财务管理其中考试题英文文档格式.docx
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财务管理其中考试题英文文档格式.docx
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B
4.Infinance,"
short-term"
means
A)lessthanthreemonths
B)lessthansixmonths
C)lessthanoneyear
D)lessthanfiveyears
17.Thetreasurerusuallyoverseesthefollowingfunctionsofacorporationexcept:
A)Preparationoffinancialstatements
B)Investorrelationships
C)Cashmanagement
D)Obtainingfinances
A
Type:
Difficult
Page:
6
18.Thetreasurerisusuallyresponsiblethefollowingfunctionsofacorporationexcept:
A)Raisingnewcapital
B)Cashmanagement
C)Bankingrelationships
D)Internalaccounting
20.Thecontrollerusuallyoverseesthefollowingfunctionsofacorporationexcept:
A)Cashmanagement
B)Taxmanagement
C)Internalaccounting
D)Preparationoffinancialstatements
22.Thefollowingareadvantagesofseparationofownershipandmanagementofcorporationsexcept:
A)Corporationscanexistforever.
B)Facilitatetransferofownershipwithoutaffectingtheoperationsofthefirm.
C)Hireprofessionalmanagers
D)Incuragencycosts
24.Thefinancialgoalofacorporationisto:
A)Maximizesales
B)Maximizeprofits
C)Maximizethevalueofthefirmfortheshareholders
D)Maximizemanagers'
benefits
26.Intheprincipal-agentframework:
A)Shareholdersaretheprincipals
B)Managersaretheagents
C)Shareholdersaretheagents
D)Managersaretheprincipals
E)AandB
E
TF30.Acorporationhasalegalexistenceofitsownandisbasedon"
articlesofincorporation."
True
4.Presentvalueof$110,000expectedtobereceivedoneyearfromtodayataninterestrate(discountrate)of10%peryearis:
A)$121,000
B)$100,000
C)$110,000
D)Noneoftheabove
Easy
14
Response:
PV=(110,000)/(1.1)=100,000
5.Oneyeardiscountfactoratadiscountrateof10%peryearis:
A)1.1
B)1.0
C)0.909
DiscountFactor=1/1.1=0.909
6.PresentValueof$100,000expectedtobereceivedattheendofoneyearatadiscountrateof100%peryearis:
A)$50,000
B)$200,000
C)$100,000
PV=(100,000)/(1+1)=50,000
7.Theone-yeardiscountfactorataninterestrateof25%peryearis:
A)1.25
B)0.8
C)0.25
Discountfactor=1/(1.25)=0.8
10.Iftheone-yeardiscountfactoris0.85,whatisthepresentvalueof$120tobereceivedoneyearfromtoday?
A)$100
B)$102
C)$141.18
Medium
PV=(120)(0.85)=102
20.Ifthefive-yearpresentvalueannuityfactoris3.791andfour-yearpresentvalueannuityfactoris3.170,whatisthepresentvalueatthe$1receivedattheendoffiveyears?
A)$0.621
B)$1.61
C)$0.315
39
PV=(3.7913.170)*
(1)=0.621
21.Ifthethree-yearpresentvalueannuityfactoris2.723andtwo-yearpresentvalueannuityfactoris1.859,whatisthepresentvalueof$1receivedattheendofthe3years?
A)$0.157
B)$0.864
C)$1.00
PV=(2.723-1.859)*
(1)=0.864
22.Whatisthepresentvalueannuityfactoratadiscountrateof13%for10years?
A)$5.4262
B)$8.514
C)$8.13
PVannuityfactor=(1/0.13)(1/((0.13)(1.13^10)))=5.4262
23.Whatisthepresentvalueannuityfactorataninterestrateof11%for5years?
A)8.514
B)6.145
C)3.6959
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
40
FV=1/(0.270)=3.70
34.Ifthefuturevalueof$1investedtodayataninterestrateofr%fornyearsis2.5937,whatisthepresentvalueof$1tobereceivedinnyearsatr%interestrate?
A)$0.3855
B)$1.00
C)$0.621
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
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
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
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
490
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
PVofinteresttaxshield=((0.35)(50)(0.1))/1.1=$1.591
5.Ifthebefore-taxcostofdebtis10%andthecorporatetaxrateis30%,calculatetheafter-taxcostofdebt:
A)10%
B)3%
C)7%
D)noneoftheabove
525
6.Afirmhasatotalvalueof$1millionanddebtvaluedat$400,000.Whatistheafter-taxweightedaveragecostofcapitaliftheafter-taxcostofdebtis12%andthecostofequityis15%?
A)13.5%
B)13.8%
C)27.0%
D)It'
simpossibletodeterminetheWACCwithoutdebtandequitybetas
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%
(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%
(0.50)(1-0.35)(10)+(0.5)(20)=13.25
10.Afirmisfinancedwith40%risk-freedebtand60%equity.Therisk-freerateis7%,thefirm'
scostofequitycapitalis18%,andthefirm'
A)18.00%
B)7.00%
C)13.60%
D)12.62%
(0.4)(1-0.35)(7)+(0.6)(18)=12.62%
11.Whichofthefollowingstatementscharacterize(s)theweightedaveragecostofcapitalformula?
A)Itrequiresknowledgeoftherequiredreturnonthefirmifitisall-equityfinanced
B)Itisbasedonbookvaluesofdebtandequity
C)Itassumestheprojectisacarboncopyofthefirm
D)Itcanbeusedtotakeaccountofissuecostsandothersuchfinancingsideeffects
526
12.Afirmisfinancedwith30%risk-freedebt,60%commonequityand10%preferredequity.Therisk-freerateis5%,thefirm'
scostofcommonequityis15%,andthatofpreferredequityis10%.Themarginaltaxrateis30%.Whatisthefirm'
A)10.05%
B)11.05%
C)12.5%
(0.3)(1-0.3)(5)+(0.6)(15)+(0.1)(10)=11.05
13.Whentheamountofdebtisfixed,presentvalueoftax-shieldiscalculatedusing:
A)costofdebt
B)costofequity
C)costofcapital
527
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