13. Which of the following is consistent with the CAPM and efficient capital markets?
(A) A security with a beta of 1 has a return last year of 8% when the market has a return of 12%.
(B) A security with only systematic risk has an expected return that exceeds the risk-free interest rate.
(C) A security with only diversifiable risk has an expected return that exceeds the risk-free interest rate.
(D) Small stocks with a beta of 1.5 tend to have higher returns on average than large stocks with a beta of 1.5.

1. The problem created by asymmetric information before the transaction occurs is called ________, while the problem created after the transaction occurs is called ________. (A) costly state verification； free-riding (B) adverse selection； moral hazard (C) free-riding； costly state verification (D) moral hazard； adverse selection

2. By taking the long position on a futures contract of $100,000 at a price of 98 you are agreeing to ________ a ________ face value security for ________. (A) buy； $100,000； $98,000. (B) buy； $98,000； $100,000. (C) sell； $100,000； $98,000. (D) sell； $98,000； $100,000.

3. The Principal-Agent Problem arises: (A) because of the separation of ownership and control in a corporation. (B) because managers have much incentive to work in the interest of shareholders when this means working against their own self-interest. (C) Both a and b (D) None of the above

4. An investment is said to be liquid if the investment: (A) is traded in a financial market. (B) has a large bid-ask spread. (C) can easily be converted into cash with little discount. (D) has large day-to-day fluctuations in price.

5. The statement of financial position is also known as the: (A) statement of cash flows. (B) income statement. (C) statement of stockholder's equity. (D) balance sheet.

6. The British government has a consol bond outstanding that pays ₤100 in interest each year. Assuming that the current interest rate in Great Britain is 2% and that you will receive your first interest payment one year from now, then the value of the consol bond is closest to: (A) ₤2200. (B) ₤3000. (C) ₤3500. (D) ₤5000.

7. You are interested in purchasing a new car that costs $40,000. The dealership offers you a special financing rate of 6% APR (0.5%) per month for 48 months. Assuming that you make a down payment of $5,000 on the auto and you take the dealer's financing deal, then your monthly car payments would be closest to: (A) $842. (B) $729. (C) $822. (D) $647.

8. You are considering investing in a zero coupon bond that will pay you its face value of $1000 in ten years. If the bond is currently selling for $508.34, then the IRR for investing in this bond is closest to: (A) 10%. (B) 8.0%. (C) 7.5%. (D) 7.0%.

9. Which of the following statements is FALSE? (A) When a bond trades at a price equal to its face value, it is said to trade at par. (B) When a bond is trading at a discount, the price drop when a coupon is paid will be larger than the price increase between coupons, so the bond's discount will tend to decline as time passes. (C) As interest rates and bond yields rise, bond prices will fall. (D) Ultimately, the prices of all bonds approach the bond's face value when the bonds mature and their last coupon is paid.

10. Consider a project with the following cash flows in $: Assume the appropriate discount rate for this project is 10%. The profitability index for this project is closest to: (A) 0.358 (B) 0.552 (C) 0.585 (D) 0.605

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