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ExaminationProblemsforFundamentalsofFinancialManagement2004-2005(PaperB)I.MultipleChoice(20points)(Pleasewriteyouranswerinthefollowingtable)题号1234567891011121314151617181920选项1.(
)isconcernedwiththeacquisition,financing,andmanagementofassetswithsomeoverallgoalinmind.A.Financialmanagement
B.Profitmaximization
C.Agencytheory
D.Socialresponsibilitymajordisadvantageofthecorporateformoforganizationisthe(
).A.doubletaxationofdividendsB.inabilityofthefirmtoraiselargesumsofadditionalcapitalC.limitedliabilityofshareholdersD.limitedlifeofthecorporateform.3.Interestpaid(earned)onboththeoriginalprincipalborrowed(lent)andpreviousinterestearnedisoftenreferredtoas(
).A.presentvalue
B.simpleinterest
C.futurevalue
D.compoundinterest4.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusionA.Thestockhasalowlevelofrisk.B.Thestockoffersahighdividendpayoutratio.C.Themarketisundervaluingthestock.D.Themarketisovervaluingthestock.5.A250facevalueshareofpreferredstock,paysa20annualdividendandinvestorsrequirea7%returnonthisinvestment.Ifthesecurityiscurrentlysellingfor276,whatisthedifference(overvaluation)betweenitsintrinsicandmarketvalue(roundedtothenearestwholedollar)A.approximately26
B.approximately10
C.approximately6
D.approximately16.FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof300,000andanetprofitmarginof5percent.WhatareitssalesA.3,750,000
B.480,000
C.300,000
D.1,500,0007.Acompanycanimprove(lower)itsdebt-to-totalassetratiobydoingwhichofthefollowingA.Borrowmore.
B.Shiftshort-termtolong-termdebt.
C.Shiftlong-termtoshort-termdebt.
D.isssuecommonstock.8.TheDuPontApproachbreaksdowntheearningpoweronshareholders'bookvalue(ROE)asfollows:ROE=(
).A.Netprofitmargin×Totalassetturnover×EquitymultiplierB.Totalassetturnover×Grossprofitmargin×DebtratioC.Totalassetturnover×NetprofitmarginD.Totalassetturnover×Grossprofitmargin×Equitymultiplier9.Whichofthefollowingitemsconcernsfinancingdecision(
)A.salesforecasting
B.bondissuing
C.receivablescollection
D.investmentprojectselection10.Whichofthefollowingitemsisthefunctionofatreasurer(
)A.costaccounting
B.internalcontrol
C.capitalbudgeting
D.generalledger11.Forfinancialinstruments,(
)isjudgedinrelationtotheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimewithoutsignificantpriceconcession.A.maturity
B.marketability
C.default
D.inflation12.(
)isthevalueatsomefuturetimeofapresentamountofmoney,oraseriesofpayments,evaluatedatagiveninterestrate.A.futurevalue
B.presentvalue
C.intrinsicvalue
D.marketvalue13.EllesmereCorporationissues1million$1parvaluebonds.Thestatedinterestrateis6%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond(
)A.6%
%
C.12%
D.(16%/2)2-114.AssumethatdividendsofacommonstockwillbemaintainedatDforever,andtherequiredreturnofthestockholderisr,theparvalueofthestockism,thevalueofthestockis(
)A.m
B.mD
C.mD/r
D.D/r15.Whichofthefollowingitemshasthemostrisk(
)A.treasurybill
B.corporatebond
C.preferredstock
D.commonstock16.(
)equalsthegrossprofitdividedbynetsalesofafirm.A.grossprofitmargin
B.netprofitmargin
C.returnoninvestment
D.returnonequity17.(A
)istheratiosthatmeasureafirm’sabilitytomeetshort-termobligationsA.liquidityratios
B.leverageratios
c.coverageratios
D.activityratios18.(
A
)istheresultofNetProfitMargin×totalassetturnover×(totalassets/shareholders’equity)A.Returnonequity
B.returnoninvestment
C.currentratio
D.quickratio19.Governmenttaxlawadjustmentis(
A
)toafirm.A.generaleconomicrisk
B.inflationanddeflationrisk
C.firm-specificrisk
D.internationalrisk20(
A
)equalsthegrossprofitdividedbynetsalesofafirm.A.grossprofitmargin
B.netprofitmargin
C.returnoninvestment
D.returnonequityII.Statementjudgement(10Points)(Pleasewriteyouranswerinthefollowingtable)题号12345678910√或×1.Untilaroundthefirsthalfofthe1900s,financialmanagersprimarilyraisedfundsandmanagedtheirfirm’scashpositions.(
)2.Ingeneral,thehigherthemarketabilityofasecurity,thegreatertheyieldnecessarytoattractinvestors(
)3.DiscountRateistheinterestrateusedtoconvertfuturevaluestopresentvalues.(
)4.Theexpectedreturnofaportfolioissimplyaweightedaverageoftheexpectedreturnofthesecuritiescomprisingthatportfolio(
)5.Thetypeofanalysisvariesaccordingtothespecificinterestsofthepartyinvolved(
)6.Inasoleproprietorship,theownerispersonallyresponsibleforallfinancialobligationsofthefirm.
(
)7.Whenastockgoes"ex-rights,"itsmarketpricetheoreticallydeclines.
(
)8.Themarketpriceofaparticularbondismuchgreatertodaythanitwasyesterday.Thecalculatedyieldtomaturity(YTM)basedontoday'smarketpricewould,therefore,begreaterthanthecalculatedYTMbasedonyesterday'smarketprice.
(
)9.Ashortaveragecollectionperiodassuresusthataccountsreceivablearebeingefficientlymanaged.
(
)10.Simpleinterestisinterestthatispaidononlytheoriginalamountborrowed(lent)(
)III.Questions(10points)(Pleasewriteyouranswerontheanswerpaper)1.Themethodofdepreciationdoesnotalterthetotalamountdeductedfromincomeduringthelifeofanasset.Whatdoesitalterandwhyisthatimportant(5)2.Whatisprimaryandsecondarymarket(5)IV.Problems(60Points)(Pleasewriteyouranswerontheanswerpaper)1.youneedtohave$100000attheendof10years.Toaccumulatethissum,youhavedecidedtosaveacertainamountattheendofeachnext10yearsanddeposititinthebank.Thebankpays8%interestcompoundedannuallyforlong-termdeposit.Howmuchwillyouhavetosaveeachyear(PVIF(8%,10)=,PVIFA(8%,10)=,FVIF(8%,10)=,FVIFA(8%,10)=today,BirdSeedCompany’scommonstockpaida$annualdividendpershareandhadaclosingpriceof$24.Assumethatthemarket’srequiredreturnforthisinvestmentis12%andthatdividendsareexpectedtogrowataconstantrateforever.a.calculatetheimpliedgrowthrateindividends.b.whatisexpecteddividendyieldandcapitalgainsyield3.Thedataforvariouscompaniesinthesameindustryareasfollows:(amountsareinmilliondollars)CompanyABCDEFSales101587612Totalassets8106459Netincome324233NetprofitmarginTotalassetsturnoverDeterminethetotalassetturnover,netprofitmargin,andwriteyourcomputationresultinthetable.4.Youexpecttodepositthefollowingcashflowsattheendofyears1through5,1,000;4,000;9,000;5,000;and2,000respectively.Alternatively,youcoulddepositasingleamounttodayatthebeginningofyear1(endofyear0).Howmuchisthesingledepositneededtobetodayifyoucanearn10%compoundedannually(10/)Ahasanexpectedgrowthrateof16%forthefirst3yearsand8%thereafter.
Eachshareofstockjustreceivedanannual
dividendpershare.Theappropriatediscountrateis15%.Whatisthevalueofthecommonstockunderthisscenario(10/)6.Thefollowingcommonstocksareavailableforinvestment:COMMONSTOCK(TICKERSYMBOL)
BETANanyangBusinessSystems(NBS)
YunnanGardenSupply,Inc.(YUWHO)
.80BirdNestSoupsCompany(SLURP)
.60!(WACHO)
ParkCityColaCompany(BURP)
OldiesRecords,Ltd.(SHABOOM)
.90a.
Ifyouinvest20percentofyourfundsineachofthefirstfoursecurities,and10percentineachofthelasttwo,whatisthebetaofyourportfolio(5/)b.
Iftherisk-freerateis8percentandtheexpectedreturnonthemarketportfoliois14percent,whatwillbetheportfolio'sexpectedreturn(5/)Solutions(B)I.MultipleChoice(20points)(Pleasewriteyouranswerinthefollowingtable)题号1234567891011121314151617181920选项AADDBBDABCBADDDAAAAAII.Statementjudgement(10Points)(Pleasewriteyouranswerinthefollowingtable)题号12345678910√或×√×√√√√√××√III.Questions(10points)(Pleasewriteyouranswerontheanswerpaper)1.Depreciationchangesthetimingoftaxpayments.Thelongerthesepaymentscanbedelayed,thebetteroffthebusinessis.2.Aprimarymarketisa“newissues”market.Here,fundsraisedthroughthesaleofnewsecuritiesflowfromultimatesaverstotheultimateinvestorsinrealassetsInasecondarymarket,existingsecuritiesareboughtandsold.TransactionsinthesealreadyexistingsecuritiesdonotprovideadditionalfundstofinancecapitalinvestmentIV.Problems(60Points)(Pleasewriteyouranswerontheanswerpaper)1.Answer:100000=AFVIF(8%,10)=
A=100000/=69032.Answer:a.24=(1g)/,g=b.dividendyield==,capitalgainsyield=3.Answer:CompanyABCDEFSales101587612Totalassets8106459Netincome324233NetprofitmarginTotalassetsturnover2244.1.(10/)Manydifferentmethodstoleadtoacorrectsolution.PVofthismixedflowsproblem=1,000(PVIF10%,1)4,000(PVIF10%,2)9,000(PVIF10%,3)5,000(PVIF10%,4)2,
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