复旦大学财务管理期中考试题.docx

1、复旦大学财务管理期中考试题复旦大学管理学院20152016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12345678910总 分得 分选择题1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950判断题123456789101112131415一、选择题（每题1.5分，共75分）1.Consider a bond with a face

2、value of $1,000, a coupon rate of 6%, a yield to maturity of 8%, and ten years to maturity. This bonds duration is:A.8.7 yearsB.7.6 yearsC.0.1 yearsD.6.5 years2.A bond with a face value of $1,000, coupon rate of 0%, yield to maturity of 9%, and ten years to maturity. This bonds duration is:A.6.7 yea

3、rsB.7.5 yearsC.9.6 yearsD.10.0 years3.A bond with duration of 10 years has yield to maturity of 10%. This bonds volatility is:A.9.09%B.6.8%C.14.6%D.6.0%4.If a bonds volatility is 10% and the interest rate goes down by 0.75% (points) then the price of the bond:A.decreases by 10%B.decreases by 7.5%C.i

4、ncreases by 7.5%D.increases by 0.75%5.Volatility of a bond is given by:I) Duration/ (1 + yield)II) Slope of the curve relating the bond price to the interest rateIII) Yield to maturityA.I onlyB.II onlyC.III onlyD.I and II only6.The value of a common stock today depends on:A.Number of shares outstand

5、ing and the number of shareholdersB.The expected future dividends and the discount rateC.The Wall Street analystsD.Present value of the future earnings per share7.Deluxe Company expects to pay a dividend of $2 per share at the end of year-1, $3 per share at the end of year-2 and then be sold for $32

6、 per share. If the required rate on the stock is 15%, what is the current value of the stock?A.$28.20B.$32.17C.$32.00D.None of the given answers8.Casino Inc. is expected to pay a dividend of $3 per share at the end of year-1 (D1) and these dividends are expected to grow at a constant rate of 6% per

7、year forever. If the required rate of return on the stock is 18%, what is current value of the stock today?A.$25B.$50C.$100D.$549.R&D Technology Corporation has just paid a dividend of $0.50 per share. The dividends are expected to grow at 24% per year for the next two years and at 8% per year there

8、after. If the required rate of return in the stock is 16% (APR), calculate the current value of the stock.A.$1.11B.$7.71C.$8.82D.None of the above10.Which of the following formulas regarding earnings to price ratio is true:A.EPS/Po = r1 + (PVGO/PoB.EPS/Po = r1 - (PVGO/Po)C.EPS/Po = r + (PVGO/Po)D.EP

9、S/Po = r + (1 + (PVGO/Po)/r11.Which of the following investment rules does not use the time value of the money concept?A.Net present valueB.Internal rate of returnC.The payback periodD.All of the above use the time value concept12.The net present value of a project depends upon:A.companys choice of

10、accounting methodB.managers tastes and preferencesC.projects cash flows and opportunity cost of capitalD.all of the above13.The payback period rule:A.Varies the cut-off point with the interest rate.B.Determines a cut-off point so that all projects accepted by the NPV rule will be accepted by the pay

11、back period rule.C.Requires an arbitrary choice of a cut-off point.D.Both A and C.14.Given the following cash flows for project A: C0 = -1000, C1 = +600 ,C2 = +400, and C3 = +1500, calculate the payback period.A.One yearB.Two yearsC.Three yearsD.None of the above15.Given the following cash flows for

12、 project Z: C0 = -1,000, C1 = 600, C2 = 720 and C3 = 2000, calculate the discounted payback period for the project at a discount rate of 20%.A.1 yearB.2 yearsC.3 yearsD.None of the above16.Given the following cash flows for Project M: C0 = -1,000, C1 = +200, C2 = +700, C3 = +698, calculate the IRR f

13、or the project.A.23%B.21%C.19%D.None of the above17.Driscoll Company is considering investing in a new project. The project will need an initial investment of $2,400,000 and will generate $1,200,000 (after-tax) cash flows for three years. Calculate the IRR for the project.A.14.5%B.18.6%C.20.2%D.23.4

14、%18.Which portfolio has had the highest average risk premium during the period 1900-2006?A.Common stocksB.Government bondsC.Treasury billsD.None of the given answers19.Which of the following provides a correct measure of the opportunity cost of capital regardless of the timing of the cash flows?A.Arithmetic averageB.Geometric averageC.Hyperbolic meanD.None of the above20.Market risk is also called:I) systematic risk, II) undiversifiable risk, III) firm specific risk.A.I onlyB.II onlyC.