课程名称︰财务管理 课程性质︰ 课程教师︰郭震坤 开课学院：管理学院 开课系所︰国企系大二必修 考试日期（年月日）︰2008/4/10 考试时限（分钟）：三个小时 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 一、选择题 1.A bond with a face value of $1000 that sells $1000 in the market is called a ______ bond. a. par value b. discount c. premium d. zero coupon e. floating rate 2.The written, legally blinding agreement between the corporate borrower and the lender detailing the terms of a bond issue is called the: a. indenture b. covenant c.terms of trade d.debenture e.call provision 3.The break-even tax rate between a taxable corporate bond yielding 7% and a comparable nontaxable municiple bond 5%can be expressed as a. .07/(1-t*)=.05 b. .05/(1-t*)=.07 c. .07+(1-t*)=.05 d. .07*(1-t*)=.05 e. .05*(1-t*)=.07 4.Interest rates or rates of return on investments that have not been adjusted for the effects of inflation are called _____ rates. a. coupon b. stripped c. effective d. real e. nominal 5.Next year's annual dividend divided by the current stock price is called the a. yield to maturity b. total yield c. dividend yield d. capital gains yield e. earing yield 6.Preemptive rights refer to the right of shareholders to: a. share proportionately in dividends paid b. share proportionately in any new stock issues sold c. share proportionately in liqudated assets d. vote at annual shareholder meeting e. override the votes of other shareholders 7.An agent who buys and sells securities from inventory is called a: a. broker b. trader c. capitalist d. principal e. dealer 8.A securities market primarily comprised of dealers who buy and sell for their own inventories is generally referred to as a(n) _____ market. a. auction b. private c. over-the-counter d. reginal e. electronic network 9. The person generally directly responsible for overseeing the cash and credit funtion, financial planning, and capital expenditures is the: a. treasurer b. director c. controller d. chairman of the board e. chief operation officer 10. A business entity operated and taxed like a partnership, but with limited liability for the owners is ncalled a : a. limited liability company b. general partnership c. limited proprietorship d. sole proprietorship e. corporation 11. Which of the following questions are addressed by financial managers' I. How long will it like to produce a product? II. How long should customers be given to pay for their credit purchases? III. Should the firm borrow more money? IV. Should the firm build a new factory? a. I,and II b. II,and III c. I,II,and III d. II,III,and IV e. I,II,III,and IV 12 Which one of the following statments concering liquidity is correct? a. If you can sell an asset today, it is a liquid asset. b. If you can sell an asset next year at a price equal to its actual value, the asset is highly liquid. c. Trademarks and patent are highly liquid. d. The less liquidity a firm has, the lower the probability the firm will encounter financial difficulties. e. Balance sheet accounts are listed in order of decreasing liquidity. 13.Vinnie's Motors has a market-to-book ratio of 3. The book value per is $4.00.This means that a $1 increase in the book value per share will a. cause the accountants to increase the equity of the firm by an additional $2 b. increase the market price per share by $1 c. increase the market price per share by $12 d. tend to cause the market price per share to rise e. only affect book value but not market values 14. The process of accumulating interest on an investment over time to earn more interest is called: a. growth b. compounding c. aggregation d. accumulation e. discounting 15. An annuity stream where the payments occur forever is called a(n): a. annuity due b. indemnity c. perpetuity d. amortized cash flow stream e. amortization table 二、计算题 1. The Extreme Reaches Corp. last paid a $1.50 per share annual dividend. The company is planning on paying $3.00,$5.00,$7.50, and $10.00 a share over the next four years, respectively. After that the dividend will be a constant $2.50 per share per year. What is the market price of this stock if the market rate of return is 15 percent? 2. Turnips and Parsley common stock sells for $39.86 a share at a market rate of return of 9.5 percent. The company just paid their annual dividnd of $1.20. What is the rate of growth of their dividend? 3. The current yield on Alpha's common stock is 4.8 percent. The company just paid a $2.10 dividnd. The rumor is that the dividend will be $2.205 next year. The dividend growth rate is expect to remain constant at the current level. What is the required rate of return on Alpha's stock? 4. A corporate bond is quoted at a price of 98.625 with a 7.875 coupon. The bond pays interest semiannually. What is the current yield on oneof these bonds? 5. How much would an investor lose if she purchased a 30-year zero-coupon bond wuth a $1000 par value and 10% yield to maturity, only to see market interest rates increase to 12% one year later? 6. Tim's Playhouse paid $155 in dividends and $220 in interest expense. The addition to retained earings is $325 and net new equity is $50. The tax rate is 25 percent.Sales are $1600 and depreciation is$160. What are the earings before interest and taxes? answer: 1.badec 6.becaa 11.dedbc 1. 26.57 2.6.03% 3.10.04% 4. 7.98% 5. 19.93 6. 860 --

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