课程名称︰财务管理 课程性质︰ 课程教师︰林煜宗 开课学院：管理学院 开课系所︰会计系 考试日期（年月日）︰ 考试时限（分钟）：100分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : (1)_____ refers to the difference between a firm’s current assets and its current liabilities. a. Operating cash flow b. Capital spending c. Net working capital d. Cash flow from assets e. Cash flow to creditors (2)_____ refers to the firm’s interest payments less any net new borrowing. a. Operating cash flow b. Capital spending c. Net working capital d. Cash flow from shareholders e. Cash flow to creditors (3)Which of the following is not included in the computation of operating cash flow? a. Earnings before interest and taxes b. Interest paid c. Depreciation d. Current taxes e. All of the above are included. (4)The three parts of the Du Pont identity can be generally described as: I. operating efficiency, asset use efficiency and firm profitability. II. financial leverage, operating efficiency and asset use efficiency. III.the equity multiplier, the profit margin and the total asset turnover. IV. the debt-equity ratio, the capital intensity ratio and the profit margin. a. I and II only b. II and III only c. I and IV only d. I and III only e. III and IV only (5)The sustainable growth rate will be equivalent to the internal growth rate when: a. a firm has no debt. b. the growth rate is positive. c. the plowback ratio is positive but less than 1. d. a firm has a debt-equity ratio exactly equal to 1. e. net income is greater than zero. (6)Frederico’s has a profit margin of 6%, a return on assets of 8%, and an equity multiplier of 1.4. What is the return on equity? a. 6.7% b. 8.4% c. 11.2% d. 14.6% e. 19.6% (7)A firm has a return on equity of 15%. The debt-equity ratio is 50%. The total asset turnover is 1.25 and the profit margin is 8%. The total equity is $3,200. What is the amount of the net income? a. $480 b. $500 c. $540 d. $600 e. $620 (8)Neal’s Nails has an 11% return on assets and a 30% dividend payout ratio. What is the internal growth rate? a. 7.11% b. 7.70% c. 8.34% d. 8.46% e. 11.99% (9)A perpetuity differs from an annuity because: a. perpetuity payments vary with the rate of inflation. b. perpetuity payments vary with the market rate of interest. c. perpetuity payments are variable while annuity payments are constant. d. perpetuity payments never cease. e. annuity payments never cease. (10)The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as: a. .09e -1. b. e.09 毕 q. c. e 毕 (1 + .09). d. e.09 – 1. e. (1 + .09)q. (11)Beatrice invests $1,000 in an account that pays 4% simple interest. How much more could she have earned over a five-year period if the interest had compounded annually? a. $15.45 b. $15.97 c. $16.65 d. $17.09 e. $21.67 (12) A bond that makes no coupon payments and is initially priced at a deep discount is called a _____ bond. a. Treasury b. municipal c. floating-rate d. junk e. zero coupon (13)All else constant, a bond will sell at _____ when the yield to maturity is _____ the coupon rate. a. a premium; higher than b. a premium; equal to c. at par; higher than d. at par; less than e. a discount; higher than (14)The total rate of return earned on a stock is comprised of which two of the following? I. current yield II. yield to maturity III. dividend yield IV. capital gains yield a. I and II only b. I and IV only c. II and III only d. II and IV only e. III and IV only (15)The net present value of a growth opportunity, NPVGO, can be defined as: a. the initial investment necessary for a new project. b. the net present value per share of an investment in a new project. c. a continual reinvestment of earnings when r < g. d. a single period investment when r > g. e. None of the above. (16)Martin’s Yachts has paid annual dividends of $1.40, $1.75, and $2.00 a share over the past three years, respectively. The company now predicts that it will maintain a constant dividend since its business has leveled off and sales are expected to remain relatively constant. Given the lack of future growth, you will only buy this stock if you can earn at least a 15% rate of return. What is the maximum amount you are willing to pay to buy one share today? a. $10.00 b. $13.33 c. $16.67 d. $18.88 e. $20.00 (17)Last week, Railway Cabooses paid its annual dividend of $1.20 per share. The company has been reducing the dividends by 10% each year. How much are you willing to pay to purchase stock in this company if your required rate of return is 14%? a. $4.50 b. $7.71 c. $10.80 d. $15.60 e. $27.00 (18)Mortgage Instruments Inc. is expected to pay dividends of $1.03 next year. The company just paid dividends of $1. This growth rate is expected to continue. How much should be paid for Mortgage Instruments stock just after the dividend if the appropriate discount rate is 5%. a. $20.00 b. $21.50 c. $34.75 d. $50.00 e. $51.50 (19)Accepting positive NPV projects benefits the stockholders because: a. it is the most easily understood valuation process. b. the present value of the expected cash flows are equal to the cost. c. the present value of the expected cash flows are greater than the cost. d. it is the most easily calculated. e. None of the above. (20)The problem of multiple IRRs can occur when: a. there is only one sign change in the cash flows. b. the first cash flow is always positive. c. the cash flows decline over the life of the project. d. there is more than one sign change in the cash flows. e. None of the above. (21)If there is a conflict between mutually exclusive projects due to the IRR, one should: a. drop the two projects immediately. b. spend more money on gathering information. c. depend on the NPV as it will always provide the most value. d. depend on the AAR because it does not suffer from these same problems. e. None of the above. (22)You are considering two mutually exclusive projects with the following cash flows. Will your choice between the two projects differ if the required rate of return is 8% rather than 11% ? If so, what should you do? Year Project A Project B 0 -$240,000 -$198,000 1 $0 $110,800 2 $0 $82,500 3 $325,000 $ 45,000 a. yes; Select A at 8% and B at 11%. b. yes; Select B at 8% and A at 11%. c. yes; Select A at 8% and select neither at 11%. d. no; Regardless of the required rate, project A always has the higher NPV. e. no; Regardless of the required rate, project B always has the higher NPV. (23)It will cost $2,600 to acquire a small ice cream cart. Cart sales are expected to be $1,400 a year for three years. After the three years, the cart is expected to be worthless as that is the expected remaining life of the cooling system. What is the payback period of the ice cream cart? a. .86 years b. 1.46 years c. 1.86 years d. 2.46 years e. 2.86 years (24)A project produces annual net income of $9,500, $12,500, and $15,500 over the three years of its life, respectively. The initial cost of the project is $260,400. This cost is depreciated straight-line to a zero book value over three years. What is the average accounting rate of return if the required discount rate is 7%? a. 4.80% b. 7.32% c. 8.97% d. 9.60% e. 10.27% (25)The annual annuity stream of payments with the same present value as a project’s costs is called the project’s _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual (26)A project’s operating cash flow will increase when: a. the depreciation expense increases. b. the sales projections are lowered. c. the interest expense is lowered. d. the net working capital requirement increases. e. the earnings before interest and taxes decreases. (27)Marshall’s & Co. purchased a corner lot in Eglon City five years ago at a cost of $640,000. The lot was recently appraised at $810,000. At the time of the purchase, the company spent $50,000 to grade the lot and another $4,000 to build a small building on the lot to house a parking lot attendant who has overseen the use of the lot for daily commuter parking. The company now wants to build a new retail store on the site. The building cost is estimated at $1.2 million. What amount should be used as the initial cash flow for this building project? a. $1,200,000 b. $1,840,000 c. $1,890,000 d. $2,010,000 e. $2,060,000 (28)Peter’s Boats has sales of $760,000 and a profit margin of 5%. The annual depreciation expense is $80,000. What is the amount of the operating cash flow if the company has no long-term debt? a. $34,000 b. $86,400 c. $118,000 d. $120,400 e. $123,900 (29)Matty’s Place is considering the installation of a new computer system that will cut annual operating costs by $11,000. The system will cost $48,000 to purchase and install. This system is expected to have a 5-year life and will be depreciated to zero using straight-line depreciation. What is the amount of the earnings before interest and taxes for this project? a. -$9,600 b. $1,000 c. $1,400 d. $11,000 e. $20,600 (30)Sensitivity analysis helps you determine the: a. range of possible outcomes given possible ranges for every variable. b. degree to which the net present value reacts to changes in a single variable. c. net present value given the best and the worst possible situations. d. degree to which a project is reliant upon the fixed costs. e. level of variable costs in relation to the fixed costs of a project. (31)In order to make a decision with a decision tree: a. one starts farthest out in time to make the first decision. b. one must begin at time 0. c. any path can be taken to get to the end. d. any path can be taken to get back to the beginning. e. None of the above. (32)You are considering a new project. The project has projected depreciation of $720, fixed costs of $6,000, and total sales of $11,760. The variable cost per unit is $4.20. What is the accounting break-even level of production? a. 1,200 units b. 1,334 units c. 1,372 units d. 1,889 units e. 1,910 units (33)Given the following information, calculate the present value break-even point. Initial investment: $2,000 Fixed costs: $2,000 per year Variable costs: $6 per unit Depreciation: $250 per year Price: $20 per unit Discount rate: 10% Project life: 4 years Tax rate: 34% a. 100 units per year b. 143 units per year c. 202 units per year d. 286 units per year e. None of the above. (34)Unsystematic risk: a. can be effectively eliminated through portfolio diversification. b. is compensated for by the risk premium. c. is measured by beta. d. cannot be avoided if you wish to participate in the financial markets. e. is related to the overall economy. (35)The opportunity set of portfolios is: a. all possible return combinations of those securities. b. all possible risk combinations of those securities. c. all possible risk-return combinations of those securities. d. the best or highest risk-return combination. e. the lowest risk-return combination. (36)The risk-free rate of return is 4% and the market risk premium is 8%. What is the expected rate of return on a stock with a beta of 1.28? a. 9.12% b. 10.24% c. 13.12% d. 14.24% e. 15.36% In Figure, the sloping line represents the opportunities for investment in the capital market and the solid curved line represents the opportunities for investment in plant and machinery. The company’s only asset at present is 4 million in cash. (37)What is the interest rate? In the case of optimal investment (38)How much should the company invest in plant and machinery? (39)How much will this investment be worth next year? (40)What is the average rate of return on the investment? 图(不会画) (41)You have a portfolio consisting solely of stock A and stock B. The portfolio has an expected return of 10.2%. Stock A has an expected return of 12% while stock B is expected to return 7%. What is the portfolio weight of stock A? a. 46% b. 54% c. 58% d. 64% e. 70% (42)What is the variance of a portfolio consisting of $3,500 in stock G and $6,500 in stock H? State of Probability of Returns if State Occurs Economy State of Economy Stock G Stock H Boom 15% 15% 9% Normal 85% 8% 6% a. .000209 b. .000247 c. .002098 d. .037026 e. .073600 (43)Your portfolio has a beta of 1.18. The portfolio consists of 15% U.S. Treasury bills, 30% in stock A, and 55% in stock B. Stock A has a risk-level equivalent to that of the overall market. What is the beta of stock B? a. .55 b. 1.10 c. 1.24 d. 1.40 e. 1.60 (44)The expected return on HiLo stock is 13.69% while the expected return on the market is 11.5%. The beta of HiLo is 1.3. What is the risk-free rate of return? a. 2.8% b. 3.1% c. 3.7% d. 4.2% e. 4.5% 1. c 2. e 3. b 4. b 5.a 6. c 7. a 8. c 9. d 10.d 11. c 12. e 13. e 14. e 15.b 16. b 17. a 18. e 19. c 20.d 21. c 22. a 23. c 24. d 25.e 26. a 27. d 28. c 29. c 30.b 31. a 32. a 33. c 34. a 35.c 36. d 37. 25% 38. 1.6M 39. 3M 40. 87.5% 41. d 42. b 43. e 44. d --

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