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
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:
__969、003、1、01___
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
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选择题
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判断题
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一、选择题(每题1、5分,共75分)
1.Considerabondwithafacevalueof$1,000,acouponrate of6%,ayieldtomaturity of8%,and tenyears tomaturity、Thisbond's durationis:
A、 8、7yearsﻫB、 7、6yearsﻫC、 0、1 yearsﻫD、 6、5years
2.Abondwithafacevalueof$1,000,couponrateof0%,yieldto maturityof 9%, andtenyearsto maturity、Thisbond'sdurationis:
A、 6、7yearsﻫB、 7、5yearsﻫC、 9、6years
D、 10、0years
3.Abondwithduration of10yearshasyieldtomaturityof10%、Thisbond'svolatilityis:
ﻫA、 9、09%ﻫB、 6、8%ﻫC、 14、6%
D、 6、0%
4.Ifabond’s volatilityis10% andtheinterestrategoesdown by0、75%(points)thenthe priceof thebond:
ﻫA、 decreasesby 10%
B、 decreasesby7、5%
C、 increasesby7、5%ﻫD、 increases by 0、75%
5.Volatility ofabond isgivenby:
ﻫI)Duration/ (1+yield)ﻫII)Slopeof thecurverelatingthebondpricetotheinterestrate
III)Yield to maturity ﻫA、 Ionly
B、 II only
C、 IIIonlyﻫD、 IandIIonly
6.Thevalueof amonstocktoday depends on:
ﻫA、 Numberofsharesoutstandingandthenumberofshareholders
B、 The expectedfuturedividendsandthe discount rateﻫC、 TheWallStreetanalystsﻫD、 Presentvalueofthefuture earningspershare
7.Deluxepanyexpectstopayadividendof$2 per shareatthe endofyear-1,$3pershareat the end ofyear-2andthenbe soldfor $32per share、Iftherequired rateonthe stockis15%,whatisthe currentvalueofthestock?
ﻫA、 $28、20ﻫB、 $32、17
C、 $32、00
D、 Noneofthe givenanswers
8.CasinoInc、 isexpectedtopayadividendof$3per shareatthe endofyear-1(D1) andthesedividendsare expectedtogrowataconstantrateof 6%peryearforever、Iftherequiredrate ofreturnonthestockis 18%, whatiscurrentvalueofthestocktoday?
A、 $25
B、 $50
C、 $100
D、 $54
9.R&DTechnologyCorporationhas justpaidadividend of $0、50 pershare、The dividendsareexpectedtogrowat24%peryear for thenexttwo yearsandat8%per yearthereafter、If therequired rateof returninthestockis16%(APR), calculatethecurrentvalueof thestock、
A、 $1、11ﻫB、 $7、71
C、 $8、82ﻫD、 None ofthe above
10.Whichofthefollowingformulas regardingearningstopriceratioistrue:
A、 EPS/Po=r[1+(PVGO/Po]ﻫB、 EPS/Po =r[1-(PVGO/Po)]ﻫC、 EPS/Po=[r+(PVGO/Po)]
D、 EPS/Po =[r +(1+(PVGO/Po)]/r
11.Which ofthefollowinginvestmentrulesdoesnotusethetimevalue ofthemoneyconcept?
A、 NetpresentvalueﻫB、 Internalrate of returnﻫC、 ThepaybackperiodﻫD、 Allofthe aboveuse thetimevalueconcept
12. Thenetpresentvalueofaproject dependsupon:
A、 pany'schoice ofaccountingmethodﻫB、 manager's tastesandpreferencesﻫC、 project'scash flowsand opportunitycostofcapitalﻫD、 all oftheabove
13. Thepaybackperiodrule:
A、 Variesthecut—offpoint withtheinterestrate、
B、 Determinesacut-offpointsothatallprojects acceptedby theNPVrulewill beacceptedbythepaybackperiodrule、
C、 Requiresan arbitrary choice ofacut-offpoint、ﻫD、 BothAandC、
14.Giventhefollowing cashflowsforproject A:
C0=-1000,C1=+600,C2 = +400, andC3=+1500, calculatethe paybackperiod、
A、 Oneyear
B、 Two yearsﻫC、 Three yearsﻫD、 Noneof theabove
15.Given the following cashflowsfor project Z:
C0=-1,000, C1=600,C2=720andC3=2000,calculatethediscounted paybackperiodfortheprojectat adiscount rateof20%、
A、 1 yearﻫB、 2yearsﻫC、 3years
D、 Noneof theabove
16.Given the followingcash flowsfor Project M:
C0= —1,000,C1=+200, C2= +700, C3 = +698,calculatethe IRRforthe project、 ﻫA、 23%
B、 21%
C、 19%ﻫD、 Noneofthe above
17.Driscollpanyisconsideringinvestinginanewproject、Theprojectwillneedan initialinvestmentof $2,400,000andwillgenerate$1,200,000(after-tax)cash flowsforthree years、CalculatetheIRRfor theproject、
A、 14、5%ﻫB、 18、6%
C、 20、2%
D、 23、4%
18. Whichportfoliohashadthehighestaverage risk premiumduringtheperiod1900-2006?
A、 monstocksﻫB、 Government bonds
C、 Treasurybills
D、 Noneofthegiven answers
19.Whichofthefollowing provides acorrectmeasureoftheopportunitycostofcapital regardlessofthetimingofthecashflows?
ﻫA、 Arithmeticaverage
B、 Geometric averageﻫC、 Hyperbolicmean
D、 Noneoftheabove
20.Marketriskisalsocalled:
I)systematicrisk,II) undiversifiablerisk, III)firmspecificrisk、
A、 I only
B、 II only
C、 IIIonlyﻫD、 I andIIonly
21.Asthenumber ofstoc