exam(1)--财务管理基础双语-沈洪涛版本-考试题.doc

1. A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as a ( C )A. simple loan B. discount bond C. fixed-payment loan D. coupon bond2. When borrowers know more than lenders about the future prospects of a project to be undertaken with borrowed funds, the lender faces the problem of? ( D )A. moral hazard B. default risk C. free-riding. D. asymmetric information.3. Which of the following are true concerning the distinction between interest rates and return? ( E ) A. The rate of return on a bond will not necessarily equal the interest rate on that bond.B. The return can be expressed as the sum of the current yield and the rate of capital gains.C. The rate of return will be greater than the interest rate when the price of the bond falls between time t and time t+1.D. All of the above are true.E. Only A and B of the above are true.4. Which of the following $1,000 face-value securities has the highest yield to maturity? ( C )A. 5 percent coupon bond with a price of $1,200B. 5 percent coupon bond with a price of $1,000C. 5 percent coupon bond with a price of $900D. 5 percent coupon bond with a price of $1,1005. Of the following measures of interest rates, which is considered by financial economists to be the most accurate? ( D )A. the current yield B. current yield C. coupon rate D. yield to maturity6. If you expect the inflation rate to be 5 percent over the next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is ( C )A. -2% B. -12% C. 2% D. 12%6. A bond investor faces reinvestment risk if his or her holding period is ( D )A. shorter than the maturity of the bond B. longer than the maturity of the bond.C. identical to the maturity of the bond. D. none of the above.7. The risk premium is ( C )A. the interest rate on municipal bonds minus the interest rate on treasury bonds.B. the interest rate on treasury bonds minus the interest rate on default-free bondsC. the interest rate on corporate bonds minus the interest rate on treasury bonds.D. the interest rate on treasury bonds minus the interest rate on corporate bonds.8. An increase in the expected rate of inflation will _ the expected return on bonds relative to that on _ assets. ( C )A. raise; real B. raise; financial C. reduce; real D. reduce; financial9. Liquidity refers to ( D )A. the size of an assets expected return.B. the amount of wealth a person has to invest.C. the stability of an assets expected return.D. the ease with which an asset can be turned into cash10. The relationship between interest rates an