現(xiàn)代財務管理例卷

1、1. which of the following statements is true?a. one of the benefits of incorporating your business is that you become entitled to receive unlimited liability.b. sole proprietorships are subject to more regulations than corporations.c. sole proprietorships do not have to pay corporate tax.d. all of t

2、he statements above are correct.e. none of the statements above is correct.Answer c 2. Last year Aldrin Co. had negative net cash flow, yet its cash on the balance sheet increased. What could explain these events?a. Aldrin issued long-term debt.b. Aldrin repurchased some of its common stock.c. Aldri

3、n sold some of its assets.d. statements a and b are correct.e. statements a and c are correct.Answer e's current ratio?3. All else being equal, which of the following wil l increase a companya. an increase in accounts receivable.b. an increase in accounts payable.c. an increase in net fixed asse

4、rts.d. statements a and b are correct.e. all of the statements above are correct.Answer a4. The New York Stock Exchange is primarilya. a secondary market.b. a physical location auction market.c. an over-the-counter market.d. statements a and b are correct.e. statements b and c are correct.Answer d5.

5、 Which of the following statements is most correct?a. Risk refers to the chance that some unfavorable event will occur, and a probability distribution is completely described by a listing of the likelihood of unfavorable events.b. Portfolio diversification reduces the variability of returns on an in

6、dividual stock.c. When company-specific risk has been diversified the inherent risk that remains is market risk. Which is constant for all securities in the market.d. A stock with a beta of -1.0 has zero market risk.e. The SML relates required returns to firms 'market risk. The slope and interce

7、pt of this line cannot be controlled by the financial manager.Answer e6. You have determined the profitability of s planned project by finding the present value of all the cash flows from that project. Which of the following would cause the project to look more appealing in terms of the present valu

8、e of those cash flows?a. The discount rate decreasesb. The cash flows are extended over a longer period of time, but the total amount of the cash flows remains the samec. The discount rate increased. Statements b and c are correct.e. Statements a and b are correct.Answer a7. One of the basic relatio

9、nships in interest rate theory is that, other things held constant, for a given change in the required rate of return, the the time to maturity, the the change in price.a. longer; smallerb. shorter; largerc. longer; greaterd. shorter; smallere. statements c and d are correct.Answer e's expected

10、growth rate would normally cause the firm's required ra8. An increase in a firm return toa. Increaseb. Decreasec. Fluctuated. Remain constante. Possibly increase, possibly decrease, or possibly remain unchanged.Answer e9. Which of the following is not considered a capital component for the purpo

11、se of calculating the weighted average cost of capital(WACC) as it applies to capital budgeting?a. Long-term debtb. Common stockc. Accounts payable and accruals.d. Preferred stock.e. none of above answers answer c10. Assume a project has normal cash flows (that is, the initial cash flow is negative,

12、 and all other cash flows are positive). Which of the following statements is most correct?a. All else equal, a project' s IRR increases as the cost of capital declines.b. All else equal, a project NPV incre'asses as the cost of capital declinesc. All else equal, a project' s MIRR is una

13、ffected by changes in the cost of capital.d. Statements a and b are correct.e. Statements b and c are correct.Answer b11. Which of the following statements is most correct?a. The rate of depreciation will often affect operating cash flows, even though depreciation is not a cash expense.b. Corporatio

14、ns should fully account for sunk costs when making investment decisions.c. Corporations should fully account for opportunity costs when making investment decisions.d. Statements a and c are correct.e. All of the statements above are correct.Answer d12. A decrease in the debt ratio will generally hav

15、e no effect ona. Financial risk.b. Total riskc. Business risk.d. Market riske. None of the above is correct. (It will affect each type of risk above.)Answer c13. Myron Gordon and John Lintner believe that the required return on equity increases as the dividend payout ratio is decreased. Their argume

16、nt is based on the assumption that a. Investors are indifferent between dividends and capital gains.b. Investors require that the dividend yield and capital gains yield equal a constant.c. Capital gains are taxed at a higher rate than dividends.d. Investors view dividends as being less risky than po

17、tential future capital gains.e. Investors value a dollar of expected capital gains more highly than a dollar of expected dividends because of the lower tax rate on capital gains.Answer d14. Other things held constant, which of the following will cause an increase in working capital? Cash is used to

18、buy marketable securities.A cash dividend is declared and paid.Merchandise is sold at a profit, but the sale is on credit. Long-term bonds are retired with the proceeds of a preferred stock issue. Missing inventory is written off against retained earnings.a.b.c.d.e. Answer c15. Firms generally choos

19、e to finance temporary assets with short-term debt becausea. Matching the maturities of assets and liabilities reduces risk.b. Short-term interest rates have traditionally been more stable than long-term interest rates.c. A firm that borrows heavily Ion g-term is more apt to be un able to repay the

20、debt tha n a firm that borrows heavily short-term.d. The yield curve has traditi on ally bee n dow nward sloping.e. Sales rema in con sta nt over the year, and financing requireme nts also rema in con sta nt.An swer a計算題1. After spending $10,000 on client-development, you have just been offered a bi

21、g production con tract by a new clie nt. The con tract will add $200,000 to your revenues for each of the n ext 3 years and it will cost you $100,000 per year to make the additi onal p roduct. You will have to use some existing equipment and buy new equipment as well. The existing equipment is fully

22、 dep reciated, but could be sold for $50,000. If you use it in the p roject, you think you will still be able to sell it for $10,000 at the end. You will buy new equipment valued at $30,000 and straight-li ne dep reciate it to zero over 3 years. It will be worthless at the end of the p roject. Your

23、curre nt p roduct ion man ager earns $80,000 per year. Since she is busy with ongoing p rojects, you are planning to hire an assistant at $40,000 per year to help with expansion. You will have to immediately in crease your inven tory from $20,000 to $30,000. It will return to $20,000 at the end of t

24、he project. Your company' s tax rate is 35% and yoinrt distedu 15%. Should you acceptthe con tract?An swer:0123Revs200200200Exp100100100New Salary404040Depr101010Taxable In come505050Tax(35%)17.517.517.5Net In come32.532.532.5Add back Depr101010CF fr WC-10-10Opp Cost-32.5Sell Existi ng Equip-6.5

25、New Equi p-30FCF-72.542.542.559NPV=-72.5+42.5/1.15+42.5/1.15 2+59/1.15 3=35.386 So take the con tract.2. Alta En ergy Corpo rati on will pay a divide nd of $0.75 per share 3 mon ths from now and they intend to kee p paying $0.75 quarterly divide nds un til 4 years from now. At that time they an tici

26、 pate un dertak ing a major expIo rati on in itiative which will cause the divide nds follow ing year four to decli ne at 1% per quarter un til the divide nd p aid at the end of the year five is made.Subsequent quarterly dividends are then expected to grow at 1% per quarter indefinitely.a. On the ba

27、sis of these projections calculate the current trading price of Alta stock assuming that investors expect a return from Alta stock of 16% (nominal) per year.b. Calculate the effective annual expected dividend yield and capital gains yield at now and the end of year five.Answer:Effective quarterly rate=16%/4=4%PV(0-16)=0.75*PVIFA (0.04,16)=8.74股利折現(xiàn)系數(shù)現(xiàn)值D17=0.75*(1-0.01)0.7425(1-0.04)171.94