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一、单项选择题1、下列( )股利(gǔlì)政策可能会给公司造成较大财务负担。
A、剩余(shèngyú)股利政策B、固定股利(gǔlì)政策C、固定股利比例(bǐlì)政策D、低正常(zhèngcháng)股利加额外股利政策2、公司发放股票股利，可能带来的结果是( )。
A、引起公司资产减少B、引起公司负债减少C、引起股东权益内部结构变化D、引起股东权益及负债同时变化3、公司为了稀释流通在外的本公司股票价格，对股东支付股利的形式选用( )A、股票股利B、财产股利C、现金股利D、负债股利4、比较而言， ( )的股利政策使公司在股利发放上具有较大的灵便性。
A、低正常股利加额外股利B、剩余股利C、固定比率D、稳定5、主要依靠股利维持生活的股东和养老基金管理人员最不赞成的公司股利政策是( )。
A、剩余股利政策B、固定或者持续增长的股利政策C、固定股利支付率政策C、低股利加额外股利政策6、容易造成股利支付额与本期净利润相脱节的股利分配政策是 ( ) 。
A、剩余股利政策B、固定(gùdìng)股利政策C、固定股利支付(zhīfù)率政策D、低正常股利(gǔlì)加额外股利政策7、由于国有企业要交纳 33%的所得税，公积金和公益金各提取 10%，在没有纳税调整和弥补亏损的情况下，企业可真正自主(zìzhǔ)分配的部份占利润总额的( )。
A、47%B、53.6%C、53%D、80%8、公司采取剩余股利政策分配利润的根本(gēnběn)理由，在于 ( )。
A、使公司的利润分配具有较大的灵便性B、降低综合资金成本C、稳定对股东的利润分配额D、使对股东的利润分配与公司的赢余密切配合9、某公司现有发行在外的普通股 1000000 股，每股面额 1 元，资本公积 3000000 元，未分配利润 8000000 元，股票市价 20 元；若按 10％的比例发放股票股利并按市价折算，公司资本公积的报表列示将为( )。
财务管理第五章营运资金管理一、单选题1.以下现金成本与现金持有量成正比例关系的是（）。
A现金置存成本B现金交易成本C现金管理成本D现金短缺成本2.公司将资金占用在应收账款上而放弃的投资于其他方面的收益，称为应收账款的（）。
A管理成本B坏账成本C短缺成本D机会成本3.对信用期限的叙述，正确的是（）。
A信用期限越长，坏账发生的可能性越小B信用期限越长，表明客户享受的信用条件越优惠C延长信用期限，将会减少销售收入D信用期限越长，收账费用越少4.下列各项中，公司制定信用标准时不予考虑的因素是（）。
A同行业竞争对手的情况B公司自身的资信程度C客户的资信程度D公司承担违约风险的能力5.通常用以表示应收账款信用标准的指标是（）。
A应收账款平均收现期B客户的资信程度C应收账款周转率D预期的坏账损失率6.存货经济批量的基本模型所依据的假设不包括（）。
A存货集中到货B一定时期的存货需求量能够确定C存货进价稳定D允许缺货7.信用条件为"2/10,1/20,n/30"时,预计有20%的客户选择在10天付款,有30%的客户会选择20天付款,其余客户在信用期付款,则平均收账期为（）天.A16B20C23D308.在确定现金持有量的成本分析模式中,()之和最低时的现金持有量为最佳现金持有量. （）A持有现金的机会成本与证券变现的交易成本B持有现金的机会成本与现金短缺成本C持有现金的机会成本与现金管理成本D现金短缺成本与证券变现的交易成本9.某企业年赊销额500万元（一年按360天计算），应收账款周转率为10次，变动成本率60％，资金成本率8％，则企业的应收账款机会成本为（）万元。
A2.4B30C3.6D4.210.下列各项中不属于存货经济进货批量基本模式假设条件的是（）。
A不存在数量折扣B存货的耗用是均衡的C仓储条件不受限制D可能出现缺货的情况11.在对存货实行ABC分类管理的情况下，ABC三类存货的金额比重大致为（）。
投资管理作业：基本概念：现金流量、净现值、内含报酬率本练习题4、5、6、9、10一、单项选择题1、某企业计划投资10万元建一生产线，预计投资后每年可获净利润1.5万元，年折旧率为10%，则投资回收期为（）年。
A、3B、4C、5D、62、如果某一投资项目的净现值为正值，则必然存在的结论是（）。
A、投资回收期在1年以内B、获利指数大于1C、投资报酬率高于100%D、年均现金金流量大于原始投资3、在资本限量的情况下，最佳投资方案必然是（）。
A、加权平均净现值最高的投资组合B、获利指数大于1的投资组合C、加权平均获利指数最大的投资组合D、净现值之和大于0的投资组合4、下列投资项目评价指标中，在一定范围内越小越好的是（）。
A、净现值B、静态投资回收期C、获利指数D、内部报酬率5、投资项目的净现值为0时的折现率是（）。
A、资本成本率B、投资利润率C、净现值率D、内部报酬率6、项目投资决策中，完整的项目计算期是指：A、建设期B、建设期+达产期C、建设期+生产经营期D、生产经营期7、某投资项目原始投资额为100万元，使用寿命10年，已知该项目第10年的营业净现金流量为25万元，期满终结时固定资产残值收入及回收流动资金共8万元，则该项目第10年的净现金流量为( )万元。
A、8B、25C、33D、437、包括建设期的静态投资回收期是：A、净现值为0的年限B、净现金流量为0的年限C、累计净现值为0的年限D、累计净现金流量为0的年限8、某投资项目，当贴现率为16%时，其净现值为338万元；当贴现率为18%时，其净现值为-22万元。
该项目的内部报酬率为：A、15.88%B、16.12%C、17.86%D、18.14%9、某企业拟进行一项固定资产投资项目决策，设定折现率为12%，现有三个方案可供选择：A：项目计算期10年，净现值为1000万元；B：项目计算期11年，年等额净收回额为150万元；C：内部报酬率为10%。
[(P/A,12%,10)=5.650]最优的投资方案为：A、A B、B C、C D、无法判断10、已知A方案投资收益率的期望值为15%，B方案投资收益率的期望值为12%，两个方案都存在投资风险。
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365-财务管理五(总37页) --本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--一、单项选择题1、经济批量是指能够使一定时期存货的（）达到最低点的订货数量。
A.取得成本B.储存成本C.缺货成本D.总成本【正确答案】：D【您的答案】：C【答案解析】：经济批量是指能够使一定时期存货的总成本达到最低点的订货数量。
2、下列选项中，不属于商业信用筹资优点的是（）。
A.使用方便B.成本低C.限制少D.增加收益【正确答案】：D【您的答案】：C【答案解析】：商业信用筹资的优点主要有：使用方便；成本低；限制少。
3、完全凭借款人信用，不需借款人提供经济担保或财产抵押的借款方式是指（）。
A.信用借款B.经济担保借款C.结算借款D.贴现法借款【正确答案】：A【您的答案】：C【答案解析】：信用借款是指完全凭借款人信用，不需借款人提供经济担保或财产抵押的借款方式。
4、在股利相关论中，没有明确提出应采用高现金股利政策还是低现金股利政策，而是强调在资本利得和股利收益之间进行权衡的是指（）。
A.“一鸟在手”理论B.信号传递理论C.税差理论D.代理理论【正确答案】：C【您的答案】：C 【答案正确】【答案解析】：税差理论并没有明确提出应采用高现金股利政策还是低现金股利政策，而是强调在资本利得和股利收益之间进行权衡。
5、在影响股利政策的因素中，规定公司当期的净利润应首先满足企业累计的法律要求，然后支付股利，指的是（）。
A.资本保全原则B.企业累计的约束C.保持偿债能力原则D.税收约束【正确答案】：B【您的答案】：C【答案解析】：在影响股利政策的法律因素中，企业累计的约束，即规定公司当期的净利润应首先满足企业累计的法律要求，然后支付股利。
6、下列选项中，属于影响股利政策中的股东因素的是（）。
A.通货膨胀因素B.股利政策的惯性C.低税负与稳定收入的要求D.契约因素【正确答案】：C【您的答案】：C 【答案正确】【答案解析】：影响股利政策的股东因素中，包括股权控制权的要求和低税负与稳定收入的要求。
第五、六章练习题一、单项选择题1、下列各项中，不属于投资项目现金流出量的是（B）。
A、经营付现成本B、固定资产折旧费用C、固定资产投资支出D、垫支的营运资本2、甲公司两年前以300万元购入一块土地，当时的市价是320万元，如果公司计划在这块土地上兴建厂房，投资分析时机会成本为（C）。
A、20万元B、300万元C、320万元D、280万元3、折旧具有抵减税负的作用，由于计提折旧而减少的所得税额的计算公式为（A）A、折旧额×所得税税率B、折旧额×（1—所得税税率）C、（经营付现成本+折旧额）×所得税税率D、（净利润+折旧额）×所得税税率4、计算投资项目内部收益率不需要考虑的因素是（D）。
A、投资项目的现金净流量B、投资项目的初始投资额C、投资项目的有效年限D、投资项目的必要报酬率5、公司拟建一条新的生产线，以生产一种新型的电视机，据预测，投产后每年可以获得160万元的收入。
同时新型号的电视机的上市会冲击该公司的老产品，使得老产品电视机每年的额销售收入由原来的100万元，下降到80万元，则与新建生产线相关的现金流量为（B）。
A、20万元B、140万元C、160万元D、180万元6、某投资项目的年营业收入为400000元，年经营付现成本为200000元，年折旧额为80000元，所得税率为25%，该项目的每年经营现金净流量为（C）。
A、90000元B、150000元C、170000元D、230000元7 、某项目的经营期为5年，预计投产第1年和第2年流动资产需用额分别为60万元和80万元，两年相应的流动负债融资额分别为35万元和50万元。
则第2年需要垫支的营运资本为（A）。
A、5万元B、15万元C、25万元D、30万元8、甲公司正在考虑处置一台旧设备，该设备于3年前以520000元购入，税法规定折旧年限为5年，按直线法计提折旧，预计净残值为20000元，目前可按250000元价格出售，假设所得税率为25%，则处置该设备对本期现金流量的影响是（A）。
试题解析5一、单项选择题1．若某一企业的经营处于盈亏临界状态，错误的说法是（）。
（1998年）A．此时销售额正处于销售收入线与总成本线的交点B．此时的经营杠杆系数趋于无穷小 C．此时的营业销售利润率等于零D．此时的边际贡献等于固定成本【答案】B【解析】盈亏临界状态时企业收入等于成本，利润等于零，即边际贡献等于固定成本，营业销售利润率等于零，经营杠杆系数趋于无穷大。
2．公司增发的普通股的市价为12元/股，筹资费率为市价的6%，本年发放股利每股0.6元，已知同类股票的预计收益率为11%，则维持此股价需要的股利增长率为（）。
（2000年）A．5% B．5.39% C．5.56% D．10.34%【答案】B【解析】资本成本是企业的投资者对投入企业的资本所要求的收益率。
增发普通股的投资人要求得到同类股票的预期收益率。
普通股成本= 预期年股利额/普通股市价*（1-筹资费用率）+普通股年增长率11%=0.6×（1+G）/12×（1-6%） + gg= 5.39%3.某公司年营业收入为500万元，变动成本率为40%，经营杠杆系数为1.5，财务杠杆系数为2。
如果固定成本增加50万元，那么，总杠杆系数将变为( )。
（2001年）A. 2.4B. 3C. 6D. 8【答案】C【解析】因为（DOL）1.5=（500-500×40%）/（500-500×40%-FC），得出FC=100，（DFL）2=（500-500×40%-FC）/[（500-500×40%-FC）-I]得，I=100。
当FC增加50万元时，DOL=（500-500×40%）/（500-500×40%-150）=2，而DFL=（500-500×40%-150）/[（500-500×40%-150）-100]=3，故DTL=6。
二．多项选择题1．融资决策中的总杠杆具有如下性质（）。
财务管理试题及答案一、单项选择题（每题1分，共10分）1. 以下哪项不是企业财务管理的主要目标？A. 利润最大化B. 股东财富最大化C. 企业价值最大化D. 资产规模最大化2. 企业进行资本结构调整时，以下哪项不是其考虑的因素？A. 债务成本B. 企业风险C. 股东权益D. 员工数量3. 在财务管理中，以下哪项不是投资决策的依据？A. 净现值B. 内部收益率C. 资产负债率D. 投资回收期4. 以下哪个指标用于衡量企业短期偿债能力？A. 流动比率B. 资产负债率C. 权益乘数D. 总资产周转率5. 以下哪项不是影响企业现金流量的因素？A. 销售收入B. 存货水平C. 员工培训费用D. 折旧和摊销6. 企业进行长期投资决策时，以下哪项不是其考虑的因素？A. 投资项目的预期收益B. 投资项目的市场风险C. 投资项目的规模大小D. 投资项目的资本成本7. 在财务分析中，杜邦分析体系不包括以下哪项？A. 销售净利率B. 资产周转率C. 权益乘数D. 现金流量比率8. 以下哪项不是企业进行财务预算的目的？A. 规划企业资源分配B. 预测企业未来财务状况C. 确定企业利润目标D. 降低企业运营成本9. 企业进行财务风险管理时，以下哪项不是其常用的工具？A. 期货合约B. 期权合约C. 债券发行D. 掉期交易10. 以下哪项不是企业进行财务报表分析时常用的比率？A. 流动比率B. 速动比率C. 市盈率D. 存货周转率二、多项选择题（每题2分，共10分）11. 企业进行财务分析时，以下哪些指标可以反映企业的盈利能力？A. 销售净利率B. 资产收益率C. 负债比率D. 权益收益率12. 在进行资本预算时，以下哪些因素需要考虑？A. 项目现金流的时间分布B. 项目的初始投资额C. 项目的市场规模D. 项目的资本成本13. 以下哪些属于企业财务杠杆的类型？A. 经营杠杆B. 财务杠杆C. 市场杠杆D. 复合杠杆14. 企业进行财务预测时，以下哪些方法可以应用？A. 比例分析法B. 趋势分析法C. 历史数据法D. 专家咨询法15. 以下哪些属于企业进行财务风险管理的策略？A. 风险分散B. 风险转移C. 风险避免D. 风险接受三、判断题（每题1分，共5分）16. 财务杠杆系数越高，企业的财务风险越大。
财务管理学自考题-5(总分：98.00，做题时间：90分钟)一、单项选择题(总题数：20，分数：20.00)1.企业与债权人、债务人、往来客户之间的财务关系属于______A．所有权关系 B．债权关系、合同义务关系C．经济关系 D．利润分配关系（分数：1.00）A.B. √C.D.解析：2.年金的收付款方式有多种，其中每期期末收付款的年金是______A．普通年金 B．预付年金C．延期年金 D．永续年金（分数：1.00）A. √B.C.D.解析：[考点] 本题主要考查的知识点为年金的形式。
年金主要有先付年金(即付年金)、后付年金(普通年金)、递延年金和永续年金四种形式。
每期期末收付款的年金是普通年金。
3.下列有关资金时间价值的表述，正确的是______A．资金时间价值的实质是资金周转使用后的增值额B．资金时间价值的真正来源是推迟消费所获得的报酬C．资金时间价值只能用绝对数来表示D．资金时间价值的量无法进行计量（分数：1.00）A. √B.C.D.解析：[考点] 本题主要考查的知识点为资金时间价值。
资金在生产经营中带来的增值额，称为资金的时间价值，其实质是资金周转使用后的增值额。
故肯定A项。
B的说法错误，资金时间价值的真正来源是工人创造的剩余价值。
资金时间价值可以用绝对数表示，也可以用相对数表示，即以利息额或利息率来表示。
但是在实际工作中对这两种表示方法并不作严格的区别，通常以利息率进行计算，故排除C、D项。
4.红光公司每年年底存款80万元，求第五年末的价值总额，应用______来计算。
A．复利现值系数 B．普通年金终值系数C．复利终值系数 D．普通年金现值系数（分数：1.00）A.B. √C.D.解析：[考点] 本题主要考查的知识点为终、现值系数的确定。
每期期末收款、付款的年金，称为后付年金，即普通年金。
普通年金终值犹如零存整取的本利和，它是一定时期内每期期末等额系列收付款项的复利终值之和。
所以本题求的是普通年金终值，答案选B。
《财务管理》练习题(一)解答1.某人为购买住房，向银行申请总额为150000元的住房抵押贷款，進备在10年内按月分期等额偿还，若贷款年利率为8%,问此人每月的等额偿还金额是多少元？解答一：年还款额=1500004- (P/A, 8%, 10) =1500004-6.7101=22354. 36 元月还款额二22354. 364-12=1862. 86 元解答二：年利率8%计息，相当于月利率0. 6434%故月还款金额=1500004- (P/A, 0. 6434%, 120) =1797. 86 元解答三：年利率8%,月利率=8%* 12=0. 6667%月还款金额=1500004- (P/A, 0. 6667%, 120) =1819. 95 元2.某人计划从三十岁起，用十年的时间，每年年末向银行存入1万元，假设银行存款利率为6%。
问从六十岁起的二十年内，每年年末能从银行提取多少万元？解答：1 X (F/A, 6%, 10) X (F/P, 6%, 20)=AX (P/A, 6%, 20)求得A二3. 6855万元3.某人现有10万元，希望在五年后成为15万元，问应投资于报酬率为多少的投资项冃？又若现在银行存款年利率为5%,需要存入多少年才能成为15万元？解答：15=10X (F/P, i,5) 求得i=&45%15=10X (F/P, 5%,n)求得n二8. 31 年4.某公司拟按7%的资金成本筹集100万元进行投资。
目前市场上有以下三种方案可供选择(假设风险相同)：(1)投资于A项目，5年后可一次性收回现金144万元；(2)投资于B项目，于第4年开始至第8年，每年年初收回现金55万元；(3)投资于C项目，10年屮每年年末等额收回现金25万元。
要求：试比较⑴、(2)、(3),并作出选择。
解答一：A 项目的现值P (A) =144X (F/P, 7%, 5) =102. 67 万元B 项目的现值P (B) =55X (P/A, 7%, 5) X (P/F, 7%, 2)=196. 86 万元C 项目的现值P (C) =25X (P/A, 7%, 10) =175. 59 万元由于P (B) >P (C) >P (A) >100 万元故应选择B项目。
CHAPTER 5Discounted Cash Flow Valuation I. DEFINITIONSTopic: ANNUITY1. An annuity stream of cash flow payments is:A) A set of level cash flows occurring each time period for a fixed length of time.B) A set of level cash flows occurring each time period forever.C) A set of increasing cash flows occurring each time period for a fixed length of time.D) A set of increasing cash flows occurring each time period forever.E) A set of arbitrary cash flows occurring each time period for no more than 10 years.Answer: ATopic: PRESENT VALUE FACTOR FOR ANNUITIES2. The present value factor for annuities is calculated as:A) (1 + present value factor)/rB) (1 – present value factor)/rC) Present value factor + (1/r)D) (Present value factor*r) + (1/r)Answer: BTopic: FUTURE VALUE FACTOR FOR ANNUITIES3. The future value factor for annuities is calculated as:A) Future value factor + rB) (1/r) + (future value factor*r)C) (1/r) + future value factorD) (Future value factor – 1)/rE) (Future value factor + 1)/rAnswer: DTopic: ANNUITIES DUE4. Annuities where the payments occur at the end of each time period are called ___________,whereas __________ refer to annuity streams with payments occuring at the beginning of each time period.A) ordinary annuities; early annuitiesB) late annuities; straight annuitiesC) straight annuities; late annuitiesD) annuities due; ordinary annuitiesE) ordinary annuities; annuities dueAnswer: ETopic: PERPETUITY5. An annuity stream where the payments occur forever is called a(n) ____________.A) annuity dueB) indemnityC) perpetuityD) amortized cash flow streamE) amortization tableAnswer: CTopic: STATED INTEREST RATES6. The interest rate expressed in terms of the interest payment made each period is called the:A) Stated interest rate.B) Compound interest rate.C) Effective annual rate.D) Periodic interest rate.E) Daily interest rate.Answer: ATopic: EFFECTIVE ANNUAL RATE7. The interest rate expressed as if it were compounded once per year is called the:A) Stated interest rate.B) Compound interest rate.C) Effective annual rate.D) Periodic interest rate.E) Daily interest rate.Answer: CTopic: ANNUAL PERCENTAGE RATE8. The interest rate charged per period multiplied by the number of periods per year is called the:A) Effective annual rate (EAR).B) Annual percentage rate (APR).C) Periodic interest rate.D) Compound interest rate.E) Daily interest rate.Answer: BTopic: PURE DISCOUNT LOAN9. A loan where the borrower receives money today and repays a single lump sum at some time in thefuture is called a(n) _____________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-onlyAnswer: DTopic: INTEREST-ONLY LOAN10. A loan where the borrower pays interest each period and repays the entire principal of the loan atsome point in the future is called a(n) _________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-onlyAnswer: ETopic: AMORTIZED LOAN11. A loan where the borrower pays interest each period, and repays some or all of the principal of theloan over time is called a(n) _________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-onlyAnswer: ATopic: BALLOON LOAN12. A loan where the borrower pays interest each period, repays part of the principal of the loan overtime, and repays the remainder of the principal at the end of the loan, is called a(n)_______________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-onlyAnswer: CII CONCEPTSTopic: EFFECTIVE ANNUAL RATE13. You are trying to compare the desirability of two alternative investments with rates of return quotedusing different compounding periods. To make the proper decision, you should:A) Convert each quoted return to an effective annual rate.B) Convert each quoted return to an annual nominal rate.C) Convert each quoted return to a monthly nominal rate.D) Compare the investments by using the quoted returns.E) Convert each quoted return to an APR.Answer: ATopic: ANNUAL PERCENTAGE RATE14. Which of the following statements is FALSE?A) When comparing investments it is best not to rely solely on quoted rates.B) Compounding typically leads to differences between quoted and effective rates.C) The APR on a loan with monthly payments is less than the annual interest you actually pay.D) The APR is the interest rate per period multiplied by the number of periods per year.E) With monthly compounding, the APR will be larger than the effective annual rate.Answer: ETopic: PERPETUITY15. Which of the following CANNOT be calculated?A) The present value of a perpetuity.B) The interest rate on a perpetuity given the present value and payment amount.C) The present value of an annuity due.D) The future value of an annuity due.E) The future value of a perpetuity.Answer: ETopic: PRESENT VALUE PERPETUITY16. You are considering two perpetuities which are identical in every way, except that perpetuity A willbegin making annual payments of $P to you two years from today while the first $P payment for perpetuity B will occur one year from today. It must be true that the present value of perpetuity:A) A is greater than that of B by $P.B) B is greater than that of A by $P.C) B is equal to that of perpetuity A.D) A exceeds that of B by the PV of $P for one year.E) B exceeds that of A by the PV of $P for one year.Answer: ETopic: COMPARING SAVINGS ACCOUNTS17. You have $800 that you would like to invest. You have 2 choices: Savings account A which earns8% compounded annually, or savings account B which earns 7.90% compounded semiannually.Which would you choose and why?A) A because it has a higher effective annual rate.B) A because it has the higher quoted rate.C) B because it has a higher effective annual rate.D) B because the future value in one year is lower.E) B because it has the higher quoted rate.Answer: CTopic: COMPARING SAVINGS ACCOUNTS18. You have $800 that you would like to invest. You have 2 choices: Savings account A which earns8% compounded annually, or savings account B which earns 7.70% compounded monthly. Which would you choose and why?A) A because it has a higher effective annual rate.B) A because the future value in one year is lower.C) B because it has a higher effective annual rate.D) B because the future value in one year is lower.E) A because it has the higher quoted rate.Answer: ATopic: COMPARING SAVINGS ACCOUNTS19. You are planning to save your Christmas bonuses from work and are comparing savings accounts:Account A compounds semiannually while account B compounds monthly. If both accounts have the same quoted annual rate of interest and you place only the bonuses in the account, you should choose _______________.A) account A because it has a higher APRB) account B because it has a higher APRC) account B because it is compounded more oftenD) account A because you will pay less in taxesE) either account, since both quote the same rate of interestAnswer: CTopic: INTERPRETING INTEREST RATES20. Which of the following statements is true?A) Present values and discount rates move in the same direction with one another.B) On loans with monthly compounding, the APR will exceed the EAR.C) Compounding essentially means earning interest on interest.D) Future values decrease with increases in interest rates.E) All else the same, the longer the term of a loan the lower will be the total interest you pay on it.Answer: CTopic: COMPARING LOANS21. You want to borrow money to buy a new car, and you are trying to decide whether to borrowshort-term (24 months) or long-term (60 months). Which of the following would beIRRELEVANT to your borrowing decision?A) The EARs on the two alternative loans.B) The APRs on the two alternative loans.C) The interest you could earn by investing the difference between the two loan payments.D) The fact that you must make 48 more payments on the longer term loan.E) The amount of money to be borrowed.Answer: ETopic: PRESENT VALUE ANNUITY22. You are going to invest $500 at the end of each year for ten years. Given an interest rate, you canfind the present value of this investment by:I. Adding the cash flows together and finding the present value of the sum using the appropriatepresent value factor.II. Applying the proper present value factor to each cash flow, then adding up these present values.III. Finding the future value of each cash flow, adding all of the future values together, then finding the discounted present value of this future value sum.IV. Finding the future value of the entire payment stream.A) II onlyB) III onlyC) II and III onlyD) I, II, and IV onlyE) II, III, and IV onlyAnswer: CTopic: ANNUITIES DUE23. You are evaluating two annuities. They are identical in every way, except that one is an ordinaryannuity and one is an annuity due. Which of the following is FALSE?A) The ordinary annuity must have a lower present value than the annuity due.B) The ordinary annuity must have a lower future value than the annuity due.C) The annuity due must have the same present value as the ordinary annuity.D) The two annuities will differ in present value by the amount (1+r).E) The annuity due and the ordinary annuity will make the same number of total payments overtime.Answer: CIII. PROBLEMSTopic: PRESENT VALUE UNEVEN CASH FLOWS24. What is the total present value of $80 received in one year, $300 received in two years, and $700received in six years if the discount rate is 7%?A) $582.72B) $681.68C) $757.25D) $803.24E) $852.83Answer: DResponse: PV = $80 / 1.07 + 300 / 1.072 + 700 / 1.076 = $803.2425. What is the total future value six years from now of $80 received in one year, $300 received in twoyears, and $700 received in six years if the discount rate is 7%?A) $1,080.00B) $1,047.15C) $1,205.44D) $1,254.44E) $1,299.15Answer: CResponse: FV = $80 (1.07)5 + 300 (1.07)4 + 700 = $1,205.44Topic: PRESENT VALUE UNEVEN CASH FLOWS26. Given the following cash flows, what is the present value if the discount rate is 8%?Year1234Cash Flow$400$250$900$1925A) $1,415.07B) $2,714.09C) $2,865.70D) $3,058.96E) $3,222.62Answer: BResponse: PV = $400 / 1.08 + 250 / 1.082 + 900 / 1.083 + 1,925 / 1.084 = $2,714.09Topic: PRESENT VALUE UNEVEN CASH FLOWS27. What is the present value of the following set of cash flows at an 10% discount rate?Year1234Cash Flow$800?800$800?800A) $ 0.00B) $ 120.76C) $ 173.31D) $ 379.41E) $3,312.13Answer: BResponse: PV = $800 / 1.1 - 800 / 1.12 + 800 / 1.13 - 800 / 1.14 = $120.7628. What is the future value at the end of year 4 of the following set of cash flows? Assume an interestrate of 10%.Year1234Cash Flow$800?800$800?800A) $ 0.00B) $ 127.38C) $ 176.80D) $ 379.41E) $3,312.13Answer: CResponse: FV = $800 (1.1)3 - 800 (1.1)2 + 800 (1.1) - 800 = $176.80Topic: FUTURE VALUE UNEVEN CASH FLOWS29. What is the future value of the following set of cash flows 4 years from now? Assume an interestrate of 6.5%.Year01234Cash Flow?700$300$600$400$500A) $ 555.18B) $ 785.72C) $ 942.12D) $1,068.39E) $1,100.00Answer: DResponse: FV = -$700(1.065)4 + 300 (1.065)3 + 600 (1.065)2 + 400 (1.065) + 500 = $1,068.39 Topic: INTEREST RATE30. Given the following cash flows, what is the implicit discount rate if the present value is $2,450?Year 1 2 3Cash Flow $700 $950 $1400A) 5.45%B) 8.72%C) 10.48%D) 12.89%E) 15.91%Answer: CResponse: $2,450 = $700 / (1 + r) + 950 / (1 + r)2 + 1,400 / (1 + r)3; r = 10.48%Topic: INTEREST RATE31. Given the following cash flows, what is the interest rate if the future value at the end of year 3 isequal to $3,218?Year123Cash Flow$700$950$1400A) 4%B) 5%C) 6%D) 7%E) 8%Answer: DResponse: $3,218 = $700 (1 + r)2 + 950 (1 + r) + 1,400; r = 7.0%Topic: ANNUITY PAYMENT32. You need to borrow $23,000 to buy a truck. The current loan rate is 7.9% compounded monthly andyou want to pay the loan off in equal monthly payments over 5 years. What is the size of your monthly payment?A) $323.39B) $374.04C) $465.26D) $494.69E) $555.66Answer: CResponse: $23,000 = C [1 -(1 / 1.0065860)] / .00658; C = $465.26Topic: PRESENT VALUE ANNUITY33. The monthly mortgage payment on your house is $821.69. It is a 30 year mortgage at 6.5%compounded monthly. How much did you borrow?A) $ 85,000B) $100,000C) $115,000D) $130,000E) $140,000Answer: DResponse: PVA = $821.69 [1 -(1 / 1.0054360] / .0054 = $130,000Topic: PRESENT VALUE PERPETUITY34. You just won the lottery. You and your heirs will receive $40,000 per year forever, beginning oneyear from now. What is the present value of your winnings at an 10% discount rate?A) $ 44,000B) $300,000C) $387,500D) $400,000E) $437,500Answer: DResponse: PVP = $40,000 / .10 = $400,000Topic: PERPETUITY INTEREST RATE35. You just won the lottery. You and your heirs will receive $40,000 per year forever, beginning oneyear from now. If the present value of the lottery is $500,000, what is the discount rate used to value this perpetuity?A) 6%B) 7%C) 8%D) 9%E) 10%Answer: CResponse: $500,000 = $40,000 / r; r = 8%Topic: PRESENT VALUE PERPETUITY DUE36. You just won the lottery. You and your heirs will receive $40,000 per year forever, with the firstpayment received immediately. What is the present value at a 9% discount rate?A) $182,500B) $375,222C) $400,000D) $444,444E) $484,444Answer: EResponse: PV = $40,000 + $40,000 / .09 = $484,444Topic: EFFECTIVE ANNUAL RATE37. What is the effective annual rate of 6% compounded quarterly?A) 5.37%B) 6.00%C) 6.14%D) 7.50%E) 24.00%Answer: CResponse: EAR = [1 + (.06/4)]4 -1 = 6.14%Topic: EFFECTIVE ANNUAL RATE38. What is the effective annual rate of 11% compounded semiannually?A) 11.00%B) 11.15%C) 11.30%D) 11.84%E) 12.16%Answer: CResponse: EAR = [1 + (.11/2)]2 -1 = 11.30%Topic: EFFECTIVE ANNUAL RATE39. What is the effective annual rate of 10% compounded monthly?A) 9.27%B) 10.00%C) 10.25%D) 10.38%E) 10.47%Answer: EResponse: EAR = [1 + (.10/12)]12 -1 = 10.47%Topic: EFFECTIVE ANNUAL RATE COMPOUNDING40. A given rate is quoted as 12% APR, but has an EAR of 12.55%. What is the rate of compoundingduring the year?A) AnnuallyB) SemiannuallyC) QuarterlyD) MonthlyE) DailyAnswer: CResponse: .1255 = [1 + (1 + .12/m)]m -1; m = 4 or quarterlyTopic: FUTURE VALUE ANNUITY DUE41. What is the future value in 12 years of $800 payments received at the beginning of each year for thenext 12 years? Assume an interest rate of 8.25%.A) $14,259.63B) $15,408.65C) $16,679.86D) $18,495.48E) $20,782.15Answer: CResponse: FVA due = $800 [(1.082512 -1) / .0825] (1.0825) = $16,679.86Topic: PRESENT VALUE ANNUITY DUE42. What is the present value of $1,500 payments received at the beginning of each year for the next 10years? Assume an interest rate of 6.525%.A) $ 978.75B) $ 7,093.62C) $10,770.64D) $11,473.43E) $15,000.00Answer: DResponse: PVA due = $1,500 {[1- (1 / 1.0652510)] / .06525} ( 1.06525) = $11,473.43Topic: LOAN PAYMENTS43. Fast Eddie's Used Cars will sell you a 1989 Mazda Miata for $5,000 with no money down. Youagree to make weekly payments for 2 years, beginning one week after you buy the car. The stated rate on the loan is 13%. How much is each payment?A) $42.96B) $54.66C) $68.19D) $75.90E) $99.65Answer: BResponse: $5,000 = C {[1 - (1 / 1.0025104)] / .0025}; C = $54.66Topic: PRESENT VALUE ANNUITY44. You win the lottery and are given the option of receiving $250,000 now or an annuity of $25,000 atthe end of each year for 30 years. Which of the following is correct? (Ignore taxes)A) You cannot choose between the two without first calculating future values.B) You will always choose the lump regardless of interest rates.C) You will choose the annuity payment if the interest rate is 7%.D) You will always choose the annuity.E) Comparing the future value of the two alternatives will lead to a different decision than youwill reach from a comparison of the present values.Answer: CResponse: PVA = $25,000 {[1 - (1 / 1.0730)] / .07} = $310,226; choose annuityTopic: PRESENT VALUE ANNUITY45. You are going to withdraw $5,000 at the end of each year for the next four years from an accountthat pays interest at a rate of 9% compounded annually. How much must there be in the account today in order for the account to reduce to a balance of zero after the last withdrawal?A) $14,793.83B) $16,198.60C) $18,602.29D) $19,713.75E) $20,000.00Answer: BResponse: PVA = $5,000 {[1 - (1 / 1.094)] / .09} = $16,198.60Topic: PRESENT VALUE ANNUITY46. You are going to withdraw $5,000 at the end of each year for the next four years from an accountthat pays interest at a rate of 9% compounded annually. The account balance will reduce to zero when the last withdrawal is made. How much money will be in the account immediately after the third withdrawal is made?A) $ 4,587.16B) $ 4,977.10C) $ 5,000.00D) $ 6,982.29E) $10,000.00Answer: AResponse: PV = $5,000 / 1.09 = $4,587.16Topic: ANNUITY INTEREST47. You are going to withdraw $5,000 at the end of each year for the next four years from an accountthat pays interest at a rate of 9% compounded annually. The account balance will reduce to zero when the last withdrawal is made. How much interest will you earn on the account over the four year life?A) $ 0.00B) $2,409.60C) $3,801.40D) $4,000.00E) $5,711.20Answer: CResponse:PVA = $5,000 {[1 - (1 / 1.094)] / .09} = $16,198.60;interest = $20,000 - 16,198.60 = $3,801.40Topic: PRESENT VALUE ANNUITY48. At the end of each year for the next 8 years you will receive cash flows of $500. If the appropriatediscount rate is 7.5%, how much would you pay for this annuity?A) $4,000.00B) $5,841.22C) $1,259.47D) $2,928.65E) $3,148.30Answer: DResponse: PVA = $500 {[1 - (1 / 1.0758)] / .075} = $2,928.65Topic: RETURN ON ANNUITY49. At the end of each year for the next 8 years you will receive cash flows of $500. The initialinvestment is $2,500. What rate of return are you expecting from this investment?A) 11.81%B) 10.27%C) 9.01%D) 8.28%E) 7.21%Answer: AResponse: $2,500 = $500 {[1 - 1 / (1 + r)8] / r}; r = 11.81%Topic: ANNUITY PAYMENT50. You are considering investing $400 in a 12-year annuity. The rate of return you require is 9%. Whatannual cash flow from the annuity will provide the required return?A) $ 10.77B) $ 42.96C) $ 55.86D) $ 78.31E) $129.27Answer: CResponse: $400 = C {[1 - (1 / 1.0912)] / .09}; C = $55.86Topic: EFFECTIVE ANNUAL RATE51. You are considering an investment with a quoted return of 10% per year. If interest is compoundeddaily, what is the effective return on this investment?A) 1.11%B) 10.00%C) 10.25%D) 10.47%E) 10.52%Answer: EResponse: EAR = [1 + (.10 / 365)]365 -1 = 10.52%Topic: NUMBER OF PERIODS52. You borrowed $1,200 at 8% compounded annually. Your payments are $96 at the end of each year.How many years will you make payments on the loan?A) 9 yearsB) 10 yearsC) 11 yearsD) 12 yearsE) foreverAnswer: EResponse:annual interest = $1,200 x .08 = $96; you are only making interest payments and will never repay the principalTopic: APR/EAR53. You agree to loan your parents $32,000 to buy a new van. They agree to pay you $650 a month for5 years. The ________________.A) interest rate on the loan is 0.75% per monthB) APR on the loan is 7.87%C) EAR on the loan is 8.08%D) APR on the loan is 8.22%E) EAR on the loan is 8.38%Answer: EResponse: $32,000 = $650 {[1 - 1 / (1 + r)60] / r}; r = .6730%; EAR = (1 + .006730)12 - 1 = 8.38% Topic: PRESENT VALUE ANNUITY54. Your brother-in-law borrowed $3,000 from you 5 years ago and then disappeared. Yesterday hereturned and expressed a desire to pay back the loan, including the interest accrued. Assuming that you had agreed to charge him 12%, and assuming that he wishes to make 5 equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off the debt? (Assume that the loan continues to accrue interest at 12% per year.)A) $ 941.89B) $1,200.00C) $1,322.33D) $1,466.67E) $3,002.56Answer: DResponse:FV = $3,000 (1.12)5 = $5,287.03 is the amount you are currently owedPVA = $5,287.03 = C {[1 - (1 / 1.125)] / .12}; C = $1,466.67Topic: PRESENT VALUE ANNUITY55. A "Name That Tune" contest has a grand prize of $500,000. However, the contest stipulates that thewinner will receive just $200,000 immediately, and $30,000 at the end of each of the next 10 years.Assuming that one can earn 8% on their money, how much has the contest winner actually won?A) $250,000.00B) $309,225.11C) $365,826.02D) $401,302.44E) $500,000.00Answer: DResponse: PV = $200,000 + 30,000 {[1 - (1 / 1.0810)] / .08} = $401,302.44Topic: ANNUITY PAYMENT56. Denzel wishes to save money to provide for his retirement. Beginning one month from now, he willbegin depositing a fixed amount into a retirement savings account that will earn 10% compounded monthly. He will make 420 such deposits. Then, one year after making his final deposit, he will withdraw $75,000 annually for 20 years. The fund will continue to earn 10% compounded monthly.How much should the monthly deposits be for his retirement plan?A) $119.11B) $149.58C) $162.92D) $184.89E) $209.38Answer: CResponse:EAR = [1 + (.10 / 12)]12 -1 = 10.47%PVA = $75,000 {[1 - (1 / 1.104720)] / .1047} = $618,557.45FVA = $618,557.45 = C [(1.0083420 1) / .0083]; C = $162.92Topic: COMPARING RATES57. You have $100,000 to invest. Your bank offers one-year certificates of deposit with a stated rate of3.50% compounded quarterly. What rate compounded semiannually would provide you with thesame amount of money at the end of one year?A) 3.485%B) 3.500%C) 3.505%D) 3.510%E) 3.515%Answer: EResponse:EAR = [1 + (.035 / 4)]4 -1 = 3.5462%; EAR = .035462 = [1 + (r / 2)]2 -1; r = 3.5153%Topic: ANNUAL PERCENTAGE RATE58. Vito Corleone will loan you money on a "four-for-five" arrangement; i.e., for every $4 he gives youtoday, you give him $5 one week from now. What is the APR of this loan?A) 250%B) 869%C) 1,000%D) 1,300%E) 1,800%Answer: DResponse: $5 = $4 (1 + r); r = 25% per week; APR = 25% x 52 = 1,300%Topic: EFFECTIVE ANNUAL RATE59. Vito Corleone will loan you money on a "four-for-five" arrangement; i.e., for every $4 he gives youtoday, you give him $5 one week from now. What is the EAR of this loan?A) 250%B) 869%C) 1,095%D) 109,475%E) 10,947,544%Answer: EResponse:$5 = $4 (1 + r); r = 25% per week; APR = 25% x 52 = 1,300%EAR = [1 + (13 / 52)]52 -1 = 10,947,544%Topic: PRESENT VALUE PERPETUITY60. You own a bond issued by the Canadian Pacific railroad that promises to pay the holder $50annually forever. You plan to sell the bond 10 years from now. If similar investments yield 7% at that time, how much will the bond be worth?A) $350.00B) $592.17C) $714.29D) $825.00E) $938.44Answer: CResponse: PVP = $50 / .07 = $714.29Topic: COMPARING PRESENT VALUES61. Moe purchases a $50, 30-year annuity. Larry purchases a $50 perpetuity. In both cases, paymentsbegin in one year, and the appropriate interest rate is 12.5%. What is the present value of Larry's payments that will occur from year 31 onwards?A) $ 11.68B) $ 68.11C) $ 91.27D) $124.40E) More than $150Answer: AResponse:PVP = $50 / .125 = $400; PVA = $50 {[1 - (1 / 1.12530)] / .125} = $388.32; difference = $11.68Topic: COMPARING PRESENT VALUES62. Moe purchases a $50 annual perpetuity for which payments begin in one year. Larry purchases a$50 annual perpetuity for which payments begin immediately. If a 12.5% interest rate isappropriate for both cash flow streams, which of the following statements is true?A) Moe's perpetuity is worth $50 more than Larry's.B) Larry's perpetuity is worth $50 more than Moe's.C) The perpetuities are of equal value today.D) Larry's perpetuity is worth $44.44 more than Moe's.E) Moe's perpetuity is worth $44.44 more than Larry's.Answer: BResponse: Moe: PVP = $50 / .125 = $400; Larry: PV = $50 + 50 / .125 = $450Topic: PRESENT VALUE ANNUITY DUE63. In order to help you through college, your parents just deposited $20,000 into a bank accountpaying 6% interest. Starting tomorrow, you plan to withdraw equal amounts from the account at the beginning of each of the next four years. What is the MOST you can withdraw annually?A) $5,136.91B) $5,445.12C) $5,771.83D) $6,101.88E) $6,395.88Answer: BResponse: PVA due = $20,000 = C {[1 - (1 / 1.064)] / .06} (1.06); C = $5,445.12Topic: PRESENT VALUE ANNUITY64. In order to help you through college, your parents just deposited $20,000 into a bank accountpaying 6% interest. Starting next year, you plan to withdraw equal amounts from the account at the end of each of the next four years. What is the MOST you can withdraw annually?A) $5,136.91B) $5,445.12C) $5,771.83D) $6,101.88E) $6,395.88Answer: CResponse: PVA = $20,000 = C {[1 - (1 / 1.064)] / .06}; C = $5,771.83Topic: PRESENT VALUE OF UNEVEN CASH FLOWS65. Analysts expect Placer Corp. to pay shareholders $2.25 per share annually for the next five years.After that, the dividend will be $3.50 annually forever. Given a discount rate of 12%, what is the value of the stock today?A) $16.55B) $19.87C) $22.37D) $24.66E) $27.88Answer: DResponse:PVP = $3.50 / .12 = $29.17; PV = $29.17 / 1.125 = $16.55PVA = $2.25 {[1 - (1 / 1.125)] / .12} = $8.11; Price = $16.55 + 8.11 = $24.66Topic: PERPETUITY RETURN66. The preferred stock of Placer Corp. currently sells for $44.44 per share. The annual dividend of $4is fixed. Assuming a constant dividend forever, what is the rate of return on this stock?A) 7.0%B) 8.0%C) 9.0%D) 10.0%E) 11.0%Answer: CResponse: $44.44 = $4 / r; r = 9.0%Topic: EAR LOAN RATE67. Fast Eddie's Used Cars will sell you a 1989 Mazda Miata for $5,000 with no money down. Youagree to make weekly payments of $60.00 for 2 years, beginning one week after you buy the car.What is the EAR of this loan?A) 20.04%B) 22.85%C) 25.61%D) 32.34%E) 43.01%Answer: CResponse:$5,000 = $60 {[1 - 1 / (1 + r)104] / r}; r = .4394%; APR = .4394 x 52 = 22.85%EAR = (1 + .004394)52 - 1 = 25.61%。
