西方财务管理试题

1、PAGE PAGE 39案.Fill 胺in the 皑blanks:扳 (10poi拔nts,奥 拜2points袄 for ea版ch )氨 熬A卷矮1. The 肮three b昂asic qu安estions斑 addres扒sed by 啊a finan岸cial ma按nager哀 鞍are: ca白pital b伴udgetin哎g, capi翱tal 按structu瓣re,埃 and 肮 鞍 捌 白.颁2.The t扳hree ba班sic leg案al form啊s of or挨ganizin佰g a bus般iness a按re 绊 傲, partn拔ershi芭ps,

2、and肮 corpor敖ations.叭3.Cash 埃flow is氨 genera败ted by 败the fir碍m and p阿aid to 岸credito爸rs and 把shareho俺lders. 靶It can 柏be divi艾ded as 敖cash fl按ow 斑 坝 皑, cash 佰flow fr坝om chan哀ges in 巴fixed a背ssets拔 昂and cas哎h flow 埃from ch叭anges i绊n worki敖ng capi鞍tal.败4.吧 盎 昂 阿 芭 is mea佰sured a埃s隘 拌current笆 assets盎 div

3、ide扳d by cu胺rrent l扳iabilit案ies.巴5.扮 A form啊 of equ俺ity whi案ch rece败ives pr办eferent暗ial tre蔼atment 罢in the 瓣payment败 of div暗idends 皑is伴c盎alled跋 八 斑 搬.敖靶.稗Multipl板e Choic罢e :(20p办oints,1芭 point 摆for 澳each搬 proble班m.)拌1.胺 挨The per哀son gen昂erally 巴directl爱y respo扳nsible 皑for ove澳rseeing叭 the ca罢sh and

4、傲credit 吧functio瓣ns, 跋financi背al plan摆ning, a捌nd capi爸tal exp伴enditur芭es is t胺he:扒敖a.碍败treasur懊er凹 昂.b.拌扒directo扒r.肮 半c.艾隘control袄ler.芭 柏d.捌埃chairm搬an of t岸he boar半d.瓣2.耙 蔼癌办The pri氨mary go罢al of f巴inancia懊l manag袄ement i佰s to:癌瓣a.艾爱maximiz百e curre矮nt divi耙dends p傲er shar白e of th袄e exist捌ing sto瓣ck.

5、笆芭b.俺般maximiz绊e the c挨urrent 昂value p跋er shar巴e of th班e exist傲ing sto邦ck.哀澳c.按埃avoid f拌inancia跋l distr傲ess.懊耙d.搬瓣minimiz坝e opera叭tional 阿costs a疤nd maxi熬mize fi肮rm effi埃ciency.皑3. 霸Which o哀ne of t稗he foll敖owing s坝tatemen板ts is c艾orrect 芭concern案ing the班 organi盎zationa隘l 扳岸structu板re of a阿 corpor柏ati

6、on?袄办a.哎斑The vic颁e presi把dent of斑 financ拌e repor唉ts to t摆he chai捌rman of皑 the bo百ard.哀靶b.爱拜The chi矮ef exec蔼utive o百fficer 蔼reports挨 to the袄 board 盎of dire安ctors.癌敖c.坝啊The con颁troller岸 report霸s to th半e presi案dent.跋哀d.案颁The tre叭asurer 拌reports岸 to the芭 chief 绊executi八ve offi癌cer.板伴4.办 白艾Which o艾ne of

7、t扮he foll罢owing i柏s a pri昂mary ma颁rket tr翱ansacti袄on?班蔼a.胺跋a deale奥r selli斑ng shar啊es of s盎tock to艾 an ind办ividual拜 invest坝or哀伴b.白阿a deale皑r buyin芭g newly胺 issued耙 shares搬 of sto颁ck from跋 a corp奥oration半叭c.搬癌an indi把vidual 碍investo傲r selli氨ng shar扒es of s癌tock to鞍 anothe拔r indiv盎idual唉岸d.笆佰a bank 皑s

8、elling班 shares爱 of a m胺edical 胺firm to吧 an ind敖ividual瓣5.爸搬The fin拜ancial 班stateme版nt show般ing a f办irms a般ccounti扳ng valu扒e on a 傲particu笆lar dat昂e is th埃e:案搬a.凹搬income 版stateme颁nt.班 隘b.拜岸balance版 sheet.凹 拜c.肮隘stateme绊nt of c板ash flo熬ws.岸稗d.罢啊tax rec白oncilia爱tion st唉atement蔼.白6.肮绊A(n) _盎_ asse稗t is

9、on俺e which懊 can be按 quickl把y conve捌rted in败to cash疤 withou唉t signi霸ficant 板loss 暗in valu澳e.挨袄a.案板current白 败b.靶白fixed芭 背c.八埃intangi哀ble背 埃d.肮坝liquid盎7.捌 巴跋One key澳 reason把 a long鞍-term f柏inancia阿l plan 摆is deve班loped i柏s becau拌se:八耙a.稗胺败the pla敖n deter敖mines y奥our fin百ancial 翱policy.搬 袄瓣b.半扒熬the pla佰

10、n deter扒mines y啊our inv稗estment胺 policy疤. 暗挨c.氨版there a矮re dire吧ct conn绊ections澳 betwee坝n achie翱vable c般orporat把e growt耙h and t八he fina坝ncial p邦olicy. 哀安d.柏蔼隘there i伴s unlim佰ited gr爱owth po岸ssible 唉in a we蔼ll-deve败loped f坝inancia瓣l plan.叭 佰8.扮唉The cur袄rent ra傲tio is 袄measure八d as:拌艾a.挨巴current隘 asse

11、ts艾 minus 拌current伴 liabil败ities.敖伴b.岸爱current案 assets疤 divide板d by cu捌rrent l懊iabilit斑ies.班捌c.佰邦current扮 liabil安ities m瓣inus in暗ventory霸, divid白ed by c版urrent 熬assets.矮百d.扮绊cash on颁 hand d摆ivided 隘by curr拜ent lia熬bilitie绊s.百9.扒 矮俺The Ext按ernal F笆unds Ne凹eded (E俺FN) equ爸ation d袄oes not阿 measur靶es th

12、e:邦懊a.傲哎罢additio办nal ass安et requ霸irement岸s given哎 a chan颁ge in s笆ales. 柏拔b.按爸胺additio俺nal tot霸al liab埃ilities肮 financ昂ing rai巴sed giv熬en the 癌change 癌in sale捌s. 败氨c.澳蔼拌rate of般 return暗 to sha昂reholde盎rs give叭n the c摆hange i敖n sales版. 扳拌d.爸碍按net inc蔼ome exp氨ected t傲o be ea拔rned gi隘ven the唉 change挨 in

13、 sal瓣es. 肮10. 哀To calc笆ulate s唉ustaina阿ble gro翱wth rat拔e, the 胺analyst哎 needs 芭the: 熬般a.皑皑爱profit 靶margin.皑 疤 蔼b.蔼按鞍payout 暗ratio氨 and 罢asset r皑equirem拌ent rat昂io.颁俺c.矮懊佰debt-to盎-equity疤 ratio.鞍 颁 吧d.跋哎鞍All of 耙the abo拔ve隘11.胺捌The int蔼erest r澳ate cha熬rged pe岸r perio斑d multi巴plied b伴y the n挨umber o板f

14、 perio背ds per 败year is扒 called胺 the _佰_ rat佰e.吧颁a.柏啊effecti班ve annu跋al肮 岸b.癌澳annual 半percent白age拔柏c.翱哀periodi把c inter搬est奥 板d.俺昂compoun邦d inter爸est罢12. 白You are跋 compar矮ing two办 annuit搬ies whi版ch offe傲r month隘ly paym碍ents fo邦r ten y半ears. B拌oth 绊捌坝袄annuiti胺es are 懊identic按al with澳 the ex板ception懊 of

15、 the佰 paymen扒t dates俺. Annui斑ty A pa叭ys on t胺he 哎背first o岸f each 暗month w肮hile an凹nuity B吧 pays o拜n the l搬ast day板 of eac按h month肮. Which皑 one of爸 疤袄the fol艾lowing 柏stateme般nts is 办correct安 concer扳ning th埃ese two八 annuit懊ies?鞍佰a.碍敖Both an岸nuities邦 are of把 equal 版value t翱oday.柏搬b.八挨Annuity矮 B is a碍n

16、annui稗ty due.案伴c.岸澳Annuity敖 A has 鞍a highe扮r futur百e value耙 than a疤nnuity 澳B.八碍d.半捌Annuity柏 B has 伴a highe办r prese绊nt valu搬e than 佰annuity敖 A.按13.袄案The pre背sent va傲lue of 岸future 岸cash fl班ows min笆us init癌ial cos办t is ca哀lled 爱笆a.鞍霸the fut爸ure val吧ue of t碍he proj翱ect. 氨鞍b.搬熬the net啊 presen斑t value哎 o

17、f the凹 projec柏t. 熬靶c.爸芭the equ伴ivalent疤 sum of版 the in哎vestmen凹t. 班懊d.扒办the ini啊tial in瓣vestmen板t risk 爱equival哀ent val袄ue. 唉14. 芭The sta奥ted int吧erest p昂ayment,拌 in dol摆lars, m扳ade on 邦a bond 傲each pe胺riod is挨 called俺 the bo澳nds:吧扳a.挨奥coupon.般 背b.懊班face va岸lue.哀 般c.白芭maturit柏y.d.笆按yield t霸o matur鞍i

18、ty.绊15. 颁The for胺m of bo拜nd issu佰e in wh皑ich the巴 regist芭rar of 稗the com案pany re邦cords o败wnershi啊p of ea半ch 邦bond, w捌ith rel拜evant p碍ayments靶 made d癌irectly绊 to the斑 owner 懊of reco拜rd, is 岸called 罢the _皑_ form耙.奥斑a.唉办new-iss熬ue矮 哎b.芭敖registe氨red肮 澳c.捌啊bearer扒 颁d.案邦debentu背re扒16.案笆An acco扳unt man碍age

19、d by扮 the bo绊nd trus摆tee for翱 early 胺bond re艾demptio爱n payme扮nts is 班called 扳a:案伴a.芭稗sinking隘 fund.扒 颁b.斑拌collate懊ral pay癌ment ac拔count.巴碍c.搬皑deed in爱 trust 霸account凹.敖 八d.碍跋call pr霸ovision熬.巴17.背 碍吧The ann暗ual cou巴pon pay拔ment of爱 a bond扳 divide翱d by it碍s marke疤t price叭 is cal胺led the皑:邦拔a.白盎coupon

20、 胺rate.案 扒b.肮霸current爱 yield芭 耙c.摆翱yield t唉o matur阿ity背 俺d.百癌bid-ask耙 spread盎.俺18. 绊The sto唉ck valu岸ation m笆odel th罢at dete伴rmines 八the cur搬rent st蔼ock pri氨ce by d哀ividing拔 the ne伴xt annu皑al divi邦dend am八ount by肮 the ex稗cess of敖 the di熬scount 霸rate le盎ss the 皑dividen班d growt蔼h rate 哀is call哀ed the 耙

21、_ m耙odel.盎袄a.皑按zero gr哀owth挨 绊b.氨板dividen艾d growt坝h扒 啊c.凹背capital案 pricin搬g敖把d.拜敖earning鞍s capit叭alizati拜on八19.办 稗唉The dif疤ference傲 betwee敖n the p阿resent 八value o靶f an in奥vestmen碍t and i哀ts cost班 is the板:叭隘a.岸搬net pre胺sent va摆lue.哀 按b.版百interna稗l rate 芭of retu扒rn.暗百c.捌傲payback氨 perio扒d.坝 白d.哎板profit

22、a拜bility 拔index.碍20.凹斑The cha唉nges in稗 a firm蔼s futu摆re cash哎 flows 跋that ar佰e a dir啊ect con俺sequenc翱e of ac把cepting埃 a proj柏ect are爸 called爸 _ 半cash fl爸ows.霸稗a.拔哎increme袄ntal案 鞍b.澳唉stand-a邦lone哀 盎c.捌艾after-t熬ax扒 疤d.靶澳net pre挨sent va奥lue哀扒.Judge 坝the fol般lowing 疤senten矮ces. If把 it is 矮true , 柏write

23、T笆; If it绊 is Fal啊se , wr胺ite F. 阿(10 poi巴nts,1 p岸oint fo班r each)氨1.啊The ori翱ginal s搬ale of 笆securit靶ies by 笆governm败ents an瓣d corpo拌rations伴 to the芭 genera罢l publi安c occur蔼s 扮in the稗 耙primary叭 market拔.半2.肮 Noncas搬h items巴 refer 把to吧 颁the cos捌ts incu鞍rred fo拜r the p耙urchase傲 of int扒angible暗 fixed 拔a

24、ssets.袄3. 矮The rec肮eivable柏s turno懊ver rat傲io is m拜easured岸 as耙 敖sales p版lus acc鞍ounts r癌eceivab敖le.啊扮4. 芭The hig柏hest ef艾fective扳 annual暗 rate t佰hat can板 be der叭ived fr靶om an a板nnual p氨ercenta哎ge rate巴 of 佰肮芭9% is c颁omputed唉 as哀 啊e办.09背 1.搬5. 氨The uns柏ecured 袄debts o芭f a fir案m with 唉maturit唉ies gre

25、澳ater th伴an 10 y绊ears ar哀e most 叭literal肮ly call暗e傲d耙debentu哀res.败6. 皑Superno疤rmal gr哎owth re俺fers to柏 a firm捌 that i傲ncrease败s its d熬ividend爱 by罢 佰a rate 熬which i颁s most 拌likely 胺not sus罢tainabl敖e over 隘an exte凹nded pe澳riod of捌 time.哀7.败啊An inve瓣stment 把is acce安ptable 背if its 暗IRR斑 暗is exac跋tly equ

26、疤al to i靶ts net 翱present坝 value 白(NPV).板8. 按An inve瓣stment百s avera鞍ge net 笆income 啊divided安 by its安 averag叭e book 罢value d佰efines 半the 芭average巴 绊account百ing ret耙urn.搬9.扒 The sh盎ortcomi唉ng(s) o绊f the a伴verage 氨account扳ing ret鞍urn (AA拜R) meth斑od iare阿:挨 捌a.白斑the use背 of net耙 income按 instea暗d of ca柏sh

27、 flow芭s. 按b.胺坝the pat伴tern of啊 income罢 flows 般has no 袄impact 颁on the 坝AAR. 胺般c.八爱there i案s no cl摆ear-cut办 decisi芭on rule挨. 爱10.敖 One mu熬st know瓣 the di翱scount 拔rate to稗 comput稗e the N邦PV of a皑 projec翱t but o把ne can 八compute芭 the IR扮R witho百ut refe鞍rring t瓣o the d按iscount案 rate. 吧凹.Comput懊e the F哀oll

28、owin斑g Probl盎ems: (4背0points氨)鞍1.Given按 the ta肮x rates芭 as sho鞍wn, wha半t is th爸e avera罢ge tax 柏rate fo安r a fir翱m with 叭taxable碍 income哀 of $12唉6,500?(办5points邦)伴案哀爸隘 班Taxable熬 Income凹翱白 岸Tax Rat岸e搬啊昂霸 巴 $ 办0 - 疤 50,0胺00癌艾 15%白佰绊傲 白 50暗,001 - 白 75凹,000翱岸 25%扮暗跋坝 蔼 罢75,001 碍- 1搬00,000靶哀 34%拌俺袄袄 疤 100,

29、0疤01 - 肮 335,哀000奥扒 39%把2盎.柏The fol稗lowing 癌informa癌tion sh霸ould be挨 used f案or ques啊tions A芭 throug隘h I: (1瓣6points霸)颁昂蔼哎唉瓣 扳 版 蔼 案Knicker疤doodles般, Inc.哀熬碍敖傲艾挨般 摆2004啊案 柏 矮 挨 案2005袄笆岸按背Sales芭捌 哀$ 740斑蔼 碍 捌 邦 $ 785叭绊拜搬袄COGS笆啊背 4艾30矮唉 版 拔 绊460扳稗八背拌Interes靶t办败吧办 33半矮 白 3拔5熬啊安凹岸Dividen芭ds板昂扒 16阿澳 矮 1拔7

30、霸啊肮肮板Depreci拜ation拌拔搬 250凹凹 唉 芭 唉210坝胺斑半翱Cash奥爱熬跋 70唉邦 邦 7阿5百霸疤八 叭Account爸s recei矮vables 办 563百斑 奥 癌 坝 502氨坝耙岸 案Current扒 liabil般ities 爸 捌 柏390艾岸 班 伴 鞍 405笆绊板敖跋Invento哀ry凹斑瓣 隘 唉662疤蔼 唉 64坝0耙班绊班皑Long-te班rm debt癌耙 按340爱板 奥 奥 懊410鞍芭矮暗八Net fix拔ed asse啊ts奥奥 埃1,680瓣肮 皑 吧 矮1,413绊阿绊芭败Common 颁stock板挨 昂700百把 盎

31、 巴 235傲阿皑瓣半Tax rat哎e叭巴安 3碍5%矮氨 暗 芭 肮35%按A. What拌 is the碍 net wo癌rking c拌apital 盎for 200般5?颁B. What盎 is the罢 change暗 in net拔 workin扒g capit按al from鞍 2004 t败o 2005?昂C昂What i疤s net c癌apital 芭spendin阿g for 2绊005?罢DWhat 胺is the 哎operati耙ng cash按 flow f绊or 2005矮?疤EWhat 奥is the 啊cash fl芭ow of t埃he firm安 fo

32、r 20稗05?哎FWhat 柏is net 唉new bor哎rowing 颁for 200颁5?鞍GWhat 爱is the 拌cash fl办ow to c跋reditor霸s for 2办005?稗IWhat 啊is the 笆cash fl板ow to s伴tockhol坝ders f伴or 2005邦?佰3.靶Ginny T矮ruebloo耙d is co安nsideri翱ng an i八nvestme捌nt whic爱h will 氨cost he懊r $120,白000. Th靶e inves扳tment p熬roduces胺 no cas巴h flows坝 for th败e

33、first案 year. 坝In the 暗second 阿year th版e cash 俺inflow 败is $35,板000. Th扮is infl岸ow will暗 increa碍se to $埃55,000 翱and the扒n $75,0笆00 for 俺the fol扮lowing 稗two yea瓣rs befo百re ceas拜ing per奥manentl扒y. Ginn跋y requi癌res a 1拔0 perce板nt rate白 of ret皑urn and扮 has a 百require胺d disco翱unted p扒ayback 敖period 暗of thr

34、e般e years埃. Ginny袄 should碍 癌accept肮 this p拌roject 霸or not 班.And wh疤y? Plea暗se 捌calcula笆te芭 the 隘problem胺.伴（10 poi矮nts）扳Year氨耙Cash fl芭ow蔼敖Discoun皑ted cas版h flow捌斑 1安巴$ 0俺盎 癌$ 0.00白版 2柏颁$35,000靶氨 案$28,925绊.62把八 3捌凹$55,000斑哀 办$41,322跋.31皑笆 4翱鞍$75,000败笆 傲$51,226佰.01霸4.俺 扒Now or 摆Later, 耙Inc. re伴cently 霸

35、paid $1昂.10 as 扳an annu百al divi敖dend. F耙uture d斑ividend拜s are p扒rojec罢ted at 氨$1.14, 鞍$1.18, 靶$1.22, 哎and $1.案25 over癌 the ne艾xt four昂 years,翱 respec凹tively.翱 Beginn白ing fiv白e years半 from n蔼ow, the稗 divide拔nd is e胺xpected埃 to inc柏rease b碍y 2%扒 摆annuall拔y. What凹 is one颁 share 扳of this翱 stock 碍worth t

36、拜o you i袄f you r背equire 埃an 8% r佰ate of 八return 傲on simi瓣lar inv奥estment哎s?白 Please半 坝calcula氨te凹 the 叭problem啊.爱（9 poin罢ts）按般. Brief熬ly expl哎ain the靶 follow凹ing pro哎blems (跋20point案, 10 po碍ints fo般r each.稗)笆1.澳Discuss拌 the di扳fferenc罢e betwe摆en book捌 values埃 and ma熬rket va癌lues on傲 the ba傲lance s办h

37、eet an叭d expla暗in whic安h is mo扒re impo岸rtant t八o the f绊inancia案l manag巴er and 摆why.碍2.矮List an把d inter把pret th扮ree liq澳uidity 安ratios.A卷 答案：哀.Fill 半in the 敖blanks:拜 (10poi皑nts,捌 吧2points按 for ea摆ch )阿1. The 百three b盎asic qu矮estions肮 addres白sed by 扒a finan扮cial ma佰nager扮 岸are: ca翱pital b阿udgetin啊g, c

38、api澳tal 霸structu坝re,笆 and 唉working挨 capita岸l manag盎ement:昂2.The t按hree ba哎sic leg版al form扳s 氨of orga坝nizing 笆a busin爸ess are靶 啊sole pr瓣oprieto扮rships柏, partn拜erships癌, and c哀orporat板ions.芭3.Cash 鞍flow is吧 genera柏ted by 把the fir坝m and p哀aid to 捌credito办rs and 般shareho隘lders. 叭It can 胺be divi瓣ded as 矮

39、cash fl斑ow 澳from op奥eration胺, cash 摆flow fr扳om chan矮ges in 叭fixed a笆ssets a翱nd cash埃 flow f扳rom cha伴nges in矮 workin啊g capit柏al.翱4.版 隘The cur班rent ra袄tio爱 is mea翱sured a唉s暗 办current笆 assets耙 divide搬d by cu败rrent l斑iabilit安ies.白5.傲 A form鞍 of equ扳ity whi罢ch rece哎ives pr颁eferent艾ial tre佰atment 稗in the

40、半payment白 of div傲idends 隘is call皑ed爸preferr肮ed stoc阿k.啊蔼.氨Multipl爸e Choic爱e :(20p岸oints,1扳 point 把for 八each瓣 proble靶m.)巴1.岸 吧a 艾 2.敖 扒b颁办拔3.b 矮4.皑 b碍白5.罢b唉蔼 板6.拔d办把7.挨 澳c吧叭 皑8.笆b笆按 鞍9.胺 c 艾 澳10.d 柏11.阿b敖 12.颁c奥疤 把13.哎b傲按 霸14. a 瓣15.b 1版6.碍a爱搬17.伴 b爱 扮18.b半 坝19.熬 a拌傲 20.矮a耙笆拜.Judge 蔼the fol扒lowing 扒s

41、entenc罢es. If 疤it is t捌rue , w奥rite T;版 If it 按is Fals邦e , wri办te F. (碍10 poin挨ts,1 po袄int for按 each)摆1.T 2癌.F 3. 扳F 4. 伴T 5.T唉 6. T 奥 7. F 绊 8. T 岸9. T 10按.T爸扮.Comput挨e the F胺ollowin氨g Probl啊ems: (4霸0points芭)捌1.隘 Tax = 胺.15($50哎,000) +哀 .25($2靶5,000) 扮+ .34($稗25,000)扒 +.39($巴126,500瓣 - $100跋,000) =

42、皑 $32,58澳5; Aver芭age tax岸 rate =瓣 $32,58扳5 办 $126,5啊00 = .2颁576 = 2八5.76 pe翱rcent稗2.吧 A. Net鞍 workin氨g capit版al = $7跋5 + $50吧2 + $64安0 - $40哎5 = $81氨2班B. Chan吧ge in n摆et work捌ing cap靶ital = 艾($75 + 挨$502 + 懊$640 - 胺$405) 笆 ($70 +伴 $563 +跋$662 - 癌$390) =搬 -$93翱C. Net 般capital办 spendi爸ng = $1肮,413 - 安

43、$1,680 碍+ $210 扮= -$57八D. Earn捌ings be啊fore in拔terest 矮and tax啊es = $7坝85 - $4肮60 - $2敖10 = $1板15; Tax拌able in芭come = 癌$115 - 搬$35 = $跋80; Tax按es = .3暗5($80) 袄= $28; 盎Operati昂ng cash摆 flow =半 $115 +坝 $210 -哎 $28 = 氨$297岸E. Cash笆 flow o扮f the f奥irm = $瓣297 - (疤-$93) -笆 (-$57)拌 = $447霸 (See p懊roblems把

44、 73 and奥 74)凹F. Net 败new bor柏rowing 蔼= $410 巴- $340 跋= $70办G. Cash敖 flow t按o credi懊tors = 白$35 (柏$410 - 艾$340) =安 -$35跋I. Cash翱 flow t巴o stock白holders版 = $447挨 - (-$3摆5) = $4凹82 (See佰 proble扮ms 76 a柏nd 78);肮 or, Ca袄sh flow碍 to sto挨ckholde耙rs = $1按7 ($2扳35 - $7昂00) = $敖482 肮吧3.败 = 3.97稗 years癌安Ginny

45、s碍hould r办eject t案he proj隘ect sin隘ce the 摆payback般 period盎 of 3.9斑7 years俺 exceed翱s the 蔼捌require岸d 3 yea爱rs.4.背;搬 皑P扒4背 = $21.啊25 搬; P奥0暗 = $19.隘57巴扳. Brief暗ly expl翱ain the板 follow笆ing pro班blems (把20point爱, 10 po拜ints fo板r each.板)昂1.摆Discuss阿 the di按fferenc案e betwe按en book熬 values扒 and ma皑rket va叭l

46、ues on跋 the ba捌lance s拌heet an案d expla笆in whic稗h is mo搬re impo巴rtant t袄o the f澳inancia百l manag吧er and 拔why.佰搬The acc疤ounts o摆n the b懊alance隘 sheet 俺are gen熬erally 败carried暗 at his绊torical绊 cost, 熬not mar霸ket val搬ues. Al翱though 隘the boo搬k value绊 of cur隘rent as白sets an傲d curre安nt liab隘ilities翱 may cl啊

47、osely a耙pproxim伴ate mar翱ket val隘ues, th颁e same 疤cannot 拔be said办 for th艾e rest 扒of the 埃balance柏 sheet 蔼account跋s. Ulti案mately,办 the fi巴nancial捌 manage挨r shoul胺d focus瓣 on the跋 firms巴 stock 癌price, 拌which i爸s a mar把ket val案ue meas安ure. He版nce, ma案rket va跋lues ar奥e more 疤meaning稗ful tha笆n book 昂value

48、s.霸2.百List an摆d inter扳pret th唉ree liq百uidity 岸ratios.碍暗Choose 板any thr扮ee of t瓣he foll办owing:巴懊1. Curr爸ent rat阿io: a f奥irms a靶bility 跋to meet把 its fi跋nancial扒 obliga爸tions a坝s they 吧come du案e over 把the com癌ing yea岸r靶背2. Quic癌k ratio唉: a fir懊ms abi柏lity to碍 meet i爸ts near芭-term f背inancia拌l oblig捌atio

49、ns 傲without爸 sellin傲g any i耙nventor罢y坝颁3. Cash扒 ratio:般 a firm俺s abil安ity to 敖meet it吧s near-绊term fi柏nancial案 obliga俺tions w扒ithout 皑dependi白ng on t按he liqu矮idation伴 of inv氨entory 艾or acco拔unts re蔼ceivabl皑e百芭4. Net 奥working板 capita巴l to to伴tal ass扳ets: a 靶firms 捌investm八ent in 艾net wor斑king ca吧pita

50、l f绊or each哎 dollar案 of ass柏ets癌碍5. Inte板rval me颁asure: 哀the amo隘unt of 鞍time a 绊firm ca爱n opera拜te 奥until i翱t needs摆 additi奥onal fi岸nancing专业及班级：学号：姓名：装订线阅卷教师签名：_板西 财 行 知捌 学 院 试 按题 纸疤考试日期：20八09年 月 澳 日 耙 08半艾09 学年第 般 2学期傲专业及班级： 稗财管06级 芭 耙课程名称：西方啊财务管理败命题老师： 半齐应选霸皑题号笆一搬二癌三暗四版五板六癌七翱八扮九伴十埃总分俺得分 胺 暗注意事项：

51、命题蔼教师：1.出题哎必须用碳素墨水拔书写，誉写干净笆，整齐。把 白 哎 把 2昂.除装订线内的背三栏外，其他各扮项均由命题教师八填写，不得漏填艾 八 斑 考 隘 生：1.装订柏线内的矮“傲班级扳”隘、绊“霸学号拜”昂、拔“背姓名哀”爸三栏由考生本人百填写，不得遗漏澳。拔 安 矮 哎 2拔.不得用红色笔凹、铅笔答题，否癌则试卷无效。隘.Fill 袄in the 颁blanks:扒 (10poi般nts,案 办2points暗 for ea肮ch )八1.班 隘Financi袄al Mark板ets奥 are co瓣mposed 皑of th瓣e败 懊 敖 霸and cap昂ital ma癌rk

52、佰et.矮2. In m凹aking f搬inancia哎l decis暗ion, it傲 is fre板quently八 import罢ant to 板disting暗uish跋 betwee伴n avera哀ge and半 阿 绊 tax ra柏te艾3. 哀_拌 百_斑 鞍refers 办to the 霸firms 跋dividen罢d payme稗nts les版s any n芭et new 哀equity 绊raised.拔4.半 Projec翱ted fut癌ure fin俺anci澳al stat巴ements 哀are cal昂led矮 岸 拔 .拜拜 胺5爸.霸 阿Cash

53、fl吧ow is g扮enerate耙d by th扮e firm 柏and pai矮d to cr敖editors跋 and sh爸arehold绊ers. It凹 can be柏 divide哀d as ca凹sh flow柏 from o氨peratio爸n, cash伴 flow f矮rom cha鞍nges 唉 摆and cas安h flow 芭from ch颁anges i澳n worki安ng capi绊tal.澳拔.白Multipl傲e Choic板e澳 :(20po板ints,1 盎point f绊or 背each哀 proble霸m.)皑1. 靶Which o邦ne of

54、t岸he foll傲owing s败tatemen笆ts conc敖erning 安a sole 熬proprie癌torship澳 is cor凹rect?熬百a.矮埃A sole 坝proprie澳torship八 is the哎 least 安common 盎form of般 busine办ss owne败rship.吧懊b.凹白The pro斑fits of扮 a sole暗 propri癌etorshi扮p are t般axed tw败ice.奥柏c.背埃The own坝ers of 鞍a sole 八proprie把torship拌 share 拔profits版 as est袄a

55、blishe皑d by th熬e partn版ership 瓣矮霸胺agreeme笆nt.傲袄d.瓣班The own昂er of a吧 sole p袄ropriet傲orship 班may be 皑forced 阿to sell案 his/he颁r perso爸nal ass把ets to 颁pay com霸pany de绊bts.挨霸2.拜 The by笆laws:拜暗a.唉拔establi胺sh the 半name of爱 the co叭rporati肮on.背敖b.拔哀are rul澳es whic埃h apply懊 only t板o limit八ed liab阿ility c坝ompa

56、nie白s.俺暗c.摆案set for翱th the 爱purpose捌 of the靶 firm.摆拔d.佰澳mandate敖 the pr凹ocedure伴 for el拜ecting 半corpora捌te dire耙ctors.绊敖3叭.半 稗The own叭ers of 拜a limit百ed liab挨ility c扳ompany 半prefer:疤背a.阿百being t挨axed li案ke a co鞍rporati懊on.跋唉b.吧把having 按liabili柏ty expo安sure si艾milar t阿o that 搬of a so般le prop背rietor.吧

57、扮c.傲败being t巴axed pe爱rsonall傲y on al颁l busin吧ess inc柏ome.鞍澳d.盎耙having 版liabili捌ty expo败sure si埃milar t霸o that 版of a ge败neral p稗artner.奥4爱.按 哎The lon叭g-term 扮debts o搬f a fir矮m are l版iabilit拔ies:稗办a.隘扒that co艾me due 唉within 唉the nex捌t 12 mo霸nths.拔 岸b.碍版that do版 not co凹me due 瓣for at 暗least 1稗2 month奥s

58、.昂凹c.盎霸owed to敖 the fi暗rms su罢ppliers凹.胺 绊d.瓣吧owed to艾 the fi佰rms sh扮arehold佰ers.哎5捌.背 跋Net wor傲king ca皑pital i袄s defin癌ed as:啊败a.total耙 liabil白ities m八inus sh奥arehold芭ers eq癌uity.b.肮傲current爸 liabil唉ities m班inus sh癌arehold八ers eq板uity.傲败c.fixed鞍 assets疤 minus 皑long-te哀rm liab挨ilities佰.百矮D背 安current

59、阿 assets扒 minus 八current靶 liabil熬ities.按6罢.安 碍The per搬centage绊 of sal胺es meth爸od: 澳背a.埃哀霸require捌s that 耙all acc班ounts g伴row at 鞍the sam按e rate.半 凹啊b.矮爸岸separat巴es acco安unts th昂at vary坝 with s昂ales an皑d those绊 that d八o not v坝ary wit挨h sales邦. 奥案c.鞍吧allows 啊the ana懊lyst to巴 calcul癌ate how伴 much f安ina

60、ncin班g the f绊irm wil唉l need 俺to supp板ort the熬 predic氨ted sal隘es leve斑l. 拌唉d.颁奥坝Both B 坝and C.唉7氨.隘 佰A _佰 standa罢rdizes 绊items o败n the i跋ncome s把tatemen扳t and b扮alance 颁sheet a矮s a per耙centage爸 of tot按al sale瓣s and t白otal as摆sets, r瓣especti埃vely.肮般a.捌矮tax rec盎oncilia熬tion st柏atement熬 百b.熬唉stateme挨nt