1、财务知识西方财务管理试题.Fill in the blanks: (10points, 2points for each ) A卷1. The three basic questions addressed by a financial manager are: capital budgeting, capital structure, and .2.The three basic legal forms of organizing a business are , partnerships, and corporations.3.Cash flow is generated by the f
2、irm and paid to creditors and shareholders. It can be divided as cash flow , cash flow from changes in fixed assets and cash flow from changes in working capital.4. is measured as current assets divided by current liabilities.5. A form of equity which receives preferential treatment in the payment o
3、f dividends iscalled .Multiple Choice :(20points,1 point for each problem.)1. The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the: a. treasurer .b. director. c. controller. d. chairman of the board.2. The primary
4、 goal of financial management is to: a. maximize current dividends per share of the existing stock. b. maximize the current value per share of the existing stock. c. avoid financial distress. d. minimize operational costs and maximize firm efficiency.3. Which one of the following statements is corre
5、ct concerning the organizational structure of a corporation? a. The vice president of finance reports to the chairman of the board. b. The chief executive officer reports to the board of directors. c. The controller reports to the president. d. The treasurer reports to the chief executive officer. 4
6、. Which one of the following is a primary market transaction? a. a dealer selling shares of stock to an individual investor b. a dealer buying newly issued shares of stock from a corporation c. an individual investor selling shares of stock to another individual d. a bank selling shares of a medical
7、 firm to an individual5. The financial statement showing a firms accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement.6. A(n) _ asset is one which can be quickly converted into cash without significant loss i
8、n value. a. current b. fixed c. intangible d. liquid7. 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
9、 policy. d. there is unlimited growth possible in a well-developed financial plan. 8. 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 di
10、vided by current liabilities.9. The External Funds Needed (EFN) equation does not measures the: a. additional asset requirements given a change in sales. b. additional total liabilities financing raised given the change in sales. c. rate of return to shareholders given the change in sales. d. net in
11、come expected to be earned given the change in sales. 10. To calculate sustainable growth rate, the analyst needs the: a. profit margin. b. payout ratio and asset requirement ratio. c. debt-to-equity ratio. d. All of the above11. The interest rate charged per period multiplied by the number of perio
12、ds per year is called the _ rate. a. effective annual b. annual percentage c. periodic interest d. compound interest12. You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of eac
13、h month while annuity B pays on the last day of each month. Which one of the following statements is correct concerning these two annuities? a. Both annuities are of equal value today. b. Annuity B is an annuity due. c. Annuity A has a higher future value than annuity B. d. Annuity B has a higher pr
14、esent value than annuity A.13. The present value of future cash flows minus initial cost is called a. the future value of the project. b. the net present value of the project. c. the equivalent sum of the investment. d. the initial investment risk equivalent value. 14. The stated interest payment, i
15、n dollars, made on a bond each period is called the bonds: a. coupon. b. face value. c. maturity.d. yield to maturity.15. The form of bond issue in which the registrar of the company records ownership of each bond, with relevant payments made directly to the owner of record, is called the _ form. a.
16、 new-issue b. registered c. bearer d. debenture16. An account managed by the bond trustee for early bond redemption payments is called a: a. sinking fund. b. collateral payment account. c. deed in trust account. d. call provision.17. The annual coupon payment of a bond divided by its market price is
17、 called the: a. coupon rate. b. current yield c. yield to maturity d. bid-ask spread.18. The stock valuation model that determines the current stock price by dividing the next annual dividend amount by the excess of the discount rate less the dividend growth rate is called the _ model. a. zero growt
18、h b. dividend growth c. capital pricing d. earnings capitalization19. The difference between the present value of an investment and its cost is the: a. net present value. b. internal rate of return. c. payback period. d. profitability index.20. The changes in a firms future cash flows that are a dir
19、ect consequence of accepting a project are called _ cash flows. a. incremental b. stand-alone c. after-tax d. net present value.Judge the following sentences. If it is true , write T; If it is False , write F. (10 points,1 point for each)1.The original sale of securities by governments and corporati
20、ons to the general public occurs in the primary market.2. Noncash items refer to the costs incurred for the purchase of intangible fixed assets.3. The receivables turnover ratio is measured as sales plus accounts receivable. 4. The highest effective annual rate that can be derived from an annual per
21、centage rate of 9% is computed as e.09 1.5. The unsecured debts of a firm with maturities greater than 10 years are most literally calleddebentures.6. Supernormal growth refers to a firm that increases its dividend by a rate which is most likely not sustainable over an extended period of time.7. An
22、investment is acceptable if its IRR is exactly equal to its net present value (NPV).8. An investments average net income divided by its average book value defines the average accounting return.9. The shortcoming(s) of the average accounting return (AAR) method iare: a. the use of net income instead
23、of cash flows. b. the pattern of income flows has no impact on the AAR. c. there is no clear-cut decision rule. 10. One must know the discount rate to compute the NPV of a project but one can compute the IRR without referring to the discount rate. .Compute the Following Problems: (40points)1.Given t
24、he tax rates as shown, what is the average tax rate for a firm with taxable income of $126,500?(5points) Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39%2.The following information should be used for questions A through I: (16points) Knickerdood
25、les, Inc. 2004 2005 Sales $ 740 $ 785 COGS 430 460 Interest 33 35 Dividends 16 17 Depreciation 250 210 Cash 70 75 Accounts receivables 563 502 Current liabilities 390 405 Inventory 662 640 Long-term debt 340 410 Net fixed assets 1,680 1,413 Common stock 700 235 Tax rate 35% 35%A. What is the net wor
26、king capital for 2005?B. What is the change in net working capital from 2004 to 2005?CWhat is net capital spending for 2005?DWhat is the operating cash flow for 2005?EWhat is the cash flow of the firm for 2005?FWhat is net new borrowing for 2005?GWhat is the cash flow to creditors for 2005?IWhat is
27、the cash flow to stockholders for 2005?3.Ginny Trueblood is considering an investment which will cost her $120,000. The investment produces no cash flows for the first year. In the second year the cash inflow is $35,000. This inflow will increase to $55,000 and then $75,000 for the following two yea
28、rs before ceasing permanently. Ginny requires a 10 percent rate of return and has a required discounted payback period of three years. Ginny should accept this project or not .And why? Please calculate the problem.（10 points）Year Cash flow Discounted cash flow 1 $ 0 $ 0.00 2 $35,000 $28,925.62 3 $55
29、,000 $41,322.31 4 $75,000 $51,226.014. Now or Later, Inc. recently paid $1.10 as an annual dividend. Future dividends are projected at $1.14, $1.18, $1.22, and $1.25 over the next four years, respectively. Beginning five years from now, the dividend is expected to increase by 2% annually. What is on
30、e share of this stock worth to you if you require an 8% rate of return on similar investments? Please calculate the problem.（9 points）. Briefly explain the following problems (20point, 10 points for each.)1.Discuss the difference between book values and market values on the balance sheet and explain
31、 which is more important to the financial manager and why.2.List and interpret three liquidity ratios.A卷 答案：.Fill in the blanks: (10points, 2points for each )1. The three basic questions addressed by a financial manager are: capital budgeting, capital structure, and working capital management:2.The three basic legal forms of organizing a business are sole proprietorships, partnerships, and corporations.3.Cash flow is generated by the firm and paid to creditors and shareholders. It can be divided as cash flow fr
