Cpcyhra财务管理试题2-杨潇
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Time will pierce the surface or youth, will be on the beauty of the ditch dug a shallow groove ; Jane will eat rare!A born beauty, anything to escape his sickle sweep.-- Shakespeare 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 7,240Less: Depreciation （1）Earnings before interest and taxes 810Less: Interest paid 70Taxable Income $ 740Less: Taxes 259Net income （2）Windswept, Inc.2004 and 2005 Balance Sheets($ in millions)2004 2005 2004 2005 Cash $ 120 $ 140 Accounts payable $1,110 $1,120 Accounts rec. 930 780 Long-term debt 840 1,210 Inventory 1,480 1,520 Common stock 3,200 3,000 Total （3）$2,440 Retained earnings （5）710 Net fixed asset （4）3,600Total assets $5,680 $6,040 Total liabilities & equity $5,680 $6,040 1． a.400 b. 410 c.350 d. 420 e.4252． a. $487 b. $481 c.$523 d.$ 498 e. $5403． a. $2345 b. $2300 c.$2530 d.$2413 e. $24504． a.3510 b.3423 c. 3545 d.3500 e. 36555． a. 530 b.540 c. 555 d.550 e.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 sold 1,344Less: Depreciation 276Earnings before interest and taxes $810Less: Interest paid 150Taxable Income $ 660Less: Taxes 187Net income $ Dividends $121Addition to retained earnings 242Re Do It, Inc. 2004 and 2005 Balance Sheet （in million）2004 2005 2004 2005 Cash $ 84 $ 98 Accounts payable $543 $530 Accounts rec. 165 188 Long-term debt 550 $457 Inventory 393 422 Common stock 500 $550 Total $642 $708 Retained earnings 1,7992,041Net fixed assets $2,731 $2,880Total assets $3,373 $3,588 Total 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 cash 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? (use2005 values)a. $2.59b. $2.89c. $3.43d. $3.26e. $3.7610. How does cash affect the statement of cash flows for 2005?a. a use of $14 million of cash as an investment activityb. a source of $14million of cash as an operating activityc. a use of $10 million of cash as a financing activityd. a source of $10million of cash as an investment activitye. a use of $14 million of cash as an operating activity11. What 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. $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 aspecified period of time is the:a. income statement.b. balance sheet.c. tax reconciliation statement.d. statement of 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 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 that 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 project’s net present value exactly equaling zero iscalled 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 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 actualanticipated outcome.e. the actual return you should anticipate as long as the economic forecast remainsconstant.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. asset 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 called a(n) _____option.a. futuresb. Asianc. Bermudand. Europeane. American26. Sha reholders’ equity in a firm is $500. The firm owes a total of $400 of which 75percent 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. $0d. $100e. $20027. Ivan’s, Inc. paid $500 in dividends and $600 in interest this past year. Commonstock increased by $200 and retained earnings decreased by $100. What is the netincome for the year?a.$400b.$500c.$600d.$800e. $1,00028. A firm has total assets of $2,640 and net fixed assets of $1,500. The average dailyoperating 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. 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 and fixed 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 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 areknown as _____ ratios.a. asset managementb. long-term 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 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 thefirm’s:a. profit margin.b. return on assets.c. return on equity.d. asset turnover.e. earnings before interest and taxes.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. debt payable to a mortgage company in nine monthsIII. accounts payable to suppliersIV. loan payable to the bank in fourteen monthsa. 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 creditors and the cash flow from stockholders are both negative.c. the cash flow from creditors is negative and the cash flow from stockholders ispositive.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 one 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 positive and rejected if it isnegative.d. An investment with greater cash inflows than cash outflows, regardless of when thecash flows occur, will always have a positive NPV and therefore should always beaccepted.e. Any project that has positive cash flows for every time period after the initialinvestment 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. increasing 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 project will produce a positive net present value only when the rate ofreturn 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 years from today if thediscount 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 grandmother 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 investments?a. Three years from today, Joe’s investment will be worth more than Marie’s.b. Last year, Marie’s investment was worth more than Joe’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 percent.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 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 percentd. 9.87 percente. 9.99 percent46. The specified date on which the principal amount of a bond is repaid is called thebond’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 calledthe:a. coupon.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 iscalled 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. 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 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 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 t o 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, net 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 margin 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. 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. There are6,400 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 margin of 5 percent. The firm has a total debt ratio of 40 percent. What is the return on equity?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. Thetotal 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. $500c. $540d. $600e. $62059. A firm wants a sustainable growth rate of 2.68 percent while maintaining a 40percent dividend payout ratio and a 6 percent profit margin. The firm has a capitalintensity ratio of 2. What is the debt-equity ratio that is required to achieve thefirm’s desired rate of growth?a. .42b. .45c. .49d. .52e. .5460. The Green Giant has a 5 percent profit margin and a 40 percent dividend payoutratio. 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 process 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 aproject is part of:a. working capital management.b. the net working capital decision.c. capital budgeting.d. a controll er’s duties.e. the capital structure decision.63. _____ refers to the firm’s dividend payments less any net new equity raised.a. Operating cash flowb. Capital spendingc. Net working capitald. Cash flow from assetse. Cash flow to stockholders64. 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.quicke.total debt65. Activities of the firm in which cash is spent are known as:a. sources of cash.b. uses of cash.c. cash payments.d. cash receipts.e. cash on hand.66. You just won the lottery! As your prize you will receive $1,200 a month for 100months. If you can earn 8 percent on your money, what is this prize worth to youtoday?a. $87,003.69b. $87,380.23c. $87,962.77d. $88,104.26e. $90,723.7667. You own a classic automobile that is currently valued at $39,500. If the value increases by 6 percent annually, how much will the auto be worth ten years from now?a. $64,341.34b. $44,734.42c. $69,843.06d. $70,738.48e. $74,146.9368. The Inferior Goods Co. stock is expected to earn 14 percent in a recession, 6percent in a normal economy, and lose 4 percent in a booming economy. Theprobability of a boom is 20 percent while the probability of a normal economy is 55percent and the chance of a recession is 25 percent. What is the expected rate ofreturn on this stock?a. 6.00 percentb. 6.72 percentc. 6.80 percentd. 7.60 percente. 11.33 percent69. You sold (wrote) three TXA call option contracts with a strike price of $35 when theoption was quoted at $2.60. The option expires today when the value of TXA stock is $33.70. Ignoring trading costs and taxes, what is your total profit or loss on your investment?a. $0b. $260c. $390d. $780e. $1,17070. You own six convertible bonds. These bonds have a 5 percent coupon, a $1,000 face value and mature in 8 years. The bonds are convertible into shares of common stock at a conversion price of $20. How many shares of stock will you receive if you convert all of your bonds?a. 8.33 sharesb. 50.00 sharesc. 52.50 sharesd. 300.00 sharese. 315.00 shares71. The length of time required for a project’s discounted cash flows to equal the initial costof the project is called the:a. net present value.b. internal rate of return.c. payback period.d. discounted profitability index.e. discounted payback period.72. Interest rates or rates of return on investments that have been adjusted for the effects ofinflation are called _____ rates.a. realb. nominalc. effectived. strippede. coupon73. Payments made by a corporation to its shareholders, in the form of either cash,stock or payments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.74. The market price of a bond is equal to the present value of the:a. face value minus the present value of the annuity payments.b. annuity payments plus the future value of the face amount.c. face value plus the present value of the annuity payments.d. face value plus the future value of the annuity payments.e. annuity payments minus the face value of the bond.75. The discount rate that makes the net present value of an investment exactly equal tozero is called the:a. external rate of return.b. internal rate of return.c. average accounting return.d. profitability index.e. equalizer.76. You wrote ten call option contracts on JIG stock with a strike price of $40 and an o ption price of $.40. What is your net gain or loss on this investment if the price of JIG is $46.05 on the option expiration date?a. -$6,450b. -$5,650c. $400d. $5,650e. $6,45077. What is the expected return on a portfolio comprised of $3,000 in stock K and$5,000 in stock L if the economy is normal?State of Probability of Returns if State OccursEconomy State of Economy Stock K Stock LBoom 20% 14% 10%Normal 80% 5% 6%a. 3.75 percentb. 5.25 percentc. 5.63 percentd. 5.88 percente. 6.80 percent78. What is the expected return on a portfolio comprised of $4,000 in stock M and$6,000 in stock N if the economy enjoys a boom period?State of Probability of Returns if State OccursEconomy State of Economy Stock M Stock NBoom 10% 18% 10%Normal 75% 7% 8%Recession 15% -20% 6%a. 6.4 percentb. 6.8 percentc. 10.4 percentd. 13.2 percente. 14.0 percent79. Several rumors concerning Wyslow, Inc. stock have started circulating. These rumors are causing the market price of the stock to be quite volatile. Given this situation, you decide to buy both a one-month put and a call option on this stock with an exercise price of $15. You purchased the call at a quoted price of $.20 and the put at a price of $2.10. What will be your total profit or loss on these option positions if the stock price is $4 on the day the options expire?a. -$230b. $870c. $890d. $910e. $1,31080. You sold ten put option contracts on PLT stock with an exercise price of $32.50 and an option price of $1.10. Today, the option expires and the underlying stock is selling for $34.30 a share. Ignoring trading costs and taxes, what is your total profit or loss on this investment?a. -$2,900b. -$1,100c. $700d. $1,100e. $2,90081. The real rate of return on a stock is approximately equal to the nominal rate of return:a. multiplied by (1 + inflation rate).b. plus the inflation rate.c. minus the inflation rate.d. divided by (1 + inflation rate).e. divided by (1- inflation rate).82. The time value of an option is equal to the:a. option’s market price minus its intrinsic value.b. option’s intrinsic value minus its market price.c. risk-free interest rate in the economy.d. net present value of the option’s cash flows.e. net present value of the option’s cash flows, discounted at the risk-free interest rate.83. Risk that affects at most a small number of assets is called _____ risk.a. portfoliob. undiversifiablec. marketd. unsystematice. total84. As long as the inflation rate is positive, the real rate of return on a security investment will be ____ the nominal rate of return.a. greater thanb. equal toc. less thand. greater than or equal toe. unrelated to85. The standard deviation for a set of stock returns can be calculated as the:a. positive square root of the average return.b. average squared difference between the actual return and the average return.c. positive square root of the variance.d. average return divided by N minus one, where N is the number of returns.e. variance squared.86. A firm wants to maintain a growth rate of 8 percent without incurring any additionalequity financing. The firm maintains a constant debt-equity ratio of .5, a total assetturnover ratio of .83, and a profit margin of 8 percent. What must the retention ratiobe?a. 71.8 percentb. 72.7 percentc. 74.4 percentd. 75.1 percente. 76.3 percentReturn on equity = .08 ⨯ .83 ⨯ (1 + .50) = .0996; Sustainable growth = [.0996 ⨯ b] ÷ [1- (.0996 ⨯ b)] = .744 = 74.4 percent87. Neal’s Nails has an 11 percent return on assets and a 30 percent dividend payout ratio.What is the internal growth rate?a. 7.11 percentb. 7.70 percentc. 8.34 percentd. 8.46 percente. 11.99 percentI88. Katelyn’s Kites has net income of $240 and total equity of $2,000. The debt-equityratio is 1.0 and the plowback ratio is 40 percent. What is the internal growth rate?a. 2.46 percentb. 3.00 percentc. 4.92 percentd. 5.88 percente. 6.00 percent89. Neal Enterprises common stock is currently priced at $36.80 a share. The company isexpected to pay $1.20 per share next month as their annual dividend. The dividendshave been increasing by 2 percent annually and are expected to continue doing so.What is the cost of equity for Neal Enterprises?a. 5.18 percentb. 5.22 percentc. 5.26 percentd. 5.33 percente. 5.67 percent90. You currently own a one-year call option on Way-One, Inc. stock. The current stock price is $26.50 and the risk-free rate of return is 4 percent. Your option has a strikep rice of $20 and you assume that it will finish in the money. What is the current value of your call option?a. $6.25b. $6.50c. $6.76d. $7.13e. $7.2791. The _____ tells us that the expected return on a risky asset depends only on thatasset’s nondiversifiable risk.a. Efficient Markets Hypothesis (EMH)b. systematic risk principlec. Open Markets Theoremd. Law of One Pricee. principle of diversification92. The process of valuing an investment by determining the present value of its futurecash flows is called (the):a. constant dividend growth model.b. discounted cash flow valuation.c. average accounting valuation.d. expected earnings model.e. Capital Asset Pricing Model.93. The proportions of the market value of the firm’s assets financed via debt, commonstock, and preferred stock are called the firm’s:a. financing costs.b. portfolio weights.c. beta coefficients.d. capital structure weights.e. costs of capital.94. The costs incurred by the firm when new issues of stocks or bonds are sold are called:a. required rates of return.b. costs of capital.c. flotation costs.d. capital structure weights.e. costs of equity and deb95. A financial contract that gives its owner the right, but not the obligation, to buy or sell a specified asset at an agreed-upon price on or before a given future date is called a(n)_____ contract.a. optionb. futuresc. forwardd. swape. straddle96. A particular risky asset’s risk premium, measured relative to its beta coefficient, is its:a. diversifiable risk.b. systematic risk.c. reward-to-risk ratio.d. security market line.e. market risk premium.97. The overall cost of capital for a retail store:a. is equivalent to the after-tax cost of the firm’s liabilities.b. should be used as the required return when analyzing a potential acquisition of awholesale distributor.c. reflects the return investors require on the total assets of the firm.d. remains constant even when the debt-equity ratio changes.e. is unaffected by changes in corporate tax rates98. The length of time required for an investment to generate cash flows sufficient to recoverthe initial cost of the investment is called the:a. net present value.b. internal rate of return.c. payback period.d. profitability index.e. discounted cash period99. You are considering purchasing stock S. This stock has an expected return of 8 percent ifthe economy booms and 3 percent if the economy goes into a recessionary period.The overall expected rate of return on this stock will:a. be equal to one-half of 8 percent if there is a 50 percent chance of an economicboom.b. vary inversely with the growth of the economy.c. increase as the probability of a recession increases.d. be equal to 75 percent of 8 percent if there is a 75 percent chance of a boomeconomy.e. increase as the probability of a boom economy increases.100. A firm’s overall cost of equity is:I. directly observable in the financial markets.II. unaffected by changes in the market risk premium.III. highly dependent upon the growth rate and risk level of a firm.IV. an estimate only.a. I and III onlyb. II and IV onlyc. I and II onlyd. III and IV onlye. I and IV only。
