西方财务管理试题.docx
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西方财务管理试题
Ⅰ.Fillintheblanks:
(10points,2pointsforeach)A卷
1.Thethreebasicquestionsaddressedbyafinancialmanagerare:
capitalbudgeting,capital
structure,and.
2.Thethreebasiclegalformsoforganizingabusinessare,partnerships,andcorporations.
3.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbedividedascashflow,cashflowfromchangesinfixedassetsandcashflowfromchangesinworkingcapital.
4.ismeasuredascurrentassetsdividedbycurrentliabilities.
5.Aformofequitywhichreceivespreferentialtreatmentinthepaymentofdividendsis
called.
Ⅱ.MultipleChoice:
(20points,1pointforeachproblem.)
1.Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,
financialplanning,andcapitalexpendituresisthe:
a.treasurer.b.director.c.controller.d.chairmanoftheboard.
2.Theprimarygoaloffinancialmanagementisto:
a.maximizecurrentdividendspershareoftheexistingstock.
b.maximizethecurrentvaluepershareoftheexistingstock.
c.avoidfinancialdistress.
d.minimizeoperationalcostsandmaximizefirmefficiency.
3.Whichoneofthefollowingstatementsiscorrectconcerningtheorganizational
structureofacorporation?
a.Thevicepresidentoffinancereportstothechairmanoftheboard.
b.Thechiefexecutiveofficerreportstotheboardofdirectors.
c.Thecontrollerreportstothepresident.
d.Thetreasurerreportstothechiefexecutiveofficer.
4.Whichoneofthefollowingisaprimarymarkettransaction?
a.adealersellingsharesofstocktoanindividualinvestor
b.adealerbuyingnewlyissuedsharesofstockfromacorporation
c.anindividualinvestorsellingsharesofstocktoanotherindividual
d.abanksellingsharesofamedicalfirmtoanindividual
5.Thefinancialstatementshowingafirm’saccountingvalueonaparticulardateisthe:
a.incomestatement.b.balancesheet.c.statementofcashflows.
d.taxreconciliationstatement.
6.A(n)____assetisonewhichcanbequicklyconvertedintocashwithoutsignificantloss
invalue.
a.currentb.fixedc.intangibled.liquid
7.Onekeyreasonalong-termfinancialplanisdevelopedisbecause:
a.theplandeterminesyourfinancialpolicy.
b.theplandeterminesyourinvestmentpolicy.
c.therearedirectconnectionsbetweenachievablecorporategrowthandthefinancialpolicy.
d.thereisunlimitedgrowthpossibleinawell-developedfinancialplan.
8.Thecurrentratioismeasuredas:
a.currentassetsminuscurrentliabilities.
b.currentassetsdividedbycurrentliabilities.
c.currentliabilitiesminusinventory,dividedbycurrentassets.
d.cashonhanddividedbycurrentliabilities.
9.TheExternalFundsNeeded(EFN)equationdoesnotmeasuresthe:
a.additionalassetrequirementsgivenachangeinsales.
b.additionaltotalliabilitiesfinancingraisedgiventhechangeinsales.
c.rateofreturntoshareholdersgiventhechangeinsales.
d.netincomeexpectedtobeearnedgiventhechangeinsales.
10.Tocalculatesustainablegrowthrate,theanalystneedsthe:
a.profitmargin.b.payoutratioandassetrequirementratio.
c.debt-to-equityratio.d.Alloftheabove
11.Theinterestratechargedperperiodmultipliedbythenumberofperiodsperyeariscalledthe_____rate.
a.effectiveannualb.annualpercentage
c.periodicinterestd.compoundinterest
12.Youarecomparingtwoannuitieswhichoffermonthlypaymentsfortenyears.Bothannuitiesareidenticalwiththeexceptionofthepaymentdates.AnnuityApaysonthe
firstofeachmonthwhileannuityBpaysonthelastdayofeachmonth.Whichoneof
thefollowingstatementsiscorrectconcerningthesetwoannuities?
a.Bothannuitiesareofequalvaluetoday.
b.AnnuityBisanannuitydue.
c.AnnuityAhasahigherfuturevaluethanannuityB.
d.AnnuityBhasahigherpresentvaluethanannuityA.
13.Thepresentvalueoffuturecashflowsminusinitialcostiscalled
a.thefuturevalueoftheproject.
b.thenetpresentvalueoftheproject.
c.theequivalentsumoftheinvestment.
d.theinitialinvestmentriskequivalentvalue.
14.Thestatedinterestpayment,indollars,madeonabondeachperiodiscalledthebond’s:
a.coupon.b.facevalue.c.maturity.d.yieldtomaturity.
15.Theformofbondissueinwhichtheregistrarofthecompanyrecordsownershipofeach
bond,withrelevantpaymentsmadedirectlytotheownerofrecord,iscalledthe_____form.
a.new-issueb.registeredc.bearerd.debenture
16.Anaccountmanagedbythebondtrusteeforearlybondredemptionpaymentsiscalleda:
a.sinkingfund.b.collateralpaymentaccount.
c.deedintrustaccount.d.callprovision.
17.Theannualcouponpaymentofabonddividedbyitsmarketpriceiscalledthe:
a.couponrate.b.currentyieldc.yieldtomaturityd.bid-askspread.
18.Thestockvaluationmodelthatdeterminesthecurrentstockpricebydividingthenextannualdividendamountbytheexcessofthediscountratelessthedividendgrowthrateiscalledthe_____model.
a.zerogrowthb.dividendgrowthc.capitalpricing
d.earningscapitalization
19.Thedifferencebetweenthepresentvalueofaninvestmentanditscostisthe:
a.netpresentvalue.b.internalrateofreturn.
c.paybackperiod.d.profitabilityindex.
20.Thechangesinafirm’sfuturecashflowsthatareadirectconsequenceofacceptingaprojectarecalled_____cashflows.
a.incrementalb.stand-alonec.after-taxd.netpresentvalue
Ⅲ.Judgethefollowingsentences.Ifitistrue,writeT;IfitisFalse,writeF.(10points,1pointforeach)
1.Theoriginalsaleofsecuritiesbygovernmentsandcorporationstothegeneralpublicoccurs
intheprimarymarket.
2.Noncashitemsrefertothecostsincurredforthepurchaseofintangiblefixedassets.
3.Thereceivablesturnoverratioismeasuredassalesplusaccountsreceivable.
4.Thehighesteffectiveannualratethatcanbederivedfromanannualpercentagerateof
9%iscomputedase.09–1.
5.Theunsecureddebtsofafirmwithmaturitiesgreaterthan10yearsaremostliterallycalled
debentures.
6.Supernormalgrowthreferstoafirmthatincreasesitsdividendbyaratewhichismost
likelynotsustainableoveranextendedperiodoftime.
7.AninvestmentisacceptableifitsIRRisexactlyequaltoitsnetpresentvalue(NPV).
8.Aninvestment’saveragenetincomedividedbyitsaveragebookvaluedefinesthe
averageaccountingreturn.
9.Theshortcoming(s)oftheaverageaccountingreturn(AAR)methodiare:
a.theuseofnetincomeinsteadofcashflows.
b.thepatternofincomeflowshasnoimpactontheAAR.
c.thereisnoclear-cutdecisionrule.
10.OnemustknowthediscountratetocomputetheNPVofaprojectbutonecancomputetheIRRwithoutreferringtothediscountrate.
Ⅳ.ComputetheFollowingProblems:
(40points)
1.Giventhetaxratesasshown,whatistheaveragetaxrateforafirmwithtaxableincomeof$126,500?
(5points)
TaxableIncomeTaxRate
$0-50,00015%
50,001-75,00025%
75,001-100,00034%
100,001-335,00039%
2.ThefollowinginformationshouldbeusedforquestionsAthroughI:
(16points)
Knickerdoodles,Inc.
20042005
Sales$740$785
COGS430460
Interest3335
Dividends1617
Depreciation250210
Cash7075
Accountsreceivables563502
Currentliabilities390405
Inventory662640
Long-termdebt340410
Netfixedassets1,6801,413
Commonstock700235
Taxrate35%35%
A.Whatisthenetworkingcapitalfor2005?
B.Whatisthechangeinnetworkingcapitalfrom2004to2005?
C.Whatisnetcapitalspendingfor2005?
D.Whatistheoperatingcashflowfor2005?
E.Whatisthecashflowofthefirmfor2005?
F.Whatisnetnewborrowingfor2005?
G.Whatisthecashflowtocreditorsfor2005?
I.Whatisthecashflowtostockholdersfor2005?
3.GinnyTruebloodisconsideringaninvestmentwhichwillcosther$120,000.Theinvestmentproducesnocashflowsforthefirstyear.Inthesecondyearthecashinflowis$35,000.Thisinflowwillincreaseto$55,000andthen$75,000forthefollowingtwoyearsbeforeceasingpermanently.Ginnyrequiresa10percentrateofreturnandhasarequireddiscountedpaybackperiodofthreeyears.Ginnyshouldacceptthisprojectornot.Andwhy?
Pleasecalculatetheproblem.(10points)
YearCashflowDiscountedcashflow
1$0
2$35,000
3$55,000
4$75,000
4.NoworLater,Inc.recentlypaid$1.10asanannualdividend.Futuredividendsareprojectedat$1.14,$1.18,$1.22,and$1.25overthenextfouryears,respectively.Beginningfiveyearsfromnow,thedividendisexpectedtoincreaseby2%annually.Whatisoneshareofthisstockworthtoyouifyourequirean8%rateofreturnonsimilarinvestments?
Pleasecalculatetheproblem.(9points)
Ⅴ.Brieflyexplainthefollowingproblems(20point,10pointsforeach.)
1.Discussthedifferencebetweenbookvaluesandmarketvaluesonthebalancesheetandexplainwhichismoreimportanttothefinancialmanagerandwhy.
2.Listandinterpretthreeliquidityratios.
A卷答案:
Ⅰ.Fillintheblanks:
(10points,2pointsforeach)
1.Thethreebasicquestionsaddressedbyafinancialmanagerare:
capitalbudgeting,capital
structure,andworkingcapitalmanagement:
2.Thethreebasiclegalformsoforganizingabusinessaresoleproprietorships,partnerships,andcorporations.
3.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbedividedascashflowfromoperation,cashflowfromchangesinfixedassetsandcashflowfromchangesinworkingcapital.
4.Thecurrentratioismea