Business_Finance__1__A卷2007-2008-2期末试卷答案

诚信应考诚信应考 考出水平考出水平 考出风格考出风格 浙江大学城市学院浙江大学城市学院 答案答案 20072007 20082008 学年第学年第 二二 学期期末考试试卷学期期末考试试卷 A 卷卷 Business Business Finance Finance 开课单位 商学院 考试形式 闭卷 考试时间 2008 年 6 月 20 日 所需时间 120 分钟 题序一二总 分 得分 评卷人 第一大题答案 12345678910 bbcdbacbcd 11121314151617181920 ccbbdadcdc 一 Multiple Choice 本大题共 20 题 每题 2 分 共 40 分 1 Capital budgeting is the process of managing a firm s b a short term assets and liabilities b long term investments c mix of debt and equity financing d working capital 2 Which one of the following statements concerning partnerships is correct b a A limited partner actively participates in running the partnership on a daily basis b A general partner has unlimited liability for the business debts 得分 年级 专业 班级 学号 姓名 装 订 线 第 2 页 共 8 页 c If a limited partner wishes to leave a general partnership a new partnership agreement is required d Both limited and general partners have unlimited liability for the business debts 3 You opened a savings account four years ago and deposited 200 at that time Three years ago you added another 400 to the account Last year you deposited an additional 100 into this account The rate of return is 5 percent compounded annually How much is in your account today c a 772 53 b 806 15 c 811 15 d 813 67 4 Which of the following statements are correct d I All else equal the present value will decrease as the interest rate decreases II All else equal the future value will increase as the period of time increases III All else equal there is an inverse relationship between the present value and the period of time a I only b II only c I and III only d II and III only 5 A preferred stock pays annual dividends of 3 50 How much are you willing to pay today to buy one share of this stock if you want to earn a 13 percent rate of return b a 24 29 b 26 92 c 29 99 d 37 144 6 The more frequently interest is compounded the interest you will pay on a loan and the interest you will receive on a savings account a a more more b more less c less less d less more 7 Which one of the following bonds has the most interest rate risk c a 5 year 6 percent coupon b 5 year 4 percent coupon c 10 year 4 percent coupon d 10 year 6 percent coupon 8 A semi annual corporate bond has a face value of 1 000 a yield to maturity of 7 3 percent and a coupon rate of 8 percent The bond matures 6 years from today This bond b a pays interest payments of 80 every six months b sells at a premium c has a current yield that is greater than 8 percent d is currently quoted at a price of 103 11 9 Which one of the following best describes a sunk cost c a the loss of sales of one product because you commence selling another 第 3 页 共 8 页 product b the current market value of equipment you own that you want to use for a new project c repairs made last year to a vehicle which you want to sell this year d copier machine lease for the next twelve months 10 Which one of the following statements is correct d a The payback period of a project will be longer than the discounted payback period b The internal rate of return can be reliably used for all independent projects c The internal rate of return is used to evaluate different sized projects d The internal rate of return should not be used to rank mutually exclusive projects 11 Martha is managing a project that has a degree of operating leverage equal to 1 8 What was the percentage change in the sales quantity if her operating cash flow rose by 6 3 percent c a decrease of 11 34 percent b decrease of 3 5 percent c increase of 3 5 percent d increase of 11 34 percent 12 The analysis of a project which investigates the changes in project values based on a change in a single variable is called c analysis a operating leverage b rationing c sensitivity d scenario5 13 The Ol Tech Co last paid a 2 40 annual dividend The market rate of return on this security is 13 percent and the market price is 28 70 a share What is the expected growth rate of Ol Tech b a 3 56 percent b 4 28 percent c 4 48 percent d 5 07 percent 14 The common stock of the Zing Co is selling for 37 31 a share and offers a 7 5 percent rate of return The dividend growth rate is constant at 3 percent What is the amount of the last annual dividend paid b a 1 58 b 1 63 c 1 68 d 1 74 15 Financial managers are concerned with which of the following aspects of future cash flows d I timingII riskIII size a I and III only b II and III only c I and II onlyd I II and III 第 4 页 共 8 页 Use this information to answer questions 16 and 17 The Sable Co is considering the introduction of a new product Company management has prepared the following estimates related to the project as well as the related range of values where applicable Sales quantity3 000 5 percent Sales price 9 00 3 percent Variable cost per unit 5 00 4 percent Fixed costs 8 500 2 percent Depreciation 1 500 Tax rate34 percent 16 What is the projected worst case earnings before interest and taxes Round to the nearest whole dollar a a 109 50 b 19 55 c 1 370 50 d 1 390 05 17 What is the projected best case operating cash flow Round to the nearest whole dollar d a 2 805b 4 196 c 4 251 d 4 305 18 An increase in a leveraged firm s tax rate will c a not affect their cost of capital b increase their cost of capital c decrease their cost of capital d have an effect on the firm cost of capital but the direction of that effect cannot be predicted 19 Four years ago Cheese Snacks Inc purchased land located beside their factory at a price of 739 000 The land is currently valued at 825 000 The company is now considering building a new warehouse on that land The construction cost of the warehouse is estimated at 425 000 In addition 35 000 worth of grading will be required to prepare the construction site What is the initial cash outflow that should be used when analyzing this project d a 1 164 000 b 1 199 000 c 1 250 000 d 1 285 000 20 The risk free rate of return is 4 5 percent and the market risk premium is 8 percent What is the expected return for a stock with a beta of 1 32 c a 9 28 percent b 13 94 percent c 15 06 percent d 16 50 percent 第 5 页 共 8 页 二 二 Problems 本大题共本大题共 6 6 题 共计题 共计 6060 分分 1 Prepare an amortization schedule for a five year loan of 30 000 The interest rate is 10 per year and the loan calls for equal annual payments How much interest is paid in the fourth year How much total interest is paid over the life of the loan 10 marks solution PV A PVIFA10 5 1marks A PV PVIFA10 5 30 000 PVIFA10 5 7913 92 2marks YearBeginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 30 000 00 7 913 92 3 000 00 4 913 92 25 086 08 2 25 086 08 7 913 92 2 508 61 5 405 32 19 680 76 3 19 680 76 7 913 92 1 968 08 5 945 85 13 734 91 4 13 734 91 7 913 92 1 373 49 6 540 43 7 194 48 5 7 194 48 7 913 92 719 45 7 194 48 0 00 Totals39569 629569 6230 000 6marks Interest paid in the fourth year 1373 49 0 5marks Total interest paid over the life of the loan 9569 62 0 5marks 2 A Microgates Industries bond has a 10 percent coupon rate and a 1 000face value Interest is paid semiannually and the bond has 3 years to maturity If investors require a 12 percent yield what is the bond s value If investors require a 10 percent yield what is the bond s value If investors require a 8 percent yield what is the bond s value From the previous calculation explain the relationship between bond value and its yield 10 marks solution 1000 10 2 50 t 2 3 6 2 marks 得分 第 6 页 共 8 页 Bond Value 50 PVIFA6 6 1000 PVIF6 6 50 4 9173 1000 0 7050 950 87 2 marks Bond Value 50 PVIFA5 6 1000 PVIF5 6 50 5 0757 1000 0 7462 1000 2 marks Bond Value 50 PVIFA4 6 1000 PVIF4 6 50 5 2421 1000 0 7903 1052 41 2 marks As the yield rises the value become lower 2 marks 3 The Garden City Company just paid a 1 5 annual dividend per share it is expected to increase dividends by 20 in one year and by 15 in two years After that dividends will increase at a rate of 5 per year indefinitely If the required return is 20 what is the price of the stock If the stock is selling for 13 50 is the stock correctly priced 10 marks solution D1 1 5 1 20 1 8 1 marks D2 1 5 1 20 1 15 2 07 1 marks D3 1 5 1 20 1 15 1 5 2 17 1 marks P2 2 17 20 5 14 47 2 marks P 1 8 1 20 2 07 14 47 1 20 2 1 5 11 49 12 99 3 marks The stock is overpriced 2 marks 4 Given the following probability distribution of returns Probability Stock A Stock B 0 3 14 10 0 4 9 6 0 3 3 2 Required 第 7 页 共 8 页 a Calculate expected rate of return of Stock A and Stock B 4 marks b Calculate standard deviation of the rate of return of Stock A and Stock B 4 marks solution a expected rate of return of Stock A 0 3 14 0 4 9 0 3 3 0 042 0 036 0 009 0 087 8 7 2 marks expected rate of return of Stock B 0 3 10 0 4 6 0 3 2 0 03 0 024 0 006 0 06 6 2 marks b 267 4 3 0 7 8 3 4 0 7 8 9 3 0 7 8 14 222 A 2 marks 10 3 3 0 6 3 4 0 6 6 3 0 6 10 222 B 2 marks 5 Your company is considering a new computer system that will initially cost 1 million It will save costs 300 000 each year The system is expected to last for five years You will depreciate it using stright line to zero The system is expected to have a salvage value of 50 000 at the end of year 5 There is no impact on net working capital The marginal tax rate is 40 The required return is 8 What is the OCF for this project Calculate the project s payback the discounted payback and the NPV 14 marks Solution Initial cash outflow 1 000 000 1 marks depreciation 1000000 5 200 000 1 marks aftertax salvage value 50000 0 1 40 30000 2 marks year 1 2 3 4 5 reduce labor costs 300 000 300 000 300000 300000 300000 depreciation 200 000 200 000 200 000 200 000 200 000 net change in income 第 8 页 共 8 页 before taxes 100 000 100 000 100 000 100 000 100 000 taxes 40 rate 40 000 40 000 40 000 40 000 40 000 net change in income after taxes 60