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The ADR oI a British Iirm is convertible into 3 shares oI stock The share price oI the Iirm was
30 pounds when the British market closed When the U$ market opens, the pound is worth
$3 The price oI this ADR should be:
A) $480
B) $40
C) $55
D) none oI these

A Japanese yen is worth $0080, and a Fijian dollar (F$) is worth $500 What is the value oI the
yen in Fijian dollars (ie, how many Fijian dollars do you need to buy a yen)?
A) 35
B) 5
C)
D) 004
E) none oI these

3 Futures contracts are typically ; Iorward contracts are typically
A) sold on an exchange; sold on an exchange
B) oIIered by commercial banks; sold on an exchange
C) sold on an exchange; oIIered by commercial banks
D) oIIered by commercial banks; oIIered by commercial banks

4 The value oI the Australian dollar (A$) today is $03 Yesterday, the value oI the Australian
dollar was $0 The Australian dollar by
A) depreciated; 580
B) depreciated; 400
C) appreciated; 580
D) appreciated; 400