财务管理2009试卷(A卷).doc

上海对外贸易学院财务管理（英）课程期末考试试卷选课序号：412.001.303任课教师：考试时间：90 分钟姓 名：学 号：年级专业：考试形式：闭卷 开卷双语教学：是 否需计算器：是 否修读方式：必修 选修 辅修试卷页数共 8 页机考座位：号机题号一二三总分得分得 分评阅人Part 1: Choice Questions (16 questions, 1 point each, 16 points total)（Answer part 1 on the following table. Answers in other places will not be considered.）1d2.c3a4b5b6a7c8a9d10b11d12d13c14a15a16b1. An increase in which one of the following will increase the operating cash flow?a.employee salariesb.office rentc.building maintenanced.equipment depreciation 2. The process of planning and managing a firms long-term investments is called:a. working capital management. b. financial depreciation.c. capital budgeting. d. capital structure.3. The internal rate of return for a project will increase if:a.the initial cost of the project can be reduced. b.the total amount of the cash inflows is reduced.c.the required rate of return is reduced.d.the salvage value of the project is omitted from the analysis.4. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) _ cost.a.opportunityb.sunk c.incrementald.fixed5. The sustainable growth rate:a.assumes there is no external financing of any kind.b.is normally higher than the internal growth rate. c.assumes the debt-equity ratio is variable.d.is based on receiving additional external debt and equity financing.6. Which of the following statements are correct concerning diversifiable risks?I.Diversifiable risks can be essentially eliminated by investing in several securities.II.The market rewards investors for diversifiable risk by paying a risk premium.III.Diversifiable risks are generally associated with an individual firm or industry.IV.Beta measures diversifiable risk.a.I and III only b.II and IV onlyc.I and IV onlyd.II and III only7. A corporations first sale of equity made available to the public is called a(n):a.share repurchase program.b.private placement.c.initial public offering (IPO). d.seasoned equity offering (SEO).8. Standard deviation measures _ risk.a.total b.nondiversifiablec.unsystematicd.systematic9. The fixed costs of a project are $8,000. The depreciation expense is $3,500 and the operating cash flow is $20,000. What is the degree of operating leverage for this project?a.40b.71c.87d.1.40 10. Your firm purchased a warehouse for $335,000 six years ago. Four years ago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building?a.$268,000b.$295,000 c.$395,000d.$515,00011. M&M Proposition I with taxes( case II ) is based on the concept that:a.the optimal capital structure is the one that is totally financed with equity.b.the capital structure of the firm does not matter because investors can use homemade leverage.c.the cost of equity increases as the debt-equity ratio of a firm increases.d.the value of the firm increases as total debt increases because of the interest tax shield.12. Which one of the following will decrease the operating cycle?a.paying accounts payable fasterb.discontinuing the discount given for early payment of an accounts receivablec.decreasing the inventory turnover rated.collecting accounts receivable faster 13. Phils Carvings, Inc. wants to have a weighted average cost of capital of 9 percent. The firm has an after-tax cost of debt of 5 percent and a cost of equity of 11 percent. What debt-equity ratio is needed for the firm to achieve their targeted weighted average cost of capital?a.33b.40c.50d.6714. Which of the following statement is true?a.Accounting break-even is the sales volume at which net income = 0b.Cash break-even is the sales volume at which net present value = 0c.Financial break-even is the sales volume at which operating cash flow = 0d.All of them are right 15. You are doing some comparison shopping. Store A offers credit terms of 1/10, net 20. Store B offers credit terms of 2/10, net 10 and Store C offers credit terms of 2/5, net 30. Given this information, which one of the following statements is correct?a.Store B offers the best terms if you do take the discount.b.Store C offers the best terms if you do take the discount.c.Store B offers the best terms if you do not take the discount.d.Store A offers the best terms if you do take the discount.16. Sensitivity analysis helps you determine the:a.range of possible outcomes given possible ranges for every variable.b.degree to which the net present value reacts to changes in a single present value given the best and the worst possible situations.d.degree to which a project is reliant upon the fixed costs.得 分评阅人Part 2: Calculation Questions (3 questions, 8 points each, 24 points total)1. The Smith Co. has just paid a cash dividend of $2 per share, and the dividend is expected to grow at a steady 8% per year. The stock has a beta of 1.3, the expected return on the market is 14%, and the risk-free rate is 5%. What is the current value of the stock?2. Company BBB uses 4,000 switch assembles per week. If the relevant carrying cost per switch assembly is $40, and the fixed order cost is $2,600. Compute the economic order quantity (EOQ) for BBBs inventory policy.3. A Microgats Industries bond has a 10% coupon rate and a $1,000 face value. Coupons are paid semiannually, and the bond has 20 years to maturity. If investor required a 12% yield, whats the bonds value? (P/A, 6%, 40)=15.0463 (P/s, 6%,40)= 0.0972(P/A, 12%, 20)=7.4694 (P/s, 12%,20)= 0.1037得 分评阅人Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total )1. (15 points)The most recent financial statements for company CCC are shown here ($):Income StatementBalance SheetSales10,400Current assets11,000Current liabilities10,000Costs6,820Long-term debt12,000Taxable Income3,580Fixed assets27,000Equity16,000Taxes1,253Total38,000Total38,000Net income2,3271) Compute the following ratios: ( 7 points)Current ratio:Total debt ratioTotal asset turnoverProfit marginEquity multiplierROAROE2) Using Du Pont Identity to compute the ROE ( 4 points)3) Suppose company CCC maintains a constant 20% dividend payout ratio. Whats the sustainable growth rate? ( 4 points)2. ( 15 points) Here are some important figures from the budget of AAA, Inc., for the second quarter of 2006. (Million dollars)MarchAprilMayJuneCredit sales220380390430Credit purchases150140170200The company predicts that 50% of its sales will be collected in the month of the sale, and remaining 50% will be collected in the following month. Credit purchases will be paid in the month following the purchase. Using this information, complete the following cash budget (Million dollars): April May JuneBeginning cash balance280Cash receipts Cash collections from last months credit sales Cash collections from current months credit sales Total cash availableCash disbursements Purchases Wages, taxes, and expenses324550 Interest 111111 Equipment purchases 81 90 120 Total cash disbursementsEnding cash balance3. (15 points) Thornley Machines is considering a 3-year project with an initial cost of $618,000. The project will not directly produce any sales but will reduce operating costs by $265,000 a year. The equipment is depreciat