兹维博迪金融学第二版试题库5TB培训课件.docx
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兹维博迪金融学第二版试题库5TB培训课件
ChapterFive
HouseholdSavingsandInvestmentDecisions
Thischaptercontains28multiplechoicequestions,10shortproblems,and9longer
problems.
MultipleChoice
1.Gettingaprofessionaldegreecanbeevaluatedas________.
a）asocialsecuritydecision
b）aninvestmentinhumancapital
c）aninvestmentinaconsumerdurable
d）ataxexemptdecision
Answer:
（b）
2.Supposeyouwillfaceataxrateof20%beforeandafterretirement.Theinterestrateis8%.
Youare30yearsbeforeyourretirementdateandinvest$10,000toataxdeferredretirement
plan.Ifyouchoosetowithdrawthetotalaccumulatedamountatretirement,whatwillyoube
leftwithafterpayingtaxes?
a）$51,445
b）$64,000
c）$80,501
d）$100,627
Answer:
（c）
3.Supposeyouwillfaceataxrateof20%beforeandafterretirement.Theinterestrateis8%.
Youare30yearsbeforeyourretirementdateandhave$10,000toinvest.Ifyouinvestthisin
anordinarysavingsplaninsteadofataxdeferredretirementplan,whatamountwillyouhave
accumulatedatretirement?
a）$51,445
b）$64,000
c）$80,501
d）$100,627
Answer:
（a）
4.Whenyourtaxrateremainsunchanged,thebenefitoftaxdeferralcanbesummarizedinthe
rule,“deferralearnsyou________.”
a）theafter-taxrateofreturnbeforetax
b）thepretaxrateofreturnaftertax
c）theafter-taxrateofreturnaftertax
d）thepretaxrateofreturnbeforetax
Answer:
（b）
5.Fromaneconomicperspective,professionaltrainingshouldbeundertakenifthe________
exceedsthe________.
a）futurevalueofthebenefit;presentvalueofthecosts
b）presentvalueofthebenefits;futurevalueofthecosts
c）futurevalueofthebenefits;futurevalueofthecosts
d）presentvalueofthebenefits;futurevalueofthecosts
Answer:
（d）
6.Supposeyouwillfaceataxrateof30%beforeandafterretirement.Theinterestrateis6%.
Youare35yearsbeforeyourretirementdateand$2,000toataxdeferredretirementplan.If
youchoosetowithdrawthetotalaccumulatedamountatretirement,whatwillyoubeleft
withafterpayingtaxes?
a）$7,532
b）$10,760
c）$12,298
d）$15,372
Answer:
（b）
7.Keciaiscurrentlythirtyyearsoldandsheplanstoretireatagesixty.Sheisexpectedtolive
toageeighty-five.Herlaborincomeis$45,000peryearandsheintendstomaintaina
constantlevelofrealconsumptionspendingoverthenextfifty-fiveyears.Assumingareal
interestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueof
Kecia'shumancapital?
a）$31,797
b）$35,196
c）$778,141
d）$994,888
Answer:
（c）
8.Keciaiscurrentlythirtyyearsoldandsheplanstoretireatagesixty.Sheisexpectedtolive
toageeighty-five.Herlaborincomeis$45,000peryearandsheintendstomaintaina
constantlevelofrealconsumptionspendingoverthenextfifty-fiveyears.Assumingareal
interestrateof4%peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueof
Kecia'spermanentincome?
a）$31,797
b）$35,196
c）$778,141
d）$994,888
Answer:
（b）
9.Oscariscurrentlythirty-fiveyearold,planstoretireatagesixty-five,andtolivetoage
eighty-five.Hislaborincomeis$40,000peryear,andheintendstomaintainaconstantlevel
ofrealconsumptionspendingoverthenextfiftyyears.Assumingarealinterestrateof4%
peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofOscar'shuman
capital?
a）$884,344
b）$691,681
c）$39,999
d）$32,198
Answer:
（b）
10.Oscariscurrentlythirty-fiveyearold,planstoretireatagesixty-five,andtolivetoage
eighty-five.Hislaborincomeis$40,000peryear,andheintendstomaintainaconstantlevel
ofrealconsumptionspendingoverthenextfiftyyears.Assumingarealinterestrateof4%
peryear,notaxes,andnogrowthinreallaborincome,whatisthevalueofOscar's
permanentincome?
a）$884,344
b）$691,681
c）$39,999
d）$32,198
Answer:
（d）
11.Youarecurrentlyrentingahousefor$12,000peryear,andyoualsohaveanoptiontobuyit
for$240,000.Maintenanceandpropertytaxesareestimatedtobe$4,320,andthesecostsare
includedinyourrent.Propertytaxes（$2,880ofthe$4,320）aredeductibleforincometax
purposes.Yourtaxrateis35%.Youwishtoprovideyourselfwithhousingatthelowest
presentvalueofcost.Iftherealafter-taxrateis2.52%,shouldyourentorbuy?
a）rentthehouse;thePVcostofrentingis$476,190
b）rentthehouse;thePVcostofrentingis$309,524
c）buythehouse;thePVcostofowningis$442,198
d）buythehouse;thePVcostofowningis$371,429
Answer:
（d）
12.Youarecurrentlyrentingahousefor$12,000peryearandyoualsohaveanoptiontobuyit
for$240,000.Maintenanceandpropertytaxesareestimatedtobe$4,320,andthesecostsare
includedinyourrent.Propertytaxes（$2,880ofthe$4,320）aredeductibleforincometax
purposes.Yourtaxrateis35%.Youwishtoprovideyourselfwithhousingatthelowest
presentvalueofcost.Therealafter-taxrateis2.52%.Whatisthebreak-evenrent?
a）$6,048
b）$9,360
c）$10,128
d）$12,302
Answer:
（b）
13.Asonegetsolder,the________declines,so________fallssteadilyuntilitreacheszeroat
age65.
a）futurevalueofremaininglaborincome;humancapital
b）futurevalueofremaininglaborincome;initialwealth
c）presentvalueofremaininglaborincome;humancapital
d）presentvalueofinitialwealth;optimization
Answer:
（c）
14.Anylifetimeconsumptionspendingplanthatsatisfiesyourbudgetconstraintis:
a）anoptimalmodel
b）afeasibleplan
c）amodelbenefit
d）atargetreplacement
Answer:
（b）
15.Thereisanadvantagetotaxdeferredretirementsavingsplansforthose________whenthe
moneyiswithdrawn.
a）whowillbeinalowertaxbracket
b）whowillbeinthesametaxbracket
c）both（a）and（b）
d）neither（a）nor（b）
Answer:
（c）
16.IntheUnitedStates,individualretirementaccounts（IRAs）arecalled________ratherthan
________becauseanyamountswithdrawnfromtheplanaretaxedatthetimeofwithdrawal.
a）taxadvantaged;taxdeferred
b）taxdeferred;taxexempt
c）taxadvantaged;taxloopholes
d）taxexempt;taxdeferred
Answer:
（b）
17.Thepresentvalueofone'sfuturelaborincomeiscalled________andtheconstantlevelof
consumptionspendingthathasapresentvalueequaltoone'shumancapitaliscalled
________.
a）humanincome;taxableincome
b）humancapital;permanentincome
c）permanentcapital;taxableincome
d）permanentincome;humancapital
Answer:
（b）
18.The________theinterestrate,the________thevalueofhumancapital,butthehigherthe
levelofpermanentincome.
a）lower;lower
b）higher;lower
c）higher;higher
d）lower;higher
Answer:
（b）
19.The________statesthatthepresentvalueofone'slifetimeconsumptionspendingand
bequestsequalsthepresentvalueofone'sinitialwealthandfuturelaborincome.
a）consumptionbudgetconstraint
b）spendingconstraint
c）intertemporalbudgetconstraint
d）incomeandspendingconstraint
Answer:
（c）
20.Accordingtothetext,manyexpertsrecommendthatinmakingasavingsplanoneshouldaim
forareplacementrateof________ofpre-retirementincome.
a）100%
b）25%
c）50%
d）75%
Answer:
（d）
21.Economiccoststhataresaidtobeexplicitcostsincludeitemssuchas________.
a）tuition
b）foregonerent
c）foregoneearnings
d）alloftheabove
Answer:
（a）
22.Economiccoststhataresaidtobeimplicitcostsincludeitemssuchas________.
a）tuition
b）administrativefeeswhileundertakingaprofessionaldegree
c）foregoneearnings
d）alloftheabove
Answer:
（c）
23.Inmakinglifetimesaving/consumptiondecisionsitisconsideredsimplertodotheanalysis
________.
a）innominalterms
b）ininflationaryterms
c）inperpetualterms
d）inrealterms
Answer:
（d）
24.Intermsofalifetimesaving/consumptiondecisionsuchasbuyingorrentinganapartmentor
aconsumerdurable,thealternativeyoushouldchooseis________.
a）theonewiththelowerpresentvalueofbenefits
b）theonewiththelowerpresentvalueofcosts
c）theonewiththehigherpresentvalueofcosts
d）theonewiththelowerpresentvalueofbenefitsandthehigherpresentcosts
Answer:
（b）
25.Amongtheapproachesyoucanuseforsavingforyourretirementis/are________.
a）aimingtomaintainthesamelevelofconsumptionspendingbeforeandafter
retirement
b）aimingforatargetreplacementrateofincome
c）bypassinggraduateschoolandcontinuingtoconsumeatthesamelevel
d）（a）and（b）
Answer:
（d）
26.Intheequationknownastheintertemporalbudgetconstraint,________.
a）thepresentvalueoflifetimeconsumptionspendingequalsthepresentvalueof
bequests
b）thepresentvalueoflifetimeconsumptionspendingandbequestsequalsthepresent
valueoflifetimeresources
c）thepresentvalueoflifetimeconsumptionspendingequalsthefuturevalueoflabor
income
d）thefuturevalueoflifetimeconsumptionspendingequalsthepresentvalueoflabor
income
Answer:
（b）
27.Salmaniscurrentlytwenty-fiveyearsoldandplanstolivetoageeighty.Hislaborincomeis
$75,000peryearandheplanstomaintainaconstantlevelof
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