2022年财务管理其中考试题 .pdf

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1、学习必备欢迎下载财务管理其中考试题（英文）1.Finance, generally, deals with A) money B) markets C) people D) all of the above Answer: D2.Generally, a corporation is owned by the: A) Managers B) Board of Directors C) Shareholders D) All of the above. Answer: C3.The following are examples of real assets except: A) Machiner

2、y B) Common stock C) Office buildings D) Inventory Answer: B4.In finance, short-term means A) less than three months B) less than six months C) less than one year D) less than five years Answer: C17. The treasurer usually oversees the following functions of a corporation except: A) Preparation of fi

3、nancial statements B) Investor relationships C) Cash management D) Obtaining finances Answer: AType: DifficultPage: 618. The treasurer is usually responsible the following functions of a corporation except: 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 10 页 -

4、- - - - - - - - 学习必备欢迎下载A) Raising new capital B) Cash management C) Banking relationships D) Internal accounting Answer: D20. The controller usually oversees the following functions of a corporation except: A) Cash management B) Tax management C) Internal accounting D) Preparation of financial stat

5、ements Answer: A22. The following are advantages of separation of ownership and management of corporations except: A) Corporations can exist forever. B) Facilitate transfer of ownership without affecting the operations of the firm. C) Hire professional managers D) Incur agency costs Answer: D24. The

6、 financial goal of a corporation is to: A) Maximize sales B) Maximize profits C) Maximize the value of the firm for the shareholders D) Maximize managers benefits Answer: C26. In the principal-agent framework: A) Shareholders are the principals B) Managers are the agents C) Shareholders are the agen

7、ts D) Managers are the principals E) A and B Answer: E名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 10 页 - - - - - - - - - 学习必备欢迎下载T F 30. A corporation has a legal existence of its own and is based on articles of incorporation. Answer: True4. Present value of

8、 $110,000 expected to be received one year from today at an interest rate (discount rate) of 10% per year is: A) $121,000 B) $100,000 C) $110,000 D) None of the above Answer: BType: EasyPage: 14Response: PV = (110,000) / (1.1) = 100,0005. One year discount factor at a discount rate of 10% per year i

9、s: A) 1.1 B) 1.0 C) 0.909 D) None of the above Answer: CType: EasyPage: 14Response: Discount Factor = 1/1.1 = 0.9096. Present Value of $100,000 expected to be received at the end of one year at a discount rate of 100% per year is: A) $50,000 B) $200,000 C) $100,000 D) None of the above Answer: AType

10、: EasyPage: 14Response: PV = (100,000) / (1+1) = 50,000名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 10 页 - - - - - - - - - 学习必备欢迎下载7. The one-year discount factor at an interest rate of 25% per year is: A) 1.25 B) 0.8 C) 0.25 D) None of the above Answer: BTyp

11、e: EasyPage: 14Response: Discount factor = 1/(1.25) = 0.810. If the one-year discount factor is 0.85, what is the present value of $120 to be received one year from today? A) $100 B) $102 C) $141.18 D) None of the above Answer: BType: MediumPage: 14Response: PV = (120)(0.85) = 10220. If the five-yea

12、r present value annuity factor is 3.791 and four-year present value annuity factor is 3.170, what is the present value at the $1 received at the end of five years? A) $0.621 B) $1.61 C) $0.315 D) None of the above Answer: AType: DifficultPage: 39Response: PV = (3.791 3.170)*(1) = 0.62121. If the thr

13、ee-year present value annuity factor is 2.723 and two-year present value annuity factor is 1.859, what is the present value of $1 received at the end of the 3 years? A) $0.157 B) $0.864 C) $1.00 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 10 页 - - - - - - -

14、- - 学习必备欢迎下载D) None of the above Answer: BType: DifficultPage: 39Response: PV = (2.723-1.859) *(1) = 0.86422. What is the present value annuity factor at a discount rate of 13% for 10 years? A) $5.4262 B) $8.514 C) $8.13 D) None of the above Answer: AType: MediumPage: 39Response: PV annuity factor =

15、 (1/0.13) (1/(0.13)(1.1310) = 5.426223. What is the present value annuity factor at an interest rate of 11% for 5 years? A) 8.514 B) 6.145 C) 3.6959 D) None of the above Answer: CType: MediumPage: 39Response: PV annuity factor = (1/0.11) (1/(0.11)(1.115) = 3.695933.If the present value of $1.00 rece

16、ived n years from today at an interest rate of r is 0.270, then what is the future value of $1.00 invested today at an interest rate of r% for n years? A) $1.00 B) $3.70 C) $1.70 D) Not enough information to solve the problem Answer: BType: DifficultPage: 40Response: FV = 1/(0.270) = 3.7034. If the

17、future value of $1 invested today at an interest rate of r% for n years is 2.5937, what is the present value of $1 to be received in n years at r% interest rate? 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 10 页 - - - - - - - - - 学习必备欢迎下载A) $0.3855 B) $1.00 C

18、) $0.621 D) None of the above Answer: AType: DifficultPage: 40Response: PV = 1/2.5937 = 0.3855541.Mr. Hopper is expected to retire in 30 years and he wishes accumulate $1,000,000 in his retirement fund by that time. If the interest rate is 12% per year, how much should Mr. Hopper put into the retire

19、ment fund each year in order to achieve this goal? A) $4,143.66 B) $8,287.32 C) $4,000 D) None of the above Answer: AType: DifficultPage: 40Response: Future value annuity factor = (1/0.12) (1/(0.12*1.1230)*(1.1230) = 241.3827; payment = 1,000,000/241.3327 = 4143.66名师资料总结 - - -精品资料欢迎下载 - - - - - - -

20、- - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 10 页 - - - - - - - - - 学习必备欢迎下载42. Mr. Hopper is expected to retire in 30 years and he wishes accumulate $750,000 in his retirement fund by that time. If the interest rate is 10% per year, how much should Mr. Hopper put into the retirement fund each

21、 year in order to achieve this goal? A) $4,559.44 B) $2,500 C) $9,118.88 D) None of the above Answer: AType: DifficultPage: 40Response: Future value annuity factor = (1/0.10) (1/(0.10*1.1030)*(1.1030) = 164.494; payment = 750,000/164.494 = 4559.4443. If you invest $100 at 12% APR for three years, ho

22、w much would you have at the end of 3 years using simple interest? A) $136 B) $140.49 C) $240.18 D) None of the above Answer: AType: MediumPage: 40Response: FV = 100 + (100*0.12*3) = $1362.If a firm permanently borrows $50 million at an interest rate of 8%, what is the present value of the interest

23、tax shield? Assume a 35% tax rate. A) $8.00 million B) $8.75 million C) $17.50 million D) $25.00 million E) None of the above Answer: C Type: Medium Page: 490 Response: PV of interest tax shield = (0.35)(50) = $17.5 million 3. If a firm borrows $25 million for one year at an interest rate of 10%, wh

24、at is the present value of the interest tax shield? Assume a 35% tax rate. (Approximately.) A) $1.591 million 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 7 页，共 10 页 - - - - - - - - - 学习必备欢迎下载B) $1.75 million C) $1.00 million D) $5.00 million E) None of the above A

25、nswer: A Type: Difficult Page: 490 Response: PV of interest tax shield = (0.35)(50)(0.1)/1.1 = $1.591 5. If the before-tax cost of debt is 10% and the corporate tax rate is 30%, calculate the after-tax cost of debt: A) 10% B) 3% C) 7% D) none of the above Answer: CType: EasyPage: 5256. A firm has a

26、total value of $1 million and debt valued at $400,000. What is the after-tax weighted average cost of capital if the after - tax cost of debt is 12% and the cost of equity is 15%? A) 13.5% B) 13.8% C) 27.0% D) Its impossible to determine the WACC without debt and equity betas Answer: BType: MediumPa

27、ge: 525Response: WACC = 0.4(0.12) + 0.6(0.15) = 0.048 + 0.09 = 0.1387.The CR Corp. maintains a debt-equity ratio of 0.5 The cost of equity for CR Corp. is 15% and the after-tax cost of debt is 9%. What is the after-tax weighted average cost of capital? A) 11.86% B) 12.00% C) 13.00% D) None of the ab

28、ove 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 8 页，共 10 页 - - - - - - - - - 学习必备欢迎下载Answer: CType: MediumPage: 525Response: (1/3)(9) + (2/3)(15) = 13%8. A firm is financed with 50% risk-free debt and 50% equity. The risk-free rate is 10%, the firms cost of equity

29、 capital is 20%, and the firms marginal tax rate is 35%. What is the firms weighted average cost of capital? A) 13.25% B) 10.00% C) 20.00% D) None of the above Answer: AType: MediumPage: 525Response: (0.50)(1-0.35)(10) + (0.5)(20) = 13.2510. A firm is financed with 40% risk-free debt and 60% equity.

30、 The risk-free rate is 7%, the firms cost of equity capital is 18%, and the firms marginal tax rate is 35%. What is the firms weighted average cost of capital? A) 18.00% B) 7.00% C) 13.60% D) 12.62% E) None of the above Answer: DType: MediumPage: 525Response: (0.4)(1-0.35)(7) + (0.6)(18) = 12.62%11.

31、 Which of the following statements characterize(s) the weighted average cost of capital formula? A) It requires knowledge of the required return on the firm if it is all-equity financed B) It is based on book values of debt and equity C) It assumes the project is a carbon copy of the firm D) It can

32、be used to take account of issue costs and other such financing side effects Answer: CType: DifficultPage: 526名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 9 页，共 10 页 - - - - - - - - - 学习必备欢迎下载12. A firm is financed with 30% risk-free debt, 60% common equity and 10%

33、 preferred equity. The risk-free rate is 5%, the firms cost of common equity is 15%, and that of preferred equity is 10%. The marginal tax rate is 30%. What is the firms weighted average cost of capital? A) 10.05% B) 11.05% C) 12.5% D) None of the above Answer: BType: DifficultPage: 526Response: (0.

34、3)(1-0.3)(5) + (0.6)(15) + (0.1)(10) = 11.0513. When the amount of debt is fixed, present value of tax-shield is calculated using: A) cost of debt B) cost of equity C) cost of capital D) none of the above Answer: AType: MediumPage: 527名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 10 页，共 10 页 - - - - - - - - -