第三章利率与估值英文习题及答案.docx
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第三章利率与估值英文习题及答案.docx
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第三章利率与估值英文习题及答案
Chapter3WhatDoInterestRatesMeanandWhatIsTheirRoleinValuation?
3.1SingleChoice
1)Aloanthatrequirestheborrowertomakethesamepaymenteveryperioduntilthematuritydateiscalleda
A)simpleloan.
B)fixed-paymentloan.
C)discountloan.
D)same-paymentloan.
E)noneoftheabove.
2)Acouponbondpaystheownerofthebond
A)thesameamounteverymonthuntilmaturitydate.
B)afixedinterestpaymenteveryperiodandrepaysthefacevalueatthematuritydate.
C)thefacevalueofthebondplusaninterestpaymentoncethematuritydatehasbeenreached.
D)thefacevalueatthematuritydate.
E)noneoftheabove.
3)Abond'sfuturepaymentsarecalledits
A)cashflows.
B)maturityvalues.
C)discountedpresentvalues.
D)yieldstomaturity.
4)Acreditmarketinstrumentthatpaystheownerthefacevalueofthesecurityatthematuritydateandnothingpriortotheniscalleda
A)simpleloan.
B)fixed-paymentloan.
C)couponbond.
D)discountbond.
5)(I)Asimpleloanrequirestheborrowertorepaytheprincipalatthematuritydatealongwithaninterestpayment.(II)Adiscountbondisboughtatapricebelowitsfacevalue,andthefacevalueisrepaidatthematuritydate.
A)(I)istrue,(II)false.
B)(I)isfalse,(II)true.
C)Botharetrue.
D)Botharefalse.
6)Whichofthefollowingaretrueofcouponbonds?
A)Theownerofacouponbondreceivesafixedinterestpaymenteveryyearuntilthematuritydate,whenthefaceorparvalueisrepaid.
B)U.S.Treasurybondsandnotesareexamplesofcouponbonds.
C)Corporatebondsareexamplesofcouponbonds.
D)Alloftheabove.
E)OnlyAandBoftheabove.
7)Whichofthefollowingaregenerallytrueofallbonds?
A)Thelongerabond'smaturity,theloweristherateofreturnthatoccursasaresultoftheincreaseinaninterestrate.B)Eventhoughabondhasasubstantialinitialinterestrate,itsreturncanturnouttobenegativeifinterestratesrise.C)Pricesandreturnsforlong-termbondsaremorevolatilethanthoseforshorter-termbonds.
D)Alloftheabovearetrue.
E)OnlyAandBoftheabovearetrue.
8)(I)Adiscountbondrequirestheborrowertorepaytheprincipalatthematuritydateplusaninterestpayment.(II)Acouponbondpaysthelenderafixedinterestpaymenteveryyearuntilthematuritydate,whenaspecifiedfinalamount(faceorparvalue)isrepaid.
A)(I)istrue,(II)false.
B)(I)isfalse,(II)true.
C)Botharetrue.
D)Botharefalse.
9)Ifa$5,000couponbondhasacouponrateof13percent,thenthecouponpaymenteveryyearis
A)$650.
B)$1,300.
C)$130.
D)$13.
E)Noneoftheabove.
10)An$8,000couponbondwitha$400annualcouponpaymenthasacouponrateof
A)5percent.
B)8percent.
C)10percent.
D)40percent.
11)Theconceptof_________isbasedonthecommon-sensenotionthatadollarpaidtoyouinthefutureislessvaluabletoyouthanadollartoday.
A)presentvalue
B)futurevalue
C)interest
D)deflation
12)Dollarsreceivedinthefutureareworth_________thandollarsreceivedtoday.Theprocessofcalculatingwhatdollarsreceivedinthefutureareworthtodayiscalled_________
A)more;discounting.
B)less;discounting.
C)more;inflating.
D)less;inflating.
13)Theprocessofcalculatingwhatdollarsreceivedinthefutureareworthtodayiscalled
A)calculatingtheyieldtomaturity.
B)discountingthefuture.
C)compoundingthefuture.
D)compoundingthepresent.
14)Withaninterestrateof5percent,thepresentvalueof$100receivedoneyearfromnowisapproximately
A)$100.
B)$105.
C)$95.
D)$90.
15)Withaninterestrateof10percent,thepresentvalueofasecuritythatpays$1,100nextyearand$1,460fouryearsfromnowisapproximately
A)$1,000.
B)$2,000.
C)$2,560.
D)$3,000.
16)Withaninterestrateof8percent,thepresentvalueof$100receivedoneyearfromnowisapproximately
A)$93.
B)$96.
C)$100.
D)$108.
17)Withaninterestrateof6percent,thepresentvalueof$100receivedoneyearfromnowisapproximately
A)$106.
B)$100.
C)$94.
D)$92.
18)Theinterestratethatequatesthepresentvalueofthecashflowreceivedfromadebtinstrumentwithitsmarketpricetodayisthe
A)simpleinterestrate.
B)discountrate.
C)yieldtomaturity.
D)realinterestrate.
19)Theinterestratethatfinancialeconomistsconsidertobethemostaccuratemeasureisthe
A)currentyield.
B)yieldtomaturity.
C)yieldonadiscountbasis.
D)couponrate.
20)Financialeconomistsconsiderthe_________tobethemostaccuratemeasureofinterestrates.
A)simpleinterestrate
B)discountrate
C)yieldtomaturity
D)realinterestrate
21)Forasimpleloan,thesimpleinterestrateequals
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