兹维博迪金融学第二版试题库5TB1.docx

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兹维博迪金融学第二版试题库5TB1.docx

兹维博迪金融学第二版试题库5TB1

ChapterFive

HouseholdSavingsandInvestmentDecisions

Thischaptercontains28multiplechoicequestions,10shortproblems,and9longerproblems.

MultipleChoice

1.Gettingaprofessionaldegreecanbeevaluatedas________.

a)asocialsecuritydecision

b)aninvestmentinhumancapital

c)aninvestmentinaconsumerdurable

d)ataxexemptdecision

Answer:

(b)

 

2.Supposeyouwillfaceataxrateof20%beforeandafterretirement.Theinterestrateis8%.Youare30yearsbeforeyourretirementdateandinvest$10,000toataxdeferredretirementplan.Ifyouchoosetowithdrawthetotalaccumulatedamountatretirement,whatwillyoubeleftwithafterpayingtaxes?

a)$51,445

b)$64,000

c)$80,501

d)$100,627

Answer:

(c)

 

3.Supposeyouwillfaceataxrateof20%beforeandafterretirement.Theinterestrateis8%.Youare30yearsbeforeyourretirementdateandhave$10,000toinvest.Ifyouinvestthisinanordinarysavingsplaninsteadofataxdeferredretirementplan,whatamountwillyouhaveaccumulatedatretirement?

a)$51,445

b)$64,000

c)$80,501

d)$100,627

Answer:

(a)

 

4.

Whenyourtaxrateremainsunchanged,thebenefitoftaxdeferralcanbesummarizedintherule,“deferralearnsyou________.”

a)theafter-taxrateofreturnbeforetax

b)thepretaxrateofreturnaftertax

c)theafter-taxrateofreturnaftertax

d)thepretaxrateofreturnbeforetax

Answer:

(b)

 

5.Fromaneconomicperspective,professionaltrainingshouldbeundertakenifthe________exceedsthe________.

a)futurevalueofthebenefit;presentvalueofthecosts

b)presentvalueofthebenefits;futurevalueofthecosts

c)futurevalueofthebenefits;futurevalueofthecosts

d)presentvalueofthebenefits;futurevalueofthecosts

Answer:

(d)

 

6.Supposeyouwillfaceataxrateof30%beforeandafterretirement.Theinterestrateis6%.Youare35yearsbeforeyourretirementdateand$2,000toataxdeferredretirementplan.Ifyouchoosetowithdrawthetotalaccumulatedamountatretirement,whatwillyoubeleftwithafterpayingtaxes?

a)$7,532

b)$10,760

c)$12,298

d)$15,372

Answer:

(b)

 

7.Keciaiscurrentlythirtyyearsoldandsheplanstoretireatagesixty.Sheisexpectedtolivetoageeighty-five.Herlaborincomeis$45,000peryearandsheintendstomaintainaconstantlevelofrealconsumptionspendingoverthenextfifty-fiveyears.Assumingarealinterestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofKecia’shumancapital?

a)$31,797

b)$35,196

c)$778,141

d)$994,888

Answer:

(c)

 

8.

Keciaiscurrentlythirtyyearsoldandsheplanstoretireatagesixty.Sheisexpectedtolivetoageeighty-five.Herlaborincomeis$45,000peryearandsheintendstomaintainaconstantlevelofrealconsumptionspendingoverthenextfifty-fiveyears.Assumingarealinterestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofKecia’spermanentincome?

a)$31,797

b)$35,196

c)$778,141

d)$994,888

Answer:

(b)

 

9.Oscariscurrentlythirty-fiveyearold,planstoretireatagesixty-five,andtolivetoageeighty-five.Hislaborincomeis$40,000peryear,andheintendstomaintainaconstantlevelofrealconsumptionspendingoverthenextfiftyyears.Assumingarealinterestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofOscar’shumancapital?

a)$884,344

b)$691,681

c)$39,999

d)$32,198

Answer:

(b)

 

10.Oscariscurrentlythirty-fiveyearold,planstoretireatagesixty-five,andtolivetoageeighty-five.Hislaborincomeis$40,000peryear,andheintendstomaintainaconstantlevelofrealconsumptionspendingoverthenextfiftyyears.Assumingarealinterestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofOscar’spermanentincome?

a)$884,344

b)$691,681

c)$39,999

d)$32,198

Answer:

(d)

 

11.

Youarecurrentlyrentingahousefor$12,000peryear,andyoualsohaveanoptiontobuyitfor$240,000.Maintenanceandpropertytaxesareestimatedtobe$4,320,andthesecostsareincludedinyourrent.Propertytaxes($2,880ofthe$4,320)aredeductibleforincometaxpurposes.Yourtaxrateis35%.Youwishtoprovideyourselfwithhousingatthelowestpresentvalueofcost.Iftherealafter-taxrateis2.52%,shouldyourentorbuy?

a)rentthehouse;thePVcostofrentingis$476,190

b)rentthehouse;thePVcostofrentingis$309,524

c)buythehouse;thePVcostofowningis$442,198

d)buythehouse;thePVcostofowningis$371,429

Answer:

(d)

 

12.Youarecurrentlyrentingahousefor$12,000peryearandyoualsohaveanoptiontobuyitfor$240,000.Maintenanceandpropertytaxesareestimatedtobe$4,320,andthesecostsareincludedinyourrent.Propertytaxes($2,880ofthe$4,320)aredeductibleforincometaxpurposes.Yourtaxrateis35%.Youwishtoprovideyourselfwithhousingatthelowestpresentvalueofcost.Therealafter-taxrateis2.52%.Whatisthebreak-evenrent?

a)$6,048

b)$9,360

c)$10,128

d)$12,302

Answer:

(b)

 

13.Asonegetsolder,the________declines,so________fallssteadilyuntilitreacheszeroatage65.

a)futurevalueofremaininglaborincome;humancapital

b)futurevalueofremaininglaborincome;initialwealth

c)presentvalueofremaininglaborincome;humancapital

d)presentvalueofinitialwealth;optimization

Answer:

(c)

 

14.Anylifetimeconsumptionspendingplanthatsatisfiesyourbudgetconstraintis:

a)anoptimalmodel

b)afeasibleplan

c)amodelbenefit

d)atargetreplacement

Answer:

(b)

 

15.

Thereisanadvantagetotaxdeferredretirementsavingsplansforthose________whenthemoneyiswithdrawn.

a)whowillbeinalowertaxbracket

b)whowillbeinthesametaxbracket

c)both(a)and(b)

d)neither(a)nor(b)

Answer:

(c)

 

16.IntheUnitedStates,individualretirementaccounts(IRAs)arecalled________ratherthan________becauseanyamountswithdrawnfromtheplanaretaxedatthetimeofwithdrawal.

a)taxadvantaged;taxdeferred

b)taxdeferred;taxexempt

c)taxadvantaged;taxloopholes

d)taxexempt;taxdeferred

Answer:

(b)

 

17.Thepresentvalueofone’sfuturelaborincomeiscalled________andtheconstantlevelofconsumptionspendingthathasapresentvalueequaltoone’shumancapitaliscalled________.

a)humanincome;taxableincome

b)humancapital;permanentincome

c)permanentcapital;taxableincome

d)permanentincome;humancapital

Answer:

(b)

 

18.The________theinterestrate,the________thevalueofhumancapital,butthehigherthelevelofpermanentincome.

a)lower;lower

b)higher;lower

c)higher;higher

d)lower;higher

Answer:

(b)

 

19.

The________statesthatthepresentvalueofone’slifetimeconsumptionspendingandbequestsequalsthepresentvalueofone’sinitialwealthandfuturelaborincome.

a)consumptionbudgetconstraint

b)spendingconstraint

c)intertemporalbudgetconstraint

d)incomeandspendingconstraint

Answer:

(c)

 

20.Accordingtothetext,manyexpertsrecommendthatinmakingasavingsplanoneshouldaimforareplacementrateof________ofpre-retirementincome.

a)100%

b)25%

c)50%

d)75%

Answer:

(d)

21.Economiccoststhataresaidtobeexplicitcostsincludeitemssuchas________.

a)tuition

b)foregonerent

c)foregoneearnings

d)alloftheabove

Answer:

(a)

 

22.Economiccoststhataresaidtobeimplicitcostsincludeitemssuchas________.

a)tuition

b)administrativefeeswhileundertakingaprofessionaldegree

c)foregoneearnings

d)alloftheabove

Answer:

(c)

 

23.Inmakinglifetimesaving/consumptiondecisionsitisconsideredsimplertodotheanalysis________.

a)innominalterms

b)ininflationaryterms

c)inperpetualterms

d)inrealterms

Answer:

(d)

 

24.Intermsofalifetimesaving/consumptiondecisionsuchasbuyingorrentinganapartmentoraconsumerdurable,thealternativeyoushouldchooseis________.

a)theonewiththelowerpresentvalueofbenefits

b)theonewiththelowerpresentvalueofcosts

c)theonewiththehigherpresentvalueofcosts

d)theonewiththelowerpresentvalueofbenefitsandthehigherpresentcosts

Answer:

(b)

 

25.Amongtheapproachesyoucanuseforsavingforyourretirementis/are________.

a)aimingtomaintainthesamelevelofconsumptionspendingbeforeandafterretirement

b)aimingforatargetreplacementrateofincome

c)bypassinggraduateschoolandcontinuingtoconsumeatthesamelevel

d)(a)and(b)

Answer:

(d)

 

26.Intheequationknownastheintertemporalbudgetconstraint,________.

a)thepresentvalueoflifetimeconsumptionspendingequalsthepresentvalueofbequests

b)thepresentvalueoflifetimeconsumptionspendingandbequestsequalsthepresentvalueoflifetimeresources

c)thepresentvalueoflifetimeconsumptionspendingequalsthefuturevalueoflaborincome

d)thefuturevalueoflifetimeconsumptionspendingequalsthepresentvalueoflaborincome

Answer:

(b)

 

27.

Salmaniscurrentlytwenty-fiveyearsoldandplanstolivetoageeighty.Hislaborincomeis$75,000peryearandheplanstomaintainaconstantlevelofrealconsumptionspendingoverthenextfifty-fiveyears.Salmanplanstoretireatage60.Assumetherealinterestrateis5%peryearandtherearenotaxesandnogrowthinreallaborincome.WhatisthevalueofSalman’spermanentincome?

a)$75,000

b)$65,906

c)$85,348

d)$1,228,064

Answer:

(b)

 

28.Youarecurrentlyrentingahousefor$25,800ayearandyouhaveanoptiontobuyitfor$350,000.Maintenanceandpropertytaxesare$6,150peryearandthesecostsareincludedinyourrent.Propertytaxes($4,150ofthe$6,150)aredeductibleforincometaxpurposes.Yourtaxrateis35%.Therealafter-taxrateis

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