—、單項選擇題(本題型共5小題，每小題20分，每小題只有一個正確答案，請從每小題的備選答案中選出一個你認為最正確的答案，在答題卡相應(yīng)位置上用2B鉛筆填涂相應(yīng)的答案代碼，答案寫在試題卷上無效)
1、Alter Inc. determines that it has $35,000 of accounts receivable outstanding at the end of 20X8. Based on past experience, it recognizes an allowance for bad debt equal to 10% of its credit sales. The tax base of Alter’s accounts receivable at the end of 20X8 is closest to:
A. $35,000.
B. $31,500.
C. $3,500.
2、A higher Sharpe ratio indicates:
A. lower volatility of returns.
B. a higher excess return per unit of risk.
C. a lower risk per unit of return.
3、Ron Jacobi, manager with the Toulee Department of Natural Resources, is responsible for setting catch-and-release limits for Lake Norby, a large and popular fishing lake. For the last two months he has been sampling to determine whether the average length of Northern Pike in the lake exceeds 18 inches (using a significance level of 0.05). Assume that the p-value is 0.08. In concluding that the average size of the fish exceeds 18 inches, Jacobi:
A. makes a Type II error.
B. makes a Type I error.
C. is correct.
4、In the process of hypothesis testing, what is the proper order for these steps?
A. Collect the sample and calculate the sample statistics. State the hypotheses. Specify the level of significance. Make a decision.
B. State the hypotheses. Specify the level of significance. Collect the sample and calculate the test statistics. Make a decision.
C. Specify the level of significance. State the hypotheses. Make a decision. Collect the sample and calculate the sample statistics.
5、 Studies of performance of a sample of mutual fund managers most likely suffer from:
A. sample-selection bias.
B. look-ahead bias.
C. survivorship bias.Answer：
1、solution：A
For tax purposes, bad debt expense cannot be deducted until the receivables are deemed worthless. Therefore, the tax base is $35,000 since no bad debt expense has been deducted on the tax return. Note that the carrying value would be $31,500 since bad debt expense is reflected on the income statement.
2、solution：B
The Sharpe ratio is excess return (return ? Rf) per unit of risk (defined as the standard deviation of returns).
3、solution：B
This statement is an example of a Type I error, or rejection of a hypothesis when it is actually true (also known as the significance level of the test). Here, Ho: μ ≤ 18 inches and Ha: μ > 18 inches. When the p-value is greater than the significance level ( 0.08 > 0.05), we should fail to reject the null hypothesis. Since Jacobi rejected Ho when it was true, he made a Type 1 error.
The other statements are incorrect. Type II errors occur when you fail to reject a hypothesis when it is actually false (also known as the power of the test).
4、solution：B
The hypotheses must be established first. Then the test statistic is chosen and the level of significance is determined. Following these steps, the sample is collected, the test statistic is calculated, and the decision is made.
5、solution：C
Studies of the performance of mutual fund managers often suffer from survivorship bias as poorly performing funds are closed down and are not included in the sample.