答案和详解如下： Q1. The ability to change the proportion of employment income saved can be viewed as: A) a swap contract. B) a zero-coupon bond. C) an option contract. Correct answer is C) The flexibility to change the investor’s level of savings from employment income can be viewed as an option contract. Q2. The value of having the flexibility to change the level of savings from employment earnings derives from the: A) fact that the investor can be more conservative because they can always save more for retirement in the future. B) ability to increase consumption expenditures, if desired, while still meeting other financial goals. C) fact that the investor can be more aggressive because they have the potential to make up any shortfall with increased savings. Correct answer is C) The value of having the flexibility to increase savings implies that the investor can adopt a more aggressive investment profile. The logic is that they have the ability to save more in the future to offset any shortfall realized. Q3. Which of the following statements is TRUE regarding asset allocation? A) The relationship between employment income and spending affect asset allocation, but the structure of the investor’s liabilities does not. B) Asset allocation is not affected by the relationship between employment income, spending, or the structure of the investor’s liabilities. C) The relationship between employment income, spending, and the structure of the investor’s liabilities all affect asset allocation. Correct answer is C) An investor’s asset allocation is affected by both the degree of flexibility in the amount they are able to save (i.e., the relationship between employment income and spending), and by the type of liabilities being funded (e.g., required vs. desired savings goals). | 
发表于 2009-1-20 10:01
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