課程名稱︰財務管理 課程性質︰必修 課程教師︰盧秋玲 開課學院：管理學院 開課系所︰國企系 考試日期（年月日）︰2011/05/18 考試時限（分鐘）：30分 是否需發放獎勵金：是，謝謝:) （如未明確表示，則不予發放） 試題 : Total score:108/9 points per question Multiple choice, please choose one most apprepriate answer. There is no further deduction from wrong answers. 1. Sensitivity analysis evaluates projects by: A. forecasting changes in interest rates that would increase financing costs. B. recording profitability changes while changing one variable at a time. C. insuring that the project sponsor has proper incentives. D. testing for interrelated variables. 2. What is the present value at a 10% discount rate of the depreciation tax shield for a firm in the 35% tax bracket that purchases a $50,000 asset being depreciated straight-line over a five-year life to a zero salvage value? A. $10,866 B. $13,268 C. $17,500 D. $37,908 3. What is the net effect on a firm's working capital if a new project requires: $30,000 increase in inventory, $10,000 increase in accounts receivable, $35,000 increase in machinery, and a $20,000 increase in accounts payable? A. -$5,000 B. +$10,000 C. +$20,000 D. +$55,000 4. The rationale for not including sunk costs in capital budgeting decisions is that they: A. are usually small in magnitude. B. revert at the end of the investment. C. have no incremental effect. D. reduce the estimated NPV. 5. What is the break-even level of revenues for a firm with $6 million in sales, variable costs of $3.9 million, fixed costs of $1.2 million, and depreciation of $1 million? A. $3,428,571 B. $6,100,000 C. $6,285,700 D. $6,557,377 6. Which of the following statements is true for a stock that sells now for $60, pays an annual dividend of $4.00, and experienced a 20% return on investment over the past year? Its price one year ago was: A. $42.00 B. $46.15 C. $48.46 D. $53.33 7. What is the approximate standard deviation of returns if over the past four years an investment returned 8.0%, -12.0%, -12% and 15.0%? A. 9.26% B. 10.26% C. 11.26% D. 12.01% 8. What percentage change in sales occurs if profits increase by 3% when the firm's degree of operating leverage is 4.5? A. 0.33% B. 0.67% C. 1.5% D. 3.33% 9. What is the amount of the operating cash flow for a firm with $500,000 profit before tax, $100,000 depreciation expense, and a 35% marginal tax rate? A. $260,000 B. $352,000 C. $360,000 D. $425,000 10. The Dow Jones Industrial Average is: A. the most representative of stock market indexes. B. an index of America's 500 major corporations. C. an index of 30 major industrial stocks. D. an equally weighted index of all stocks traded on the New York Stock Exchange. 11. In a year in which common stocks offered an average return of 18%, Treasury bonds offered 10% and Treasury bills offered 7%, the risk premium for common stocks was: A. 1% B. 3% C. 8% D. 11% 12. Which of the following risk types can be diversified by adding stocks to a portfolio? A. Systematic risk B. Unique risk C. Default risk D. Market risk Answers: BBCCC DDBDC DB --

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