課程名稱︰財務管理 課程性質︰必修 課程教師︰林煜宗 開課學院：管理學院 開課系所︰會計系 考試日期（年月日）︰2011/11/08 考試時限（分鐘）：100 min 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題(含解答) : 題目共40題，每題2.5分 CH2 E 1. Net working capital is defined as: A. total liabilities minus shareholders' equity. B. current liabilities minus shareholders' equity. C. fixed assets minus long-term liabilities. D. total assets minus total liabilities. E. current assets minus current liabilities. A 2. Earnings per share is equal to: A. net income divided by the total number of shares outstanding. B. net income divided by the par value of the common stock. C. gross income multiplied by the par value of the common stock. D. operating income divided by the par value of the common stock. E. net income divided by total shareholders' equity. A 3. When making financial decisions related to assets, you should: A. always consider market values. B. place more emphasis on book values than on market values. C. rely primarily on the value of assets as shown on the balance sheet. D. place primary emphasis on historical costs. E. only consider market values if they are less than book values. E 4. A firm starts its year with a positive net working capital. During the year, the firm acquires more short-term debt than it does short-term assets. This means that: A. the ending net working capital will be negative. B. both accounts receivable and inventory decreased during the year. C. the beginning current assets were less than the beginning current liabilities. D. accounts payable increased and inventory decreased during the year. E. the ending net working capital can be positive, negative, or equal to zero. E 5. The equity multiplier ratio is measured as total: A. equity divided by total assets. B. equity plus total debt. C. assets minus total equity, divided by total assets. D. assets plus total equity, divided by total debt. E. assets divided by total equity. C 6. The External Funds Needed (EFN) equation does not measure the: A. additional asset requirements given a change in sales. B. additional total liabilities raised given the change in sales. C. rate of return to shareholders given the change in sales. D. net income expected to be earned given the change in sales. E. None of the above. B 7. Sustainable growth can be determined by the: A. profit margin, total asset turnover and the price to earnings ratio. B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio. C. Total growth less capital gains growth. D. Either A or B. E. None of the above. C 8. Which of the following will increase sustainable growth? A. Buy back existing stock B. Decrease debt C. Increase profit margin D. Increase asset requirement or asset turnover ratio E. Increase dividend payout ratio C 9. 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% A 10. An annuity stream of cash flow payments is a set of: A. level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. C 11. The interest rate expressed as if it were compounded once per year is called the _____ rate. A. stated interest B. compound interest C. effective annual D. periodic interest E. daily interest D 12. 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. B 13. If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much? A. Simple interest by $50.00 B. Compound interest by $22.97 C. Compound interest by $150.75 D. Compound interest by $150.00 E. None of the above. C 14. Aunt Clarisse has promised to leave you an annuity that will pay $60 next year and grow at an annual rate of 4%. The payments are expected to go on indefinitely and the interest rate is 9%. What is the value of the growing perpetuity? A. $667 B. $693 C. $1,200 D. $1,248 E. None of the above C 15. Which one of the following statements concerning net present value (NPV) is correct? A. An investment should be accepted if, and only if, the NPV is exactly equal to zero. B. An investment should be accepted only if the NPV is equal to the initial cash flow. C. An investment should be accepted if the NPV is positive and rejected if it is negative. D. An investment with greater cash inflows than cash outflows, regardless of when the cash flows occur, will always have a positive NPV and therefore should always be accepted. E. Any project that has positive cash flows for every time period after the initial investment should be accepted. C 16. You are considering two independent projects both of which have been assigned a discount rate of 8%. Based on the profitability index, what is your recommendation concerning these projects? A. You should accept both projects since both of their PIs are positive. B. You should accept project A since it has the higher PI. C. You should accept both projects since both of their PIs are greater than 1. D. You should only accept project B since it has the largest PI and the PI exceeds 1. E. Neither project is acceptable. C 17. 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. 0.86 years B. 1.46 years C. 1.86 years D. 2.46 years E. 2.86 years 18. The Blurock Gropup has invested $8,000 in a high-tech project lasting three years. Depreciation is $4,000,$2,500, and $1,500 in years 1,2, and 3, respectively. The project generates pretax income of $2,000 each year. The pretax income already deducts the depreciation expense. If the tax rate is 25percent, what is the project's average accounting return(AAR)? (44.44%) 19. Consider the following cash flows for project A. C0 = -$504 C1 =$2,862 C2 = -$6,070 C3 =$5,700 C4 = -$2,000 How many different IRRs are there? 4 (The equation for the IRR of the project is: 0=–$504+$2,862/(1+IRR)–$6,070/(1+IRR)^2+$5,700/(1+IRR)^3–$2,000/(1 + IRR)^4 From trial and error, IRRs of 25%, 33.33%, 42.86%, and 66.67% are found.) 20.When should we take this project? (Required returns between 25% and 33.33% or between 42.86% and 66.67%.) E 21. The cash flows of a new project that come at the expense of a firm's existing projects are called: A. salvage value expenses. B. net working capital expenses. C. sunk costs. D. opportunity costs. E. erosion costs. D 22. 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 E 23. Ernie's Electrical is evaluating a project which will increase sales by $50,000 and costs by $30,000. The project will cost $150,000 and will be depreciated straight-line to a zero book value over the 10 year life of the project. The applicable tax rate is 34%. What is the operating cash flow for this project? A. $3,300 B. $5,000 C. $8,300 D. $13,300 E. $18,300 A 24. A project will increase sales by $140,000 and cash expenses by $95,000. The project will cost $100,000 and be depreciated using the straight-line method to a zero book value over the 4-year life of the project. The company has a marginal tax rate of 34%. What is the value of the depreciation tax shield? A. $8,500 B. $17,000 C. $22,500 D. $25,000 E. $37,750 C 25. Tool Makers, Inc. uses tool and die machines to produce equipment for other firms. The initial cost of one customized tool and die machine is $850,000. This machine costs $10,000 a year to operate. Each machine has a life of 3 years before it is replaced. What is the equivalent annual cost of this machine if the required return is 9%? (Round your answer to whole dollars.) A. $325,797 B. $340,002 C. $345,797 D. $347,648 E. $351,619 B 26. An analysis of what happens to the estimate of the net present value when you examine a number of different likely situations is called _____ analysis. A. forecasting B. scenario C. sensitivity D. simulation E. break-even B 27. All else constant, the accounting break-even level of sales will decrease when the: A. fixed costs increase. B. depreciation expense decreases. C. contribution margin decreases. D. variable costs per unit increase. E. selling price per unit decreases. D 28. Sensitivity analysis evaluates the NPV with respect to: A. changes in the underlying assumptions. B. one variable changing while holding the others constant. C. different economic conditions. D. All of the above. E. None of the above. D 29. The Can-Do Co. is analyzing a proposed project. The company expects to sell 12,000 units, give or take 4%. The expected variable cost per unit is $7 and the expected fixed cost is $36,000. The fixed and variable cost estimates are considered accurate within a plus or minus 6% range. The depreciation expense is $30,000. The tax rate is 34%. The sale price is estimated at $14 a unit, give or take 5%. The company bases its sensitivity analysis on the expected case scenario. What is the operating cash flow for a sensitivity analysis using total fixed costs of $32,000? A. $14,520 B. $16,520 C. $22,000 D. $44,520 E. $52,000 D 30. The Mini-Max Company has the following cost information on its new prospective project. Calculate the present value break-even point. Initial investment: $700 Fixed costs are $200 per year Variable costs: $3 per unit Depreciation: $140 per year Price: $8 per unit Discount rate: 12% Project life: 3 years Tax rate: 34% *A(3, 12%) =2.4018 A. 68 units per year B. 75 units per year C. 84 units per year D. 114 units per year E. None of the above D 31. From the information below, calculate the accounting break-even point. Initial investment: $2,000 Fixed costs are $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. 88 units per year B. 100 units per year C. 143 units per year D. 161 units per year E. None of the above E 32. 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 A 33. A bond with semi-annual interest payments, all else equal, would be priced _________ than one with annual interest payments. A. higher B. lower C. the same D. it is impossible to tell E. either higher or the same E 34. A zero coupon bond: A. is sold at a large premium. B. has a price equal to the future value of the face amount given a specified rate of return. C. can only be issued by the U.S. Treasury. D. has less interest rate risk than a comparable coupon bond. E. has implicit interest which is calculated by amortizing the loan. D 35. Which of the following amounts is closest to the value of a bond that pays $55 semiannually and has an effective semiannual interest rate of 5%? The face value is $1,000 and the bond matures in 3 years. There are exactly six months before the first interest payment. A(6, 5%) = 5.0756 A. $888 B. $1,000 C. $1,014 D. $1,025 E. $1,055 A 36. Zeta Corporation has issued a $1,000 face value zero-coupon bond. Which of the following values is closest to the correct price for the bond if the appropriate discount rate is 4% and the bond matures in 8 years? A. $730.69 B. $968.00 C. $1,000.00 D. $1,032.00 E. This problem cannot be worked without the annual interest payments provided In Figure(略), 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. In the case of optimal investment (37) How much should the company invest in plant and machinery? 4-2.4 = 1.6M (38) How much will this investment be worth next year? 3 (39) What is the average rate of return on the investment? (3-1.6)/1.6 = 0.875 = 87.5% (40) What is the PV of this investment? 4.8-2.4 = 2.4 --

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