金融學智慧樹知到課后章節答案2023年下寧波大學寧波大學

第一章測試

Financeisthestudyofhowpeopleallocatescarceresourcesovertime.（）

答案:

對

Basictypesoffinancialdecisionsofhouseholds（）.

答案:

Investmentdecisions;Financingdecisions;Consumptionandsavingdecisions;Risk-managementdecisions

Basictypesoffinancialdecisionsoffirms（）.

答案:

capitalbudgeting;workingcapitalmanagement;whatbusinessesitwantstobein;financing

Whichoneisnottheformofbusinessorganization（）.

答案:

corporation

Forthepartnership,selecttheonewhichiswrong（）.

答案:

Limitedpartnershaveunlimitedliability.

第二章測試

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

答案:

對

Basicfunctionsperformedbythefinancialsystem:（）.

答案:

Risk-managementdecisions;Financingdecisions;Transferringresourcesacrosstimeandspace;Investmentdecisions

Bythelocation,financialmarketsareclassifiedas（）.

答案:

specific-geographic-locationmarket;no-one-specific-locationmarket

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

答案:

52.5%

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

答案:

3.85%

第三章測試

Networkingcapitalisthedifferencebetweenafirm'scurrentassetsanditstotalliabilities.（）

答案:

錯

Basicfinancialstatementsinclude:（）.

答案:

balancesheet;incomestatement;cashflowstatement

Wecananalyzeafirm’sperformancetroughratios:（）.

答案:

liquidity;financialleverage;profitabilities;assetturnover

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

答案:

$23.4million

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

答案:

20%

第四章測試

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

答案:

$50million

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

答案:

$3,169.87

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

答案:

7.2years

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

答案:

$1,102.5

Whataretheeffectiveannualratesofthefollowing:10%APRcompoundedannually?（）

答案:

10%

第五章測試

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

答案:

$3,750

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

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?（）

答案:

$6,700

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

答案:

$89,740

Intertemporalbudgetconstraintmodelsaysthatthepresentvalueofyourlifetimeconsumptionspendingandbequestsequalsthepresentvalueofyourlifetimeresources-initialwealthandfuturelaborincome.（）

答案:

對

第六章測試

Whencomparingdifferentprojectswithdifferentcostsavingprojectswithdifferentlifeexpectancies,itispossibletocomparetheannualizedcapitalcost.（）

答案:

對

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

答案:

$1,000,000

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

答案:

$800,000

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

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（）

答案:

$100,000

第七章測試

Neitherhouseholdsnofirmsmakefinancialdecisionsbasedonthecriterionofvaluemaximization.（）

答案:

錯

TheLawofOnePricestatesthatinacompetitivemarket,（）.

答案:

notwodistinctassetsareidenticalinallrespects;iftwoassetsareequivalenttheywilltendtohavethesameprice

Ifobservedpricesappearedtoviolatethelaw,sothatseeminglyidenticalassetsweresellingatdifferentprices,（）.

答案:

wewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassets;wewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarket;ourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePrice

Thequantitativemethodusedtoinferanasset’svaluefrominformationaboutthepricesofcomparable

assetsiscalleda（）.

答案:

valuationmodel

Youobservethatthedollarpriceoftheeurois$1.20andthedollarpriceoftheyenis$0.01.Whatmust

betheexchangeratebetweeneuroandyenifthereisnoarbitrageopportunity?（）

答案:

120yenpereuro

第八章測試

Defaultriskreferstothepossibilitythattheissuerofbondsmaynotbeabletorepaytheprincipalandinterestonschedule.（）

答案:

對

Couponbondscanbeclassifiedas:（）

答案:

premiumbond;discountbond;parbond

Ifacouponbondhasapricehigherthanitsfacevalue,thefollowingrelationshipisright:（）.

答案:

itscurrentyieldislessthanitscouponrate;itsyieldtomaturityislessthanitscouponrate;itsyieldtomaturityislessthanitscurrentyield

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

答案:

4.21%

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

答案:

$93.29

第九章測試

Adiscounteddividendmodelisdefinedasanymodelthatcomputesthevalueofashareofstockasthepresentvalueofitsexpectedfuturecashdividends.（）

答案:

對

Therearesomeimplicationsoftheconstant-growth-ratediscounteddividendmodel:（）

答案:

themodelisvalidonlyiftheexpectedgrowthrateofdividendsislessthanthemarketcapitalizationrate;iftheexpectedgrowthrateiszero,thenthevaluationformulareducestotheformulaforthepresentvalueofalevelperpetuity

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

答案:

thepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity;thenetpresentvalueofanyfutureinvestmentopportunities

Underthediscounteddividendmodel,whatisthevaluepershareofacompanyexpectedtopa