财务知识西方财务管理试题.docx

财务知识西方财务管理试题.docx

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财务知识西方财务管理试题

Ⅰ.Fillintheblanks:

（10points,2pointsforeach）A卷

1.Thethreebasicquestionsaddressedbyafinancialmanagerare:

capitalbudgeting,capital

structure,and.

2.Thethreebasiclegalformsoforganizingabusinessare,partnerships,andcorporations.

3.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbedividedascashflow,cashflowfromchangesinfixedassetsandcashflowfromchangesinworkingcapital.

4.ismeasuredascurrentassetsdividedbycurrentliabilities.

5.Aformofequitywhichreceivespreferentialtreatmentinthepaymentofdividendsis

called.

Ⅱ.MultipleChoice:

（20points,1pointforeachproblem.）

1.Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,

financialplanning,andcapitalexpendituresisthe:

a.treasurer.b.director.c.controller.d.chairmanoftheboard.

2.Theprimarygoaloffinancialmanagementisto:

a.maximizecurrentdividendspershareoftheexistingstock.

b.maximizethecurrentvaluepershareoftheexistingstock.

c.avoidfinancialdistress.

d.minimizeoperationalcostsandmaximizefirmefficiency.

3.Whichoneofthefollowingstatementsiscorrectconcerningtheorganizational

structureofacorporation?

a.Thevicepresidentoffinancereportstothechairmanoftheboard.

b.Thechiefexecutiveofficerreportstotheboardofdirectors.

c.Thecontrollerreportstothepresident.

d.Thetreasurerreportstothechiefexecutiveofficer.

4.Whichoneofthefollowingisaprimarymarkettransaction?

a.adealersellingsharesofstocktoanindividualinvestor

b.adealerbuyingnewlyissuedsharesofstockfromacorporation

c.anindividualinvestorsellingsharesofstocktoanotherindividual

d.abanksellingsharesofamedicalfirmtoanindividual

5.Thefinancialstatementshowingafirm’saccountingvalueonaparticulardateisthe:

a.incomestatement.b.balancesheet.c.statementofcashflows.

d.taxreconciliationstatement.

6.A（n）____assetisonewhichcanbequicklyconvertedintocashwithoutsignificantloss

invalue.

a.currentb.fixedc.intangibled.liquid

7.Onekeyreasonalong-termfinancialplanisdevelopedisbecause:

a.theplandeterminesyourfinancialpolicy.

b.theplandeterminesyourinvestmentpolicy.

c.therearedirectconnectionsbetweenachievablecorporategrowthandthefinancialpolicy.

d.thereisunlimitedgrowthpossibleinawell-developedfinancialplan.

8.Thecurrentratioismeasuredas:

a.currentassetsminuscurrentliabilities.

b.currentassetsdividedbycurrentliabilities.

c.currentliabilitiesminusinventory,dividedbycurrentassets.

d.cashonhanddividedbycurrentliabilities.

9.TheExternalFundsNeeded（EFN）equationdoesnotmeasuresthe:

a.additionalassetrequirementsgivenachangeinsales.

b.additionaltotalliabilitiesfinancingraisedgiventhechangeinsales.

c.rateofreturntoshareholdersgiventhechangeinsales.

d.netincomeexpectedtobeearnedgiventhechangeinsales.

10.Tocalculatesustainablegrowthrate,theanalystneedsthe:

a.profitmargin.b.payoutratioandassetrequirementratio.

c.debt-to-equityratio.d.Alloftheabove

11.Theinterestratechargedperperiodmultipliedbythenumberofperiodsperyeariscalledthe_____rate.

a.effectiveannualb.annualpercentage

c.periodicinterestd.compoundinterest

12.Youarecomparingtwoannuitieswhichoffermonthlypaymentsfortenyears.Bothannuitiesareidenticalwiththeexceptionofthepaymentdates.AnnuityApaysonthe

firstofeachmonthwhileannuityBpaysonthelastdayofeachmonth.Whichoneof

thefollowingstatementsiscorrectconcerningthesetwoannuities?

a.Bothannuitiesareofequalvaluetoday.

b.AnnuityBisanannuitydue.

c.AnnuityAhasahigherfuturevaluethanannuityB.

d.AnnuityBhasahigherpresentvaluethanannuityA.

13.Thepresentvalueoffuturecashflowsminusinitialcostiscalled

a.thefuturevalueoftheproject.

b.thenetpresentvalueoftheproject.

c.theequivalentsumoftheinvestment.

d.theinitialinvestmentriskequivalentvalue.

14.Thestatedinterestpayment,indollars,madeonabondeachperiodiscalledthebond’s:

a.coupon.b.facevalue.c.maturity.d.yieldtomaturity.

15.Theformofbondissueinwhichtheregistrarofthecompanyrecordsownershipofeach

bond,withrelevantpaymentsmadedirectlytotheownerofrecord,iscalledthe_____form.

a.new-issueb.registeredc.bearerd.debenture

16.Anaccountmanagedbythebondtrusteeforearlybondredemptionpaymentsiscalleda:

a.sinkingfund.b.collateralpaymentaccount.

c.deedintrustaccount.d.callprovision.

17.Theannualcouponpaymentofabonddividedbyitsmarketpriceiscalledthe:

a.couponrate.b.currentyieldc.yieldtomaturityd.bid-askspread.

18.Thestockvaluationmodelthatdeterminesthecurrentstockpricebydividingthenextannualdividendamountbytheexcessofthediscountratelessthedividendgrowthrateiscalledthe_____model.

a.zerogrowthb.dividendgrowthc.capitalpricing

d.earningscapitalization

19.Thedifferencebetweenthepresentvalueofaninvestmentanditscostisthe:

a.netpresentvalue.b.internalrateofreturn.

c.paybackperiod.d.profitabilityindex.

20.Thechangesinafirm’sfuturecashflowsthatareadirectconsequenceofacceptingaprojectarecalled_____cashflows.

a.incrementalb.stand-alonec.after-taxd.netpresentvalue

Ⅲ.Judgethefollowingsentences.Ifitistrue,writeT;IfitisFalse,writeF.（10points,1pointforeach）

1.Theoriginalsaleofsecuritiesbygovernmentsandcorporationstothegeneralpublicoccurs

intheprimarymarket.

2.Noncashitemsrefertothecostsincurredforthepurchaseofintangiblefixedassets.

3.Thereceivablesturnoverratioismeasuredassalesplusaccountsreceivable.

4.Thehighesteffectiveannualratethatcanbederivedfromanannualpercentagerateof

9%iscomputedase.09–1.

5.Theunsecureddebtsofafirmwithmaturitiesgreaterthan10yearsaremostliterallycalled

debentures.

6.Supernormalgrowthreferstoafirmthatincreasesitsdividendbyaratewhichismost

likelynotsustainableoveranextendedperiodoftime.

7.AninvestmentisacceptableifitsIRRisexactlyequaltoitsnetpresentvalue（NPV）.

8.Aninvestment’saveragenetincomedividedbyitsaveragebookvaluedefinesthe

averageaccountingreturn.

9.Theshortcoming（s）oftheaverageaccountingreturn（AAR）methodiare:

a.theuseofnetincomeinsteadofcashflows.

b.thepatternofincomeflowshasnoimpactontheAAR.

c.thereisnoclear-cutdecisionrule.

10.OnemustknowthediscountratetocomputetheNPVofaprojectbutonecancomputetheIRRwithoutreferringtothediscountrate.

Ⅳ.ComputetheFollowingProblems:

（40points）

1.Giventhetaxratesasshown,whatistheaveragetaxrateforafirmwithtaxableincomeof$126,500?

（5points）

TaxableIncomeTaxRate

$0-50,00015%

50,001-75,00025%

75,001-100,00034%

100,001-335,00039%

2.ThefollowinginformationshouldbeusedforquestionsAthroughI:

（16points）

Knickerdoodles,Inc.

20042005

Sales$740$785

COGS430460

Interest3335

Dividends1617

Depreciation250210

Cash7075

Accountsreceivables563502

Currentliabilities390405

Inventory662640

Long-termdebt340410

Netfixedassets1,6801,413

Commonstock700235

Taxrate35%35%

A.Whatisthenetworkingcapitalfor2005?

B.Whatisthechangeinnetworkingcapitalfrom2004to2005?

C．Whatisnetcapitalspendingfor2005?

D．Whatistheoperatingcashflowfor2005?

E．Whatisthecashflowofthefirmfor2005?

F．Whatisnetnewborrowingfor2005?

G．Whatisthecashflowtocreditorsfor2005?

I．Whatisthecashflowtostockholdersfor2005?

3.GinnyTruebloodisconsideringaninvestmentwhichwillcosther$120,000.Theinvestmentproducesnocashflowsforthefirstyear.Inthesecondyearthecashinflowis$35,000.Thisinflowwillincreaseto$55,000andthen$75,000forthefollowingtwoyearsbeforeceasingpermanently.Ginnyrequiresa10percentrateofreturnandhasarequireddiscountedpaybackperiodofthreeyears.Ginnyshouldacceptthisprojectornot.Andwhy?

Pleasecalculatetheproblem.（10points）

YearCashflowDiscountedcashflow

1$0$0.00

2$35,000$28,925.62

3$55,000$41,322.31

4$75,000$51,226.01

4.NoworLater,Inc.recentlypaid$1.10asanannualdividend.Futuredividendsareprojectedat$1.14,$1.18,$1.22,and$1.25overthenextfouryears,respectively.Beginningfiveyearsfromnow,thedividendisexpectedtoincreaseby2%annually.Whatisoneshareofthisstockworthtoyouifyourequirean8%rateofreturnonsimilarinvestments?

Pleasecalculatetheproblem.（9points）

Ⅴ.Brieflyexplainthefollowingproblems（20point,10pointsforeach.）

1.Discussthedifferencebetweenbookvaluesandmarketvaluesonthebalancesheetandexplainwhichismoreimportanttothefinancialmanagerandwhy.

2.Listandinterpretthreeliquidityratios.

A卷答案：

Ⅰ.Fillintheblanks:

（10points,2pointsforeach）

1.Thethreebasicquestionsaddressedbyafinancialmanagerare:

capitalbudgeting,capital

structure,andworkingcapitalmanagement:

2.Thethreebasiclegalformsoforganizingabusinessaresoleproprietorships,partnerships,andcorporations.

3.Cashflowisgeneratedbythefirmandpaidtocreditorsandshareholders.Itcanbedividedascashflowfr