1. NOTES 4, 65页，
第五题 Blodnick Corp. has found that its weighted average collection period has increased from 45 days last year to 55 days this year, and its average days of receivables this years is 13 compared to 22 last year. It is most likely that: A. Blodnick has relaxed its credit standards this year. B. Fewer of Blodnick’s customers are taking advantage of discounts for early payment. C. Blodnick’s credit customers are paying more slowly this year. D. Credit sales are a greater part of Blodnick’s business this year.
答案是 C，但是看不懂解释，谁能解释一下？
2. NOTES 4, 254页第一题 An investor purchased 550 shares of Akley common stock for $38,500 in a margin account and posted initial margin of 50% of this amount. The maintenance margin requirement is 35%. I fthe price of Akley falls to $52 per share, the investor: A. Is not required to deposit ore equity to maintain the long 550 share position. B. Must deposit $9,900 to meet the resulting margin call. C. Must deposit %5,775 to meet the resulting margin call. D. Must deposit %660 to meet the resulting margin call.
答案是D。谁能解释一下为什么maintenance margin是用52*550作为base来计算的，而不是用原先的$38,500呢？
3. NOTES 3 第331页
第20题 Victory Corp. had interest income from federally tax exempt bonds of $40,000 in the year 200X. Its statutory tax rate is 40%. To account for this interest income the firm should most likely: A. Increase its deferred tax liability by $16,000. B. Increase its deferred tax asset by $16,000. C. Adjust its effective tax rate to below 40%. D. Take no action besides reporting the interest income as operating income.
答案是C。关于adjust effective tax rate在这类题的应用原理，不太清楚，可以帮忙解释一下吗？
4. NOTES 5, 160页第6题： Which of the following bonds would be the best one to own if the yield curve shifts down by 50 bp at all maturities? A. 5-year 8%, 8% YTM. B. 4-year 8%, 8% YTM. C. 5-year 8%, 7.5% YTM. D. 5-year 8.5%, 8% YTM.
答案是C，答案里有句话说：”The bond with the highest duration will benefit the most from a decrease in rate. “ 怎么理解这句话呢？
5. NOTES 5 第182页
第4题 A dealer in the forward contract market: A. Cannot be a bank. B. May enter into a contract with another dealer. C. Gets a small payment for each contract at initiation. D. Typically specializes in either the long or short side of the contract.
答案是B，我想问为什么D不对？
6. NOTES 5 第221页
第14题 An interest rate floor on a floating-rate note (from the issuer’s perspective) is equivalent to a series of: 答案是 short interest rate puts. 解释是：short interest rate puts require a payment when the market rate at expiration is below the strike rate, just as lower rates can require a payment from a floor. 不太懂。。。。
7. NOTES 5 第238页
第8题的解释里说到
“since payments are made in arrears,..”这个made in arrears是什么意思？ | 
发表于 2008-11-23 00:32
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