复旦大学财务管理期中考试题Word文档下载推荐.docx

复旦大学财务管理期中考试题Word文档下载推荐.docx

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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'

6.7years

7.5years

9.6years

10.0years

3.Abondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'

svolatilityis:

9.09%

6.8%

14.6%

6.0%

4.Ifabond'

svolatilityis10%andtheinterestrategoesdownby0.75%（points）thenthepriceofthebond:

decreasesby10%

decreasesby7.5%

increasesby7.5%

increasesby0.75%

5.Volatilityofabondisgivenby:

I）Duration/（1+yield）

II）Slopeofthecurverelatingthebondpricetotheinterestrate

III）Yieldtomaturity 

Ionly

IIonly

IIIonly

IandIIonly

6.Thevalueofacommonstocktodaydependson:

Numberofsharesoutstandingandthenumberofshareholders

Theexpectedfuturedividendsandthediscountrate

TheWallStreetanalysts

Presentvalueofthefutureearningspershare

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

$28.20

$32.17

$32.00

Noneofthegivenanswers

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

$25

$50

$100

$54

9.R&

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

$1.11

$7.71

$8.82

Noneoftheabove

10.Whichofthefollowingformulasregardingearningstopriceratioistrue:

EPS/Po=r[1+（PVGO/Po]

EPS/Po=r[1-（PVGO/Po）]

EPS/Po=[r+（PVGO/Po）]

EPS/Po=[r+（1+（PVGO/Po）]/r

11.Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?

Netpresentvalue

Internalrateofreturn

Thepaybackperiod

Alloftheaboveusethetimevalueconcept

12. 

Thenetpresentvalueofaprojectdependsupon:

company'

schoiceofaccountingmethod

manager'

stastesandpreferences

project'

scashflowsandopportunitycostofcapital

alloftheabove

13. 

Thepaybackperiodrule:

Variesthecut-offpointwiththeinterestrate.

Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.

Requiresanarbitrarychoiceofacut-offpoint.

BothAandC.

14.GiventhefollowingcashflowsforprojectA:

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

Oneyear

Twoyears

Threeyears

15.GiventhefollowingcashflowsforprojectZ:

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

1year

2years

3years

16.GiventhefollowingcashflowsforProjectM:

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

23%

21%

19%

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

14.5%

18.6%

20.2%

23.4%

18. 

Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006?

Commonstocks

Governmentbonds

Treasurybills

19.Whichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows?

Arithmeticaverage

Geometricaverage

Hyperbolicmean

20.Marketriskisalsocalled:

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

C.