公司理财精要第七章题库

第7章习题答案1． （1）借款成本的计算：1K =7% (1-25%) /（1-2%）=5.35% （2）债券成本的计算：140×9%(1-25%)/150×(1-3%)=6.49% （3）优先股的资金成本12%/（1-4%）=12.5%(4)普通股成本：1.2/【10（1-6%）】+8%=20.7% （5）留存收益成本：1.2/10+8%=20% 计算加权平均成本：10%×5.35%+15%×6.49%+25%×12.5%+40%×20.7%+10%×20%=14.9%3． （1）计算普通股每股收益： 债券筹资：(2 000-300-440) ⨯0.75÷800=1.181 普通股筹资：(2 000-300) ⨯0.75÷1 000=1.275 优先股筹资：【(2 000-300) ⨯0.75-4 000⨯12%】÷800=0.994 （2）每股收益无差别点的计算： 债券筹资与普通股筹资的每股收益无差别点： (EBIT -300-4 000⨯11%) ⨯0.75÷800= (EBIT -300) ⨯0.75÷1 000EBIT =2 500（万元） 优先股筹资与普通股筹资的每股收益无差别点： ［(EBIT -300) ⨯0.75 - 4 000⨯12%］÷ 800= (EBIT -300) ⨯0.75÷1000EBIT =3500（万元） （3）财务杠杆的计算： 筹资前的财务杠杆 = 1 600/ (1 600-300) =1.23 发行债券筹资的财务杠杆 =2 000/ (2 000 -300 - 4 000 ⨯ 11%) = 1.59 优先股筹资的财务杠杆 = 2 000/ (2 000 - 300 - 4 000⨯12%/0.75) =1.887 普通股筹资的财务杠杆 = 2 000/ (2 000 - 300) = 1.18 所以选择优先股筹资方案时，相同EBIT 增量造成的EPS 增量最大。

公司理财课后习题参考答案ANSWS第1章习题答案1．在投资活动上，固定资产投资大量增加，增加金额为387270117（万元）2．在筹资活动上，非流动负债减少，流动负债大大增加，增加金额为29990109（万元）3．在营运资本表现上，2022年初的营运资本20220220（万元）2022年末的营运资本21129988（万元）营运资本不仅大大减少，而且已经转为负数。

这与流动负债大大增加，而且主要用于固定资产的形成直接相关。

第2章习题答案1．PV200(P/A,3%,10)(P/F,3%,2)1608.11（元）2．5000012500(P/A,10%,n)(P/A,10%,n)50000/125004查表，(P/A,10%,5)3.7908(P/A,10%,6)4.3553n543.7908(65)(43.7908)插值计算：n5654.35533.79084.35533.7908n5.37最后一次取款的时间为5.37年。

3．租入设备的年金现值14762（元），低于买价。

租入好。

4．乙方案的现值9.942万元，低于甲方案。

乙方案好。

5．40001000(P/F,3%,2)1750(P/F,3%,6)F(P/F,3%,10)F2140.12第五年末应还款2140.12万元。

6．（1）债券价值4(P/A,5%,6)100(P/F,5%,6)20.3074.6294.92（元）（2）2022年7月1日债券价值4(P/A,6%,4)100(P/F,6%,4)13.8679.2193.07（元）（3）4(P/F,i/2,1)104(P/F,i/2,2)97i12%时，4(P/F,6%,1)104(P/F,6%,2)3.7792.5696.33i10%时，4(P/F,5%,1)104(P/F,5%,2)3.8194.3398.14利用内插法：(i10%)/(12%10%)(98.1497)/(98.1496.33)解得i11.26%7．第三种状态估价不正确，应为12.79元。

第七章证券投资管理一、复习思考题1.证券投资有哪些类型？答：证券投资按照不同的标准可分为不同的类型：（1）按发行的主体划分，证券可分为政府证券、政府机构证券和公司证券；（2）按准备持有证券时间的长短划分，证券可分为短期证券投资和长期证券投资；（3）按证券所代表的权利性质划分，证券可分为股票投资、债券投资和其他证券投资；（4）按证券收益的稳定性划分，证券可分为固定收益证券投资和变动收益证券投资。

2.证券投资的风险有哪些？答：证券投资通常面临着违约风险、利率风险、购买力风险、变现力风险和期限风险等。

（1）违约风险：是指证券发行人在证券到期时无法还本付息而使投资者遭受损失的风险。

（2）利率风险：是指市场利率变动引起证券投资收益变动，使投资者遭受损失的风险。

（3）购买力风险：又称通货膨胀风险，是由于通货膨胀、货币贬值而引起投资者实际收益水平下降的风险。

（4）变现力风险：又称流动性风险，是指投资者无法在短期内按合理价格出售证券的风险。

（5）期限风险：是指证券到期日长短给投资人带来的风险。

3.分析债券投资与股票投资的优缺点。

答：债券投资的优点：（1）风险小，本金安全性高；（2）收入比较稳定。

债券投资的缺点：（1）购买力风险比较大；（2）无经营管理权。

股票投资的优点：（1）投资收益高；（2）购买力风险较低；（3）拥有一定的经营管理权。

股票投资的缺点：（1）本金安全性低；（2）股价不稳定，受众多因素影响；（3）收益不稳定。

4.如何衡量证券组合投资的风险？答：证券投资组合风险的衡量重点在于分析和计算系统风险的影响程度。

系统风险可用β系数来衡量。

假设作为整体的证券市场的β系数为1，如果某种股票的风险情况与整个证β系数等于1；如果某种股票的β系数大于1，说明券市场的风险情况一致，则这种股票的β系数小于1，则说明其风险小于整个市其系统风险大于整个市场的风险；如果某种股票的场的风险。

5.常见的证券投资组合的策略有哪几种？答：常见的证券投资组合策略包括以下几种：（1）保守型策略。

第七章11、敏感性分析与盈亏平衡点我们正评估一个项目，该项目成本为724000美元，存续期限为8年，残值为0。

假设在项目生命期内以直线折旧法计提折旧，最终账面值为0。

预计每年的销售量为75000单位，每单位的价格为39美元，每单位的可变成本为23美元，每年固定成本为850000美元。

税率为35%，我们对该项目要求的收益率为15%。

a.计算会计盈亏平衡点b.计算基本情况下的现金流与净现值。

净现值对销售数额变动的敏感性如何？根据你的答案，说明当预测销售量减少500单位时会发生什么情况？c.营运现金流(OCF)对可变成本数值变动的敏感性如何？根据你的答案，说明当估计的可变成本降低1美元时会发生什么情况？14、题财务盈亏平衡点LJ 玩具公司刚刚购买了一台250000 美元的机器，以生产玩具车。

该机器将在其5 年的使用期限内以直线折旧法计提折旧。

每件玩具售价为25 美元。

每件玩具的可变成本为6 美元，每年公司的固定成本为360000 美元。

公司税率为34％。

适当的折现率为12％。

请问项目的财务盈亏平衡点是多少?解答：【EAC+固定成本*（1-税率）—折旧*税率】/（销售单价—单位变动成本）*（1—税率）则：EAC = 初始投资额/ PVIFA12%,5=$250,000 / 3.60478=$69,352.43每年的折旧：$250,000 / 5=$50,000现值盈亏平衡点=[EAC + FC(1 –tC) –Depreciation(tC)] / [(P –VC)(1 –tC)]= [$69,352.43 + $360,000(1 –0.34) –$50,000(0.34)] / [($25 –6)(1 –0.34)]= 23,122.20 或23,122 件第八章25.债券估值Morgan集团公司目前发行在外的有两份债券。

债券M面值为20000美元，20年后到期。

债券在前6年中不进行任何的利息支付，而后在接下来的8年中每6个月支付800美元，并在最后6年中每6个月支付1000美元。

第七章：风险分析、实物期权和资本预算1. 预测风险是指估计预期现金流发生错误的风险。

新产品的预测风险最高，因为其现金流比较难预测。

2. 敏感性分析中，一个变量通过大量数值检验出来；而场景分析中，所有的变量的值范围有限。

3. 如果平均收入低于平均成本，这个公司面临亏本，这是正确的。

因此这句话大部分都是正确的，不过，对于边际来说，接受一个边际收益大于边际成本的项目毫无疑问会增加营运现金流。

4. 从股东的角度看，财务盈亏平衡点当然是最重要的。

一个项目能够超过会计以及现金盈亏平衡点同时低于财务盈亏平衡点，这会减少股东财富。

5. 项目首先到达现金盈亏平衡点，其次是会计盈亏平衡点，再最后是财务盈亏平衡点。

只要一个项目需要初始投资，并且在项目期限中销售额与成本相等，这一顺序将一直适应。

6. 传统的NPV 分析法过于保守，因为它忽略了一些可以获利的选择，例如在项目获利时，扩大投资，或者在项目无利可图时，放弃该项目。

这种改变已接受项目的权利同样是有价值的，会增加NPV。

7. 如果这个国家刚刚开始市场化，其具有非常好的潜在增长率。

第一个进入市场不论是不是一个新市场或是一个新产品，都能给一个公司增加品牌效应以及市场份额，这会使得其他竞争者很难进入市场。

8. 敏感性分析能够决定当其他因素（例如固定成本，变动成本，或收入）变动时，盈亏平衡点怎么变动。

9. 等待一年在搬运木材这个决定有两个价值来源，第一个是木材的价格很可能会上涨，第二个是如果发生自然灾害或森林火灾时，木材的数量毫无疑问将增加。

这个期权对于伐木公司来说很有价值，该产业很多公司都运用模型依靠森林的年份来估计其未来的成长。

10. 当进一步分析得到一个负的NPV 时，就应停止进行分析。

因为进一步分析反应迅速，这意味着当进一步分析中盈利超过成本，这是一个错误决定的可能性也就更小。

11.a．每年的折旧为：724000/8=90,500会计利润的盈亏平衡点：（固定成本+折旧）/（销售单价-单位变动成本）= (850,000 + 90,500)/($39 – 23)=58781b．1）基本情况下的现金流为：[（销售单价-可变成本）*销售量-固定成本]（1-税率）+税率*折旧=[(39 – 23)(75,000) – 850,000](0.65) + 0.35(90,500)= 259,175净现值=-成本+现值现值=年金现值表（15%，8）*现金流=-724000+259,175(PVIFA15%,8)=439001.552）当销售量为80000时，现金流为：[($39 – 23)(80,000) – $850,000](0.65) + 0.35($90,500)= 311,175净现值为：–$724,000 + $311,175(PVIFA15%,8)= 672,342.27则：销售额变动，净现值变动为：∆净现值/∆销售量 = (439,001.55 -672,342.27)/(75,000 - 80,000) = 46.668如果销售量减少500单位则净现值下降：46.668*500=23,334C.可变成本降低一美元时，营运现金流为：[(39 – 24)(75,000) – 850,000](0.65) + 0.35(90,500)= 210,425则营运现金流对可变成本的变化：∆OCF/∆vc = ($259,175 – 210,425)/($23 – 24)=-48750即；如果可变成本降低一美元则营运现金流增加4875012.最好情况下的现金流：={[($39)(1.1) – ($23)(0.9)](75,000)(1.1) – $850,000(0.9)}(0.65) +0.35($90,500)= $724,900.00最好情况下的净现值：=–$724,000 + $724,900(PVIFA15%,8) = $2,528,859.36最差情况下的现金流：={[($39)(0.9) – ($23)(1.1)](75,000)(0.9) – $850,000(1.1)}(0.65) +0.35($90,500)= –$146,100最差情况下的净现值：NPV worst = –$724,000 – $146,100(PVIFA15%,8) = –$1,379,597.6713.会计盈亏平衡点：Q A = (FC + D)/(P – v)(1): Q A = 110,500 = ($820,000 + D)/($41 – 30) D = $395,500(2): Q A = 143,806 = ($3.2M + 1.15M)/(P – $56) P= $86.25(3): Q A = 7,835 = ($160,000 + 105,000)/($105 – v) v = $71.1814.现值的盈亏平衡点：【EAC+固定成本*（1-税率）—折旧*税率】/（销售单价—单位变动成本）*（1—税率）则：EAC = Initial Investment / PVIFA12%,5=$250,000 / 3.60478=$69,352.43每年的折旧：Annual depreciation = $250,000 / 5=$50,000现值盈亏平衡点=[EAC + FC(1 – t C) – Depreciation(t C)] / [(P – VC)(1 – t C)]= [$69,352.43 + $360,000(1 – 0.34) – $50,000(0.34)] / [($25 – 6)(1 – 0.34)]= 23,122.20 or about 23,122 units15.净现值等于成本加每年增加现金流的现值，即：NPV0 = –$1,800,000 + $340,000(PVIFA12%,10) = $121,075.83第一年: NPV1 = [–$1,670,000 + $340,000(PVIFA12%, 9)] / 1.12 = $126,432.97第二年: NPV2 = [–$1,540,000 + $340,000(PVIFA12%, 8)] / 1.12⌒2 = $118,779.91第三年: NPV3 = [–$1,410,000 + $340,000(PVIFA12%, 7)] / 1.12⌒3 = $100,843.05第四年: NPV4 = [–$1,280,000 + $340,000(PVIFA12%, 6)] / 1.12⌒4 = $74,913.91第五年:NPV5 = [–$1,150,000 + $340,000(PVIFA12%,5)] / 1.12⌒5 = $42,911.04第六年: NPV6 = [–$1,150,000 + $340,000(PVIFA12%, 4)] / 1.12⌒6 = –$59,428.45公司应该从净现值最高的第一年就开始买进16.如果项目直接推向市场则可以的到的净现值为：NPV = $22,000,000(0.50) + $9,000,000(0.50)= $15,500,000如果进行市场测试，之后推向市场则可以得到净现值为：NPV = –$1,500,000 + {[$22,000,000 (0.80)] + [$9,000,000 (0.20)]} / 1.11=$15,977,477.48公司应该进行市场测试？17.将产品直接推向市场的净现值为：NPV = C Success (Prob. of Success) = $1,500,000 (0.50) = $750,000第一个方案得到的净现值：NPV = C0 + C Success (Prob. of Success) =–$135,000 + $1,500,000 (0.65) = $840,000第二个方案得到的净现值：NPV = C0 + C Success (Prob. of Success) = –$400,000 + $1,500,000 (0.85) = $875,000公司应该采用通过咨询公司进行市场测试之后推向市场18.a.会计利润盈亏平衡点：= [(FC + Depreciation)(1 – t C)] / [(P – VC)(1 – t C)] = [($750,000 + $360,000/7) (1 – 0.35)] / [($80 – 5.40) (1 – 0.35)] = 10,455.76 or about 10,456 unitsb.现值的盈亏平衡点：= [EAC + FC(1 – t C) – Depreciation(t C)] / [(P – VC)(1 – t C)]而EAC = Initial Investment / PVIFA15%,7 = $360,000 / 4.1604 = $86,529.73现值盈亏平衡点= [$86,529.73 + $750,000(.65) – ($360,000/7)(.35)] / [($80 – 5.40) (.65)]= 11,621.57 or about 11,622 units19.a.根据情况可分为以下三种状态下的销售，成本状况：Scenario Unit sales Variable cost Fixed costsBase 240 $19,500 $830,000Best 264 $17,550 $747,000Worst 216 $21,450 $913,000正常基本现金流= [($25,000 – 19,500)(240) – $830,000](0.65) + 0.35($960,000/4) = $402,500则NPV=–$960,000 + $402,500(PVIFA15%,4) = $189,128.79最坏基本现金流= [($25,000 – 21,450)(216) – $913,000](0.65) + 0.35($960,000/4) = –$11,030则NPV==–$960,000 – $11,030(PVIFA15%,4) = –$991,490.41乐观基本现金流= [($25,000 – 17,550)(264) – $747,000](0.65) + 0.35($960,000/4) = $876,870则NPV= $1,543,444.88b.假设固定成本增长为840000则，现金流为：= [($25,000 – 19,500)(240) – $840,000](0.65) + 0.35($960,000/4) = $396,000则：NPV = –$960,000 + $396,000(PVIFA15%,4) = $170,571.43因此，由以下可以看出净现值对固定成本的敏感性△NPV/△FC = ($189,128.79 – 170,571.43)/($830,000 – 840,000) = –$1.856则，可以看出：固定成本每增加一美元，净现值减少1.856美元c.会计盈亏平衡点= (FC + D)/(P – v) = [$830,000 + ($960,000/4)]/($25,000 – 19,500) = 194.55 or about 195 units20.a.NPV= –$1,900,000 + $450,000(PVIFA16%,10) = $274,952.37b.当项目可以1300000美元价格卖出时，$1,300,000 = ($50)Q(PVIFA16%,9)Q=5,664 即，当每年售出量小于5334时候可以放弃该项目21.α.预期销售量为11000单位时，则每年的现金流为=50*11000(PVIFA16%,9)= $2,533,599.13项目在一年的销售量为11000单位或放弃项目的预期价值= [($2,533,599.13 + $1,300,000)/2] + $450,000= $2,366,799.57则净现值NPV = –$1,900,000 + ($2,366,799.47)/1.16 = $140,344.45b.销售4000单位的现金流的现值：= $50(4,000)(PVIFA16%,9) = $921,308.78在以4000单位继续销售一年后，初始投资残值为$1,300,000 – 921,308.78 = $378,691.22 得放弃期权的价值：= (.50)($378,691.22)/1.16= $163,228.9822.预期一年的现金流的现值= $50(22,000)(PVIFA16%,9)= $5,067,198.26项目在一年的销售量为22000单位或放弃项目的预期价值= [($5,067,198.26 + $1,300,000)/2] + $450,000= $3,633,599.13在销售一年得到的NPV = –$1,900,000 + $3,633,599.13/1.16 = $1,232,413.04以下计算拓展期权:销售单位为11000时，现金流的现值为拓展期权的现值：获得拓展期权= $50(11,000)(PVIFA16%,9) = $2,533,599.13We need to find the value of the option to expand times the likelihood of expansion. We also need to find the value of the option to expand today, so:期权价值= (.50)($2,533,599.13)/1.16 = $1,092,068.5923.经营现金流= [($245 – 220)(56,000) – $520,000](0.62) + 0.38($1,700,000/5)OCF = $674,800。

Chapter 07Equity Markets and Stock Valuation Multiple Choice Questions1. What is the name given to the model that computes the present value of a stock by dividing next year's annual dividend amount by the difference between the discount rate and the rate of change in the annual dividend amount?A. Stock pricing modelB. Equity pricing modelC. Capital gain modelD. Dividend growth modelE. Present value model2. The dividend yield is defined as:A. the current annual cash dividend divided by the current market price per share.B. the current annual cash dividend divided by the current book value per share.C. next year's expected cash dividend divided by the current market price per share.D. next year's expected cash dividend divided by the current book value per share.E. next year's expected cash dividend divided by next year's expected market price per share.3. The capital gains yield equals which one of the following?A. Total yieldB. Current discount rateC. Market rate of returnD. Dividend yieldE. Dividend growth rate4. Which one of the following types of securities has no priority in a bankruptcy proceeding?A. Convertible bondB. Senior debtC. Common stockD. Preferred stockE. Straight bond5. Mary owns 100 shares of stock. Each share entitles her to one vote per open seat on the board of directors. Assume there are 3 open seats in the current election and Mary casts all 300 of her votes for a single candidate. What is the term used to describe this type of voting?A. ProxyB. AggregateC. CumulativeD. StraightE. Condensed6. There are two open seats on the board of directors. If two separate votes occur to elect the new directors, the firm is using a type of voting that is best described as _____ voting.A. simultaneousB. straightC. proxyD. cumulativeE. sequential7. Kate could not attend the last shareholders meeting and thus she granted the authority to vote on her behalf to the managers of the firm. Which one of the following terms is used to describe the method by which Kate's shares were voted?A. StraightB. CumulativeC. Consent-formD. ProxyE. In absentia8. Dividends are best defined as:A. cash payments to shareholders.B. cash payments to either bondholders or shareholders.C. cash or stock payments to shareholders.D. cash or stock payments to either bondholders or shareholders.E. distributions of stock to current shareholders.9. Which one of the following generally pays a fixed dividend, receives first priority in dividend payment, and maintains the right to a dividend payment, even if that payment is deferred?A. Cumulative commonB. Noncumulative commonC. Noncumulative preferredD. Cumulative preferredE. Senior common10. Newly issued securities are sold to investors in which one of the following markets?A. ProxyB. Stated valueC. InsideD. SecondaryE. Primary11. What is the market called that allows shareholders to resell their shares to other investors?A. PrimaryB. ProxyC. SecondaryD. InsideE. Initial12. An agent who buys and sells securities from inventory is called a:A. floor trader.B. dealer.C. commission broker.D. broker.E. floor broker.13. A broker is an agent who:A. trades on the floor of an exchange for himself or herself.B. buys and sells from inventory.C. offers new securities for sale to dealers only.D. who is ready to buy or sell at any time.E. brings buyers and sellers together.14. Any person who owns a license to trade on the NYSE is called a:A. dealer.B. floor trader.C. specialist.D. member.E. proxy.15. A person who executes customer orders to buy and sell securities on the floor of the NYSE is called a:A. floor trader.B. specialist.C. runner.D. commission broker.E. market maker.16. A specialist is a(n):A. employee who executes orders to buy and sell for clients of his or her brokerage firm.B. individual who trades on the floor of an exchange for his or her personal account.C. NYSE member who functions as a dealer for a limited number of securities.D. broker who buys and sells securities from a market maker.E. trader who only deals with primary offerings.17. An individual who executes buy and sell orders on the floor of an exchange for a fee is called a:A. floor broker.B. specialist.C. floor trader.D. proxy.E. flow specialist.18. The electronic system that transmits buy and sell orders directly to a specialist on the floor of the NYSE is called:A. NASDAQ.B. SuperDOT.C. TICKER.D. ECN.E. ORDFLOW.19. The owner of a trading license who trades on the floor of the NYSE for his or her personal account is called a(n):A. specialist.B. independent broker.C. floor trader.D. stand-alone agent.E. dealer.20. The stream of customer instructions to buy and sell securities is called the:A. order flow.B. market maker.C. execution stream.D. operations flow.E. buyer's stream.21. The specific location on the floor of an exchange where a particular security is traded is called a:A. box office.B. figure 6.C. specialist's post.D. trading booth.E. seat.22. Inside quotes are defined as the:A. bid and asked prices presented by NYSE specialists.B. last bid and asked price offered prior to the market close.C. lowest asked and highest bid offers.D. daily opening bid and asked quotes.E. last traded bid and asked prices.23. Which one of the following is a web site that enables Lester to sell his shares of ABC stock directly to Marti?A. SuperDOTB. POSTC. ECND. SEATE. eNET24. Which one of the following will increase the current value of a stock?A. Decrease in the dividend growth rateB. Increase in the required returnC. Increase in the market rate of returnD. Decrease in the expected dividend for next yearE. Increase in the capital gains yield25. The price of a stock at year 4 can be expressed as:A. D0 / (R + G4).B. D0⨯ (1 + R)5.C. D1⨯ (1 + R)5.D. D4/(R-g).E. D5/(R-g).26. Delfino's expects to pay an annual dividend of $1.50 per share next year. What is the anticipated dividend for year 5 if the firm increases its dividend by 2 percent annually?A. $1.50 ⨯ (1.02)1B. $1.50 ⨯ (1.02)2C. $1.50 ⨯ (1.02)3D. $1.50 ⨯ (1.02)4E. $1.50 ⨯ (1.02)527. The required return on a stock is equal to which one of the following if the dividend on the stock decreases by 1 percent per year?A. (P0/D1)-gB. (D1/P0)/gC. Dividend yield + capital gains yieldD. Dividend yield - capital gains yieldE. Dividend yield ⨯ capital gains yield28. Donuts Delite just paid an annual dividend of $1.10 a share. The firm expects to increase this dividend by 8 percent per year the following 3 years and then decrease the dividend growth to 2 percent annually thereafter. Which one of the following is the correct computation of the dividend for year 7?A. ($1.10) (1.08 ⨯ 3) (1.02 ⨯ 4)B. ($1.10) (1.08 ⨯ 3) (1.02 ⨯ 3)C. ($1.10) (1.08)3 (1.02)4D. ($1.10) (1.08)3 (1.02)3E. ($1.10) (1.08)3 (1.02)229. Aardvark, Inc. pays a constant annual dividend. At the end of trading on Wednesday, the price of its stock was $28. At the end of trading on the following day, the stock price was $27. As a result of the decline in the stock's price, the dividend yield _____ while the capital gains yield _____.A. remained constant; remained constantB. increased; remained constantC. increased; increasedD. decreased; remained constantE. decreased; decreased30. Which one of the following must equal zero if a firm pays a constant annual dividend?A. Dividend yieldB. Capital gains yieldC. Total returnD. Market value per shareE. Book value per share31. The dividend growth model can be used to value the stock of firms which pay which type of dividends?I. constant annual dividendII. annual dividend with a constant increasing rate of growthIII. annual dividend with a constant decreasing rate of growthIV. zero dividendA. I onlyB. II onlyC. II and III onlyD. I, II, and III onlyE. I, II, III, and IV32. Kate owns a stock with a market price of $31 per share. This stock pays a constant annual dividend of $0.60 per share. If the price of the stock suddenly increases to $36 a share, you would expect the:I. dividend yield to increase.II. dividend yield to decrease.III. capital gains yield to increase.IV. capital gains yield to decrease.A. I onlyB. II onlyC. III onlyD. I and III onlyE. II and IV only33. Computing the present value of a growing perpetuity is most similar to computing the current value of which one of the following?A. Non-dividend-paying stockB. Stock with a constant dividendC. Stock with irregular dividendsD. Stock with a constant growth dividendE. Stock with growing dividends for a limited period of time34. Jensen Shipping has four open seats on its board of directors. How many shares will a shareholder need to control to ensure that his or her candidate is elected to the board given the fact that the firm uses straight voting? Assume one share equals one vote.A. 20 percent of the shares plus one voteB. 25 percent of the shares plus one voteC. 1/3 of the shares plus one voteD. 50 percent of the shares plus one voteE. 51 percent of the shares plus one vote35. Gleason, Inc. elects its board of directors on a staggered basis using cumulative voting. This implies that:A. if there are two open seats, then the candidate with the highest number of votes and the candidate with the lowest number of votes will be selected.B. the candidates for the open seats are voted for in individual elections.C. all open positions are filled with one round of voting, assuming there are no tie votes.D. shareholders can accumulate their votes over multiple years and cast all those votes in one election.E. the firm's entire board of directors is elected annually in one combined election.36. Which one of the following statements is correct?A. From a legal perspective, preferred stock is a form of corporate equity.B. All classes of stock must have equal voting rights per share.C. Common shareholders elect the corporate directors while the preferred shareholders vote on mergers and acquisitions.D. Dividends are tax-free income for individual investors.E. Shareholders prefer noncumulative dividends over cumulative dividends.37. Which one of the following statements is correct?A. Both preferred stock and corporate bonds can be callable.B. Both preferred stock and corporate bonds have a stated liquidation value of $1,000 each.C. Interest payments to bondholders as well as dividend payments to preferred shareholders are tax deductible expenses for the issuing firm.D. Bondholders generally receive a fixed payment while preferred shareholders receive a variable payment.E. Preferred shareholders receive preferential treatment over bondholders in a liquidation.38. If shareholders are granted a preemptive right they will:A. be given the choice of receiving dividends either in cash or in additional shares of stock.B. be paid dividends prior to the preferred shareholders during the preemptive period.C. be entitled to two votes per share of stock.D. be able to choose the timing and amount of any future dividends.E. have priority in the purchase of any newly issued shares.39. On which one of the following dates do dividends become a liability of the issuer for accounting purposes?A. First day of the fiscal year in which the dividend is expected to be paidB. Twelve months prior to the expected dividend payment dateC. On the declaration dateD. On the date of recordE. On the date of payment40. Dividends are which one of the following?A. Payable at the discretion of a firm's presidentB. Treated as a tax-deductible expense to the paying firmC. Paid out of aftertax profitsD. Paid to holders of record as of the declaration dateE. Only partially taxable to high-income individual shareholders41. You have agreed to pay a five percent commission to your best friend if he can locate a buyer for your car. This arrangement is most similar to the compensation arrangement for which one of these individuals who is involved with the stock market?A. SpecialistB. Floor traderC. Market makerD. Commission brokerE. Dealer42. To be a member of the NYSE, you must:A. be a primary dealer.B. buy a seat.C. own a trading license.D. be registered as a floor trader.E. be a specialist.43. Which one of the following players on the floor of the NYSE is obligated to maintain a fair, orderly market for a limited number of securities?A. SpecialistB. Floor traderC. $2 brokerD. Commission brokerE. Floor broker44. The NYSE:A. presently conducts all of its trading through SuperDOT.B. is a dealer market.C. is in the business of attracting order flow.D. is solely a primary market.E. is based on a multiple market maker system.45. Which one of the following parties on the NYSE floor post bid and asked prices?A. Floor tradersB. SpecialistsC. Floor brokersD. Commission brokersE. Fee brokers46. Many of the smaller sell orders sent to the floor of the NYSE are:A. handled by the floor traders.B. purchased by the commission brokers.C. electronically transmitted to the specialists.D. executed on an ECN.E. executed in the primary market.47. If a trade is made "in the crowd", the trade has occurred:A. between a broker and a specialist.B. between two brokers.C. electronically on NASDAQ.D. on SuperDOT.E. on an ECN.48. The more actively traded large companies that are listed on NASDAQ are traded in which one of the NASDAQ markets?A. NationalB. CapitalC. RegionalD. Global SelectE. Global49. Which one of the following features applies to NASDAQ but not the NYSE?A. Trading in the crowdB. Multiple market maker systemC. SuperDotD. Broker marketE. Physical trading floor50. Companies can list their stock on which one of the following without having to meet listing requirements or filing financial statements with the SEC?A. NASDAQ Capital MarketB. Over-the-Counter Bulletin BoardC. Pink sheetsD. NASDAQ Global MarketE. NYSE51. Keller Metals common stock is selling for $36 a share and has a dividend yield of 3.2 percent. What is the dividend amount?A. $0.32B. $1.15C. $3.49D. $11.25E. $11.5252. The Glass Ceiling paid an annual dividend of $2.20 per share last year. Management just announced that future dividends will increase by 2.8 percent annually. What is the amount of the expected dividend in year 5?A. $2.39B. $2.41C. $2.46D. $2.53E. $2.5853. The Pancake House pays a constant annual dividend of $1.25 per share. How much are you willing to pay for one share if you require a 15 percent rate of return?A. $7.86B. $8.33C. $10.87D. $11.04E. $11.3854. Shoreline Foods pays a constant annual dividend of $1.60 a share and currently sells for $28.50 a share. What is the rate of return?A. 4.56 percentB. 5.39 percentC. 5.61 percentD. 6.63 percentE. 6.91 percent55. The common stock of Green Garden Flowers is selling for $24 a share. The company pays a constant annual dividend and has a total return of 3.8 percent. What is the amount of the dividend?A. $0.38B. $0.76C. $0.91D. $1.38E. $1.5456. Healthy Foods just paid its annual dividend of $1.45 a share. The firm recently announced that all future dividends will be increased by 2.8 percent annually. What is one share of this stock worth to you if you require a 14 percent rate of return?A. $12.56B. $12.95C. $13.31D. $13.68E. $14.0757. Plastics, Inc. will pay an annual dividend of $1.85 next year. The company just announced that future dividends will be increasing by 2.25 percent annually. How much are you willing to pay for one share of this stock if you require a 16 percent return?A. $13.45B. $13.61C. $13.76D. $14.02E. $14.4558. The Printing Company stock is selling for $32.60 a share based on a 14 percent rate of return. What is the amount of the next annual dividend if the dividends are increasing by 2.5 percent annually?A. $3.48B. $3.52C. $3.57D. $3.66E. $3.7559. The common stock of Mid-Towne Movers is selling for $33 a share and has a 9 percent rate of return. The growth rate of the dividends is 1 percent annually. What is the amount of the next annual dividend?A. $2.58B. $2.61C. $2.64D. $2.67E. $2.7060. Delphin's Marina is expected to pay an annual dividend of $0.58 next year. The stock is selling for $8.53 a share and has a total return of 12 percent. What is the dividend growth rate?A. 3.82 percentB. 4.03 percentC. 4.28 percentD. 5.20 percentE. 5.49 percent61. Klaus Toys just paid its annual dividend of $1.40. The required return is 16 percent and the dividend growth rate is 2 percent. What is the expected value of this stock five years from now?A. $11.04B. $11.26C. $11.67D. $12.41E. $12.5862. This morning, you purchased a stock that will pay an annual dividend of $1.90 per share next year. You require a 12 percent rate of return and the annual dividend increases at 3.5 percent annually. What will your capital gain be on this stock if you sell it three years from now?A. $2.43B. $2.51C. $2.63D. $2.87E. $2.9263. Blackwell Ink is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $0.90 a share but all future dividends will be decreased by 5 percent annually. What is a share of this stock worth today at a required return of 15 percent?A. $4.07B. $4.28C. $4.49D. $4.72E. $4.9564. Lamey Headstones increases its annual dividend by 1.5 percent annually. The stock sells for $28.40 a share at a required return of 14 percent. What is the amount of the last dividend this company paid?A. $3.50B. $3.55C. $3.60D. $3.65E. $3.7065. The common stock of Tasty Treats is valued at $10.80 a share. The company increases its dividend by 8 percent annually and expects its next dividend to be $0.20 per share. What is the total rate of return on this stock?A. 8.64 percentB. 9.12 percentC. 9.40 percentD. 9.85 percentE. 10.64 percent66. River Rock, Inc. just paid an annual dividend of $2.80. The company has increased its dividend by 2.5 percent a year for the past ten years and expects to continue doing so. What will a share of this stock be worth six years from now if the required return is 16 percent?A. $23.60B. $24.65C. $25.08D. $25.50E. $26.9067. The Cart Wheel plans to pay an annual dividend of $1.20 per share next year, $1.00 per share a year for the following two years, and then cease paying dividends altogether. How much is one share of this stock worth to you today if you require a 17 percent rate of return?A. $2.38B. $2.43C. $2.56D. $2.60E. $2.6468. Atlas Home Supply has paid a constant annual dividend of $2.40 a share for the past 15 years. Yesterday, the firm announced the dividend will increase next year by 10 percent and will stay at the level through year three, after which time the dividends will increase by 2 percent annually. The required return on this stock is 12 percent. What is the current value per share?A. $25.51B. $26.08C. $24.57D. $26.02E. $26.8469. Auto Transmissions is expected to pay annual dividends of $1.90 and $2.10 over the next two years, respectively. After that, the company expects to pay a constant dividend of $2.30 a share. What is the value of this stock at a required return of 15 percent?A. $13.67B. $14.21C. $14.83D. $15.08E. $15.6070. General Importers announced today that its next annual dividend will be $2.60 per share. After that dividend is paid, the company expects to encounter some financial difficulties and is going to suspend dividends for 5 years. Following the suspension period, the company expects to pay a constant annual dividend of $1.30 per share. What is the current value of this stock if the required return is 18 percent?A. $3.01B. $3.55C. $3.89D. $4.27E. $4.8871. Business Services, Inc. is expected to pay its first annual dividend of $0.80 per share three years from now. Starting in year six, the company is expected to start increasing the dividend by2 percent per year. What is the value of this stock today at a required return of 12 percent?A. $6.16B. $6.47C. $6.63D. $7.22E. $7.4772. New Gadgets is growing at a very fast pace. As a result, the company expects to pay annual dividends of $0.55, 0.80, and $1.10 per share over the next three years, respectively. After that, the dividend is projected to increase by 5 percent annually. The last annual dividend the firm paid was $0.40 a share. What is the current value of this stock if the required return is 16 percent?A. $8.50B. $9.67C. $10.46D. $12.23E. $12.4973. The Market Place recently announced that it will pay its first annual dividend two years from today. The first dividend will be $0.50 a share with that amount doubling each year for the following two years. After that, the dividend is expected to increase by 4 percent annually. What is the value of this stock today if the required return is 15 percent?A. $11.68B. $12.47C. $12.99D. $14.02E. $14.9474. A firm expects to increase its annual dividend by 20 percent per year for the next two years and by 15 percent per year for the following two years. After that, the company plans to pay a constant annual dividend of $3 a share. The last dividend paid was $1.00 a share. What is the current value of this stock if the required rate of return is 12 percent?A. $17.71B. $18.97C. $20.50D. $21.08E. $21.6975. The Border Crossing just paid an annual dividend of $4.20 per share and is expected to pay annual dividends of $4.40 and $4.50 per share the next two years, respectively. After that, the firm expects to maintain a constant dividend growth rate of 2 percent per year. What is the value of this stock today if the required return is 14 percent?A. $30.04B. $32.18C. $33.33D. $35.80E. $36.7576. A stock has a market price of $46.10 and pays a $2.40 annual dividend. What is the dividend yield?A. 4.13 percentB. 4.84 percentC. 5.21 percentD. 5.52 percentE. 5.78 percent77. The required return on Mountain Meadow stock is 14 percent and the dividend growth rate is 3.5 percent. The stock is currently selling for $11.80 a share. What is the dividend yield?A. 7.50 percentB. 8.00 percentC. 9.75 percentD. 10.50 percentE. 12.50 percent78. For the past six years, the price of Slate Rock stock has been increasing at a rate of 8.6 percent a year. Currently, the stock is priced at $47 a share and has a required return of 14 percent. What is the dividend yield?A. 1.20 percentB. 2.87 percentC. 3.39 percentD. 4.28 percentE. 5.40 percent79. A stock has paid dividends of $1.80, $1.85, $2.00, $2.20, and $2.25 over the past five years, respectively. What is the average capital gains yield?A. 2.80 percentB. 3.24 percentC. 4.45 percentD. 5.34 percentE. 5.79 percent80. The Toy Box pays an annual dividend of $2.40 per share and sells for $46.60 a share based on a market rate of return of 15 percent. What is the capital gains yield?A. 7.35 percentB. 7.78 percentC. 9.23 percentD. 9.85 percentE. 10.11 percent81. Investors receive a total return of 13.7 percent on the common stock of Dexter International. The stock is selling for $41.68 a share. What is the dividend growth rate if the company plans to pay an annual dividend of $2.10 a share next year?A. 7.42 percentB. 8.66 percentC. 10.75 percentD. 11.60 percentE. 13.70 percent82. Western Beef stock is valued at $62.10 a share. The company pays a constant annual dividend of $4.40 per share. What is the total return on this stock?A. 6.62 percentB. 6.81 percentC. 7.09 percentD. 7.49 percentE. 7.82 percent83. Last year, when the stock of Alpha Minerals was selling for $55 a share the dividend yield was 3.2 percent. Today, the stock is selling for $41 a share. What is the total return on this stock if the company maintains a constant dividend growth rate of 2.5 percent?A. 6.13 percentB. 6.58 percentC. 6.90 percentD. 7.47 percentE. 7.40 percent84. There are four open positions on the board of directors of Double Tree Restaurants. The company has 180,000 shares of stock outstanding. Each share is entitled to one vote. How many shares of stock must you own to guarantee your personal election to the board of directors if the firm uses cumulative voting?A. 36,001 sharesB. 37,501 sharesC. 38,501 sharesD. 40,001 sharesE. 42,001 shares85. A firm has two open positions on its board of directors. How many shares do you need to own to guarantee your own election to the board if the firm has 12,500 shares of stock outstanding and uses cumulative voting? Each share is granted one vote.A. 3,334 sharesB. 4,168 sharesC. 5,251 sharesD. 5,501 sharesE. 6,251 shares86. Miller's Hardware has 185,000 shares of stock outstanding with a current market value of $27 a share. You own 38,000 of those shares. Next month, the election will be held to select four new members to the board of directors. The firm uses a cumulative voting system. How much additional money do you need to spend to guarantee that you will be elected to the board assuming that everyone else votes for one of the other candidates?A. $0B. $28,512C. $34,047D. $222,777E. $311,02787. The Chip Dip Co. has 15,500 shares of stock outstanding, grants one vote per share, and uses straight voting. How many shares must you control to guarantee that you will be elected to the firm's board of directors if there are three open seats?A. 5,167 sharesB. 5,134 sharesC. 3,876 sharesD. 7,751 sharesE. 7,134 shares88. Kathryn owns 18,700 shares of Global Importers. Her shares have a total market value of $787,270. In total, the firm has 65,000 shares outstanding. Each share is entitled to one vote under the straight voting policy of the firm. The next election is in four months at which time two directors are up for election. How much more must Kathryn invest in this firm to guarantee that she is elected to the board?A. $0B. $513,361C. $581,022D. $647,280E. $711,01089. A preferred stock sells for $48.20 a share and has a market return of 15.65 percent. What is the dividend amount?A. $6.93B. $6.80C. $7.25D. $7.42E. $7.5490. Central Staircase is offering preferred stock which is commonly referred to as 10-10 stock. This stock will pay an annual dividend of $10 a share starting 10 years from now. What is this stock worth to you today if you desire a 16 percent rate of return?A. $14.48B. $16.43C. $17.07D. $17.84E. $18.21。

Fundamentals of Corporate Finance, 12e (Ross)Chapter 7 Interest Rates and Bond Valuation1) Allison just received the semiannual payment of $35 on a bond she owns. Which term refers to this payment?A) CouponB) Face valueC) DiscountD) Call premiumE) Yield2) Bert owns a bond that will pay him $45 each year in interest plus $1,000 as a principal payment at maturity. What is the $1,000 called?A) CouponB) Face valueC) DiscountD) YieldE) Dirty price3) A discount bond's coupon rate is equal to the annual interest divided by the:A) call price.B) current price.C) face value.D) clean price.E) dirty price.4) A bond's principal is repaid on the ________ date.A) couponB) yieldC) maturityD) dirtyE) clean5) The bond market requires a return of 9.8 percent on the 5-year bonds issued by JW Industries. The 9.8 percent is referred to as the:A) coupon rate.B) face rate.C) call rate.D) yield to maturity.E) current yield.6) The current yield is defined as the annual interest on a bond divided by the:A) coupon rate.B) face value.C) market price.D) call price.E) par value.7) A $1,000 par value corporate bond that pays $60 annually in interest was issued last year. Which one of these would apply to this bond today if the current price of the bond is $996.20?A) The bond is currently selling at a premium.B) The current yield exceeds the coupon rate.C) The bond is selling at par value.D) The current yield exceeds the yield to maturity.E) The coupon rate has increased to 7 percent.8) Which one of these equations applies to a bond that currently has a market price that exceeds par value?A) Market value < Face valueB) Yield to maturity = Current yieldC) Market value = Face valueD) Current yield > Coupon rateE) Yield to maturity < Coupon rate9) All else constant, a bond will sell at ________ when the coupon rate is ________ the yield to maturity.A) a premium; less thanB) a premium; equal toC) a discount; less thanD) a discount; higher thanE) par; less than10) DLQ Inc. bonds mature in 12 years and have a coupon rate of 6 percent. If the market rate of interest increases, then the:A) coupon rate will also increase.B) current yield will decrease.C) yield to maturity will be less than the coupon rate.D) market price of the bond will decrease.E) coupon payment will increase.11) Which one of the following applies to a premium bond?A) Yield to maturity > Current yield > Coupon rateB) Coupon rate = Current yield = Yield to maturityC) Coupon rate > Yield to maturity > Current yieldD) Coupon rate < Yield to maturity < Current yieldE) Coupon rate > Current yield > Yield to maturity12) Which one of the following relationships applies to a par value bond?A) Yield to maturity > Current yield > Coupon rateB) Coupon rate > Yield to maturity > Current yieldC) Coupon rate = Current yield = Yield to maturityD) Coupon rate < Yield to maturity < Current yieldE) Coupon rate > Current yield > Yield to maturity13) Which one of the following relationships is stated correctly?A) The coupon rate exceeds the current yield when a bond sells at a discount.B) The call price must equal the par value.C) An increase in market rates increases the market price of a bond.D) Decreasing the time to maturity increases the price of a discount bond, all else constant.E) Increasing the coupon rate decreases the current yield, all else constant.14) Round Dot Inns is preparing a bond offering with a coupon rate of 6 percent, paid semiannually, and a face value of $1,000. The bonds will mature in 10 years and will be sold at par. Given this, which one of the following statements is correct?A) The bonds will become discount bonds if the market rate of interest declines.B) The bonds will pay 10 interest payments of $60 each.C) The bonds will sell at a premium if the market rate is 5.5 percent.D) The bonds will initially sell for $1,030 each.E) The final payment will be in the amount of $1,060.15) A newly issued bond has a coupon rate of 7 percent and semiannual interest payments. The bonds are currently priced at par. The effective annual rate provided by these bonds must be:A) 3.5 percent.B) greater than 3.5 percent but less than 7 percent.C) 7 percent.D) greater than 7 percent.E) less than 3.5 percent.16) The price sensitivity of a bond increases in response to a change in the market rate of interest as the:A) coupon rate increases.B) time to maturity decreases.C) coupon rate decreases and the time to maturity increases.D) time to maturity and coupon rate both decrease.E) coupon rate and time to maturity both increase.17) Which one of the following bonds is the least sensitive to interest rate risk?A) 3-year; 4 percent couponB) 3-year; 6 percent couponC) 5-year; 6 percent couponD) 7-year; 6 percent couponE) 7-year; 4 percent coupon18) As a bond's time to maturity increases, the bond's sensitivity to interest rate risk:A) increases at an increasing rate.B) increases at a decreasing rate.C) increases at a constant rate.D) decreases at an increasing rate.E) decreases at a decreasing rate.19) You own a bond that pays an annual coupon of 6 percent that matures five years from now. You purchased this 10-year bond at par value when it was originally issued. Which one of the following statements applies to this bond if the relevant market interest rate is now 5.8 percent?A) The current yield to maturity is greater than 6 percent.B) The current yield is 6 percent.C) The next interest payment will be $30.D) The bond is currently valued at one-half of its issue price.E) You will realize a capital gain on the bond if you sell it today.20) You expect interest rates to decline in the near future even though the bond market is not indicating any sign of this change. Which one of the following bonds should you purchase now to maximize your gains if the rate decline does occur?A) Short-term; low couponB) Short-term; high couponC) Long-term; zero couponD) Long-term; low couponE) Long-term; high coupon21) A premium bond that pays $60 in interest annually matures in seven years. The bond was originally issued three years ago at par. Which one of the following statements is accurate in respect to this bond today?A) The face value of the bond today is greater than it was when the bond was issued.B) The bond is worth less today than when it was issued.C) The yield to maturity is less than the coupon rate.D) The coupon rate is less than the current yield.E) The yield to maturity equals the current yield.22) Which one of these statements is correct?A) Most long-term bond issues are referred to as unfunded debt.B) Bonds often provide tax benefits to issuers.C) The risk of a company financially failing decreases when the company issues bonds.D) All bonds are treated equally in a bankruptcy proceeding.E) A debenture is a senior secured debt.23) Hot Foods has an investment-grade bond issue outstanding that pays $30 semiannual interest payments. The bonds sell at par and are callable at a price equal to the present value of all future interest and principal payments discounted at a rate equal to the comparable Treasury rateplus .50 percent. Which one of the following correctly describes this bond?A) The bond rating is B.B) Market value is less than face value.C) The coupon rate is 3 percent.D) The bond has a "make whole" call price.E) The interest payments are variable.24) Last year, Lexington Homes issued $1 million in unsecured, noncallable debt. This debt pays an annual interest payment of $55 and matures six years from now. The face value is $1,000 and the market price is $1,020. Which one of these terms correctly describes a feature of this debt?A) Semiannual couponB) Discount bondC) NoteD) Trust deedE) Collateralized25) Callable bonds generally:A) grant the bondholder the option to call the bond any time after the deferment period.B) are callable at par as soon as the call-protection period ends.C) are called when market interest rates increase.D) are called within the first three years after issuance.E) have a sinking fund provision.26) An example of a negative covenant that might be found in a bond indenture is a statement that the company:A) shall maintain a current ratio of 1.1 or higher.B) cannot lease any major assets without bondholder approval.C) must maintain the loan collateral in good working order.D) shall provide audited financial statements in a timely manner.E) shall maintain a cash surplus of $100,000 at all times.27) Protective covenants:A) apply to short–term debt issues but not to long–term debt issues.B) only apply to privately issued bonds.C) are a feature found only in government–issued bond indentures.D) only apply to bonds that have a deferred call provision.E) are primarily designed to protect bondholders.28) Which one of these is most apt to be included in a bond's indenture one year after the bond has been issued?A) Current yieldB) Written record of all the current bond holdersC) List of collateral used as bond securityD) Current market priceE) Price at which a bondholder can resell a bond to another bondholder29) Road Hazards has 12-year bonds outstanding. The interest payments on these bonds are sent directly to each of the individual bondholders. These direct payments are a clear indication that the bonds can accurately be defined as being issued:A) at par.B) in registered form.C) in street form.D) as debentures.E) as callable bonds.30) A bond that is payable to whomever has physical possession of the bond is said to be in:A) new–issue condition.B) registered form.C) bearer form.D) debenture status.E) collateral status.31) Jason's Paints just issued 20-year, 7.25 percent, unsecured bonds at par. These bonds fit the definition of which one of the following terms?A) NoteB) DiscountedC) Zero–couponD) CallableE) Debenture32) A note is generally defined as:A) a secured bond with an initial maturity of 10 years or more.B) a secured bond that initially matures in less than 10 years.C) any bond secured by a blanket mortgage.D) an unsecured bond with an initial maturity of 10 years or less.E) any bond maturing in 10 years or more.33) A sinking fund is managed by a trustee for which one of the following purposes?A) Paying bond interest paymentsB) Early bond redemptionC) Converting bonds into equity securitiesD) Paying preferred dividendsE) Reducing bond coupon rates34) A bond that can be paid off early at the issuer's discretion is referred to as being which type of bond?A) Par valueB) CallableC) SeniorD) SubordinatedE) Unsecured35) A $1,000 face value bond can be redeemed early at the issuer's discretion for $1,030, plus any accrued interest. The additional $30 is called the:A) dirty price.B) redemption value.C) call premium.D) original–issue discount.E) redemption discount.36) A deferred call provision:A) requires the bond issuer to pay the current market price, minus any accrued interest, should the bond be called.B) allows the bond issuer to delay repaying a bond until after the maturity date should the issuer so opt.C) prohibits the issuer from ever redeeming bonds prior to maturity.D) prohibits the bond issuer from redeeming callable bonds prior to a specified date.E) requires the bond issuer pay a call premium that is equal to or greater than one year's coupon should the bond be called.37) A call–protected bond is a bond that:A) is guaranteed to be called.B) can never be called.C) is currently being called.D) is callable at any time.E) cannot be called at this point in time.38) The items included in an indenture that limit certain actions of the issuer in order to protect a bondholder's interests are referred to as the:A) trustee relationships.B) bylaws.C) legal bounds.D) trust deed.E) protective covenants.39) Which one of the following statements concerning bond ratings is correct?A) Investment grade bonds are rated BB or higher by Standard & Poor's.B) Bond ratings assess both interest rate risk and default risk.C) Split-rated bonds are called crossover bonds.D) The highest rating issued by Moody's is AAA.E) A "fallen angel" is a term applied to all "junk" bonds.40) A "fallen angel" is a bond that has moved from:A) being publicly traded to being privately traded.B) being a long-term obligation to being a short-term obligation.C) being a premium bond to being a discount bond.D) senior status to junior status for liquidation purposes.E) investment grade to speculative grade.41) Bonds issued by the U.S. government:A) are considered to be free of interest rate risk.B) generally have higher coupons than comparable bonds issued by a corporation.C) are considered to be free of default risk.D) pay interest that is exempt from federal income taxes.E) are called "munis."42) Treasury bonds are:A) issued by any governmental agency in the U.S.B) issued only on the first day of each fiscal year by the U.S. Department of Treasury.C) bonds that offer the best tax benefits of any bonds currently available.D) generally issued as semiannual coupon bonds.E) totally risk free.43) Municipal bonds:A) are totally risk free.B) generally have higher coupon rates than corporate bonds.C) pay interest that is federally tax free.D) are rarely callable.E) are free of default risk.44) The break-even tax rate between a taxable corporate bond yielding 7 percent and a comparable nontaxable municipal bond yielding 5 percent can be expressed as:A) .05/(1 − t*) = .07.B) .05 − (1 − t*) = .07.C) .07 + (1 − t*) = .05.D) .05 (1 − t*) = .07.E) .05 (1 + t*) = .07.45) A zero coupon bond:A) is sold at a large premium.B) pays interest that is tax deductible to the issuer at the time of payment.C) can only be issued by the U.S. Treasury.D) has more interest rate risk than a comparable coupon bond.E) provides no taxable income to the bondholder until the bond matures.46) Which one of the following risks would a floating-rate bond tend to have less of as compared to a fixed-rate coupon bond?A) Real rate riskB) Interest rate riskC) Default riskD) Liquidity riskE) Taxability risk47) The collar of a floating-rate bond refers to the minimum and maximum:A) call periods.B) maturity dates.C) market prices.D) coupon rates.E) yields to maturity.48) Last year, you purchased a TIPS at par. Since that time, both market interest rates and the inflation rate have increased by .25 percent. Your bond has most likely done which one of the following since last year?A) Decreased in value due to the change in inflation ratesB) Experienced an increase in its bond ratingC) Maintained a fixed real rate of returnD) Increased in value in response to the change in market ratesE) Increased in value due to a decrease in time to maturity49) Recently, you discovered a convertible, callable bond with a semiannual coupon of 5 percent. If you purchase this bond you will have the right to:A) force the issuer to repurchase the bond prior to maturity.B) convert the bond into equity shares.C) defer all taxable income until the bond matures.D) convert the bond into a perpetuity paying 5 percent.E) have the principal amount adjusted for inflation.50) Samantha owns a reverse convertible bond. At maturity, the principal amount will be repaid in:A) shares of stock.B) cash while the interest is paid in shares of stock.C) the form of a newly issued bond.D) either shares of stock or a newly issued bond.E) either cash or shares of stock.51) Nadine is a retired widow who is financially dependent upon the interest income produced by her bond portfolio. Which one of the following bonds is the least suitable for her to own?A) 6-year, high-coupon, put bondB) 5-year TIPSC) 10-year AAA coupon bondD) 5-year floating rate bondE) 7-year income bond52) Al is retired and his sole source of income is his bond portfolio. Although he has sufficient principal to live on, he only wants to spend the interest income and thus is concerned about the purchasing power of that income. Which one of the following bonds should best ease Al's concerns?A) 6-year coupon bondsB) 5-year TIPSC) 20-year coupon bondsD) 5-year municipal bondsE) 7-year income bonds53) Kurt has researched T-Tek and believes the firm is poised to vastly increase in value. He has decided to purchase T-Tek bonds as he needs a steady stream of income. However, he still wishes that he could share in the firm's success along with the shareholders. Which one of the following bond features will help him fulfill his wish?A) Put provisionB) Positive covenantC) WarrantD) Crossover ratingE) Call provision54) A bond that has only one payment, which occurs at maturity, defines which one of these types of bonds?A) DebentureB) CallableC) Floating-rateD) JunkE) Zero coupon55) A highly illiquid bond that pays no interest but might entitle its holder to rental income from an asset is most apt to be a:A) NoNo bond.B) put bond.C) contingent callable bond.D) structured note.E) sukuk.56) Which one of the following is the price at which a dealer will sell a bond?A) Call priceB) Asked priceC) Bid priceD) Bid–ask spreadE) Par value57) If you sell a bond with a coupon of 6 percent to a dealer when the market rate is 7 percent, which one of the following prices will you receive?A) Call priceB) Par valueC) Bid priceD) Asked priceE) Bid–ask spread58) The difference between the price that a dealer is willing to pay and the price at which he or she will sell is called the:A) equilibrium.B) premium.C) discount.D) call price.E) spread.59) A bond is quoted at a price of $1,011. This price is referred to as the:A) call price.B) face value.C) clean price.D) dirty price.E) maturity price.60) Rosita paid a total of $1,189, including accrued interest, to purchase a bond that has 7 of its initial 20 years left until maturity. This price is referred to as the:A) quoted price.B) spread price.C) clean price.D) dirty price.E) call price.61) U. S. Treasury bonds:A) are highly illiquid.B) are quoted as a percentage of par.C) are quoted at the dirty price.D) pay interest that is federally tax-exempt.E) must be held until maturity.62) A six-year, $1,000 face value bond issued by Taylor Tools pays interest semiannually on February 1 and August 1. Assume today is October 1. What will be the difference, if any, between this bond's clean and dirty prices today?A) No differenceB) One months' interestC) Two months' interestD) Four months' interestE) Five months' interest63) Today, June 15, you want to buy a bond with a quoted price of 98.64. The bond pays interest on January 1 and July 1. Which one of the following prices represents your total cost of purchasing this bond today?A) Clean priceB) Dirty priceC) Asked priceD) Quoted priceE) Bid price64) Which one of the following rates represents the change, if any, in your purchasing power as a result of owning a bond?A) Risk-free rateB) Realized rateC) Nominal rateD) Real rateE) Current rate65) Which one of the following statements is correct?A) The risk-free rate represents the change in purchasing power.B) Any return greater than the inflation rate represents the risk premium.C) Historical real rates of return must be positive.D) Nominal rates exceed real rates by the amount of the risk-free rate.E) The real rate must be less than the nominal rate given a positive rate of inflation.66) The Fisher effect primarily emphasizes the effects of ________ on an investor's rate of return.A) defaultB) market movementsC) interest rate changesD) inflationE) the time to maturity67) You are trying to compare the present values of two separate streams of cash flows that have equivalent risks. One stream is expressed in nominal values and the other stream is expressed in real values. You decide to discount the nominal cash flows using a nominal annual rate of 8 percent. What rate should you use to discount the real cash flows?A) 8 percentB) EAR of 8 percent compounded monthlyC) Comparable risk-free rateD) Comparable real rateE) Nominal rate minus the risk-free rate68) Real rates are defined as nominal rates that have been adjusted for which of the following?A) InflationB) Default riskC) Accrued interestD) Interest rate riskE) Both inflation and interest rate risk69) Interest rates that include an inflation premium are referred to as:A) annual percentage rates.B) stripped rates.C) effective annual rates.D) real rates.E) nominal rates.70) The Fisher effect is defined as the relationship between which of the following variables?A) Default risk premium, inflation risk premium, and real ratesB) Nominal rates, real rates, and interest rate risk premiumC) Interest rate risk premium, real rates, and default risk premiumD) Real rates, inflation rates, and nominal ratesE) Real rates, interest rate risk premium, and nominal rates71) The pure time value of money is known as the:A) liquidity effect.B) Fisher effect.C) term structure of interest rates.D) inflation factor.E) interest rate factor.72) Which one of the following premiums is compensation for the possibility that a bond issuer may not pay a bond's interest or principal payments as expected?A) Default riskB) TaxabilityC) LiquidityD) InflationE) Interest rate risk73) The interest rate risk premium is the:A) additional compensation paid to investors to offset rising prices.B) compensation investors demand for accepting interest rate risk.C) difference between the yield to maturity and the current yield.D) difference between the market interest rate and the coupon rate.E) difference between the coupon rate and the current yield.74) A Treasury yield curve plots Treasury interest rates relative to:A) market rates.B) comparable corporate bond rates.C) the risk-free rate.D) inflation rates.E) time to maturity.75) Which one of the following risk premiums compensates for the inability to easily resell a bond prior to maturity?A) Default riskB) TaxabilityC) LiquidityD) InflationE) Interest rate risk76) The taxability risk premium compensates bondholders for which one of the following?A) Yield decreases in response to market changesB) Lack of coupon paymentsC) Possibility of defaultD) A bond's unfavorable tax statusE) Decrease in a municipality's credit rating77) Which bond would you generally expect to have the highest yield?A) Risk-free Treasury bondB) Nontaxable, highly liquid bondC) Long-term, high-quality, tax-free bondD) Short-term, inflation-adjusted bondE) Long-term, taxable junk bond78) Which one of the following statements is false concerning the term structure of interest rates?A) Expectations of lower inflation rates in the future tend to lower the slope of the term structure of interest rates.B) The term structure of interest rates includes both an inflation premium and an interest rate risk premium.C) The term structure of interest rates and the time to maturity are always directly related.D) The real rate of return has minimal, if any, effect on the slope of the term structure of interest rates.E) The interest rate risk premium increases as the time to maturity increases.79) The yields on a corporate bond differ from those on a comparable Treasury security primarily because of:A) interest rate risk and taxes.B) taxes and default risk.C) default and interest rate risks.D) liquidity and inflation rate risks.E) default, inflation, and interest rate risks.80) The 7 percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $1,000 face value. Currently, the bonds sell for $987. What is the yield to maturity?A) 6.97 percentB) 6.92 percentC) 6.88 percentD) 7.22 percentE) 7.43 percent81) You own a bond that pays $64 in interest annually. The face value is $1,000 and the current market price is $1,021.61. The bond matures in 11 years. What is the yield to maturity?A) 6.12 percentB) 6.22 percentC) 6.46 percentD) 6.71 percentE) 5.80 percent82) New Homes has a bond issue with a coupon rate of 5.5 percent that matures in 8.5 years. The bonds have a par value of $1,000 and a market price of $1,022. Interest is paid semiannually. What is the yield to maturity?A) 6.36 percentB) 6.42 percentC) 5.61 percentD) 5.74 percentE) 5.18 percent83) Oil Wells offers 5.65 percent coupon bonds with semiannual payments and a yield to maturity of 6.94 percent. The bonds mature in seven years. What is the market price per bond if the face value is $1,000?A) $949.70B) $929.42C) $936.48D) $902.60E) $913.4884) Roadside Markets has 8.45 percent coupon bonds outstanding that mature in 10.5 years. The bonds pay interest semiannually. What is the market price per bond if the face value is $1,000 and the yield to maturity is 7.2 percent?A) $1,199.80B) $999.85C) $903.42D) $1,091.00E) $1,007.5285) Luxury Properties offers bonds with a coupon rate of 8.8 percent paid semiannually. The yield to maturity is 11.2 percent and the maturity date is 11 years from today. What is the market price of this bond if the face value is $1,000?A) $850.34B) $896.67C) $841.20D) $846.18E) $863.3086) Redesigned Computers has 6.5 percent coupon bonds outstanding with a current market price of $548. The yield to maturity is 13.2 percent and the face value is $1,000. Interest is paid annually. How many years is it until these bonds mature?A) 17.84 yearsB) 14.19 yearsC) 17.41 yearsD) 16.16 yearsE) 18.32 years87) World Travel has 7 percent, semiannual, coupon bonds outstanding with a current market price of $1,023.46, a par value of $1,000, and a yield to maturity of 6.72 percent. How many years is it until these bonds mature?A) 12.26 yearsB) 12.53 yearsC) 18.49 yearsD) 24.37 yearsE) 25.05 years88) A 13-year, 6 percent coupon bond pays interest semiannually. The bond has a face value of $1,000. What is the percentage change in the price of this bond if the market yield to maturity rises to 5.7 percent from the current rate of 5.5 percent?A) −1.79 percentB) −1.38 percentC) −1.64 percentD) 1.79 percent。

公司理财考试试题与答案公司理财（11.04）第一章公司理财概述一、单项选择题1、在筹资理财阶段，公司理财的重点内容是（ B ）。

A有效运用资金B如何设法筹集到所需资金C研究投资组合D国际融资二、多项选择题1、公司财务活动的内容包括（ABCDE ）。

A资金的筹集B资金的运用C资金的耗费D资金的收回E资金的分配三、填空题1、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。

2、西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。

3、现代公司理财的目标是（股东财富最大化）。

4、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿债能力）。

5、当（股票价格）达到最高时，意味着股东财富达到最大化。

6、公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。

四、简答题1、为什么以股东财富最大化作为公司理财目标？P14（1）考虑到了货币时间价值和风险价值；（2）体现了对公司资产保值增值的要求；（3）有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。

2、公司理财的具体内容是什么？P16-17（1）筹资决策；（2）投资决策；（3）股利分配决策。

第二章财务报表分析一、单项选择题1、资产负债表为（ B ）。

A动态报表B静态报表C动态与静态相结合的报表D既不是动态报表也不是静态报表2、下列负债中属于长期负债的是（ D ）。

A应付账款B应交税金C预计负债D应付债券3、公司流动性最强的资产是（）。

AA货币资金B短期投资C应收账款D存货4、利润表中的收入是按（ B ）确认的。

A收付实现制B权责发生制C永续盘存制D实地盘存制5、下列各项费用中属于财务费用的是（ C ）。

A广告费B劳动保险费C利息支出D坏账损失6、反映公司所得与所费的比例关系的财务指标是（）。

DA销售利润率B总资产周转率C资产利润率D成本费用利润率二、多项选择题1、与资产负债表中财务状况的计量直接联系的会计要素有（ABC ）。

公司理财学原理第七章习题答案二、单项选择题1．下列关于投资收益的公式错误的是（ C ）。

A ． 平均投资额投资收益投资（资产）收益率= B ． 年平均投资额年投资收益投资（资产）年收益率=C ．含利息在内的税后投资收益率=息税前投资收益率-所得税率D ．含利息在内的税后投资收益率=息税前投资收益率×（1-所得税率）2．企业总投资收益率是公司理财中一个十分重要的指标，用它与企业负债成本率相比较，可以判断企业投资活动和筹资活动的得失，其计算公式是（ B ）。

A ．总资产平均余额税后利润总投资（资产）收益率= B ．总资产平均余额税后利息税后利润总投资（资产）收益率+= C ．总资产平均余额税前利息税前利润总投资（资产）收益率+= D ．总资产平均余额税后股息税后利润总投资（资产）收益率+= 3．某企业年初总资产为600万元，年末总资产为680万元，税后利润总额为80万元，实际利息支出为40万元，所得税率为25%，问该企业总投资收益率为（ C ）。

A ．18.33%B ．16.18%C ．17.19%D ．14.07%【正确答案】C ，%19.172/)680600(%)251(4080=+-⨯+=总投资收益率4．某企业年初总资产为600万元，年末总资产为680万元，税前利润总额为80万元，实际利息支出为40万元，所得税率为25%，问该企业总投资收益率为（ D ）。

A ．18.33%B ．16.18%C ．17.19%D ．14.07%【正确答案】D ，%07.142/)680600(%)251(40%25180=+-⨯+-⨯=）（总投资收益率5．设某公司有一账面价值为200万元的闲置设备对外经营性出租，年租金收入为45万元。

该设备的年折旧费用为20万元，修理费用为4万元，营业税率为5%，所得税率为25%。

该设备的投资收益率是（ A ）。

A ．7.03%B ．7.88%C ．7.48%D ．9.38【正确答案】A ，%03.7200%)251()]420(%)51(45[=-⨯+--⨯=投资收益率该设备的6．关于投资时机说法，错误的是（ D ）。