复旦大学财务管理期中考试题.docx

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复旦大学财务管理期中考试题.docx

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复旦大学财务管理期中考试题.docx

复旦大学财务管理期中考试题

复旦大学管理学院

2015～2016学年第二学期期中考试试卷

□A卷

课程名称：

__财务管理_________课程代码：

_____

开课院系：

__管理学院会计系_________考试形式：

______开卷_______

姓名：

学号：

专业：

题号

总分

得分

选择题

判断题

一、选择题〔每题1.5分，共75分〕

1.Considerabondwithafacevalueof$1,000,acouponrateof6%,ayieldtomaturityof8%,andtenyearstomaturity.Thisbond'sdurationis:

A. 8.7years

B. 7.6years

C. 0.1years

D. 6.5years

2.Abondwithafacevalueof$1,000,couponrateof0%,yieldtomaturityof9%,andtenyearstomaturity.Thisbond'sdurationis:

A. 6.7years

B. 7.5years

C. 9.6years

D. 10.0years

3.Abondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'svolatilityis:

A. 9.09%

B. 6.8%

C. 14.6%

D. 6.0%

4.Ifabond'svolatilityis10%andtheinterestrategoesdownby0.75%（points）thenthepriceofthebond:

A. decreasesby10%

B. decreasesby7.5%

C. increasesby7.5%

D. increasesby0.75%

5.Volatilityofabondisgivenby:

I）Duration/（1+yield）

II）Slopeofthecurverelatingthebondpricetotheinterestrate

III）Yieldtomaturity

A. Ionly

B. IIonly

C. IIIonly

D. IandIIonly

6.Thevalueofacommonstocktodaydependson:

A. Numberofsharesoutstandingandthenumberofshareholders

B. Theexpectedfuturedividendsandthediscountrate

C. TheWallStreetanalysts

D. Presentvalueofthefutureearningspershare

7.DeluxeCompanyexpectstopayadividendof$2pershareattheendofyear-1,$3pershareattheendofyear-2andthenbesoldfor$32pershare.Iftherequiredrateonthestockis15%,whatisthecurrentvalueofthestock?

D. Noneofthegivenanswers

8.CasinoInc.isexpectedtopayadividendof$3pershareattheendofyear-1（D1）andthesedividendsareexpectedtogrowataconstantrateof6%peryearforever.Iftherequiredrateofreturnonthestockis18%,whatiscurrentvalueofthestocktoday?

A. $25

B. $50

C. $100

D. $54

9.R&DTechnologyCorporationhasjustpaidadividendof$0.50pershare.Thedividendsareexpectedtogrowat24%peryearforthenexttwoyearsandat8%peryearthereafter.Iftherequiredrateofreturninthestockis16%（APR）,calculatethecurrentvalueofthestock.

D. Noneoftheabove

10.Whichofthefollowingformulasregardingearningstopriceratioistrue:

A. EPS/Po=r[1+（PVGO/Po]

B. EPS/Po=r[1-（PVGO/Po）]

C. EPS/Po=[r+（PVGO/Po）]

D. EPS/Po=[r+（1+（PVGO/Po）]/r

11.Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?

A. Netpresentvalue

B. Internalrateofreturn

C. Thepaybackperiod

D. Alloftheaboveusethetimevalueconcept

12. Thenetpresentvalueofaprojectdependsupon:

A. company'schoiceofaccountingmethod

B. manager'stastesandpreferences

C. project'scashflowsandopportunitycostofcapital

D. alloftheabove

13. Thepaybackperiodrule:

A. Variesthecut-offpointwiththeinterestrate.

B. Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.

C. Requiresanarbitrarychoiceofacut-offpoint.

D. BothAandC.

14.GiventhefollowingcashflowsforprojectA:

C0=-1000,C1=+600,C2=+400,andC3=+1500,calculatethepaybackperiod.

A. Oneyear

B. Twoyears

C. Threeyears

D. Noneoftheabove

15.GiventhefollowingcashflowsforprojectZ:

C0=-1,000,C1=600,C2=720andC3=2000,calculatethediscountedpaybackperiodfortheprojectatadiscountrateof20%.

A. 1year

B. 2years

C. 3years

D. Noneoftheabove

16.GiventhefollowingcashflowsforProjectM:

C0=-1,000,C1=+200,C2=+700,C3=+698,calculatetheIRRfortheproject.

A. 23%

B. 21%

C. 19%

D. Noneoftheabove

17.DriscollCompanyisconsideringinvestinginanewproject.Theprojectwillneedaninitialinvestmentof$2,400,000andwillgenerate$1,200,000（after-tax）cashflowsforthreeyears.CalculatetheIRRfortheproject.

A. 14.5%

B. 18.6%

C. 20.2%

D. 23.4%

18. Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006?

A. Commonstocks

B. Governmentbonds

C. Treasurybills

D. Noneofthegivenanswers

19.Whichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows?

A. Arithmeticaverage

B. Geometricaverage

C. Hyperbolicmean

D. Noneoftheabove

20.Marketriskisalsocalled:

I）systematicrisk,II）undiversifiablerisk,III）firmspecificrisk.

A. Ionly

B. IIonly

C. IIIonly

D. IandIIonly

21.Asthenumberofstocksinaportfolioisincreased:

A. Uniqueriskdecreasesandapproachestozero

B. Marketriskdecreases

C. Uniqueriskdecreasesandbecomesequaltomarketrisk

D. Totalriskapproachestozero

22.StockMandStockNhavehadthefollowingreturnsforthepastthreeyearsof-12%,10%,32%;and15%,6%,24%respectively.Calculatethecovariancebetweenthetwosecurities.

A. -99

B. +99

C. +250

D. Noneoftheabove

23.Therangeofvaluesthatcorrelationcoefficientscantakecanbe:

A. zeroto+1

B. -1to+1

C. -infinityto+infinity

D. zeroto+infinity

24. InthecaseofaportfolioofN-stocks,theformulaforportfoliovariancecontains:

A. Nvarianceterms

B. N（N-1）/2varianceterms

C. N2varianceterms

D. Noneoftheabove

25.The"beta"isameasureof:

A. Uniquerisk

B. Totalrisk

C. Marketrisk

D. Noneoftheabove

26.ThecorrelationcoefficientbetweenstockAandthemarketportfoliois+0.6.Thestandarddeviationofreturnofthestockis30%andthatofthemarketportfoliois20%.Calculatethebetaofthestock.

27.Thedistributionofreturns,measuredoverashortintervaloftime,likedailyreturns,canbeapproximatedby:

A. Normaldistribution

B. Lognormaldistribution

C. Binomialdistribution

D. noneoftheabove

28.Normalandlognormaldistributionsarecompletelyspecifiedby:

I）mean

II）standarddeviation

III）thirdmoment

A. Ionly

B. IandIIonly

C. IIonly

D. IIIonly

29.FloridaCompany（FC）andMinnesotaCompany（MC）arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:

FC:

-5%,15%,20%;MC:

8%,8%,20%.

Calculatethestandarddeviation（S.D.）ofreturnforFCandMC.

A. FC:

10%MC:

12%

B. FC:

18.7%MC:

9.8%

C. FC:

13.2%MC:

6.9%

D. Noneoftheabove

30. FloridaCompany（FC）andMinnesotaCompany（MC）arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:

FC:

-5%,15%,20%;MC:

8%,8%,20%.Whatisthevarianceoftheportfoliowith50%ofthefundsinvestedinFCand50%inMC（approximately）?

D. Noneoftheabove

31.InvestmentsAandBbothofferanexpectedrateofreturnof12%.IfthestandarddeviationofAis20%andthatofBis30%,theninvestorswould:

A. PreferAtoB

B. PreferBtoA

C. PreferaportfolioofAandB

D. Cannotanswerwithoutknowinginvestor'sriskpreferences

32. Theefficientportfolios:

I）haveonlyuniquerisk

II）providehighestreturnsforagivenlevelofrisk

III）providetheleastriskforagivenlevelofreturns

IV）havenoriskatall

A. Ionly

B. IIandIIIonly

C. IVonly

D. IIonly

33. Bycombininglendingandborrowingattherisk-freeratewiththeefficientportfolios,wecanI）extendtherangeofinvestmentpossibilities

II）changeefficientsetofportfoliosfrombeingcurvilineartoastraightline.

III）provideahigherexpectedreturnforanylevelofriskexceptthetangentialportfolio

A. Ionly

B. IandIIonly

C. I,II,andIII

D. noneoftheabove

34.Supposeyouinvestequalamountsinaportfoliowithanexpectedreturnof16%andastandarddeviationofreturnsof20%andarisk-freeassetwithaninterestrateof4%;calculatethestandarddeviationofthereturnsontheresultingportfolio:

A. 8%

B. 10%

C. 20%

D. noneoftheabove

35.Thecorrelationbetweentheefficientportfolioandtherisk-freeassetis:

A. +1

B. -1

C. 0

D. cannotbecalculated

36.Inthepresenceofarisk-freeasset,theinvestor'sjobisto:

I）investinthemarketportfolio

II）findaninteriorportfoliousingquadraticprogramming

III）borroworlendattherisk-freerate

IV）readandunderstandMarkowitz'sportfoliotheory

A. IandIIonly

B. IandIIIonly

C. IIandIVonly

D. IVonly

37.Betaofthemarketportfoliois:

A. Zero

38.ThegraphicalrepresentationofCAPM（CapitalAssetPricingModel）iscalled:

A. CapitalMarketLine

B. CharacteristicLine

C. SecurityMarketLine

D. Noneoftheabove

39.IfthebetaofExxonMobilis0.65,risk-freerateis4%andthemarketrateofreturnis14%,calculatetheexpectedrateofreturnfromExxon:

A. 12.6%

B. 10.5%

C. 13.1%

D. 6.5%

40. Ifastockisoverpriceditwouldplot:

A. Abovethesecuritymarketline

B. Belowthesecuritymarketline

C. Onthesecuritymarketline

D. OntheY-axis

41.Costofcapitalisthesameascostofequityforfirms:

A. financedentirelybydebt

B. financedbybothdebtandequity

C. financedentirelybyequity

D. noneoftheabove

42.Usingthecompanycostofcapitaltoevaluateaprojectis:

I）Alwayscorrect

II）Alwaysincorrect

III）Correctforprojectsthatareaboutasriskyastheaverageofthefirm'sotherassets

A. Ionly

B. IIonly

C. IIIonly

D. IandIIIonly

43.Whichofthefollowingtypesofprojectshavethehighestrisk?

A. Speculationventures

B. Newproducts

C. Expansionofexistingbusiness

D. Costimprovement,（knowntechnology）

44.Themarke

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