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. 5

B. 6

C. 7

D.7.2

( )4. For the life-cycle optimization, people usually consume _____ than(to) what they earn at their youth age.

A. more

B. less

C. equal

D. either of the above three choices

( )5. When people get to retire age, their ____ approaches zero.

A. total wealth

B. human capital

C. retirement fund

D. 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. increased

B. reduced

C. unchanged

D. 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 in

excess 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 epurchasing

shares

D. In a frictionless financial environment, corporations cannot increase stockholders’ wealth through

dividend policy..

( )8. For a discount bond, it holds that _____

A. YTM

B. YTM=Current Y ield

C. YTM=Current Yield=Coupon rate

D. 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. 4.30

B. 4.14

C. 0.16

D. 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. 60

B. 10

C. -10

D. 0