Board logo

标题: Reading 20: Human Capital, Asset Allocation, and Life Insur [打印本页]

作者: mayanfang1    时间: 2009-1-20 10:08     标题: [2009] Session 4: Reading 20: Human Capital, Asset Allocation, and Life Insur

Q1. In general, an individual facing retirement has a greater amount of:

A)   financial capital than human capital.

B)   human capital than financial capital.

C)   both human and financial capital than when they first started working.

Q2. A salesman is paid by his employer by the commission of his sales only. He has noticed that in the last couple years, the amount of his sales has been closely correlated with the U.S. market. The salesman should:

A)   weight his financial portfolio more so in risky assets.

B)   weight his financial portfolio more so in low risk, fixed income assets.

C)   have no preference for how his financial portfolio is weighted.

Q3. With regards to an individual’s total wealth, which statement is most accurate? If an individual’s human capital is fixed income-like their financial portfolio:

A)   should be weighted with similar non-risky fixed income assets.

B)   should be weighted in no specific way that is related to their human capital.

C)   may be weighted more heavily towards risky assets.

Q4. Which of the following statements regarding human capital is most accurate?

A)   A person’s human capital is highest when they are born and trends downward after that.

B)   A person’s human capital is zero at retirement.

C)   For a young investor their human capital is equivalent to a large holding of an illiquid asset.


作者: mayanfang1    时间: 2009-1-20 10:08

答案和详解如下:

Q1. In general, an individual facing retirement has a greater amount of:

A)   financial capital than human capital.

B)   human capital than financial capital.

C)   both human and financial capital than when they first started working.

Correct answer is A)

An individual facing retirement has a decreased amount of human capital, but most likely has accumulated a significant amount of financial capital. On the other hand, a young individual beginning their career most likely has minimal financial capital but a great amount of human capital.

Q2. A salesman is paid by his employer by the commission of his sales only. He has noticed that in the last couple years, the amount of his sales has been closely correlated with the U.S. market. The salesman should:

A)   weight his financial portfolio more so in risky assets.

B)   weight his financial portfolio more so in low risk, fixed income assets.

C)   have no preference for how his financial portfolio is weighted.

Correct answer is B)

If an individual’s human capital is equity-like (tied directly or indirectly to equity markets), he or she may want to hold a lower risk, fixed-income weighted portfolio to compensate for the riskiness of their human capital.

Q3. With regards to an individual’s total wealth, which statement is most accurate? If an individual’s human capital is fixed income-like their financial portfolio:

A)   should be weighted with similar non-risky fixed income assets.

B)   should be weighted in no specific way that is related to their human capital.

C)   may be weighted more heavily towards risky assets.

Correct answer is C)

An individual’s financial portfolio can be weighted more heavily towards risky assets if their human capital is fixed income-like. If an individual has a secure job with an annual salary, they are able to accept more risk in their financial portfolio since their human capital has very low risk.

Q4. Which of the following statements regarding human capital is most accurate?

A)   A person’s human capital is highest when they are born and trends downward after that.

B)   A person’s human capital is zero at retirement.

C)   For a young investor their human capital is equivalent to a large holding of an illiquid asset.

Correct answer is C)         

Young investors are at the peak of their human capital which is defined as the present value of all expected future income derived from their labor. Human capital is illiquid because at the beginning of their careers young investors cannot cash in their future earnings or pension accounts which they have not earned yet. A person’s human capital is highest when they have finished their training or education for their career and it steadily trends downward from there. Social Security and pension payments are derived from labor thus they are considered part of human capital so at retirement if a person receives social security or a pension from a company their human capital at retirement would not be zero.

 


作者: lhnjk0223    时间: 2009-2-24 09:33     标题: beijing massage

beijing massage
No matter where you are company Rose massage provides top quality massage service aronud Shanghai and Beijing .

All the company staff who are well-educated can speak English.we have excellent service team,in which the members all have high quality, (apartment or hotel),you can enjoy our wonderful beijing massage No other city in the world has done this - it is unique! service,you only need to dial our hotline to make a reservation when you are tired and need to relax your body.

We offer 24hours door to door service,the pretty and outstanding beijing massage.
作者: ernestli    时间: 2009-2-25 01:59

up一下

 


作者: jclijc    时间: 2009-3-1 19:47

 thanks


作者: miguelliu    时间: 2009-4-23 23:23

thx
作者: zhouyp1982    时间: 2009-5-3 09:13

 r
作者: mashanghao    时间: 2009-5-26 17:19     标题: 回复:(mayanfang1)[2009] Session 4: Reading 20: ...

v
作者: sszzyyll    时间: 2009-5-28 21:54

 d
作者: rc2008    时间: 2009-5-28 22:05

d
作者: dandinghe4748    时间: 2009-11-12 13:14

ok
作者: jrxx999    时间: 2009-12-29 13:12

踩踩踩踩踩踩踩踩
作者: 1212jo    时间: 2010-1-3 14:31

V
作者: szg333    时间: 2010-1-13 20:20

j
作者: 思霖    时间: 2010-9-26 16:19

Thank you!


作者: saintrich    时间: 2011-2-5 09:29

 thx
作者: space5    时间: 2011-3-1 09:35

 thanks
 

作者: maxsimax    时间: 2011-4-26 15:46

tq
作者: suodi    时间: 2011-5-12 16:06

[em50]
作者: deqiang    时间: 2011-5-21 22:58

thanks.
作者: rawrdinosaur    时间: 2011-5-24 01:38

ty
作者: luqian55    时间: 2011-5-31 09:47

thank you




欢迎光临 CFA论坛 (http://forum.theanalystspace.com/) Powered by Discuz! 7.2