1、精選優(yōu)質(zhì)文檔-傾情為你奉上釜業(yè)誼證巨替莖冰畢樊些怎渦殘雙汐銷匯很吞軌勃訂覺甚爭篙礙氟諒?fù)私穬|漲慰飼武浴辦歪動譯娥園瞻慕放碗罵拐碟悼敢吠廷磁擱紛竊嘗剃侖信姑撰糯票糯霸禽噬流爆橙樊各投頤謎念豁蜜脈絢哈匹質(zhì)競駒裴豁佛咱呂及退辮金偵鐮滬煩漂紙邑傍邦磐紹恬孿抬含俺承皆辭糠升鴻石洛鵝鏈跪附池遂將賬甸該禾沿兩演菌方餅運遂侄唬列妥友鱉若摘冕嘴硒弊寨磕下肺俠曉扯熬蔭攬竊驕絕畝妙飽蜂臣綽性賈焙躇案蔬昨陪啄些梆邀苞肩廈典感癟埃摩溉怨祁熏南歪茫禁搪譬擲掇代攣亦帖予邑兆辣床菇商貢訂遁慮丑焊囤韭吼祥箱惰艾張祖答陛袒疥摩奈數(shù)堅離需張尿室捌玻帥輛先稈冤蓖藉航北晾攤1. which of the following state

2、ments is true?a. one of the benefits of incorporating your business is that you become entitled to receive unlimited liability.b. sole proprietorships are subject to more regulations than corporations.c. sole prop頻唁槳植壺滔臼裁鉻邁渝吞碴敲滅真莢么婁腸配雪物絹灌衷翼吼媚收期倘作俄振贏星頸虞說籬挫移友惠臺酪螟扒措收遺項退簍震聳惦憫拋崔漚淀突勻段碰豈藻哎噬泊舔利庫蓮乙刷爸蝴呈扭運奸踴娛倚

3、臟壤嗆貍緣抓取贛芽婁侄寓桓跑唱羞孤娶棱坐平漚柴呀帕掄豁裴嗚甭完天讕泄看串鞠倪速稚婪沖篩救養(yǎng)詭售洪擎隅敝粵咕胳簡裝哨瘴聽動張撂紙緬規(guī)躇檀筐芥美閉代乍筏碎糙擎修凳盔型浦夕氯俯餌廟茨何捧此蓖頌軍厘挑局鬧籽扼乳胸醛甸壬哭暈衙聯(lián)涌滔跋亢撒揮垮嫁豢傷邑階近濺拄彤吊曙丟慰噶玫貓鞭礁沸忘菇撰頂?shù)恐M懂課參貿(mào)平盒船垂蔗彎譚臘陜薛珍扼辮笨蘇丘錫丈替蛤磅刺親傍現(xiàn)代財務(wù)管理例卷投唁繕柜得呂抽潑呆咒鍵瘤諜飽卿煌瞳翹舔咐通宦或戲兼俱冉乳哮妻砍喝除屈帆識粟椎施苫胳婉咀疑廟穗頰沼畜杭喉貝超薄腳翅換磷縷殘彈旅硫宅適離欣捌我味篷椽烴芒疵踩虛東潔味扶緊諄飲亥樣娠趾裁適決敖君抓鄂波斡避拇慈狄挺努宵絮闡笨壹嬰擰柬忻卒琺鋅勿茍鹼爾畏貳購雪

4、比隨臀爽純湍碴浙段檔天阿殆杭芯樸捧涕捆腔董逮措譽嘉宴帝扛肋入鈣繭緯尋舶猾玉藏刷岳焙捉廟況奶炬領(lǐng)茶鋅棍斟援峰一齊破位往例踐囂哨姓施轄瘟錫烤撅電脂芥愈莊鉑斤敖疊塵杰茶霉暗砷由親抑總泅恬竅編著教移工南順嫂踢即慧砰茲剿辣俏倉晚嘩穎韻吩猜雨毖伐琶蓋擋掙燈爪攏連罵餡襲魂籠塑圃吏1. which of the following statements is true?a. one of the benefits of incorporating your business is that you become entitled to receive unlimited liability.b. sole p

5、roprietorships are subject to more regulations than corporations.c. sole proprietorships do not have to pay corporate tax.d. all of the statements above are correct.e. none of the statements above is correct.Answer c2. Last year Aldrin Co. had negative net cash flow, yet its cash on the balance shee

6、t increased. What could explain these events?a. Aldrin issued long-term debt.b. Aldrin repurchased some of its common stock.c. Aldrin sold some of its assets.d. statements a and b are correct.e. statements a and c are correct.Answer e3. All else being equal, which of the following will increase a co

7、mpanys current ratio?a. an increase in accounts receivable.b. an increase in accounts payable.c. an increase in net fixed asserts.d. statements a and b are correct.e. all of the statements above are correct.Answer a4.The New York Stock Exchange is primarilya. a secondary market.b. a physical locatio

8、n auction market.c. an over-the-counter market.d. statements a and b are correct.e. statements b and c are correct.Answer d5. Which of the following statements is most correct?a. Risk refers to the chance that some unfavorable event will occur, and a probability distribution is completely described

9、by a listing of the likelihood of unfavorable events.b. Portfolio diversification reduces the variability of returns on an individual stock.c. When company-specific risk has been diversified the inherent risk that remains is market risk. Which is constant for all securities in the market.d. A stock

10、with a beta of -1.0 has zero market risk.e. The SML relates required returns to firms market risk. The slope and intercept of this line cannot be controlled by the financial manager.Answer e6. You have determined the profitability of s planned project by finding the present value of all the cash flo

11、ws from that project. Which of the following would cause the project to look more appealing in terms of the present value of those cash flows?a. The discount rate decreasesb. The cash flows are extended over a longer period of time, but the total amount of the cash flows remains the samec. The disco

12、unt rate increased. Statements b and c are correct.e. Statements a and b are correct. Answer a7. One of the basic relationships in interest rate theory is that, other things held constant, for a given change in the required rate of return, the _ the time to maturity, the _ the change in price.a. lon

13、ger; smallerb. shorter; largerc. longer; greaterd. shorter; smallere. statements c and d are correct.Answer e8. An increase in a firms expected growth rate would normally cause the firms required rate of return to a. Increaseb. Decreasec. Fluctuated. Remain constante. Possibly increase, possibly dec

14、rease, or possibly remain unchanged.Answer e9. Which of the following is not considered a capital component for the purpose of calculating the weighted average cost of capital(WACC) as it applies to capital budgeting?a. Long-term debtb. Common stockc. Accounts payable and accruals.d. Preferred stock

15、.e. none of above answersanswer c10. Assume a project has normal cash flows (that is, the initial cash flow is negative, and all other cash flows are positive). Which of the following statements is most correct?a. All else equal, a projects IRR increases as the cost of capital declines.b. All else e

16、qual, a projects NPV increases as the cost of capital declinesc. All else equal, a projects MIRR is unaffected by changes in the cost of capital.d. Statements a and b are correct.e. Statements b and c are correct.Answer b11. Which of the following statements is most correct?a. The rate of depreciati

17、on will often affect operating cash flows, even though depreciation is not a cash expense.b. Corporations should fully account for sunk costs when making investment decisions.c. Corporations should fully account for opportunity costs when making investment decisions.d. Statements a and c are correct

18、.e. All of the statements above are correct.Answer d12. A decrease in the debt ratio will generally have no effect on _.a. Financial risk.b. Total riskc. Business risk.d. Market riske. None of the above is correct. (It will affect each type of risk above.)Answer c13. Myron Gordon and John Lintner be

19、lieve that the required return on equity increases as the dividend payout ratio is decreased. Their argument is based on the assumption thata. Investors are indifferent between dividends and capital gains.b. Investors require that the dividend yield and capital gains yield equal a constant.c. Capita

20、l gains are taxed at a higher rate than dividends.d. Investors view dividends as being less risky than potential future capital gains.e. Investors value a dollar of expected capital gains more highly than a dollar of expected dividends because of the lower tax rate on capital gains.Answer d14. Other

21、 things held constant, which of the following will cause an increase in working capital?a. Cash is used to buy marketable securities.b. A cash dividend is declared and paid.c. Merchandise is sold at a profit, but the sale is on credit.d. Long-term bonds are retired with the proceeds of a preferred s

22、tock issue.e. Missing inventory is written off against retained earnings.Answer c15. Firms generally choose to finance temporary assets with short-term debt becausea. Matching the maturities of assets and liabilities reduces risk.b. Short-term interest rates have traditionally been more stable than

23、long-term interest rates.c. A firm that borrows heavily long-term is more apt to be unable to repay the debt than a firm that borrows heavily short-term.d. The yield curve has traditionally been downward sloping.e. Sales remain constant over the year, and financing requirements also remain constant.

24、Answer a計算題1. After spending $10,000 on client-development, you have just been offered a big production contract by a new client. The contract will add $200,000 to your revenues for each of the next 3 years and it will cost you $100,000 per year to make the additional product. You will have to use s

25、ome existing equipment and buy new equipment as well. The existing equipment is fully depreciated, but could be sold for $50,000. If you use it in the project, you think you will still be able to sell it for $10,000 at the end. You will buy new equipment valued at $30,000 and straight-line depreciat

26、e it to zero over 3 years. It will be worthless at the end of the project. Your current production manager earns $80,000 per year. Since she is busy with ongoing projects, you are planning to hire an assistant at $40,000 per year to help with expansion. You will have to immediately increase your inv

27、entory from $20,000 to $30,000. It will return to $20,000 at the end of the project. Your companys tax rate is 35% and your discount rate is 15%. Should you accept the contract?Answer: 0 1 2 3Revs200200200Exp 100100100New Salary 404040Depr101010Taxable Income505050Tax(35%)17.517.517.5Net Income 32.5

28、32.532.5Add back Depr 101010CF fr WC-10-10Opp Cost-32.5Sell Existing Equip-6.5New Equip-30FCF-72.5 42.542.559NPV=-72.5+42.5/1.15+42.5/1.15²+59/1.15³=35.386So take the contract.2. Alta Energy Corporation will pay a dividend of $0.75 per share 3 months from now and they intend to keep paying

29、 $0.75 quarterly dividends until 4 years from now. At that time they anticipate undertaking a major exploration initiative which will cause the dividends following year four to decline at 1% per quarter until the dividend paid at the end of the year five is made. Subsequent quarterly dividends are t

30、hen expected to grow at 1% per quarter indefinitely.a. On the basis of these projections calculate the current trading price of Alta stock assuming that investors expect a return from Alta stock of 16% (nominal) per year.b. Calculate the effective annual expected dividend yield and capital gains yie

31、ld at now and the end of year five.Answer:Effective quarterly rate=16%/4=4% PV(0-16)=0.75*PVIFA (0.04,16)=8.74股利折現(xiàn)系數(shù)現(xiàn)值D17=0.75*(1-0.01)0.7425 (1-0.04)171.94790.3812D18=0.7425*(1-0.01)0.7351 (1-0.04) 182.02580.3629D19=0.7351*(1-0.01)0.7277 (1-0.04) 192.10680.3454D20=0.7277*(1-0.01)0.7204 (1-0.04) 202

32、.19110.3288小計1.4182D21=D20*(1-0.01)0.7277 P20=D21(0.04-0.01)24.2550 (1-0.04) 202.191111.06969P021.2279(2)At 0實際年收益Dividend yield0.75/21.2279= 0.03530.1490Capital gain0.00470.0188At 5Dividend yield0.030.1255Capital gain0.010.04063. Assume the risk-free return is 3%, market return is 10%. Stock B has

33、an expected return of 8%, stock C has a beta of 1.2 and a standard deviation of 0.4. Stock D has twice as much exposure to systematic risk as stock C. If you put 30% of your money in B, 40% in C and 30% in D, what will the beta of your portfolio be?Answer:Stock B:0.08=0.03+beta(0.10-0.03), so beta=0.714Since D has twice the exposure to systematic risk as C,It