金融學知到智慧樹章節測試課后答案2024年秋寧波大學第一章單元測試

Financeisthestudyofhowpeopleallocatescarceresourcesovertime.（）

A:對B:錯

答案:對Basictypesoffinancialdecisionsofhouseholds（）.

A:Risk-managementdecisionsB:ConsumptionandsavingdecisionsC:FinancingdecisionsD:Investmentdecisions

答案:Risk-managementdecisions；Consumptionandsavingdecisions；Financingdecisions；InvestmentdecisionsBasictypesoffinancialdecisionsoffirms（）.

A:workingcapitalmanagementB:whatbusinessesitwantstobeinC:capitalbudgetingD:financing

答案:workingcapitalmanagement；whatbusinessesitwantstobein；capitalbudgeting；financingWhichoneisnottheformofbusinessorganization（）.

A:conveniencestoreB:soleproprietorshipC:partnershipD:corporation

答案:conveniencestoreForthepartnership,selecttheonewhichiswrong（）.

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

答案:Limitedpartnershaveunlimitedliability.

第二章單元測試

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

A:對B:錯

答案:對Basicfunctionsperformedbythefinancialsystem:（）.

A:TransferringresourcesacrosstimeandspaceB:InvestmentdecisionsC:Risk-managementdecisionsD:Financingdecisions

答案:Transferringresourcesacrosstimeandspace；Investmentdecisions；Risk-managementdecisions；FinancingdecisionsBythelocation,financialmarketsareclassifiedas（）.

A:off-exchangemarketsB:over-the-countermarketsC:no-one-specific-locationmarketD:specific-geographic-locationmarket

答案:no-one-specific-locationmarket；specific-geographic-locationmarketSupposeyouinvestinastockcosting$40.Itpaysacashdividendduringtheyearof$1,andyouexpectitspricetobe$60atyear'send.Ifthestock'spriceisactually$40atyear'send,whatisyourrealizedrateofreturn?（）

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

答案:52.5%Ifthenominalinterestrateis8%peryear,andtherateofinflationasmeasuredbytheproportionalchangeinthefirmis4%peryear,whatistherealrateofreturn?（）

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

答案:3.85%

第三章單元測試

Networkingcapitalisthedifferencebetweenafirm'scurrentassetsanditstotalliabilities.（）

A:對B:錯

答案:錯Basicfinancialstatementsinclude:（）.

A:liabilitystatementB:balancesheetC:cashflowstatementD:incomestatement

答案:balancesheet；cashflowstatement；incomestatementWecananalyzeafirm’sperformancetroughratios:（）.

A:profitabilitiesB:financialleverageC:assetturnoverD:liquidity

答案:profitabilities；financialleverage；assetturnover；liquiditySupposethattheoperationincomeofafirmis$60million,theinterestexpenseis$21million.Ifthetaxrateis40%,thenetincomeis（）.

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

答案:$23.4millionSupposethatthenetincomeofafirmis$80million,andthestockholders’equitiesoftherecenttwoyearsare$300millionand$500million,respectively.Thereturnonequityratiois（）.

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

答案:20%

第四章單元測試

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

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

答案:$50millionYouwanttoestablisha“wasting”fundthatwillprovideyouwith$1,000peryearforfouryears,atwhichtimethefundwillbeexhausted.Howmuchmustyouputinthefundnowifyoucanearn10%interestperyear?（）

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

答案:$3,169.87Supposeyoudeposit$2,000intoanaccountearninganinterestrateof10%peryear.Applytheruleof72,youwillhave$4,000after（）.

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

答案:7.2yearsSupposeyouput$1,000intoanaccountearninganinterestrateof5%peryear.Assumethatyouwillhavethisaccountintwoyearswithtakingnothingout,thefuturevalueofthisaccountis（）.

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

答案:$1,102.5Whataretheeffectiveannualratesofthefollowing:10%APRcompoundedannually?（）

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

答案:10%

第五章單元測試

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

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

答案:$3,750Willieis35yearsold,planstoretireat50andtolivetotheripeoldageof100.Hislaborincomeasaplumberis$150,000peryear,andheexpectstomaintainaconstantlevelofrealconsumptionspendingfortheremainderofhislife.Assumingasteadyrealsalary,thecompleteabsenceoftaxes,andarealinterestrateof2%perannum.WhatisthevalueofWillie’shumancapital?（）

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

答案:$1,927,389.53Supposeyoucurrentlyrentanapartmentandhaveanoptiontobuyitfor$200,000.Propertytaxesare$2,000peryearandaredeductibleforincometaxpurposes.Annualmaintenancecostsonthepropertyare$1,500peryearandarenottaxdeductible.Youexpectpropertytaxesandmaintenancecoststoincreaseattherateofinflation.Yourincometaxrateis40%,youcanearnanafter-taxrealinterestrateof2%peryear,andyouplantokeeptheapartmentforever.Whatisthe“break-even”annualrentsuchthatyouwouldbuyitiftherentexceedsthisamount?（）

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

答案:$6,700Youare30yearsoldandareconsideringfull-timestudyforanMBAdegree.Tuitionandotherdirectcostswillbe$15,000peryearfortwoyears.Inadditionyouwillhavetogiveupajobwithasalaryof$30,000peryear.Assumetuitionispaidandsalaryreceivedattheendoftheyear.Assumearealinterestrateof3%peryearandignoretaxes.Alsoassumethatthesalaryincreaseisaconstantrealamountthatstartsafteryoucompleteyourdegree(attheendoftheyearfollowinggraduation)andlastsuntilretirementatage65.Findthefuturevalueofthetuitionandforegonesalaryattheendof2years:（）.

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

答案:$89,740Intertemporalbudgetconstraintmodelsaysthatthepresentvalueofyourlifetimeconsumptionspendingandbequestsequalsthepresentvalueofyourlifetimeresources-initialwealthandfuturelaborincome.（）

A:錯B:對

答案:對

第六章單元測試

Whencomparingdifferentprojectswithdifferentcostsavingprojectswithdifferentlifeexpectancies,itispossibletocomparetheannualizedcapitalcost.（）

A:對B:錯

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

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

答案:$1,000,000LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe$15perwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe$10perwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thedepreciationexpenseis（）.

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

答案:$800,000LeatherGoodsInc.wantstoexpanditsproductlineintowallets.Itisconsideringproducing50,000unitsperyear.Thepricewillbe$15perwalletthefirstyearandthepricewillincrease3%peryear.Thevariablecostisexpectedtobe$10perwalletandwillincreaseby5%peryear.Themachinewillcost$400,000andwillhaveaneconomiclifeof5years.Itwillbefullydepreciatedusingthestraight-linemethod.Thecashflowatthebeginningofthefirstyearis（）

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

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

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

答案:$100,000

第七章單元測試

Neitherhouseholdsnofirmsmakefinancialdecisionsbasedonthecriterionofvaluemaximization.（）

A:對B:錯

答案:錯TheLawofOnePricestatesthatinacompetitivemarket,（）.

A:therearetwodistinctassetsareidenticalinallrespectsB:notwodistinctassetsareidenticalinallrespectsC:iftwoassetsareequivalenttheywilltendtohavethesamepriceD:iftwoassetsareequivalenttheywilltendtohavedifferentprices

答案:notwodistinctassetsareidenticalinallrespects；iftwoassetsareequivalenttheywilltendtohavethesamepriceIfobservedpricesappearedtoviolatethelaw,sothatseeminglyidenticalassetsweresellingatdifferentprices,（）.

A:ourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePriceB:wewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarketC:ourfirstsuspicionwouldbeanexceptiontotheLawofOnePriceD:wewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassets

答案:ourfirstsuspicionwouldnotbeanexceptiontotheLawofOnePrice；wewouldsuspectthatsomethingwasinterferingwiththenormaloperationofthecompetitivemarket；wewouldsuspectthattherewassome(perhapsundetected)economicdifferencebetweenthetwoassetsThequantitativemethodusedtoinferanasset’svaluefrominformationaboutthepricesofcomparable

assetsiscalleda（）.

A:comparisonmodelB:profitmodelC:pricemodelD:valuationmodel

答案:valuationmodelYouobservethatthedollarpriceoftheeurois$1.20andthedollarpriceoftheyenis$0.01.Whatmust

betheexchangeratebetweeneuroandyenifthereisnoarbitrageopportunity?（）

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

答案:120yenpereuro

第八章單元測試

Defaultriskreferstothepossibilitythattheissuerofbondsmaynotbeabletorepaytheprincipalandinterestonschedule.（）

A:錯B:對

答案:對Couponbondscanbeclassifiedas:（）

A:premiumbondB:discountbondC:parbondD:purebond

答案:premiumbond；discountbond；parbondIfacouponbondhasapricehigherthanitsfacevalue,thefollowingrelationshipisright:（）.

A:itscurrentyieldislessthanitscouponrateB:itsyieldtomaturityislessthanitscouponrateC:itscouponrateislessthanitscurrentyieldD:itsyieldtomaturityislessthanitscurrentyield

答案:itscurrentyieldislessthanitscouponrate；itsyieldtomaturityislessthanitscouponrate；itsyieldtomaturityislessthanitscurrentyieldConsiderabondwitha4%couponratematuringintwoyears,itsfacevalueis$1000.Supposethatitspriceis$950.Thecurrentyieldis（）.

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

答案:4.21%Supposeyouwanttoknowthepriceofa10-year7%couponTreasurybondthatpaysinterestannually.Youhavebeentoldthattheyieldtomaturityis8%.Whatistheprice(per$100offacevalue)?（）

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

答案:$93.29

第九章單元測試

Adiscounteddividendmodelisdefinedasanymodelthatcomputesthevalueofashareofstockasthepresentvalueofitsexpectedfuturecashdividends.（）

A:對B:錯

答案:對Therearesomeimplicationsoftheconstant-growth-ratediscounteddividendmodel:（）

A:themodelisvalidonlyiftheexpectedgrowthrateofdividendsislessthanthemarketcapitalizationrateB:themodelisvalidonlyiftheexpectedgrowthrateofdividendsisgreaterthanthemarketcapitalizationrateC:iftheexpectedgrowthrateiszero,thenthevaluationformulareducestotheformulaforthepresentvalueofalevelperpetuityD:iftheexpectedgrowthrateiszero,thenthevaluationformulacannotreducetotheformulaforthepresentvalueofalevelperpetuity

答案:themodelisvalidonlyiftheexpectedgrowthrateofdividendsislessthanthemarketcapitalizationrate；iftheexpectedgrowthrateiszero,thenthevaluationformulareducestotheformulaforthepresentvalueofalevelperpetuityAusefulwaytoestimateafirm'svaluebasedonearningsandinvestmentopportunitiesistopartitionthefirm'svalueintotwoparts:oneisthepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity,andanotheroneisthenetpresentvalueofanyfutureinvestmentopportunities:（）.

A:thenetpresentvalueofanyfuturenetincomeB:thepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuityC:thenetpresentvalueofanyfutureinvestmentopportunitiesD:thefuturevalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity

答案:thepresentvalueofthecurrentlevelofearningsprojectedintothefutureasaperpetuity；thenetpresentvalueofanyfutureinvestmento