Quiz2
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Quiz2

Course: FIN 321, Winter 2011

School: Grand Valley State

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Q uiz #2 Student: __________________________ Class Time: _______________ 1. You purchased a stock five months ago for $40 a share. Today, you sold that stock for $45 a share. The stock pays no dividends. What was your annualized rate of return? A. B. C. D. E. 26.93 percent 28.77 percent 29.32 percent 30.03 percent 32.67 percent * * * * * * * * 2. Eight months ago, you purchased 300 shares of a non-dividend...

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uiz Q #2 Student: __________________________ Class Time: _______________ 1. You purchased a stock five months ago for $40 a share. Today, you sold that stock for $45 a share. The stock pays no dividends. What was your annualized rate of return? A. B. C. D. E. 26.93 percent 28.77 percent 29.32 percent 30.03 percent 32.67 percent * * * * * * * * 2. Eight months ago, you purchased 300 shares of a non-dividend paying stock for $27 a share. Today, you sold those shares for $31.59 a share. What was your annualized rate of return on this investment? A. B. C. D. E. 17.00 percent 21.45 percent 25.50 percent 26.55 percent** * * * * * * * 28.00 percent 3. The average compound return earned per year over a multiyear period is called the: A . total return B. Average capital gains yield C. Variance. D. arithmetic average return. E. geometric average return. * * * * * * * * 4. The total dollar return on a share of stock is defined as the: A . change in the price of the stock over a period of t ime B. dividend income divided by the beginning price per share. C. capital gain or loss plus any dividend income.** * * * * * * * * * * * * * * * * * * * * * * D. change in the stock price divided by the original stock price. E. annual dividend income received. 5. Which one of the following should be used to compare the overall performance of three d ifferent investments? A. holding period dollar return B. capital gains yield C. d ividend yield D. holding period percentage return E. effective annual return* * * * * * * * * * * * * * * * * * * * * * * * * * 6. Scott purchased 200 shares of Frozen Foods stock for $48 a share. Four months later, he received a dividend of $0.22 a share and also sold the shares for $42 each. What was his annualized rate of return on this investment? A. -44.69 percent B. -40.14 percent C. -33.00 percent D. -31.95 percent* * * * * * * * * * * * * * * * * * * * * E. -28.07 percent 7. t he: A. B. C. D. E. T he dividend yield is defined as the annual dividend expressed as a percentage of average stock price. i ni tial stock price.*** * * * * * * * * * * * * * * * * * * * * * * * * ending stock price. total annual return. capital gain. 8. A. B. C. T he capital gains yield is equal to: (Pt - Pt + 1 + Dt + 1) / Pt + 1. (Pt + 1 - Pt + Dt) / Pt. D t + 1 / Pt. D. E. (Pt + 1 - Pt) / Pt.*** * * * * * * * * * * * * * * * * * * * * * * * * * (Pt + 1 - Pt) / Pt + 1. 9. t he: A. B. C. D. E. W hen the total return on an investment is expressed on a per-year basis it is called capital gains yield. d ividend yield. holding period return. effective annual return.** * * * * * * * * * * * * * * * * * * * * * * * i ni tial return. 10. A. B. C. D. E. T he rate of return earned on a U.S. Treasury bill is referred to as the: r isk premium. deflated rate of return. r isk-free rate.*** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * expected rate of return. market of rate return. 11. A. B. C. D. E. T he additional return earned for accepting r isk is called the: i nf lated return. capital gains yield. real return. r iskless rate. r isk premium.** * * * * * * * * * * * * * * * * * * * 12. A f requency distribution, which is completely defined by i ts average and standard deviation, is referred to as a(n): A. normal distribution.** * * * * * * * * * * * * * * * * * * * * * * * * B. variance distr ibution. C. expected rate of return. D. E. average geometric return. average arithmetic return. 13. Increased volatility recently has caused market participants to question the reliability of the normal distribution for extreme moves. This is called.. A. Variance exceptions B. Volatili ty skew C. Fat Tails** * * * * * * * * * * * * * * * * * * * * * * * * D. Risk Premium E. Ouch that hur t 14. Suppose you have $20,000 and want to borrow the maximum allowable to buy XYZ stock a t $40. Assume that the Initial margin is 50%; the broker call rate with spread is 6%, you hold the investment for 1 year and sell the stock for $50 and no dividends are paid over the period. (Also assume no brokerage commissions) What is your return? A. 50% B. 38% C. 44%*** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * D. 22% E. -34% 15. In question 14 above; if XYZ paid dividends of $2 per share during the year, how would t hat affect your return? A. Total $ return would increase by $2 B. Total $ return would increase by $2000** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * C. Total $ return would decrease by $200 D. Total $ return would decrease by $2000 E. You dont have to return any $$$. 16. The call money rate is the: A . rate investors' pay on margin loans. B. percentage of a security's value that must be maintained as margin. C. interest rate that must be paid on any margin shortfall. D. rate a broker pays to a bank for funds loaned to customer margin accounts. ****************** E. minimum percentage rate of equity that must be maintained in a margin account 17. If you have $20,000 to invest and the initial margin is 80%, how much do you to have to buy the stock if you borrow the maximum allowed? ________$25000_____ For questions 18 & 19 assume your yearly returns are +10%, + 20%, -15%, -12%, +16%; 18) What is the average return? ____3.8____ 19) What is the geometric average return? ____2.75_______ 20) Most funds use which index to benchmark their performance? A. Dow Jones Industrial Average B. Small Cap Index C. S&P 500 Index*** * * * * * * * * * * * * * * * * * * * * * * D. CRB Index E. Kid Rock E xtra Credit 3 points: What does LTCM stand for? What types of individuals did it employ? U lt imately, how did the fi rm do? Long-Term Capital Management M IT PhDs; Nobel Prize Winners; Former Fed Vice Chair; Myron Scholes..Also acceptable smart people The fi rm blew up and had to be bailed out.

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