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  3. Bonds include government securities and corporate bonds. Government securities are issued by the federal government or by a stat

Bonds include government securities and corporate bonds. Government securities are issued by the federal government or by a stat

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问题     Bonds include government securities and corporate bonds. Government securities are issued by the federal government or by a state or local government These investments pay interest at a specified rate after a certain period of time. The savings bonds issued by the United States government are widely popular among small investors because of their low purchase and great safety. A $ 50 savings bond, the lowest denomination issued .costs $ 25. A buyer can cash it for at least twice the purchase price after 17 years, when the bond matures (comes due). The interest rates on most savings bonds are based on the interest rates earned on certain other federal securities, Most savings bonds can be cashed after six months.
    People who wish to invest at least $ 1000 can buy other types of United States government bonds, such as Treasury bonds. These bonds are tradable on stock exchanges. Most Treasury bonds pay a higher rate of interest than do savings bonds because their price may change considerably from time to time. Such price fluctuations reflect the changes in current interest rates. For example, Treasury bonds issued during an inflationary period may pay 8 percent interest Bonds issued earlier at 5 percent would then become less desirable to own. Their market price would fall until their current yield was also 8 percent A bond’s current yield is the amount of money the bond earns annually .expressed as a percentage of the bond’s current market value.
    The federal government also sells securities called Treasury bills. They yield high interest during periods of inflation and low interest during recessions. The bills are issued only in large denominations starting at $ 10000. Treasury bills mature after three, six, or nine months-much sooner than bonds do.
    State and local governments issue securities called municipal bonds. The interest earned by some municipal bonds is not subject to federal income tax. For this reason, such bonds appeal to many people on an upper income level, who must pay a high tax rate. Municipal bonds that are not subject to federal income tax pay lower interest than do most federal bonds. In 1986, the U. S. Congress passed legislation that made the interest on many kinds of municipal bonds subject to federal income tax.
    Corporate bonds are loans made by investors to business firms- A corporation pays each bondholder interest every year until the bond matures. At that time, the corporation must redeem the bond by paying its face value. In most cases, this sum is $ 1000. If the company defaults (fails to meet its obligations) , the bondholders have the legal right to take over the business and sell assets pledged as security on the bonds.
    The prices of bonds issued by corporations or by governments may change due to variations in market interest rates. As a result, investors may fail to get back the purchase price of their bonds if they sell the bonds before the maturity date. In addition, investors may lose money if the government or corporation defaults.
Which of the following statements is not true?
选项 A、The rates of corporation bonds are higher than those of government bonds.
B、Government securities also include municipal bonds.
C、The bondholders also have the danger of losing their money.
D、The rates of Treasury bills are greatly determined by economy.
答案A
解析 文章指出，国家和地方政府发行的有价证券称为政府债券。投资者也可能收不回他们的投资。收益受到经济好坏的影响。第四段第一句State and local governments issue securities called municipal bonds．最后一段As a result，investors may fail to get back the purchase price of their bonds．第三段They yield high interest during periods of inflation and low interest during recessions．
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