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1、最新资料推荐1 1.What is the name given to the model that computes the present value of a stock by dividing next years annual dividend amount by the difference between the discount rate and the rate of change in the annual dividend amount?A.Stock pricing model B.Equity pricing model C.Capital gain model D.
2、Dividend growth model E.Present value model Refer to section 7.1.Blooms:Knowledge Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 2.The dividend yield is defined as:A.the current annual cash divi
3、dend divided by the 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 y
4、ears expected cash dividend divided by next years expected market price per share.Refer to section 7.1.Blooms:Knowledge Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend yield 最新资料推荐2 3.The capital gains yield
5、equals which one of the following?A.Total yield B.Current discount rate C.Market rate of return D.Dividend yield E.Dividend growth rate Refer to section 7.1.Blooms:Knowledge Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 T
6、opic:Capital gains yield 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐3 4.Which one of the following types of securities has no priority in a bankruptcy proceeding?A.Convertible bond B.S
7、enior debt C.Common stock D.Preferred stock E.Straight bond 24.Which one of the following will increase the current value of a stock?A.Decrease in the dividend growth rate B.Increase in the required return C.Increase in the market rate of return D.Decrease in the expected dividend for next year E.In
8、crease in the capital gains yield Review section 7.1.Blooms:Comprehension Difficulty:Intermediate Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Stock valuation 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料
9、推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐4 25.The price of a stock at year 4 can be expressed as:A.D0/(R+G4).B.D0(1+R)5.C.D1(1+R)5.D.D4/(R-g).E.D5/(R-g).Refer to section 7.1.Blooms:Knowledge Difficulty:Basic Learning Objective:07-01 Assess how stock pric
10、es depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 26.Delfinos expects to pay an annual dividend of$1.50 per share next year.What is the anticipated dividend for year 5 if the firm increases its dividend by 2 percent annually?A.$1.50 (1.02)1B.$1.50 (1.02)2C.$1.
11、50 (1.02)3D.$1.50 (1.02)4E.$1.50 (1.02)5Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资
12、料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐5 27.The required return on a stock is equal to which one of the following if the dividend on the stock decreases by 1 percent per year?A.(P0/D1)-g B.(D1/P0)/g C.Dividend yield+capital gains yield D.Dividend yiel
13、d-capital gains yield E.Dividend yield capital gains yield Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Required return 28.Donuts Delite just paid an annual dividend of$1.1
14、0 a share.The firm expects to increase this dividend by 8 percent per year the following 3 years and then decrease the dividend growth to 2 percent annually thereafter.Which one of the following is the correct computation of the dividend for year 7?A.($1.10)(1.08 3)(1.02 4)B.($1.10)(1.08 3)(1.02 3)C
15、.($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.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料
16、推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐6 29.Aardvark,Inc.pays a constant annual dividend.At the end of trading on Wednesday,the price of its stock was$28.At the end of trading on the following day,the stock price was$27.As
17、a result of the decline in the stocks price,the dividend yield _ while the capital gains yield _.A.remained constant;remained constant B.increased;remained constant C.increased;increased D.decreased;remained constant E.decreased;decreased Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Le
18、arning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend and capital gain yield 30.Which one of the following must equal zero if a firm pays a constant annual dividend?A.Dividend yield B.Capital gains yield C.Total return D.Market value
19、 per share E.Book value per share Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Capital gains yield 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推
20、荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐7 31.The dividend growth model can be used to value the stock of firms which pay which type of dividends?I.constant annual dividend II.annual dividend with a constant increasing rate of growth III.annual dividend w
21、ith a constant decreasing rate of growth IV.zero dividend A.I only B.II only C.II and III only D.I,II,and III only E.I,II,III,and IV Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1
22、Topic:Dividend growth model 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐8 32.Kate owns a stock with a market price of$31 per share.This stock pays a constant annual dividend of$0.60 per
23、 share.If the price of the stock suddenly increases to$36 a share,you would expect the:I.dividend yield to increase.II.dividend yield to decrease.III.capital gains yield to increase.IV.capital gains yield to decrease.A.I only B.II only C.III only D.I and III only E.II and IV only Refer to section 7.
24、1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend and capital gain yield 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推
25、荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐9 33.Computing the present value of a growing perpetuity is most similar to computing the current value of which one of the following?A.Non-dividend-paying stock B.Stock with a constant dividend C.Stock with irregular dividends D.Stock with a constant gro
26、wth dividend E.Stock with growing dividends for a limited period of time Refer to section 7.1.Blooms:Comprehension Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Growing perpetuity 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新
27、资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐10 34.Jensen Shipping has four open seats on its board of directors.How many shares will a shareholder need to control to ensure that his or her candidate is elected to the boa
28、rd given the fact that the firm uses straight voting?Assume one share equals one vote.A.20 percent of the shares plus one vote B.25 percent of the shares plus one vote C.1/3 of the shares plus one vote D.50 percent of the shares plus one vote E.51 percent of the shares plus one vote 51.Keller Metals
29、 common stock is selling for$36 a share and has a dividend yield of 3.2 percent.What is the dividend amount?A.$0.32 B.$1.15 C.$3.49 D.$11.25 E.$11.52 Dividend=0.032$36=$1.15 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends an
30、d dividend growth.Section:7.1 Topic:Dividend amount 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐11 52.The Glass Ceiling paid an annual dividend of$2.20 per share last year.Management ju
31、st announced that future dividends will increase by 2.8 percent annually.What is the amount of the expected dividend in year 5?A.$2.39 B.$2.41 C.$2.46 D.$2.53 E.$2.58 D5=$2.20 (1.028)5=$2.53 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on fu
32、ture dividends and dividend growth.Section:7.1 Topic:Dividend amount 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐12 53.The Pancake House pays a constant annual dividend of$1.25 per shar
33、e.How much are you willing to pay for one share if you require a 15 percent rate of return?A.$7.86 B.$8.33 C.$10.87 D.$11.04 E.$11.38 P=$1.25/0.15=$8.33 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Sec
34、tion:7.1 Topic:Constant dividend 54.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 percent B.5.39 percent C.5.61 percent D.6.63 percent E.6.91 percent R=$1.60/$28.50=5.61 percent AACSB:Analytic Blooms:Analysis D
35、ifficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Constant dividend 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最
36、新最新资料推荐13 55.The common stock of Green Garden Flowers is selling for$24 a share.The company pays a constant annual dividend and has a total return of 3.8 percent.What is the amount of the dividend?A.$0.38 B.$0.76 C.$0.91 D.$1.38 E.$1.54 D=0.038$24=$0.91 AACSB:Analytic Blooms:Analysis Difficulty:Basi
37、c Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Total return 56.Healthy Foods just paid its annual dividend of$1.45 a share.The firm recently announced that all future dividends will be increased by 2.8 percent annually.What is one
38、share of this stock worth to you if you require a 14 percent rate of return?A.$12.56 B.$12.95 C.$13.31 D.$13.68 E.$14.07 P0=($1.45 1.028)/(0.14-0.028)=$13.31 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growt
39、h.Section:7.1 Topic:Dividend growth model 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐14 57.Plastics,Inc.will pay an annual dividend of$1.85 next year.The company just announced that fu
40、ture dividends will be increasing by 2.25 percent annually.How much are you willing to pay for one share of this stock if you require a 16 percent return?A.$13.45 B.$13.61 C.$13.76 D.$14.02 E.$14.45 P0=$1.85/(0.16-0.0225)=$13.45 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-0
41、1 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 58.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 perce
42、nt annually?A.$3.48 B.$3.52 C.$3.57 D.$3.66 E.$3.75$32.60 (0.14-0.025)=$3.75 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐
43、最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新最新资料推荐15 59.The common stock of Mid-Towne Movers is selling for$33 a share and has a 9 percent rate of return.The growth rate of the dividends is 1 percent annually.What is the amount of
44、 the next annual dividend?A.$2.58 B.$2.61 C.$2.64 D.$2.67 E.$2.70$33 (0.09-0.01)=$2.64 AACSB:Analytic Blooms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 60.Delphins Marina is expecte
45、d to pay an annual dividend of$0.58 next year.The stock is selling for$8.53 a share and has a total return of 12 percent.What is the dividend growth rate?A.3.82 percent B.4.03 percent C.4.28 percent D.5.20 percent E.5.49 percent g=0.12-($0.58/$8.53)=5.20 percent AACSB:Analytic Blooms:Analysis Diffic
46、ulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新
47、最新资料推荐16 61.Klaus Toys just paid its annual dividend of$1.40.The required return is 16 percent and the dividend growth rate is 2 percent.What is the expected value of this stock five years from now?A.$11.04 B.$11.26 C.$11.67 D.$12.41 E.$12.58 P5=$1.40 (1+0.02)6/(0.16-0.02)=$11.26 AACSB:Analytic Bloo
48、ms:Analysis Difficulty:Basic Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Section:7.1 Topic:Dividend growth model 料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新资料推荐最新
49、资料推荐最新资料推荐最新资料推荐最新最新资料推荐17 62.This morning,you purchased a stock that will pay an annual dividend of$1.90 per share next year.You require a 12 percent rate of return and the annual dividend increases at 3.5 percent annually.What will your capital gain be on this stock if you sell it three years from
50、 now?A.$2.43 B.$2.51 C.$2.63 D.$2.87 E.$2.92 P0=$1.90/(0.12-0.035)=$22.35 P3=$1.90 (1.035)3/(0.12-0.035)=$24.78 Capital gain=$24.78-$22.35=$2.43 AACSB:Analytic Blooms:Analysis Difficulty:Intermediate Learning Objective:07-01 Assess how stock prices depend on future dividends and dividend growth.Sect