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.docx

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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