复旦大学财务管理期中考试题.docx

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,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'sdurationis:

A. 6.7years

B. 7.5years

C. 9.6years

D. 10.0years

3.Abondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'svolatilityis:

A. 9.09%

B. 6.8%

C. 14.6%

D. 6.0%

4.Ifabond'svolatilityis10%andtheinterestrategoesdownby0.75%（points）thenthepriceofthebond:

A. decreasesby10%

B. decreasesby7.5%

C. increasesby7.5%

D. increasesby0.75%

5.Volatilityofabondisgivenby:

I）Duration/（1+yield）

II）Slopeofthecurverelatingthebondpricetotheinterestrate

III）Yieldtomaturity 

A. Ionly

B. IIonly

C. IIIonly

D. IandIIonly

6.Thevalueofacommonstocktodaydependson:

A. Numberofsharesoutstandingandthenumberofshareholders

B. Theexpectedfuturedividendsandthediscountrate

C. TheWallStreetanalysts

D. Presentvalueofthefutureearningspershare

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

A. $28.20

B. $32.17

C. $32.00

D. Noneofthegivenanswers

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

A. $25

B. $50

C. $100

D. $54

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

A. $1.11

B. $7.71

C. $8.82

D. Noneoftheabove

10.Whichofthefollowingformulasregardingearningstopriceratioistrue:

A. EPS/Po=r[1+（PVGO/Po]

B. EPS/Po=r[1-（PVGO/Po）]

C. EPS/Po=[r+（PVGO/Po）]

D. EPS/Po=[r+（1+（PVGO/Po）]/r

11.Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?

A. Netpresentvalue

B. Internalrateofreturn

C. Thepaybackperiod

D. Alloftheaboveusethetimevalueconcept

12. Thenetpresentvalueofaprojectdependsupon:

A. company'schoiceofaccountingmethod

B. manager'stastesandpreferences

C. project'scashflowsandopportunitycostofcapital

D. alloftheabove

13. Thepaybackperiodrule:

A. Variesthecut-offpointwiththeinterestrate.

B. Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.

C. Requiresanarbitrarychoiceofacut-offpoint.

D. BothAandC.

14.GiventhefollowingcashflowsforprojectA:

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

A. Oneyear

B. Twoyears

C. Threeyears

D. Noneoftheabove

15.GiventhefollowingcashflowsforprojectZ:

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

A. 1year

B. 2years

C. 3years

D. Noneoftheabove

16.GiventhefollowingcashflowsforProjectM:

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

A. 23%

B. 21%

C. 19%

D. Noneoftheabove

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

A. 14.5%

B. 18.6%

C. 20.2%

D. 23.4%

18. Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006?

A. Commonstocks

B. Governmentbonds

C. Treasurybills

D. Noneofthegivenanswers

19.Whichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows?

A. Arithmeticaverage

B. Geometricaverage

C. Hyperbolicmean

D. Noneoftheabove

20.Marketriskisalsocalled:

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

A. Ionly

B. IIonly

C.