数量方法：基本概念及答案解析.doc

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1、数量方法：基本概念及答案解析(总分：149.00，做题时间：90 分钟)一、B单项选择题/B(总题数：147，分数：149.00)1.An annuity will pay eight annual payments of $ 100, with the first payment to be received one year from now. If the interest rate is 12 percent per year, what is the present value of this annuity?（分数：1.00）A.A. $ 556.38. B.B. $1377.57

2、. C.C. $ 496.76.2.When creating intervals around the mean to indicate the dispersion of outcomes, which of the following measures is the most useful? The（分数：1.00）A.A. variance. B.B. median. C.C. standard deviation.3.If $2000 a year is invested at the end of each of the next 45 years in a retirement

3、account yielding 8.5 percent, how much will an investor have at retirement 45 years from today?（分数：1.00）A.A. $100135. B.B. $ 277700. C.C. $ 901060.4.If X and Y are independent events, which of the following must be TRUE ?（分数：1.00）A.A. P( X or Y)=P(X)+P(Y). B.B. X and Y cannot occur together. C.C. P(

4、X|Y)=P(X).5.A distribution with a mean that is less than its median is most likely:（分数：1.00）A.A. is negatively skewed. B.B. is positively skewed. C.C. has negative excess kurtosis.6.Selmer Jones has just inherited some money and wants to set some of it aside for a vacation in Hawaii one year from to

5、day. His bank will pay him 5 % interest on any funds he deposits. In order to determine how much of the money must be set aside and held for the trip, he should use the 5% as a(n).（分数：1.00）A.A. opportunity cost. B.B. discount rate. C.C. required rate of return.7.For a stock, which of the following i

6、s NOT a random variable?（分数：1.00）A.A. Its most recent closing price. B.B. Its P/E ratio. C.C. Its stock symbol.8.In any given year, the chance of a good year is 40 percent, an average year is 35 percent, and the chance of a bad year is 25 percent. What is the probability of having two good years in

7、a row?（分数：1.00）A.A. 16.00%. B.B. 10.00%. C.C. 8.75%.9.If event A and event B cannot occur simultaneously, then events A and B are said to be:（分数：1.00）A.A. collectively exhaustive. B.B. statistically independent. C.C. mutually exclusive.10.Use the results from the following survey of 500 firms to ans

8、wer the question.（分数：1.00）A.Number of EmployeesB.FrequencyC.300 up to 400D.40E.400 up to 500F.62G.500 up to 600H.78I.600 up to 700J.101K.700 up to 800L.131M.800 up to 900N.8811.Portfolio A earned an annual return of 15 percent with a standard deviation of 28 percent. If the mean return on Treasury b

9、ills ( T - bills) is 4 percent, the Sharpe ratio for the portfolio is :（分数：1.00）A.A. 0.54. B.B. 0.39. C.C. 1.87.12.The owner of a company has recently decided to raise the salary of one employee, who was already making the highest salary in the company, by 40 percent. Which of the following value (s

10、) is (are) expected to be affected by this raise?（分数：1.00）A.A. median only. B.B. mean and median only. C.C. mean only.13.Which of the following statements about statistical concepts is FALSE? A. A frequency distribution is a tabular display of data summarized into a relatively small number of interv

11、als. 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.14.An investor has a $15000 portfolio consisting of $10000 in stock A with an expected return of 20 percent a

12、nd $ 5000 in stock B with an expected return of 10 percent. What is the investors expected return on the portfolio?（分数：1.00）A.A.7.9%. B.B. 12.2%. C.C. 16.7%.15.Nortel Industries has a preferred stock outstanding that pays (fixed) annual dividends of $3.75 a share. If an investor wants to earn a rate

13、 of return of 8.5 percent, how much should he be willing to pay for a share of Nortel preferred stock?（分数：1.00）A.A. $44.12. B.B. $31.88. C.C. $37.50.16.Bill Jones is creating a charitable trust to provide six annual payments of $ 20000 each, beginning next year. How much must Jones set aside now at

14、10 percent interest compounded annually to meet the required disbursements?（分数：1.00）A.A. $ 95815.74. B.B. $ 87105.21. C.C. $169743.42.17.Fisher, Inc. , is evaluating the benefits of investing in a new industrial printer. The printer will cost $ 28000 and increase after - tax cash flows by $ 8000 dur

15、ing each of the next five years. What is the internal rate of return (IRR) and net present value (NPV) of the printer project if Fishers required rate of return is 11 percent? IRR NPV A. 5.56% -$ 3180 B. 17.97% $ 5844 C. 13.20% $ 1567（分数：1.00）A.A. B.B. C.C.18.The money -weighted return also is known

16、 as the: A. perfect return for a portfolio. B. internal rate of return (IRR) of a portfolio. C. measure of the compound rate of growth of $1 over a stated measurement period.（分数：1.00）A.B.C.19.Which of the following statements regarding skewness is FALSE? A. A positively skewed distribution is charac

17、terized by many small losses and a few extreme gains. B. A distribution that is not symmetrical has skew not equal to zero. C. In a skewed distribution, 95% of all values will lie within plus or minus two standard deviations of the mean.（分数：1.00）A.B.C.20.Which of the following statements regarding f

18、requency distributions is FALSE? Frequency distributions: A. help in the analysis of large amounts of statistical data. B. organize data into overlapping groups. C. work with all types of measurement scales.（分数：1.00）A.B.C.21.Consider the following statements about the geometric and arithmetic means

19、as measures of central tendency. Which statement is least accurate? A. The geometric mean may be used to estimate the average return over a one -period time horizon because it is the average of one - period returns. B. The difference between the geometric mean and the arithmetic mean increases with

20、an increase in variability between period- to- period observations. C. The geometric mean calculates the rate of return that would have to be earned each year to match the actual, cumulative investment performance.（分数：1.00）A.B.C.22.Jamie Morgan needs to accumulate $ 2000 in 18 months. If she can ear

21、n 6 percent at the bank, compounded quarterly, how much must she deposit today?（分数：1.00）A.A. $1829.08. B.B. $1832.61. C.C. $1840.45.23.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?（分数：1.00）A.A. 6.15%. B.B. 12.30%. C.C. 12

22、.00%.24.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.（分数：

23、1.00）A.B.C.25.In a frequency distribution histogram, the frequency of an 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.26.Given: $1000 investment, compounded monthly at 12% fi

24、nd the future value after one year.（分数：1.00）A.A. $1120.00. B.B.$1121.35. C.C. $1126.83.27.Use the results from the following survey of 500 firms to answer the question.（分数：1.00）A.Number of EmployeesB.FrequencyC.300 up to 400D.40E.400 up to 500F.62G.500 up to 600H.78I.600 up to 700J.101K.700 up to 80

25、0L.131M.800 up to 900N.8828.A portfolio of options had a return of 22 percent with a standard deviation of 20 percent. If the risk - free rate is 7.5 percent, what is the Sharpe ratio for the portfolio?（分数：1.00）A.A. 0.725. B.B. 0.147. C.C. 0.267.29.T - bill yields can be thought of as : A. real risk

26、 -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 inflation premium.（分数：1.00）A.B.C.30.In three years, an investor deposits the first of eight $1000 payments into a special fund. The fun

27、d will earn interest at the rate of 5% per year until the end of the fifth year. Thereafter, all money accumulated in the fund will earn a reduced interest rate of 4% compounded annually until the end of the tenth year. How much money will the investor have in the fund at the end often years assumin

28、g no withdrawals are made?（分数：1.00）A.A. $8416.32. B.B. $8872.93. C.C. $9251.82.31.The First State Bank is willing to lend $100000 for 4 years at a 12 percent rate of interest, with the loan to be repaid in equal semi - annual payments. Given the payments are to be made at the end of each 6 - month p

29、eriod, how much will each loan payment be?（分数：1.00）A.A. $ 32925. B.B. $16104. C.C. $ 25450.32.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 expects this years dividend to be $1.25. What is the expected holding

30、 period return on this stock?（分数：1.00）A.A. 28.50%. B.B. 24.00%. C.C. 31.25%.33.There is a 30% chance that the economy will be good and a 70% chance that it will be bad. If the economy is good, your returns will be 20% and if the economy is bad, your returns will be 10%. What is your expected return?

31、（分数：1.00）A.A. 15%. B.B. 17%. C.C. 13%.34.A local bank advertises that it will pay interest at the rate of 4.5 percent, compounded monthly, on regular savings accounts. What is the effective rate of interest that the bank is paying on these accounts?（分数：1.00）A.A.4.59%. B.B.4.50%. C.C.4.65%.35.A $500

32、investment offers a 7.5 percent annual rate of return. How much will it be worth in four years ?（分数：1.00）A.A. $ 650. B.B. $ 668. C.C. $ 753.36.If the odds against an event occurring are twelve to one, what is the probability that it will occur?（分数：1.00）A.A. 0.0769. B.B. 0.0833. C.C. 0.9167.37.Use th

33、e following probability distribution to calculate the expected return for the portfolio.（分数：1.00）A.State of the EconomyB.ProbabilityC.Return on PortfolioD.BoomE.0.30F.15%G.BustH.0.70I.3%38.If two events are mutually exclusive, the probability that they both will occur at the same time is :（分数：1.00）A

34、.A. 0.50. B.B. 1.00. C.C. 0.00.39.One year ago, an investor made five separate investments with the invested amounts and returns shown below. What is the arithmetic and geometric mean return on all of the investors investments ?（分数：1.00）A.InvestmentB.Invested AmountC.Return(%)D.AE.10000F.12G.BH.1000

35、0I.14J.CK.10000L.9M.DN.20000O.13P.EQ.20000R.740.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?（分数：1.00）A.A. $ 950. B.B. $1100. C.C. $ 887.41.Which of the following s

36、tatements about probability is TRUE? A. A conditional probability is the probability that two or more events will happen concurrently. B. An outcome is the calculated probability of an event. C. An event is a set of one or more possible values of a random variable.（分数：1.00）A.B.C.42.Given P(X =2, Y=

37、10) =0.3, P(X=6, Y=2.5) =0.4, and P(X =10,Y=0)=0.3, then Cov(XY) is:（分数：1.00）A.A. -12.0. B.B. 24.0. C.C. 6.0.43.Given the following annual returns, what is the range?（分数：1.00）A.2000B.2001C.2002D.2003E.2004F.15%G.2%H.5%I.-7%J.0%44.Which one of the following statements best describes the components of

38、 the required interest rate on a security? A. The real risk - free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security. B. The real risk -free rate, the default risk premium, a liquidity premi

39、um and a premium to reflect the risk associated with the maturity of the security. C. The real risk - free rate, the expected inflation rate and a liquidity premium.（分数：1.00）A.B.C.45.Five years ago, an investor borrowed $5000 from a financial institution that charged a 6% annual interest rate and im

40、mediately took his family to five in Nepal. He made no payments during the time he was away. When he returned, he agreed to repay the original loan plus the accrued interest by making five end - of - year payments starting one year after he returned. If the interest rate on the loan is heldconstant

41、at 6% per year, what annual payment must the investor make in order to retire the loan?（分数：1.00）A.A. $1338.23. B.B. $1588.45. C.C. $1638.23.46.The mean and standard deviation of returns for Stock A is represented below.（分数：1.00）A.B.Arithmetic MeanC.Standard DeviationD.Stock AE.20%F.8%47.Which of the

42、 following statements concerning skewness is FALSE? A distribution with: A. positive skewness has a long left tail. B. negative skewness has a large number of outliers on its left side. C. a distribution with skew equal to 1 is not symmetrical.（分数：1.00）A.B.C.48.A Treasury bill with a face value of $

43、1000000 and 45 days until maturity is selling for $987000. The Treasury bills bank discount yield is closest to:（分数：1.00）A.A. 5.20%. B.B. 7.90%. C.C. 10.40%.49.For an unconditional probability: A. there are at least two events. B. the joint probability rule is important. C. there is only one random

44、variable of concern.（分数：1.00）A.B.C.50.A local loan shark offers 4 for 5 on payday. What it involves is that you borrow $ 4 from him and repay $ 5 on the next payday (one week later). What would the stated annual interest rate be on this loan, with weekly compunding? What is the effective annual inte

45、rest rate on this loan? Assume 52 weeks in one year, and select the answer closest to your numbers. Stated Interest Rate Effective Interest Rate A. 25% 300% B. 25% 1300% C. 1300% 10947544%（分数：1.00）A.A. B.B. C.C.51.Given a 5 percent discount rate, the present value of $ 500 to be received three years

46、 from today is :（分数：1.00）A.A. $ 432. B.B. $ 400. C.C. $ 452.52.A portfolio has a return of 14.2 percent and a Sharpes measure of 3.52. If the risk - free rate is 4.7 percent, what is the standard deviation of returns?（分数：1.00）A.A. 2.6%. B.B.3.9%. C.C.2.7%.53.An investor is considering purchasing ACQ

47、. There is a 30 percent probability that ACQ will be acquired in the next two months. If ACQ is acquired, there is a 40 percent probability of earning a 30 percent return on the investment and a 60 percent probability of earning 25 percent. If ACQ is not acquired, the expected return is 12 percent.

48、What is the expected return on this investment?（分数：1.00）A.A. 16.5%. B.B. 18.3%. C.C. 12.3%.54.Use the results from the following survey of 500 firms to answer the question.（分数：1.00）A.Number of EmployeesB.FrequencyC.300 up to 400D.40E.400 up to 500F.62G.500 up to 600H.78I.600 up to 700J.101K.700 up t

49、o 800L.131M.800 up to 900N.8855.A stock is currently worth $ 75. If the stock was purchased one year ago for $ 60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return?（分数：1.00）A.A. 24.0%. B.B. 22.0%. C.C. 27.5%.56.A joint probability of A and B must always be: A. less than or equal to the conditional probability of A given B. B. greater than or equal to the conditional probability of A given B. C. greater than or equal to than the probability of A or B.（分数：1.00）A.B.C.57.Given: an 11 percent annual rate compounded quarter