《财务管理》双语试卷B及答案

1、6/6财务管理 双语 试卷 B 题号一二三四总分分数评卷人本试卷使用的系数表如下：i=10%12345复利现值0.9090.8260.7510.6830.621复利终值1.1001.2101.3311.4641.611年金现值0.9091.7362.4873.1703.791年金终值1.0002.1003.3104.6416.105Part: choose the best answer. (15 points) 1 Which of the following items is different from others? ( )A carrying value B book value C

2、 accounting value D fair value2 What is the price of a 5-year pure discount bond paying $1,000 at maturity if the discount rate is 10%. ( )A $1000 B $621 C $5 D $50003 which is the goal of financial management? ( )A maximize the corporate value B maximize the profitC maximize the production volume D

3、 maximize the revenue4 which is not the period cost? ( )A selling expense B financial expense C direct labor D administrative expense5 which is not cash flow? ( )A cash receipts B cash disbursement C depreciation D salary6 If the Layla Corp. has a 19% ROE (using the beginning balance of equity) and

4、a 25 % payout ratio, what is its sustainable growth rate?A 14.25% B16.62% C 4.99% D 4.75%7 Usually, which of the following is not proportional to sales? ( )A revenue B cost of goods sold C common stock D current assets8 The sustainable growth rate depends on four fixed ratios, which of the following

5、 is not included? ( )A payout ratio B profit margin C assets turnover D P/E ratio9 which risk can be diversified？（ ）A systematic risk B common risk C unique risk D market risk10 which can be chosen as the risk-free rate? ( )A bond rate B risk-adjusted rate C treasury bond interest D market ratePart

6、: True or False. (15 points) 1 Capital structure represents the proportions of the firms financing from current and long-term debt and equity. ( )2 GAAP is the abbreviation for Generally Accepted Accounting Principles. ( ) 3 ROE=ROAtotal assets turnover ( )4 Managers should choose the capital struct

7、ure that will have the lowest firm value.5 Sunk cost is related cost. ( )6 Opportunity cost is irrelevant cost. ( )7 You must know the discount rate to calculate the IRR. ( )8 when making mutually exclusive decision, NPV is more appropriate than IRR. ( ) 9 Zero coupon bonds must be offered at a pric

8、e higher than its face value. ( )10 All other things being equal, the shorter the time to maturity, the greater the interest rate risk. ( )11 The goal of financial management is to maximize the firm value. ( )12 The controller handles the accounting function. ( )13 The treasurer handles the cash flo

9、ws, making financial decisions. ( )14 Net cash flow is equal to the net profit. ( )15 Inventory turnover= cost of goods sold / inventory ( )Part : Calculation. (50 points)1 you have an opportunity to invest $10000.If you make the investment, you expect to get $2000 next year, $8000 the year after, a

10、nd $5000 in the third year. If the required return is 10%, what is the net present value of your investment?2 what are the future and present value of an annuity due of $100 per year for seven years, if the required return is 10% per year?3 A stock has a beta of 1.3, the expected return on the marke

11、t is 14 percent, and the risk-free rate is 5 percent. What must the expected return on this stock be?4 Warren Corporation will pay a $3.60 per share dividend next year. The companys dividend is expected to grow at 4.5% per year forever. If your required return is 13%, how much will you pay for the c

12、ompanys stock today?5 Suppose the OfficeMax sells personal copying machines at the rate of 1800 units per year. The cost of placing one order is $400, and it costs $100 per year to carry a copier in inventory. What is OfficeMaxs Economic Order Quantity? Using the EOQ, find the average inventory, num

13、ber of orders per year, time interval between orders, annul ordering cost, annual carrying cost, and annual total cost.Part : Case analysis. (20 points)Calculate NPV for a Replacement.A firm is considering an investment in a new machine with a price of$32 million to replace its existing machine. Now

14、 the current machine has a book value of $8 million, and a market value of $9 million. The new machine is expected to have a four-year life, and the old machine has four years left in which it can be used. If the firm replaces the old machine with the new machine, it expects to save $5 million in pretax operating costs each year over the next four years. Both machines should continue to be depreciated on a straight-line basis to a net book val