课程名称︰财务管理 课程性质︰必修 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）︰ 2012/01/10 考试时限（分钟）： 14:30 - 16:10 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 1.试题及答案卷请签名後交回 2.答案请写在答案卷上 3.请用大写A, B, C, D, E作答 4.题目共40题，每题2.5分 1.The tate at which a stock's price is expected to appreciate (or depreciate) is called the ____ yield. A. current B. total C. dividend D. capital gains E. earnings 2.Fred Flintlock wants to earn a total of 10% on his investments. He recently purchased shares of ABC stock at a price of $20 a share. The stock pays a $1 a year dividend. The price of ABC stock needs to ____ if Fred is to acheive his 10% rate of return. A. remain constant B. decrease by 5% C. increase by 5% D. increase by 10% E. increase by 15% 3.The discount rate in equity valuation is composed entirely of: A. the dividends paid and the capital gains yield. B. the dividend yield and the growth rate. C. the dividends paid and the growth rate. D. the capital gains earned and the growth rate. E. the capital gains earned and the dividends paid. 4.Martha's Vineyard recently paid a $3.60 annual dividend on its common stock. This dividend increases at an average rate of 3.5% per year. The stock is currently selling for $62.10 a share. What is the market rate of return? A. 2.5% B. 3.5% C. 5.5% D. 6.0% E. 9.5% 5.A portfolio is: A. a group of assets, such as stocks and bondsm held as a collective unit by an investor. B. the expected return on a risky asset. C. the expected return on a collection of risky assets. D. the variance of returns for a risky asset. E. the standard deviation od returns for a collection of risky assets. 6.The slope of an asset's security market line is the: A. reward-to-risk ratio. B. portfolio weight. C. beta coefficient. D. risk-free interest rate. E. market risk premium. 7.The risk premium for an individual security is computed by: A. mutiplying the security's beta by the market risk premium. B. mutiplying the security's beta by the risk-free rate of return. C. adding the risk-free rate to the security's expected return. D. dividing the market risk premium by the quantity (1 - beta). E. dividing the market risk premium by the beta of the security. 8.When computing the expected return on a portfolio of stocks the portfolio weights are based on the: A. number of shares owned in each stock. B. price per share of each stock. C. market value of the total shares held in each stock. D. original amount invested in each stock. E. cost per share of each stock held. 9.Systematic risk is measured by: A. the mean. B. beta. C. the geometric average. D. the standard deviation. E. the arithmetic average. 10.The opportunity set of portfolio 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 risk0return combination. E. the lowest risk-return combination. 11.As we add more security to a portfolio, the ____ will decrease: A. total risk. B. systematic risk. C. unsystematic risk. D. economic risk. E. standard error. 12.Zelo, Inc. stock has a beta of 1.23. The risk-free rate of return is 4.5% and the market rate of return is 10%. What is the amount of the risk premium on Zelo stock? A. 4.47% B. 5.50% C. 5.54% D. 6.77% E. 12.30% 13.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% 14.You own a portfolio with the following expected returns given the various states of the economy. What is the overall portfolio expected return? State of Economy Probability of Rate of return State of Economy Boom 15% 18% Normal 60% 11% Recession 25% -10% A. 6.3% B. 6.8% C. 7.6% D. 10.0% E. 10.8% 15.The weight average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains tield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). 16.The use of debt is called: A. operating leverage. B. production leverage. C. financial leverage. D. total asset turnover risk. E. business risk. 17. The WACC is used to ____ the expected cash flows when the firm has ____. A. discount, debt and equity in the capital structure. B. discount, short term financing on the balance sheet. C. increase, debt and equity in the capital structure. D. decreasem, short term financing on the balance sheet. E. None of above. 18.If the risk of an investment project is different than the firm's risk then A. you must adjust the discount rate for the project based on the firm's risk. B. you must adjust the discount rate for the project based on the project risk. C. tou must exercise risk aversion and use the market line. D. an average rate across prior projects is acceptable because estimates contain errors. E. one must have the actual dara to determine any differences in the calculations. 19.Beta measures depend highly on the: A. direction of the market variance. B. overall cycle of the market. C. varianceof the market and asset, but not their co-movement. D. covariance of the security with the market and how they are correlated. E. All of the above. 20.The beta of a firm is determined by which of the following firm characteristics? A. Cycles in revenues B. Operating leverage. C. Finanacial leverage. D. All of the above. E. None of the above. 21.If a firm has lowed fixed costs relative to all other films in the same industry, a large change in sales volume(either up or down) would have: A. a smaller change in EBIT for the firm versus the other firms. B. no effect in any way on the firms as volume does not effect fixed costs. C. a decreasing effect on the cyclical nature of the business. D. a larger change in EBIT for the firm versus the other firms. E. None of the above. 22.Phil's Carvings, Inc. wants to have a weighted average cost of capital of 9%. The firm has an after-tax cost of debt of 5% and a cost of equity of 11%. What debt-equity ratio is needed for the firm to achieve its targeted weighted average cost of capital? A. .33 B. .40 C. .50 D. .60 E. .67 23.Slippery Slope Roof Contracting has an equity beta of 1.2, capital structure with 2/3 debt, and a zero tax rate. What is its asset beta? A. 0.40 B. 0.72 C. 1.20 D. 1.80 E. None of the above 24.The Template Corporation has an equity beta of 1.2 and a debt beta of .8. The firm's market value debt to equity ratio is .6. Template has a zero tax rate. What is the asset beta? A. 0.70 B. 0.72 C. 0.96 D. 1.04 E. 1.05 25.The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings. 26.The unlevered cost of capital is: A. the cost of capital for a firm with no equity in its capital structure. B. the cost of capital for a firm with no debt in its capital structure. C. the interest tax shield times pretax net income. D. the cost of preferred stock for a firm with equal parts debt and common stock in its capital structure. E. equal to the profit margin for a firm with some debt in its capital structure. 27.The firm's capital structure refers to: A. the way a firm invests its assets. B. the amount of capital in the firm. C. the amount of dividends a firm pays. D. the mix of debt and equity used to finance the firm's assets. E. how much cash the firm holds. 28.The effect of financial leverage depends on the operating earnings of the company. Which of the following is not true? A. Below the indifference or break-even point in EBIT the non-levered structure is superior. B. Financial leverage increases the slope of the EPS line. C. Above the indifference or break-even point the increase in EPS for all equity plans is less than debt-equity plans. D. Above the indifference or break-even point the increase in EPS for all equity plans is greater than debt-equity plans. E. The rate of return on operating assets is unaffected by leverage. 29.The Modigliani-Miller Proposition I without taxes states: A. a firm cannot change the total value of its outstanding securities by changing its capital structure proportions. B. when new projects are added to the firm the firm value is the sum of the old value plus the new. C. managers can make correct corporate decisions that will satisfy all shareholders if they select projects that maximize value. D. the determination of value must consider the timing and risk of the cash flows. E. None of the above. 30.Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is 8.5% and your required return on assets is 15%. What is your cost of equity if you ignore taxes? A. 11.25% B. 12.21% C. 16.67% D. 19.88% E. 21.38% 31.A firm has a debt-to-equity ratio of .60. Its cost of debt is 8%. Its overall cost of capital is 12%. What is its cost of equity if there is no taxes or other imperfections? A. 10.0% B. 13.5% C. 14.4% D. 18.0% E. None of the above. 32.Gail's Dance Studio is currently an all equity firm that has 80,000 shares of stock outstanding with a market price of $42 a share. The current cost of equity is 12% and the tax rate is 34%. Gail is considering adding $1 million of debt with a coupon rate of 8% to her capital structure. The debt will be sold at par value. What is the levered value of the equity? A. $2.4 million B. $2.7 million C. $3.3 million D. $3.7 million E. $3.9 million 33.The optimal capital structure has been achieved when the: A. debt-equity ratio is equal to 1. B. weight of equity is equal to the weight of debt. C. cost of equity is maximized given a pre-tax cost of debt. D. debt-equity ratio is such that the cost of debt exceeds the cost of equity. E. debt-equity ratio selected results in the lowest possible weighed average cost of capital. 34.What three factors are important to consider in determining a target debt to equity ratio? A. Taxes, asset types, and pecking order and financial slack B. Asset types, uncertainty of operating income, and pecking order and financial slack C. Taxes, financial slack and pecking order, and uncertainty of operating income D. Taxes, asset types, and uncertainty of operating income E. None of the above. 35.Covenants restricting the use of leasing and additional borrowings primarily protect: A. the equityholders from added risk of default. B. the debtholders from the added risk of dilution of their claims. C. the debtholdersfrom the transfer of assets. D. the management from having to pay agency costs. E. None of the above. 36.The TrunkLine Company debtholders are promised payments of $35 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $25. The promised return to the bondholders is approximately: A. 2.9% B. 16.9% C. 27.3% D. 40.0% E. 100% 37.The Aggie Company has EBIT of $50,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie. A. $120,000 B. $162,948 C. $258,537 D. $263,080 E. $332,143 38.The fixed price in an option contract at which the owner can buy or sell the underlying asset is called the option's: A. opening price. B. intrinsic value. C. strike price. D. market price. E. time value. 39.A ____ is a derivative security that gives the owner the right, but not the obligation, to sell an asset at a fixed price for a specified period of time. A. futures contract B. call option C. put option D. swap E. forward contract 40.You can realize the same value as that derived from stock ownership if you: A. sell a put option and invest at the risk-free rate of return. B. buy a call option and write a put option on a stock and also borrow funds at the risk-free rate. C. sell a put and buy a call on a stock as well as invest at the risk-free rate of return. D. lend out funds at the risk-free rate of return and sell a put option on the stock. E. borrow funds at the risk-free rate of return and invest the proceeds in equivalent amounts of put and call options. 答案： DCBEA EACBC CDDBE CABDD ACAEA BDDAD CBEDB DDCCC --

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