财务管理学2008.10试题27092（2008.10 questions in financial management 27092）

1、财务管理学2008.10试题27092（2008.10 questions in financial management 27092）27092 financial management of Jiangsu province in October 2008First, single choice questions1, all securities have an impact, but the enterprise can not control the risk is (B) auxiliary P69A. non systematic risk, B. system risk, C.

2、 financial risk, D. operation risk2., the MM theory of capital structure belongs to (A) P108A. financing theory, B investment theory, C profit and loss and distribution theory D capital operation theory3. the following economic operations will increase the speed ratio of the enterprise is (A) P68A s

3、ells stock merchandise, B responds to receivables, C buys short term bonds, and D uses fixed assets to make long-term investments abroad4. when the coupon rate of the bond is less than the market interest rate, the bond issue should be (C) supplemented by P60A. premium issue, B par value issue, C di

4、scount issue, D equivalent issue5. Early in the year in the bank 2000 yuan, the annual interest rate of 3%, according to compound interest calculation method, at the end of third years he can get the amount of 1 (D)A 2000 yuan, B2180 yuan, C2191.0 yuan, D2185.45 yuanThe 6. present value index method

5、 is more suitable for the investment of the two schemes (A) P258A inequality is the case where B is equalC is equal in the first phase and then unequal. D is unequal in the first phase and then equal in the latter.7., the average number of common shares issued by an enterprise is 18 million shares,

6、earning 2.58 yuan per share. Surplus fund and public welfare fund totaled 6 million 966 thousand yuan, and the enterprise had no preference shares and no retained profits. The dividend per share of the enterprise is (B)A.2.11 yuan, B.2.19 yuan, C.2.58 yuan, D.3.95 yuanThe inverse of the 8. P / E rat

7、io can be considered as (B) P56A. equity multiplier B investment return C debt sinking fund coefficient D investment recovery factor9. the following expenditure items shall not be included in the enterprise cost expenditure range is (C) P331A. direct salary B other direct expenditure C foreign inves

8、tment expenditure D financial expense10. an enterprise inventory at the beginning of 400 thousand yuan, the end of the stock is 600 thousand yuan, the annual sales revenue of 12 million yuan, the sales cost of 8 million yuan. The inventory turnover was (B) P71A.13.3 times, B.16 times, C.20 times, D.

9、24 times11. when calculating the capital cost rate of various sources of funds, there is no need to consider the factors that affect the cost of financing (C) P101A. preferred stock cost rate B common stock cost rate C retained earnings cost rate D long term bond cost rate12. the credit rating metho

10、d usually divides the grades according to what items the accounts receivable may be provided to the customers by the enterprise (B) P207The A. collection rate of B bad debt reserve rate D default rate C marginal contribution rateThe 13. annuity refers to the sum of money paid in each period in a cer

11、tain period. The annuity for each initial payment is (D) P37A. ordinary annuity B deferred annuity C perpetual annuity D advance annuityThe 14. year sum method is based on the fixed assets (D) P269A. initial B value of the original C net replacement value of D cost less residual net balance15. in th

12、e following financial ratios, the operating capacity of the enterprise is (D) P73A. asset liability ratio, B liquidity ratio, C operating income margin, D inventory turnover16., the average annual dividend of common shares of a company is 3 yuan, and the required return rate of enterprise investment

13、 is 12%, and the intrinsic value of the common stock is (B) P297A.0.36 yuan, B.25 yuan, C.36 yuan, D.50 yuan17. long term loan financing is characterized by (B) P167 compared with long term bond raisingA. B. raised tax elasticity of interest C. D. high interest debt financing costs18. the liquidatio

14、n of the enterprise after the payment of liquidation costs, the first place in the debt settlement should be (B) P426A. pay payable unpaid taxes, B. pay payable unpaid wagesC. liquidation of unsecured debt D. complement enterprise capitalThe 19. international bond market includes (C) P435A. Asia bon

15、d market, African bond market, European bond market, American bond market and Oceania bond marketB. European bond market and American bond marketC.European bond market and foreign bond marketD. European bond market, American bond market, domestic bond market and foreign bond market20. options call t

16、he predetermined price as (B) auxiliary P69A. B. C. executive price bidding price D. priceThe amount of cash held by 21. companies in order to grasp the opportunity to purchase materials or assets cheaply is called (C) P192A. trading balance B compensatory balance C speculative balance D precautiona

17、ry balance22. in the form of enterprise expansion is (A) P406A enterprise acquisition B enterprise stripping C enterprise separation D enterprise liquidation23. when the internal rate of return is lower than the capital cost, the net present value must be (C) P258A. 1 B. 0 C. negative D. positive24.

18、 the faster the compound interest rate is, the future value (B) P34 of the same periodThe smaller the B., the bigger the A, and the C. invariant D. has no meaning25. the size of the financial risk depends on the companys (A) P105A debt size, B asset size, C production scale, D sales26. when the comm

19、ercial credit terms are 2/10, n/30, if the enterprise does not get cash discount, the opportunity cost is (A) when the payment is paid in thirtieth daysA.36.73% B.42.64% C.64.55% D.73.63%27. the organizational form that can reflect the basic characteristics of modern enterprise system is (B) P4A par

20、tner enterprise, B company, C investment enterprise, D individual enterpriseTwo, multiple-choice questions28., the credit policy is the policy of the account receivable according to the operation of the enterprise. The main content of the credit policy is (ACE) P205 P211A. credit period B. credit ev

21、aluation C. credit standard D. collection policy E. cash discount29. the following accelerated depreciation method for fixed assets is (BCE) P267A. average annual number method B sum method C double declining balance method D workload method E declining balance method30. financial relationships of e

22、nterprises include (ABCDE) P7Financial relationship between A enterprise and its owner B financial relationship between enterprise and creditorThe financial relationship between C enterprise and the invested unit D the financial relationship between the enterprise and its employeesFinancial relation

23、ship between E enterprise and its debtor31. the main factor determining the bond issuing price is (ABDE) P170A bond value B bond interest rate C bond issuance quantity D market interest rate E bond maturity date32. the best measure of capital structure is (AC) P112A. has the lowest capital cost, the

24、 smallest B investment risk, the largest C. enterprise value, and the highest D labor productivityThe payback period of E. investment is the shortestThree, determine the error correction problem33. the storage cost of inventories decreases with the increase in inventory size. (x) P21934. generally s

25、peaking, when other conditions remain unchanged, extending the credit period is equivalent to extending the average collection period of accounts receivable. (V) auxiliary P84The financing of issuing bonds by 35. companies will disperse the shareholders control over the company. (x) P16836. if the c

26、orporate debt financing is zero, the financial leverage coefficient is 1. (V) P10537. responsibility cost is the total controllable and uncontrollable cost of a specific responsibility center. (x) P344Four. Noun interpretation38. stock adjustment P114It is to structure and restructure the existing a

27、ssets and liabilities in the existing assets scale, so as to make the capital structure more reasonable.39. efficient market theory P183Is proposed by Eugene Fama?, is one of the most important content in the framework of western financial theory. Its basic thought can be summarized as follows: in t

28、he stock market, if the trader can not get extra profit according to a set of information, then the capital market can be considered effective.40. deferred annuity P37An equal amount of money that is payable in successive days after the end of the first term, also called deferred annuity.41. option

29、trading P306It is a contractual transaction which gives the buyer the right to purchase or sell certain quantities of goods at a fixed price to the seller at any time before the expiration date or before the contractFive, simple answer42. what is the foreign exchange business of an enterprise? Brief

30、ly explain the reasons for foreign exchange business production. P302It refers to the business of income, payment, settlement and valuation of all kinds of money in the currency other than the standard currency.1, foreign commodity trade; 2, foreign labor input and output; 3, short-term capital flow

31、s; 4, long-term capital flows43. what is a short-term financing bond? Brief introduction of financing characteristics of short term financing bonds. P159 P162Also known as commercial paper, short-term ious or commercial paper, it is a large scale, issued by the fame ring, reputable companies in the

32、open market on an unsecured promissory note, is a new way to raise short-term funds.Advantage：1, short term financing bonds financing cost is low; 2, short-term financing bonds financing can improve the credibility of the enterprise; 3, short-term financing bonds financing can reduce the financial w

33、ork of enterprises;4, brokers can sometimes offer valuable advice;Shortcoming:The conditions for issuing short term financing bonds are relatively strictIn the financial difficulties, short-term financing bonds may be difficult to complete the issueIf you dont pay your due, you can have pretty bad c

34、onsequences.44. briefly describe the financial ratio relationship reflected by DuPont analysis system. P821, the relationship between return on equity, return on equity and equity multiplierReturn on equity = return on equity = equity multiplier2, the relationship between return on assets and net sa

35、les interest rate and total asset turnoverReturn on assets = net sales profit = total asset turnover3, the relationship between net profit rate and net profit and sales incomeNet profit rate = net profit / sales incomeThe relationship between turnover of total assets and sales income and total asset

36、sTotal assets turnover = sales income / average assetsSix. Calculation questions45., a company issued 22 million 500 thousand yuan of ordinary shares at par value, the first year of dividend is expected to be 15%, after an annual growth of 5%, the issue cost of the stock is 1 million 12 thousand and

37、 500 yuan, the cost of issuing common stock funds. P100Solution:=20.71%46., the company expects the annual monetary fund demand is 400000 yuan, the cost of each purchase and sale of securities is 60 yuan, the annual interest rate of securities is 8%, to seek the best amount of Monetary Fund holdings

38、. P201Solution:Optimal monetary holdings = =24494.947. the total assets of a company at the end of 2007 was 5 million 500 thousand yuan, the actual capital was 2 million 500 thousand yuan, the undistributed profit was 600 thousand yuan, the total liabilities was 2 million 400 thousand yuan; in 2007,

39、 the sales income was 15 million yuan, and the net profit was 750 thousand yuan. Required to calculate the companys end of 2007 indicators: (1) sales net profit margin; (2) total asset turnover (3) net asset return rate P83Solution:Net asset interest rate =75/1500=5%Total assets turnover rate =1500/

40、550=2.73 timesNet asset return rate =75/ (250+60) =24.2%The rate of return and the probability of 48. shares of Xijing as shown in the following table.The probability of the market (Pi) Xijing company KiProsperity 0.240%General 0.520%Poor 0.30%If the risk coefficient of the Xijing company for 5% yea

41、r plan, the risk-free rate of return is 10%, requirements: P50I. calculate the expected rate of return of Xijing company;Ii. calculation of the standard deviation of Xijing company;III. computing company Xijing standard deviation rate;IV. calculate the risk return rate of Xijing company expected;V.

42、company forecast calculation Xijing investment return rate.solutionExpected rate of return =0.2 x 40%+0.5 x 20%=18%Standard deviation = =14%Standard deviation =14%/18%=0.7778Risk return rate =0.05 * 0.7778=0.03889Return on investment = risk-free return rate + risk return rate =10%+0.03889=0.1388949.

43、 of the capital profit rate is 10%, the existing two monetary fund holding scheme, a scheme of holdings of 300000 yuan, 60000 yuan of cost management, shortage cost 40000 yuan; B plan holdings of 400000 yuan, 60000 yuan of cost management, shortage cost 20000 yuan, which determine the optimal scheme

44、? P109Solution:The total cost of a scheme is =300000 * 10%+60000+40000=130000 yuan;The total cost of the scheme B is =400000 x 10%+60000+20000=120000 yuan;The total cost of a plan b dreams total program cost; R B program selectionAnswer: because the total cost of a plan is higher than the total cost

45、 of B program, so the choice of B program is the best.50. industrial machinery manufacturing factory to make an investment, the investment for a period of 3 years at the beginning of each year, have invested 2 million yuan of funds, the project completed by the end of the third year, began productio

46、n in early fourth, the project life cycle for 5 years, every 5 years to enable enterprises to increase the cash inflow of 1 million 750 thousand yuan. Requirements: when the annual interest rate is 6%, the calculation is as follows: (1) the final value of the original investment at the end of third years;(2) the present value of the cash flow