Amsmgw财务管理试题2杨潇.docx

Amsmgw财务管理试题2杨潇.docx

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Amsmgw财务管理试题2杨潇

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Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#1through#5:

Windswept,Inc.

2005IncomeStatement

（$inmillions）

Netsales$8,450

Less:

Costofgoodssold7,240

Less:

Depreciation

（1）

Earningsbeforeinterestandtaxes810

Less:

Interestpaid70

TaxableIncome$740

Less:

Taxes259

Netincome

（2）

Windswept,Inc.

2004and2005BalanceSheets

（$inmillions）

2004200520042005

Cash$120$140Accountspayable$1,110$1,120

Accountsrec.930780Long-termdebt8401,210

Inventory1,4801,520Commonstock3,2003,000

Total（3）$2,440Retainedearnings（5）710

Netfixedasset（4）3,600

Totalassets$5,680$6,040Totalliabilities&equity$5,680$6,040

1．a.400b.410c.350d.420e.425

2．a.$487b.$481c.$523d.$498e.$540

3．a.$2345b.$2300c.$2530d.$2413e.$2450

4．a.3510b.3423c.3545d.3500e.3655

5．a.530b.540c.555d.550e.515

Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#6through#15:

ReDoIt,Inc.2005IncomeStatement（inmillion）

Netsales$2430

Less:

Costofgoodssold1,344

Less:

Depreciation276

Earningsbeforeinterestandtaxes$810

Less:

Interestpaid150

TaxableIncome$660

Less:

Taxes187

Netincome$Dividends$121

Additiontoretainedearnings242

ReDoIt,Inc.2004and2005BalanceSheet（inmillion）

2004200520042005

Cash$84$98Accountspayable$543$530

Accountsrec.165188Long-termdebt550$457

Inventory393422Commonstock500$550

Total$642$708Retainedearnings1,7992,041

Netfixedassets$2,731$2,880

Totalassets$3,373$3,588Totalliabilities&equity$3,373$3,588

6.Whatisthedays’salesinreceivables?

（use2005values）

a.21.8daysb.23.7daysc.28.3daysd.29.7dayse.32.4days

7.Whatisthecashcoverageratiofor2005?

a.6.4b.6.5c.6.6d.6.7e.6.8

8.Whatistheamountofthenetcashfrominvestmentactivityfor2005?

a.-$50millionb.$250millionc.$425milliond.$700millione.$850million

9.Howmanydollarsofsalesarebeinggeneratedfromeverydollarofcurrentassets?

（use2005values）

a.$2.59b.$2.89c.$3.43d.$3.26e.$3.76

10.Howdoescashaffectthestatementofcashflowsfor2005?

a.auseof$14millionofcashasaninvestmentactivityb.asourceof$14millionofcashasanoperatingactivity

c.auseof$10millionofcashasafinancingactivityd.asourceof$10millionofcashasaninvestmentactivity

e.auseof$14millionofcashasanoperatingactivity

11.Whatistheamountofnetnewborrowingfor2005?

a.-$37b.-$74c.$0d.-$93e.$74

12.Whatistheoperatingcashflowfor2005?

a.$184b.$178c.$125d.$145e.$170

13.Whatistheamountofthenon-cashexpensesfor2005?

a.$276b.$430c.$445d.$370e.$200

14.Whatistheamountofdividendspaidin2005?

a.$35b.$231c.$270d.$325e.$445

15.Whatisthecashflowtocreditorsfor2005?

a.-$215b.-$25c.$25d.$215e.$57

16.Thefinancialstatementthatsummarizesthesourcesandusesofcashoveraspecifiedperiodoftimeisthe:

a.incomestatement.

b.balancesheet.

c.taxreconciliationstatement.

d.statementofcashflows.

e.statementofoperatingposition.

17.Aconflictofinterestbetweenthestockholdersandmanagementofafirmiscalled:

a.stockholders’liability.

b.corporatebreakdown.

c.theagencyproblem.

d.corporateactivism.

e.legalliability.

18.Thefinancialstatementshowingafirm’saccountingvalueonaparticulardateisthe:

a.incomestatement.

b.balancesheet.

c.statementofcashflows.

d.taxreconciliationstatement.

e.shareholders’equitysheet.

19.Whenfixedassetsonaproformastatementareprojectedtoincreaseatarateequivalenttotheprojectedrateofsalesgrowth,itcanbeassumedthatthefirmis:

a.projectedtogrowattheinternalrateofgrowth.

b.projectedtogrowatthesustainablerateofgrowth.

c.creatingexcesscapacity.

d.currentlyoperatingatfullcapacity.

e.retainingallofitsprojectednetincome

20.Thesaleslevelthatresultsinaproject’snetpresentvalueexactlyequalingzeroiscalledthe_____break-even.

a.operational

b.leveraged

c.accounting

d.cash

e.financial

21.Theexpectedreturnonastockthatiscomputedusingeconomicprobabilitiesis:

a.guaranteedtoequaltheactualaveragereturnonthestockforthenextfiveyears.

b.guaranteedtobetheminimalrateofreturnonthestockoverthenexttwoyears.

c.guaranteedtoequaltheactualreturnfortheimmediatetwelvemonthperiod.

d.amathematicalexpectationbasedonaweightedaverageandnotanactualanticipatedoutcome.

e.theactualreturnyoushouldanticipateaslongastheeconomicforecastremainsconstant.

22.Interestearnedonlyontheoriginalprincipalamountinvestediscalled_____interest.

a.free

b.annual

c.simple

d.intereston

e.compound

23.Financialratiosthatmeasureafirm’sabilitytopayitsbillsovertheshortrunwithoutunduestressareknownas_____ratios.

a.assetmanagement

b.long-termsolvency

c.short-termsolvency

d.profitability

e.marketvalue

24.Whichoneofthefollowingmeasuresisrelevanttothesystematicriskprinciple?

a.variance

b.alpha

c.standarddeviation

d.theta

e.beta

25.Anoptionthatmaybeexercisedatanytimeupitsexpirationdateiscalleda（n）_____

option.

a.futures

b.Asian

c.Bermudan

d.European

e.American

26.Shareholders’equityinafirmis$500.Thefirmowesatotalof$400ofwhich75percentispayablewithinthenextyear.Thefirmhasnetfixedassetsof$600.Whatistheamountofthenetworkingcapital?

a.-$200

b.-$100

c.$0

d.$100

e.$200

27.Ivan’s,Inc.paid$500individendsand$600ininterestthispastyear.Commonstockincreasedby$200andretainedearningsdecreasedby$100.Whatisthenetincomefortheyear?

a.$400

b.$500

c.$600

d.$800

e.$1,000

28.Afirmhastotalassetsof$2,640andnetfixedassetsof$1,500.Theaveragedaily

operatingcostsare$170.Whatisthevalueoftheintervalmeasure?

a.6.71

b.8.82

c.11.03

d.13.33

e.15.53

29.Rosita’sRestaurantehassalesof$4,500,totaldebtof$1,300,totalequityof$2,400,andaprofitmarginof5percent.Whatisthereturnonassets?

a.5.00percent

b.6.08percent

c.7.39percent

d.9.38percent

e.17.31percent

30.Kurt’sAdventuresisoperatingatfullcapacitywithasaleslevelof$1,200andfixedassetsof$900.Whatistherequiredadditiontofixedassetsifsalesaretoincreaseby

20percent?

a.$160

b.$180

c.$240

d.$320

e.$360

31._____referstothenetexpendituresbythefirmonfixedassetpurchases.

a.Operatingcashflow

b.Capitalspending

c.Networkingcapital

d.Cashflowfromassets

e.Cashflowtocreditors

32.Ratiosthatmeasurehowefficientlyafirmusesitsassetstogeneratesalesareknownas_____ratios.

a.assetmanagement

b.long-termsolvency

c.short-termsolvency

d.profitability

e.marketvalue

33.Thecashratioismeasuredas:

a.currentassetsdividedbycurrentliabilities.

b.currentassetsminuscashonhand,dividedbycurrentliabilities.

c.currentliabilitiespluscurrentassets,dividedbycashonhand.

d.cashonhandplusinventory,dividedbycurrentliabilities.

e.cashonhanddividedbycurrentliabilities.

34.Thefinancialratiomeasuredasnetincomedividedbytotalassetsisknownasthefirm’s:

a.profitmargin.

b.returnonassets.

c.returnonequity.

d.assetturnover.

e.earningsbeforeinterestandtaxes.

35.Venturecapitalisprimarilyfoundthrough:

a.internetwebsites.

b.abiddingprocess.

c.newspaperadvertisements.

d.personalcontacts.

e.letterssubmittedtoventurecapitalfirms.

36.Whichofthefollowingareincludedincurrentliabilities?

I.notepayabletoasupplierineighteenmonths

II.debtpayabletoamortgagecompanyinninemonths

III.accountspayabletosuppliers

IV.loanpayabletothebankinfourteenmonths

a.IandIIIonly

b.IIandIIIonly

c.IIIandIVonly

d.II,III,andIVonly

e.I,II,andIIIonly

37.Cashflowfromassetsmustbenegativewhen:

a.thefirmhasataxablelossfortheyear.

b.thecashflowfromcreditorsandthecashflowfromstockholdersarebothnegative.

c.thecashflowfromcreditorsisnegativeandthecashflowfromstockholdersispositive.

d.thechangeinnetworkingcapitalexceedsthenetcapitalspending.

e.operatingcashflowislessthanthechangeinnetworkingcapital.

38.Whichoneofthefollowingstatementsconcerningnetpresentvalue（NPV）iscorrect?

a.Aninvestmentshouldbeacceptedif,andonlyif,theNPVisexactlyequaltozero.

b.AninvestmentshouldbeacceptedonlyiftheNPVisequaltotheinitialcashflow.

c.AninvestmentshouldbeacceptediftheNPVispositiveandrejectedifitisnegative.

d.Aninvestmentwithgreatercashinflowsthancashoutflows,regardlessofwhenthecashflowsoccur,willalwayshaveapositiveNPVandthereforeshouldalwaysbeaccepted.

e.Anyprojectthathaspositivecashflowsforeverytimeperiodaftertheinitialinvestmentshouldbeaccepted.

39.Anannuitystreamofcashflowpaymentsisasetof:

a.levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.

b.levelcashflowsoccurringeachtimeperiodforever.

c.increasing