《财务管理》第3章习题及参考答案

Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONSc2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONSB3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONSE4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONSE5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.ADifficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONSC7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONSB8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONSD9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONSE10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONSB11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONSA12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONSC13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.D ifficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG-TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measuresa firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover. IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business.II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes. IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which isa payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。

财务管理（企业理财学）全册配套练习题及参考答案第三章证券估价1.天龙企业2009年4月1日购买某公司2008年1月1日发行的面值为10万元，票面利率 6%，期限5年，每半年付息一次的债券。

要求：（1）若市场利率为8%，计算该债券价值；（2）若该债券此时市价为93000元，问是否值得购买？（3）如果2012年1月1日的市价为97000元，计算2012年1月1日债券的到期收益率。

2.天翼企业计划利用一笔长期资金投资购买股票。

现有A公司股票和B公司股票可供选择，已知A公司股票现行市价为每股11元，上年每股股利为0.4元，预计以后每年以3%的增长率增长。

B公司股票现行市价为每股5元，上年每股股利为0.5元，股利分配政策将一贯坚持固定股利政策。

天翼企业所需求的投资必要报酬率为8%。

要求：（1）利用股息估价模型，分别计算A.B公司股票价值；（2）代天翼企业做出股票投资决策。

3.若你是永和上市公司的一种财务分析师，应邀评估建设新商场对公司股票价值的影响。

公司有关情况如下：（1）公司本年度的净收益为10000万元，每股支付股利1元。

新商场开业后，该公司净收益第1年增长16%，第2年增长14%，第3年增长10%，第4年以后将保持其净收益水平。

（2）公司一直采用固定股利支付率政策，并打算今后继续实行该政策。

该公司没有增发普通股和发行优先股的计划。

（3）公司的β系数为1.5，如果将新项目考虑进去，β系数将提高到2。

（4）无风险收益率（国库券）为4%，市场组合收益率为10%。

要求：（1）要求计算股票的价值（精确到0.01元）；（2）如果股票的价格为10元，计算股票的预期报酬率（精确到1%）（3）公司一位董事认为采用股利贴现模型，则股利越高，股价越高，所以公司应改变原有的股利政策提高股利支付率，你认为他的观点是否正确。

（计算步骤和结果，可以用表格形式表达，也可能用算式表达。

）4.海信、海尔两家公司同时于2009年1月1日发行面值为1000元、票面利率为8%的5年期债券，海信公司债券规定利随本清，不计复利，海尔公司债券规定每年6月底和12月底付息，到期还本。

《财务管理》1-3章课后练习题答案第1章 财务管理导论【题1】（1）无限责任即467 000元，不足部分今后有财产后进一步归还；（2）因为600 000－36 000＝564 000＞467 000，即洪亮仍需承担467 000元，合伙人没有承担风险；（3）有限责任即263000-90000=173 000元。

【题2】（1）若公司经营的产品增值率低应争取一般纳税人，否则作为小规模纳税人；（2）理论上的征收率＝［增值额/销售收入］×增值税率，若大于实际征收率应选择小规模纳税人，若小于则应选择一般纳税人，若相等是没有区别的。

【题3】27.54％【题4】应积极筹集资金回购债券。

第2章 财务管理基本价值观念【题1】（1）计算该项改扩建工程的总投资额：2000×（P/A ，12%，3）（2）计算该公司在7年内等额归还银行全部借款的本息的金额：2000×（F/A ，12%，3）（A / P ，12%，7）＝1478.77（万元）（3）2000×（F/A ，12%，3）（A / P ，12%，n ）＝1800则n ＝5.29采用插值法计算如下：年）(29.52852.05)56(1114.46048.37493.36048.35=+==-⨯--+=n【题2】800000×（P/A ，6%，10）×（P/F ，6%，5）=4399840（元）【题3】10+3(P/A,6%,6)=24.7915>20,故不应该选择分期付款购买。

【题4】5(F/P,I,20%)=25得i＝8.359%【题5】（1）计算以下指标：①甲公司证券组合的β系数=50%×2+30%×1+20%×0.5=1.4；②甲公司证券组合的风险收益率（R p）=1.4×（15%-10%）=7%；③甲公司证券组合的必要投资收益率（K）=10%+7%=17%；④投资A股票的必要投资收益率=10%+2×（15%-10%）=20%。

Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONSc2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONSB3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONSE4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONSE5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.ADifficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONSC7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONSB8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONSD9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONSE10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONSB11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONSA12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONSC13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.D ifficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG-TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover.IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business. II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes.IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。

Chapter 3Discussion Questions3-1. If we divide users of ratios into short-term lenders, long-term lenders, andstockholders, in which ratios would each group be most interested, and for whatreasons?Short-term lenders-Iiquidity ratios because their concern is with the firm's ability topay short-term obligations as they come due.Long-term lenders-leverage ratios because they are concerned with the relationshipof debt to total assets- They also will examine profitability to insure that interestpayments can be made・Stockholders-profitability ratios, with secondary consideration given to debtutilization, liquidity, and other ratios. Since stockholders are the ultimate owners ofthe firm, they are primarily concerned with profits or the return on their investment. 3-2. Explain how the Du Pont system of analysis breaks down return on assets. Also explain how it breaks down return on stockholders' equity.The Du Pont system of analysis breaks out the return on assets between the profitmargin and asset turnover.Return on Assets 二Profit Margin x Asset TurnoverNet income Net income Sales = xTotal assets Sales Total assetsIn this fashion, we can assess the joint impact of profitability and asset turnover onthe overall return on assets. This is a particularly useful analysis because we candetermine the source of strength and weakness for a given firm. For example, acompany in the capital goods industry may have a high profit margin and a low assetturnover, while a food processing firm may suffer from low profit margins, but enjoya rapid turnover of assets.The modified form of the Du Pont formula shows:“• Return on assets (investment)Return on equity = ---------- r-~. 丄----------- ；-----M)(1-Debt/Assets)This indicates that return on stockholders' equity may be influenced by return onassets, the debt-to-assets ratio or a combination of both. Analysts or investorsshould be particularly sensitive to a high return on stockholders9 equity that isinfluenced by large amounts of debt.3-3. If the accounts receivable turnover ratio is decreasing, what will be happening to the average collection period?If the accounts receivable turnover ratio is decreasing, accounts receivable will beon the books for a longer period of time. This means the average collection periodwill be increasing.3-4. What advantage does the fixed charge coverage ratio offer over simply using times interest earned?The fixed charge coverage ratio measures the finrTs ability to meet all fixedobligations rather than interest payments alone, on the assumption that failure tomeet any financial obligation will endanger the position of the firm.3-5.Is there any validity in rule-of-thumb ratios for all corporations, for example, acurrent ratio of 2 to 1 or debt to assets of 50 percent?No rule-of-thumb ratio is valid for all corporations- There is simply too muchdifference between industries or time periods in which ratios are computed.Nevertheless, rules-of-thumb ratios do offer some initial insight into the operationsof the firm, and when used with caution by the analyst can provide information.3-6. Why is trend analysis helpful in analyzing ratios?Trend analysis allows us to compare the present with the past and evaluate ourprogress through time. A profit margin of 5 percent may be particularly impressiveif it has been running only 3 percent in the last ten years. Trend analysis must alsobe compared to industry patterns of change.3-7. Inflation can have significant effects on income statements and balance sheets, and therefore on the calculation of ratios. Discuss the possible impact of inflation on thefollowing ratios, and explain the direction of the impact based on yourassumptions.a.Return on investment.b.Inventory turnoverc.Fixed asset turnover.d.Debt-to-assets ratio.r • Net income a. Return on investment = ----------------- Total assets Inflation may cause net income to be overstated and total assets to be understated causing an artificially high ratio that is misleading. S ales b ・ Inventory turnover = Inventory In flation may cause sales to be overstated. If the firm uses FIFO accounting, inventory will also reflect "inflation-influenced^ dollars and the net effect will be nil. If the firm uses LIFO accounting, inventory will be stated in old dollars and too high a ratio could be reported. Fixed assets will be understated relative to their replacement cost and to sales and too high a ratio could be reported.Since both are based on historical costs, no major inflationary impact will take place in the ratio. What effect will disinflation following a highly inflationary period have on thereported income of the firm?Disinflation tends to lower reported earnings as inflation-induced income is squeezedout of the firm 5s income statement. This is particularly true for firms in highlycyclical industries where prices tend to rise and fall quickly.Why might disinflation prove to be favorable to financial assets?Because it is possible that prior inflationary pressures will no longer seriously impairthe purchasing power of the dollar, lessening inflation also means that the requiredreturn that investors demand on financial assets will be going down, and with thislower demanded return, future earnings or interest should receive a higher currentevaluation.c. Fixed asset turnover = Sales Fixed assets d. Debt to total assets = Total debt Total assets 3-8.Comparisons of income can be very difficult for two companies even though they sell 3-10.the same products in equal volume. Why?There are many different methods of financial reporting accepted by the accountingprofession as promulgated by the Financial Accounting Standards Board. Thoughthe industry has continually tried to provide uniform guidelines and procedures,many options remain open to the reporting firm. Every item on the incomestatement and balance sheet must be given careful attention. Two apparently similarfirms may show different values for sales, research and development, extraordinarylosses, and many other items.Chapter 3Problems1. Griffey Junior Wear, Inc., has $800,000 in assets and $200,000 of debt. It reports netincome of $100,000.a.What is the return on assets? b. What is the return on stockholders 9 equity?3-1. Solution:Griffey Junior Wear$800,000a. Return on assets (investment)=Net income Total assetsb. Return on equity =Net income Stockholders' equityDebt/Ass 如沁四= 25%$800,000 Return on equity = 4 (1-.25)Stockholders 1 equity = total assets 一 total debt=$800,000 — $200,000 = $600,000 Net income Stockholders equityReturn on equity = Return on assets (investment) (1- Debt/Assets) 12.5%.75 = 16.67%2.Hugh Snore Bedding, Inc., has assets of $400,000 and turns over its assets 1.5 times per year.Return on assets is 12 percent. What is its profit margin (return on sales)?3-2. Solution:Hugh Snore Bedding, Inc.Sales = Assets x total asset turnover= $400,000x1.5%=$600,000Net income = Assets x Return on assets$48,000 = $400,000x12%Net income = $48,000 / $600,000 = 8% Sales3 One-Size-Fits-All Casket Co/s income statement for 2008 is as follows:Sales ............................................................................................. $3,000,000Cost of goods sold ......................................................................... 2,100,000Gross profit ...................................................................................... 900,000Selling and administrative expense .............................................. 450、000Operating profit ................................................................................ 450,000Interest expense .............................................................................. 75、000Income before taxes ......................................................................... 375,000Taxes (30%) ..................................................................................... 112,500Income after taxes .......................................................................... $262,500pute the profit margin for 2008-b.Assume in 2009, sales increase by 10 percent and cost of goods sold in creases by 25%. Thefirm is able to keep all other expenses the same. Once again, assume a tax rate of 30 percent on income before taxes. What are income after taxes and the profit margin for 2009?b. Sales .......................................................................... $3,300,000*Cost of goods sold............................................... 2,625,000**Gross profit .................................................................... 675,000 Selling and administrative expense ............................... 450Q00 Operating profit ................................................... 225,000Interest expense ................................................................ 75,000 Income before taxes ....................................................... 150,000 Taxes (30%) ..................................................................... 45,000 Income after taxes (2008) ............................................ $105,000 * $3,000,000 x 1.10 = $3,300,000** $2,100,000 x 1.25 = $2,625,000Profit Margin for 2009Net Income _ $105,000 _ 3 冷屮Sales — $3,300,000 一 ’ °3-3. Solution:One Size-Fits-All Casket Co.a. Profit margin for 2008 Net IncomeSales曲54 Using the Du Pont method, evaluate the effects of the following relationships for the ButtersCorporation.a. Butters Corporation has a profit margin of 7 percent and its return on assets (investment) is25.2 percent. What is its assets turnover?b. If the Butters Corporation has a debt-to-total-assets ratio of 50 percent, what would the firm 5sreturn on equity be?c. What would happen to return on equity if the debt-to-total-assets ratio decreased to 35percent?3-4. Solution:Butters Corporationa. Profit margin xTotal asset turnover = Return on asset (investment) 7% x ? =25.2%丁 .25.2% Total asset turnover = --------- 7% =3.6x Return on assets (investment) 25.2%"(1-0.50) _ 25.2% 0.50=50.40%b. Return on equity =(1 - Debt/Asse ts)3-14. (Continued)“. Return on assets (investment)c.Return on equity = -----------------------------------------(1 - Debt/Asse ⑸_ 25.2%一(1-.35)_ 25.2%0.65= 38.77%5. Assume the following data for Interactive Technology and Silicon Software.InteractiveTechnology (IT)Silicon Software (SS) Net income ............................ …$ 15,000$ 50,000 Sales ...................................... •- 150,000 1,000,000 Total assets ............................… 160,000400,000 Total debt ..............................… 60,000240,000 Stockholders 9 equity ............. .… 100,000160,000a. Compute return on stockholders' equity for both firms using ratio 3a in the text. Which firm has the higher return?b. Compute the following additional ratios for both firms.Net income/SalesNet income/Total assets Sales/Total assets Debt/Total assetsc. Discuss the factors from part b that added or detracted from one firm having a higher returnon stockholders^ equity than the other firm as computed in part a.3-5. SolutionInteractive Technology and Silicon SoftwareSilicon Software (SS) has a much higher return on stockholders 9equity than Interactive Technology (IT).a.Interactive Silicon Technology (IT)Software (SS) Net incomeStockholders* equity$15,000$100,000 = 15%$50,000$160,000 = 31.25%3-5. (Continued)b.InteractiveTechnology (IT) Net income _ $15,000 _ ~~Sales-$150,000 ~°Net income $15,000--------------- = ------------- =9.3 /% Total assets $160,000c. As previously indicated, Silicon Software (SS) has a substantially higher return on stockholder^ equity than Interactive Technology (IT). The reason is certainly not to be found on return on the sales dollar where Interactive Technology has a higher return than Silicon Software (10% vs. 5%). However, Silicon Software has a higher return than InteractiveTechnology on total assets (12.5% versus 9.37%). The reason is clearly to be found in total asset turnover, which strongly favors SiliconSoftware over Interactive Technology (2.5x versus ・937x). This factor alone leads to the higher return on total assets.SiliconSoftware (SS) $50,00° 二 5% $1,000,000 0 时°°° =12.5% $400,000 Sales Total assets $150,000 $160,000= .937x $1,000,000 $400,000 =2.5xDebtTotal assets$240,000$400,000 = 60%2007 and 2008:20072008 Sales ......................................... $8,000,000 $10,000,000 Cost of goods sold ..................... 6,000,000 9,000,000 Inventory ....................................800,0001,000,000a. Compute inventory turnover based on ratio number 6, Sales/Inventory, for each year.b. Compute inventory turnover based on an alternative calculation that is used by many financial analysts, Cost of goods sold/Inventory, for each year.c. What conclusions can you draw from part a and part /??3-6. Solution:Perez Corporation20072008b Cost of goods sold _ $6,000,000 氷 $9,000,000 _Inventory 800,0001,000,000c. Based on the sales to inventory ratio, the turnover has remainedconstant at lOx. However, based on the cost of goods sold to inventory ratio, it has improved from 7.5x to 9x.The latter ratio may be providing a false picture of improvement in this example simply because cost of goods sold has gone up as percentage of sales (from 75 percent to 90 percent)・ Inventory is not really turning over any faster ・a.Sales $& 000,000 1 _---------------- — --------------------- --Inventory & 00,000$10,000,0001,000,000 =lOx7.The balance sheet for Stud Clothiers is shown below. Sales for the year were $2,400,000, with90 percent of sales sold on credit.STUD CLOTHIERSBalance Sheet 200XAssets Liabilities and Equity Cash ............................... • $ 60,000Accounts payable ....................... $ 220.000Accounts receivable ....... 240,000 Accrued taxes ............................. 30,000Inventory ........................ 350,000 Bonds payable(long-term) ................................. 150,000 Plant and equipment ....... . 410.000 Common stock ........................... 80,000Paid-in capital .............................. 200,000Retained earnings ........................ 380.000Total assets ............... .$1.060.000 Total liabilities and equity..•$l・060・000Compute the following ratios:a. b. c. d. e.Current ratio.Quick ratio.Debt-to-total-assets ratio. Asset turnover. Average collection period.3-7.Solution:Stud Clothiers- Current assetsCurrent ratio = -------------------------Current liabilities $650,000$250,000=2.6x3-7. (Continued)1 i (Current assets 一 inventory) b. Quick ratio = --------------------------------------Current liabilities_ $650,000-$350,000 $250,000 _ $300,000 -$250,000 =1.2x-i 1 Total debt c.Debt to total assets = ------------------Total assets$400,000 —$1,060,000 = 37.74%」▲Salesd. Asset turnover = ------------------Total assets_ $2,400,000 —$1，060,000 =2.26xp 。

财务管理习题3答案财务管理习题3的答案可能包含多个不同的问题和解答，由于没有具体的题目内容，我将提供一个假设性的习题答案示例。

请注意，这些答案仅用于演示，并非真实习题的答案。

假设性习题3答案问题1：某公司计划购买一台价值为$100,000的机器，预计使用寿命为5年。

如果公司的折旧政策是直线折旧法，计算每年的折旧费用。

答案：折旧费用 = 初始成本 / 预计使用寿命折旧费用 = $100,000 / 5年 = $20,000问题2：假设某公司在年初发行了价值$500,000的债券，票面利率为5%，债券期限为10年。

如果公司决定在第5年末赎回这些债券，并且市场利率为4%，计算赎回时的债券价值。

答案：债券价值 = 票面价值 * (1 + 市场利率)^(期限 - 赎回年份)债券价值 = $500,000 * (1 + 0.04)^(10 - 5)债券价值 = $500,000 * (1.04)^5问题3：某公司有$100,000的现金流量，需要计算这些现金流量在5年内的净现值（NPV），假设折现率为10%。

答案：NPV = Σ(CF / (1 + r)^t)其中 CF 为每年的现金流量，r 为折现率，t 为时间（年）NPV = $100,000 / (1 + 0.10)^1 + $100,000 / (1 + 0.10)^2 + ... + $100,000 / (1 + 0.10)^5问题4：某公司预计在未来5年内的自由现金流分别为$50,000, $60,000, $70,000, $80,000, $90,000。

如果公司的加权平均资本成本（WACC）为8%，计算这些现金流的现值。

答案：现值 = Σ(CF / (1 + WACC)^t)现值 = $50,000 / (1 + 0.08)^1 + $60,000 / (1 + 0.08)^2 + ... + $90,000 / (1 + 0.08)^5问题5：某公司计划进行一项投资，初始投资成本为$200,000，预计该项目的内部收益率（IRR）为15%。

第一章 总 论一、简答题（略） 二、单项选择题 1. D 2. C 3. C 4. D 5. A 6. B 7. C 三、多项选择题 1.ABCD 2.ABCD 3. ABCD 4. ABD 5. ACD 6. ABC 四、判断题 1. √ 2. × 3. × 4. × 5. × 6. × 7. ×第二章 时间价值和风险价值一、简答题（略） 二、单项选择题 1. B 2. C 3. C 4. D 5.C 6. C 7. A 8. B 9. D 10. A 11.D 12.C 三、多项选择题 1.AC 2. ACD 3. BCD 4. AD 5. ABD 6.ABD 四、判断题 1. × 2. √ 3. √ 4. √ 5. × 五、计算题 1．（1）2005年初甲固定资产投资额的终值为： 100 000×（F/P ，10%，2）=121 000（元） （2）2005年初各年预期收益的现值之和为：40 000×（P/F ，10 %，1）+50 000×（P/F ，10%，2）+70 000×（P/F ，10%，3） = 40 000×0.9091+50 000×0.8264+70 000×0.7513=130 275（元） 2．（1）P ＝20×[（P/A ，10%，9）+1]＝20×(5.759 0＋1） ＝135.18（万元）（2）P ＝25×（P/A ，10 %，10）×（P/F ，10%，3）＝25×6.144 6×0.751 3 ＝115.41（万元）该公司选择第二方案。

3．根据题意，已知P = 42 000，A =6 000，n =10，则：P/A = 42 000/6 000=7=α 即：α=7= (P/A ，i ，10)查n =10的1元年金现值系数表。

中国人民大学会计系列教材·第四版《财务管理学》章后练习参考答案第一章总论（王老师）二、案例题答：（1）（一）以总产值最大化为目标缺点：1. 只讲产值，不讲效益；2. 只求数量，不求质量；3. 只抓生产，不抓销售；4. 只重投入，不重挖潜。

（二）以利润最大化为目标优点：企业追求利润最大化，就必须讲求经济核算，加强管理，改进技术，提高劳动生产率，降低产品成本。

这些措施都有利于资源的合理配置，有利于经济效益的提高。

缺点：1. 它没有考虑利润实现的时间，没有考虑资金时间价值；2. 它没能有效地考虑风险问题，这可能会使财务人员不顾风险的大小去追求最多的利润；3. 它往往会使企业财务决策带有短期行为的倾向，即只顾实现目前的最大利润，而不顾企业的长远发展。

（三）以股东财富最大化为目标优点：1. 它考虑了风险因素，因为风险的高低，会对股票价格产生重要影响；2. 它在一定程度上能够克服企业在追求利润上的短期行为，因为不仅目前的利润会影响股票价格，预期未来的利润也会对企业股票价格产生重要影响；3. 它比较容易量化，便于考核和奖惩。

缺点：1. 它只适用于上市公司，对非上市公司则很难适用；2. 它只强调股东的利益，而对企业其他关系人的利益重视不够；3. 股票价格受多种因素影响，并非都是公司所能控制的，把不可控因素引入理财目标是不合理的。

（四）以企业价值最大化为目标优点：1. 它考虑了取得报酬的时间，并用时间价值的原理进行了计量；2. 它科学地考虑了风险与报酬的关系；3. 它能克服企业在追求利润上的短期行为，因为不仅目前的利润会影响企业的价值，预期未来的利润对企业价值的影响所起的作用更大。

缺点：很难计量。

进行企业财务管理，就是要正确权衡报酬增加与风险增加的得与失，努力实现二者之间的最佳平衡，使企业价值达到最大化。

因此，企业价值最大化的观点，体现了对经济效益的深层次认识，它是现代企业财务管理目标的最优目标。

（2）青鸟天桥的财务管理目标是追求控股股东利益最大化。