drinks利率与估值

2021年1月20日发(作者：泛读)


Single Choice

1) A loan that requires the borrower to make the same payment every period until
the maturity date is called a

A) simple loan.

B) fixed-payment loan.

C) discount loan.

D) same-payment loan.

E) none of the above.


2) A coupon bond pays the owner of the bond

A) the same amount every month until maturity date.

B) a fixed interest payment every period and repays the face value at the maturity
date.

C) the face value of the bond plus an interest payment once the maturity date has
been reached.

D) the face value at the maturity date.

E) none of the above.


3) A bond's future payments are called its

A) cash flows.

B) maturity values.

C) discounted present values.

D) yields to maturity.


4) A credit market instrument that pays the owner the face value of the security
at the maturity date and nothing prior to then is called a

A) simple loan.

B) fixed-payment loan.

C) coupon bond.

D) discount bond.



5) (I) A simple loan requires the borrower to repay the principal at the maturity
date
along
with
an
interest
payment.
(II)
A
discount
bond
is
bought
at
a
price
below
its face value, and the face value is repaid at the maturity date.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.


6) Which of the following are true of coupon bonds?

A) The owner of a coupon bond receives a fixed interest payment every year until
the maturity date, when the face or par value is repaid.

B) . Treasury bonds and notes are examples of coupon bonds.

C) Corporate bonds are examples of coupon bonds.

D) All of the above.

E) Only A and B of the above.


7) Which of the following are generally true of all bonds?

A) The longer a bond's maturity, the lower is the rate of return that occurs as a
result
of
the
increase
in
an
interest
rate.
B)
Even
though
a
bond
has
a
substantial
initial
interest
rate,
its
return
can
turn
out
to
be
negative
if
interest
rates
rise.
C)
Prices
and
returns
for
long-term
bonds
are
more
volatile
than
those
for
shorter-term bonds.

D) All of the above are true.

E) Only A and B of the above are true.


8)
(I)
A
discount
bond
requires
the
borrower
to
repay
the
principal
at
the
maturity
date plus an interest payment. (II) A coupon bond pays the lender a fixed interest
payment every year until the maturity date, when a specified
final amount (face
or
par value) is repaid.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.


9)
If
a
$$5,000
coupon
bond
has
a
coupon
rate
of
13
percent,
then
the
coupon
payment
every year is

A) $$650.

B) $$1,300.

C) $$130.

D) $$13.

E) None of the above.


10) An $$8,000 coupon bond with a $$400 annual coupon payment has a coupon rate of

A) 5 percent.

B) 8 percent.

C) 10 percent.

D) 40 percent.


11)
The
concept
of
_________
is
based
on
the
common-sense
notion
that
a
dollar
paid
to you in the future is less valuable to you than a dollar today.

A) present value

B) future value

C) interest

D) deflation


12)
Dollars
received
in
the
future
are
worth
_________
than
dollars
received
today.
The process of calculating what dollars received in the future are worth today is
called _________

A) more; discounting.

B) less; discounting.

C) more; inflating.

D) less; inflating.


13) The
process of calculating
what
dollars received in
the future are
worth today
is called

A) calculating the yield to maturity.

B) discounting the future.

C) compounding the future.

D) compounding the present.


14)
With
an
interest
rate
of
5
percent,
the
present
value
of
$$100
received
one
year
from now is approximately

A) $$100.

B) $$105.

C) $$95.

D) $$90.


15) With an interest rate of 10 percent, the present value of a security that pays
$$1,100 next year and $$1,460 four years from now is approximately

A) $$1,000.

B) $$2,000.

C) $$2,560.

D) $$3,000.



16)
With
an
interest
rate
of
8
percent,
the
present
value
of
$$100
received
one
year
from now is approximately

A) $$93.

B) $$96.

C) $$100.

D) $$108.


17)
With
an
interest
rate
of
6
percent,
the
present
value
of
$$100
received
one
year
from now is approximately

A) $$106.

B) $$100.

C) $$94.

D) $$92.


18)
The
interest
rate
that
equates
the
present
value
of
the
cash
flow
received
from
a debt instrument with its market price today is the

A) simple interest rate.

B) discount rate.

C) yield to maturity.

D) real interest rate.


19) The interest rate that financial economists consider to be the most accurate
measure is the

A) current yield.

B) yield to maturity.

C) yield on a discount basis.

D) coupon rate.


20)
Financial
economists
consider
the
_________
to
be
the
most
accurate
measure
of
interest rates.

A) simple interest rate

B) discount rate

C) yield to maturity

D) real interest rate


21) For a simple loan, the simple interest rate equals the

A) real interest rate.

B) nominal interest rate.

C) current yield.

D) yield to maturity.



22) For
simple loans,
the simple interest rate is _________
the yield
to maturity.

A) greater than

B) less than

C) equal to

D) not comparable to


23)
The
yield
to
maturity
of
a
one-year,
simple
loan
of
$$500
that
requires
an
interest
payment of $$40 is

A) 5 percent.

B) 8 percent.

C) 12 percent.

D) percent.


24)
The
yield
to
maturity
of
a
one-year,
simple
loan
of
$$400
that
requires
an
interest
payment of $$50 is

A) 5 percent.

B) 8 percent.

C) 12 percent.

D) percent.


25)
A
$$10,000,
8
percent
coupon
bond
that
sells
for
$$10,000
has
a
yield
to
maturity
of

A) 8 percent.

B) 10 percent.

C) 12 percent.

D) 14 percent.


26) Which of the following $$1,000 face value securities has the highest yield to
maturity?

A) A 5 percent coupon bond selling for $$1,000

B) A 10 percent coupon bond selling for $$1,000

C) A 12 percent coupon bond selling for $$1,000

D) A 12 percent coupon bond selling for $$1,100


27) Which of the following $$1,000 face value securities has the highest yield to
maturity?

A) A 5 percent coupon bond selling for $$1,000

B) A 10 percent coupon bond selling for $$1,000

C) A 15 percent coupon bond selling for $$1,000

D) A 15 percent coupon bond selling for $$900


28) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals
the coupon rate.

B) The price of a coupon bond and the yield to maturity are negatively related.

C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
below
the par value.

D) All of the above are true.

E) Only A and B of the above are true.


29) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals
the coupon rate.

B) The price of a coupon bond and the yield to maturity are negatively related.

C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
above
the par value.

D) All of the above are true.

E) Only A and B of the above are true.


30) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals
the coupon rate.

B) The price of a coupon bond and the yield to maturity are positively related.

C)
The
yield
to
maturity
is
greater
than
the
coupon
rate
when
the
bond
price
is
above
the par value.

D) All of the above are true.

E) Only A and B of the above are true.


31) A consol bond is a bond that

A) pays interest annually and its face value at maturity.

B) pays interest in perpetuity and never matures.

C) pays no interest but pays face value at maturity.

D) rises in value as its yield to maturity rises.


32)
The
yield
to
maturity
on
a
consol
bond
that
pays
$$100
yearly
and
sells
for
$$500
is

A) 5 percent.

B) 10 percent.

C) percent.

D) 20 percent.

E) 25 percent.


33)
The
yield
to
maturity
on
a
consol
bond
that
pays
$$200
yearly
and
sells
for
$$1000
is

A) 5 percent.

B) 10 percent.

C) 20 percent.

D) 25 percent.


34) A frequently used approximation for the yield to maturity on a long-term bond
is the

A) coupon rate.

B) current yield.

C) cash flow interest rate.

D) real interest rate.


35) The current yield on a coupon bond is the bond's _________ divided by its
_________.

A) annual coupon payment; price

B) annual coupon payment; face value

C) annual return; price

D) annual return; face value


36)
When
a
bond's
price
falls,
its
yield
to
maturity
_________
and
its
current
yield
_________.

A) falls; falls

B) rises; rises

C) falls; rises

D) rises; falls


37) The yield to maturity for a one-year discount bond equals

A) the increase in price over the year, divided by the initial price.

B) the increase in price over the year, divided by the face value.

C) the increase in price over the year, divided by the interest rate.

D) none of the above.


38)
If
a
$$10,000
face
value
discount
bond
maturing
in
one
year
is
selling
for
$$8,000,
then its yield to maturity is

A) 10 percent.

B) 20 percent.

C) 25 percent.

D) 40 percent.



39)
If
a
$$10,000
face
value
discount
bond
maturing
in
one
year
is
selling
for
$$9,000,