公司理财4

Chapter04-DiscountedCashFlowValuation4-11.Anannuitystreamofcashflowpaymentsisasetof:A.levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.年金是指一系列稳定有规律的，持续一段固定时期的现金支付活动B.levelcashflowsoccurringeachtimeperiodforever.C.increasingcashflowsoccurringeachtimeperiodforafixedlengthoftime.D.increasingcashflowsoccurringeachtimeperiodforever.E.arbitrarycashflowsoccurringeachtimeperiodfornomorethan10years.2.Annuitieswherethepaymentsoccurattheendofeachtimeperiodarecalled_____,whereas_____refertoannuitystreamswithpaymentsoccurringatthebeginningofeachtimeperiod.A.ordinaryannuities;earlyannuitiesB.lateannuities;straightannuitiesC.straightannuities;lateannuitiesD.annuitiesdue;ordinaryannuitiesE.ordinaryannuities;annuitiesdue普通年金（后付年金）；先付年金3.Anannuitystreamwherethepaymentsoccurforeveriscalleda(n):A.annuitydue.B.indemnity.C.perpetuity.永续年金D.amortizedcashflowstream.E.amortizationtable.4.Theinterestrateexpressedintermsoftheinterestpaymentmadeeachperiodiscalledthe_____rate.按每个周期支付利息利息支付A.statedannualinterest名义年利率不考虑年内复利计息的。B.compoundannualinterestC.effectiveannualinterestD.periodicinterestE.dailyinterest5.Theinterestrateexpressedasifitwerecompoundedonceperyeariscalledthe_____rate.A.statedinterestB.compoundinterestC.effectiveannual实际年利率每一年按复利计息D.periodicinterestE.dailyinterest6.Theinterestratechargedperperiodmultipliedbythenumberofperiodsperyeariscalledthe_____rate.单次计息利率*计息次数=年利率A.effectiveannualB.annualpercentage年利率C.periodicinterestD.compoundinterestE.dailyinterest7.Payingofflong-termdebtbymakinginstallmentpayments分期付款iscalled:A.foreclosingonthedebt.B.amortizingthedebt.分期付款C.fundingthedebt.D.callingthedebt.E.Noneoftheabove.8.Youarecomparingtwoannuitieswhichoffermonthlypaymentsfortenyears.Bothannuitiesareidenticalwiththeexceptionofthepaymentdates.AnnuityApaysonthefirstofeachmonthwhileannuityBpaysonthelastdayofeachmonth.Whichoneofthefollowingstatementsiscorrectconcerningthesetwoannuities?A.Bothannuitiesareofequalvaluetoday.B.AnnuityBisanannuitydue.C.AnnuityAhasahigherfuturevaluethanannuityB.D.AnnuityBhasahigherpresentvaluethanannuityA.E.Bothannuitieshavethesamefuturevalueasoftenyearsfromtoday.9.Youarecomparingtwoinvestmentoptions.Thecosttoinvestineitheroptionisthesametoday.Bothoptionswillprovideyouwith$20,000ofincome.OptionApaysfiveannualpaymentsstartingwith$8,000thefirstyearfollowedbyfourannualpaymentsof$3,000each.OptionBpaysfiveannualpaymentsof$4,000each.Whichoneofthefollowingstatementsiscorrectgiventhesetwoinvestmentoptions?A.Bothoptionsareofequalvaluegiventhattheybothprovide$20,000ofincome.B.OptionAisthebetterchoiceofthetwogivenanypositiverateofreturn.C.OptionBhasahigherpresentvaluethanoptionAgivenapositiverateofreturn.D.OptionBhasalowerfuturevalueatyear5thanoptionAgivenazerorateofreturn.E.OptionAispreferablebecauseitisanannuitydue.Chapter04-DiscountedCashFlowValuation4-210.Youareconsideringtwoprojectswiththefollowingcashflows:Whichofthefollowingstatementsaretrueconcerningthesetwoprojects?I.Bothprojectshavethesamefuturevalueattheendofyear4,givenapositiverateofreturn.II.Bothprojectshavethesamefuturevaluegivenazerorateofreturn.III.Bothprojectshavethesamefuturevalueatanypointintime,givenapositiverateofreturn.IV.ProjectAhasahigherfuturevaluethanprojectB,givenapositiverateofreturn.A.IIonlyB.IVonlyC.IandIIIonlyD.IIandIVonlyE.I,II,andIIIonly11.Aperpetuitydiffersfromanannuitybecause:A.perpetuitypaymentsvarywiththerateofinflation.B.perpetuitypaymentsvarywiththemarketrateofinterest.C.perpetuitypaymentsarevariablewhileannuitypaymentsareconstant.D.perpetuitypaymentsnevercease.终止E.annuitypaymentsnevercease.12.Whichoneofthefollowingstatementsconcerningtheannualpercentagerateiscorrect?A.Theannualpercentagerateconsidersinterestoninterest.B.Therateofinterestyouactuallypayonaloaniscalledtheannualpercentagerate.C.Theeffectiveannualrateislowerthantheannualpercentageratewhenaninterestrateiscompoundedquarterly.D.WhenfirmsadvertisetheannualpercentageratetheyareviolatingU.S.truth-in-lendinglaws.E.Theannualpercentagerateequalstheeffectiveannualratewhentherateonanaccountisdesignatedassimpleinterest.13.Whichoneofthefollowingstatementsconcerninginterestratesiscorrect?A.Thestatedrateisthesameastheeffectiveannualrate.B.Aneffectiveannualrateistheratethatappliesifinterestwerechargedannually.C.Theannualpercentagerateincreasesasthenumberofcompoundingperiodsperyearincreases.D.Banksprefermorefrequentcompoundingontheirsavingsaccounts.E.Foranypositiverateofinterest,theeffectiveannualratewillalwaysexceedtheannualpercentagerate.14.Whichofthefollowingstatementsconcerningtheeffectiveannualratearecorrect?I.Whenmakingfinancialdecisions,youshouldcompareeffectiveannualratesratherthanannualpercentagerates.II.Themorefrequentlyinterestiscompounded,thehighertheeffectiveannualrate.III.Aquotedrateof6%compoundedcontinuouslyhasahighereffectiveannualratethaniftheratewerecompoundeddaily.IV.Whenborrowingandchoosingwhichloantoaccept,youshouldselecttheofferwiththehighesteffectiveannualrate.A.IandIIonlyB.IandIVonlyC.I,II,andIIIonlyD.II,III,andIVonlyE.I,II,III,andIV15.Thehighest