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Week One

Total questions: 81

Worksheet time: 1hrs 16mins

Name
Class
Date
1.

hubungan antara Agen (manajemen suatu usaha) dan principal (pemilik usaha). Di dalam hubungan keagenan terdapat suatu kontrak dimana satu orang atau lebih (principal) memerintah orang lain (agen) untuk melakukan suatu jasa atas nama prinsipal dan memberi wewenang kepada agen untuk membuat keputusan yang terbaik bagi prinsipal, pengertian dari..

a)

Kooperatif

b)

Non-Kooperatif

c)

Agensi Teori

d)

Game Teori

2.

Permasalahan muncul jika agent tidak melaksanakan hal -hal yang telah disepakati bersama dalam kontrak kerja adalah pengertian dari..

a)

Adverse Selection

b)

Moral Hazard

c)

The Monitoring Expenditures by the principal

d)

The Bonding Expenditures by The Agent

3.

"Menekankan bahwa manusia memiliki sifat untuk mementingkan diri sendiri (self interest), memiliki keterbatasan rasionalitas (bounded rationality), dan tidak menyukai resiko (risk aversion)" merupakan pengertian dari Asumsi

a)

Asumsi tentang Sifat Manusia

b)

Asumsi tentang Informasi

c)

Asumsi tentang Keorganisasian

d)

Asumsi tentang Sifat Manager

4.

Yang mana dibawah ini termasuk ke dalam Agency Cost

a)

The Monitoring Expenditures by the Principal

b)

The Bonding Expenditures by Agent

c)

The Residual Loss

d)

Semua Benar

5.

pencetus angency teory pada tahun

a)

1769

b)

1676

c)

1976

d)

1967

6.

prinsip signaling Actions convey information dikemukakan oleh spence tahun

a)

1793

b)

1973

c)

1937

d)

1979

7.

Asumsinya Principal dan agen bertindak secara rasional, dimana agent adalah..

a)

Risk Averse

b)

Risk Neutral

c)

Risk Taker

d)

Effort Averse

8.

Situasi dimana dua pemain saling memperhitungkan kemungkinan perilaku satu sama lain sambil masing-masing menetapkan harganya merupakan pengertian dari Tipe Teori Game...

a)

Kooperatif

b)

Non Kooperatif

c)

Zero-sum game

d)

Non-zero sum game

9.

"The Choice by a manager of accounting policies so as to achieve some spesific objective" merupakan pengertian

a)

Agency Theory

b)

Game Theory

c)

Earnings Management

d)

Income Smoothing

10.

Biaya yang dikeluarkan oleh prinsipal untuk memonitoring perilaku agen adalah pengertian dari...

a)

The Residual Loss

b)

The Monitoring Expenditures by the Principal

c)

The Residual Gain

d)

The Bonding Expenditures by Agent

11.

Objectives dari shareholders (principal) tidak sama dengan objectives dari directors (agent). Maka diperlukan keberadaan suatu sistem yang dikenal dengan istilah

a)

Pengawasan Melekat

b)

Tata Kelola Korporasi

c)

Pengendalian Management

d)

Manajemen Risiko

12.

Principal-Agent Dilemma is the basis for corporate governance, and results from the separation of control between:

a)

Management and the stakeholders of a firm

b)

Shareholders and stakeholders of a firm

c)

Government and private sector firms

d)

Management and the shareholders of a firm

13.

The purpose of the Board of Directors is to:

a)

Manage the day-to-day activities of the company

b)

Execute the managing director’s instructions

c)

Set the strategy and effectively monitor management

d)

Represent the company in front of the media

14.

The requirements of a board of directors vary significantly by country and by state; however, there is a developing consensus as to what the major responsibilities should be. Which of the following is NOT one of the responsibilities?

a)

Reviewing and approving the use of resources

b)

Setting corporate strategy, overall direction, mission or vision

c)

Controlling, monitoring, or supervising top management

d)

Becoming directly involved in managerial decisions

15.

The theory which states that problems arise in corporations because top management no longer is willing to bear the brunt of their decisions unless they own a substantial amount of stock in the corporation is called

a)

agency theory

b)

strategic leadership theory

c)

ownership theory

d)

sustainable theory

16.

An agency problem can occur when

a)

the desires and objectives of the owners and agents conflict.

b)

when the owners and agents have different attitudes toward risk.

c)

executives do not select risky strategies because they fear losing their jobs if the strategy fails.

d)

All are correct

17.

A _____ is a problem, situation, or opportunity requiring an individual, group, or

organization to choose among several actions that must be evaluated as right or wrong.

a)

Crisis

b)

ethical issue

c)

fraud

d)

violance

18.

Most companies begin the process of establishing organizational ethics programs by developing:

a)

ethics training programs.

b)

codes of conduct

c)

ethics enforcement mechanisms.

d)

hidden agendas

19.

An efficient market is defined as one in which:

a)

all participants have the same opportunity to make the make the same returns.

b)

all participants have the same legal rights and transactions costs.

c)

securities’ prices quickly and fully reflect all available information.

d)

securities’ prices are completely in line with the intrinsic value.

20.

If a market is inefficient, as new information is received about a security:

a)

nothing will happen.

b)

the stock price will fall at first and then later rise.

c)

there will be a lag in the adjustment of the stock price

d)

there will be negative demand for the stock.

21.

An efficient market does not require that:

a)

stock prices incorporate all information.

b)

all known information be reflected in prices.

c)

price adjustments occur very quickly.

d)

each adjustment be perfect.

22.

Which of the following is NOT a test of semi-strong form efficiency?

a)

Insider transactions

b)

Stock splits

c)

Accounting changes

d)

Dividend announcements

23.

Which is NOT consider as insider trading:

a)

buying or selling of security by someone who has access to material non public information about security.

b)

can be illegal and legal

c)

Insider trading can beat weak and semi strong EMH

d)

Insider trading can beat strong EMH

24.

What does it mean by "what ever you pay in stock is fair value"

a)

The price you pay for a stock is fair means that the prices has already incorporated all available information.

b)

May imply the strong-form market efficiency hypothesis probably does not hold.

c)

Its just a phrase, not reliable.

d)

specified trading rules can prove to be extremely useful in generating excess returns

25.

The __________ is NOT a market anomaly.

a)

size effect

b)

January effect

c)

earnings announcement anomaly

d)

accounting changes effect

26.

The January effect concerns:

a)

large cap stocks.

b)

mid-cap stocks.

c)

small cap stocks.

d)

foreign stocks.

27.

If a market is inefficient, as new information is received about a security:

a)

nothing will happen.

b)

the stock price will fall at first and then later rise.

c)

there will be a lag in the adjustment of the stock price

d)

there will be negative demand for the stock.

28.

An efficient market does not require that:

a)

stock prices incorporate all information.

b)

all known information be reflected in prices.

c)

price adjustments occur very quickly.

d)

each adjustment be perfect.

29.

Which of the following is NOT a test of semi-strong form efficiency?

a)

Insider transactions

b)

Stock splits

c)

Accounting changes

d)

Dividend announcements

30.

Which is NOT consider as insider trading:

a)

buying or selling of security by someone who has access to material non public information about security.

b)

can be illegal and legal

c)

Insider trading can beat weak and semi strong EMH

d)

Insider trading can beat strong EMH

31.

What does it mean by "what ever you pay in stock is fair value"

a)

The price you pay for a stock is fair means that the prices has already incorporated all available information.

b)

May imply the strong-form market efficiency hypothesis probably does not hold.

c)

Its just a phrase, not reliable.

d)

specified trading rules can prove to be extremely useful in generating excess returns

32.

Which of the following is a statement of weak form efficiency?

I.

a)

If the markets are efficient in the weak form, then it is impossible to make consistently superior profits by using trading rules based on past returns.

b)

If the markets are efficient in the weak form, then prices will adjust immediately to public information.

c)

If the markets are efficient in the weak form, then prices reflect all information.

33.

One important implication of the efficient market hypothesis is that:

a)

Investors can make profits by engaging in day trading

b)

Investors should hold a diversified portfolio and avoid active trading

c)

Investors should actively review their portfolio to achieve the highest profits

d)

All of the above

34.

The semi-strong form of market efficiency may be tested by measuring how rapidly security prices react to various news items like:

a)

Earnings announcements

b)

Dividend announcements

c)

News of takeovers

d)

News of inflation

35.

An efficient market is defined as one in which:

a)

all participants have the same opportunity to make the make the same returns.

b)

all participants have the same legal rights and transactions costs.

c)

securities’ prices quickly and fully reflect all available information.

d)

securities’ prices are completely in line with the intrinsic value.

36.

If a market is inefficient, as new information is received about a security:

a)

nothing will happen.

b)

the stock price will fall at first and then later rise.

c)

there will be a lag in the adjustment of the stock price

d)

there will be negative demand for the stock.

37.

An efficient market does not require that:

a)

stock prices incorporate all information.

b)

all known information be reflected in prices.

c)

price adjustments occur very quickly.

d)

each adjustment be perfect.

38.

Which of the following is NOT a test of semi-strong form efficiency?

a)

Insider transactions

b)

Stock splits

c)

Accounting changes

d)

Dividend announcements

39.

Which is NOT consider as insider trading:

a)

buying or selling of security by someone who has access to material non public information about security.

b)

can be illegal and legal

c)

Insider trading can beat weak and semi strong EMH

d)

Insider trading can beat strong EMH

40.

In order to make market efficient____________.

a)

information must be equally accessible to all investors.

b)

information must be kept by the companies privately.

c)

information must be release only when it is necessary.

d)

All of the above.

41.

Features of efficient market are EXCEPT

a)

There are many knowledgeable investors actively analysing, valuing and trading particularly security

b)

Information is widely available to all investors at approximately the same time.

c)

investors react quicly and accurately to new information, causing prices to adjust quickly and average

d)

information such a GDP and taxes effects the market

42.

Prices reflect all the security - market information contained in past prices refers to

a)

Strong Form EMH

b)

Weak form EMH

c)

Semi strong form EMH

d)

None of the above

43.

The relevant information that might affect stock prices can be obtained from

a)

economic reports, financial statements, historical data

b)

company website, watsapp massages, facebook

c)

news, forwarded messages

d)

minutes of meetings, verbal news

44.

Eugene F. Fama mengemukakan teori...

a)

capital asset pricing model theory

b)

dividend theory

c)

efficient market hypothesis

d)

asymmetric information theory

45.

France Modigliani dan Merton Miller mengemukakan teori...

a)

asymmetric information theory

b)

perfect capital market theory

c)

Capital structure theory

d)

option pricing theory

46.

Michael c. Jensen dan William H. Meckling mengemukakan teori...

a)

discounted cash flow analysis theory

b)

perfect capital markets

c)

dividend theory

d)

agency theory

47.

Harry Markowitz mengemukakan teori...

a)

discounted cash flow analysis

b)

capital asset pricing model

c)

capital perfect market analysis

d)

agency theory

48.

Myron J. Gordon mengembangkan teori...

a)

discounted cash flow analysis theory

b)

perfect capital markets theory

c)

capital structure theory

d)

option pricing theory

49.

William Sharpe, John Lintner, dan Jan Moisin mengembangkan teori...

a)

perfect capital markets theory

b)

discounted cash flow analysis theory

c)

asymmetric information theory

d)

capital asset pricing model

50.

Salah satu jenis pasar efisien menurut efficient market hypothesis adalah...

a)

market informationally efficient

b)

perfectly informationally efficient

c)

completely informationally efficient

d)

capital informationally efficient

51.

Semua peserta pasar pada kondisi pasar efisien menurut efficient market hypothesis theory adalah...

a)

unlogic

b)

logic

c)

irrasional

d)

rasional

52.

Menurut agency theory, hubungan keagenan muncul ketika perusahaan menggaji karyawan untuk bertindak...

a)

atas namanya

b)

sendiri

c)

berkelompok

d)

secara individu

53.
Assumptions of Markowitz Portfolio Theory
a)
Investor mempertimbangkan tiap alternatif investasi seperti disajikan oleh distribusi probabilitas return harapan selama beberapa periode pemilikan (holding period ).
b)
Investor meminimalisasi kegunaan harapan satu periode (one-period expected utility ), dan kurve utilitas menunjukkan utilitas marjinal yang menurun tentang kemakmuran.
c)
Investor mengestimasi risiko portofolio atas dasar variabilitas return harapan.
d)
Investor mendasarkan keputusan sendiri pada return harapan dan risiko, sehingga kurve utilitas mereka merupakan fungsi dari hanya return harapan dan varian harapan (atau deviasi standar).
e)
Untuk level risiko tertentu, investor lebih memilih return lebih tinggi daripada return lebih rendah. Begitu juga, untuk level return harapan tertentu, investor memilih risiko lebih sedikit daripada risiko lebih banyak.
54.
Teori pasar sekuritas efisien memprediksi:
a)
Hrg sekrts sbg akibat dr interaksi antar investor di pasar
b)
Investor mendasarkan keputusan sendiri pada return harapan dan risiko, sehingga kurve utilitas mereka merupakan fungsi dari hanya return harapan dan varian harapan (atau deviasi standar).
c)
Hrg skrts “merefleksikan scr penuh” kemampuan pengetahuan kolektif dan pemrosesan-informasi investor
d)
Investor meminimalisasi kegunaan harapan satu periode (one-period expected utility ), dan kurve utilitas menunjukkan utilitas marjinal yang menurun tentang kemakmuran.
e)
semua jawaban benar
55.
Implikasi efisiensi pasar sekuritas:
a)
Melahirkan konsep pengungkapan penuh
b)
Akuntansi bersaing dg sumber informasi lain, agar survive harus: Relevan, reliabel, tepat waktu, efektif-kos
c)
Alasan teoretikal keberadaan akuntansi krn asimetri informasi
d)
Akuntansi sebagai mekanisme untuk mengkomunikasikan informasi relevan dari pihak dalam perusahaan kepada pihak luar
e)
Badan Standar Akuntansi menerima implikasi pengungkapan penuh atas efisiensi psr
56.
Definisi efisiensi pasar merupakan hubungan antara harga sekuritas dengan informasi sesuai dengan penelitian :
a)
Beaver (1989): (1) definisi pasar atas dasar nilai intrinsik sekuritas, dan (2) atas dasar distribusi dari informasinya
b)
Fama (1970): (3) pada akurasi dari harga sekuritas
c)
Jones (1995): (4) atas dasar proses dinamik
d)
Alasan teoretikal keberadaan akuntansi krn asimetri informasi
e)
Badan Standar Akuntansi menerima implikasi pengungkapan penuh atas efisiensi psr
57.
Efisiensi Pasar berdasar Nilai intrinsik sekuritas
a)
Berasal dari praktik analis, yang mencoba menemukan harga yang kurang benar (mispriced)
b)
Sekuritas yang mispriced= sekuritas yang harga menyimpang dari nilai intrinsik atau fundamentalnya
c)
Efisiensi pasar diukur dari seberapa jauh harga sekuritas menyimpang dari nilai intrinsiknya (Beaver, 1989)
d)
Pasar efisien: pasar yang nilai-nilai sekuritasnya tidak menyimpang dari nilai-nilai intrinsiknya
e)
Jones (1995): (4) atas dasar proses dinamik
58.
Efisiensi Pasar berdasar Akurasi dari ekspektasi harga
a)
Fama (1970) pasar dikatakan efisien jika harga sekuritasnya “mencerminkan secara penuh” informasi yang tersedia
b)
Dua asepek: “fully reflect” dan “information available”
c)
fully reflect Dikritik oleh Beaver (1989): definisi tidak jelas, tidak operasional dan sirkular Dyckman & Morse (1986) “fully reflect” adalah tidak jelas
d)
Pasar efisien: pasar yang nilai-nilai sekuritasnya tidak menyimpang dari nilai-nilai intrinsiknya
e)
Jones (1995): (4) atas dasar proses dinamik
59.
Efisiensi Pasar berdasar Distribusi Informasi :
a)
Muncul karena penekanan pada “akurasi” dan mengabaikan penyebaran informasi, dan asumsi semua investor sama dalam EKSPEKTASI dan KEPERCAYAAN
b)
Beaver (1989): Pasar efisien jika dan hanya jika harga sekuritasnya bertindak seakan setiap orang mengamatai sistem informasi tersebut
c)
Didasarkan pada lingkungan pasar yang statis
d)
Fama (1970) pasar dikatakan efisien jika harga sekuritasnya “mencerminkan secara penuh” informasi yang tersedia
e)
Pasar efisien: pasar yang nilai-nilai sekuritasnya tidak menyimpang dari nilai-nilai intrinsiknya
60.
Efisiensi Pasar berdasar Proses Dinamis :
a)
Mempertimbangkan distribusi informasi yang tidak simetris dan menjelaskan bagaimana harga akan menyesuaikan karena informasi tidak simetri tersebut.
b)
Menekankan pada kecepatan peyebaran informasi yang tidak simetris
c)
Dikatakan efisien: jika penyebaran informasi dilakaukan secara cepat sehingga informasi menjadi simetris, yaitu setiap orang memiliki informasi tersebut
d)
Jones (1995), pasar efisien: pasar yang harga sekuritasnya secara cepat dan penuh mencerminkan semua informasi yang tersedia terhadap aktiva tersebut.
e)
Didasarkan pada lingkungan pasar yang statis
61.
Fama (1991) mengubah nama 3 kategori pengujian Efficient Market Hypothesis(EMH) menjadi:
a)
Bentuk Lemah: diganti menjadi pengujian thd pendugaan return (test for return predictability )
b)
Setengah kuat: diganti menjadi studi peristiwa (events study)
c)
Kuat: diganti menjadi pengujian thd informasi privat (test for private information)
d)
Didasarkan pada lingkungan pasar yang statis
e)
semua jawaban benar
62.
Efficient Market Hypothesis(EMH) menurut Jogiyanto :
a)
Bentuk efisiensi: (1) efisiensi secara informasi; (2) efisiensi secara keputusan
b)
Pasar efisien (secara informasi). : jika pasar bereaksi secara cepat dan akurat terhadap informasi.
c)
Ada 3 bentuk: (1) Lemah; (2) semi kuat; (3) kuat
d)
Pasar efisien (secara keputusan): jika semua informasi tersedia dan semua pelaku pasar dapat mengambil keputusan dengan canggih.
e)
semua jawaban benar
63.
Efficient Market Hypothesis(EMH) menurut Suwarjono :
a)
Hipotesis pasar efisien hanya bermakna bila dikaitkan dengan seperangkat informasi yang disediakan atau tersedia dalam suatu sistem pelaporan keuangan.
b)
Pasar modal dikatakan efisien terhadap suatu informasi bila harga saham merefleksi secara penuh informasi tersebut.
c)
Atau, bila harga sekuritas merefleksi secara cepat dan penuh semua informasi yang tersedia dalam suatu sistem pelaporan keuangan.
d)
Didasarkan pada lingkungan pasar yang statis
e)
semua jawaban benar
64.
Capital Asset Pricing Model-CAPM
a)
Fokus pada hubungan ekuilibrium antara risiko dan return harapan pada aset berisiko
b)
Dibangun atas teori portofolio Markowitz
c)
Tiap investor dianggap mendiversifikasi portofolionya sesuai dengan model Markowitz
d)
Mengandung aset seluruh dunia (worldwide assets) Aset Finansial dan riil
e)
Pasar efisien (secara informasi). : jika pasar bereaksi secara cepat dan akurat terhadap informasi.
65.
Security Market Line
a)
Persamaan Capital market Line(CML) hanya aplikatif untuk pasar dalam ekuilibrium dan portofolio eficien
b)
CML menunjukkan pertukaran (tradeoff) antara risiko dan return harapan untuk sekuritas individual
c)
Di bawah CAPM, semua investor memiliki (hold ) portofolio pasar
d)
Tiap investor dianggap mendiversifikasi portofolionya sesuai dengan model Markowitz
e)
Mengandung aset seluruh dunia (worldwide assets) Aset Finansial dan riil
66.

Money market securities have all the following characteristics except they are not

a)

short term

b)

money

c)

low risk

d)

very liquid

67.

Finance companies raise funds in the money market by selling

a)

commercial paper

b)

federal funds

c)

negotiable certificates of deposits

d)

Eurodollars

68.

Compared to money market securities, capital market securities have

a)

more liquidity

b)

longer maturity

c)

lower yields

d)

less risk

69.

The primary reason that individuals and firms choose to borrow long-term is to

a)

reduce the risk that interest rates will fall before they pay off their debt

b)

reduce the risk that interest rates will rise before they pay off their debt.

c)

reduce monthly interest payments, as interest rates tend to be higher on short-term than long-term debt instruments

d)

reduce total interest payments over the life of the debt

70.

Typically, the interest rate on corporate bonds will be ________ the more restrictions are placed on management through restrictive covenants, because ________.

a)

higher; corporate earnings will be limited by the restrictions

b)

higher; the bonds will be considered safer by bondholders

c)

lower; the bonds will be considered safer by buyers

d)

lower; corporate earnings will be higher with more restrictions in place

71.

A basic principle of finance is that the value of any investment is

a)

the present value of all future net cash flows generated by the investment

b)

the undiscounted sum of all future net cash flows generated by the investment

c)

unrelated to the future net cash flows generated by the investment

d)

unrelated to the degree of risk associated with the future net cash flows generated by the investment

72.

Which of the following events will increase the Aggregate Demand in the economy. Check all that apply.

a)

The government increasing Income Tax

b)

The Fed lowering interest rates

c)

A rise in the cost of raw material

d)

A supply shock like a new production technology

e)

An increase in consumer confidence

73.

What is meant by the financial system?

a)

The system used by the central bank to print new money.

b)

The system that regulates fund transfers between banks at the international level.

c)

The system that regulates fiscal and monetary policies in a country.

d)

The system that includes financial institutions and financial markets.

e)

The system used by the government to collect tax revenue.

74.

What is meant by interest?

a)

A portion of the profit distributed by a company to shareholders.

b)

The fee charged by the bank for the use of banking services.

c)

The nominal value of a bond at maturity.

d)

A portion of income that borrowers must pay to lenders in exchange for using money.

e)

The profit earned by the bank from the difference between the interest rate given to customers and the interest rate received from customer deposits.

75.

According to the interest rate effect, aggregate demand slopes downward (negatively) because

a)

lower prices increase money holdings, decrease lending, interest rates rise, and investment spending falls.

b)

lower prices increase the value of money holdings and consumer spending increases

c)

lower prices decrease the value of money holdings and consumer spending decreases.

d)

lower prices reduce money holdings, increase lending, interest rates fall, and investment spending increases.

76.

What determines the price of the loan?

a)

Borrower creditworthiness

b)

The amount of deposits

c)

Bank liquidity position

d)

Bank officer's mood

77.

Other things equal, if the government runs a budget surplus, it will tend to

a)

Increase national saving

b)

Decrease the real interest rate

c)

Increase the amount of investment

d)

Increase economic growth

e)

do all of the above

78.

The largest component of Aggregate Demand is

a)

Government Purchases

b)

Net Exports

c)

Consumption

d)

Investment

79.

Suppose the economy is producing at the natural rate of output and the government passes legislation that severely restricts a company's ability to reduce production costs via outsourcing. Everything else held constant, this policy action will cause ________ in the unemployment rate in the short run and ________ in inflation in the short run.

a)

a decrease; an increase

b)

a decrease; a decrease

c)

an increase; an increase

d)

no change; no change

80.

A possible sequence for the three stages of a financial crisis in an advanced economy might be ______ leads to ______ leads to ______.

a)

banking crises; increase in interest rates; unanticipated decline in price level

b)

unanticipated decline in price level; banking crises; increase in interest rates

c)

banking crises; increase in uncertainty; increase in interest rates

d)

asset price declines; banking crises; unanticipated decline in price level

81.

Financial crises in advanced economies might start from a

a)

debt deflation

b)

currency mismatch

c)

mismanagement of financial innovations

d)

currency crisis