中国大学金融学_2答案(mooc完整答案)
45 min read中国大学金融学_2答案(mooc完整答案)
1.1 金融的中国整答概念与内涵随堂测验
1、The大学 roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions.
1.2 个人（家庭）和企业的金融决策随堂测验
1、A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is 金融an example of ( )
A、capital-budgeting decision
B、学答working capital management decision
C、案m案capital structure decision
D、中国整答risk management decision
2、大学In order to protect against a drop in price of the stocks you hold,金融 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、学答Investment decision
C、案m案Financing decision
D、中国整答Risk-management decision
1.4 金融系统中的大学资金流动随堂测验
1、Suppose that Alice bought a house by obtaining a loan from a financial company,金融 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、学答Surplus Units - Markets - Intermediaries - Deficit Units
C、案m案Surplus Units - Intermediaries - Deficit Units
D、Surplus Units - Intermediaries - Markets - Deficit Units
1.5 金融市场的类型随堂测验
1、Stock is one of the financial instruments traded on the money market.
模块二：跨时期优化：时间价值与折现现金流分析
2.1 资金时间价值、复利等基本概念与含义随堂测验
1、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
2.2 复利、计息频率与有效年利率随堂测验
1、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%
2、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%
2.4 个人生命周期财务规划随堂测验
1、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
2.5 资本预算决策与净现值法则随堂测验
1、You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. (a) If the interest rate is 16% per year what is the amount of the monthly payment? (b) If you can only afford to pay $1000 per month, how large a loan could you take? (c) If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay off the mortgage? (d) If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is the highest interest rate you can pay?
A、(a) $1358.89; (b) $73,590; (c) 166; (d) 1.582% per month
B、(a) $1368.89; (b) $73,590; (c) 176; (d) 1.482% per month
C、(a) $1358.89; (b) $75,590; (c) 166; (d) 1.482% per month
D、(a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month
2.5 资本预算决策与净现值法则随堂测验
1、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%
2.6 资本预算综合举例随堂测验
1、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
2、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
模块三：资产估值：一价定律、债券与股票估值
3.1 账面价值与市场价值随堂测验
1、The book value of an asset as reported on a balance sheet often differs from the asset’s market value, and for financial decision-making purposes, the correct value to use is the book value whenever available. True or False?
3.2 信息、价格与有效市场假说(EMH)随堂测验
1、When someone asserts he can make profit by analyzing public information of stocks, he is a supporter of the semi-strong form of EMH. True or False?
3.3 债券的基本概念、一价定律与债券定价随堂测验
1、Assume a 2-year bond with a face value of $1,000 that makes annual coupon payments at a coupon rate 5%. What would be the price for the bond given the information that a 1-year zero coupon bond with $100 face value is priced at $90, while 2-year zero coupon bond with $200 face value is priced at $160?
A、$880
B、$885
C、$888
D、$890
3.4 票面利率、当前收益率与到期收益率随堂测验
1、What are the current yield and yield to maturity on a three-year bond with a face value of $1,000 and a coupon rate of 6% per year and a price of $900?
A、6.67% & 10.02%
B、6.85% & 10.02%
C、6.67% & 10.08%
D、6.65% & 10.06%
3.5 股利折现模型（DDM）随堂测验
1、XYZ stock is expected to pay a dividend of $2 per share a year from now, and its dividends are expected to grow by 6% per year thereafter. If its price is now $20 per share, what must be the market capitalization rate?
A、16.3%
B、16.8%
C、16.0%
D、15.6%
3.6 基于盈利与投资机会的股票估值模型随堂测验
1、An analyst uses the constant growth DDM to evaluate QRS stock. She assumes expected earnings of $10 per share, an earnings retention rate of 75%, an expected rate of return on future investments of 18% per year, and a market capitalization rate of 15% per year. What is her estimate of QRS’s price? What is the implied net present value of future investments?
A、$167.67 & $110
B、$166.67 & $120
C、$166.87 & $100
D、$166.67 & $100
模块四：风险管理概述：概念与原理
4.1 风险的概念与测度随堂测验
1、Here shows the returns of firms X and Y under different states of economy. Which of the following results regarding the (expected return, risk) of the two assets is correct?
A、X (30%, 10%), Y (20%, 20%); Y is riskier
B、X (10%, 10%), Y (10%, 11%); Y is riskier
C、X (10%, 25.30% ), Y (10%, 12.65% ); X is riskier
D、X (10%, 12.30% ), Y (20%, 20.65% ); X is riskier
4.2 分散化：系统风险和非系统风险随堂测验
1、Which one of the following is an example of systematic risk?
A、During 2008 financial crisis, investors panic causing security prices around the globe to fall precipitously
B、A flood washes away a firm's warehouse
C、A firm’s CEO died
D、A toymaker has to recall its top-selling toy
2、Considering a simple portfolio investment strategy: holding N risky assets that have identical expected returns, E(r), and standard deviations, σ, and putting 1/N of your money in each. Assume that the correlation coefficients of all pairs are ρ. Denote the standard deviation of each asset and the portfolio are σ and σP, respectively. The variance of the portfolio can be expressed as Which of the following statements is correct?
A、The first part of the expression represents the non-diversifiable risk
B、The second part of the expression represents the non-diversifiable risk
C、If ρ=1, all risk can be diversified
D、If ρ=-1, all risk can be diversified
4.3 对冲：远期与期货随堂测验
1、None of two parties involved in a Future transaction can improve its welfare because there is no change in total output or total risk.
2、（ ）is a standardized forward contract that is traded on some organized exchange.
4.4 互换随堂测验
1、Which of the following statements about Swap is not correct?
A、A Swap is a type of contract that facilitates the hedging of risk
B、A Swap consists of two parties exchanging a series of cash flows at specified intervals over a specified period of time
C、There needs immediate payment of money when two parties enter into a Swap agreement
D、A Swap contract is equivalent to a series of Forward contract
4.5 保险：期权随堂测验
1、Setting an interest-rate floor to is analogous to buy a ( ) option for a depositor.
4.5 保险：期权随堂测验
1、Which of the followings is not the way to avoid losses through insuring?
A、Purchase a put option on a stock you do own
B、Pay a premium for catastrophic health care coverage
C、Pay for a credit guarantee on a loan you are worried about collecting
D、Enter into a swap contract to exchange fixed interest payments for floating-rate payments because you have floating-rate assets
模块五：投资组合理论与资本资产定价模型
5.1 投资组合的概念随堂测验
1、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. What are the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is -0.5?
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.075 and standard deviation is 0.288
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.12 and standard deviation is 0.265
5.2 风险资产与风险资产的组合过程随堂测验
1、Suppose there are two risky assets: Security 1 has expected return of 15% and standard deviation of 20%, security 2 has expected return of 10% and standard deviation of 25%, and the correlation of security 1 with security 2 is 0.90. What are the expected return and standard deviation of portfolio with security 1 and security 2 when the weight of security 1 is -0.2?
A、The expected return is 0.09 and standard deviation is 0.265
B、The expected return is 0.075 and standard deviation is 0.288
C、The expected return is 0.12 and standard deviation is 0.225
D、The expected return is 0.09 and standard deviation is 0.275
5.3 无风险资产与风险资产的组合过程随堂测验
1、According to the portfolio selection theory, when there exists a riskless asset and many risky assets in the market, which of the following statements are not correct?
A、The best portfolio selection strategy depends on the investors’ preferences.
B、A risk-tolerant, aggressive investor would be most likely to short sell the riskless asset and then invest in the tangency portfolio.
C、The optimal combination of risky assets depends on the investors’ preferences.
D、All investors who agree on the forecast of return rate will hold the same tangency portfolio in combination with the riskless asset.
5.4 资本市场均衡与资本市场线（CML）随堂测验
1、Suppose that there are only three securities in the market: GM stock ($66 billion), Toyota stock ($22 billion) and the risk-free government bond ($12 billion). Now, there are two rational investors planning to allocate $100,000 to the above securities. Given that Investor 1 has higher risk averse than Investor 2, and that Investor 1 invests $24,000, $57,000 and $19,000 in GM stock, Toyota stock and riskless bond, respectively, then which of the following situations is a possible investment of Investor 2 if the CAPM valid?
A、$12,000 in riskless bond, $66,000 in GM stock and $22,000 in Toyota stock
B、$12,000 in riskless bond, $78,000 in GM stock and $10,000 in Toyota stock
C、$48,000 in riskless bond, $39,000 in GM stock and $13,000 in Toyota stock
D、$48,000 in riskless bond, $42,000 in GM stock and $10,000 in Toyota stock
5.5 证券市场线（SML）与CAPM的应用随堂测验
1、The risk-free rate is 5%, risk premium on the market portfolio is 10%, and the beta of Betaful’s stock is 1.2. According to CAPM, the equilibrium expected rate of return on its stock should be ( ).
A、11%
B、6%
C、12%
D、17%
模块六：金融衍生品：期货与期权
6.1 期货-现货平价关系随堂测验
1、Suppose that risk-free rate is 6%, the current spot price of gold is 400, the storage cost rate of gold is 0.02. What must the forward price of gold be?
A、$400
B、$424
C、$432
D、$432.48
6.2 期货的套期保值（对冲）原理随堂测验
1、Suppose the spot price of stock S&P is $100 and the one-year forward price is $107, then the implied risk-free rate is 7%.
6.4 期权的价格特征随堂测验
1、Suppose the price of a stock is $36.64 per share, and the put option of this stock expiring next month has the exercise price of $37.5 and a recent trading price of $1.65, what is the time value of this put option?
A、$1.65
B、$0.86
C、$0.79
D、$2.51
6.5 看涨-看跌期权平价关系随堂测验
1、Suppose one want to synthesize a share of the stock using a put option P, a call option C, and a pure discount bond with a face value of E. The riskless interest rate is r. Which formula is correct?
A、
B、
C、
D、
6.6 二项式/二叉树期权定价模型随堂测验
1、Consider a one-year call option with an exercise price of $100. We assume that the underlying stock price is now $100 and it can either rise or fall by 30% during the year. Thus at the option expiration date one year from now, the stock price can be either $130 or $70. The riskless interest is 5% per year. What is the price of this option?
A、$11.90
B、$16.67
C、$33.33
D、$38.09
6.7 两阶段（两步）二项式期权定价随堂测验
1、The self-financing strategy in dynamic replication of an option is a trading strategy that no additional funds are added or withdrawn prior to the option expiration date by the investor.
6.8 Black-Scholes欧式期权定价模型（B-S模型）随堂测验
1、According to Black-Scholes model, given other parameters constant, an increase in the strike price results in an increase in the price of the call option and a decrease in the price of the put option.
