雨课堂学堂在线学堂云Financial Economics(宁波大学)单元测试考核答案

目录：1.FinancialEconomics2.FinancialMarketsandInstitutions3.ManagingFinancialHealthandPerformance4.AllocatingResourcesOverTime5.HouseholdSavingandInvestmentDecisions6.TheAnalysisofInvestmentProjects7.PrinciplesofMarketValuation8.ValuationofKnownCashFlows:Bonds9.ValuationofCommonStocks10.PrincipleofRiskManagement第1题Financeisthestudyofhowpeopleallocatescarceresourcesovertime.第2题Forthepartnership,selecttheonewhichiswrong____.AApartnershipisafirmwithtwoormoreowners.BIngeneralpartnership,allpartnershaveunlimitedliability.CLimitedpartnershipconsistsoflimitedpartnersandatleastonegeneralpartner.DLimitedpartnershaveunlimitedliability.第3题Whichoneisnottheformofbusinessorganization____?AsoleproprietorshipBpartnershipCcorporationDconveniencestore第4题Basictypesoffinancialdecisionsoffirms:().AwhatbusinessesitwantstobeinBcapitalbudgetingCfinancingDworkingcapitalmanagement正确答案：ABCD第5题Basictypesoffinancialdecisionsofhouseholds:().AConsumptionandsavingdecisionsBInvestmentdecisionsCFinancingdecisionsDRisk-managementdecisions正确答案：ABCD第1题Financialsystemencompassesthemarkets,intermediaries,servicefirms,andotherinstitutionsusedtocarryoutthefinancialdecisionsofhouseholds,businessfirms,andgovernments.()第2题Supposeyouinvestinastockcosting40dollars.Itpaysacashdividendduringtheyearof1dollar,andyouexpectitspricetobe60dollarsatyear'send.Ifthestock'spriceisactually40dollarsatyear'send,whatisyourrealizedrateofreturn?____.A50%B52.5%C20%D25.2%第3题Ifthenominalinterestrateis8%peryear,andtherateofinflationasmeasuredbytheproportionalchangeinthefirmis4%peryear,whatistherealrateofreturn?____A3.85%B8%C4%D4.5%第4题Bythelocation,financialmarketsareclassifiedas().Aover-the-countermarketsBspecific-geographic-locationmarketCno-one-specific-locationmarketDoff-exchangemarkets正确答案：BC第5题Basicfunctionsperformedbythefinancialsystem:().ATransferringresourcesacrosstimeandspaceBInvestmentdecisionsCFinancingdecisionsDRisk-managementdecisions正确答案：ABCDExercises第1题Networkingcapitalisthedifferencebetweenafirm'scurrentassetsanditstotalliabilities.()第2题Supposethatthenetincomeofafirmis80milliondollars,andthestockholders’equitiesoftherecenttwoyearsare300milliondollarsand500milliondollars,respectively.Thereturnonequityratiois____.A10%B16%C20%D40%第3题Supposethattheoperationincomeofafirmis60milliondollars,theinterestexpenseis$21million.Ifthetaxrateis40%,thenetincomeis____.A$39millionB$24millionC$15.6millionD$23.4million第4题Wecananalyzeafirm’sperformancetroughratios:().AprofitabilitiesBassetturnoverCfinancialleverageDliquidity正确答案：ABCD第5题Basicfinancialstatementsinclude:().AbalancesheetBincomestatementCcashflowstatementDliabilitystatement正确答案：ABCExercises第1题Supposeyouput$1,000intoanaccountearninganinterestrateof5%peryear.Assumethatyouwillhavethisaccountintwoyearswithtakingnothingout,thefuturevalueofthisaccountis____.A$1,025B$1,102.5C$1,050D$1,250第2题Supposeyoudeposit2,000dollarsintoanaccountearninganinterestrateof10%peryear.Applytheruleof72,youwillhave$4,000after____.A7.2yearsB10yearsC14.4yearsD21.6years第3题Youwanttoestablisha“wasting”fundthatwillprovideyouwith$1,000peryearforfouryears,atwhichtimethefundwillbeexhausted.Howmuchmustyouputinthefundnowifyoucanearn10%interestperyear?____.A$3,000B$3,100C$3,169.87D$3,365.67第4题Whataretheeffectiveannualratesofthefollowing:10%APRcompoundedannually?____.A10%B12%C6%D9%第5题Supposeyouput$1,000intoanaccountearninganinterestrateof5%peryear.Assumethatyouwillhavethisaccountintwoyearswithtakingnothingout,thefuturevalueofthisaccountis（）.A$1,250B$1,025C$1,102.5D$1050Exercises第1题Intertemporalbudgetconstraintmodelsaysthatthepresentvalueofyourlifetimeconsumptionspendingandbequestsequalsthepresentvalueofyourlifetimeresources-initialwealthandfuturelaborincome.()第2题Supposeyoucurrentlyrentanapartmentandhaveanoptiontobuyitfor200,000dollars.Propertytaxesare2,000dollarsperyearandaredeductibleforincometaxpurposes.Annualmaintenancecostsonthepropertyare$1,500peryearandarenottaxdeductible.Youexpectpropertytaxesandmaintenancecoststoincreaseattherateofinflation.Yourincometaxrateis40%,youcanearnanafter-taxrealinterestrateof2%peryear,andyouplantokeeptheapartmentforever.Whatisthe“break-even”annualrentsuchthatyouwouldbuyitiftherentexceedsthisamount?

____.A$5,500B$6,900C$6,700D$7,200第3题Willieis35yearsold,planstoretireat50andtolivetotheripeoldageof100.Hislaborincomeasaplumberis$150,000peryear,andheexpectstomaintainaconstantlevelofrealconsumptionspendingfortheremainderofhislife.Assumingasteadyrealsalary,thecompleteabsenceoftaxes,andarealinterestrateof2%perannum.WhatisthevalueofWillie’shumancapital?____A$1,927,389.53B$1,957,404.62C$1,875,355.46D$1,896,525.34第4题Fred’slastyear’ssalarywas$50,000andisexpectedtoremainsoinrealtermsuntilretirement.Fora75%replacementrate,Fredexpectstohaveanannualincomeof____.A$3,025B$3,102C$3,250D$3,750第5题Youare30yearsoldandareconsideringfull-timestudyforanMBAdegree.Tuitionandotherdirectcostswillbe15,000

dollarsperyearfortwoyears.Inadditionyouwillhavetogiveupajobwithasalaryof$30,000peryear.Assumetuitionispaidandsalaryreceivedattheendoftheyear.Assumearealinterestrateof3%peryearandignoretaxes.Alsoassumethatthesalaryincreaseisaconstantrealamountthatstartsafteryoucompleteyourdegree(attheendoftheyearfollowinggraduation)andlastsuntilretirementatage65.Findthefuturevalueofthetuitionandforegonesalaryattheendof2years:____.A$91,350B$89,740C$88,760D$86,590Exercises第1题Whencomparingdifferentprojectswithdifferentcostsavingprojectswithdifferentlifeexpectancies,itispossibletocomparetheannualizedcapitalcost.()第2题Tax-LessSoftwareCorporationisconsideringaninvestmentof400,000dollarsinequipmentforproducinganewtaxpreparationsoftwarepackage.Theequipmenthasanexpectedlifeof4years.Salesareexpectedtobe60,000unitsperyearatapriceof20dollarsperunit.Fixedcostsexcludingdepreciationoftheequipmentare200,000dollarsperyear,andvariablecostsare$12perunit.Theequipmentwillbedepreciatedover4yearsusingthestraight-linemethodwithazerosalvagevalue.Workingcapitalrequirementsareassumedtobe1/12ofannualsales.Themarketcapitalizationratefortheprojectis15%peryear,andthecorporationpaysincometaxattherateof34%.Theproject’sworkingcapitalis____.A$70,000B$80,000C$100,000D$120,000第3题LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe15dollarsperwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe10dollarsperwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thecashflowatthebeginningofthefirstyearis____.A$400,000B-$400,000C$500,000D-$500,000第4题LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe15dollarsperwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe10dollarsperwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thedepreciationexpenseis____.A$800,000B$900,000C$1,000,000D$1,100,000第5题A.FungFashion,Inc.anticipatesrealnetcashflowstobe$100,000thisyear.Therealdiscountrateis15%peryear.Whatisthepresentvalueofthesecashflowsiftherealnetcashflowsareexpectedtogrowat5%peryearforever?____.A$900,000B$1,000,000C$1,200,000D$1,300,000Exercises第1题Neitherhouseholdsnofirmsmakefinancialdecisionsbasedonthecriterionofvaluemaximization.()第2题Thequantitativemethodusedtoinferanasset’svaluefrominformationaboutthepricesofcomparableassetsiscalleda____.AvaluationmodelBpricemodelCprofitmodelDcomparisonmodel第3题Youobservethatthedollarpriceoftheeurois1.20dollarsandthedollarpriceoftheyenis$0.01.Whatmustbetheexchangeratebetweeneuroandyenifthereisnoarbitrageopportunity?____.A110yenpereuroB120yenpereuroC130yenpereuroD140yenpereuro第4题Ifobservedpricesappearedtoviolatethelaw,sothatseeminglyidenticalassetsweresellingatdifferentprices,()AourfirstsuspicionwouldbeanexceptiontotheLawofOnePriceBourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePriceCwewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarketDwewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassets正确答案：BCD第5题TheLawofOnePricestatesthatinacompetitivemarket,()AiftwoassetsareequivalenttheywilltendtohavethesamepriceBiftwoassetsareequivalenttheywilltendtohavedifferentpricesCnotwodistinctassetsareidenticalinallrespectsDtherearetwodistinctassetsareidenticalinallrespects正确答案：ACExercises第1题Defaultriskreferstothepossibilitythattheissuerofbondsmaynotbeabletorepaytheprincipalandinterestonschedule.()第2题Supposeyouwanttoknowthepriceofa10-year7%couponTreasurybondthatpaysinterestannually.Youhavebeentoldthattheyieldtomaturityis8%.Whatistheprice(per$100offacevalue)?____A$93.29B$95.36C$96.15D$98.21第3题Considerabondwitha4%couponratematuringintwoyears,itsfacevalueis1000dollars.Supposethatitspriceis$950.Thecurrentyieldis____.A-4.21%B4.21%C-2.41%D2.41%第4题Ifacouponbondhasapricehigherthanitsfacevalue,thefollowingrelationshipisright:()AitsyieldtomaturityislessthanitscurrentyieldBitsyieldtomaturityislessthanitscouponrateCitscouponrateislessthanitscurrentyieldDitscurrentyieldislessthanitscouponrate正确答案：ABD第5题Couponbondscanbeclassifiedas()AparbondBpurebondCpremiumbondDdiscountbond正确答案：ACDExercises第1题Adiscounteddividendmodelisdefinedasanymodelthatcomputesthevalueofashareofstockasthepresentvalueofitsexpectedfuturecashdividends.()第2题TheDDMCorporationhasjustpaidacashdividend(D0)of$2pershare.Ithasconsistentlyincreaseditscashdividendsinthepastby5%peryear,andyouexpectittocontinuetodoso.Youestimatethatthemarketcapitalizationrateforthisstockshouldbe13%peryear.Whatisyourestimateoftheintrinsicvalueofashare(derivedusingtheDDMmodel)?____.A$26.25B$25.51C$24.32D$23.55第3题Underthediscounteddividendmodel,whatisthevaluepershareofacompanyexpectedtopaya3.75dollarsend-of-yeardividendandhaveanex-dividendpriceof$27.50ifthemarketcapitalizationrateis7.5%?A$27.50B$31.25C$29.07D$23.75第4题Ausefulwaytoestimateafirm'svaluebasedonearningsandinvestmentopportunitiesistopartitionthefirm'svalueintotwoparts:oneisthepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity,andanotheroneisthenetpresentvalueofanyfutureinvestmentopportunities:()AthepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuityBthefuturevalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuityCthenetpresen