Nxztpa财务管理试题2-杨潇.pdf

秋风清，秋月明,落叶聚还散,寒鸦栖复惊。 The following balance sheet and income statement should be used for questions #1 through #5: Windswept, Inc. 2005 Income Statement ($ in millions) Net sales $8,450 Less: Cost of goods sold 7,240 Less: Depreciation （1） Earnings before interest and taxes 810 Less: Interest paid 70 Taxable Income $ 740 Less: Taxes 259 Net income （2） Windswept, Inc. 2004 and 2005 Balance Sheets ($ in millions) 2004 2005 2004 2005 Cash $ 120 $ 140 Accounts payable $1,110 $1,120 Accounts rec. 930 780 Long-term debt 840 1,210 Inventory 1,480 1,520 Common stock 3,200 3,000 Total （3） $2,440 Retained earnings （5） 710 Net fixed asset （4） 3,600 Total assets $5,680 $6,040 Total liabilities Sustainable growth = .0996 b 1- (.0996 b) = .744 = 74.4 percent 87. Neals Nails has an 11 percent return on assets and a 30 percent dividend payout ratio. What is the internal growth rate? a. 7.11 percent b. 7.70 percent c. 8.34 percent d. 8.46 percent e. 11.99 percent I 88. Katelyns Kites has net income of $240 and total equity of $2,000. The debt-equity ratio is 1.0 and the plowback ratio is 40 percent. What is the internal growth rate? a. 2.46 percent b. 3.00 percent c. 4.92 percent d. 5.88 percent e. 6.00 percent 89. Neal Enterprises common stock is currently priced at $36.80 a share. The company is expected to pay $1.20 per share next month as their annual dividend. The dividends have been increasing by 2 percent annually and are expected to continue doing so. What is the cost of equity for Neal Enterprises? a. 5.18 percent b. 5.22 percent c. 5.26 percent d. 5.33 percent e. 5.67 percent 90. You currently own a one-year call option on Way-One, Inc. stock. The current stock price is $26.50 and the risk-free rate of return is 4 percent. Your option has a strike price of $20 and you assume that it will finish in the money. What is the current value of your call option? a. $6.25 b. $6.50 c. $6.76 d. $7.13 e. $7.27 91. The _ tells us that the expected return on a risky asset depends only on that assets nondiversifiable risk. a. Efficient Markets Hypothesis (EMH) b. systematic risk principle c. Open Markets Theorem d. Law of One Price e. principle of diversification 92. The process of valuing an investment by determining the present value of its future cash flows is called (the): a. constant dividend growth model. b. discounted cash flow valuation. c. average accounting valuation. d. expected earnings model. e. Capital Asset Pricing Model. 93. The proportions of the market value of the firms assets financed via debt, common stock, and preferred stock are called the firms: a. financing costs. b. portfolio weights. c. beta coefficients. d. capital structure weights. e. costs of capital. 94. The costs incurred by the firm when new issues of stocks or bonds are sold are called: a. required rates of return. b. costs of capital. c. flotation costs. d. capital structure weights. e. costs of equity and deb 95. A financial contract that gives its owner the right, but not the obligation, to buy or sell a specified asset at an agreed-upon price on or before a given future date is called a(n) _ contract. a. option b. futures c. forward d. swap e. straddle 96. A particular risky assets risk premium, measured relative to its beta coefficient, is its: a. diversifiable risk. b. systematic risk. c. reward-to-risk ratio. d. security market line. e. market risk premium. 97. The overall cost of capital for a retail store: a. is equivalent to the after-tax cost of the firms liabilities. b. should be used as the required return when analyzing a potential acquisition of a wholesale distributor. c. reflects the return investors require on the total assets of the firm. d. remains constant even when the debt-equity ratio changes. e. is unaffected by changes in corporate tax rates 98. The length of time required for an investment to generate cash flows sufficient to recover the initial cost of the investment is called the: a. net present value. b. internal rate of return. c. payback period. d. profitability index. e. discounted cash period 99. You are considering purchasing stock S. This stock has an expected return of 8 percent if the economy booms and 3 percent if the economy goes into a recessionary period. The overall expected rate of return on this stock will: a. be equal to one-half of 8 percent if there is a 50 percent chance of an economic boom. b. vary inversely with the growth of the economy. c. increase as the probability of a recession increases. d. be equal to 75 percent of 8 percent if there is a 75 percent chance of a boom economy. e. increase as the probability of a boom economy increases. 100. A firms overall cost of equity is: I. directly observable in the fina