财务管理试卷及答案(英文版).doc
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ExaminationProblemsforFundamentalsofFinancialManagement2004-2005（PaperB）
I.MultipleChoice（20points）（Pleasewriteyouranswerinthefollowingtable）
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选项
1.（）isconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.
A.FinancialmanagementB.ProfitmaximizationC.AgencytheoryD.Socialresponsibility
2.Amajordisadvantageofthecorporateformoforganizationisthe（）.
A.doubletaxationofdividends
B.inabilityofthefirmtoraiselargesumsofadditionalcapital
C.limitedliabilityofshareholders
D.limitedlifeofthecorporateform.
3.Interestpaid（earned）onboththeoriginalprincipalborrowed（lent）andpreviousinterestearnedisoftenreferredtoas（）.
A.presentvalueB.simpleinterestC.futurevalueD.compoundinterest
4.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusion?
A.Thestockhasalowlevelofrisk.
B.Thestockoffersahighdividendpayoutratio.
C.Themarketisundervaluingthestock.
D.Themarketisovervaluingthestock.
5.A250facevalueshareofpreferredstock,paysa20annualdividendandinvestorsrequirea7%returnonthisinvestment.Ifthesecurityiscurrentlysellingfor276,whatisthedifference（overvaluation）betweenitsintrinsicandmarketvalue（roundedtothenearestwholedollar）?
A.approximately26B.approximately10C.approximately6D.approximately1
6.FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof300,000andanetprofitmarginof5percent.Whatareitssales?
A.3,750,000B.480,000C.300,000D.1,500,000
7.Acompanycanimprove（lower）itsdebt-to-totalassetratiobydoingwhichofthefollowing?
A.Borrowmore.B.Shiftshort-termtolong-termdebt.C.Shiftlong-termtoshort-termdebt.D.isssuecommonstock.
8.TheDuPontApproachbreaksdowntheearningpoweronshareholders'bookvalue（ROE）asfollows:
ROE=（）.
A.Netprofitmargin×Totalassetturnover×Equitymultiplier
B.Totalassetturnover×Grossprofitmargin×Debtratio
C.Totalassetturnover×Netprofitmargin
D.Totalassetturnover×Grossprofitmargin×Equitymultiplier
9.Whichofthefollowingitemsconcernsfinancingdecision?
（）
A.salesforecastingB.bondissuingC.receivablescollectionD.investmentprojectselection
10.Whichofthefollowingitemsisthefunctionofatreasurer?
（）
A.costaccountingB.internalcontrolC.capitalbudgetingD.generalledger
11.Forfinancialinstruments,（）isjudgedinrelationtotheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimewithoutsignificantpriceconcession.
A.maturityB.marketabilityC.defaultD.inflation
12.（）isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.
A.futurevalueB.presentvalueC.intrinsicvalueD.marketvalue
13.EllesmereCorporationissues1million$1parvaluebonds.Thestatedinterestrateis6%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond?
（）
A.6%B.3%C.12%D.（1+6%/2）2-1
14.AssumethatdividendsofacommonstockwillbemaintainedatDforever,andtherequiredreturnofthestockholderisr,theparvalueofthestockism,thevalueofthestockis（）
A.mB.m+DC.m+D/rD.D/r
15.Whichofthefollowingitemshasthemostrisk?
（）
A.treasurybillB.corporatebondC.preferredstockD.commonstock
16.（）equalsthegrossprofitdividedbynetsalesofafirm.
A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequity
17.（A）istheratiosthatmeasureafirm’sabilitytomeetshort-termobligations
A.liquidityratiosB.leverageratiosc.coverageratiosD.activityratios
18.（A）istheresultofNetProfitMargin×totalassetturnover×（totalassets/shareholders’equity）
A.ReturnonequityB.returnoninvestmentC.currentratioD.quickratio
19.Governmenttaxlawadjustmentis（A）toafirm.
A.generaleconomicriskB.inflationanddeflationriskC.firm-specificrisk
D.internationalrisk
20（A）equalsthegrossprofitdividedbynetsalesofafirm.
A.grossprofitmarginB.netprofitmarginC.returnoninvestmentD.returnonequity
II.Statementjudgement（10Points）（Pleasewriteyouranswerinthefollowingtable）
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√或×
1.Untilaroundthefirsthalfofthe1900s,financialmanagersprimarilyraisedfundsandmanagedtheirfirm’scashpositions.（）
2.Ingeneral,thehigherthemarketabilityof
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