兹维博迪金融学第二版试题库4TB1.docx

兹维博迪金融学第二版试题库4TB1.docx

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兹维博迪金融学第二版试题库4TB1

兹维博迪金融学第二版试题库4TB

（1）

ChapterFour

AllocatingResourcesOverTime

Thischaptercontains46multiple-choicequestions,18shortproblemsand9longerproblems.

MultipleChoice

1.________istheprocessofgoingfrompresentvaluetofuturevalue,whereas________isfindingthepresentvalueofsomefutureamount.

（a）Discounting;compounding

（b）Compounding;annualizing

（c）Compounding;discounting

（d）Discounting;leasing

Answer:

（c）

2.________referstotheinterestrateatwhichmoneyreceivedbeforetheendoftheplanninghorizoncanbereinvested.

（a）Internalrate

（b）Reinvestmentrate

（c）Costofequity

（d）Compoundinterest

Answer:

（b）

3.Thedifferencebetweenanimmediateannuityandanordinaryannuityis________.

（a）thenumberofperiods

（b）theamountofthepayments

（c）theinterestrate

（d）thetimingofthepayments

Answer:

（d）

4.ThepreferredstockofTavistockRealtyoffersacashdividendof$2.28peryearanditissellingatapriceof$110pershare.WhatistheyieldofTavistockRealtypreferredstock?

（a）2.07%

（b）2.12%

（c）2.28%

（d）48.25%

Answer:

（a）

5.Considerthesituationwhereyouhavewona$10millionlotterytobereceivedin25annualequalpaymentsof$400,000.Whatwillhappentothepresentvalueofthesewinningsiftheinterestrateincreasesduringthenext25years?

（a）itwillnotchange

（b）itwillbeworthmore

（c）itwillbeworthless

（d）itcannotbedetermined

Answer:

（c）

6.WhatistheeffectiveannualrateonabankaccountthathasAPRof8percentwithinterestcompoundedquarterly?

（a）6.12%

（b）8.24%

（c）8.48%

（d）17.17%

Answer:

（b）

7.YoutakeoutaloanwithanAPRof10%withmonthlycompounding.Whatistheeffectiveannualrateonyourloan?

（a）23.87%

（b）21.6%

（c）19.56%

（d）18%

Answer:

（a）

8.TheCFOofCyberHelpInc.has$250,000incashtodaythathewantstoinvest.Howmuchwillthisinvestmentbeworthinfouryearsifthecurrentinterestrateis8%

（a）$270,000

（b）$330,000

（c）$340,125

（d）$342,150

Answer:

（c）

9.Ifyoupurchasea$12,000certificateofdeposittodaywithanAPRof14%,withquarterlycompounding,whatwilltheCDbeworthwhenitmaturesin5years?

（a）$20,846.99

（b）$20,865.60

（c）$23,104.97

（d）$23,877.47

Answer:

（d）

10.TheCFOofCyberChainInc.planstounleashamediacampaignthatisexpectedtocost$15millionfouryearsfromtoday.Howmuchcashshouldshesetasidetopayforthisifthecurrentinterestrateis13%

（a）$9.2million

（b）$13.3million

（c）$14.4million

（d）$16.9million

Answer:

（a）

11.TheNPVisameasureofhowmuchyour________wealthchangesasaresultofyourchoiceandiftheNPVis________itdoesnotpaytoundertakethatchoice.

（a）future;negative

（b）current;negative

（c）current;positive

（d）future;positive

Answer:

（b）

12.The________istheratethatonecanearnsomewhereelseifonedidnotinvestintheprojectunderevaluation.

（a）opportunitycostofcapital

（b）costofdebt

（c）costofequity

（d）weightedaveragecostofcapital

Answer:

（a）

13.Youaretryingtodecidewhetherornottobuyabondfor$990thatwillmakeonepaymentfor$1,050fouryearsfromtoday.Whatistheinternalrateofreturnonthebond’scashflows?

（a）1.06%

（b）1.48%

（c）10.6%

（d）14.8%

Answer:

（b）

14.CalculatetheNPVofthefollowingcashflows:

youinvest$3,000todayandreceive$300oneyearfromnow,$700twoyearsfromnow,and$1,100startingfouryearsfromnow.Assumethattheinterestrateis7%.

（a）–$1,962.62

（b）–$1,269.04

（c）$1,269.04

（d）$1,962.62

Answer:

（b）

15.Aftereachpaymentofanamortizedloan,theoutstandingbalanceisreducedbytheamountofprincipalrepaid.Therefore,theportionofthepaymentthatgoestowardthepaymentofinterestis________thanthepreviousperiod’sinterestpaymentandtheportiongoingtowardrepaymentofprincipalis________thanthepreviousperiod’s.

（a）greater;lower

（b）lower;lower

（c）greater;greater

（d）lower;greater

Answer:

（d）

16.Thepresentvalueofafutureamountcanbecalculatedwiththeequation________.

（a）PV=FV（1+i）n

（b）PV=FV（1+i）（n）

（c）PV=FV/（1+i）n[NOTE:

thisshouldbeformattedasastackedfraction]

（d）PV=FV/（1+i）（n）[NOTE:

thisshouldbeformattedasastackedfraction]

Answer:

（c）

17.Tocomputethefuturevalueofapresentamountusethecompoundamountfactordefinedas________.

（a）FV=PV（1+i）n

（b）FV=PV（1+i）（n）

（c）FV=PV/（1+i）n[NOTE:

thisshouldbeformattedasastackedfraction]

（d）FV=PV/（1+i）（n）[NOTE:

thisshouldbeformattedasastackedfraction]

Answer:

（a）

18.TheearningsofBGBComputershavegrownfrom$3.20to$6.90in6years.Determinetheannualcompoundrate.

（a）1.14%

（b）13.7%

（c）15.6%

（d）115.6%

Answer:

（b）

19.Infiveyearsyouintendtogotograduateschool.Foreachofyourfouryearsingraduateschool,youneedtohaveafundthatwillprovide$25,000peryearatthebeginningofeachyear.Iftheinterestrateis9%throughout,howmuchmustyouputinthefundtoday?

（a）$64,996

（b）$57,379

（c）$50,184

（d）$16,249

Answer:

（b）

20.AspartofyournewjobatCyberInc.thecompanyisprovidingyouwithanewJeep.Yourfirmwillleasethis$34,000Jeepforyou.Thetermsoftheleasearesevenannualpaymentsataninterestrateof10%,whichwillfullyamortizethecostofthecar.Whatistheannualleasepayment?

（a）$6,984.39

（b）$5,342.86

（c）$4,857.14

（d）$3,584.00

Answer:

（a）

21.AruleofthumbwithusingtheinternalrateofreturnistoinvestinaprojectiftheIRRis________theopportunitycostofcapital.

（a）greaterthan

（b）lessthan

（c）lessthanorequalto

（d）one-halfof

Answer:

（a）

22.Whenconsideringthetimeframeofaninvestment,arulefollowedbysomeistochoosetheinvestmentwith______paybackperiod.

（a）thelongest

（b）theshortest

（c）no

（d）aninfinite

Answer:

（b）

23.Amajorproblemwithusingtheinternalrateofreturnruleis________.

（a）theremaybemultiplecashoutflowsandmultiplecashinflows

（b）theinternalrateofreturnmaynotexist

（c）theinternalrateofreturnmaynotbeunique

（d）alloftheabove

Answer:

（d）

24.TheNPVisthedifferencebetweenthe________valueofall________cashinflowsminusthe________valueofallcurrentandfuturecashoutflows.

（a）future;present;present

（b）present;future;present

（c）present;present;future

（d）present;future;future

Answer:

（b）

25.Whenconsideringeffectiveinterestrates,asthecompoundingfrequencyincreases,theeffectiveannualrategets________and________butapproaches________.

（a）larger;larger;alimit

（b）smaller;smaller;alimit

（c）larger;larger;infinity

（d）smaller;smaller;infinity

Answer:

（a）

26.In10yearsyouwishtoownyourbusiness.Howmuchwillyouhaveinyourbankaccountattheendof10yearsifyoudeposit$300eachquarter（assumeendoftheperioddeposits）Assumetheaccountispayinganinterestrateof12%compoundedquarterly.

（a）$20,220

（b）$21,060

（c）$21,626

（d）$22,620

Answer:

（d）

27.ThedirectorofmarketingforCyberProductsInc.planstounleashamediablitzthatisexpectedtocost$4.7millionthreeyearsfromtoday.Howmuchcashshouldshesetasidetodaytopayforthisifthecurrentinterestrateis11%

（a）$6.43million

（b）$4.23million

（c）$3.62million

（d）$3.44million

Answer:

（d）

28.Ifyoupurchaseda$10,000certificateofdeposittodaywithanAPRof12%,withmonthlycompounding,whatwouldbetheCDworthwhenitmaturesin6years?

（a）$56,340

（b）$20,468

（c）$19,738

（d）$5,066

Answer:

（b）

29.ThemanufacturingmanagerofCyberProductsInc.estimatesthatshecansavethecompany$16,000cashperyearoverthenext8yearsbyimplementingarecyclingplan.Whatisthevalueofthesavingstodayiftheappropriateinterestrateforthefirmis9%Assumecashflowsoccurattheendoftheyear.

（a）$64,240

（b）$88,557

（c）$96,527

（d）$128,000

Answer:

（b）

30.IftheexchangeratebetweentheU.S.dollarandtheFrenchFrancis$0.17perFrenchFranc,thedollarinterestrateis5.5%peryear,andtheFrenchFrancinterestrateis4.5%peryear,whatisthe"break-even"valueofthefuturedollar/FrenchFrancexchangerateoneyearfromnow?

a）$0.172perFF

b）$0.179perFF

c）$5.827perFF

d）$5.882perFF

Answer:

（a）

31.Inanytimevalueofmoneycalculation,thecashflowsandtheinterestratemustbedenominated________.

a）inthesamecurrency

b）indifferentcurrencies

c）intermsofathirdcurrency

d）intermsoftheECU

Answer:

（a）

32.IftheexchangeratebetweentheU.S.dollarandtheJapaneseyenis$0.00745peryen,thedollarinterestrateis6%peryear,andtheJapaneseinterestrateis7%peryear,whatisthe“break-even”valueofthefuturedollar/yenexchangerateoneyearfromnow?

a）$135.49peryen

b）$134.23peryen

c）$0.00752peryen

d）$0.00738peryen

Answer:

（d）

33.ConsiderthesituationwhereyouaretryingtodecideifyoushouldinvestinaSwissprojectoranAmericanproject.Bothprojectsrequireaninitialoutlayof$15,000.TheSwissprojectwillpayyou17,100SwissFrancsperyearfor6years,whereastheAmericanonewillpayyou$11,000peryearfor6years.Thedollarinterestrateis5%peryear,theSwissFrancinterestrateis6%peryear,andthecurrentdollarpriceofaSwissFrancis$0.68perSwissFranc.WhichprojecthasthehigherNPV

a）theU.S.project;itsNPVis$55,832

b）theU.S.project;itsNPVis$40,833

c）theSwissproject;itsNPVis$42,179

d）theSwissproject;itsNPVis$57,178

Answer:

（c）

34.The________istheratedenominatedindollarsorinsomeothercurrency,andthe________isdenominatedinunitsofconsumergoods.

a）nominalinterestrate;inflationinter