货币金融学chapter4英文习题0001.docx
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货币金融学chapter4英文习题0001
EconomicsofMoney,Banking,andFinancialMarkets,11e,GlobalEdition（Mishkin）Chapter4TheMeaningofInterestRates
MeasuringInterestRates
1）Theconceptofisbasedonthecommon-sensenotionthatadollarpaid
toyouinthefutureislessvaluabletoyouthanadollartoday.
A）presentvalue
B）futurevalue
C）interest
D）deflation
Answer:
A
AACSB:
ApplicationofKnowledge
2）Thepresentvalueofanexpectedfuturepaymentastheinterestrate
increases.
A）falls
B）rises
C）isconstant
D）isunaffected
Answer:
A
AACSB:
ReflectiveThinking
3）Anincreaseinthetimetothepromisedfuturepaymentthepresentvalue
ofthepayment.
A）decreases
B）increases
C）hasnoeffecton
D）isirrelevanttoAnswer:
A
AACSB:
ReflectiveThinking
4）Withaninterestrateof6percent,thepresentvalueof$100nextyearisapproximately
A）$106.
B）$100.
C）$94.
D）$92.
Answer:
C
AACSB:
AnalyticalThinking
5）Whatisthepresentvalueof$tobepaidintwoyearsiftheinterestrateis
5percent?
A）$
B）$
C）$
D）$
Answer:
A
AACSB:
AnalyticalThinking
6）Ifasecuritypays$55inoneyearand$133inthreeyears,itspresentvalueis$150iftheinterestrateis
A）5percent.
B）10percent.
C）percent.
D）15percent.Answer:
BAACSB:
AnalyticalThinking
7）Toclaimthatalotterywinnerwhoistoreceive$1millionperyearfortwentyyearshaswon$20millionignorestheprocessof
A）facevalue.
B）parvalue.
C）deflation.
D）discountingthefuture.
Answer:
D
AACSB:
AnalyticalThinking
8）Acreditmarketinstrumentthatprovidestheborrowerwithanamountoffundsthatmustberepaidatthematuritydatealongwithaninterestpaymentisknownasa
A）simpleloan.
B）fixed-paymentloan.
C）couponbond.
D）discountbond.Answer:
A
AACSB:
ApplicationofKnowledge
9）Acreditmarketinstrumentthatrequirestheborrowertomakethesamepayment
everyperioduntilthematuritydateisknownasa
A）simpleloan.
B）fixed-paymentloan.
C）couponbond.
D）discountbond.
Answer:
B
AACSB:
ApplicationofKnowledge
10）WhichofthefollowingareTRUEoffixedpaymentloans?
A）Theborrowerrepaysboththeprincipalandinterestatthematuritydate.
B）Installmentloansandmortgagesarefrequentlyofthefixedpaymenttype.
C）
date.
Theborrowerpaysinterestperiodicallyandtheprincipalatthematurity
D）Commercialloanstobusinessesareoftenofthistype.
Answer:
B
AACSB:
ReflectiveThinking
11）Afullyamortizedloanisanothernamefor
A）asimpleloan.
B）afixed-paymentloan.
C）acommercialloan.
D）anunsecuredloan.
Answer:
B
AACSB:
ApplicationofKnowledge
12）Acreditmarketinstrumentthatpaystheownerafixedcouponpaymenteveryyearuntilthematuritydateandthenrepaysthefacevalueiscalleda
A）simpleloan.
B）fixed-paymentloan.
C）couponbond.
D）discountbond.Answer:
C
AACSB:
ApplicationofKnowledge
13）Apaystheownerafixedcouponpaymenteveryyearuntilthematurity
date,whenthevalueisrepaid.
A）couponbond;discount
B）discountbond;discount
C）couponbond;face
D）discountbond;face
Answer:
C
AACSB:
AnalyticalThinking
14）Theisthefinalamountthatwillbepaidtotheholderofacoupon
bond.
A）discountvalue
B）couponvalue
C）facevalue
D）presentvalueAnswer:
CAACSB:
ApplicationofKnowledge
15）Whentalkingaboutacouponbond,facevalueandmeanthesamething.
A）parvalue
B）couponvalue
C）amortizedvalue
D）discountvalueAnswer:
AAACSB:
ApplicationofKnowledge
16）Thedollaramountoftheyearlycouponpaymentexpressedasapercentageofthefacevalueofthebondiscalledthebond's
A）couponrate.
B）maturityrate.
C）facevaluerate.
D）paymentrate.Answer:
A
AACSB:
ApplicationofKnowledge
17）Theiscalculatedbymultiplyingthecouponratetimestheparvalue
ofthebond.
A）presentvalue
B）facevalue
C）couponpayment
D）maturitypaymentAnswer:
C
AACSB:
AnalyticalThinking
18）Ifa$1000facevaluecouponbondhasacouponrateofpercent,thenthecouponpaymenteveryyearis
A）$.
B）$.
C）$.
D）$Answer:
A
AACSB:
AnalyticalThinking
19）Ifa$5,000couponbondhasacouponrateof13percent,thenthecouponpaymenteveryyearis
A）$650.
B）$1,300.
C）$130.
D）$13.Answer:
A
AACSB:
AnalyticalThinking
20）An$8,000couponbondwitha$400couponpaymenteveryyearhasacouponrateof
A）5percent.
B）8percent.
C）10percent.
D）40percent.Answer:
A
AACSB:
AnalyticalThinking
21）A$1000facevaluecouponbondwitha$60couponpaymenteveryyearhasacouponrateof
A）.6percent.
B）5percent.
C）6percent.
D）10percent.
Answer:
CAACSB:
AnalyticalThinking
22）AllofthefollowingareexamplesofcouponbondsEXCEPT
A）corporatebonds.
B）.Treasurybills.
C）.Treasurynotes.
D）.Treasurybonds.Answer:
BAACSB:
AnalyticalThinking
23）Abondthatisboughtatapricebelowitsfacevalueandthefacevalueisrepaidatamaturitydateiscalleda
A）simpleloan.
B）fixed-paymentloan.
C）couponbond.
D）discountbond.Answer:
DAACSB:
ApplicationofKnowledge
24）Aisboughtatapricebelowitsfacevalue,andthevalue
isrepaidatthematuritydate.
A）couponbond;discount
B）discountbond;discount
C）couponbond;face
D）discountbond;faceAnswer:
DAACSB:
AnalyticalThinking
25）Adiscountbond
A）paysthebondholderafixedamounteveryperiodandthefacevalueatmaturity.
B）paysthebondholderthefacevalueatmaturity.
C）paysallinterestandthefacevalueatmaturity.
D）paysthefacevalueatmaturityplusanycapitalgain.Answer:
B
AACSB:
ReflectiveThinking
26）Examplesofdiscountbondsinclude
A）.Treasurybills.
B）corporatebonds.
C）.Treasurynotes.
D）municipalbonds.Answer:
A
AACSB:
AnalyticalThinking
27）WhichofthefollowingareTRUEfordiscountbonds?
A）Adiscountbondisboughtatpar.
B）Thepurchaserreceivesthefacevalueofthebondatthematuritydate.
C）.Treasurybondsandnotesareexamplesofdiscountbonds.
D）Thepurchaserreceivestheparvalueatmaturityplusanycapitalgains.Answer:
B
AACSB:
ReflectiveThinking
28）Theinterestratethatequatesthepresentvalueofpaymentsreceivedfromadebtinstrumentwithitsvaluetodayisthe
A）simpleinterestrate.
B）currentyield.
C）yieldtomaturity.
D）realinterestrate.Answer:
C
AACSB:
ApplicationofKnowledge
29）Economistsconsiderthetobethemostaccuratemeasureofinterest
rates.
A）simpleinterestrate.
B）currentyield.
C）yieldtomaturity.
D）realinterestrate.Answer:
C
AACSB:
ReflectiveThinking
30）Forsimpleloans,thesimpleinterestrateistheyieldtomaturity.
A）greaterthan
B）lessthan
C）equalto
D）notcomparabletoAnswer:
C
AACSB:
ApplicationofKnowledge
31）Iftheamountpayableintwoyearsis$2420forasimpleloanat10percentinterest,theloanamountis
A）$1000.
B）$1210.
C）$2000.
D）$2200.Answer:
C
AACSB:
AnalyticalThinking
32）Fora3-yearsimpleloanof$10,000at10percent,theamounttoberepaidis
A）$10,030.
B）$10,300.
C）$13,000.
D）$13,310.Answer:
DAACSB:
AnalyticalThinking
33）If$22,050istheamountpayableintwoyearsfora$20,000simpleloanmadetoday,theinterestrateis
A）5percent.
B）10percent.
C）22percent.
D）25percent.Answer:
AAACSB:
AnalyticalThinking
34）Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?
A）9percent
B）10percent
C）11percent
D）12percentAnswer:
B
AACSB:
AnalyticalThinking
35）Thepresentvalueofafixed-paymentloaniscalculatedastheofthe
presentvalueofallcashflowpayments.
A）sum
B）difference
C）multiple
D）logAnswer:
A
AACSB:
AnalyticalThinking
36）WhichofthefollowingareTRUEforacouponbond?
A）Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.
B）Thepriceofacouponbondandtheyieldtomaturityarepositivelyrelated.
C）Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisabovetheparvalue.
D）Theyieldislessthanthecouponratewhenthebondpriceisbelowtheparvalue.Answer:
A
AACSB:
ReflectiveThinking
37）Theofacouponbondandtheyieldtomaturityareinverselyrelated.
A）price
B）parvalue
C）maturitydate
D）term
Answer:
A
AACSB:
ReflectiveThinking
38）Thepriceofacouponbondandtheyieldtomaturityarerelated;that
is,astheyieldtomaturity,thepriceofthebond.
A）positively;rises;rises
B）negatively;falls;falls
C）positively;rises;falls
D）negatively;rises;falls
Answer:
D
AACSB:
ReflectiveThinking
39）Theyieldtomaturityisthantheratewhenthebondprice
isitsfacevalue.
A）greater;coupon;above
B）greater;coupon;below
C）greater;perpetuity;above
D）less;perpetuity;below
Answer:
B
AACSB:
ReflectiveThinking
40）Theisbelowthecouponratewhenthebondpriceisitspar
value.
A）yieldtomaturity;above
B）yieldtomaturity;below
C）discountrate;above
D）discountrate;belowAnswer:
A
AACSB:
ReflectiveThinking
41）A$10,0008percentcouponbondthatsellsfor$10,000hasayieldtomaturityof
A）8percent.
B）10percent.
C）12percent.
D）14percent.
Answer:
A
AACSB:
AnalyticalThinking
42）Whichofthefollowing$1,000face-valuesecuritieshasthehighestyieldtomaturity?
A）a5percentcouponbondsellingfor$1,000
B）a10percentcouponbondsellingfor$1,000
C）a12percentcouponbondsellingfor$1,000
D）a12percentcouponbondsellingfor$1,100
Answer:
C
AACSB:
AnalyticalThinking
43）Whichofthefollowing$5,000face-valuesecuritieshasthehighestyieldtomaturity?
A）a6percentcouponbondsellingfor$5,000
B）a6percentcouponbondsellingfor$5,500
C）a10percentcouponbondsellingfor$5,000
D）a12percentcouponbondsellingfor$4,500
Answer:
D
AACSB:
AnalyticalThinking
44）Whichofthefollowing$1,000face-valuesecuritieshasthehighestyieldto
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