证券和组合课后习题tb02.docx
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证券和组合课后习题tb02
CHAPTER2
THEASSETALLOCATIONDECISION
TRUE/FALSEQUESTIONS
（t）1Expertssuggestlifeinsurancecoverageshouldbeseventotentimesanindividual'sannualsalary.
（f）2Termlifeinsuranceprovidesbothadeathbenefitandasavingsplan.
（f）3Mostexpertsrecommendacashreserveofatleastoneyear'sworthoflivingexpenses.
（f）4Thespendingphaseoccurswheninvestorsarerelativelyyoung.
（t）5Thegiftingphaseissimilarto,andmaybeconcurrentwith,thespendingphase.
（t）6Long-term,high-prioritygoalsincludesomeformoffinancialindependence.
（f）7Itisnotagoodideatogettoospecificwhenconstructingyourpolicystatement.
（t）8Assetallocationistheprocessofdividingfundsintodifferentclassesofassets.
（f）9Thetypicalinvestor'sgoalsrarelychangeduringhis/herlifetime.
（f）10Individualsecurityselectionisfarmoreimportantthantheassetallocationdecision.
（f）11Returnistheonlyimportantconsiderationwhenestablishinginvestmentobjectives.
（f）12Inconstructingtheportfolio,themanagershouldmaximizetheinvestor'srisklevel.
（f）13Risktoleranceisexclusivelyafunctionofanindividual’spsychologicalmakeup.
（f）14Anappropriateinvestmentobjectiveforatypical25-year-oldinvestorisalow-riskstrategy,suchascapitalpreservationorcurrentincome.
（t）15Investmentplanningiscomplicatedbythetaxcode.
（t）16Averagetaxrateisdefinedastotaltaxpaymentdividedbytotalincome.
（f）17TheregularIRA,whencomparedtotheRothIRA,willconsistentlygivenaninvestormoreaftertaxdollarsattheendofanassumed20-yeartimehorizon.
（f）18Theportfoliomixesofinstitutionalinvestorsaroundtheworldareapproximatelythesame.
MULTIPLECHOICEQUESTIONS
（e）1Thecurrentoutlayofmoneytoguardagainstapotentiallylargefuturelossiscommonlyknownas
a）Assetmanagement.
b）Portfoliomanagement.
c）Minimizingrisk.
d）Losscontrol.
e）Insurance.
（d）2__________insuranceprovidesdeathbenefitsonly.
a）Term
b）Variablerate
c）Extendibleindemnity
d）Fullterm
e）Life
（a）3____________phraseisthestagewheninvestorsintheirearly-to-middleearningyearsattempttoaccumulateassetstosatisfynear-termneeds,e.g.,children'seducationordownpaymentonahome.
a）Accumulation
b）Spending
c）Gifting
d）Consolidation
e）Divestiture
（a）4Whichofthefollowingisnotalifecyclephase?
a）Discoveryphase
b）Accumulationphase
c）Consolidationphase
d）Spendingphase
e）Giftingphase
（e）5Whichofthefollowingisnotastepintheportfoliomanagementprocess?
a）Developapolicystatement.
b）Studycurrentfinancialandeconomicconditions.
c）Constructtheportfolio.
d）Monitorinvestor'sneedsandmarketconditions.
e）Sellallassetsandreinvestmentproceedsatleastonceayear.
（b）6Thefirststepintheinvestmentprocessisthedevelopmentofa（n）
a）Objectivestatement.
b）Policystatement.
c）Financialstatement.
d）Statementofcashneeds.
e）Statementofcashflows.
（e）7Whichofthefollowingisnotconsideredtobeaninvestmentobjective?
a）Capitalpreservation
b）Capitalappreciation
c）Currentincome
d）Totalreturn
e）Noneoftheabove（thatis,allareconsideredinvestmentobjectives）
（d）8mustbestatedintermsofexpectedreturnsandrisk.Aninvestor'stoleranceforriskmustbeestablishedbeforereturnsobjectivescanbestated.
a）Investmentrequirements
b）Portfoliogoals
c）Investmentrewards
d）Investmentobjectives
e）Portfolioobjectives
（b）9_______________isanappropriateobjectiveforinvestorswhowanttheirportfoliotogrowinrealterms,i.e.,exceedtherateofinflation.
a）Capitalpreservation
b）Capitalappreciation
c）Portfoliogrowth
d）Valueadditivity
e）Nominalpreservation
（a）10___________refer（s）totheabilitytoconvertassetstocashquicklyandatafairmarketpriceandoftenincrease（s）asoneapproachesthelaterstagesoftheinvestmentlifecycle.
a）Liquidityneeds
b）Timehorizons
c）Liquidationvalues
d）Liquidationessentials
e）Capitalliquidations
（b）11Thepolicystatementmayincludea__________againstwhichaportfolio'sorportfoliomanager'sperformancecanbemeasured.
a）Milestone
b）Benchmark
c）Landmark
d）Referencepoint
e）Marketpair
（e）12Assetallocationis
a）Theprocessofdividingfundsintoassetclasses.
b）Concernedwithreturnsvariability.
c）Concernedwiththeriskassociatedwithdifferentassets.
d）Concernedwiththerelationshipamonginvestments’returns.
e）Alloftheabove.
（e）13Theassetallocationdecisionmustinvolveaconsiderationof
a）Culturaldifferences.
b）Theobjectivesstatedintheinvestor'spolicystatement.
c）Thetypesofassetsthatareappropriatefortheinvestor.
d）Theriskassociatedwithdifferentinvestments.
e）Alloftheabove.
（d）14Reinvestmentriskisthe
a）Riskthataninvestmentwillnotbemarketable.
b）Riskthataninvestmentwillalteryourtaxstatus.
c）Riskthatyourinvestmentwillfaceregulatoryconstraints.
d）Riskthatinvestmentreturnswillnotbeabletobereinvestedatadesirablerate.
e）Riskthataninvestmentcannotbesoldforcashatafairprice.
（d）15Oncetheportfolioisconstructed,itmustbecontinuously
a）Rebalanced.
b）Recycled
c）Reinvested
d）Monitored.
e）Manipulated.
（a）16Whichofthefollowingstatementsisfalse?
a）Unrealizedcapitalgainsaretaxable.
b）Realizedcapitalgainsaretaxable.
c）Tax-exemptinvestmentsareattractivetoindividualswithhightaxliabilities.
d）Returnscomparisonsshouldbemadeonanequivalenttaxbasis.
e）Taxexemptinvestorsprefertaxexemptinvestments.
（a）17____________gainsaretaxableandoccurwhenanassetissoldformorethanitsbasis（thevalueoftheassetwhenitwaspurchasedbytheoriginalowner,orinheritedbytheheirsoftheoriginalowner）.
a）Realizedcapital
b）Income
c）Portfolio
d）Nominal
e）Real
（d）18Whichofthefollowingstatementsistrue?
a）Exceptfortax-exemptinvestorsandtax-deferredaccounts,annualtaxpaymentsincreaseinvestmentreturns.
b）Theonlywaytomaintainpurchasingpowerovertimeistoinvestinbonds.
c）Afteradjustingfortaxes,long-termbondsconsistentlyoutperformstocks.
d）Anassetallocationdecisionforataxableportfoliothatdoesnotincludeasubstantialcommitmenttocommonstocksmaymakeitdifficultfortheportfoliotomaintainrealvalueovertime.
e）Noneoftheabove
（d）19Importantreasonsforconstructingapolicystatementinclude:
a）Helpsinvestorsdecideonrealisticinvestmentgoals
b）Createastandardbywhichtojudgetheperformanceoftheportfoliomanager
c）Developaninstrumenttojudgerisk
d）Choicesaandb
e）Alloftheabove
（a）20Inaninvestmentpolicystatementtheobjectivesofaninvestorareexpressedin
termsof
a）riskandreturn
b）risk
c）return
d）timehorizon
e）liquidityneeds
（e）21Researchhasshownthattheassetallocationdecisionexplains%ofthevariation
infundreturnsacrossallfunds,and%ofthevariationinreturnsforaparticular
fundover
a）90and100.
b）100and40.
c）90and40.
d）40and100.
e）40and90.
MULTIPLECHOICEPROBLEMS
（a）1Whatisthemarginaltaxrateforasingleindividualifhis/hertaxableincomeis$30,000,$70,000,or$125,000?
a）28%,31%,36%
b）28%,28%,31%
c）15%,28%,31%
d）15%,28%,28%
e）15%,31%,31%
（c）2Whatisthetaxbillforacouple,filingjointly,iftheirtaxableincomeis$50,000?
Whatisthecouple’saveragetaxrateforthislevelofincome?
a）$8,644,28.00%
b）$6,180,17.29%
c）$8,124,16.25%
d）$2,464,17.29%
e）$8,644,15.00%
（d）3Whatwouldtheequivalenttaxableyieldbeonaninvestmentthatoffersa6percenttaxexemptyield?
Assumeamarginaltaxrateof28%.
a）0.125%
b）7.20%
c）6.48%
d）8.33%
e）32.14%
（c）4Whatwouldtheafter-taxyieldbeonaninvestmentthatoffersa6percentfullytaxableyield?
Assumeamarginaltaxrateof31%.
a）2.79%
b）6.48%
c）4.14%
d）7.20%
e）12.50%
（a）5Thefuturevalueof$25,000investedtoday,attheendof20yearsassumingan
interestrateof11.5%peryear,withsemiannualcompounding,is
a）$233,976
b）$220,515
c）$250,515
d）$500,673
e）$213,321
（b）6Assumethatyouinvest$1000attheendofeachquarterforthenext15yearsina
mutualfund.Theannualrateofinterestthatyouexpecttoearninthethisaccount
is8.75%.Theamountintheaccountattheendof15years
a）$28,790
b）$121,749
c）$60,000
d）$315,000
e）$115,637
（d）7Assumingtheinvestor'smarginaltaxrateis28percentandheisconsidering
investinginamunicipalbondyielding7percent.Whatistheequivalenttaxable
yield?
a）5.04%
b）5.47%
c）8.96%
d）9.72%
e）9.80%
（d）8Whatisthemarginaltaxrateforasingleindividualwithtaxableincomeof
$30,000?
Whatishistaxbill?
a）15%,$4057.50
b）15%,$5,350.00
c）28%,$5,195.50
d）28%,$4883.50
e）28%,$9,047.50
（d）9Whatisthemarginaltaxrateforacouple,filingjointlywithataxableincomeof
$150,000?
Whatisthetaxbill?
a）15%,$16,780
b）28%,$26,464
c）36%,$42,446
d）31%,$36,124
e）31%,$38,644
（b）10Someoneinthe15percenttaxbracketcanearn8percentonhisinvestmentsina
tax-exemptIRAaccount.Whatwillbethevalueofa$10,000investmentafter5
years（assumingannualcompounding）?
a）$6,805
b）$14,693
c）$15,528
d）$20,114
e）$
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