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：
开课院系：
__管理学院会计系_________考试形式：
______开卷_______
姓名：
学号：
专业：
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一、选择题（每题分，共75分）
1.Considerabondwithafacevalueof$1,000,acouponrateof6%,ayieldtomaturityof8%,andtenyearstomaturity.Thisbond'sdurationis:
2.A. years
3.B. years
4.C. years
5.D. years
6.Abondwithafacevalueof$1,000,couponrateof0%,yieldtomaturityof9%,andtenyearstomaturity.Thisbond'sdurationis:
7.A. years
8.B. years
9.C. years
10.D. years
11.Abondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'svolatilityis:
12.A. %
13.B. %
14.C. %
15.D. %
16.Ifabond'svolatilityis10%andtheinterestrategoesdownby%（points）thenthepriceofthebond:
17.A. decreasesby10%
18.B. decreasesby%
19.C. increasesby%
20.D. increasesby%
21.Volatilityofabondisgivenby:
22.I）Duration/（1+yield）
23.II）Slopeofthecurverelatingthebondpricetotheinterestrate
24.III）Yieldtomaturity
25.A. Ionly
26.B. IIonly
27.C. IIIonly
28.D. IandIIonly
29.Thevalueofacommonstocktodaydependson:
30.A. Numberofsharesoutstandingandthenumberofshareholders
31.B. Theexpectedfuturedividendsandthediscountrate
32.C. TheWallStreetanalysts
33.D. Presentvalueofthefutureearningspershare
34.DeluxeCompanyexpectstopayadividendof$2pershareattheendofyear-1,$3pershareattheendofyear-2andthenbesoldfor$32pershare.Iftherequiredrateonthestockis15%,whatisthecurrentvalueofthestock
35.A. $
36.B. $
37.C. $
38.D. Noneofthegivenanswers
39.CasinoInc.isexpectedtopayadividendof$3pershareattheendofyear-1（D1）andthesedividendsareexpectedtogrowataconstantrateof6%peryearforever.Iftherequiredrateofreturnonthestockis18%,whatiscurrentvalueofthestocktoday
40.A. $25
41.B. $50
42.C. $100
43.D. $54
44.R&DTechnologyCorporationhasjustpaidadividendof$pershare.Thedividendsareexpectedtogrowat24%peryearforthenexttwoyearsandat8%peryearthereafter.Iftherequiredrateofreturninthestockis16%（APR）,calculatethecurrentvalueofthestock.
45.A. $
46.B. $
47.C. $
48.D. Noneoftheabove
49.Whichofthefollowingformulasregardingearningstopriceratioistrue:
50.A. EPS/Po=r[1+（PVGO/Po]
51.B. EPS/Po=r[1-（PVGO/Po）]
52.C. EPS/Po=[r+（PVGO/Po）]
53.D. EPS/Po=[r+（1+（PVGO/Po）]/r
54.Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept
55.A. Netpresentvalue
56.B. Internalrateofreturn
57.C. Thepaybackperiod
58.D. Alloftheaboveusethetimevalueconcept
59. Thenetpresentvalueofaprojectdependsupon:
60.A. company'schoiceofaccountingmethod
61.B. manager'stastesandpreferences
62.C. project'scashflowsandopportunitycostofcapital
63.D. alloftheabove
64. Thepaybackperiodrule:
65.A. Variesthecut-offpointwiththeinterestrate.
66.B. Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.
67.C. Requiresanarbitrarychoiceofacut-offpoint.
68.D. BothAandC.
69.GiventhefollowingcashflowsforprojectA:
C0=-1000,C1=+600,C2=+400,andC3=+1500,calculatethepaybackperiod.
70.A. Oneyear
71.B. Twoyears
72.C. Threeyears
73.D. Noneoftheabove
74.GiventhefollowingcashflowsforprojectZ:
C0=-1,000,C1=600,C2=720andC3=2000,calculatethediscountedpaybackperiodfortheprojectatadiscountrateof20%.
75.A. 1year
76.B. 2years
77.C. 3years
78.D. Noneoftheabove
79.GiventhefollowingcashflowsforProjectM:
C0=-1,000,C1=+200,C2=+700,C3=+698,calculatetheIRRfortheproject.
80.A. 23%
81.B. 21%
82.C. 19%
83.D. Noneoftheabove
84.DriscollCompanyisconsideringinvestinginanewproject.Theprojectwillneedaninitialinvestmentof$2,400,000andwillgenerate$1,200,000（after-tax）cashflowsforthreeyears.CalculatetheIRRfortheproject.
85.A. %
86.B. %
87.C. %
88.D. %
89. Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006
90.A. Commonstocks
91.B. Governmentbonds
92.C. Treasurybills
93.D. Noneofthegivenanswers
94.Whichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows
95.A. Arithmeticaverage
96.B. Geometricaverage
97.C. Hyperbolicmean
98.D. Noneoftheabove
99.Marketriskisalsocalled:
100.I）systematicrisk,II）undiversifiablerisk,III）firmspecificrisk.
101.A. Ionly
102.B. IIonly
103.C. IIIonly
104.D. IandIIonly
105.Asthenumberofstocksinaportfolioisincreased:
106.A. Uniqueriskdecreasesandapproachestozero
107.B. Marketriskdecreases
108.C. Uniqueriskdecreasesandbecomesequaltomarketrisk
109.D. Totalriskapproachestozero
110.StockMandStockNhavehadthefollowingreturnsforthepastthreeyearsof-12%,10%,32%;and15%,6%,24%respectively.Calculatethecovariancebetweenthetwosecurities.
111.A. -99
112.B. +99
113.C. +250
114.D. Noneoftheabove
115.Therangeofvaluesthatcorrelationcoefficientscantakecanbe:
116.A. zeroto+1
117.B. -1to+1
118.C. -infinityto+infinity
119.D. zeroto+infinity
120. InthecaseofaportfolioofN-stocks,theformulaforportfoliovariancecontains:
121.A. Nvarianceterms
122.B. N（N-1）/2varianceterms
123.C. N2varianceterms
124.D. Noneoftheabove
125.The"beta"isameasureof:
126.A. Uniquerisk
127.B. Totalrisk
128.C. Marketrisk
129.D. Noneoftheabove
130.ThecorrelationcoefficientbetweenstockAandthemarketportfoliois+.Thestandarddeviationofreturnofthestockis30%andthatofthemarketportfoliois20%.Calculatethebetaofthestock.
131.A.
132.B.
133.C.
134.D.
135.Thedistributionofreturns,measuredoverashortintervaloftime,likedailyreturns,canbeapproximatedby:
136.A. Normaldistribution
137.B. Lognormaldistribution
138.C. Binomialdistribution
139.D. noneoftheabove
140.Normalandlognormaldistributionsarecompletelyspecifiedby:
141.I）mean
142.II）standarddeviation
143.III）thirdmoment
144.A. Ionly
145.B. IandIIonly
146.C. IIonly
147.D. IIIonly
148.FloridaCompany（FC）andMinnesotaCompany（MC）arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:
FC:
-5%,15%,20%;MC:
8%,8%,20%.
149.Calculatethestandarddeviation.）ofreturnforFCandMC.
150.A. FC:
10%MC:
12%
151.B. FC:
%MC:
%
152.C. FC:
%MC:
%
153.D. Noneoftheabove
154. FloridaCompany（FC）andMinnesotaCompany（MC）arebothservicecompanies.Theirhistoricalreturnforthepastthreeyearsare:
FC:
-5%,15%,20%;MC:
8%,8%,20%.Whatisthevarianceoftheportfoliowith50%ofthefundsinvestedinFCand50%inMC（approximately）
155.A.
156.B.
157.C.
158.D. Noneoftheabove
159.InvestmentsAandBbothofferanexpectedrateofreturnof12%.IfthestandarddeviationofAis20%andthatofBis30%,theninvestorswould:
160.A. PreferAtoB
161.B. PreferBtoA
162.C. PreferaportfolioofAandB
163.D. Cannotanswerwithoutknowinginvestor'sriskpreferences
164. Theefficientportfolios:
165.I）haveonlyuniquerisk
166.II）providehighestreturnsforagivenlevelofrisk
167.III）providetheleastriskforagivenlevelofreturns
168.IV）havenoriskatall
169.A. Ionly
170.B. IIandIIIonly
171.C. IVonly
172.D. IIonly
173. Bycombininglendingandborrowingattherisk-freeratewiththeefficientportfolios,wecanI）extendtherangeofinvestmentpossibilities
174.II）changeefficientsetofportfoliosfrombeingcurvilineartoastraightline.
175.III）provideahigherexpectedreturnforanylevelofriskexceptthetangentialportfolio
176.A. Ionly
177.B. IandIIonly
178.C. I,II,andIII
179.D. noneoftheabove
180.Supposeyouinvestequalamountsinaportfoliowithanexpectedreturnof16%andastandarddeviationofreturnsof20%andarisk-freeassetwithaninterestrateof4%;calculatethestandarddeviationofthereturnsontheresultingportfolio:
181.A. 8%
182.B. 10%
183.C. 20%
184.D. noneoftheabove
185.Thecorrelationbetweentheefficientportfolioandtherisk-freeassetis:
186.A. +1
187.B. -1
188.C. 0
189.D. cannotbecalculated
190.Inthepresenceofarisk-freeasset,theinvestor'sjobisto:
191.I）investinthemarketportfolio
192.II）findaninteriorportfoliousingquadraticprogramming
193.III）borroworlendattherisk-freerate
194.IV）readandunderstandMarkowitz'sportfoliotheory
195.A. IandIIonly
196.B. IandIIIonly
197.C. IIandIVonly
198.D. IVonly
199.Betaofthemarketportfoliois:
200.A. Zero
201.B. +
202.C.
203.D. +
204.ThegraphicalrepresentationofCAPM（CapitalAssetPricingModel）iscalled:
205.A. CapitalMarketLine
206.B. CharacteristicLine
207.C. SecurityMarketLine
208.D. Noneoftheabove
209.IfthebetaofExxonMobilis,risk-freerateis4%andthemarketrateofreturnis14%,calculatetheexpectedrateofreturnfromExxon:
210.A. %
211.B. %
212.C. %
213.D. %
214. Ifasto
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