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模块一金融和金融系统
个人家庭和企业的金融决策
1、单选题：
A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is an example of ( )
A: capital-budgeting decision
B: working capital management decision
C: capital structure decision
D: risk management decision
答案: capital structure decision
2、单选题：
In order to protect against a drop in price of the stocks you hold, you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? ( )
A: Consumption and saving decision
B: Investment decision
C: Financing decision
D: Risk-management decision
答案: Risk-management decision
金融市场的类型
1、判断题：
Stock is one of the financial instruments traded on the money market.
A: 正确
B: 错误
答案: 错误
金融的概念
1、判断题：
The roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions.
A: 正确
B: 错误
答案: 正确
金融系统中资金的流动
1、单选题：
Suppose that Alice bought a house by obtaining a loan from a financial company, which raised funds by issuing stocks and bonds in the markets. Which one is correct about the flow of funds? ( )
A: Surplus Units – Markets – Deficit Units
B: Surplus Units – Markets – Intermediaries – Deficit Units
C: Surplus Units – Intermediaries – Deficit Units
D: Surplus Units – Intermediaries – Markets – Deficit Units
答案: Surplus Units – Markets – Intermediaries – Deficit Units
模块二跨时期优化时间价值与折现现金流分析
PC1000项目
1、单选题：
Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. Your estimates assume that sales will be 4,000 units per year at a price of $5,000 per unit. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $4,000 per unit for the PC1000. The corporate income tax rate is 40% per year. The initial outlay for PC1000 is $5,000,000 and an additional $2,200,000 you will get back at the end of the project’s life in year 7. The rate used to discount the cash flows is 15%. What would be the NPV of the PC1000 project?
A: -$1,260,845
B: -$1,360,645
C: -$1,270,645
D: -$1,260,645
答案: -$1,260,645
2、单选题：
Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. The initial outlay for PC1000 is $5,000,000. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $3,750 per unit for the PC1000. Your estimates assume that the price of the personal computer is $5,000 per unit. The corporate income tax rate is 40% per year. And an additional $2,200,000 you will get back at the end of the project’s life in year 7.What would be the break-even volume for the PC1000 project if the cost of capital is 25% per year?
A: 4,281
B: 4,181
C: 4,151
D: 4,256
答案: 4,181
个人生命周期财务规划
1、单选题：
Georgette is currently 30 years old, plans to retire at age 65 and to live to age 85. Her labor income is $25,000 per year, and she intends to maintain a constant level of real consumption spending over the next 55 years. Assume no taxes, no growth in real salary, and a real interest rate of 3% per year. What is the value of Georgette’s human capital? And what is her permanent income?
A: $547,180.50; $20,063.19
B: $537,180.50; $20,063.19
C: $537,180.50; $20,763.19
D: $537,190.50; $20,163.19
答案: $537,180.50; $20,063.19
净现值与内部报酬率的计算
1、单选题：
As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.(a)What is the net present value (NPV) if the relevant discount rate (the company’s cost of capital) is 10%?(b)What is the internal rate of return (IRR)?
A: (a) -$423.22; (b) 13.6%
B: (a) -$413.22; (b) 12.6%
C: (a) -$413.22; (b) 13.6%
D: (a) -$403.22; (b) 13.9%
答案: (a) -$413.22; (b) 13.6%
单利、复利等基本概念
1、单选题：
Suppose you put $1,000 into an account earning an interest rate of 5% per year for 5 years, and assuming you take nothing out of the account before then. What is the future value? What are the simple interest and the compound interest?
A: FV=$1,376.28; simple interest=$350; compound interest=$26.28
B: FV=$1,226.28; simple interest=$200; compound interest=$26.28
C: FV=$1,276.28; simple interest=$250; compound interest=$26.28
D: FV=$1,279.28; simple interest=$250; compound interest=$29.28
答案: FV=$1,276.28; simple interest=$250; compound interest=$26.28
复利、计息频率与有效年利率
1、单选题：
You take out a loan at an APR (annual percentage rate) of 12% with monthly compounding. What is the effective annual rate on your loan?
A: 13.68%
B: 12.98%
C: 13.98%
D: 12.68%
答案: 12.68%
2、单选题：
Suppose a $10,000 T-bill that will mature in 3 months is currently selling for $9,800. If you purchase and hold the T-bill to maturity what rate of return would you earn on this investment computed as a continuously compounding annual rate (over the 3-month period)?
A: 8.181%
B: 8.081%
C: 9.011%
D: 8.053%
答案: 8.081%
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