复旦大学管理学院
2015～2016学年第二学期期中考试试卷
□A卷
课程名称：__财务管理_________ 课程代码：__969.003.1.01___ 开课院系：__管理学院会计系_________考试形式：______开卷_______ 姓名：学号：专业：
一、选择题（每题1.5分，共75分）
1.Consider a bond with a face value of $1,000, a coupon rate of 6%, a yield to
maturity of 8%, and ten years to maturity. This bond's duration is:
A.8.7 years
B.7.6 years
C.0.1 years
D.6.5 years
2. A bond with a face value of $1,000, coupon rate of 0%, yield to maturity of 9%,
and ten years to maturity. This bond's duration is:
A.6.7 years
B.7.5 years
C.9.6 years
D.10.0 years
3. A bond with duration of 10 years has yield to maturity of 10%. This bond's volatility
is:
A.9.09%
B.6.8%
C.14.6%
D.6.0%
4.If a bond's volatility is 10% and the interest rate goes down by 0.75% (points) then
the price of the bond:
A.decreases by 10%
B.decreases by 7.5%
C.increases by 7.5%
D.increases by 0.75%
5.Volatility of a bond is given by:
I) Duration/ (1 + yield)
II) Slope of the curve relating the bond price to the interest rate
III) Yield to maturity
A.I only
B.II only
C.III only
D.I and II only
6.The value of a common stock today depends on:
A.Number of shares outstanding and the number of shareholders
B.The expected future dividends and the discount rate
C.The Wall Street analysts
D.Present value of the future earnings per share
7.Deluxe Company expects to pay a dividend of $2 per share at the end of year-1, $3
per share at the end of year-2 and then be sold for $32 per share. If the required rate on the stock is 15%, what is the current value of the stock?
A.$28.20
B.$32.17
C.$32.00
D.None of the given answers
8.Casino Inc. is expected to pay a dividend of $3 per share at the end of year-1 (D1)
and these dividends are expected to grow at a constant rate of 6% per year forever.
If the required rate of return on the stock is 18%, what is current value of the stock today?
A.$25
B.$50
C.$100
D.$54
9.R&D Technology Corporation has just paid a dividend of $0.50 per share. The
dividends are expected to grow at 24% per year for the next two years and at 8% per year thereafter. If the required rate of return in the stock is 16% (APR), calculate the current value of the stock.
A.$1.11
B.$7.71
C.$8.82
D.None of the above
10.Which of the following formulas regarding earnings to price ratio is true:
A.EPS/Po = r[1 + (PVGO/Po]
B.EPS/Po = r[1 - (PVGO/Po)]
C.EPS/Po = [r + (PVGO/Po)]
D.EPS/Po = [r + (1 + (PVGO/Po)]/r
11.Which of the following investment rules does not use the time value of the money
concept?
present value
B.Internal rate of return
C.The payback period
D.All of the above use the time value concept
12.The net present value of a project depends upon:
pany's choice of accounting method
B.manager's tastes and preferences
C.project's cash flows and opportunity cost of capital
D.all of the above
