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︰国企系 考试日期（年月日）︰2010/3/23 考试时限（分钟）：30分 是否需发放奖励金：是，谢谢:) （如未明确表示，则不予发放） 试题 : Total score: 105/7 points per question Multiple choice, please choose one most appropriate answer. There is no further deduction from wrong answers. 1. Which of the following is not typically considered a function of financial intermediaries? A. Providing a payment mechanism B. Investing in real assets C. Accumulating funds from smaller investors D. Spreading, or pooling risk among individuals 2. A perpetuity of $5000 per year beginning today is said to offer a 15% interest rate. What is its present value? A. $33333.33 B. $37681.16 C. $38333.33 D. $65217.39 3. Primary markets can be distinguished from secondary markets in that primary markets sell: A. lower valued shares. B. previously unsold shares. C. only the shares of large firms. D. shares with greater profit potential. 4. According to the statement of cash flows, cash flows from financing could be positive if: A. the firm repaid more debt than it added. B. the firm added more debt than it repaid. C. interest rates were low on outstanding debt. D. the firm sold portions of its plant and equipment. 5. How much will Gamma Inc.'s equityholders earn given the following information:total asset turnover is 0.85, profit margin is 0.15, and debt-equity ratio is 0.25? A. 9.56% B. 15.94% C. 16.96% D. 38.25% 6. The current ratio is a good proxy for a firm's: A. liquidity B. efficiency C. leverage D. profitability 7. Which of the following changes in working capital will result in an increase in cash flows? A. Increase in accounts payable B. Increase in inventories C. Increase in accounts receivables D. Decrease in other current liabilities 8. Calculate the dividend per share that is paid when the earnings per share are $6.00 and plowback ratio is 0.85: A. $0.51 B. $0.71 C. $0.90 D. $5.10 9. Approximately how much must be saved for retirement in order to withdraw $100000 per year for the next 25 years if the balance earns 8% annually, and the first payment occurs one year from now? A. $1067000 B. $1250000 C. $2315000 D. $2500000 10. A sign that a firm is efficient is a: A. high average collection period. B. high day's sales in inventories. C. low asset turnover. D. high inventory turnover. 11. Agency problems can best be characterized as: A. dislike of firm's bondholders by its equity holders. B. differing incentives between managers and owners. C. spending corporate resources. D. friction between the primary and secondary markets. 12. Which of the following statements is more likely if cash and marketable securities increase by $5000 during a period in which cash provided by operations increases by $1000 and cash used by investments decreases by $500? A. Cash provided by financing increases by $3500. B. Cash used by financing decreases by $1000. C. Debt increased by more than cash dividends paid. D. Debt was reduces by more than cash dividends paid. 13."Give me $5000 today and I'll return $20000 to you in five year," offers the investment broker. To the nearest percent, what annual interest rate is being offered? A. 25% B. 29% C. 32% D. 60% 14. When Patricia sells her General Motors common stock at the same time that Brian purchases the same amount of General Motors stock, General Motors receives: A. the dollar value of the transaction. B. the dollar amount of the transaction, less brokerage fees. C. only the par value of the common stock. D. nothing. 15. Which of the following appears to be the most appropriate goal for corporate management? A. Maximizing market value of the company's shares. B. Maximizing the company's market share. C. Maximizing the current profits of the company. D. Minimizing the company's liabilities. --

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