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金融學(xué)茲維博迪第二版第一章答案金融學(xué)茲維博迪第二版第一章答案金融學(xué)茲維博迪第二版第一章答案xxx公司金融學(xué)茲維博迪第二版第一章答案文件編號:文件日期:修訂次數(shù):第1.0次更改批準(zhǔn)審核制定方案設(shè)計,管理制度CHAPTER1–FinancialEconomicsEnd-of-ChapterProblemsDefiningFinance1.WhatareyourmaingoalsinlifeHowdoesfinanceplayapartinachievingthosegoalsWhatarethemajortradeoffsyoufaceSAMPLEANSWER:???????FinishschoolGetgoodpayingjobwhichIlikeGetmarriedandhavechildrenOwnmyownhomeProvideforfamilyPayforchildren’seducationRetireHowFinancePlaysaRole:SAMPLEANSWER:?Financehelpsmepayforundergraduateandgraduateeducationandhelpsmedecidewhetherspendingthemoneyongraduateeducationwillbeagoodinvestmentdecisionornot.??HighereducationshouldenhancemyearningpowerandabilitytoobtainajobIlike.OnceIammarriedandhavechildrenIwillhaveadditionalfinancialresponsibilities(dependents)andIwillhavetolearnhowtoallocateresourcesamongindividualsinthehouseholdandlearnhowtosetasideenoughmoneytopayforemergencies,education,vacationsetc.Financealsohelpsmeunderstandhowtomanageriskssuchasfordisability,lifeandhealth.?FinancehelpsmedeterminewhetherthehomeIwanttobuyisagoodvalueornot.Thestudyoffinancealsohelpsmedeterminethecheapestsourceoffinancingforthepurchaseofthathome.FinancehelpsmedeterminehowmuchmoneyIwillhavetosaveinordertopayformychildren’s?educationaswellasmyownretirement.MajorTradeoffs:SAMPLEANSWER?Spendmoneynowbygoingtocollege(andpossiblygraduateschool)butpresumablymakemoremoneyonceIgraduateduetomyhighereducation.Consumenowandhavelessmoneysavedforfutureexpendituressuchasforahouseand/orcarorsave?moremoneynowbutconsumelessthansomeofmyfriendsFinancialDecisionsofHouseholds2.WhatisyournetworthWhathaveyouincludedamongyourassetsandyourliabilitiesWouldyoulistthevalueofyourpotentiallifetimeearningpowerasanassetorliabilityHowdoesitcompareinvaluetootherassetsyouhavelistedChapter1-1Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall.FinancialEconomicsSolutionsManualSAMPLEANSWER:$____________(verypossiblynegativeatthispoint)Assets:????CheckingaccountbalanceSavingsaccountbalanceFurniture/Jewelry(watch)Car(possibly)Liabilities:????StudentloansCreditcardbalanceIfrenting,remainderofrentalagreement(unlesssublettingisapossibility)Carpayments(possibly)Studentstypicallydon’tthinkaboutthehighvalueoftheirpotentiallifetimeearningpowerwhencalculatingtheirnetworthbutforyoungpeopleitisoftentheirmostvaluableasset.3.HowarethefinancialdecisionsfacedbyasinglepersonlivingalonedifferentfromthosefacedbytheheadofahouseholdwithresponsibilityforseveralchildrenofschoolageArethetradeoffstheyhavetomakedifferent,orwilltheyevaluatethetradeoffsdifferentlyAsinglepersonneedsonlytosupporthimselfandthereforecanmakeeveryfinancialdecisiononhisown.Ifhedoesnotwanthealthinsurance(andiswillingtobearthefinancialrisksassociatedwiththatdecision)thennoonewillbeaffectedbythatdecisionotherthanthatsingleperson.Inaddition,thispersonneedstomakenodecisionsaboutallocatingincomeamongdependents.Asinglepersonisverymobileandcanchoosetolivealmostanywhere.Thetradeoffsthisindividualmakesgenerallyconcernissuesofconsuming(orspending)todayversussavingforconsumptiontomorrow.Sincethispersonissupportingonlyhimself,theneedtosavenowislessimportantthanfortheheadofhouseholddiscussednext.Theheadofhouseholdwithseveralchildrenmustshareresources(income)amongdependents.Thisindividualmustbepreparedtodealwithriskmanagementissuessuchashowtobepreparedforpotentialfinancialemergencies(suchasaserioushealthproblemexperiencedbyamemberofthefamilyorhomeownersinsuranceincaseofafireorothermishap).Becausetherearemorepeopleinthishouseholdthanwithasingleperson,therearegreaterrisksthatsomeonewillgetsickorinjured.Andbecausetherearedependents,thewageearner(s)shouldthinkcarefullyaboutlifeanddisabilityinsurance.Inaddition,thefamilyisnotasmobileasthesingleindividual.Becauseoftheschoolagechildren,thefamilymightwanttolivenear“goodschools”thinkingthatastrongereducationwilleventuallyhelpthosechildren’sfuturewellbeingandfinancialsituation.Thus,thetradeoffsfortheheadofhouseholdaremorecomplex:moremoneyisneededtoconsumetoday(heorsheneedstosupportmoredependents),butalotmoremoneyisalsoneededtosaveforfutureexpensessuchaseducationandhousingandmoremoneyisneededforriskmanagementsuchaslifeanddisabilityinsurance.4.FamilyAandfamilyBbothconsistofafather,motherandtwochildrenofschoolage.InfamilyAbothspouseshavejobsoutsidethehomeandearnacombinedincomeof$100,000peryear.InfamilyB,onlyonespouseworksoutsidethehomeandearns$100,000peryear.HowdothefinancialcircumstancesanddecisionsfacedbythetwofamiliesdifferWithtwowageearners,thereislessriskofatotallossoffamilyincomeduetounemploymentordisabilitythanthereisinasinglewageearninghousehold.Thesinglewageearningfamilywillprobablywantmoredisabilityandlifeinsurancethanthetwowageearningfamily.Ontheflipside,however,thetwowageearningfamilymayneedtospendextramoneyonchildcareexpensesiftheyneedtopaysomeonetowatchthechildrenafterschool.Chapter1-2Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall.FinancialEconomicsSolutionsManual5.Supposewedefinefinancialindependenceastheabilitytoengageinthefourbasichouseholdfinancialdecisionswithoutresorttotheuseofrelative’sresourceswhenmakingfinancingdecisions.AtwhatageshouldchildrenbeexpectedtobecomefinanciallyindependentStudentswillhavedifferingresponsestothisquestiondependingupontheirspecificexperiencesandopinions.Mostwillprobablysayindependenceshouldcomeafterfinishingtheireducation,andtheyhaveasignificantflowofincome.6.Youarethinkingofbuyingacar.Analyzethedecisionbyaddressingthefollowingissues:a.ArethereareotherwaystosatisfyyourtransportationrequirementsbesidesbuyingacarMakealistofallthealternativesandwritedowntheprosandcons.TransportationModeWalkingProsConsTakesalongtimeDestinationmaybetoofar?Takesyoudirectlywhereyouwanttogo?????NooutofpocketcostsConvenientBicycleBus??TakesyoudirectlytowhereyouwanttogoRequiresphysicalstrengthandendurance????NooutofpocketmarginalcostsConvenientDestinationmaybetoofarInexpensive?MaynottakeyoudirectlywhereyouwanttogoReachesmoredistantdestinations???InconvenientschedulestogoManystops,notefficientSubway??InexpensiveFastMaynottakeyoudirectlywhereyouwanttogo?LocaldestinationsonlyonlimitednetworkTrain???ReachesdistantdestinationsModeratelyexpensiveMaynottakeyoudirectlywhereyouwanttogoAirplane????ReachesdistantdestinationsFastMostexpensiveWillnottakeyoudirectlywhereyouwanttogob.WhatarethedifferentwaysyoucanfinancethepurchaseofacarFinancethroughabankloanorlease,financethroughacardealerwithaloanoraleaseorfinancethecaroutofyourownsavings.c.Obtaininformationfromatleastthreedifferentprovidersofautomobilefinancingonthetermstheyoffer.d.WhatcriteriashouldyouuseinmakingyourdecisionYourdecisionwillbetoselectthefinancingalternativethathasthelowestcosttoyou.Whenanalyzingtheinformation,youshouldconsiderthefollowing:?DoyouhavethecashsavedtomakeanoutrightpurchaseWhatinterestratewouldyoubegivinguptomakethatpurchaseDoyoupayadifferentpriceforthecarifyoupaycashratherthanfinanceChapter1-3Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall.FinancialEconomicsSolutionsManual?Fordifferingloanplans,whatisthedownpaymenttodayWhatarethemonthlypaymentsForhowlongWhatistherelevantinterestrateyouwillbepayingDoesthewholeloangetpaidthroughmonthlypaymentsoristhereaballoonpaymentattheendAretaxesand/orinsurancepaymentsincludedinthemonthlypayments?Fordifferingleaseplans,whatisthedownpaymenttodayWhatarethemonthlypaymentsForhowlongDoyouownthecarattheendoftheleaseIfnot,whatdoesitcosttobuythecarDoyouhavetobuythecarattheendoftheleaseorisitanoptionIsthereachargeifyoudecidenottobuythecarWhatrelevantinterestratewillyoubepayingAretaxesand/orinsurancepaymentsincludedinthemonthlypaymentsAretheremileagerestrictions7.Matcheachofthefollowingexampleswithoneofthefourcategoriesofbasictypesofhouseholdfinancialdecisions.