课程名称︰财务管理 课程性质︰系必修 课程教师︰卢秋玲 开课学院：管理学院 开课系所︰国际企业学系 考试日期（年月日）︰2010/4/22 考试时限（分钟）：120 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : Total score: 112/3.5 points per question Part I: Multiple choice, please choose the most appropriate answer. 1. Suppose Cryogenic Concepts expects a 10 persent return on a new risky investment, when top-quality corporate bonds (almost risk free) are offering 10 percent rates of return. What should the firm do? A. Invest in the new product. B. Invest in the top-quality corporate bonds. C. Any of these. D. Pay out cash to its shareholders. 2. When Patricia sells her General Motors common stock t the same time that Brian purchases the same amount of General Motors stock, General Motors receives: A. only the par value of the common stock. B. nothing. C. the dollar amount of the transaction, less brokerage fees. D. the dollar value of the transaction. 3. With semi-strong form market efficiency: A. all currently published information is reflectd in the current stock price. B. all historical information on past prices is reflected in the current stock price. C. all insider information is reflected in the currect stock price. D. both A and B. 4. Which of the following changes in working capital will result in an increase in cash flows? A. Decrease in other current liabilities B. Increase in accounts payable C. Increase in inventories D. Increase in accounts receivable 5. Which of the following statements is true for a corporation with $2 million market value of equity, $3 million market value of assets, and 1,000 shares of outstanding stocks? A. Market value per share equals $2,000. B. Market value of liabilities equals $1 million. C. Market value per share equals $1,000. D. Market value of liabilities exceeds book value of liabilities. 6. Which of the following is not typically considered a function of financial intermediaries? A. Spreading, or pooling risk among individuals B. Investing in real assets C. Providing a payment mechanism D. Accumulating funds from smaller investors 7. Corporate managers are expected to make corporate decisions that are in the best interest of: A. all corporate employees. B. top corporate management. C. the corporation's shareholders. D. the corporation's board of directors. 8. Which of the following statements is more likely if cash and marketable securities increase by $5,000 during a period in which cash provided by operations increases by $1,000 and cash used by investments decreases by $500? A. Cash provided by financing increases by $3,500. B. Cash used by financing decreases by $1,000. C. Debt increased by more than cash dividends paid. D. Debt was reduced by more than cash dividends paid. 9. If a bond is priced at par value, then: A. the bond is quite close to maturity. B. its coupon rate equals its yield to maturity. C. it has a very low level of default risk. D. it must be a zero-coupon bond. 10. Which of the following statements is true for a project with $20,000 initial cost, cash inflows of $5,800 per year for six years, and a discount rate of 15%? A. Its profitability index is 0.109. B. Its NPV is $2,194. C. Its IRR is 1.85%. D. Its payback period is roughly 3 1/2 years. 11. How would you interpret an inventory turnover ratio of 10.7? A. It takes 50 days on average to collect receivables. B. Assets are converted into sales every 50 days. C. Inventory is converted into sales every 50 days. D. The firm has sufficient inventories to maintain sales for 34.2 days. 12. The current ratio is good proxy for a firm's: A. liquidity. B. efficiency. C. leverage. D. profitability. 13. Which of the following actions will improve a firm's current ratio if it is now less than 1.0? A. Pay accounts payable with cash. B. Buy inventory on credit. C. Sell inventory at cost. D. Convert marketable securities to cash. 14. If a firm's cash coverage ratio is greater than its time interest earned ratio, then: A. the firm's assets are not fully depreciated. B. the firm has no lease obligations. C. the firm has a high degree of liquidity. D. the firm has very little long-term debt. 15. Which of the following could account for a firm that has a negative net income, yet has a positive amount of cash provided by operations? A. Accounts recievable decreased by significantly more than accounts payable. B. Inventory increased significantly more than accounts payable. C. Cash balances declined to the desired amount. D. The net loss was greater than the amount of depreciation expense. 16. In order for a manager to correctly decide to postpone an investment until one year into the future, the NPV of the investment should: A. remain stable. B. not decrease. C. grow more rapidly than the IRR. D. grow more rapidly than the cost of capital. Part II: Short problem, please show your calculation and solution for each question. 17. The profitability index for a project costing $400,000 and returning $15,000 annually for four years at an opportunity cost of capital of 12% is: __________. 18. You can continue to use your less efficient machine at a cost of $8,000 annually for the next five years. Alternatively, you can purchase a more efficient machine for $12,000 plus $5,000 annual maintenance. Assume these two machines both last for 5 years and have the same capacity. At a cost of capital of 15%, should you replace your old machine with the new one? Why? 19. How much more is a perpetuity of $1,000 worth than an annuity of the same amount for 20 years? Assume a 10% interest rate and cash flows at end of period. 20. What would be the expected price of a stock when dividends are expected to grow at a 25% rate for three years, then grow at a constant rate of 5%, if the stock's required return is 13% and next year's dividend will be $4.00? 21. What are the annual sales for a firm with $400,00 in debt, a total debt ratio of .4, and an asset turnover of 3.0? 22. What is the APR on a loan with an effective annual rate if 15.01% and weekly compounding of interest? 23. If you purchase a five-year, zero-coupon bond for $500, how much could it be sold for three years later if interest rates have remained stable? 24. Your car loan requires payments of $200 per month for the first year and payments of $400 per month during the second year. The annual interest rate is 12% and payments begin in one month. What is the present value of this two-year loan? 25. Two years ago bonds were issued with 10 years until maturity, selling at par, and paying annual coupon payment at 7%. If interest rates for that grade of bond are currently 8.25%, what will be the market price of these bonds today? 26. How much should you pay for a share of stock that offers a constant growth rate of 10%, requires a 16% rate of return, and is expected to sell for $50 one year from now? 27. What is the amount of the annual coupon payment for a bond that has six years until maturity, sells for $1,050, and has a yield to maturity of 9.37%? 28. By how much must a firm reduce its assets in order to improve ROA from 10% to 12% if the firm's profit margin is 5% on sales of $4 million? 29. Jay offers to buy your car with four, equal annual payments of $3,000, beginning two years from today. Assuming you're indifferent to cash versus credit, that you can invest at 10%, and that you want to receive $9,000 for the car, should you accept? Why? 30. What is the expected constant growth rate of dividends for a stock currently priced at $50, that just paid a dividend at $4, and has a required return of 18%? 31. What is the ROA of a firm with $150,000 in average receivables, which represents 60 days sales, average assets of $750,000, and a profit margin of 9%? 32. What is the ROE for a firm with times interest earned ratio of 2, a tax liability of $1 million and interest expense of $1.5 million if equity equals $1.5 million? --

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