财务管理试卷答案(英文版)

ExaminationProblemsforFundamentalsofFinancialManagement2004-2005(PaperB)I.MultipleChoice(20points)(Pleasewriteyouranswerinthefollowingtable)题

1

234

567

8910

11

1213

14151617

1819

20号选项1.()isconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.A.FinancialmanagementB.ProfitmaximizationC.AgencytheoryD.Socialresponsibilitymajordisadvantageofthecorporateformoforganizationisthe().A.doubletaxationofdividendsB.inabilityofthefirmtoraiselargesumsofadditionalcapital3.Interestpaid(earned)onboththeoriginalprincipalborrowed(lent)andpreviousinterestearnedisoftenreferredtoas().A.presentvalueB.simpleinterestC.futurevalueD.compoundinterest4.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusionA250facevalueshareofpreferredstock,paysa20annualdividendandinvestorsrequirea7%returnonthisinvestment.Ifthesecurityiscurrentlysellingfor276,whatisthedifference(overvaluation)betweenitsintrinsicandmarketvalue(roundedtothenearestwholedollar)A.approximately26B.approximately10C.approximately6D.approximately1FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof300,000andanetprofitmarginof5percent.WhatareitssalesA.3,750,000B.480,000C.300,000D.1,500,0007.Acompanycanimprove(lower)itsdebt-to-totalassetratiobydoingwhichofthefollowingA.Borrowmore.B.Shiftshort-termtolong-termdebt.C.Shiftlong-termtoshort-termdebt.D.isssuecommonstock.8.TheDuPontApproachbreaksdowntheearningpoweronshareholders'bookvalue(ROE)asfollows:ROE=().A.Netprofitmargin×Totalassetturnover×EquitymultiplierB.Totalassetturnover×Grossprofitmargin×DebtratioC.Totalassetturnover×NetprofitmarginD.Totalassetturnover×Grossprofitmargin×Equitymultiplier9.Whichofthefollowingitemsconcernsfinancingdecision()A.salesforecastingB.bondissuingC.receivablescollectionD.investmentprojectselection10.Whichofthefollowingitemsisthefunctionofatreasurer()A.costaccountingB.internalcontrolC.capitalbudgetingD.generalledger11.Forfinancialinstruments,()isjudgedinrelationtotheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimewithoutsignificantpriceconcession.A.maturityB.marketabilityC.defaultD.inflation12.()isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.A.futurevalueB.presentvalueC.intrinsicvalueD.marketvalue13.EllesmereCorporationissues1million$1parvaluebonds.Thestatedinterestrateis6%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond()A.6%%C.12%D.(1+6%/2)2-114.AssumethatdividendsofacommonstockwillbemaintainedatDforever,andtherequiredreturnofthestockholderisr,theparvalueofthestockism,thevalueofthestockis()A.mB.m+DC.m+D/rD.D/r15.Whichofthefollowingitemshasthemostrisk()A.treasurybillB.corporatebondC.preferredstockD.commonstock16.()equalsthegrossprofitdividedbynetsalesofafirm.A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequity17.(A)istheratiosthatmeasureafirm’sabilitytomeetshort-termobligationsA.liquidityratiosB.leverageratiosc.coverageratiosD.activityratios18.(A)istheresultofNetProfitMarginalassetturnover×tot×(totalassets/shareholders’equity)A.ReturnonequityB.returnoninvestmentC.currentratioD.quickratio19.Governmenttaxlawadjustmentis(A)toafirm.A.generaleconomicriskB.inflationanddeflationriskC.firm-specificriskD.internationalrisk20(A)equalsthegrossprofitdividedbynetsalesofafirm.A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequityStatementjudgement(10Points)(Pleasewriteyouranswerinthefollowingtable)题号12345678910√或×Untilaroundthefirsthalfofthe1900s,financialmanagersprimarilyraisedfundsandmanagedtheirfirm’scashpositions.()Ingeneral,thehigherthemarketabilityofasecurity,thegreatertheyieldnecessarytoattractinvestors()3.DiscountRateistheinterestrateusedtoconvertfuturevaluestopresentvalues.()4.Theexpectedreturnofaportfolioissimplyaweightedaverageoftheexpectedreturnofthesecuritiescomprisingthatportfolio()5.Thetypeofanalysisvariesaccordingtothespecificinterestsofthepartyinvolved()6.Inasoleproprietorship,theownerispersonallyresponsibleforallfinancialobligationsofthefirm.()7.Whenastockgoes"ex-rights,"itsmarketpricetheoreticallydeclines.()Themarketpriceofaparticularbondismuchgreatertodaythanitwasyesterday.Thecalculatedyieldtomaturity(YTM)basedontoday'smarketpricewould,therefore,begreaterthanthecalculatedYTMbasedonyesterday'smarketprice.()9.Ashortaveragecollectionperiodassuresusthataccountsreceivablearebeingefficientlymanaged.()10.Simpleinterestisinterestthatispaidononlytheoriginalamountborrowed(lent)()III.Questions(10points)(Pleasewriteyouranswerontheanswerpaper)Themethodofdepreciationdoesnotalterthetotalamountdeductedfromincomeduringthelifeofanasset.Whatdoesitalterandwhyisthatimportant(5)Whatisprimaryandsecondarymarket(5)IV.Problems(60Points)(Pleasewriteyouranswerontheanswerpaper)youneedtohave$100000attheendof10years.Toaccumulatethissum,youhavedecidedtosaveacertainamountattheendofeachnext10yearsanddeposititinthebank.Thebankpays8%interestcompoundedannuallyforlong-termdeposit.Howmuchwillyouhavetosaveeachyear(PVIF(8%,10)=,PVIFA(8%,10)=,FVIF(8%,10)=,FVIFA(8%,10)=today,BirdSeedCompany’scommonstockpaida$annualdividendpershareandhadaclosingpriceof$24.Assumethatthemarket’srequiredreturnforthisinvestmentis12%andthatdividendsareexpectedtogrowataconstantrateforever.a.calculatetheimpliedgrowthrateindividends.b.whatisexpecteddividendyieldandcapitalgainsyieldThedataforvariouscompaniesinthesameindustryareasfollows:(amountsareinmilliondollars)CompanyABCDEFSales101587612Totalassets8106459Netincome324233NetprofitmarginTotalassetsturnoverDeterminethetotalassetturnover,netprofitmargin,andwriteyourcomputationresultinthetable.Youexpecttodepositthefollowingcashflowsattheendofyears1through5,1,000;4,000;9,000;5,000;and2,000respectively.Alternatively,youcoulddepositasingleamounttodayatthebeginningofyear1(endofyear0).Howmuchisthesingledepositneededtobetodayifyoucanearn10%compoundedannually(10/)Ahasanexpectedgrowthrateof16%forthefirst3yearsand8%thereafter.Eachshareofstockjustreceivedanannualdividendpershare.Theappropriatediscountrateis15%.Whatisthevalueofthecommonstockunderthisscenario(10/)6.Thefollowingcommonstocksareavailableforinvestment:COMMONSTOCK(TICKERSYMBOL)BETANanyangBusinessSystems(NBS)YunnanGardenSupply,Inc.(YUWHO).80BirdNestSoupsCompany(SLURP).60!(WACHO)ParkCityColaCompany(BURP)OldiesRecords,Ltd.(SHABOOM).90Ifyouinvest20percentofyourfundsineachofthefirstfoursecurities,and10percentineachofthelasttwo,whatisthebetaofyourportfolio(5/)Iftherisk-freerateis8percentandtheexpectedreturnonthemarketportfoliois14percent,whatwillbetheportfolio'sexpectedreturn(5/)Solutions(B)I.MultipleChoice(20points)(Pleasewriteyouranswerinthefollowingtable)题

1

23

4567

8910

11

1213

14151617

1819

20号选

AA

D

DB

BD

ABC

B

AD

DDA

A

AA

A项Statementjudgement(10Points)(Pleasewriteyouranswerinthefollowingtable)题号

1

2

3

4

5

6

7

8

9

10√或×

√

×

√

√

√

√

√

×

×

√III.Questions(10points)(Pleasewriteyouranswerontheanswerpaper)Depreciationchangesthetimingoftaxpayments.Thelongerthesepaymentscanbedelayed,thebetteroffthebusinessis.2.Aprimarymarketisa“newissues”market.Here,fundsraisedthroughthesaleofnewsecuritiesflowfromultimatesaverstotheultimateinvestorsinrealassetsInasecondarymarket,existingsecuritiesareboughtandsold.TransactionsinthesealreadyexistingsecuritiesdonotprovideadditionalfundstofinancecapitalinvestmentIV.Problems(60Points)(Pleasewriteyouranswerontheanswerpaper)Answer:100000=AFVIF(8%,10)=A=100000/=6903Answer:a.24=(1+g)/,g=b.dividendyield==,capitalgainsyield=3.Answer:CompanyABCDEFSales101587612Totalassets8106459Netincome324233NetprofitmarginTotalassetsturn