金融学智慧树知到课后章节答案2023年下宁波大学

金融学智慧树知到课后章节答案2023年下宁波大学宁波大学

第一章测试

Financeisthestudyofhowpeopleallocatescarceresourcesovertime.（）

A:对B:错

答案:对

Basictypesoffinancialdecisionsofhouseholds（）.

A:InvestmentdecisionsB:FinancingdecisionsC:ConsumptionandsavingdecisionsD:Risk-managementdecisions

答案:Investmentdecisions;Financingdecisions;Consumptionandsavingdecisions;Risk-managementdecisions

Basictypesoffinancialdecisionsoffirms（）.

A:capitalbudgetingB:workingcapitalmanagementC:whatbusinessesitwantstobeinD:financing

答案:capitalbudgeting;workingcapitalmanagement;whatbusinessesitwantstobein;financing

Whichoneisnottheformofbusinessorganization（）.

A:partnershipB:conveniencestoreC:soleproprietorshipD:corporation

答案:corporation

Forthepartnership,selecttheonewhichiswrong（）.

A:Apartnershipisafirmwithtwoormoreowners.B:Limitedpartnershaveunlimitedliability.C:Limitedpartnershipconsistsoflimitedpartnersandatleastonegeneralpartner.D:Ingeneralpartnership,allpartnershaveunlimitedliability.

答案:Limitedpartnershaveunlimitedliability.

第二章测试

Financialsystemencompassesthemarkets,intermediaries,servicefirms,andotherinstitutionsusedtocarryoutthefinancialdecisionsofhouseholds,businessfirms,andgovernments.（）

A:对B:错

答案:对

Basicfunctionsperformedbythefinancialsystem:（）.

A:Risk-managementdecisionsB:FinancingdecisionsC:TransferringresourcesacrosstimeandspaceD:Investmentdecisions

答案:Risk-managementdecisions;Financingdecisions;Transferringresourcesacrosstimeandspace;Investmentdecisions

Bythelocation,financialmarketsareclassifiedas（）.

A:over-the-countermarketsB:specific-geographic-locationmarketC:off-exchangemarketsD:no-one-specific-locationmarket

答案:specific-geographic-locationmarket;no-one-specific-locationmarket

Supposeyouinvestinastockcosting$40.Itpaysacashdividendduringtheyearof$1,andyouexpectitspricetobe$60atyear'send.Ifthestock'spriceisactually$40atyear'send,whatisyourrealizedrateofreturn?（）

A:25.2%B:52.5%C:50%D:20%

答案:52.5%

Ifthenominalinterestrateis8%peryear,andtherateofinflationasmeasuredbytheproportionalchangeinthefirmis4%peryear,whatistherealrateofreturn?（）

A:4%B:8%C:4.5%D:3.85%

答案:3.85%

第三章测试

Networkingcapitalisthedifferencebetweenafirm'scurrentassetsanditstotalliabilities.（）

A:对B:错

答案:错

Basicfinancialstatementsinclude:（）.

A:balancesheetB:incomestatementC:cashflowstatementD:liabilitystatement

答案:balancesheet;incomestatement;cashflowstatement

Wecananalyzeafirm’sperformancetroughratios:（）.

A:liquidityB:financialleverageC:profitabilitiesD:assetturnover

答案:liquidity;financialleverage;profitabilities;assetturnover

Supposethattheoperationincomeofafirmis$60million,theinterestexpenseis$21million.Ifthetaxrateis40%,thenetincomeis（）.

A:$23.4millionB:$15.6millionC:$39millionD:$24million

答案:$23.4million

Supposethatthenetincomeofafirmis$80million,andthestockholders’equitiesoftherecenttwoyearsare$300millionand$500million,respectively.Thereturnonequityratiois（）.

A:20%B:10%C:40%D:16%

答案:20%

第四章测试

Asapensionmanager,youareconsideringinvestinginapreferredstock,whichpays$5,000,000peryearforeverbeginningoneyearfromnow.Ifyouralternativeinvestmentchoiceisyielding10%peryear,whatisthepresentvalueofthisinvestment?（）

A:$20millionB:$40millionC:$30millionD:$50million

答案:$50million

Youwanttoestablisha“wasting”fundthatwillprovideyouwith$1,000peryearforfouryears,atwhichtimethefundwillbeexhausted.Howmuchmustyouputinthefundnowifyoucanearn10%interestperyear?（）

A:$3,365.67B:$3,169.87C:$3,100D:$3,000

答案:$3,169.87

Supposeyoudeposit$2,000intoanaccountearninganinterestrateof10%peryear.Applytheruleof72,youwillhave$4,000after（）.

A:14.4yearsB:7.2yearsC:21.6yearsD:10years

答案:7.2years

Supposeyouput$1,000intoanaccountearninganinterestrateof5%peryear.Assumethatyouwillhavethisaccountintwoyearswithtakingnothingout,thefuturevalueofthisaccountis（）.

A:$1,025B:$1,250C:$1,102.5D:$1,050

答案:$1,102.5

Whataretheeffectiveannualratesofthefollowing:10%APRcompoundedannually?（）

A:12%B:10%C:6%D:9%

答案:10%

第五章测试

Fred’slastyear’ssalarywas$50,000andisexpectedtoremainsoinrealtermsuntilretirement.Fora75%replacementrate,Fredexpectstohaveanannualincomeof（）.

A:$3,250B:$3,025C:$3,750D:$3,102

答案:$3,750

Willieis35yearsold,planstoretireat50andtolivetotheripeoldageof100.Hislaborincomeasaplumberis$150,000peryear,andheexpectstomaintainaconstantlevelofrealconsumptionspendingfortheremainderofhislife.Assumingasteadyrealsalary,thecompleteabsenceoftaxes,andarealinterestrateof2%perannum.WhatisthevalueofWillie’shumancapital?（）

A:$1,896,525.34B:$1,875,355.46C:$1,927,389.53D:$1,957,404.62

答案:$1,927,389.53

Supposeyoucurrentlyrentanapartmentandhaveanoptiontobuyitfor$200,000.Propertytaxesare$2,000peryearandaredeductibleforincometaxpurposes.Annualmaintenancecostsonthepropertyare$1,500peryearandarenottaxdeductible.Youexpectpropertytaxesandmaintenancecoststoincreaseattherateofinflation.Yourincometaxrateis40%,youcanearnanafter-taxrealinterestrateof2%peryear,andyouplantokeeptheapartmentforever.Whatisthe“break-even”annualrentsuchthatyouwouldbuyitiftherentexceedsthisamount?（）

A:$5,500B:$6,900C:$6,700D:$7,200

答案:$6,700

Youare30yearsoldandareconsideringfull-timestudyforanMBAdegree.Tuitionandotherdirectcostswillbe$15,000peryearfortwoyears.Inadditionyouwillhavetogiveupajobwithasalaryof$30,000peryear.Assumetuitionispaidandsalaryreceivedattheendoftheyear.Assumearealinterestrateof3%peryearandignoretaxes.Alsoassumethatthesalaryincreaseisaconstantrealamountthatstartsafteryoucompleteyourdegree(attheendoftheyearfollowinggraduation)andlastsuntilretirementatage65.Findthefuturevalueofthetuitionandforegonesalaryattheendof2years:（）.

A:$86,590B:$89,740C:$91,350D:$88,760

答案:$89,740

Intertemporalbudgetconstraintmodelsaysthatthepresentvalueofyourlifetimeconsumptionspendingandbequestsequalsthepresentvalueofyourlifetimeresources-initialwealthandfuturelaborincome.（）

A:对B:错

答案:对

第六章测试

Whencomparingdifferentprojectswithdifferentcostsavingprojectswithdifferentlifeexpectancies,itispossibletocomparetheannualizedcapitalcost.（）

A:错B:对

答案:对

A.FungFashion,Inc.anticipatesrealnetcashflowstobe$100,000thisyear.Therealdiscountrateis15%peryear.Whatisthepresentvalueofthesecashflowsiftherealnetcashflowsareexpectedtogrowat5%peryearforever?（）

A:$1,000,000B:$900,000C:$1,200,000D:$1,300,000

答案:$1,000,000

LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe$15perwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe$10perwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thedepreciationexpenseis（）.

A:$1,100,000B:$1,000,000C:$800,000D:$900,000

答案:$800,000

LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe$15perwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe$10perwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thecashflowatthebeginningofthefirstyearis（）

A:-$500,000B:$400,000C:-$400,000D:$500,000

答案:-$400,000

Tax-LessSoftwareCorporationisconsideringaninvestmentof$400,000inequipmentforproducinganewtaxpreparationsoftwarepackage.Theequipmenthasanexpectedlifeof4years.Salesareexpectedtobe60,000unitsperyearatapriceof$20perunit.Fixedcostsexcludingdepreciationoftheequipmentare$200,000peryear,andvariablecostsare$12perunit.Theequipmentwillbedepreciatedover4yearsusingthestraight-linemethodwithazerosalvagevalue.Workingcapitalrequirementsareassumedtobe1/12ofannualsales.Themarketcapitalizationratefortheprojectis15%peryear,andthecorporationpaysincometaxattherateof34%.Theproject’sworkingcapitalis（）

A:$80,000B:$100,000C:$70,000D:$120,000

答案:$100,000

第七章测试

Neitherhouseholdsnofirmsmakefinancialdecisionsbasedonthecriterionofvaluemaximization.（）

A:错B:对

答案:错

TheLawofOnePricestatesthatinacompetitivemarket,（）.

A:notwodistinctassetsareidenticalinallrespectsB:therearetwodistinctassetsareidenticalinallrespectsC:iftwoassetsareequivalenttheywilltendtohavethesamepriceD:iftwoassetsareequivalenttheywilltendtohavedifferentprices

答案:notwodistinctassetsareidenticalinallrespects;iftwoassetsareequivalenttheywilltendtohavethesameprice

Ifobservedpricesappearedtoviolatethelaw,sothatseeminglyidenticalassetsweresellingatdifferentprices,（）.

A:wewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassetsB:wewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarketC:ourfirstsuspicionwouldbeanexceptiontotheLawofOnePriceD:ourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePrice

答案:wewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassets;wewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarket;ourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePrice

Thequantitativemethodusedtoinferanasset’svaluefrominformationaboutthepricesofcomparable

assetsiscalleda（）.

A:profitmodelB:pricemodelC:comparisonmodelD:valuationmodel

答案:valuationmodel

Youobservethatthedollarpriceoftheeurois$1.20andthedollarpriceoftheyenis$0.01.Whatmust

betheexchangeratebetweeneuroandyenifthereisnoarbitrageopportunity?（）

A:120yenpereuroB:140yenpereuroC:130yenpereuroD:110yenpereuro

答案:120yenpereuro

第八章测试

Defaultriskreferstothepossibilitythattheissuerofbondsmaynotbeabletorepaytheprincipalandinterestonschedule.（）

A:错B:对

答案:对

Couponbondscanbeclassifiedas:（）

A:premiumbondB:discountbondC:purebondD:parbond

答案:premiumbond;discountbond;parbond

Ifacouponbondhasapricehigherthanitsfacevalue,thefollowingrelationshipisright:（）.

A:itscouponrateislessthanitscurrentyieldB:itscurrentyieldislessthanitscouponrateC:itsyieldtomaturityislessthanitscouponrateD:itsyieldtomaturityislessthanitscurrentyield

答案:itscurrentyieldislessthanitscouponrate;itsyieldtomaturityislessthanitscouponrate;itsyieldtomaturityislessthanitscurrentyield

Considerabondwitha4%couponratematuringintwoyears,itsfacevalueis$1000.Supposethatitspriceis$950.Thecurrentyieldis（）.

A:-4.21%B:4.21%C:2.41%D:-2.41%

答案:4.21%

Supposeyouwanttoknowthepriceofa10-year7%couponTreasurybondthatpaysinterestannually.Youhavebeentoldthattheyieldtomaturityis8%.Whatistheprice(per$100offacevalue)?（）

A:$95.36B:$96.15C:$93.29D:$98.21

答案:$93.29

第九章测试

Adiscounteddividendmodelisdefinedasanymodelthatcomputesthevalueofashareofstockasthepresentvalueofitsexpectedfuturecashdividends.（）

A:对B:错

答案:对

Therearesomeimplicationsoftheconstant-growth-ratediscounteddividendmodel:（）

A:themodelisvalidonlyiftheexpectedgrowthrateofdividendsislessthanthemarketcapitalizationrateB:iftheexpectedgrowthrateiszero,thenthevaluationformulacannotreducetotheformulaforthepresentvalueofalevelperpetuityC:themodelisvalidonlyiftheexpectedgrowthrateofdividendsisgreaterthanthemarketcapitalizationrateD:iftheexpectedgrowthrateiszero,thenthevaluationformulareducestotheformulaforthepresentvalueofalevelperpetuity

答案:themodelisvalidonlyiftheexpectedgrowthrateofdividendsislessthanthemarketcapitalizationrate;iftheexpectedgrowthrateiszero,thenthevaluationformulareducestotheformulaforthepresentvalueofalevelperpetuity

Ausefulwaytoestimateafirm'svaluebasedonearningsandinvestmentopportunitiesistopartitionthefirm'svalueintotwoparts:oneisthepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity,andanotheroneisthenetpresentvalueofanyfutureinvestmentopportunities:（）.

A:thepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuityB:thenetpresentvalueofanyfuturenetincomeC:thenetpresentvalueofanyfutureinvestmentopportunitiesD:thefuturevalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity

答案:thepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity;thenetpresentvalueofanyfutureinvestmentoppor