金融学试卷2

金融学基础练习题B一、判断题( )1.Economists call the constant level of consumption spending that has a present value equal to one’s human capital permanent income.( )2.Efficient Market Hypothesis claims that a n asset’s current price partly reflects all publicly available information about future economic fundamentals affecting the asset’s value.( )3.DDM(Discounted Dividend Model) says that price of stock is the present value of its expected future dividend per share, discounted at the market capitalization rate.( )4.Taking insuring measure means that one gives up the possibility of a gain while reducing risk exposure. ( )5. A portfolio that holds all assets in proportion to their observed market value is called market portfolio. ( )6.CAPM is a theory about equilibrium prices in the markets for risky assets.( )7.Capital Market Line (CML) depicts the relationship between an efficient portfolio’s expected return and its beta coefficient.( )8.If a portfolio manager can consistently produce a positive alpha, then its performance is judged to be superior.( )9.If there’s wheat in storage, the forward will provide no information about future spot prices.( )10.Future contracts tend to be used when the credit rating of the contracting parties is high and easy to verify.二、单项选择题（）1．Suppose that the bank deposit rate is 3.5% annually, inflation rate is 5.9% per year, then the deposit’s real rate is ___ per year.A. -2.4%B. -2.27%C. 2.4%D.2.27%( )2. Suppose you saving account earns an annual percentage rate (APR) 6% which is compounded continuously, then its effective annual rate (EFF) is ____.A. 6.00%B. 6.09%C. 6.14%D.6.18%( )3. According to the 72 rule, how many years will it take to double the original investment for an interest rate of 10%?A. 5B. 6C. 7D.7.2( )4. For the life-cycle optimization, people usually consume _____ than(to) what they earn at their youth age.A. moreB. lessC. equalD. either of the above three choices( )5. When people get to retire age, their ____ approaches zero.A. total wealthB. human capitalC. retirement fundD. none of the above three choices ( )6. If one person has a heritage from his parents, then the lifetime consumption will be ____ in the condition of his unchanged lifetime income.A. increasedB. reducedC. unchangedD. either of the above three choices( )7. which of the following statement is false?A. What adds value of a company is the opportunity to invest in projects that can earn rates of return inexcess of the required rate.B. If a company has a higher dividend distribution rate, then it has a higher value.C. There’re two ways for a corp. to distribute cash to its shareholders: cash dividend and r epurchasingsharesD. In a frictionless financial environment, corporations cannot increase stockholders’ wealth throughdividend policy..( )8. For a discount bond, it holds that _____A. YTM<Current Yield<Coupon rateB. YTM=Current Y ield<Coupon rateC. YTM=Current Yield=Coupon rateD. YTM>Current Yield>Coupon rate( )9.If the current price of HD stock is 36.64 and the July HD 32.5 call is 4.30, then the call’s intrinsic value is ______.A. 4.30B. 4.14C. 0.16D. 32.5( )10. If a stock put option’s exercise price is 100, at the expiration date the price of the underlying stock is 110, then the payoff of the put option is ( ).A. 60B. 10C. -10D. 0三、多项选择题（）1. Household’s financial decisions may involve _____.A. Consumption and saving decisionsB. Investment decisionsC. Financing decisionsD. Risk-management decisions（）2.Financial markets which are classified by maturity of claim include _______.A. Debt marketB. Equity marketC. Derivative marketD. Money marketE. Capital marketF. Primary marketG. Secondary market（）3. The fundamental determinants of rates of return include ( ).A. Productivity of capital goodsB. Degree of uncertainty about the productivity of capital goodsC. Time preference of peopleD. Risk aversion（）4. Which of the statements are correct?A. Asset valuation is the process of estimating how much an asset is worth.B. Many financial decisions boil down to figure out how much assets are worth.C. Fundamental value means the price well-informed investors must pay for it in a free and competitivemarket.D. There can not be a temporary difference between market price and its fundamental value.（）5. Factors that affect bond’s Y ield-to-Maturity include ( ).A. Default riskB. taxabilityC. CallabilityD. ConvertibilityE. coupon rate三、计算题XYZ Corporation initially has the earnings of 10 per share. It reinvests 50% of its earnings each year into new investments that yield a rate of return of 20% per year. The required rate is 15%, Questions:(1)What’s the price of stock of XYZ after it reinvests 60% of its earnings?（5分）(2)What’s the NPV of its future investment?（5分）======================练习题B答案一、判断题1-5 √×√×√6-10 √√√√×二、单项选择题1-5 BDDAB 6-10 ABDBD三、多项选择题1.ABCD2.DE3.ABCD4.ABCD5.ABCDE三、计算题Solution：Dividend growth rate=retention rate×ROE=0.5×20%=10% D1=10×(1-0.5)=5(1)price=D1/(k-g)=5/(15%-10%)=100(2) NPV of its future investment=100-10/15%=33.33。