投资学题库Chap005.docx
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投资学题库Chap005
Chapter05
Risk,Return,andtheHistoricalRecord
MultipleChoiceQuestions
1.
Overthepastyearyouearnedanominalrateofinterestof10%onyourmoney.Theinflationratewas5%overthesameperiod.Theexactactualgrowthrateofyourpurchasingpowerwas
A.
15.5%.
B.
10.0%.
C.
5.0%.
D.
4.8%.
E.
15.0%.
2.
Overthepastyearyouearnedanominalrateofinterestof8%onyourmoney.Theinflationratewas4%overthesameperiod.Theexactactualgrowthrateofyourpurchasingpowerwas
A.
15.5%.
B.
10.0%.
C.
3.8%.
D.
4.8%.
E.
15.0%.
3.
Ayearago,youinvested$1,000inasavingsaccountthatpaysanannualinterestrateof9%.Whatisyourapproximateannualrealrateofreturniftherateofinflationwas4%overtheyear?
A.
5%
B.
10%
C.
7%
D.
3%
4.
Ayearago,youinvested$10,000inasavingsaccountthatpaysanannualinterestrateof5%.Whatisyourapproximateannualrealrateofreturniftherateofinflationwas3.5%overtheyear?
A.
1.5%
B.
10%
C.
7%
D.
3%
E.
Noneoftheoptions
5.
Iftheannualrealrateofinterestis5%andtheexpectedinflationrateis4%,thenominalrateofinterestwouldbeapproximately
A.
1%.
B.
9%.
C.
20%.
D.
15%.
6.
Iftheannualrealrateofinterestis2.5%andtheexpectedinflationrateis3.7%,thenominalrateofinterestwouldbeapproximately
A.
3.7%.
B.
6.2%.
C.
2.5%.
D.
-1.2%.
7.
Youpurchasedashareofstockfor$20.Oneyearlateryoureceived$1asadividendandsoldthesharefor$29.Whatwasyourholding-periodreturn?
A.
45%
B.
50%
C.
5%
D.
40%
E.
Noneoftheoptions
8.
Youpurchasedashareofstockfor$68.Oneyearlateryoureceived$3.00asadividendandsoldthesharefor$74.50.Whatwasyourholding-periodreturn?
A.
12.5%
B.
14.0%
C.
13.6%
D.
11.8%
9.
Whichofthefollowingdetermine（s）thelevelofrealinterestrates?
I）Thesupplyofsavingsbyhouseholdsandbusinessfirms
II）Thedemandforinvestmentfunds
III）Thegovernment'snetsupplyand/ordemandforfunds
A.
Ionly
B.
IIonly
C.
IandIIonly
D.
I,II,andIII
10.
Whichofthefollowingstatement（s）is（are）true?
I）Therealrateofinterestisdeterminedbythesupplyanddemandforfunds.
II）Therealrateofinterestisdeterminedbytheexpectedrateofinflation.
III）TherealrateofinterestcanbeaffectedbyactionsoftheFed.
IV）Therealrateofinterestisequaltothenominalinterestrateplustheexpectedrateofinflation.
A.
IandIIonly.
B.
IandIIIonly.
C.
IIIandIVonly.
D.
IIandIIIonly.
E.
I,II,III,andIVonly.
11.
Whichofthefollowingstatement（s）is（are）true?
A.
Inflationhasnoeffectonthenominalrateofinterest.
B.
Therealizednominalrateofinterestisalwaysgreaterthantherealrateofinterest.
C.
Certificatesofdepositofferaguaranteedrealrateofinterest.
D.
Noneoftheoptionsistrue.
12.
Otherthingsequal,anincreaseinthegovernmentbudgetdeficit
A.
drivestheinterestratedown.
B.
drivestheinterestrateup.
C.
mightnothaveanyeffectoninterestrates.
D.
increasesbusinessprospects.
13.
Ceterisparibus,adecreaseinthedemandforloanablefunds
A.
drivestheinterestratedown.
B.
drivestheinterestrateup.
C.
mightnothaveanyeffectoninterestrates.
D.
resultsfromanincreaseinbusinessprospectsandadecreaseinthelevelofsavings.
14.
Theholding-periodreturn（HPR）onashareofstockisequalto
A.
thecapitalgainyieldduringtheperiod,plustheinflationrate.
B.
thecapitalgainyieldduringtheperiod,plusthedividendyield.
C.
thecurrentyield,plusthedividendyield.
D.
thedividendyield,plustheriskpremium.
E.
thechangeinstockprice.
15.
Historicalrecordsregardingreturnonstocks,Treasurybonds,andTreasurybillsbetween1926and2012showthat
A.
stocksofferedinvestorsgreaterratesofreturnthanbondsandbills.
B.
stockreturnswerelessvolatilethanthoseofbondsandbills.
C.
bondsofferedinvestorsgreaterratesofreturnthanstocksandbills.
D.
billsoutperformedstocksandbonds.
E.
Treasurybillsalwaysofferedarateofreturngreaterthaninflation.
16.
Iftheinterestratepaidbyborrowersandtheinterestratereceivedbysaversaccuratelyreflecttherealizedrateofinflation,
A.
borrowersgainandsaverslose.
B.
saversgainandborrowerslose.
C.
bothborrowersandsaverslose.
D.
neitherborrowersnorsaversgainnorlose.
E.
bothborrowersandsaversgain.
17.
Youhavebeengiventhisprobabilitydistributionfortheholding-periodreturnforKMPstock:
Whatistheexpectedholding-periodreturnforKMPstock?
A.
10.40%
B.
9.32%
C.
11.63%
D.
11.54%
E.
10.88%
18.
Youhavebeengiventhisprobabilitydistributionfortheholding-periodreturnforKMPstock:
WhatistheexpectedstandarddeviationforKMPstock?
A.
6.91%
B.
8.13%
C.
7.79%
D.
7.25%
E.
8.85%
19.
Youhavebeengiventhisprobabilitydistributionfortheholding-periodreturnforKMPstock:
WhatistheexpectedvarianceforKMPstock?
A.
66.04%
B.
69.96%
C.
77.04%
D.
63.72%
E.
78.45%
20.
Ifthenominalreturnisconstant,theafter-taxrealrateofreturn
A.
declinesastheinflationrateincreases.
B.
increasesastheinflationrateincreases.
C.
declinesastheinflationratedeclines.
D.
increasesastheinflationratedecreases.
E.
declinesastheinflationrateincreasesandincreasesastheinflationratedecreases.
21.
Theriskpremiumforcommonstocks
A.
cannotbezero,forinvestorswouldbeunwillingtoinvestincommonstocks.
B.
mustalwaysbepositive,intheory.
C.
isnegative,ascommonstocksarerisky.
D.
cannotbezero,forinvestorswouldbeunwillingtoinvestincommonstocksandmustalwaysbepositive,intheory.
E.
cannotbezero,forinvestorswouldbeunwillingtoinvestincommonstocksandisnegative,ascommonstocksarerisky.
22.
Ifaportfoliohadareturnof18%,therisk-freeassetreturnwas5%,andthestandarddeviationoftheportfolio'sexcessreturnswas34%,theriskpremiumwouldbe
A.
13%.
B.
18%.
C.
49%.
D.
12%.
E.
29%.
23.
YoupurchaseashareofBoeingstockfor$90.Oneyearlater,afterreceivingadividendof$3,yousellthestockfor$92.Whatwasyourholding-periodreturn?
A.
4.44%
B.
2.22%
C.
3.33%
D.
5.56%
E.
Noneoftheoptions
24.
Toyotastockhasthefollowingprobabilitydistributionofexpectedpricesoneyearfromnow:
IfyoubuyToyotatodayfor$55anditwillpayadividendduringtheyearof$4pershare,whatisyourexpectedholding-periodreturnonToyota?
A.
17.72%
B.
18.89%
C.
17.91%
D.
18.18%
25.
Whichofthefollowingfactorswouldnotbeexpectedtoaffectthenominalinterestrate?
A.
Thesupplyofloanablefunds
B.
Thedemandforloanablefunds
C.
Thecouponrateonpreviouslyissuedgovernmentbonds
D.
Theexpectedrateofinflation
E.
Governmentspendingandborrowing
26.
Ifaportfoliohadareturnof11%,therisk-freeassetreturnwas6%,andthestandarddeviationoftheportfolio'sexcessreturnswas25%,theriskpremiumwouldbe
A.
14%.
B.
6%.
C.
35%.
D.
21%.
E.
5%.
27.
Inwords,therealrateofinterestisapproximatelyequalto
A.
thenominalrateminustheinflationrate.
B.
theinflationrateminusthenominalrate.
C.
thenominalratetimestheinflationrate.
D.
theinflationratedividedbythenominalrate.
E.
thenominalrateplustheinflationrate.
28.
IftheFederalReservelowersthediscountrate,ceterisparibus,theequilibriumlevelsoffundslentwill__________andtheequilibriumlevelofrealinterestrateswill___________.
A.
increase;increase
B.
increase;decrease
C.
decrease;increase
D.
decrease;decrease
E.
reversedirectionfromtheirprevioustrends;reversedirectionfromtheirprevioustrends
29.
WhathasbeentherelationshipbetweenT-Billratesandinflationratessincethe1980s?
A.
TheT-Billratewassometimeshigherthanandsometimeslowerthantheinflationrate.
B.
TheT-Billratehasequaledtheinflationrateplusaconstantpercentage.
C.
TheinflationratehasequaledtheT-Billrateplusaconstantpercentage.
D.
TheT-Billratehasbeenhigherthantheinflationratealmosttheentireperiod.
E.
TheT-Billratehasbeenlowerthantheinflationratealmosttheentireperiod.
30.
"BracketCreep"happenswhen
A.
taxliab
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