兹维博迪金融学第二版试题库08TBword精品.docx

兹维博迪金融学第二版试题库08TBword精品.docx

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兹维博迪金融学第二版试题库08TBword精品

ChapterEight

ValuationofKnownCashFlows:

Bonds

Thischaptercontains50multiplechoicequestions,18shortproblemsand9Iongerproblems.

MultipleChoice

1.Aisaquantitativemethodusedtoinferanasset'svaluefrommarketinformationaboutthe

pricesofotherassetsandmarketinterestrates.

（a）fixedmodel

（b）perpetualvaluationmodel

（c）valuationmodel

（d）variablemodel

Answer:

（c）

2.areexamplesoffixed-incomesecurities.

（a）Commonstockandpensionfunds

（b）Mortgagesandpensionannuities

（c）Mutualfundsandcommonstock

（d）Preferredstockandcommonstock

Answer:

（b）

3.Considerafixed-incomesecuritythatpromisestopay$150eachyearforthenextfiveyears.Howmuchisthisfive-yearannuityworthiftheappropriatediscountrateis7%peryear?

（a）$534.74

（b）$615.03

（c）$802.50

（d）$867.96

Answer:

（b）

4.Considerafixed-incomesecuritythatpromisestopay$120eachyearforthenextfouryears.Calculatethevalueofthisfour-yearannuityiftheappropriatediscountrateis6%peryear.

（a）$415.81

（b）$508.80

（c）$531.85

（d）$629.06

Answer:

（a）

5.Thepriceofanyexistingfixed-incomesecuritywhenmarketinterestratesrisebecause

investorswillonlybewillingtothemiftheyofferacompetitiveyield.

（a）rises;buy

（b）rises;sell

（c）falls;buy

（d）falls;sell

Answer:

（c）

6.Afallininterestratescausesainthemarketvalueofafixed-incomesecurity.

（a）arise

（b）afall

（c）nochange

（d）itcannotbedeterminedfromtheinformationgiven

Answer:

（a）

7.Achangeinmarketinterestratescausesinthemarketvaluesofallexistingcontracts

promisingfixedpaymentsinthefuture.

（a）achangeinthesamedirection

（b）achangeintheoppositedirection

（c）nochange

（d）anunpredictablevariation

Answer:

（b）

8.Whathappenstothevalueofafour-yearfixed-incomesecuritypromising$100peryearifthemarketinterestraterisesfrom5%to6%peryear?

（a）Ariseof1%causesadropof$4.87inmarketvalue.

（b）Ariseof1%causesariseof$4.87inmarketvalue.

（c）Ariseof1%causesadropof$8.09inmarketvalue.

（d）Ariseof1%causesariseof$8.09inmarketvalue.

Answer:

（c）

9.Whathappenstothevalueofafour-yearfixed-incomesecuritypromising$100peryearifthemarketinterestratefallsfrom6%to5%peryear?

（a）Afallof1%causesadropof$4.87inmarketvalue.

（b）Afallof1%causesariseof$4.87inmarketvalue.

（c）Afallof1%causesadropof$8.09inmarketvalue.

（d）Afallof1%causesariseof$8.09inmarketvalue.

Answer:

（d）

10.Azero-couponbondisalsoknownas

（a）aperpetualbond

（b）apurediscountbond

（c）amarketrebate

（d）aninfinitebond

Answer:

（b）

11.Thepromisedcashpaymentonapurediscountbondiscalledits

（a）facevalue

（b）parvalue

（c）fixedinterest

（d）bothaandb

Answer:

（d）

12.Whatistheyieldofa1-yearpurediscountbondwithapriceof$850andafacevalueof$1,000?

（a）8.50%

（b）9.09%

（c）15.00%

（d）17.65%

Answer:

（d）

13.Whatistheyieldofa1-yearpurediscountbondwithapriceof$900andafacevalueof$1,000?

（a）5.26%

（b）10.00%

（c）11.11%

（d）15.79%

Answer:

（c）

14.Considerafour-yearpurediscountbondwithafacevalueof$1,000.Ifitscurrentpriceis$850,computeitsannualizedyield.

（a）1.17%

（b）4.15%

（c）5.57%

（d）17.60%

Answer:

（b）

15.Considerathree-yearpurediscountbondwithafacevalueof$1,000.Ifitscurrentpriceis$900,computeitsannualizedyield.

（a）1.036%

（b）1.111%

（c）3.57%

（d）5.41%

Answer:

（c）

16.Considerafive-yearpurediscountbondwithafacevalueof$1,000.Ifitscurrentpriceis$780,whatisitsannualizedyield?

（a）5.09%

（b）2.82%

（c）1.28%

（d）1.05%

Answer:

（a）

17.Aobligatestheissuertomakeperiodicpaymentsofinteresttothebondholderforthelife

ofthebondandthentopaythefacevalueofthebondwhenthebondmatures.

（a）purediscount

（b）zero-coupon

（c）perpetualbond

（d）couponbond

Answer:

（d）

18.Theofthebondisinterestrateappliedtotheofthebondtocomputethe

periodicpayment.

（a）couponrate;facevalue

（b）maturityrate;facevalue

（c）couponrate;price

（d）maturityrate;price

Answer:

（a）

19.Forabondwithafacevalueof$1,000andcouponrateof11%,whatistheannualcouponpayment?

（a）$100

（b）$110

（c）$1,000

（d）$1,100

20.Forabondwithafacevalueof$1,000andacouponrateof9%,whatistheannualcouponpayment?

（a）$90

（b）$99

（c）$1,000

（d）$1,190

Answer:

（a）

21.Ifthemarketpriceofacouponbondequalsitsfacevalue,itisalsotermeda

（a）parbond

（b）premiumbond

（c）discountbond

（d）zero-discountbond

Answer:

（a）

22.Ifthebond'smarketpriceishigherthanitsfacevalue,itisterme_d__a.

（a）parbond

（b）premiumbond

（c）discountbond

（d）zero-discountbond

Answe