财务管理其中考试题英文.docx
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财务管理其中考试题英文
财务管理其中考试题（英文）
1..Finance,generally,dealswith
A）money
B）markets
C）people
D）alloftheabove
Answer:
D
2.Generally,acorporationisownedbythe:
A）Managers
B）BoardofDirectors
C）Shareholders
D）Alloftheabove.
Answer:
C
3.Thefollowingareexamplesofrealassetsexcept:
A）Machinery
B）Commonstock
C）Officebuildings
D）Inventory
Answer:
B
4.Infinance,"short-term"means
A）lessthanthreemonths
B）lessthansixmonths
C）lessthanoneyear
D）lessthanfiveyears
Answer:
C
17.Thetreasurerusuallyoverseesthefollowingfunctionsofacorporationexcept:
A）Preparationoffinancialstatements
B）Investorrelationships
C）Cashmanagement
D）Obtainingfinances
Answer:
A
Type:
Difficult
Page:
6
18.Thetreasurerisusuallyresponsiblethefollowingfunctionsofacorporationexcept:
A）Raisingnewcapital
B）Cashmanagement
C）Bankingrelationships
D）Internalaccounting
Answer:
D
20.Thecontrollerusuallyoverseesthefollowingfunctionsofacorporationexcept:
A）Cashmanagement
B）Taxmanagement
C）Internalaccounting
D）Preparationoffinancialstatements
Answer:
A
22.Thefollowingareadvantagesofseparationofownershipandmanagementofcorporationsexcept:
A）Corporationscanexistforever.
B）Facilitatetransferofownershipwithoutaffectingtheoperationsofthefirm.
C）Hireprofessionalmanagers
D）Incuragencycosts
Answer:
D
24.Thefinancialgoalofacorporationisto:
A）Maximizesales
B）Maximizeprofits
C）Maximizethevalueofthefirmfortheshareholders
D）Maximizemanagers'benefits
Answer:
C
26.Intheprincipal-agentframework:
A）Shareholdersaretheprincipals
B）Managersaretheagents
C）Shareholdersaretheagents
D）Managersaretheprincipals
E）AandB
Answer:
E
TF30.Acorporationhasalegalexistenceofitsownandisbasedon"articlesofincorporation."
Answer:
True
4.Presentvalueof$110,000expectedtobereceivedoneyearfromtodayataninterestrate（discountrate）of10%peryearis:
A）$121,000
B）$100,000
C）$110,000
D）Noneoftheabove
Answer:
B
Type:
Easy
Page:
14
Response:
PV=（110,000）/（1.1）=100,000
5.Oneyeardiscountfactoratadiscountrateof10%peryearis:
A）1.1
B）1.0
C）0.909
D）Noneoftheabove
Answer:
C
Type:
Easy
Page:
14
Response:
DiscountFactor=1/1.1=0.909
6.PresentValueof$100,000expectedtobereceivedattheendofoneyearatadiscountrateof100%peryearis:
A）$50,000
B）$200,000
C）$100,000
D）Noneoftheabove
Answer:
A
Type:
Easy
Page:
14
Response:
PV=（100,000）/（1+1）=50,000
7.Theone-yeardiscountfactorataninterestrateof25%peryearis:
A）1.25
B）0.8
C）0.25
D）Noneoftheabove
Answer:
B
Type:
Easy
Page:
14
Response:
Discountfactor=1/（1.25）=0.8
10.Iftheone-yeardiscountfactoris0.85,whatisthepresentvalueof$120tobereceivedoneyearfromtoday?
A）$100
B）$102
C）$141.18
D）Noneoftheabove
Answer:
B
Type:
Medium
Page:
14
Response:
PV=（120）（0.85）=102
20.Ifthefive-yearpresentvalueannuityfactoris3.791andfour-yearpresentvalueannuityfactoris3.170,whatisthepresentvalueatthe$1receivedattheendoffiveyears?
A）$0.621
B）$1.61
C）$0.315
D）Noneoftheabove
Answer:
A
Type:
Difficult
Page:
39
Response:
PV=（3.7913.170）*
（1）=0.621
21.Ifthethree-yearpresentvalueannuityfactoris2.723andtwo-yearpresentvalueannuityfactoris1.859,whatisthepresentvalueof$1receivedattheendofthe3years?
A）$0.157
B）$0.864
C）$1.00
D）Noneoftheabove
Answer:
B
Type:
Difficult
Page:
39
Response:
PV=（2.723-1.859）*
（1）=0.864
22.Whatisthepresentvalueannuityfactoratadiscountrateof13%for10years?
A）$5.4262
B）$8.514
C）$8.13
D）Noneoftheabove
Answer:
A
Type:
Medium
Page:
39
Response:
PVannuityfactor=（1/0.13）（1/（（0.13）（1.13^10）））=5.4262
23.Whatisthepresentvalueannuityfactorataninterestrateof11%for5years?
A）8.514
B）6.145
C）3.6959
D）Noneoftheabove
Answer:
C
Type:
Medium
Page:
39
Response:
PVannuityfactor=（1/0.11）（1/（（0.11）（1.11^5）））=3.6959
33.Ifthepresentvalueof$1.00receivednyearsfromtodayataninterestrateofris0.270,thenwhatisthefuturevalueof$1.00investedtodayataninterestrateofr%fornyears?
A）$1.00
B）$3.70
C）$1.70
D）Notenoughinformationtosolvetheproblem
Answer:
B
Type:
Difficult
Page:
40
Response:
FV=1/（0.270）=3.70
34.Ifthefuturevalueof$1investedtodayataninterestrateofr%fornyearsis2.5937,whatisthepresentvalueof$1tobereceivedinnyearsatr%interestrate?
A）$0.3855
B）$1.00
C）$0.621
D）Noneoftheabove
Answer:
A
Type:
Difficult
Page:
40
Response:
PV=1/2.5937=0.38555
41.Mr.Hopperisexpectedtoretirein30yearsandhewishesaccumulate$1,000,000inhisretirementfundbythattime.Iftheinterestrateis12%peryear,howmuchshouldMr.Hopperputintotheretirementfundeachyearinordertoachievethisgoal?
A）$4,143.66
B）$8,287.32
C）$4,000
D）Noneoftheabove
Answer:
A
Type:
Difficult
Page:
40
Response:
Futurevalueannuityfactor=[（1/0.12）（1/（0.12*1.12^30）]*（1.12^30）=241.3827;payment=1,000,000/241.3327=4143.66
42.Mr.Hopperisexpectedtoretirein30yearsandhewishesaccumulate$750,000inhisretirementfundbythattime.Iftheinterestrateis10%peryear,howmuchshouldMr.Hopperputintotheretirementfundeachyearinordertoachievethisgoal?
A）$4,559.44
B）$2,500
C）$9,118.88
D）Noneoftheabove
Answer:
A
Type:
Difficult
Page:
40
Response:
Futurevalueannuityfactor=[（1/0.10）（1/（0.10*1.10^30）]*（1.10^30）=164.494;payment=750,000/164.494=4559.44
43.Ifyouinvest$100at12%APRforthreeyears,howmuchwouldyouhaveattheendof3yearsusingsimpleinterest?
A）$136
B）$140.49
C）$240.18
D）Noneoftheabove
Answer:
A
Type:
Medium
Page:
40
Response:
FV=100+（100*0.12*3）=$136
2.Ifafirmpermanentlyborrows$50millionataninterestrateof8%,whatisthepresentvalueoftheinteresttaxshield?
Assumea35%taxrate.
A）$8.00million
B）$8.75million
C）$17.50million
D）$25.00million
E）Noneoftheabove
Answer:
C
Type:
Medium
Page:
490
Response:
PVofinteresttaxshield=（0.35）（50）=$17.5million
3.Ifafirmborrows$25millionforoneyearataninterestrateof10%,whatisthepresentvalueoftheinteresttaxshield?
Assumea35%taxrate.（Approximately.）
A）$1.591million
B）$1.75million
C）$1.00million
D）$5.00million
E）Noneoftheabove
Answer:
A
Type:
Difficult
Page:
490
Response:
PVofinteresttaxshield=（（0.35）（50）（0.1））/1.1=$1.591
5.Ifthebefore-taxcostofdebtis10%andthecorporatetaxrateis30%,calculatetheafter-taxcostofdebt:
A）10%
B）3%
C）7%
D）noneoftheabove
Answer:
C
Type:
Easy
Page:
525
6.Afirmhasatotalvalueof$1millionanddebtvaluedat$400,000.Whatistheafter-taxweightedaveragecostofcapitaliftheafter-taxcostofdebtis12%andthecostofequityis15%?
A）13.5%
B）13.8%
C）27.0%
D）It'simpossibletodeterminetheWACCwithoutdebtandequitybetas
Answer:
B
Type:
Medium
Page:
525
Response:
WACC=0.4（0.12）+0.6（0.15）=0.048+0.09=0.138
7.TheCRCorp.maintainsadebt-equityratioof0.5ThecostofequityforCRCorp.is15%andtheafter-taxcostofdebtis9%.Whatistheafter-taxweightedaveragecostofcapital?
A）11.86%
B）12.00%
C）13.00%
D）Noneoftheabove
Answer:
C
Type:
Medium
Page:
525
Response:
（1/3）（9）+（2/3）（15）=13%
8.Afirmisfinancedwith50%risk-freedebtand50%equity.Therisk-freerateis10%,thefirm'scostofequitycapitalis20%,andthefirm'smarginaltaxrateis35%.Whatisthefirm'sweightedaveragecostofcapital?
A）13.25%
B）10.00%
C）20.00%
D）Noneoftheabove
Answer:
A
Type:
Medium
Page:
525
Response:
（0.50）（1-0.35）（10）+（0.5）（20）=13.25
10.Afirmisfinancedwith40%risk-freedebtand60%equity.Therisk-freerateis7%,thefirm'scostofequitycapitalis18%,andthefirm'smarginaltaxrateis35%.Whatisthefirm'sweightedaveragecostofcapital?
A）18.00%
B）7.00%
C）13.60%
D）12.62%
E）Noneoftheabove
Answer:
D
Type:
Medium
Page:
525
Response:
（0.4）（1-0.35）（7）+（0.6）（18）=12.62%
11.Whichofthefollowingstatementscharacterize（s）theweightedaveragecostofcapitalformula?
A）Itrequiresknowledgeoftherequiredreturnonthefirmifitisall-equityfinanced
B）Itisbasedonbookvaluesofdebtandequity
C）Itassumestheprojectisacarboncopyofthefirm
D）Itcanbeusedtotakeaccountofissuecostsandothersuchfinancingsideeffects
Answer:
C
Type:
Difficult
Page:
526
12.Afirmisfinancedwith30%risk-freedebt,60%commonequityand10%preferredequity.Therisk-freerateis5%,thefirm'scostofcommonequityis15%,andthatofpreferredequityis10%.Themarginaltaxrateis30%.Whatisthefirm'sweightedaveragecostofcapital?
A）10.05%
B）11.05%
C）12.5%
D）Noneoftheabove
Answer:
B
Type:
Difficult
Page:
526
Response:
（0.3）（1-0.3）（5）+（0.6）（15）+（0.1）（10）=11.05
13.Whentheamountofdebtisfixed,presentvalueoftax-shieldiscalculatedusing:
A）costofdebt
B）costofequity
C）costofcapital
D）noneoftheabove
Answer:
A
Type:
Medium
Page:
527
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