财务管理试题1杨潇.docx
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财务管理试题1杨潇.docx
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财务管理试题1杨潇
Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#1through#5:
Nabors,Inc.
2005IncomeStatement
($inmillions)
Netsales$9,610
Less:
Costofgoodssold6,310
Less:
Depreciation
(1)
Earningsbeforeinterestandtaxes1,930
Less:
Interestpaid630
TaxableIncome$1,300
Less:
Taxes455
Netincome
(2)
Nabors,Inc.
2004and2005BalanceSheets
($inmillions)
2004200520042005
Cash$310$405Accountspayable$2,720$2,570
Accountsrec.2,6403,055Notespayable1000
Inventory3,2753,850Total$2,820$2,570
Total(3)$7,310Long-termdebt7,8758,100
Netfixedassets(4)10,670Commonstock5,0005,250
Retainedearnings(5)2,060
Totalassets$17,185$17,980Totalliab.&equity$17,185$17,980
1.a.1380b.1370c.1440d.1510e.1360
2.a.$845b.$945c.$860d.$885e.$910
3.a.$6500b.$6225c.$6355d.$6150e.$6410
4.a.10930b.10955c.10805d.10960e.11500
5.a.1510b.1485c.1490d.1560e.1495
Thefollowingbalancesheetandincomestatementshouldbeusedforquestions#6through#15:
Windswept,Inc.
2005IncomeStatement
($inmillions)
Netsales$8,450
Less:
Costofgoodssold7,240
Less:
Depreciation400
Earningsbeforeinterestandtaxes810
Less:
Interestpaid70
TaxableIncome$740
Less:
Taxes259
Netincome$481
Windswept,Inc.
2004and2005BalanceSheets
($inmillions)
2004200520042005
Cash$120$140Accountspayable$1,110$1,120
Accountsrec.930780Long-termdebt8401,210
Inventory1,4801,520Commonstock3,2003,000
Total$2,530$2,440Retainedearnings530710
Netfixedassets3,1503,600
Totalassets$5,680$6,040Totalliabilities&equity$5,680$6,040
6.Whatisthequickratiofor2005?
a..82
b..95
c.1.36
d.2.18
e.2.28
7.Whatisthedays’salesinreceivables?
(use2005values)
a.31.8days
b.33.7days
c.38.4days
d.41.9days
e.47.4days
8.Whatisthefixedassetturnover?
(use2005values)
a.1.4
b.1.7
c.2.1
d.2.3
e.2.6
9.Whatistheequitymultiplierfor2005?
a.1.6
b.1.8
c.2.0
d.2.3
e.2.5
10.Whatisthecashcoverageratiofor2005?
a.11.6
b.12.8
c.13.7
d.17.3
e.18.8
11.Whatisthereturnonequityfor2005?
a.5.7percent
b.6.8percent
c.13.0percent
d.15.3percent
e.16.0percent
12.Windswept,Inc.has90millionsharesofstockoutstanding.Theirprice-earningsratiofor2005is12.Whatisthemarketpricepershareofstock?
a.$57.12
b.$59.94
c.$62.82
d.$64.13
e.$65.03
13.Whatamountshouldbeincludedinthefinancingsectionofthe2005statementofcashflowsfordividendspaid?
a.$180million
b.$301million
c.$481million
d.$530million
e.$710million
14.Whatistheamountofthenetcashfrominvestmentactivityfor2005?
a.-$50million
b.$250million
c.$450million
d.$700million
e.$850million
15.Whatisthenetchangeincashduring2005?
a.-$40million
b.-$20million
c.$0
d.$20million
e.$40million
16.Abusinessownedbyasingleindividualiscalleda:
a.corporation.
b.soleproprietorship.
c.generalpartnership.
d.limitedpartnership.
e.limitedliabilitycompany.
17.Theprimarygoaloffinancialmanagementisto:
a.maximizecurrentdividendspershareoftheexistingstock.
b.maximizethecurrentvaluepershareoftheexistingstock.
c.avoidfinancialdistress.
d.minimizeoperationalcostsandmaximizefirmefficiency.
e.maintainsteadygrowthinbothsalesandnetearnings.
18.Acurrentassetis:
a.anitemcurrentlyownedbythefirm.
b.anitemthatthefirmexpectstoownwithinthenextyear.
c.anitemcurrentlyownedbythefirmthatwillconverttocashwithinthenext12months.
d.theamountofcashonhandthefirmcurrentlyshowsonitsbalancesheet.
e.themarketvalueofallitemscurrentlyownedbythefirm.
19.Theproportionsofthemarketvalueofthefirm’sassetsfinancedviadebt,commonstock,andpreferredstockarecalledthefirm’s:
a.financingcosts.b.portfolioweights.c.betacoefficients.d.capitalstructureweights.e.costsofcapital
20.Thechangeinrevenuethatoccurswhenonemoreunitofoutputissoldiscalledthe_____revenue.
a.marginal
b.average
c.total
d.fixed
e.variable
21.Standarddeviationmeasures_____risk.
a.total
b.nondiversifiable
c.unsystematic
d.systematic
e.economic
22.Interestearnedonboththeinitialprincipalandtheinterestreinvestedfrompriorperiodsiscalled_____interest.
a.free
b.annual
c.simple
d.intereston
e.compound
23.Thecurrentratioismeasuredas:
a.currentassetsminuscurrentliabilities.
b.currentassetsdividedbycurrentliabilities.
c.currentliabilitiesminusinventory,dividedbycurrentassets.
d.cashonhanddividedbycurrentliabilities.
e.currentliabilitiesdividedbycurrentassets.
24.Riskthataffectsatmostasmallnumberofassetsiscalled_____risk.
a.portfolio
b.undiversifiable
c.market
d.unsystematic
e.total
25.Estimatesusingthearithmeticaveragewillprobablytendto_____valuesoverthelong-termwhileestimatesusingthegeometricaveragewillprobablytendto_____valuesovertheshort-term.
a.overestimate;underestimateb.underestimate;overestimatec.overestimate;overestimated.underestimate;underestimate
26.Afirmhasnetworkingcapitalof$350.Long-termdebtis$600,totalassetsare$950andfixedassetsare$400.Whatistheamountofthetotalliabilities?
a.$200
b.$400
c.$600
d.$800
e.$1,200
27.Martha’sEnterprisesspent$2,400topurchaseequipmentthreeyearsago.Thisequipmentiscurrentlyvaluedat$1,800ontoday’sbalancesheetbutcouldactuallybesoldfor$2,000.Networkingcapitalis$200andlong-termdebtis$800.Whatisthebookvalueofshareholders’equity?
a.$200
b.$800
c.$1,200
d.$1,400
e.Theanswercannotbedeterminedfromtheinformationprovided.
28.SingLee’shasaccountspayableof$300,inventoryof$250,cashof$50,fixedassets
of$500,accountsreceivableof$200,andlong-termdebtof$400.Whatisthevalueof
thenetworkingcapitaltototalassetsratio?
a.0.20
b.0.33
c.0.40
d.0.50
e.0.67
29.Mario’sHomeSystemshassalesof$2,800,costsofgoodssoldof$2,100,inventoryof
$500,andaccountsreceivableof$400.Howmanydays,onaverage,doesittake
Mario’stoselltheirinventory?
a.65.2days
b.85.2days
c.86.9days
d.96.9days
e.117.3days
30.RoyandFlo’sFlowershas$1,300ofsalesand$1,755oftotalassets.Thefirmis
operatingat80percentofcapacity.Whatisthecapitalintensityratioatfullcapacity?
a.$.59
b.$.93
c.$1.08
d.$1.43
e.$1.69
31._____referstothecashflowthatresultsfromthefirm’songoing,normalbusinessactivities.
a.Operatingcashflow
b.Capitalspending
c.Networkingcapital
d.Cashflowfromassets
e.Cashflowtocreditors
32.Financialplanning:
a.encouragesmanagerstoseparatetheirgoalsfromtheirplans.
b.isgenerallybasedsolelyonthebest-casescenario.
c.generallyhasbeenfoundineffective.
d.helpsmanagersestablishpriorities.
e.preventsfirmsfromencounteringsurpriseevents.
33.Thefixedassetturnoverratioismeasuredas:
a.salesminusnetfixedassets.
b.salestimesnetfixedassets.
c.salesdividedbynetfixedassets.
d.netfixedassetsdividedbysales.
e.netfixedassetsplussales.
34.Sunkcostsincludeanycostthat:
a.willchangeifaprojectisundertaken.
b.willbeincurredifaprojectisaccepted.
c.haspreviouslybeenincurredandcannotbechanged.
d.ispaidtoathirdpartyandcannotberefundedforanyreasonwhatsoever.
e.willoccurifaprojectisacceptedandonceincurred,cannotberecouped.
35.Allofthefollowingareanticipatedeffectsofaproposedproject.Whichoftheseshouldbeincludedintheinitialprojectcashflowrelatedtonetworkingcapital?
I.aninventorydecreaseof$5,000
II.anincreaseinaccountsreceivableof$1,500
III.anincreaseinfixedassetsof$7,600
IV.adecreaseinaccountspayableof$2,100
a.IandIIonly
b.IandIIIonly
c.IIandIVonly
d.I,II,andIVonly
e.I,II,III,andIV
36.Whichofthefollowingareincludedincurrentassets?
I.equipment
II.inventory
III.accountspayable
IV.cash
a.IIandIVonly
b.IandIIIonly
c.I,II,andIVonly
d.IIIandIVonly
e.II,III,andIVonly
37.Anincreaseinwhichoneofthefollowingwillcausethecashflowfromassetstoincrease?
a.depreciation
b.changeinnetworkingcapital
c.networkingcapital
d.taxes
e.costs
38.Allelseconstant,thenetpresentvalueofaprojectincreaseswhen:
a.thediscountrateincreases.
b.eachcashinflowisdelayedbyoneyear.
c.theinitialcostofaprojectincreases.
d.therateofreturndecreases.
e.allcashinflowsoccurduringthelastyearofaproject’slifeinsteadof
periodicallythroughoutthelifeoftheproject.
39.Theprocessoffindingthepresentvalueofsomefutureamountisoftencalled:
a.growth.
b.discounting.
c.accumulation.
d.compounding.
e.reduction.
40.Thereturnthatshareholdersrequireontheirinvestmentinthefirmiscalledthe:
a.dividendyield.
b.costofequity.
c.capitalgainsyield.
d.costofcapital.
e.incomereturn.
41.Whatisthefuturevalueof$2,896investedfortwelveyearsat6.5percentcompoundedannually?
a.$5,827.32
b.$6,023.44
c.$6,049.45
d.$6,165.86
e.$6,
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