A
D
C
C
A

8
3
7
4
8
9
3
4

3
4
2
1
1
4
1
1

1
1
1
8
1
2
3
4

S-ar putea să vă placă și