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1、1.What is the name given to the model that computes the present value of a stock by dividing nextyears annual dividend amount by the difference between the discount rate and the rate of changein the annual dividend amount?A.Stock pricing modelB.Equity pricing modelC.Capital gain modelD Dividend grow
2、th modelE.Present value modelRefer to section 7.1.Blooms:KnowledgeDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model2.The dividend yield is defined as:A.the current annual cash dividend divided by the
3、current market price per share.B.the current annual cash dividend divided by the current book value per share.C next years expected cash dividend divided by the current market price per share.D.next years expected cash dividend divided by the current book value per share.E.next years expected cash d
4、ividend divided by next years expected market price per share.Refer to section 7.1.Bloom fs:KnowledgeDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend yield3.The capital gains yield equals which one of the followi
5、ng?A.Total yieldB.Current discount rateC.Market rate of returnD.Dividend yieldE,Dividend growth rateRefer to section 7.1.Blooms:KnowledgeDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Capital gains yield4.Which one of t
6、he following types of securities has no priority in a bankruptcy proceeding?A.Convertible bondB.Senior debtC.Common stockD.Preferred stockE Straight bond24.Which one of the following will increase the current value of a stock?A.Decrease in the dividend growth rateB.Increase in the required returnC.I
7、ncrease in the market rate of returnD.Decrease in the expected dividend for next yearE Increase in the capital gains yieldReview section 7.1.Blooms:ComprehensionDifficult)：IntermediateLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Stoc
8、k valuation25.The price of a stock at year 4 can be expressed as:A.DO/(R+G4).B.Dox(l+R)5.C.D,x(1+R)5.D.D Jg g).KDVCR-g).Refer to section 7.1.Blooms:KnowledgeDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth
9、 model26.Delfinos expects to pay an annual dividend of$1.50 per share next year.What is theanticipated dividend for year 5 if the firm increases its dividend by 2 percent annually?A.$1.50 x(1.02)B.$1.50 x(1.02)2C.$1.50 x(1.02)3$1.50 x(1.02)4E.$1.50 x(1.02)5Refer to section 7.1.Blooms:ComprehensionDi
10、fficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth27.The required return on a stock is equal to which one of the following if the dividend on thestock decreases by 1 percent per year?A.(P，D)-gB.(Di/PoXgC Divid
11、end yield+capital gains yieldD.Dividend yield-capital gains yieldE.Dividend yield x capital gains yieldRefer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Required return28.Donuts Del
12、ite just paid an annual dividend of$1.10 a share.The firm expects to increase thisdividend by 8 percent per year the following 3 years and then decrease the dividend growth to 2percent annually thereafter.Which one of the following is the correct computation of the dividendfor year 7?A.($1.10)(1.08x
13、3)(1.02x4)B.($1.10)(1.08x3)(1.02x3)&($1.10)(1.08)3(1.02)4D.($1.10)(1.08)3(1.02)3E.($1.10)(1.08)3(1.02)2Refer to section 7.1.Bloom 飞:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth29.Aardvark,
14、Inc.pays a constant annual dividend.At the end of trading on Wednesday,the priceof its stock was$28.At the end of trading on the following day,the stock price was$27.As aresult of the decline in the stocks price,the dividend yield while the capital gains yieldA.remained constant;remained constantB,i
15、ncreased;remained constantC.increased;increasedD.decreased;remained constantE.decreased;decreasedRefer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend and capital gain yield30.
16、Which one of the following must equal zero if a firm pays a constant annual dividend?A.Dividend yieldB,Capital gains yieldC.Total returnD.Market value per shareE.Book value per shareRefer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on fu
17、ture dividends and dividendgrowth.Section:7.1Topic:Capital gains yield31.The dividend growth model can be used to value the stock of firms which pay which type ofdividends?I.constant annual dividendIL annual dividend with a constant increasing rate of growthIII.annual dividend with a constant decrea
18、sing rate of growthIV.zero dividendA.I onlyB.II onlyC.II and III onlyD.I,II,and III onlyE.I,II,III,and IVRefer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model32.Ka
19、te owns a stock with a market price of$31 per share.This stock pays a constant annualdividend of$0.60 per share.If the price of the stock suddenly increases to$36 a share,you wouldexpect the:I.dividend yield to increase.IL dividend yield to decrease.III.capital gains yield to increase.IV.capital gai
20、ns yield to decrease.A.I onlyB.II onlyC.Ill onlyD.I and III onlyE.II and IV onlyRefer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend and capital gain yield33.Computing the pre
21、sent value of a growing perpetuity is most similar to computing the currentvalue of which one of the following?A.Non-dividend-paying stockB.Stock with a constant dividendC.Stock with irregular dividendsD Stock with a constant growth dividendE.Stock with growing dividends for a limited period of time
22、Refer to section 7.1.Blooms:ComprehensionDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Growing perpetuity34.Jensen Shipping has four open seats on its board of directors.How many shares will ashareholder need to contro
23、l to ensure that his or her candidate is elected to the board given the factthat the firm uses straight voting?Assume one share equals one vote.A.20 percent of the shares plus one voteB.25 percent of the shares plus one voteC.1/3 of the shares plus one voteD.50 percent of the shares plus one voteE.5
24、1 percent of the shares plus one vote51.Keller Metals common stock is selling for$36 a share and has a dividend yield of 3.2 percent.What is the dividend amount?A.$0.32B.S1.15C.$3.49D.$11.25E.$11.52Dividend=0.032 x$36=$1.15AACSB:AnalyticBloom s:AnalysisDifficulty:BasicLearning Objective:07-01 Assess
25、 how stock prices depend on future dividends and dividendgrowth.Section:7JTopic:Dividend amount52.The Glass Ceiling paid an annual dividend of$2.20 per share last year.Management justannounced that future dividends will increase by 2.8 percent annually.What is the amount of theexpected dividend in y
26、ear 5?A.$2.39B.$2,41C.$2.46D.$2.53E.$2.58D5=$2.20 x(1.028)5=$2.53AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend amount53.The Pancake House pays a constant annual dividend of$1.25 pe
27、r share.How much are youwilling to pay for one share if you require a 15 percent rate of return?A.$7.86B.$8.33C.$10.87D.$11.04E.$11.38P=$1.25/0.15=$8.33AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:
28、7.1Topic:Constant dividend54.Shoreline Foods pays a constant annual dividend of$1.60 a share and currently sells for$28.50 a share.What is the rate of return?A.4.56 percentB.5.39 percentC.5.61 percentD.6.63 percentE.6.91 percentR=$1.60/$28.50=5.61 percentAACSB:AnalyticBlooms:AnalysisDifficulty:Basic
29、Learning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Constant dividend55.The common stock of Green Garden Flowers is selling for$24 a share.The company pays aconstant annual dividend and has a total return of 3.8 percent.What is the amount o
30、f thedividend?A.$0.38B.$0.76C.$0,91D.$1.38E.$1.54D=0.038 x$24=$0.91AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Total return56.Healthy Foods just paid its annual dividend of$1.45 a share.T
31、he firm recently announced thatall future dividends will be increased by 2.8 percent annually.What is one share of this stockworth to you if you require a 14 percent rate of return?A.$12.56B.$12.95C$13.31D.$13.68E.$14.07P0=($1.45x 1.028)/(0.14-0.028)=$13.31AACSB:AnalyticBloom rs:AnalysisDifficulty:B
32、asicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model57.Plastics,Inc.will pay an annual dividend of$1.85 next year.The company just announced thatfuture dividends will be increasing by 2.25 percent annually.How much
33、are you willing to pay forone share of this stock if you require a 16 percent return?A.$13.45B.$13.61C.$13.76D.$14.02E.$14.45Po=$1.85/(O.l6-0.0225)=$13.45AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Sectio
34、n:7.1Topic:Dividend growth model58.The Printing Company stock is selling for$32.60 a share based on a 14 percent rate of return.What is the amount of the next annual dividend if the dividends are increasing by 2.5 percentannually?A.$3.48B.$3,52C.$3,57D.$3.66E.$3.75$32.60 x(0.14-0.025)=$3.75AACSB:Ana
35、lyticBloom rs:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model59.The common stock of Mid-Towne Movers is selling for$33 a share and has a 9 percent rate ofreturn.The growth rate of the divide
36、nds is 1 percent annually.What is the amount of the nextannual dividend?A.$2,58B.$2,61C$2.64D.$2,67E.$2.70$33x(0.09-0.01)=$2.64AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth
37、model60.Delphins Marina is expected to pay an annual dividend of$0.58 next year.The stock is sellingfor$8.53 a share and has a total return of 12 percent.What is the dividend growth rate?A.3.82 percentB.4.03 percentC.4.28 percentD.5.20 percentE.5.49 percentg=0.12-($0.58/$8.53)=5.20 percentA AC SB:An
38、alyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model61.Klaus Toys just paid its annual dividend of$1.40.The required return is 16 percent and thedividend growth rate is 2 percent.Wha
39、t is the expected value of this stock five years from now?A.$11.04B.$11.26C.$11.67D.$12.41E.$12.58P5=$1.40 x(l+0.02)6/(0.16-0.02)=$11.26AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividen
40、d growth model62.This morning,you purchased a stock that will pay an annual dividend of$1.90 per share nextyear.You require a 12 percent rate of return and the annual dividend increases at 3.5 percentannually.What will your capital gain be on this stock if you sell it three years from now?A.$2,43B.$
41、2.51C.$2.63D.$2.87E.$2.92P()=$1.90/(0.12-0.035)=$22.35P3=$1.90 x(1.035)3/(0.l 2-0.035)=$24.78Capital gain=$24.78-$22.35=$2.43AACSB:AnalyticBlooms:AnalysisDifficulty:IntermediateLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Capital gai
42、n63.Blackwell Ink is losing significant market share and thus its managers have decided todecrease the firms annual dividend.The last annual dividend was$0.90 a share but all futuredividends will be decreased by 5 percent annually.What is a share of this stock worth today at arequired return of 15 p
43、ercent?A.$4,07B.$4.28C.$4.49D.$4,72E$4.95Po=($0.90 x(1-0.05)/0.15-(-0.05=$4.28A AC SB:AnalyticBlooms:AnalysisDifficulty:IntermediateLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model64.Lamey Headstones increases its a
44、nnual dividend by 1.5 percent annually.The stock sells for$28,40 a share at a required return of 14 percent.What is the amount of the last dividend thiscompany paid?A.$3,50B.$3.55C.$3.60D.$3.65E.$3.70$28.40=(Do x 1.015)/(0.14-0.015);Do=$3.50AACSB:AnalyticBlooms:AnalysisDifficulty:IntermediateLearnin
45、g Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model65.The common stock of Tasty Treats is valued at$10.80 a share.The company increases itsdividend by 8 percent annually and expects its next dividend to be$0.20 per share.What
46、 is thetotal rate of return on this stock?A.8.64 percentB.9.12 percentC.9.40 percentD.9.85 percentE.10.64 percentR=($0.20/$10.80)+0.08=9.85 percentAACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1To
47、pic:Total return66.River Rock,Inc.just paid an annual dividend of$2.80.The company has increased itsdividend by 2.5 percent a year for the past ten years and expects to continue doing so.What will ashare of this stock be worth six years from now if the required return is 16 percent?A.$23.60B.$24,65C
48、.$25.08D.$25,50E.$26.90P6=($2.80 x 1.0257)/(0.16-0.025)=$24.65AACSB:AnalyticBlooms:AnalysisDifficulty:BasicLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Dividend growth model67.The Cart Wheel plans to pay an annual dividend of$1.20 pe
49、r share next year,$1.00 per sharea year for the following two years,and then cease paying dividends altogether.How much is oneshare of this stock worth to you today if you require a 17 percent rate of return?A.$2.38B.$2,43C.$2,56D.$2,60E.$2.64Po=($1.20/1.17)+($1/1.172)+($1/1.173)=$2.38AACSB:Analytic
50、Blooms:AnalysisDifficulty:IntermediateLearning Objective:07-01 Assess how stock prices depend on future dividends and dividendgrowth.Section:7.1Topic:Irregular dividends68.Atlas Home Supply has paid a constant annual dividend of$2.40 a share for the past 15 years.Yesterday,the firm announced the div