Asrwlew财务管理试题2-杨潇

1、七夕，古今诗人惯咏星月与悲情。吾生虽晚，世态炎凉却已看透矣。情也成空，且作 “挥手袖底风 ”罢。是夜，窗外风雨如晦，吾独坐陋室，听一曲尘缘，合成诗韵一首，觉放诸古今，亦独有风韵也。乃书于纸上。毕而卧。凄然入梦。乙酉年七月初七。-啸之记。The following balance sheet and income statement should be used for questions #1 through #5:Windswept, Inc.2005 Income Statement($ in millions)Net sales$8,450Less: Cost of goods sold

2、7,240Less: Depreciation（1）Earnings before interest and taxes810Less: Interest paid70Taxable Income$740Less: Taxes259Net income（ 2）Windswept, Inc.2004 and 2005 Balance Sheets($ in millions)2004200520042005Cash$ 120$140Accounts payable$1,110$1,120Accounts rec.930780Long-term debt8401,210Inventory1,480

3、1,520Common stock3,2003,000Total（ 3）$2,440Retained earnings（ 5）710Net fixed asset（4）3,600Total assets$5,680$6,040Total liabilities & equity$5,680$6,0401a.400b. 410c.350d. 420e.4252a. $487b. $481c.$523d.$ 498e. $5403a. $2345 b. $2300c.$2530d.$2413e. $24504a.3510b.3423c. 3545d.3500e. 36555a. 530b.540c

4、.555d.550e.515The following balance sheet and income statement should be used for questions #6through #15:Re Do It, Inc.2005 Income Statement （in million ）Net sales$2430Less: Cost of goods sold1,344Less: Depreciation276Earnings before interest and taxes$810Less: Interest paid150Taxable Income$660Les

5、s: Taxes187Net income$Dividends$121Addition to retained earnings242Re Do It, Inc.2004 and 2005 Balance Sheet （ in million ）2004200520042005Cash$84$ 98Accounts payable$543$530Accounts rec.165188Long-term debt550$457Inventory393422Common stock500$550Total$642$708Retained earnings1,7992,041Net fixed as

6、sets $2,731$2,880Total assets$3,373$3,588Total liabilities & equity$3,373$3,5886. What is the days sales in receivables? (use 2005 values)a.21.8 daysb.23.7 daysc. 28.3 daysd.29.7 dayse.32.4 days7. What is the cash coverage ratio for 2005?a. 6. 4b.6.5c.6.6d. 6.7e.6.88. What is the amount of the net c

7、ash from investment activity for 2005?a.-$50 millionb. $250millionc. $425 milliond. $700 millione. $850 million9. How many dollars of sales are being generated from every dollar of current assets? (use 2005 values)a.$2.59b. $2.89c.$3.43d.$3.26e.$3.7610. How does cash affect the statement of cash flo

8、ws for 2005?a.a use of $14 million of cash as an investment activitymillion of cash as an operating activityc.a use of $10 million of cash as a financing activitymillion of cash as an investment activityb. a source of $14d. a source of $10e. a use of $14 million of cash as an operating activity11. W

9、hat is the amount of net new borrowing for 2005?a.-$37b.-$74c.$0d.- $ 93e. $7412.What is the operating cash flow for 2005?a.$184b. $178c. $125d. $145e. $17013. What is the amount of the non-cash expenses for 2005?a.$276b. $430c. $445d.$370e. $20014.What is the amount of dividends paid in 2005?a.$35b

10、. $231c. $270d. $325e.$44515.What is the cash flow to creditors for 2005?a.-$215b. -$25c. $25d.$215e.$5716. The financial statement that summarizes the sources and uses of cash over a specified period of time is the:a. income statement.b. balance sheet.c. tax reconciliation statement.d. statement of

11、 cash flows.e. statement of operating position.17.A conflict of interest between the stockholders and management of a firm is called:a.stockholders liability.b.corporate breakdown.c.the agency problem.d.corporate activism.e.legal liability.18.The financial statement showing a firm s accounting value

12、 on a particular date isthe:a.income statement.b.balance sheet.c.statement of cash flows.d.tax reconciliation statement.e.shareholders equity sheet.19. When fixed assets on a pro forma statement are projected to increase at a rate equivalent to the projected rate of sales growth, it can be assumed t

13、hat the firm is:a. projected to grow at the internal rate of growth.b. projected to grow at the sustainable rate of growth.c. creating excess capacity.d. currently operating at full capacity. e. retaining all of its projected net income20. The sales level that results in a projectsnet present value

14、exactly equaling zero is called the _ break-even.a. operationalb. leveragedc. accountingd. cashe. financial21.The expected return on a stock that is computed using economic probabilities is:a. guaranteed to equal the actual average return on the stock for the next five years.b. guaranteed to be the

15、minimal rate of return on the stock over the next two years.c. guaranteed to equal the actual return for the immediate twelve month period.d. a mathematical expectation based on a weighted average and not an actual anticipated outcome.e. the actual return you should anticipate as long as the economi

16、c forecast remains constant.22. Interest earned only on the original principal amount invested is called _interest.a. freeb. annualc. simpled. interest one. compound23.Financial ratios that measure a firm s ability to pay its bills over the short runwithout undue stress are known as _ ratios.a. asse

17、t managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value24.Which one of the following measures is relevant to the systematic risk principle?a. varianceb. alphac. standard deviationd. thetae. beta25. An option that may be exercised at any time up its expiration date is c

18、alled a(n)_option.a. futuresb. Asianc. Bermudand. Europeane. American26. Shareholders equity in a firm is $500. The firm owes a total of $400 of which 75 percent is payable within the next year. The firm has net fixed assets of $600. Whatis the amount of the net working capital?a. -$200b. -$100c. $0

19、d. $100e. $20027.Ivan s, Inc. paid $500 in dividends and $600 in interest this past year. Common stock increased by $200 and retained earnings decreased by $100. What is the net income for the year?a. $400b. $500c. $600d. $800e. $1,00028. A firm has total assets of $2,640 and net fixed assets of $1,

20、500. The average daily operating costs are $170. What is the value of the interval measure?a. 6.71b. 8.82c. 11.03d. 13.33e. 15.5329. Rosita s Restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit margin of 5 percent. What is the return on assets?a. 5.00 percentb

21、. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent30. Kurt s Adventures is operating at full capacity with a sales level of $1,200 andfixed assets of $900. What is the required addition to fixed assets if sales are to increase by20 percent?a. $160b. $180c. $240d. $320e. $36031._ refers to

22、the net expenditures by the firm on fixed asset purchases.a. Operating cash flowb. Capital spendingc. Net working capitald. Cash flow from assetse. Cash flow to creditors32.Ratios that measure how efficiently a firm uses its assets to generate sales are known as _ ratios.a. asset managementb. long-t

23、erm solvencyc. short-term solvencyd. profitabilitye. market value33.The cash ratio is measured as:a. current assets divided by current liabilities.b. current assets minus cash on hand, divided by current liabilities.c. current liabilities plus current assets, divided by cash on hand.d. cash on hand

24、plus inventory, divided by current liabilities.e. cash on hand divided by current liabilities.34.The financial ratio measured as net income divided by total assets is known as the firm s:a. profit margin.b. return on assets.c. return on equity.d. asset turnover.e. earnings before interest and taxes.

25、35.Venture capital is primarily found through:a. internet web sites.b. a bidding process.c. newspaper advertisements.d. personal contacts.e. letters submitted to venture capital firms.36.Which of the following are included in current liabilities?I. note payable to a supplier in eighteen monthsII. de

26、bt payable to a mortgage company in nine monthsIII. accounts payable to suppliersa. I and III onlyb. II and III onlyc. III and IV onlyd. II, III, and IV onlye. I, II, and III only37.Cash flow from assets must be negative when:a. the firm has a taxable loss for the year.b. the cash flow from creditor

27、s and the cash flow from stockholders are both negative.c. the cash flow from creditors is negative and the cash flow from stockholders is positive.d. the change in net working capital exceeds the net capital spending.e. operating cash flow is less than the change in net working capital.38. Which on

28、e of the following statements concerning net present value (NPV) is correct?a. An investment should be accepted if, and only if, the NPV is exactly equal to zero.b. An investment should be accepted only if the NPV is equal to the initial cash flow.c. An investment should be accepted if the NPV is po

29、sitive and rejected if it is negative.d. An investment with greater cash inflows than cash outflows, regardless of when the cash flows occur, will always have a positive NPV and therefore should always be accepted.e. Any project that has positive cash flows for every time period after the initial in

30、vestment should be accepted.39.An annuity stream of cash flow payments is a set of:a. level cash flows occurring each time period for a fixed length of time.b. level cash flows occurring each time period forever.c. increasing cash flows occurring each time period for a fixed length of time.d. increa

31、sing cash flows occurring each time period forever.e. arbitrary cash flows occurring each time period for no more than 10 years.40.The cost of capital:a. will decrease as the risk level of a firm increases.b. is primarily dependent on the source of the funds used in a project.c. implies that a proje

32、ct will produce a positive net present value only when the rate of return on the project is less than the cost of capital.d. remains constant for all projects sponsored by the same firm.e. depends on how the funds are going to be utilized.41. What is the present value of $13,450 to be received four

33、years from today if the discount rate is 5.25 percent?a. $10,854.20b. $10,960.59c. $10,974.21d. $10,982.18e. $11,003.1442. Your grandmother invested one lump sum 17 years ago at 4.25 percent interest. Today, she gave you the proceeds of that investment which totaled $5,539.92. Howmuch did your grand

34、mother originally invest?a. $2,700.00b. $2,730.30c. $2,750.00d. $2,768.40e. $2,774.9043. Ten years ago, Joe invested $5,000. Five years ago, Marie invested $2,500. Today, both Joe and Marie s investments are each worth $8,500. Which one of the following statements is correct concerning their investm

35、ents?a.Three years from today, Joe s investment will be worth more than Marieb.Last year, Marie s investment was worth more than Joe s. s.c. Joe has earned more interest on interest than Marie.d. Marie earned an annual interest rate of 27.73 percent.e. Joe earned an annual interest rate of 6.45 perc

36、ent.44. Your older sister deposited $5,000 today at 8 percent interest for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6 percent interest. How much more money must you deposit today than your sister if you are to

37、have the same amount at the end of five years?a. $201.80b. $367.32c. $399.05d. $423.81e. $489.8445. Forty years ago, your father invested $2,500. Today that investment is worth $107,921. What is the average rate of return your father earned on his investment?a. 8.50 percentb. 9.33 percentc. 9.50 per

38、centd. 9.87 percente. 9.99 percent46. The specified date on which the principal amount of a bond is repaid is called the bond s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.47. The rate of return required by investors in the market for owning a bond is called the:a. coupon

39、.b. face value.c. maturity.d. yield to maturity.e. coupon rate.48.A bond with a face value of $1,000 that sells for more than $1,000 in the market is called a _ bond.a. parb. discountc. premiumd. zero coupone. floating rate49.The unfunded debt of a firm is generally understood to mean the firm s:a.

40、preferred stock.b. debts that mature in more than one year.c. debentures.d. debts that mature in less than one year.e. secured debt.50. When you retire forty years from now, you want to have $1 million. You think you can earn an average of 8.5 percent on your money. To meet this goal, you are trying

41、 to decide whether to deposit a lump sum today, or to wait and deposit a lump sum five years from today. How much more will you have to deposit as a lumpsum if you wait for five years before making the deposit?a. $18,001.06b. $18,677.78c. $18,998.03d. $19,272.81e. $21,036.8351.Syed s Industries has

42、accounts receivable of $700, inventory of $1,200, sales of $4,200, and cost of goods sold of $3,400. How long does it take Syed s to both selltheir inventory and then collect the payment on the sale?a. 128 daysb. 146 daysc. 163 daysd. 190 dayse. 211 days52. A firm has net working capital of $400, ne

43、t fixed assets of $2,400, sales of $6,000, and current liabilities of $800. How many dollars worth of sales are generated from every $1 in total assets?a. $1.33b. $1.67c. $1.88d. $2.33e. $2.5053. Rosita s Restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit mar

44、gin of 5 percent. What is the return on assets?a. 5.00 percentb. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent54. Patti s has net income of $1,800, a price-earnings ratio of 12, and earnings per share of $1.20. How many shares of stock are outstanding?a. 1,200b. 1,400c. 1,500d. 1,600e.

45、1,80055. A firm has 5,000 shares of stock outstanding, sales of $6,000, net income of $800, a price-earnings ratio of 10, and a book value per share of $.50. What is the market-to-book ratio?a. 1.6b. 2.4c. 3.0d. 3.2e. 3.656. Jupiter Explorers has $6,400 in sales. The profit margin is 4 percent. Ther

46、e are 6,400 shares of stock outstanding. The market price per share is $1.20. What is the price-earnings ratio?a. 13b. 14c. 21d. 30e. 4857. Lee Sun s has sales of $3,000, total assets of $2,500, and a profit marginf 5o percent. The firm has a total debt ratio of 40 percent. What is the return on equ

47、ity?a. 6 percentb. 8 percentc. 10 percentd. 12 percente. 15 percent58. A firm has a return on equity of 15 percent. The debt-equity ratio is 50 percent. The total asset turnover is 1.25 and the profit margin is 8 percent. The total equity is$3,200. What is the amount of the net income?a. $480b. $500

48、c. $540d. $600e. $62059. A firm wants a sustainable growth rate of 2.68 percent while maintaining a 40 percent dividend payout ratio and a 6 percent profit margin. The firm has a capital intensity ratio of 2. What is the debt-equity ratio that is required to achieve thefirm s desired rate of growth?

49、a.42b.45c.49d.52e.5460. The Green Giant has a 5 percent profit margin and a 40 percent dividend payout ratio. The total asset turnover is 1.40 and the equity multiplier is 1.50. What is thesustainable rate of growth?a. 6.30 percentb. 6.53 percentc. 6.72 percentd. 6.80 percente. 6.83 percent61. The p

50、rocess of accumulating interest on an investment over time to earn more interest is called:a. growth.b. compounding. c. aggregation.d. accumulation. e. discounting.62.The decision of which lender to use and which type of long-term loan is best for a project is part of:a. working capital management.b

51、. the net working capital decision.c. capital budgeting.d.a controller s duties.e. the capital structure decision.63._ refers to the firma. Operating cash flowb. Capital spendingc. Net working capitald. Cash flow from assetse. Cash flow to stockholdersnds dividepayments less any net new equity raised.64. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?a. currentb. cashc. debt-equityd. qui