财务管理试卷及答案(英文版)Word文档下载推荐.doc

财务管理试卷及答案(英文版)Word文档下载推荐.doc

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选项

1.（）isconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.

A.FinancialmanagementB.ProfitmaximizationC.AgencytheoryD.Socialresponsibility

2.Amajordisadvantageofthecorporateformoforganizationisthe（）.

A.doubletaxationofdividends

B.inabilityofthefirmtoraiselargesumsofadditionalcapital

C.limitedliabilityofshareholders

D.limitedlifeofthecorporateform.

3.Interestpaid（earned）onboththeoriginalprincipalborrowed（lent）andpreviousinterestearnedisoftenreferredtoas（）.

A.presentvalueB.simpleinterestC.futurevalueD.compoundinterest

4.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusion?

A.Thestockhasalowlevelofrisk.

B.Thestockoffersahighdividendpayoutratio.

C.Themarketisundervaluingthestock.

D.Themarketisovervaluingthestock.

5.A250facevalueshareofpreferredstock,paysa20annualdividendandinvestorsrequirea7%returnonthisinvestment.Ifthesecurityiscurrentlysellingfor276,whatisthedifference（overvaluation）betweenitsintrinsicandmarketvalue（roundedtothenearestwholedollar）?

A.approximately26B.approximately10C.approximately6D.approximately1

6.FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof300,000andanetprofitmarginof5percent.Whatareitssales?

A.3,750,000B.480,000C.300,000D.1,500,000

7.Acompanycanimprove（lower）itsdebt-to-totalassetratiobydoingwhichofthefollowing?

A.Borrowmore.B.Shiftshort-termtolong-termdebt.C.Shiftlong-termtoshort-termdebt.D.isssuecommonstock.

8.TheDuPontApproachbreaksdowntheearningpoweronshareholders'

bookvalue（ROE）asfollows:

ROE=（）.

A.Netprofitmargin×

Totalassetturnover×

Equitymultiplier

B.Totalassetturnover×

Grossprofitmargin×

Debtratio

C.Totalassetturnover×

Netprofitmargin

D.Totalassetturnover×

9.Whichofthefollowingitemsconcernsfinancingdecision?

（）

A.salesforecastingB.bondissuingC.receivablescollectionD.investmentprojectselection

10.Whichofthefollowingitemsisthefunctionofatreasurer?

（）

A.costaccountingB.internalcontrolC.capitalbudgetingD.generalledger

11.Forfinancialinstruments,（）isjudgedinrelationtotheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimewithoutsignificantpriceconcession.

A.maturityB.marketabilityC.defaultD.inflation

12.（）isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.

A.futurevalueB.presentvalueC.intrinsicvalueD.marketvalue

13.EllesmereCorporationissues1million$1parvaluebonds.Thestatedinterestrateis6%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond?

A.6%B.3%C.12%D.（1+6%/2）2-1

14.AssumethatdividendsofacommonstockwillbemaintainedatDforever,andtherequiredreturnofthestockholderisr,theparvalueofthestockism,thevalueofthestockis（）

A.mB.m+DC.m+D/rD.D/r

15.Whichofthefollowingitemshasthemostrisk?

（）

A.treasurybillB.corporatebondC.preferredstockD.commonstock

16.（）equalsthegrossprofitdividedbynetsalesofafirm.

A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequity

17.（A）istheratiosthatmeasureafirm’sabilitytomeetshort-termobligations

A.liquidityratiosB.leverageratiosc.coverageratiosD.activityratios

18.（A）istheresultofNetProfitMargin×

totalassetturnover×

（totalassets/shareholders’equity）

A.ReturnonequityB.returnoninvestmentC.currentratioD.quickratio

19.Governmenttaxlawadjustmentis（A）toafirm.

A.generaleconomicriskB.inflationanddeflationriskC.firm-specificrisk

D.internationalrisk

20（A）equalsthegrossprofitdividedbynetsalesofafirm.

II.Statementjudgement（10Points）（Pleasewriteyouranswerinthefollowingtable）

√或×

1.Untilaroundthefirsthalfofthe1900s,financialmanagersprimarilyraisedfundsandmanagedtheirfirm’scashpositions.（）

2.Ingeneral,thehigherthemarketabilityofasecurity,thegreatertheyieldnecessarytoattractinvestors（）

3.DiscountRateistheinterestrateusedtoconvertfuturevaluestopresentvalues.（）

4.Theexpectedreturnofaportfolioissimplyaweightedaverageoftheexpectedreturnofthesecuritiescomprisingthatportfolio（）

5.5.Thetypeofanalysisvariesaccordingtothespecificinterestsofthepartyinvolved（）

6.Inasoleproprietorship,theownerispersonallyresponsibleforallfinancialobligationsofthefirm.（）

7.Whenastockgoes"

ex-rights,"

itsmarketpricetheoreticallydeclines.（）

8.Themarketpriceofaparticularbondismuchgreatertodaythanitwasyesterday.Thecalculatedyieldtomaturity（YTM）basedontoday'

smarketpricewould,therefore,begreaterthanthecalculatedYTMbasedonyesterday'

smarketprice.（）

9.Ashortaveragecollectionperiodassuresusthataccountsreceivablearebeingefficientlymanaged.（）

10.Simpleinterestisinterestthatispaidononlytheoriginalamountborrowed（lent）（）

III.Questions（10points）（Pleasewriteyouranswerontheanswerpaper）

1.Themethodofdepreciationdoesnotalterthetotalamountdeductedfromincomeduringthelifeofanasset.Whatdoesitalterandwhyisthatimportant?

（5）

2.Whatisprimaryandsecondarymarket?

（5）

IV.Problems（60Points）（Pleasewriteyouranswerontheanswerpaper）

1.youneedtohave$100000attheendof10years.Toaccumulatethissum,youhavedecidedtosaveacertainamountattheendofeachnext10yearsanddeposititinthebank.Thebankpays8%interestcompoundedannuallyforlong-termdeposit.Howmuchwillyouhavetosaveeachyear?

（PVIF（8%,10）=0.463,PVIFA（8%,10）=0.671,FVIF（8%,10）=2.159,FVIFA（8%,10）=14.487）

2.Justtoday,BirdSeedCompany’scommonstockpaida$1.50annualdividendpershareandhadaclosingpriceof$24.Assumethatthemarket’srequiredreturnforthisinvestmentis12%andthatdividendsareexpectedtogrowataconstantrateforever.

a.calculatetheimpliedgrowthrateindividends.

b.whatisexpecteddividendyieldandcapitalgainsyield?

3.Thedataforvariouscompaniesinthesameindustryareasfollows:

（amountsareinmilliondollars）

Company

A

B

C

D

E

F

Sales

Totalassets

Netincome

Netprofitmargin

Totalassetsturnover

Determinethetotalassetturnover,netprofitmargin,andwriteyourcomputationresultinthetable.

4.Youexpecttodepositthefollowingcashflowsattheendofyears1through5,1,000;

4,000;

9,000;

5,000;

and2,000respectively.Alternatively,youcoulddepositasingleamounttodayatthebeginningofyear1（endofyear0）.Howmuchisthesingledepositneededtobetodayifyoucanearn10%compoundedannually?

（10/）

5.StockAhasanexpectedgrowthrateof16%forthefirst3yearsand8%thereafter.Eachshareofstockjustreceivedanannual3.24dividendpershare.Theappropriatediscountrateis15%.Whatisthevalueofthecommonstockunderthisscenario?

6.Thefollowingcommonstocksareavailableforinvestment:

COMMONSTOCK（TICKERSYMBOL）BETA

NanyangBusinessSystems（NBS）1.40

YunnanGardenSupply,Inc.（YUWHO）.80

BirdNestSoupsCompany（SLURP）.60

W!

（WACHO）1.80

ParkCityColaCompany（BURP）1.05

OldiesRecords,Ltd.（SHABOOM）.90

a.Ifyouinvest20percentofyourfundsineachofthefirstfoursecurities,and10percentineachofthelasttwo,whatisthebetaofyourportfolio?

（5/）

b.Iftherisk-freerateis8percentandtheexpectedreturnonthemarketportfoliois14percent,whatwillbetheportfolio'

sexpectedreturn?

Solutions（B）

√

×

1.Depreciationchangesthetimingoftaxpayments.Thelongerthesepaymentscanbedelayed,thebetteroffthebusinessis.

2.Aprimarymarketisa“newissues”market.Here,fundsraisedthroughthesaleofnewsecuritiesflowfromultimatesaverstotheultimateinvestorsinrealassets

Inasecondarymarket,existingsecuritiesareboughtandsold.Transactionsinthesealreadyexistingsecuritiesdonotprovideadditionalfundstofinancecapitalinvestment

IV.Problems（60Points