哈工大选修课financial management答案

试题：班号：姓名：第2页（共8页）哈工大2012年Autumn季学期No.NameFinancialManagementExaminationPaperQuestionOneTwoThreeFourFiveSixSevenEightNineTenTotalMark第1页（共8页）ⅠCHOICEQUESTIONS:Question1-40,1.5markseach,60markstotal1.Whichofthefollowingtypesofdecisionmakersuseaccountinginformationtomakebusinessdecisions?A)InvestorsB)CreditorsC)BusinessownersD)Alloftheabove2.WhichofthefollowingaccountsisNOTanexampleofanasset?A)AccountsreceivableB)CashC)BuildingD)Notespayable3.WhichofthefollowingaccountsisNOTanexampleofaliability?A)WagesPayableB)NotesPayableC)AccountsPayableD)AccountsReceivable4.WhichofthefollowingaccountsisNOTanexampleofowner'sequity?A)WithdrawalsB)CapitalC)RevenueD)Cash5.Whichofthefollowingaccountsisanasset?A)SalaryExpenseB)AccountsPayableC)ServiceRevenueD)PrepaidExpenses6.Whichofthefollowingaccountsisaliability?A)AccountsPayableB)PrepaidExpensesC)SalaryExpenseD)ServiceRevenue7.Whichofthefollowingaccountsisanowner'sequityaccount?A)AccruedLiabilityB)AccountsPayableC)PrepaidExpenseD)Capital8.Whichofthefollowingcostswouldyouconsiderwhenmakingacapitalbudgetingdecision?A)SunkcostB)OpportunitycostC)InterestexpenseD)Fixedoverheadcost9.Whichofthefollowingstatementsistrueifthespotpriceofacommodityatthematuritydateofitsforwardcontractisabovetheforwardprice?A)Thesellerofthecontract“wins”andthebuyer“loses”.B)Thebuyer“wins”andtheseller“loses”.C)Boththebuyerandtheseller“win”.D)Boththebuyerandtheseller“lose”.10.Whichofthefollowingstatementsregardingthebalancesheetisincorrect?A)Thebalancesheetprovidesasnapshotofthefirm’sfinancialpositionatagivenpointintime.B)Thebalancesheetliststhefirm’sassetsandliabilities.C)Thebalancesheetreportsstockholders’equityontherighthandside.D)Thebalancesheetreportsliabilitiesonthelefthandside.11.Whichofthefollowingstatementsisfalse?A)Findingthepresentvalueandcompoundingarethesame.B)Adollartodayandadollarinoneyeararenotequivalent.C)Ifyouwanttocompareorcombinecashflowsthatoccuratdifferentpointsintime,youfirstneedtoconvertthecashflowsintothesameunitsormovethemtothesamepointintime.D)Theequivalentvalueoftwocashflowsattwodifferentpointsintimeissometimesreferredtoasthetimevalueofmoney.12.MoneythathasbeenorwillbepaidregardlessofthedecisionwhetherornottoproceedwiththeprojectisA)Cannibalization.B)Consideredaspartoftheinitialinvestmentintheproject.C)Anopportunitycost.D)Asunkcost.13.Whichofthefollowingstatementsisfalse?A)Zero-couponbondsarealsocalledpurediscountbonds.B)TheIRRofaninvestmentopportunityisthediscountrateatwhichtheNPVoftheinvestmentopportunityisequaltozero.C)Theyieldtomaturityforazero-couponbondisthereturnyouwillearnasaninvestorfromholdingthebondtomaturityandreceivingthepromisedfacevaluepayment.D)Whenpricesarequotedinthebondmarket,theyareconventionallyquotedinincrementsof$1000.14.Whendiscountingdividendsyoushoulduse?A)Theweightedaveragecostofcapital.B)Theaftertaxweightedaveragecostofcapital.C)Theequitycostofcapital.D)Thebeforetaxcostofdebt.15.Inflationmayturnouttobehigherorlowerthananticipated,therebycreating“winners”and“losers”inlendingagreements.Whichofthefollowingstatementsistrueifactualinflationexceedsexpectedinflation?A)Thelender“wins”andtheborrower“loses”.B)Theborrower“wins”andthelender“loses”.C)Boththelenderandtheborrower“win”.D)Boththelenderandtheborrower“lose”.16.Whichofthefollowingstatementsaboutthefuturevalueofadepositinasavingsaccountistrue?A)Shorteningthecompoundingintervalwillincreasethefuturevalueofthedepositregardlessoftheleveloftheaccount’sstated(nominal)interestrate.B)Shorteningthecompoundingintervalwilldecreasethefuturevalueofthedepositregardlessoftheleveloftheaccount’sstated(nominal)interestrate.C)Shorteningthecompoundingintervalwillonlydecreasethefuturevalueofthedepositforaccountsofferingahighstated(nominal)interestrate.D)Shorteningthecompoundingintervalwillonlydecreasethefuturevalueofthedepositforaccountsofferingalowstated(nominal)interestrate.17.Whichofthefollowingpiecesofinformationisnecessaryforthecapitalbudgetingprocess?A)TheamountofoverheadallocatedtotheprojectB)InterestpaidonfundsraisedtofinancetheprojectC)Thetimingoftheproject’snetcashbenefitsD)Theamountofmoneyspentonresearchanddevelopment18.Whichofthefollowingisnotarelevantconsiderationforevaluatingnewprojects?A)Thechangeinthefirm’sfixedcostsB)Thechangeinthefirm’svariablecostsC)Thechangeinthefirm’samortizationexpenseD)Thechangeinthefirm’staxexpense19.Whichofthefollowingsalvagevaluesisrelevanttothecapitalbudgetingdecision?A)SalvageonexistingassetsonlyB)SalvagethatresultinthelossofCCAdeductionsC)Salvagethatwouldnotbeclaimed(orlost)withoutmakingtheinvestmentD)Salvageinexcessofthepurchasepriceoftheasset20.Afirmiscurrentlyundertakingacapitalbudgetinganalysis.Whichofthefollowingstatementsistrueregardingexpendituresthatweremadebythefirmpriortoitscapitalbudgetingdecisionbutcanbeusedelsewhere?A)Theseexpendituresaresunkcoststhatshouldbeincludedinthecapitalbudgetinganalysis.B)Theseexpendituresaresunkcostsandshouldbeignoredduringthecapitalbudgetinganalysis.C)Theseexpendituresareopportunitycoststhatshouldbeincludedinthecapitalbudgetinganalysis.D)Theseexpendituresareopportunitycostsandshouldbeignoredduringthecapitalbudgetinganalysis.21.Whichofthefollowingistherelevantdiscountforevaluatingarisk-freeproject?A)Thefirm’sweightedaveragecostofcapitalB)ZerorateC)TherateofreturnonthemarketportfolioD)Therisk-freerateofreturn22.WhatwillhappenifmanagementmakesamistakeinestimatingprojectcashflowsandtakesonprojectsthatitbelieveswouldhaveapositiveNPVwhen,infact,theNPVisnegative?A)Thelosswillbedistributedamongcreditorsandshareholdersalike.B)Thelosscanbereducedbyrefinancingtheproject.C)Thelosswillbeborneentirelybyshareholders.D)Thefirmwillbetechnicallyinsolvent.23.Becauseofcyclicalcashflows,firmsmaysometimessuffercashshortfallsandatothertimeshaveexcesscash.Whichofthefollowingistheleastdesirableinvestmentforafirmwithexcesscash?A)BankcertificatesofdepositB)90-dayGovernmentofCanadaTreasurybills(T-bills)C)2-yearGovernmentofCanadaTreasurybills(T-bills)D)Corporatecommercialpaper24.Therearefourmajordeterminantsoftheamountofinventorythatafirmshouldhold.Whichofthesefourdeterminantsisthemajorconcernofthefinancialexecutive?A)ThecostofrestockingtheinventoryB)ThecostofholdingaunitofinventoryC)TherateofdemandfortheproductD)Thedegreeofuncertaintyaboutfuturedemandfortheproduct25.Animportantstepinthepreparationofproformafinancialstatementsisanticipationoffuturestrategicchoices.Whichofthefollowingisnotastrategicchoicethatneedstobeconsideredinthepreparationofproformafinancialstatements?A)SalesforecastsB)DividendpaymentsandotherfinancialservicingchargesC)FutureinvestmentopportunitiesD)Capitalstructurechanges26.Whichofthefollowingratiosisameasureofacompany'sabilitytopayallcurrentliabilitiesiftheycomedueimmediately?A)Theinventoryturnoverratioisameasureofacompany'sabilitytopayallcurrentliabilitiesiftheycomedueimmediately.B)Thecurrentratioisameasureofacompany'sabilitytopayallcurrentliabilitiesiftheycomedueimmediately.C)Theacid-testratioisameasureofacompany'sabilitytopayallcurrentliabilitiesiftheycomedueimmediately.D)Theday'ssalesinreceivablesisameasureofacompany'sabilitytopayallcurrentliabilitiesiftheycomedueimmediately.27.Whichofthefollowingistheformulatocomputethetimes-interest-earnedratio?A)Theformulaistotalassets/totalliabilities.B)Theformulaistotalliabilities/totalassets.C)Theformulaisinterestexpense/incomefromoperations.D)Theformulaisincomefromoperations/interestexpense.28.Whichofthefollowingistrueifacorporationshowsanetlossonitsincomestatement?A)Thecompanymaystillhaveanetincreaseincash.B)Thecompanywillnotbeabletosellstock.C)Thecompanywillnotbeabletopaydividends.D)Thecompanymaystillhaveanincreaseinretainedearnings.29.Whichofthefollowingistheinterestratethatdeterminestheamountofcashinteresttheborrowerpaysandtheinvestorreceiveseachyear?A)FuturevalueB)StatedinterestrateC)MarketinterestrateD)Presentvalue30.Whichofthefollowingistheinterestratethatinvestorsdemandinordertoloantheirmoney?A)StatedinterestrateB)FuturevalueC)PresentvalueD)Marketinterestrate31.Whichofthefollowingoccurswhenabond'sstatedinterestrateisgreaterthanthemarketinterestrate?A)Thebondwillbeissuedatapremium.B)Thebondwillbeissuedatmaturityvalue.C)Thebondwillbeissuedatadiscount.D)Thebondcannotbesold.32.Acompanyissuesbondswithastatedrateof6%whenthemarketinterestrateis7%.Howwillthebondsbeissued?A)Thebondswillbeissuedatapremium.B)Thebondswillbeissuedatadiscount.C)Thebondswillbeissuedatpar.D)Noneoftheabove.33.Whichofthefollowingoccursastheresultoftheamortizationofthediscountonbondspayable?A)Interestexpensefortheperiodisincreased.B)Thecarryingamountofbondspayableisincreased.C)Theamountofcashpaidtobondholdersuponmaturityisdecreased.D)BothAandBarecorrect.34.Howmuchcashwillbereceivedifacorporationissues$6,000,000of10%bondsatpar?A)$6,120,000B)$6,000,000C)$6,012,000D)$5,880,00035.Whichofthefollowingoccurswhenacorporationdeclaresastockdividend?A)Totalliabilitiesincrease.B)Stockholders'equityincreases.C)Totalassetsincrease.D)Stockholders'equityremainsunchanged.36.Whichofthefollowingoccursduetoa4-for-1stocksplit?A)Theparvalueofeachshareofcommonstockis25%oftheparvaluebeforethesplit.B)Theparvalueofeachshareofcommonstockis200%oftheparvaluebeforethesplit.C)Theparvalueofeachshareofcommonstockremainsthesameasbeforethesplit.D)Theparvalueofeachshareofcommonstockis400%oftheparvaluebeforethesplit.37.WhichofthefollowingstatementsisTRUE?A)Bothastockdividendandastocksplitincreasethebalanceinthecommonstockaccount.B)Bothastockdividendandastocksplitreduceretainedearnings.C)Neitherastockdividendnorastocksplitwillcreatetaxableincomefortheinvestor.D)Astocksplitincreasestheparvalueofthestock.38.Ifacompanyhasonlycommonstock,whichofthefollowingistheresultofdividingtotalstockholders'equitybythenumberofsharesoutstanding?A)Theresultisliquidationvaluepershareofcommonstock.B)Theresultisparvaluepershareofcommonstock.C)Theresultisbookvaluepershareofcommonstock.D)Theresultismarketvaluepershareofcommonstock.39.TheexpectedratesofreturnonthesharesofAAInc.andZZLtd.are11%and10%,respectively.InvestmentanalystshaveinformedyouthatAA’sbetais1.1,ZZ’sbetais0.9,therisk-freerateofreturniscurrently3%,andtheexpectedrateofreturnonthemarketportfoliois11%.WhichofthefollowingstatementsaboutthesharesofAAInc.andZZLtd.istrue?A)Thesharesofbothcompaniesareundervalued.B)Thesharesofbothcompaniesareovervalued.C)ThesharesofAAareundervaluedandthesharesofZZareovervalued.D)ThesharesofAAareovervaluedandthesharesofZZareundervalued.40.AcompanypurchasedacomputeronJuly1,2009.Thecomputerhasanestimatedusefullifeof5yearsandwillhavenosalvagevalue.Itisestimatedthatthecomputercanbeusedfor5,000hours.Thecomputerwasusedfor450hoursduring2009.Ifthegoalistoreducetaxableincometothelowestamount,whichmethodshouldbeelectedandhowmuchdepreciationcanbedeductedin2009?A)Units-of-production,$900B)Straight-line,$1,000C)Doubledeclining-balance,$2,000D)NoneoftheaboveⅡSIMPLECOMPUTEQUESTIONS:Question41-49,4markseach,36markstotal（Instructions：Pleasewritethecalculateprocessingundereachquestion.）41.Supposeyoursupplierhasofferedyoutermsof2/10,net50.Whatwouldbethecostofforegoingthediscount?Answer:rd=(2%/(1-2%))1/40=ky=(2%/(1-2%))365/40-1=20.24%42.Youhavebeenofferedthefollowinginvestmentopportunity,ifyoupay$2500today,youwillreceive$1000attheendofeachofthenextthreeyears.Assumingthatyoucouldotherwiseearn10%peryearonyourmoney,whatistheNPVforthisopportunityclosestto?Answer:NPV=-2500+1000/(1.10)1+1000/(1.10)2+1000/(1.10)3=-$13.15approximately-$1343.Sinceyourfirstbirthday,yourgrandparentshavebeendepositing$1000intoasavingsaccountoneveryoneofyourbirthdays.Theaccountpays4%interestannually.Immediatelyafteryourgrandparentsmakethedepositonyour18thbirthday,whatwilltheamountofmoneyinyoursavingsaccountbeclosestto?Answer:FV=1000*=$25,64544.Treasurybills(T-bills)withafacevalueof$100andanoriginalmaturityof2yearswereissued6monthsagowhenthediscountratewas8%.ThecurrentdiscountrateontheT-billsis5%.WhatisthecurrentmarketvalueofoneoftheseT-bills?Answer:（1+r）12-1=5%,r=(1+5%)1/12-1=0.004074124Or（1+r）2-1=5%,r=(1+5%)1/2-1=0.024695thecurrentmarketvalueofoneoftheseT-bills：P=F*=100*OrP=F*=100*45.Treasurybillswithafacevalueof$100,000anda2-yearmaturityarecurrentlysellingfor$90703.Basedontheircurrentmarketprice,whatyieldaretheseT-billsoffering?Answer:P=$100,000/(1+r)2=$90703R=($100,000/$90703)1/2-1=5.000%46.Adepartmentstoreiscurrentlyofferingaspecialdealonwashingmachines.Ifyoubuynow,yourfirstpaymentwillbein6months.Youwillthenneedtomake10semiannualpaymentsof$100each.Iftheeffectiveannualinterestrateis10.25%,whatistheequivalentcashpricetodayforthewashingmachine?Answer:(1+r)2-1=10.25%，r=(1+10.25%)1/2-1=5%Theequivalentcashpricetoday=$100*(p/a,5%,10)==$772.1747.Considerazeroco