Cpcyhra财务管理试题2杨潇.docx
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Cpcyhra财务管理试题2杨潇.docx
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Cpcyhra财务管理试题2杨潇
Timewillpiercethesurfaceoryouth,willbeonthebeautyoftheditchdugashallowgroove;Janewilleatrare!
Abornbeauty,anythingtoescapehissicklesweep
.--Shakespeare
Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#1through#5:
Windswept,Inc.
2005IncomeStatement
($inmillions)
Netsales$8,450
Less:
Costofgoodssold7,240
Less:
Depreciation
(1)
Earningsbeforeinterestandtaxes810
Less:
Interestpaid70
TaxableIncome$740
Less:
Taxes259
Netincome
(2)
Windswept,Inc.
2004and2005BalanceSheets
($inmillions)
2004200520042005
Cash$120$140Accountspayable$1,110$1,120
Accountsrec.930780Long-termdebt8401,210
Inventory1,4801,520Commonstock3,2003,000
Total(3)$2,440Retainedearnings(5)710
Netfixedasset(4)3,600
Totalassets$5,680$6,040Totalliabilities&equity$5,680$6,040
1.a.400b.410c.350d.420e.425
2.a.$487b.$481c.$523d.$498e.$540
3.a.$2345b.$2300c.$2530d.$2413e.$2450
4.a.3510b.3423c.3545d.3500e.3655
5.a.530b.540c.555d.550e.515
Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#6through#15:
ReDoIt,Inc.2005IncomeStatement(inmillion)
Netsales$2430
Less:
Costofgoodssold1,344
Less:
Depreciation276
Earningsbeforeinterestandtaxes$810
Less:
Interestpaid150
TaxableIncome$660
Less:
Taxes187
Netincome$Dividends$121
Additiontoretainedearnings242
ReDoIt,Inc.2004and2005BalanceSheet(inmillion)
2004200520042005
Cash$84$98Accountspayable$543$530
Accountsrec.165188Long-termdebt550$457
Inventory393422Commonstock500$550
Total$642$708Retainedearnings1,7992,041
Netfixedassets$2,731$2,880
Totalassets$3,373$3,588Totalliabilities&equity$3,373$3,588
6.Whatisthedays’salesinreceivables?
(use2005values)
a.21.8daysb.23.7daysc.28.3daysd.29.7dayse.32.4days
7.Whatisthecashcoverageratiofor2005?
a.6.4b.6.5c.6.6d.6.7e.6.8
8.Whatistheamountofthenetcashfrominvestmentactivityfor2005?
a.-$50millionb.$250millionc.$425milliond.$700millione.$850million
9.Howmanydollarsofsalesarebeinggeneratedfromeverydollarofcurrentassets?
(use2005values)
a.$2.59b.$2.89c.$3.43d.$3.26e.$3.76
10.Howdoescashaffectthestatementofcashflowsfor2005?
a.auseof$14millionofcashasaninvestmentactivityb.asourceof$14millionofcashasanoperatingactivity
c.auseof$10millionofcashasafinancingactivityd.asourceof$10millionofcashasaninvestmentactivity
e.auseof$14millionofcashasanoperatingactivity
11.Whatistheamountofnetnewborrowingfor2005?
a.-$37b.-$74c.$0d.-$93e.$74
12.Whatistheoperatingcashflowfor2005?
a.$184b.$178c.$125d.$145e.$170
13.Whatistheamountofthenon-cashexpensesfor2005?
a.$276b.$430c.$445d.$370e.$200
14.Whatistheamountofdividendspaidin2005?
a.$35b.$231c.$270d.$325e.$445
15.Whatisthecashflowtocreditorsfor2005?
a.-$215b.-$25c.$25d.$215e.$57
16.Thefinancialstatementthatsummarizesthesourcesandusesofcashoveraspecifiedperiodoftimeisthe:
a.incomestatement.
b.balancesheet.
c.taxreconciliationstatement.
d.statementofcashflows.
e.statementofoperatingposition.
17.Aconflictofinterestbetweenthestockholdersandmanagementofafirmiscalled:
a.stockholders’liability.
b.corporatebreakdown.
c.theagencyproblem.
d.corporateactivism.
e.legalliability.
18.Thefinancialstatementshowingafirm’saccountingvalueonaparticulardateisthe:
a.incomestatement.
b.balancesheet.
c.statementofcashflows.
d.taxreconciliationstatement.
e.shareholders’equitysheet.
19.Whenfixedassetsonaproformastatementareprojectedtoincreaseatarateequivalenttotheprojectedrateofsalesgrowth,itcanbeassumedthatthefirmis:
a.projectedtogrowattheinternalrateofgrowth.
b.projectedtogrowatthesustainablerateofgrowth.
c.creatingexcesscapacity.
d.currentlyoperatingatfullcapacity.
e.retainingallofitsprojectednetincome
20.Thesaleslevelthatresultsinaproject’snetpresentvalueexactlyequalingzeroiscalledthe_____break-even.
a.operational
b.leveraged
c.accounting
d.cash
e.financial
21.Theexpectedreturnonastockthatiscomputedusingeconomicprobabilitiesis:
a.guaranteedtoequaltheactualaveragereturnonthestockforthenextfiveyears.
b.guaranteedtobetheminimalrateofreturnonthestockoverthenexttwoyears.
c.guaranteedtoequaltheactualreturnfortheimmediatetwelvemonthperiod.
d.amathematicalexpectationbasedonaweightedaverageandnotanactualanticipatedoutcome.
e.theactualreturnyoushouldanticipateaslongastheeconomicforecastremainsconstant.
22.Interestearnedonlyontheoriginalprincipalamountinvestediscalled_____interest.
a.free
b.annual
c.simple
d.intereston
e.compound
23.Financialratiosthatmeasureafirm’sabilitytopayitsbillsovertheshortrunwithoutunduestressareknownas_____ratios.
a.assetmanagement
b.long-termsolvency
c.short-termsolvency
d.profitability
e.marketvalue
24.Whichoneofthefollowingmeasuresisrelevanttothesystematicriskprinciple?
a.variance
b.alpha
c.standarddeviation
d.theta
e.beta
25.Anoptionthatmaybeexercisedatanytimeupitsexpirationdateiscalleda(n)_____
option.
a.futures
b.Asian
c.Bermudan
d.European
e.American
26.Shareholders’equityinafirmis$500.Thefirmowesatotalof$400ofwhich75percentispayablewithinthenextyear.Thefirmhasnetfixedassetsof$600.Whatistheamountofthenetworkingcapital?
a.-$200
b.-$100
c.$0
d.$100
e.$200
27.Ivan’s,Inc.paid$500individendsand$600ininterestthispastyear.Commonstockincreasedby$200andretainedearningsdecreasedby$100.Whatisthenetincomefortheyear?
a.$400
b.$500
c.$600
d.$800
e.$1,000
28.Afirmhastotalassetsof$2,640andnetfixedassetsof$1,500.Theaveragedaily
operatingcostsare$170.Whatisthevalueoftheintervalmeasure?
a.6.71
b.8.82
c.11.03
d.13.33
e.15.53
29.Rosita’sRestaurantehassalesof$4,500,totaldebtof$1,300,totalequityof$2,400,andaprofitmarginof5percent.Whatisthereturnonassets?
a.5.00percent
b.6.08percent
c.7.39percent
d.9.38percent
e.17.31percent
30.Kurt’sAdventuresisoperatingatfullcapacitywithasaleslevelof$1,200andfixedassetsof$900.Whatistherequiredadditiontofixedassetsifsalesaretoincreaseby
20percent?
a.$160
b.$180
c.$240
d.$320
e.$360
31._____referstothenetexpendituresbythefirmonfixedassetpurchases.
a.Operatingcashflow
b.Capitalspending
c.Networkingcapital
d.Cashflowfromassets
e.Cashflowtocreditors
32.Ratiosthatmeasurehowefficientlyafirmusesitsassetstogeneratesalesareknownas_____ratios.
a.assetmanagement
b.long-termsolvency
c.short-termsolvency
d.profitability
e.marketvalue
33.Thecashratioismeasuredas:
a.currentassetsdividedbycurrentliabilities.
b.currentassetsminuscashonhand,dividedbycurrentliabilities.
c.currentliabilitiespluscurrentassets,dividedbycashonhand.
d.cashonhandplusinventory,dividedbycurrentliabilities.
e.cashonhanddividedbycurrentliabilities.
34.Thefinancialratiomeasuredasnetincomedividedbytotalassetsisknownasthefirm’s:
a.profitmargin.
b.returnonassets.
c.returnonequity.
d.assetturnover.
e.earningsbeforeinterestandtaxes.
35.Venturecapitalisprimarilyfoundthrough:
a.internetwebsites.
b.abiddingprocess.
c.newspaperadvertisements.
d.personalcontacts.
e.letterssubmittedtoventurecapitalfirms.
36.Whichofthefollowingareincludedincurrentliabilities?
I.notepayabletoasupplierineighteenmonths
II.debtpayabletoamortgagecompanyinninemonths
III.accountspayabletosuppliers
IV.loanpayabletothebankinfourteenmonths
a.IandIIIonly
b.IIandIIIonly
c.IIIandIVonly
d.II,III,andIVonly
e.I,II,andIIIonly
37.Cashflowfromassetsmustbenegativewhen:
a.thefirmhasataxablelossfortheyear.
b.thecashflowfromcreditorsandthecashflowfromstockholdersarebothnegative.
c.thecashflowfromcreditorsisnegativeandthecashflowfromstockholdersispositive.
d.thechangeinnetworkingcapitalexceedsthenetcapitalspending.
e.operatingcashflowislessthanthechangeinnetworkingcapital.
38.Whichoneofthefollowingstatementsconcerningnetpresentvalue(NPV)iscorrect?
a.Aninvestmentshouldbeacceptedif,andonlyif,theNPVisexactlyequaltozero.
b.AninvestmentshouldbeacceptedonlyiftheNPVisequaltotheinitialcashflow.
c.AninvestmentshouldbeacceptediftheNPVispositiveandrejectedifitisnegative.
d.Aninvestmentwithgreatercashinflowsthancashoutflows,regardlessofwhenthecashflowsoccur,willalwayshaveapositiveNPVandthereforeshouldalwaysbeaccepted.
e.Anyprojectthathaspositivecashflowsforeverytimeperiodaftertheinitialinvestmentshouldbeaccepted.
39.Anannuitystreamofcashflowpaymentsisasetof:
a.levelcashflowsoccurringeachtimeperiodfo
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