财务管理其中考试题（英文）

精选优质文档倾情为你奉上精选优质文档倾情为你奉上专心专注专业专心专注专业精选优质文档倾情为你奉上专心专注专业财务管理其中考试题（英文）1.. Finance,generally,dealswith A) money B) markets C) people D) alloftheaboveAnswer:D2. Generally,acorporationisownedbythe: A) Managers B) BoardofDirectors C) Shareholders D) Alloftheabove.Answer:C3. Thefollowingareexamplesofrealassetsexcept: A) Machinery B) Commonstock C) Officebuildings D) InventoryAnswer:B4. Infinance,"short-term"means A) lessthanthreemonths B) lessthansixmonths C) lessthanoneyear D) lessthanfiveyearsAnswer:C 17. Thetreasurerusuallyoverseesthefollowingfunctionsofacorporationexcept: A) Preparationoffinancialstatements B) Investorrelationships C) Cashmanagement D) ObtainingfinancesAnswer:AType:DifficultPage:6 18. Thetreasurerisusuallyresponsiblethefollowingfunctionsofacorporationexcept: A) Raisingnewcapital B) Cashmanagement C) Bankingrelationships D) InternalaccountingAnswer:D 20. Thecontrollerusuallyoverseesthefollowingfunctionsofacorporationexcept: A) Cashmanagement B) Taxmanagement C) Internalaccounting D) PreparationoffinancialstatementsAnswer:A 22. Thefollowingareadvantagesofseparationofownershipandmanagementofcorporationsexcept: A) Corporationscanexistforever. B) Facilitatetransferofownershipwithoutaffectingtheoperationsofthefirm. C) Hireprofessionalmanagers D) IncuragencycostsAnswer:D 24. Thefinancialgoalofacorporationisto: A) Maximizesales B) Maximizeprofits C) Maximizethevalueofthefirmfortheshareholders D) Maximizemanagers'benefitsAnswer:C 26. Intheprincipal-agentframework: A) Shareholdersaretheprincipals B) Managersaretheagents C) Shareholdersaretheagents D) Managersaretheprincipals E) AandBAnswer:E T F 30. Acorporationhasalegalexistenceofitsownandisbasedon"articlesofincorporation."Answer:True 4. Presentvalueof$110,000expectedtobereceivedoneyearfromtodayataninterestrate(discountrate)of10%peryearis: A) $121,000 B) $100,000 C) $110,000 D) NoneoftheaboveAnswer:BType:EasyPage:14 Response:PV=(110,000)/(1.1)=100,000 5. Oneyeardiscountfactoratadiscountrateof10%peryearis: A) 1.1 B) 1.0 C) 0.909 D) NoneoftheaboveAnswer:CType:EasyPage:14 Response:DiscountFactor=1/1.1=0.909 6. PresentValueof$100,000expectedtobereceivedattheendofoneyearatadiscountrateof100%peryearis: A) $50,000 B) $200,000 C) $100,000 D) NoneoftheaboveAnswer:AType:EasyPage:14 Response:PV=(100,000)/(1+1)=50,000 7. Theone-yeardiscountfactorataninterestrateof25%peryearis: A) 1.25 B) 0.8 C) 0.25 D) NoneoftheaboveAnswer:BType:EasyPage:14 Response:Discountfactor=1/(1.25)=0.8 10. Iftheone-yeardiscountfactoris0.85,whatisthepresentvalueof$120tobereceivedoneyearfromtoday? A) $100 B) $102 C) $141.18 D) NoneoftheaboveAnswer:BType:MediumPage:14 Response:PV=(120)(0.85)=102 20. Ifthefive-yearpresentvalueannuityfactoris3.791andfour-yearpresentvalueannuityfactoris3.170,whatisthepresentvalueatthe$1receivedattheendoffiveyears? A) $0.621 B) $1.61 C) $0.315 D) NoneoftheaboveAnswer:AType:DifficultPage:39 Response:PV=(3.7913.170)*(1)=0.621 21. Ifthethree-yearpresentvalueannuityfactoris2.723andtwo-yearpresentvalueannuityfactoris1.859,whatisthepresentvalueof$1receivedattheendofthe3years? A) $0.157 B) $0.864 C) $1.00 D) NoneoftheaboveAnswer:BType:DifficultPage:39 Response:PV=(2.723-1.859)*(1)=0.864 22. Whatisthepresentvalueannuityfactoratadiscountrateof13%for10years? A) $5.4262 B) $8.514 C) $8.13 D) NoneoftheaboveAnswer:AType:MediumPage:39 Response:PVannuityfactor=(1/0.13)(1/((0.13)(1.13^10)))=5.4262 23. Whatisthepresentvalueannuityfactorataninterestrateof11%for5years? A) 8.514 B) 6.145 C) 3.6959 D) NoneoftheaboveAnswer:CType:MediumPage:39 Response:PVannuityfactor=(1/0.11)(1/((0.11)(1.11^5)))=3.695933. Ifthepresentvalueof$1.00receivednyearsfromtodayataninterestrateofris0.270,thenwhatisthefuturevalueof$1.00investedtodayataninterestrateofr%fornyears? A) $1.00 B) $3.70 C) $1.70 D) NotenoughinformationtosolvetheproblemAnswer:BType:DifficultPage:40 Response:FV=1/(0.270)=3.70 34. Ifthefuturevalueof$1investedtodayataninterestrateofr%fornyearsis2.5937,whatisthepresentvalueof$1tobereceivedinnyearsatr%interestrate? A) $0.3855 B) $1.00 C) $0.621 D) NoneoftheaboveAnswer:AType:DifficultPage:40 Response:PV=1/2.5937=0.3855541. Mr.Hopperisexpectedtoretirein30yearsandhewishesaccumulate$1,000,000inhisretirementfundbythattime.Iftheinterestrateis12%peryear,howmuchshouldMr.Hopperputintotheretirementfundeachyearinordertoachievethisgoal? A) $4,143.66 B) $8,287.32 C) $4,000 D) NoneoftheaboveAnswer:AType:DifficultPage:40 Response:Futurevalueannuityfactor=[(1/0.12)(1/(0.12*1.12^30)]*(1.12^30)=241.3827;payment=1,000,000/241.3327=4143.66

42. Mr.Hopperisexpectedtoretirein30yearsandhewishesaccumulate$750,000inhisretirementfundbythattime.Iftheinterestrateis10%peryear,howmuchshouldMr.Hopperputintotheretirementfundeachyearinordertoachievethisgoal? A) $4,559.44 B) $2,500 C) $9,118.88 D) NoneoftheaboveAnswer:AType:DifficultPage:40 Response:Futurevalueannuityfactor=[(1/0.10)(1/(0.10*1.10^30)]*(1.10^30)=164.494;payment=750,000/164.494=4559.44 43. Ifyouinvest$100at12%APRforthreeyears,howmuchwouldyouhaveattheendof3yearsusingsimpleinterest? A) $136 B) $140.49 C) $240.18 D) NoneoftheaboveAnswer:AType:MediumPage:40 Response:FV=100+(100*0.12*3)=$1362. Ifafirmpermanentlyborrows$50millionataninterestrateof8%,whatisthepresentvalueoftheinteresttaxshield?Assumea35%taxrate. A) $8.00million B) $8.75million C) $17.50million D) $25.00million E) NoneoftheaboveAnswer:CType:MediumPage:490 Response:PVofinteresttaxshield=(0.35)(50)=$17.5million 3. Ifafirmborrows$25millionforoneyearataninterestrateof10%,whatisthepresentvalueoftheinteresttaxshield?Assumea35%taxrate.(Approximately.) A) $1.591million B) $1.75million C) $1.00million D) $5.00million E) NoneoftheaboveAnswer:AType:DifficultPage:490 Response:PVofinteresttaxshield=((0.35)(50)(0.1))/1.1=$1.591 5. Ifthebefore-taxcostofdebtis10%andthecorporatetaxrateis30%,calculatetheafter-taxcostofdebt: A) 10% B) 3% C) 7% D) noneoftheaboveAnswer:CType:EasyPage:525 6. Afirmhasatotalvalueof$1millionanddebtvaluedat$400,000.Whatistheafter-taxweightedaveragecostofcapitaliftheafter-taxcostofdebtis12%andthecostofequityis15%? A) 13.5% B) 13.8% C) 27.0% D) It'simpossibletodeterminetheWACCwithoutdebtandequitybetasAnswer:BType:MediumPage:525 Response:WACC=0.4(0.12)+0.6(0.15)=0.048+0.09=0.1387. TheCRCorp.maintainsadebt-equityratioof0.5ThecostofequityforCRCorp.is15%andtheafter-taxcostofdebtis9%.Whatistheafter-taxweightedaveragecostofcapital? A) 11.86% B) 12.00% C) 13.00% D) NoneoftheaboveAnswer:CType:MediumPage:525 Response:(1/3)(9)+(2/3)(15)=13% 8. Afirmisfinancedwith50%risk-freedebtand50%equity.Therisk-freerateis10%,thefirm'scostofequitycapitalis20%,andthefirm'smarginaltaxrateis35%.Whatisthefirm'sweightedaveragecostofcapital? A) 13.25% B) 10.00% C) 20.00% D) NoneoftheaboveAnswer:AType:MediumPage:525 Response:(0.50)(1-0.35)(10)+(0.5)(20)=13.25 10. Afirmisfinancedwith40%risk-freedebtand60%equity.Therisk-freerateis7%,thefirm'scostofequitycapitalis18%,andthefirm'smarginaltaxrateis35%.Whatisthefirm'sweightedaveragecostofcapital? A) 18.00% B) 7.00% C) 13.60% D) 12.62% E) NoneoftheaboveAnswer:DType:MediumPage:525 Response:(0.4)(1-0.35)(7)+(0.6)(18)=12.62% 11. Whichofthefollowingstatementscharacterize(s)theweightedaveragecostofcapitalformula? A)