(完整word版)公司金融final模拟题和答案.pdf
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1、Final Practice for the course Goal of firm Answer:d MEDIUM i.The primary operating goal of a publicly-owned firm interested in serving its stockholders should be to a.Maximize its expected total corporate income.b.Maximize its expected EPS.c.Minimize the chances of losses.d.Maximize the stock price
2、per share over the long run,which is the stock s intrinsic value.e.Maximize the stock price on a specific target date.Firm organization Answer:c EASYii.Which of the following statements is CORRECT?a.One of the advantages of the corporate form of organization is that it avoids double taxation.b.It is
3、 easier to transfer ones ownership interest in a partnership than in a corporation.c.One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability.d.One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting
4、 rights,i.e.,“one person,one vote.”e.Corporations of all types are subject to the corporate income tax.Dividends,retained earnings Answer:b EASY/MEDIUMiii.Fine Breads Inc.paid out$26,000 common dividends during 2005,and it ended the year with$150,000 of retained earnings.The prior years retained ear
5、nings were$145,000.What was the firms 2005 net income?a.$30,000 b.$31,000 c.$32,000 d.$33,000 e.$34,000 Statement of cash flows Answer:d MEDIUM iv.Which of the following statements is CORRECT?a.In the statement of cash flows,depreciation charges are reported as a use of cash.b.In the statement of ca
6、sh flows,a decrease in accounts receivable is reported as a use of cash.c.In the statement of cash flows,a decrease in inventories is reported as a use of cash.d.In the statement of cash flows,a decrease in accounts payable is reported as a use of cash.e.Dividends do not show up in the statement of
7、cash flows because dividends are considered to be a financing activity,not an operating activity.精品资料-欢迎下载-欢迎下载 名师归纳-第 1 页,共 16 页 -Effect of reducing costs on ROE Answer:a MEDIUM v.Last year,Candle Corp had$200,000 of assets,$300,000 of sales,$20,000 of net income,and a debt-to-total-assets ratio of
8、 40%.The new CFO believes a new computer program will enable it to reduce costs and thus raise net income to$30,000.Assets,sales,and the debt ratio would not be affected.By how much would the cost reduction improve the ROE?a.8.33%b.8.67%c.9.00%d.9.33%e.9.67%Du Pont equation:basic calculation Answer:
9、b EASY vi.Midwest Lumber had a profit margin of 5.1%,a total assets turnover of 1.6,and an equity multiplier of 1.8.What was the firms ROE?a.14.39%b.14.69%c.14.99%d.15.29%e.15.59%Current ratio Answer:e EASYvii.A firm wants to strengthen its financial position.Which of the following actions would INC
10、REASE its current ratio?a.Borrow using short-term debt and use the proceeds to repay debt that has a maturity of more than one year.b.Reduce the company s days sales outstanding ratio to the industry average and use the resulting cash savings to purchase plant and equipment.c.Use cash to increase in
11、ventory holdings.d.Use cash to repurchase some of the companys own stock.e.Issue new stock and use some of the proceeds to purchase additional inventory and hold the remainder of the funds received as cash.Estimating the 1-year forward rate Answer:e MEDIUMviii.Suppose the interest rate on a 1-year T
12、-bond is 5.0%and that on a 2-year T-bond is 6.0%.Assuming the pure expectations theory is correct,what is the markets forecast for 1-year rates 1 year from now?a.6.65%b.6.74%c.6.83%d.6.92%e.7.01%Default risk premium Answer:b EASY精品资料-欢迎下载-欢迎下载 名师归纳-第 2 页,共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z
13、7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8
14、HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z
15、7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8
16、HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z
17、7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8
18、HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z
19、7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8ix.If 10-year T-bonds have a yield of 5.2%,10-year corporate bonds yield 7.5%,the maturity risk premium on all 10-year bonds is 1.1%,and corporate bonds have a 0.2%liquidity premium versus a zero liquidity premium for
20、 T-bonds,what is the default risk premium on the corporate bond?a.2.00%b.2.10%c.2.20%d.2.30%e.2.40%Amortization Answer:a MEDIUMx.Which of the following statements regarding a 30-year,$100,000 mortgage with a nominal interest rate of 10%,compounded monthly,is NOT CORRECT?a.The monthly payments will d
21、ecline over time.b.The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan.c.The total dollar amount of principal being paid off each month gets larger as the loan approaches maturity.d.The amount paid toward interest i
22、n the first payment would be lower if the nominal interest rate were 8%.e.Over 90%of the first payment goes toward interest PV of an annuity due Answer:a EASYxi.Your father is about to retire,and he wants to buy an annuity that will provide him with$50,000 of income a year for 20 years,with the firs
23、t payment coming immediately.The going rate on such annuities is 6%.How much would it cost him to buy the annuity today?a.$607,905.82 b.$416,110.34 c.$517,513.68 d.$615,976.84 e.$488,349.15 Comparing the effective cost of two bank loans Answer:e MEDIUM/HARDxii.Bank A offers to lend you$10,000 at a n
24、ominal rate of 6%,simple interest,with interest paid monthly.Bank B offers to lend you the$10,000,but it will charge 7%,simple interest,with interest paid at the end of the year.What is the difference in the effective annual rates charged by the two banks?a.1.17%b.1.12%c.0.91%d.1.28%e.0.83%精品资料-欢迎下载
25、-欢迎下载 名师归纳-第 3 页,共 16 页 -文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G3Z7Z8文档编码:CS7Z7C2X3Y8 HO9V6L5M2X6 ZY5E6G
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