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1、最新资料推荐.Fill in the blanks: (10points, 2points for each ) A卷1. The three basic questions addressed by a financial manager are: capital budgeting, capital structure, and .2.The three basic legal forms of organizing a business are , partnerships, and corporations.3.Cash flow is generated by the firm an
2、d paid to creditors and shareholders. It can be divided as cash flow , cash flow from changes in fixed assets and cash flow from changes in working capital.4. is measured as current assets divided by current liabilities.5. A form of equity which receives preferential treatment in the payment of divi
3、dends iscalled .Multiple Choice :(20points,1 point for each problem.)1. The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the:a.treasurer .b.director. c.controller. d.chairman of the board.2. The primary goal of fi
4、nancial management is to:a.maximize current dividends per share of the existing stock.b.maximize the current value per share of the existing stock.c.avoid financial distress.d.minimize operational costs and maximize firm efficiency.3. Which one of the following statements is correct concerning the o
5、rganizational structure of a corporation?a.The vice president of finance reports to the chairman of the board.b.The chief executive officer reports to the board of directors.c.The controller reports to the president.d.The treasurer reports to the chief executive officer.4. Which one of the following
6、 is a primary market transaction?a.a dealer selling shares of stock to an individual investorb.a dealer buying newly issued shares of stock from a corporationc.an individual investor selling shares of stock to another individuald.a bank selling shares of a medical firm to an individual5.The financia
7、l statement showing a firms accounting value on a particular date is the:a.income statement. b.balance sheet. c.statement of cash flows.d.tax reconciliation statement.6.A(n) _ asset is one which can be quickly converted into cash without significant loss in value.a.current b.fixed c.intangible d.liq
8、uid7. One key reason a long-term financial plan is developed is because:a.the plan determines your financial policy. b.the plan determines your investment policy. c.there are direct connections between achievable corporate growth and the financial policy. d.there is unlimited growth possible in a we
9、ll-developed financial plan. 8.The current ratio is measured as:a.current assets minus current liabilities.b.current assets divided by current liabilities.c.current liabilities minus inventory, divided by current assets.d.cash on hand divided by current liabilities.9. The External Funds Needed (EFN)
10、 equation does not measures the:a.additional asset requirements given a change in sales. b.additional total liabilities financing raised given the change in sales. c.rate of return to shareholders given the change in sales. income expected to be earned given the change in sales. 10. To calculate su
11、stainable growth rate, the analyst needs the: a.profit margin. b.payout ratio and asset requirement ratio.c.debt-to-equity ratio. d.All of the above11.The interest rate charged per period multiplied by the number of periods per year is called the _ rate.a.effective annual b.annual percentagec.period
12、ic interest pound interest12. You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of each month while annuity B pays on the last day of each month. Which one of the following sta
13、tements is correct concerning these two annuities?a.Both annuities are of equal value today.b.Annuity B is an annuity due.c.Annuity A has a higher future value than annuity B.d.Annuity B has a higher present value than annuity A.13.The present value of future cash flows minus initial cost is called
14、a.the future value of the project. b.the net present value of the project. c.the equivalent sum of the investment. d.the initial investment risk equivalent value. 14. The stated interest payment, in dollars, made on a bond each period is called the bonds:a.coupon. b.face value. c.maturity.d.yield to
15、 maturity.15. The form of bond issue in which the registrar of the company records ownership of each bond, with relevant payments made directly to the owner of record, is called the _ form.a.new-issue b.registered c.bearer d.debenture16.An account managed by the bond trustee for early bond redemptio
16、n payments is called a:a.sinking fund. b.collateral payment account.c.deed in trust account. d.call provision.17. The annual coupon payment of a bond divided by its market price is called the:a.coupon rate. b.current yield c.yield to maturity d.bid-ask spread.18. The stock valuation model that deter
17、mines the current stock price by dividing the next annual dividend amount by the excess of the discount rate less the dividend growth rate is called the _ model.a.zero growth b.dividend growth c.capital pricingd.earnings capitalization19. The difference between the present value of an investment and
18、 its cost is the: present value. b.internal rate of return.c.payback period. d.profitability index.20.The changes in a firms future cash flows that are a direct consequence of accepting a project are called _ cash flows.a.incremental b.stand-alone c.after-tax present value.Judge the following sente
19、nces. If it is true , write T; If it is False , write F. (10 points,1 point for each)1.The original sale of securities by governments and corporations to the general public occurs in the primary market.2. Noncash items refer to the costs incurred for the purchase of intangible fixed assets.3. The re
20、ceivables turnover ratio is measured as sales plus accounts receivable.4. The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as e.09 1.5. The unsecured debts of a firm with maturities greater than 10 years are most literally calleddebentures.6. Sup
21、ernormal growth refers to a firm that increases its dividend by a rate which is most likely not sustainable over an extended period of time.7.An investment is acceptable if its IRR is exactly equal to its net present value (NPV).8. An investments average net income divided by its average book value
22、defines the average accounting return.9. The shortcoming(s) of the average accounting return (AAR) method iare: a.the use of net income instead of cash flows. b.the pattern of income flows has no impact on the AAR. c.there is no clear-cut decision rule. 10. One must know the discount rate to compute
23、 the NPV of a project but one can compute the IRR without referring to the discount rate. .Compute the Following Problems: (40points)1.Given the tax rates as shown, what is the average tax rate for a firm with taxable income of $126,500?(5points) Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,
24、000 25% 75,001 - 100,000 34% 100,001 - 335,000 39%2.The following information should be used for questions A through I: (16points) Knickerdoodles, Inc. 2004 2005Sales $ 740 $ 785COGS 430 460Interest 33 35Dividends 16 17Depreciation 250 210Cash 70 75 Accounts receivables 563 502 Current liabilities 3
25、90 405Inventory 662 640Long-term debt 340 410Net fixed assets 1,680 1,413Common stock 700 235Tax rate 35% 35%A. What is the net working capital for 2005?B. What is the change in net working capital from 2004 to 2005?CWhat is net capital spending for 2005?DWhat is the operating cash flow for 2005?EWh
26、at is the cash flow of the firm for 2005?FWhat is net new borrowing for 2005?GWhat is the cash flow to creditors for 2005?IWhat is the cash flow to stockholders for 2005?3.Ginny Trueblood is considering an investment which will cost her $120,000. The investment produces no cash flows for the first y
27、ear. In the second year the cash inflow is $35,000. This inflow will increase to $55,000 and then $75,000 for the following two years before ceasing permanently. Ginny requires a 10 percent rate of return and has a required discounted payback period of three years. Ginny should accept this project o
28、r not .And why? Please calculate the problem.（10 points）YearCash flowDiscounted cash flow 1$ 0 $ 0.00 2$35,000 $28,925.62 3$55,000 $41,322.31 4$75,000 $51,226.014. Now or Later, Inc. recently paid $1.10 as an annual dividend. Future dividends are projected at $1.14, $1.18, $1.22, and $1.25 over the
29、next four years, respectively. Beginning five years from now, the dividend is expected to increase by 2% annually. What is one share of this stock worth to you if you require an 8% rate of return on similar investments? Please calculate the problem.（9 points）. Briefly explain the following problems
30、(20point, 10 points for each.)1.Discuss the difference between book values and market values on the balance sheet and explain which is more important to the financial manager and why.2.List and interpret three liquidity ratios.A卷 答案：.Fill in the blanks: (10points, 2points for each )1. The three basi
31、c questions addressed by a financial manager are: capital budgeting, capital structure, and working capital management:2.The three basic legal forms of organizing a business are sole proprietorships, partnerships, and corporations.3.Cash flow is generated by the firm and paid to creditors and shareh
32、olders. It can be divided as cash flow from operation, cash flow from changes in fixed assets and cash flow from changes in working capital.4. The current ratio is measured as current assets divided by current liabilities.5. A form of equity which receives preferential treatment in the payment of di
33、vidends is calledpreferred stock.Multiple Choice :(20points,1 point for each problem.)1. a 2. b3.b 4. b5.b 6.d7. c 8.b 9. c 10.d 11.b 12.c 13.b 14. a 15.b 16.a17. b 18.b 19. a 20.a.Judge the following sentences. If it is true , write T; If it is False , write F. (10 points,1 point for each)1.T 2.F 3
34、. F 4. T 5.T 6. T 7. F 8. T 9. T 10.T.Compute the Following Problems: (40points)1. Tax = .15($50,000) + .25($25,000) + .34($25,000) +.39($126,500 - $100,000) = $32,585; Average tax rate = $32,585 $126,500 = .2576 = 25.76 percent2. A. Net working capital = $75 + $502 + $640 - $405 = $812B. Change in
35、net working capital = ($75 + $502 + $640 - $405) ($70 + $563 +$662 - $390) = -$93C. Net capital spending = $1,413 - $1,680 + $210 = -$57D. Earnings before interest and taxes = $785 - $460 - $210 = $115; Taxable income = $115 - $35 = $80; Taxes = .35($80) = $28; Operating cash flow = $115 + $210 - $2
36、8 = $297E. Cash flow of the firm = $297 - (-$93) - (-$57) = $447 (See problems 73 and 74)F. Net new borrowing = $410 - $340 = $70G. Cash flow to creditors = $35 ($410 - $340) = -$35I. Cash flow to stockholders = $447 - (-$35) = $482 (See problems 76 and 78); or, Cash flow to stockholders = $17 ($235
37、 - $700) = $482 3. = 3.97 yearsGinny should reject the project since the payback period of 3.97 years exceeds the required 3 years.4.; P4 = $21.25 ; P0 = $19.57. Briefly explain the following problems (20point, 10 points for each.)1.Discuss the difference between book values and market values on the
38、 balance sheet and explain which is more important to the financial manager and why.The accounts on the balance sheet are generally carried at historical cost, not market values. Although the book value of current assets and current liabilities may closely approximate market values, the same cannot
39、be said for the rest of the balance sheet accounts. Ultimately, the financial manager should focus on the firms stock price, which is a market value measure. Hence, market values are more meaningful than book values.2.List and interpret three liquidity ratios.Choose any three of the following:1. Cur
40、rent ratio: a firms ability to meet its financial obligations as they come due over the coming year2. Quick ratio: a firms ability to meet its near-term financial obligations without selling any inventory3. Cash ratio: a firms ability to meet its near-term financial obligations without depending on
41、the liquidation of inventory or accounts receivable4. Net working capital to total assets: a firms investment in net working capital for each dollar of assets5. Interval measure: the amount of time a firm can operate until it needs additional financing专业及班级：学号：姓名：装订线阅卷教师签名：_西 财 行 知 学 院 试 题 纸考试日期：200
42、9年 月 日 0809 学年第 2学期专业及班级： 财管06级 课程名称：西方财务管理命题老师： 齐应选题号一二三四五六七八九十总分得分 注意事项：命题教师：1.出题必须用碳素墨水书写，誉写干净，整齐。 2.除装订线内的三栏外，其他各项均由命题教师填写，不得漏填 考 生：1.装订线内的“班级”、“学号”、“姓名”三栏由考生本人填写，不得遗漏。 2.不得用红色笔、铅笔答题，否则试卷无效。.Fill in the blanks: (10points, 2points for each )1. Financial Markets are composed of the and capital mar
43、ket.2. In making financial decision, it is frequently important to distinguish between average and tax rate3. _ _ refers to the firms dividend payments less any net new equity raised.4. Projected future financial statements are called . 5. Cash flow is generated by the firm and paid to creditors and
44、 shareholders. It can be divided as cash flow from operation, cash flow from changes and cash flow from changes in working capital.Multiple Choice :(20points,1 point for each problem.)1. Which one of the following statements concerning a sole proprietorship is correct?a.A sole proprietorship is the least common form of business ownership.b.The profits of a sole proprietorship are taxed twice.c.The owners of a sole proprietorship share profits as established by the partnership agreement.