数量方法：基本概念(一)及答案解析.doc

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1、数量方法：基本概念(一)及答案解析(总分：49.00，做题时间：90 分钟)一、B单项选择题/B(总题数：49，分数：49.00)1.A summary measure that is computed to describe a population characteristic from a sample is called a : A. census. B. summary. C. statistic.（分数：1.00）A.B.C.D.2.If a distribution is positively skewed, then generally you could say: A. me

2、an median mode. B. mean median mode. C. mean median mode.（分数：1.00）A.B.C.D.3.Whats the effective rate of return on an investment that generates a return of 12 percent, compounded quarterly? A. 14.34%. B. 12.00%. C. 12.55%.（分数：1.00）A.B.C.D.4.As the number of compounding periods increases, what is the

3、effect on the EAR? A. EAR does not increase. B. EAR increases at a decreasing rate. C. EAR increases at a constant rate.（分数：1.00）A.B.C.D.5.What is the effective annual yield for a Treasury bill priced at $ 98853 with a face value of $100000 and 90 days remaining until maturity? A. 1.16%. B. 4.64%. C

4、. 4.79%.（分数：1.00）A.B.C.D.6.Given: an 11 percent annual rate compounded quarterly for 2 years ; compute the FV of $ 8000 today. A. $ 9857. B. $ 8962. C. $ 9939.（分数：1.00）A.B.C.D.7.Which of the following is the most correct statement about stated and effective annual interest rates? A. The stated rate

5、adjusts for the frequency of compounding. B. The nominal rate is used to find the stated rate. C. The stated annual interest rate is used to find the effective annual rate.（分数：1.00）A.B.C.D.8.If two events are independent, the probability that they both will occur is: A. 0.00. B. 0.50. C. Cannot be d

6、etermined from the information given.（分数：1.00）A.B.C.D.9.Given the following frequency distribution: Interval Frequency10 up to 30 530 up to 50 1050 up to 70 1570 up to 90 5Which of the following statements is FALSE? A. The interval size is 20. B. The relative interval frequency of the second interva

7、l is 14.28. C. The interval frequency of the third interval is 15.（分数：1.00）A.B.C.D.10.The internal rate of return (IRR) method and net present value (NPV) method of project selection will always provide the same accept or reject decision when: A. the projects are mutually exclusive. B. the projects

8、are independent. C. the projects terminate within five years.（分数：1.00）A.B.C.D.11.T - bill yields can be thought of as : A. real risk -free rates because they contain an inflation premium. B. real rates because they contain an inflation premium. C. nominal risk -free rates because they contain an inf

9、lation premium.（分数：1.00）A.B.C.D.12.For a given corporation, which of the following is an example of a conditional probability? The probability the corporations : A. earnings increase and dividend increases. B. financial condition improves. C. dividend increases given its earnings increase.（分数：1.00）A

10、.B.C.D.13.Which of the following statements concerning kurtosis is FALSE? A: A. distribution that is more peaked than a normal distribution is lept0kurtic. B. distribution that is less peaked than a normal distribution is platykurtic. C. leptokurtic distribution has excess kurtosis less than zero.（分

11、数：1.00）A.B.C.D.14.An investor purchases a 10 - year, $1000 par value bond that pays annual coupons of $100. If the market rate of interest is 12 percent, what is the current market value of the bond? A. $ 950. B. $1100. C. $ 887.（分数：1.00）A.B.C.D.15.If a distribution is positively skewed: A. the mean

12、 is greater than the median. B. the mode is greater than the median. C. the median, mean, and mode are equal.（分数：1.00）A.B.C.D.16.Portfolio A earned an annual return of 15 percent with a standard deviation of 28 percent. If the mean return on Treasury bills ( T - bills) is 4 percent, the Sharpe ratio

13、 for the portfolio is : A. 0.54. B. 0.39. C. 1.87.（分数：1.00）A.B.C.D.17.The financial manager at IBFM, a farm implement distributor, is contemplating the following three mutually exclusive projects. IBFMs required rate of return is 9.5 percent. Based on the information provided, which should the finan

14、cial manager select and why? Project Investment at t=0 Cash Flow at t=1 IRR NPV 9 5 percentA $10000 $11300 13.00 $320B $25000 $29000 16.00 $1484C $35000 $40250 15.00 $1758 A. Project A with the lowest initial investment. B. Project B with the highest internal rate of return. C. Project C with the hi

15、ghest net present value.（分数：1.00）A.B.C.D.18.A 1 - month loan has a holding period yield of 1 percent. What is the annual yield of this loan on a bond -equivalent basis? A. 6.15%. B. 12.30%. C. 12.00%.（分数：1.00）A.B.C.D.19.If X and Y are independent events, which of the following must be TRUE ? A. P( X

16、 or Y)=P(X)+P(Y). B. X and Y cannot occur together. C. P(X|Y)=P(X).（分数：1.00）A.B.C.D.20.Given: $1000 investment, compounded monthly at 12% find the future value after one year. A. $1120.00. B.$1121.35. C. $1126.83.（分数：1.00）A.B.C.D.21.Bill Jones is creating a charitable trust to provide six annual pay

17、ments of $ 20000 each, beginning next year. How much must Jones set aside now at 10 percent interest compounded annually to meet the required disbursements? A. $ 95815.74. B. $ 87105.21. C. $169743.42.（分数：1.00）A.B.C.D.22.Nortel Industries has a preferred stock outstanding that pays (fixed) annual di

18、vidends of $3.75 a share. If an investor wants to earn a rate of return of 8.5 percent, how much should he be willing to pay for a share of Nortel preferred stock? A. $44.12. B. $31.88. C. $37.50.（分数：1.00）A.B.C.D.23.Helen Pedersen has all her money invested in either of two mutual funds (A and B). S

19、he knows that there is a 40 percent probability that fund A will rise in price and a 60 percent chance that fund B will rise in price if fund A rises in price. What is the probability that both fund A and fund B will rise in price? A. 0.24. B. 0.40. C. 0.70.（分数：1.00）A.B.C.D.24.A bond that pays $ 100

20、 in interest each year was purchased at the beginning of the year for $1050 and sold at the end of the year for $1100. An investors holding period return is: A. 14.3%. B. 10.0%. C. 10.5%.（分数：1.00）A.B.C.D.25.Given the following annual returns, what is the range? 2000 2001 2002 2003 200415% 2% 5% -7%

21、0% A.22.0%. B. 15.0%. C.7.0%.（分数：1.00）A.B.C.D.26.An investor deposits $ 4000 in an account that pays 7.5 percent, compounded annually. How much will this investment be worth after 12 years? A. $ 9358. B. $ 7600. C. $ 9527.（分数：1.00）A.B.C.D.27.In a frequency distribution histogram, the frequency of an

22、 interval is given by the: A. width of the corresponding bar. B. height multiplied by the width of the corresponding bar. C. height of the corresponding bar.（分数：1.00）A.B.C.D.28.Which of the following statements about statistical concepts is FALSE? A. A frequency distribution is a tabular display of

23、data summarized into a relatively small number of intervals. B. An interval is a set of return values within which an observation falls. C. A sample contains all members of a specified group, but a population contains only a subset.（分数：1.00）A.B.C.D.29.There is a 30 percent probability of rain this a

24、fternoon. There is a 10 percent probability of having an umbrella if it rains. What is the chance of it raining and having an umbrella? A. 33%. B.9%. C. 3%.（分数：1.00）A.B.C.D.30.A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large

25、deviations from the mean compared to a normal distribution: A. is positively skewed. B. has positive excess kurtosis. C. is negatively skewed.（分数：1.00）A.B.C.D.31.An investor expects a stock currently selling for $ 20 per share to increase to $ 25 by year - end. The dividend last year was $1 but he e

26、xpects this years dividend to be $1.25. What is the expected holding period return on this stock? A. 28.50%. B. 24.00%. C. 31.25%.（分数：1.00）A.B.C.D.32.A bond was purchased exactly one year ago for $910 and was sold today for $1020. During the year, the bond made two semi - annual coupon payments of $

27、 30. What is the holding period return ? A. 6.0%. B. 12.1%. C. 18.7%.（分数：1.00）A.B.C.D.33.Peter Wallace wants to deposit $10000 in a bank certificate of deposit (CD). Wallace is considering the following banks: ?Bank A offers 5.72 percent annual interest rate compounded quarterly.Bank B offers 5.75 p

28、ercent annual interest rate compounded monthly.Bank C offers 5.70 percent annual interest compounded daily.Which bank offers the highest effective interest rate and how much? A. Bank A, 5.88%. B. Bank B, 5.90%. C. Bank C, 5.87%.（分数：1.00）A.B.C.D.34.An investor has a portfolio with 10 percent cash, 30

29、 percent bonds, and 60 percent stock. Last year, the cash returns was 2.0 percent, the bonds return was 9.5 percent, and the stocks return was - 32.5 percent. What was the return on the investors portfolio? A. -7.00%. B. -33.33%. C. - 16.45%.（分数：1.00）A.B.C.D.35.The financial manager at Johnson compu

30、te the FV of $ 8000 today. A. $ 9857. B. $ 8962. C. $ 9939.（分数：1.00）A.B.C. D.解析：Divide the interest rate by the number of compound periods and multiply the number of years by the number of compound periods. I=11/4=2.75; N=24=8; PV=80007.Which of the following is the most correct statement about stat

31、ed and effective annual interest rates? A. The stated rate adjusts for the frequency of compounding. B. The nominal rate is used to find the stated rate. C. The stated annual interest rate is used to find the effective annual rate.（分数：1.00）A.B.C. D.解析：The effective annual rate, not the stated rate,

32、adjusts for the frequency of compounding. The nominal, stated, and stated annual rates are all the same thing.8.If two events are independent, the probability that they both will occur is: A. 0.00. B. 0.50. C. Cannot be determined from the information given.（分数：1.00）A.B.C. D.解析：If two events are ind

33、ependent, their probability of their joint occurrence is computed as follows : P(AB) =P(A) P(B). Since we are not given any information on the respective probabilities of A or B, there is not enough information.9.Given the following frequency distribution: Interval Frequency10 up to 30 530 up to 50

34、1050 up to 70 1570 up to 90 5Which of the following statements is FALSE? A. The interval size is 20. B. The relative interval frequency of the second interval is 14.28. C. The interval frequency of the third interval is 15.（分数：1.00）A.B. C.D.解析：The relative interval frequency is ( interval frequency)

35、/( total number) = 28.57.10.The internal rate of return (IRR) method and net present value (NPV) method of project selection will always provide the same accept or reject decision when: A. the projects are mutually exclusive. B. the projects are independent. C. the projects terminate within five yea

36、rs.（分数：1.00）A.B. C.D.解析：If a projects IRR exceeds the cost of capital, the projects NPV will be positive. The only way in which accepting a positive NPV project would reduce firm value is if its selection precludes selection of a project that would have enhanced firm value to a greater extent (i. e.

37、 , had a higher NPV). IRR and NPV method accuracy do not depend upon project duration or costs.11.T - bill yields can be thought of as : A. real risk -free rates because they contain an inflation premium. B. real rates because they contain an inflation premium. C. nominal risk -free rates because th

38、ey contain an inflation premium.（分数：1.00）A.B.C. D.解析：T - bills are government issued securities and are therefore considered to be default risk free. More precisely, they are nominal risk - free rates rather than real risk - free rates since they contain a premium for expected inflation.12.For a giv

39、en corporation, which of the following is an example of a conditional probability? The probability the corporations : A. earnings increase and dividend increases. B. financial condition improves. C. dividend increases given its earnings increase.（分数：1.00）A.B.C. D.解析：A conditional probability involve

40、s two events. One of the events is a given, and the probability of the other event depends upon that given.13.Which of the following statements concerning kurtosis is FALSE? A: A. distribution that is more peaked than a normal distribution is lept0kurtic. B. distribution that is less peaked than a n

41、ormal distribution is platykurtic. C. leptokurtic distribution has excess kurtosis less than zero.（分数：1.00）A.B.C. D.解析：A leptokurtic distribution is more peaked than normal and has fatter tails. However, the excess kurtosis is greater than zero.14.An investor purchases a 10 - year, $1000 par value b

42、ond that pays annual coupons of $100. If the market rate of interest is 12 percent, what is the current market value of the bond? A. $ 950. B. $1100. C. $ 887.（分数：1.00）A.B.C. D.解析：Note that bond problems are just mixed annuity problems. You can solve bond problems directly with your financial calcul

43、ator using all five of the main TVM keys at once. For bond - types of problems the bonds price (PV) will be negative, while the coupon payment (PMT) and par value (FV) will be positive. N=10; I/Y=12; FV=1000; PMT=100; CPTPV=-886.99.15.If a distribution is positively skewed: A. the mean is greater th

44、an the median. B. the mode is greater than the median. C. the median, mean, and mode are equal.（分数：1.00）A. B.C.D.解析：For a positively skewed distribution, the mode is less than the median, which is less than the mean (the mean is greatest). Remember that investors are attracted to positive skewness b

45、ecause the mean return is greater than the median return.16.Portfolio A earned an annual return of 15 percent with a standard deviation of 28 percent. If the mean return on Treasury bills ( T - bills) is 4 percent, the Sharpe ratio for the portfolio is : A. 0.54. B. 0.39. C. 1.87.（分数：1.00）A.B. C.D.解

46、析：(15-4)/28 =0.39.17.The financial manager at IBFM, a farm implement distributor, is contemplating the following three mutually exclusive projects. IBFMs required rate of return is 9.5 percent. Based on the information provided, which should the financial manager select and why? Project Investment a

47、t t=0 Cash Flow at t=1 IRR NPV 9 5 percentA $10000 $11300 13.00 $320B $25000 $29000 16.00 $1484C $35000 $40250 15.00 $1758 A. Project A with the lowest initial investment. B. Project B with the highest internal rate of return. C. Project C with the highest net present value.（分数：1.00）A.B.C. D.解析：When

48、 projects are mutually exclusive, only one can be chosen. Project selection should be done on the basis of which project will enhance firm value the most. That project, Project C in this case, is the one with the highest NPV.18.A 1 - month loan has a holding period yield of 1 percent. What is the annual yield of this loan on a bond -equivalent basis? A. 6.15%. B. 12.30%. C. 12.00%.（分数：1.00）A.B. C.D.解析：First, the 1 - month yield must be converted to a semiannual yield. The result is then doubled to obtain the bond- equivalent yield.Semiannual yield = 1.016-1 =0