公司理财4
1. An annuity stream of cash flow payments is a set of:
A. level cash flows occurring each time period for a fixed length of time.年金是指一系列稳定有规律的，持续一段固定时期的现金支付活动
B. level cash flows occurring each time period forever.
C. increasing cash flows occurring each time period for a fixed length of time.
D. increasing cash flows occurring each time period forever.
E. arbitrary cash flows occurring each time period for no more than 10 years.
2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period.
A. ordinary annuities; early annuities
B. late annuities; straight annuities
C. straight annuities; late annuities
D. annuities due; ordinary annuities
E. ordinary annuities; annuities due普通年金（后付年金）；先付年金
3. An annuity stream where the payments occur forever is called a(n):
A. annuity due.
B. indemnity.
C. perpetuity.永续年金
D. amortized cash flow stream.
E. amortization table.
4. The interest rate expressed in terms of the interest payment made each period is called the _____ rate. 按每个周期支付
利息利息支付
A. stated annual interest名义年利率不考虑年内复利计息的。
B. compound annual interest
C. effective annual interest
D. periodic interest
E. daily interest
5. The interest rate expressed as if it were compounded once per year is called the _____ rate.
A. stated interest
B. compound interest
C. effective annual实际年利率每一年按复利计息
D. periodic interest
E. daily interest 6. The interest rate charged per period multiplied by the number of periods per year is called the _____ rate. 单次计息利率*计息次数=年利率
A. effective annual
B. annual percentage年利率
C. periodic interest
D. compound interest
E. daily interest
7. Paying off long-term debt by making installment payments 分期付款 is called:
A. foreclosing on the debt.
B. amortizing the debt.分期付款
C. funding the debt.
D. calling the debt.
E. None of the above.
8. 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 each 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 present value than annuity A.
E. Both annuities have the same future value as of ten years from today.
9. You are comparing two investment options. The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each. Option B pays five annual payments of $4,000 each. Which one of the following statements is correct given these two investment options? A. Both options are of equal value given that they both provide $20,000 of income.
B. Option A is the better choice of the two given any positive rate of return.
C. Option B has a higher present value than option A given a positive rate of return.
D. Option B has a lower future value at year 5 than option A given a zero rate of return.
E. Option A is preferable because it is an annuity due.
10. You are considering two projects with the following cash flows:
Which of the following statements are true concerning these two projects?
I. Both projects have the same future value at the end of year 4, given a positive rate of return.
II. Both projects have the same future value given a zero rate of return.
III. Both projects have the same future value at any point in time, given a positive rate of return.
IV. Project A has a higher future value than project B, given a positive rate of return.
A. II only
B. IV only
C. I and III only
D. II and IV only
E. I, II, and III only
11. A perpetuity differs from an annuity because:
A. perpetuity payments vary with the rate of inflation.
B. perpetuity payments vary with the market rate of interest.
C. perpetuity payments are variable while annuity payments are constant.
D. perpetuity payments never cease.终止
E. annuity payments never cease.
12. Which one of the following statements concerning the annual percentage rate is correct?
A. The annual percentage rate considers interest on interest.
B. The rate of interest you actually pay on a loan is called the annual percentage rate.
C. The effective annual rate is lower than the annual percentage rate when an interest rate is compounded quarterly.
D. When firms advertise the annual percentage rate they are violating U.S. truth-in-lending laws.
E. The annual percentage rate equals the effective annual rate when the rate on an account is designated as simple interest. 13. Which one of the following statements concerning interest rates is correct?
A. The stated rate is the same as the effective annual rate.
B. An effective annual rate is the rate that applies if interest were charged annually.
C. The annual percentage rate increases as the number of compounding periods per year increases.
D. Banks prefer more frequent compounding on their savings accounts.
E. For any positive rate of interest, the effective annual rate will always exceed the annual percentage rate.
14. Which of the following statements concerning the effective annual rate are correct?
I. When making financial decisions, you should compare effective annual rates rather than annual percentage rates. II. The more frequently interest is compounded, the higher the effective annual rate.
III. A quoted rate of 6% compounded continuously has a higher effective annual rate than if the rate were compounded daily.
IV. When borrowing and choosing which loan to accept, you should select the offer with the highest effective annual rate.
A. I and II only
B. I and IV only
C. I, II, and III only
D. II, III, and IV only
E. I, II, III, and IV
15. The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as:
A. .09e - 1.
B. e.09 ? q.
C. e ? (1 + .09).
D. e.09 - 1.
E. (1 + .09)q.
16. The time value of money concept can be defined as:
A. the relationship between the supply and demand of money.
B. the relationship between money spent versus money received.
C. the relationship between a dollar to be received in the future and a dollar today.
D. the relationship between interest rate stated and amount paid.
E. None of the above.
17. Discounting cash flows involves:
A. discounting only those cash flows that occur at least 10 years in the future.
B. estimating only the cash flows that occur in the first 4 years of a project.
C. multiplying expected future cash flows by the cost of capital.
D. discounting all expected future cash flows to reflect the time value of money.
E. taking the cash discount offered on trade merchandise.
18. Compound interest:
A. allows for the reinvestment of interest payments.
B. does not allow for the reinvestment of interest payments.
C. is the same as simple interest.
D. provides a value that is less than simple interest.
E. Both A and D.
19. An annuity:
A. is a debt instrument that pays no interest.
B. is a stream of payments that varies with current market interest rates.
C. is a level stream of equal payments through time.
D. has no value.
E. None of the above.
20. The stated rate of interest is 10%. Which form of compounding will give the highest effective rate of interest?
A. annual compounding
B. monthly compounding
C. daily compounding
D. continuous compounding
E. It is impossible to tell without knowing the term of the loan.
21. 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.
E. None of the above.
22. Find the present value of $5,325 to be received in one period if the rate is 6.5%.
A. $5,000.00
B. $5,023.58
C. $5,644.50
D. $5,671.13
E.
None of the above. 23. If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much?
A. Simple interest by $50.00
B. Compound interest by $22.97
C. Compound interest by $150.75
D. Compound interest by $150.00
E. None of the above.
Simple Interest = $10,000 (.08)(3) = $2,400;
Compound Interest = $10,000((1.075)3 - 1) = $2,422.97; Difference = $2,422.97 - $2,400 = $22.97
24. Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?
A. $1,960.00
B. $2,175.57
C. $8,960.00
D. $8,837.34
E. $9,175.57
$7,000 (1.06)4 = $8,837.34
25. Your parents are giving you $100 a month for four years while you are in college. At a 6% discount rate, what are these payments worth to you when you first start college?
A. $3,797.40
B. $4,167.09
C. $4,198.79
D. $4,258.03
E.
$4,279.32
26. You just won the lottery! As your prize you will receive $1,200 a month for 100 months. If you can earn 8% on your money, what is this prize worth to you today? A. $87,003.69 B. $87,380.23 C. $87,962.77 D. $88,104.26 E.
$90,723.76
27. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9%, how much can Todd afford to borrow to buy a car? A. $6,961.36 B. $8,499.13 C. $8,533.84 D. $8,686.82 E.
$9,588.05
28. You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for ten years. You can earn 6.5% on your money. Which option should you take and why?
A. You should accept the payments because they are worth $56,451.91 today.
B. You should accept the payments because they are worth $56,523.74 today.
C. You should accept the payments because they are worth $56,737.08 today.
D. You should accept the $50,000 because the payments are only worth $47,757.69 today.
E. You should accept the $50,000 because the payments are
only worth $47,808.17 today.
29. Your employer contributes $25 a week to your retirement plan. Assume that you work for your employer for another twenty years and that the applicable discount rate is 5%. Given these assumptions, what is this employee benefit worth to you today?
A. $13,144.43
B. $15,920.55
C. $16,430.54
D. $16,446.34
E.
$16,519.02
30. You have a sub-contracting job with a local manufacturing firm. Your agreement calls for annual payments of $50,000 for the next five years. At a discount rate of 12%, what is this job worth to you today? A. $180,238.81 B. $201,867.47 C. $210,618.19 D. $223,162.58 E.
$224,267.10
31. The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.25% interest compounded monthly. It deposits the first $1,500 today. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?
A. $82,964.59
B. $83,189.29
C. $83,428.87
D. $83,687.23
E.
$84,998.01
32. You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much money are you borrowing? A. $113.94 B. $115.65 C. $119.34 D. $119.63 E.
$119.96
33. You buy an annuity which will pay you $12,000 a year for ten years. The payments are paid on the first day of each year. What is the value of this annuity today at a 7% discount rate? A. $84,282.98 B. $87,138.04 C. $90,182.79 D. $96,191.91 E.
$116,916.21
34. You are scheduled to receive annual payments of $10,000 for each of the next 25 years. Your discount rate is 8.5%. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year? A. $8,699 B. $9,217 C. $9,706
D. $10,000
E.
$10,850
Difference = $111,040.97 - $102,341.91 = $8,699.06 = $8,699 (rounded)
Note: The difference = .085 $102,341.91 = $8,699.06 35. You are comparing two annuities with equal present
values. The applicable discount rate is 7.5%. One annuity pays $5,000 on the first day of each year for twenty years. How much does the second annuity pay each year for twenty years if it pays at the end of each year? A. $4,651 B. $5,075 C. $5,000 D. $5,375 E. $5,405
Because each payment is received one year later, then the cash flow has to equal: $5,000 (1 + .075) = $5,375
36. Martha receives $100 on the first of each month. Stewart receives $100 on the last day of each month. Both Martha and Stewart will receive payments for five years. At an 8% discount rate, what is the difference in the present value of these two sets of payments? A. $32.88 B. $40.00 C. $99.01 D. $108.00 E.
$112.50
Difference = $4,964.72 - $4,931.84 = $32.88
37. What is the future value of $1,000 a year for five years at a 6% rate of interest? A. $4,212.36 B. $5,075.69 C. $5,637.09 D. $6,001.38 E.
$6,801.91
38. What is the future value of $2,400 a year for three years at an 8% rate of interest? A. $6,185.03 B. $6,847.26 C. $7,134.16 D. $7,791.36 E.
$8,414.67
39. Janet plans on saving $3,000 a year and expects to earn 8.5%. How much will Janet have at the end of twenty-five years if she earns what she expects? A. $219,317.82 B. $230,702.57 C. $236,003.38 D. $244,868.92 E.
$256,063.66
40. Toni adds $3,000 to her savings on the first day of each year. Tim adds $3,000 to his savings on the last day of each year. They both earn a 9% rate of return. What is the
difference in their savings account balances at the end of thirty years?
A. $35,822.73
B. $36,803.03
C. $38,911.21
D. $39,803.04
E.
$40,115.31
Difference = $445,725.65 - $408,922.62 = $36,803.03 Note: Difference = $408,922.62 ? .09 = $36,803.03
41. You borrow $5,600 to buy a car. The terms of the loan call for monthly payments for four years at a 5.9% rate of interest. What is the amount of each payment? A. $103.22 B. $103.73 C. $130.62 D. $131.26 E.
$133.04
42. You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay? A. $138,086 B. $218,161 C. $226,059 D. $287,086 E.
$375,059
Total interest = ($1,041.83 ? 30 ? 12) - $149,000 = $226,058.80 = $226,059 (rounded)
43. The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25 million be paid to the president upon the completion of her first ten years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 6.5% on these funds. How much must the company set aside each year for this purpose? A. $1,775,042.93 B. $1,798,346.17 C. $1,801,033.67 D. $1,852,617.25 E.
$1,938,018.22
44. You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement. How much can you withdraw from your retirement savings each month if you plan to die on the day you spend your last penny? A. $2,001.96 B. $2,092.05 C. $2,398.17 D. $2,472.00 E.
$2,481.27
45. The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly
payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment? A. $7,440.01 B. $8,978.26 C. $9,036.25 D. $9,399.18 E. $9,413.67
Amount financed = $1,200,000
(1 - .2) = $960,000
46. You estimate that you will have $24,500 in student loans by the time you graduate. The interest rate is 6.5%. If you want to have this debt paid in full within five years, how much must you pay each month? A. $471.30 B. $473.65 C. $476.79 D. $479.37 E.
$480.40
47. You are buying a previously owned car today at a price of $6,890. You are paying $500 down in cash and financing the balance for 36 months at 7.9%. What is the amount of each loan payment? A. $198.64 B. $199.94 C. $202.02 D. $214.78 E. $215.09
Amount financed = $6,890 - $500 = $6,390
48. The Good Life Insurance Co. wants to sell you an annuity which will pay you $500 per quarter for 25 years. You want to earn a minimum rate of return of 5.5%. What is the most you are willing to pay as a lump sum today to buy this annuity? A. $26,988.16 B. $27,082.94 C. $27,455.33 D. $28,450.67 E.
$28,806.30
49. Your car dealer is willing to lease you a new car for $299 a month for 60 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 4.9%, what is the current value of the lease?
A. $15,882.75
B. $15,906.14
C. $15,947.61
D. $16,235.42
E.
$16,289.54 50. Your great-aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and
continuing for fifty years. What is the value of this inheritance today if the applicable discount rate is 6.35%? A. $36,811.30 B. $37,557.52 C. $39,204.04 D. $39,942.42 E.
$40,006.09
51. Beatrice invests $1,000 in an account that pays 4% simple interest. How much more could she have earned over a five-year period if the interest had compounded annually? A. $15.45 B. $15.97 C. $16.65 D. $17.09 E. $21.67
Ending value at 4% simple interest = $1,000 + ($1,000 ? .04 ? 5) = $1,200.00; Ending value at 4% compounded annually = $1,000 ? (1 +.04)5 = $1,216.65;
Difference = $1,216.65 - $1,200.00 = $16.65
52. Your firm wants to save $250,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the first day of each year starting today. The firm can earn a 4.7% rate of return. How much does the firm have to save each year to achieve its goal? A. $75,966.14 B. $76,896.16 C. $78,004.67 D. $81.414.14 E. $83,333.33
53.
53.Today is January 1. Starting today, Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of ? of 1 percent, how much will he have in his retirement account 35 years from now? A. $199,45.944 B. $200,456.74 C. $249,981.21 D. $299,189.16 E.
$300,685.11
54. You are considering an annuity which costs $100,000 today. The annuity pays $6,000 a year. The rate of return is 4.5%. What is the length of the annuity time period? A. 24.96 years B. 29.48 years C. 31.49 years D. 33.08 years E.
38.00 years
55. Today, you signed loan papers agreeing to borrow
$4,954.85 at 9% compounded monthly. The loan payment is $143.84 a month. How many loan payments must you make before the loan is paid in full? A. 29.89 B. 36.00 C. 38.88 D. 40.00 E.
41.03
56. Winston Enterprises would like to buy some additional land and build a new factory. The anticipated total cost is $136 million. The owner of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire expansion project. Management has
decided to save $450,000 a month for this purpose. The firm earns 6% compounded monthly on the funds it saves. How long does the company have to wait before expanding its operations?
A. 184.61 months
B. 199.97 months
C. 234.34 months
D. 284.61 months
E.
299.97 months
57. Today, you are retiring. You have a total of $413,926 in your retirement savings and have the funds invested such that you expect to earn an average of 3%, compounded monthly, on this money throughout your retirement years. You want to withdraw $2,500 at the beginning of every month, starting today. How long will it be until you run out of money? A. 185.00 months B. 213.29 months C. 227.08 months D. 236.84 months E.
249.69 months
58. The Bad Guys Co. is notoriously known as a slow-payer. It currently needs to borrow $25,000 and only one company will even deal with Bad Guys. The terms of the loan call for daily payments of $30.76. The first payment is due today. The interest rate is 21% compounded daily. What is the time period of this loan? A. 2.88 years B. 2.94 years C. 3.00 years D. 3.13 years E.
3.25 years
59. The Robertson Firm is considering a project which costs $123,900 to undertake. The project will yield cash flows of $4,894.35 monthly for 30 months. What is the rate of return on this project? A. 12.53% B. 13.44% C. 13.59% D. 14.02% E.
14.59%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
your answer is correct.
60. Your insurance agent is trying to sell you an annuity that costs $100,000 today. By buying this annuity, your agent promises that you will receive payments of $384.40 a month for the next 40 years. What is the rate of return on this investment? A. 3.45% B. 3.47% C. 3.50% D. 3.52% E.
3.55%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
you answer is correct.
61. You have been investing $120 a month for the last 15 years. Today, your investment account is worth $47,341.19. What is your average rate of return on your investments? A. 9.34% B. 9.37% C. 9.40% D. 9.42% E.
9.46%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
you answer is correct.
62. Brinker, Inc. has been investing $136,000 a year for the past 4 years into a business venture. Today, Brinker sold that venture for $685,000. What is its rate of return on this venture? A. 9.43% B. 11.06% C. 15.59% D. 16.67% E.
18.71%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
you answer is correct.
63. Your mother helped you start saving $25 a month
beginning on your 10th birthday. She always made you make your deposit on the first day of each month just to "start the month out right." Today, you turn 21 and have $4,482.66 in your account. What is your rate of return on your savings? A. 5.25% B. 5.29% C. 5.33% D. 5.36% E.
5.50%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
you answer is correct.
To more decimal places, the answer is 5.28632%.
64. Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. In an attempt to reach this goal, you decide to save $25 a day, every day until you turn 40. You open an investment account and deposit your first $25 today. What rate of return must you earn to achieve your goal? A. 15.07% B. 15.13% C. 15.17% D. 15.20% E.
15.24%
This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that
you answer is correct.
To more decimal places, the answer is 15.0697117%. 65. Marko, Inc. is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $5,000, $9,000, and $15,000 over the next three years, respectively. After that time, Marko feels ABC will be
worthless. Marko has determined that a 14% rate of return is applicable to this potential purchase. What is Marko willing to pay today to buy ABC Co.? A. $19,201.76 B. $21,435.74 C. $23,457.96 D. $27,808.17 E.
$31,758.00
Present value = $4,385.96 + $6,925.21 + $10,124.57 = $21,435.74
66. You are considering two savings options. Both options offer a 4% rate of return. The first option is to save $1,200, $1,500, and $2,000 a year over the next three years,
respectively. The other option is to save one lump sum amount today. If you want to have the same balance in your savings at the end of the three years, regardless of the savings method you select, how much do you need to save today if you select the lump sum option? A. $4,318.67 B. $4,491.42 C. $4,551.78 D. $4,607.23 E.
$4,857.92
Present value = $1,153.85 + $1,386.83 + $1,777.99 = $4,318.67
67. You are considering two insurance settlement offers. The first offer includes annual payments of $5,000, $7,500, and $10,000 over the next three years, respectively. The other offer is the payment of one lump sum amount today. You are trying to decide which offer to accept given the fact that your discount rate is 5%. What is the minimum amount that you will accept today if you are to select the lump sum offer? A. $19,877.67 B. $20,203.00 C. $21,213.15 D. $23,387.50 E.
$24,556.88
Present value = $4,761.90 + $6,802.72 + $8,638.38 = $20,203.00
68. You are considering a job offer. The job offers an annual salary of $52,000, $55,000, and $60,000 a year for the next three years, respectively. The offer also includes a starting bonus of $2,000 payable immediately. What is this offer worth to you today at a discount rate of 6%? A. $148,283.56 B. $148,383.56 C. $150,283.56 D. $150,383.56 E.
$152,983.56
Present value = $2,000 + $49,056.60 + $48,949.80 + $50,377.16 = $150,383.56
69. You are considering a project with the following cash flows:
What is the present value of these cash flows, given a 9% discount rate? A. $4,713.62 B. $4,855.27 C. $5,103.18 D. $5,292.25 E.
$6,853.61
Present value = $1,100.92 + $1,515.02 + $2,239.33 = $4,855.27
70. You are considering a project with the following cash flows:
What is the present value of these cash flows, given an 11% discount rate? A. $8,695.61 B. $8,700.89 C. $13,732.41 D. $13,812.03 E.
$19,928.16
Present value = $5,045.05 + $7,304.60 + $1,462.38 = $13,812.03
71. You are considering a project with the following cash flows:
What is the present value of these cash flows, given a 3% discount rate? A. $13,732.41 B. $13,812.03 C. $14,308.08 D. $14,941.76 E.
$14,987.69
Present value = $4,077.67 + $4,712.98 + $4,941.76 = $13,732.41
72. You have some property for sale and have received two offers. The first offer is for $189,000 today in cash. The second offer is the payment of $100,000 today and an
additional $100,000 two years from today. If the applicable discount rate is 8.75%, which offer should you accept and why?
A. You should accept the $189,000 today because it has the higher net present value.
B. You should accept the $189,000 today because it has the lower future value.
C. You should accept the second offer because you will receive $200,000 total.
D. You should accept the second offer because you will receive an extra $11,000.
E. You should accept the second offer because it has a present
value of $194,555.42.
Present value = $100,000 + $84,555.42 = $184,555.42
You should accept the $189,000 today since it is the higher net present value.
73. Your local travel agent is advertising an extravagant global vacation. The package deal requires that you pay $5,000 today, $15,000 one year from today, and a final payment of $25,000 on the day you leave two years from today. What is the cost of this vacation in today's dollars if the discount rate is 6%? A. $39,057.41 B. $41,400.85 C. $43,082.39 D. $44,414.14 E.
$46,518.00
Present value = $5,000.00 + $14,150.94 + $22,249.91 = $41,400.85
74. One year ago, the Jenkins Family Fun Center deposited $3,600 in an investment account for the purpose of buying new equipment four years from today. Today, it is adding another $5,000 to this account. It plans on making a final deposit of $7,500 to the account next year. How much will be available when it is ready to buy the equipment, assuming it earns a 7% rate of return? A. $18,159.65 B. $19,430.84 C. $19,683.25 D. $20,194.54 E. $20,790.99
Future value = $5,049.19 + $6,553.98 + $9,187.82 = $20,790.99
75. What is the future value of the following cash flows at the end of year 3 if the interest rate is 6%? The cash flows occur at the end of each year.
A. $15,916.78
B. $18,109.08
C. $18,246.25
D. $19,341.02
E.
$19,608.07
Future value = $5,820.25 + $10,176.00 + $2,250.00 = $18,246.25
76. What is the future value of the following cash flows at the end of year 3 if the interest rate is 9%? The cash flows occur at the end of each year.
A. $15,213.80
B. $15,619.70
C. $15,916.78
D. $16,177.14
E.
$17,633.08
Future value = $11,667.14 + $0 + $4,510.00 = $16,177.14
77. What is the future value of the following cash flows at the end of year 3 if the interest rate is 7.25%? The cash flows occur at the end of each year.
A. $8,758.04
B. $8,806.39
C. $10,073.99
D. $10,314.00
E.
$10,804.36
Future value = $7,821.74 + $2,252.25 + $0 = $10,073.99 78. Suzette is going to receive $10,000 today as the result of an insurance settlement. In addition, she will receive $15,000 one year from today and $25,000 two years from today. She plans on saving all of this money and investing it for her retirement. If Suzette can earn an average of 11% on her investments, how much will she have in her account if she retires 25 years from today? A. $536,124.93 B. $541,414.14 C. $546,072.91 D. $570,008.77 E.
$595,098.67
Future value = $135,854.64 + $183,587.35 + $275,656.68 = $595,098.67
79. The Bluebird Company has a $10,000 liability it must pay three years from today.
The company is opening a savings account so that the entire amount will be available when this debt needs to be paid. The plan is to make an initial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate of return. How much does the Bluebird Company need to deposit today? A. $1,867.74 B. $2,079.89 C. $3,108.09 D. $4,276.34 E.
$4,642.28
80. The government has imposed a fine on the Not-So-Legal Company. The fine calls for annual payments of $100,000, $250,000, and $250,000, respectively over the next three years. The first payment is due one year from today. The government plans to invest the funds until the final payment is collected and then donate the entire amount, including investment earnings, to a national health center. The
government will earn 3.5% on the funds held. How much will the national health center receive three years from today? A. $613,590.00 B. $614,622.50 C. $615,872.50 D. $616,006.00 E.
$619,050.05
FV = $107,122.50 + $258,750.00 + $250,000 = $615,872.50
81. George Jefferson established a trust fund that provides $150,000 in scholarships each year for worthy students. The trust fund earns a 4.25% rate of return. How much money did Mr. Jefferson contribute to the fund assuming that only the interest income is distributed? A. $3,291,613.13 B. $3,529,411.77 C. $3,750,000.00 D. $4,328,970.44 E.
$6,375,000.00
82. A 9% preferred stock pays an annual dividend of $4.50. What is one share of this stock worth today? A. $0.41 B. $4.50 C. $5.00 D. $45.00 E.
$50.00
83. You would like to establish a trust fund that will provide $50,000 a year forever for your heirs. The trust fund is going to be invested very conservatively so the expected rate of return is only 2.75%. How much money must you deposit today to fund this gift for your heirs? A. $1,333,333.33 B. $1,375,000.00 C. $1,425,000.00 D. $1,666,666.67 E.
$1,818,181.82
84. You just paid $350,000 for a policy that will pay you and your heirs $12,000 a year forever. What rate of return are you earning on this policy? A. 3.25% B. 3.33% C. 3.43% D. 3.50% E.
3.67%
85. The Eternal Gift Insurance Company is offering you a policy that will pay you and your heirs $10,000 a year forever. The cost of the policy is $285,000. What is the rate of return on this policy? A. 2.85% B. 3.25% C. 3.46% D. 3.51% E.
3.60%
86. Your rich uncle establishes a trust in your name and
deposits $150,000 in it. The trust pays a guaranteed 4% rate of return. How much will you receive each year if the trust is required to pay you all of the interest earnings on an annual basis? A. $3,750 B. $4,000 C. $4,500 D. $5,400 E.
$6,000
87. The preferred stock of ABC Co. offers an 8.4% rate of return. The stock is currently priced at $50.00 per share. What is the amount of the annual dividend? A. $2.10 B. $4.20 C. $5.00 D. $6.40 E.
$8.60
88. Your credit card company charges you 1.5% per month. What is the annual percentage rate on your account? A. 12.00% B. 15.00% C. 15.39% D. 18.00% E. 19.56%
APR = .015 ? 12 = .18 = 18%
89. What is the annual percentage rate on a loan with a stated rate of 2% per quarter? A. 2.00% B. 2.71% C. 4.04% D. 8.00% E. 8.24%
APR = .02 ? 4 = .08 = 8%
90. You are paying an effective annual rate of 13.8% on your credit card. The interest is compounded monthly. What is the annual percentage rate on your account? A. 11.50% B. 12.00% C. 13.00% D. 13.80% E.
14.71%
91. What is the effective annual rate if a bank charges you 7.64% compounded quarterly? A. 7.79% B. 7.86% C. 7.95% D. 7.98% E.
8.01%
92. Your credit card company quotes you a rate of 14.9%. Interest is billed monthly. What is the actual rate of interest you are paying? A. 13.97% B. 14.90% C. 15.48% D. 15.96% E.
16.10%
93. Mr. Miser loans money at an annual rate of 21%. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? A. 22.97% B. 23.08% C. 23.21% D. 23.36% E.
23.43%
94. You are considering two loans. The terms of the two loans are equivalent with the exception of the interest rates. Loan A offers a rate of 7.45% compounded daily. Loan B offers a rate of 7.5% compounded semi-annually. Loan _____ is the better offer because ______.
A. A; you will pay less interest
B. A; the annual percentage rate is 7.45%
C. B; the annual percentage rate is 7.64%
D. B; the interest is compounded less frequently
E. B; the effective annual rate is 7.64%
95. You have $2,500 that you want to use to open a savings account. You have found five different accounts that are
acceptable to you. All you have to do now is determine which account you want to use such that you can earn the highest rate of interest possible. Which account should you use based upon
the annual percentage rates quoted by each bank?
A. Account A
B. Account B
C. Account C
D. Account D
E.
Account E
Using e x on a financial calculator: EAR = 3.72% On the Texas Instruments BA II Plus, the input is: .0365, 2nd , e x , -1, = .0372
= 3.72%
Account B offers the highest effective annual rate at 3.76%. 96. What is the effective annual rate of 14.9% compounded continuously? A. 15.96% B. 16.01% C. 16.05% D. 16.07% E. 16.17%
Using e x on a financial calculator: EAR = 16.07% On the Texas Instruments BA II Plus, the input is: .149, 2nd , e x , -1, = .1607 = 16.07%
97. What is the effective annual rate of 9.75% compounded continuously?
A. 9.99%
B. 10.11%
C. 10.24%
D. 10.28%
E. 10.30%
Using e x on a financial calculator: EAR = 10.24% On the Texas Instruments BA II Plus, the input is: .0975, 2nd, e x, -1, = .1024 = 10.24%
98. The Smart Bank wants to appear competitive based on quoted loan rates and thus must offer a 7.9 annual percentage rate. What is the maximum rate the bank can actually earn based on the quoted rate?
A. 7.90%
B. 8.18%
C. 8.20%
D. 8.22%
E. 8.39%
Using e x on a financial calculator: EAR = 8.22% On the Texas Instruments BA II Plus, the input is: .079, 2nd, e x, -1, = .0822 = 8.22%
99. You are going to loan your friend $1,000 for one year at a 5% rate of interest. How much additional interest can you earn if you compound the rate continuously rather than annually?
A. $.97
B. $1.09
C. $1.27
D. $1.36
E. $1.49
Using e x on a financial calculator: EAR = 5.127% On the Texas Instruments BA II Plus, the input is: .05, 2nd, e x, -1,
= .05127 = 5.127%
Additional interest = $1,000 ? (.05127 - .05) = $1.27
100. Today you earn a salary of $28,500. What will be your annual salary fifteen years from now if you earn annual raises of 3.5%?
A. $47,035.35
B. $47,522.89
C. $47,747.44
D. $48,091.91
E. $48,201.60 Future value = $28,500 ? (1 + .035)15
= $47,747.44
101. You hope to buy your dream house six years from now. Today your dream house costs $189,900. You expect housing prices to rise by an average of 4.5% per year over the next six years. How much will your dream house cost by the time you are ready to buy it?
A. $240,284.08
B. $246,019.67
C. $246,396.67
D. $246,831.94
E. $247,299.20
Future value = $189,900 ? (1 + .045)6
= $247,299.20
102. Your grandmother invested one lump sum 17 years ago at 4.25% interest. Today, she gave you the proceeds of that investment which totaled $5,539.92. How much did your grandmother originally invest?
A. $2,700.00
B. $2,730.30
C. $2,750.00
D. $2,768.40
E. $2,774.90
Present value = $5,539.92 ? [1 ÷ (1 + .0425)17
] = $2,730.30 103. You would like to give your daughter $40,000 towards her college education thirteen years from now. How much money must you set aside today for this purpose if you can earn 6.3% on your funds?
A. $17,750.00
B. $17,989.28
C. $18,077.05
D. $18,213.69
E. $18,395.00
公司理财整理部分(1)
第七章 11．敏感性分析与盈亏平衡点我们正评估一个项目，该项目成本为724000美元，存续期限为8年，残值为0。假设在项目生命期内以直线折旧法计提折旧，最终账面值为0。预计每年的销售量为75000单位，每单位的价格为39美元，每单位的可变成本为23美元，每年固定成本为850000美元。税率为35%，我们对该项目要求的收益率为15%。 a.计算会计盈亏平衡点 b.计算基本情况下的现金流与净现值。净现值对销售数额变动的敏感性如何？根据你的答案，说明当预测销售量减少500单位时会发生什么情况？ c.营运现金流(OCF)对可变成本数值变动的敏感性如何？根据你的答案，说明当估计的可变成本降低1美元时会发生什么情况？ 答案：a．每年的折旧为：724000/8=90,500 会计利润的盈亏平衡点：（固定成本+折旧）/（销售单价-单位变动成本）= (850,000 + 90,500)/(39 – 23)=58781 b．1）基本情况下的现金流为： [（销售单价-可变成本）*销售量-固定成本]（1-税率）+税率*折旧=[(39 –23)(75,000) –850,000](0.65) + 0.35(90,500)= 259,175
净现值=-成本+现值现值=年金现值表（15%，8）*现金流 =-724000+259,175(PVIFA15%,8)=439001.55 2）当销售量为80000时，现金流为： [($39 –23)(80,000) –$850,000](0.65) + 0.35($90,500)= 311,175 净现值为：–$724,000 + $311,175(PVIFA15%,8)= 672,342.27 则：销售额变动，净现值变动为： D净现值/D销售量=（439,001.55-672,342.27）/(75,000-80.000)=46.668 如果销售量减少500单位则净现值下降： 46.668*500=23.334 C.可变成本降低一美元时，营运现金流为： [(39 –24)(75,000) –850,000](0.65) + 0.35(90,500)= 210,425 则营运现金流对可变成本的变化： DOCF/Dvc = ($259,175 – 210,425)/($23 – 24)=-48750 即；如果可变成本降低一美元则营运现金流增加48750 14、题财务盈亏平衡点 LJ 玩具公司刚刚购买了一台250000 美元的机器，以生产玩具车。该机器将在其5 年的使用期限内以直线折旧法计提折旧。每件玩具售价为25 美元。每件玩具的可变成本为6 美元，每年公司的固定成本为360000 美元。公司税率为34％。适当的折现率为12％。
(公司理财)公司理财中文版第九版第三章答案
第三章财务报表分析与长期财务规划 1.由于不同行业的公司在财务比率上存在很大的差异，财务比率本身提供的信息有限，分析公司的财务比率有两种基本方法：时间趋势分析法和同类公司分析。为什么这些方法会有用呢？每种方法能够告诉你哪些关于公司财务健康状况的信息？ 答：时间趋势分析描绘了公司财务状况随时间而变化的图景。通过公司本身的跨期比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否已经发生了变化。同类公司比较分析涉及到将某一特定公司的财务比率和经营绩效与同一行业或业务相同的其他公司进行比较。通过同类公司比较分析，财务经理可以评价公司的经营、融资或投资活动的某些方面是否越出常规，从而为调整这些比率采取恰当的行动提供指南，如果这种调整合适的话。两种方法都从财务的视角研究一个公司究竟有什么不同，但两种方法都不能告诉我们这种不同是积极正面的还是消极负面的。例如，假设一个公司的流动比率是随时间而提高，这可能意味着该公司在过去一直面临流动性问题，一直在纠正这些问题；或者它也可能意味着该公司已经在管理流动资产和负债方面变得更低效。同类公司比较分析中也存在类似的争论。一个公司的流动比率低于同类公司，也许是它在管理流动资产和负债方面更具效率，也可能是它面临流动性问题。没有哪种方法告诉我们某个比率是好还是坏。两种方法只是表明有些东西存在差异，并告诉我们去哪里寻找。 2.所谓的“同店销售”是像沃尔玛和希尔斯之类的十分分散的公司的
一项重要指标，顾名思义，分析同店销售就是比较同样的店铺或餐馆在两个不同的时间点上的销售额。为什么公司总是关注同店销售而不是总销售？ 答：如果一家公司通过开设新店来不断增长，那么可以推测其总收入将上升。比较两个不同时点的总销售额可能会误导。同店销售方法只看在特定时期开设的店铺的销售额控制了这一误差。 3.为什么多数长期财务计划都从销售预测开始？或者说，为什么未来销售额是关键？ 答：理由是，最终，消费是商业背后的驱动力。一个企业的资产、雇员，事实上，几乎企业经营和融资的所有方面都是直接或间接地支持销售。换种说法，一个企业对资本资产、雇员、存货以及融资的未来需求都由它的未来销售所决定。 4.本章利用Rosengarten公司说明EFN的计算，Rosengarten的ROE 约为7.3%，利润再投资率约为67%，如果你为Rosengarten计算可持续增长率，会发现它只有 5.14%，而我们在计算EFN时所使用的增长率为25%，这可能吗？（提示：有可能。如何实现？） 答：可持续增长公式的两个假设是，公司并不想出售新的股票，以及财务政策是固定的。如果公司增加外部股权，或提高其债务权益比率，它的增长速度可以比可持续增长率更高。当然，如果公司改变其股利政策，提高留成比例，或其总资产周转率提高，它的增长速度也可以快于它的销售净利率提高的速度。 5. Broslofski公司每年都维持一个正的留存比率，并保持负债权益比
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
公司理财名词解释及简答汇总
公司理财名词解释及简单题汇总 1公司理财：在市场经济条件下，研究以现代化企业——公司为代表的企业的理财（或称财务管理）行为，包括公司如何组织好其筹资、投资、营运资金管理、利润分配管理等理财活动和如何处理好公司与其相关利益主体的经济关系。 2财务活动：作为一种资本经营活动，其实质是一种管理活动，它直接地作用于经济活动过程，而不仅仅是一种对经济活动所进行的观念总结 3资产负债表：反映公司在某一特定日期财务状况的会计报表。 4资产：过去的交易、事项形成并由企业拥有或者控制的资源，该资源预期会给公司带来经济利益. 5负债：过去的交易、事项形成的现时义务，履行该义务预期会导致经济利益流出公司。 6所有者权益：所有者在公司资产中享有的经济效益，其金额为资产减去负债后的余额。 7利润表：反映公司在一定期间经营成果实现情况的报表 8利润:公司在一定期间的经营成果，它通常用来作为公司经营业绩的评价指标，从数量上看，它是收入与费用相抵后的差额，从总额考察，扣减的费用必须低于该期的收入，才会有利润；反之，该一会计期间的经营成果就将反映为亏损. 9现金流量表：反映公司在一定期间现金流入和现金流出情况的报表，它反映的是一定会计期间的数据，属于动态的年度报表. 10现金等价物：公司持有的期限短、流动性强、易于转换为已知金额现金、价值变动风险很小的投资。 11股利：是股息和红利的总称，它由公司董事会宣布从公司的净利润中分配给股东，作为股东对公司投资的报酬。 12、剩余股利政策：将公司的盈余首先用于良好的投资项目，然后将剩余的盈余作为股利进行分配。 13、固定股利额政策：公司不论税后利润为多少，都支付给股东一定数额的固定股利，并不因为公司税后利润的变化而调整股利数额。 14、固定股利支付率政策：由公司确定一个股利占盈余的比率，长期按照这个比率支付股利。 15、低正常股利加额外股利政策：公司每年只支付数量较低的股利，在公司经营业绩非常好时，除定期股利外，再增加支付额外的股利。 16、现金股利：以公司当年盈利或积累的留存收益用现金形式支付给股东的股利。 17短期借款：公司向银行等金融机构借入的，期限在1年以（含1年）的借款。 18长期借款：公司向银行借入的，期限在5年以上（不含5年）的借款 19租赁：出租人（资产所有者）将资产出租给承租人（资产使用者），按照契约或合同的规定，按期收取租金的一种经济行为 20经营租赁：由出租人将自己的设备或用品反复出租，直到该设备报废为止。 21融资租赁：因承租人需要长期使用某种资产，但又没有足够的资金自行购买，由出租人出资购买该项资产，然后出租给承租人的一种租赁方式
公司理财1
一、单项选择题 1、在筹资理财阶段，公司理财的重点内容是（）。B A有效运用资金 B如何设法筹集到所需资金 C研究投资组合 D国际融资2、以往被西方经济学家和企业家作为公司的经营目标和理财目标的是（）。A A利润最大化 B资本利润率最大化 C每股利润最大化 D股东财富最大化 3、现代公司理财的目标是（）。C A获利能力最大化 B偿债能力最大化 C股东财富最大化 D追求利润最大化 1、资产负债表为（）。B A动态报表 B静态报表 C动态与静态相结合的报表 D既不是动态报表，也不是静态报表 2、资产负债表中所有项目的“期末数”一栏，是根据本期有关账户的（）。A A期末余额填列的 B期初余额填列的 C借方发生额填列的 D贷方发生额填列的 3、下列负债中属于长期负债的是（）。D A应付账款 B应交税金 C预计负债 D应付债券 4、公司流动性最强的资产是（）。A A货币资金 B短期投资 C应收账款 D存货 7、利润表中的收入是（）。 B A按收付实现制确认的 B按权责发生制确认的 C按永续盘存制确认的 D按实地盘存制确认的 9、下列各项费用中属于财务费用的是（）。C A广告费 B劳动保险费 C利息支出 D坏账损失 10、反映公司所得与所占用的比例关系的财务指标是（）。B A资产负债率 B资产利润率 C存货周转率 D销售利润率 11、通常被用来描述一个公司经济效益高低的代表性指标是（）。C A销售利润率 B资产负债率 C资产利润率 D成本费用利润率 2、下列银行中属于政策性银行的是（）。C A中国银行 B中国农业银行 C中国农业发展银行 D中国交通银行3、金融市场最积极的参与者是（）。Ｃ A金融机构 B政府 C企业 D个人 1、一般情况下股份有限公司只发行（）。B A记名股票 B普通股股票 C国家股股票 D法人股股票 2、国内公司在香港发行并上市的股票被称作（）。C A A股 B B股 C H股 D N股 3、以超过票面金额发行股票所得溢价款列入公司的（）。A A资本公积金 B盈余公积金 C发展基金 D福利基金 4、公司股利政策的重要基础是（）。C A投资机会 B资本成本 C能否获得长期稳定的利润 D契约限制 5、公司最常见的一种股利发放形式是（）。A A现金股利 B股票股利 C实物股利 D清算股利 6、不会影响公司和股东资产价值的股利形式是（）。B
公司理财第九版中文答案
第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢?” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。
公司理财案例
公司理财案例 中国宝安企业（集团）股份有限公司是一个以房地产业为龙头、工业为基础、商业贸易为支柱的综合性股份制企业集团，为解诀业务进展所需要的资金，1992年底向社会发行5亿元可转换债券，并于1993年2月10日在深圳证券交易所挂牌交易。宝安可转换债券是我国资本市场第一张A股上市可转换债券。 宝安可转换债券的要紧发行条件是：发行总额为5亿元人民币，按债券面值每张5000元发行，期限是3年（1992年12月一一1995年12月），票面利率为年息3％，每年付息一次。债券载明两项限制性条款，其中可转换条款规定债券持有人自1993年6月1日起至债券到期日前可选择以每股25元的转换价格转换为宝安公司的人民币一般股1股；推迟可赎回条款规定宝安公司有权益但没有义务在可转换债券到期前半年内以每张51 50元的赎回价格赎回可转换债券。债券同时规定，若在1993年6月1日前该公司增加新的人民币一般股股本．按下列调整转换价格： （调整前转换价格-股息）×原股本+新股发行价格×新增股本 增股后人民币一般股总股本 宝安可转换债券发行时的有关情形是： 由中国人民银行规定的三年期银行储蓄存款利率为8．28％，三年期企业债券利率为9．94％，1992年发行的三年期国库券的票面利率为9．5％，并享有规定的保值贴补。按照发行讲明书，可转换债券所募集的5亿元资金要紧用于房地产开发业和工业投资项目，支付购买武汉南湖机场及其邻近工地270平方米土地款及平坦土地费，开发兴建高中档商品住宅楼；购买上海浦东陆家嘴金融贸易区土地1．28万平方米，兴建综合高档宝安大厦；开发生产专用集成电路，生物工程基地建设等。 宝安可转换债券发行条件具有以下几个特点： （1）溢价转股：可转换债券发行时宝安公司A股市价为21元左右，转换溢价为20％左右。
公司理财
《公司理财》模拟试卷(答案) 一、单选：（每个1分，共10分） 1、在计算速动比率时，要从流动资产中扣除存货部分，再除以流动负债，这样做的原因在于流动资产中（D） A、存货的价值变动较大 B、存货的质量难以保证 C、存货的计价方法具有可选择性 D、存货的变现能力最低 2、发行公司流通在外的债券累计总额不得超过公司净资产的（C） A、20% B、30% C、40% D、50% 3、企业全部资本中，权益性资本与债务资本各占50%，则企业（C） A、只存在经营风险 B、只存在财务风险 C、存在经营风险和财务风险 D、经营风险和财务风险可以互相抵销。 4、经营杠杆系数（DOL）、财务杠杆系数（DFL）和总杠杆系数（DTL）之间的关系是（C） A、DTL=DOL+DFL B、DTL=DOL-DFL C、DTL=DOL×DFL D、DTL=DOL÷DFL 5、能够使股利和盈余紧密结合，但不利于稳定股票价格的股利分配政策是（A）。 A、固定股利支付率政策 B、固定或持续增长的股利 C、剩余股利政策 D、低正常股利加额外股利政策 6、一个投资方案年销售收入300万元，年销售成本210万元，其中折旧85万元，所得税率为40%，则该方案年现金流量净额为（B）万元。 A、90 B、139 C、175 D、54 7、投资决策评价方法中，对于互斥方案，最好的评价方法是（B） A、现值指数法 B、净现值法 C、内含报酬率法 D、会计收益率法 8、某种股票当前的市场价格是４０元，每股股利是２元，预期的股利增长率是５％，则其市场决定的预期收益率为（D） Ａ、５％Ｂ、5.5% C、10% D、10.25% 9、市盈率是股票市价和（B）的比。 A、每股股利 B、每股盈利 C、每股现金股利 D、每股净资产 10、投资者由于借款人无法按时还本付息而遭受损失的风险是（C） A、利率风险 B、期限风险 C、违约风险 D、变现力风险 二、多选：（每个2分，共20分） 1、国家发行的三年期国库券利息率由以下（ACD）构成。 A、通货膨胀率 B、违约风险报酬率 C、纯利率 D、期限风险报酬率 2、股票上市给企业带来的不利影响有(ACD) A、可能分散公司的控制权 B、不利于公司筹措新资金 C、须负担较高的信息披露成本 D、会暴露公司的商业秘密 3、现金周转期大致包括（BD）等方面。 A、应收帐款周转期 B、存货周转期 C、其他应收款周转期 D、应付帐款周转期 4、投资决策分析使用的贴现现金流量指标有（ACD） A、净现值 B、回收期 C、获利指数 D、内部报酬率 5、公司的信用政策一般包含（ABC） A、信用标准 B、信用条件 C、收帐政策 D、坏帐确认 6、企业降低经营风险的途径一般有（AC）
公司理财罗斯中文版17
第17章 财务杠杆和资本结构政策 ◆本章复习与自测题 17.1 EBIT和EPS 假设BDJ公司已经决定进行一项资本重组，它涉及到将现有的8 000万美元债务增加到12 500万美元。债务的利率是9%，并且预期不会改变。公司目前有1 000万股流通在外，每股价格是45美元。如果预期重组可以提高ROE，那么，BDJ的管理当局必定预期EBIT至少达到什么水平？解答时不考虑税。 17.2 MM第二定理（无税） Habitat公司的WACC是16%，债务成本是13%。如果Habitat的债务权益率是2，它的权益资本成本是多少？解答时不考虑税。 17.3 MM第一定理（有公司税） Gypco公司预期永远都有每年10 000美元的EBIT。Gypco可以以7%的利率借款。假设Gypco目前没有债务，它的权益成本是17%。如果公司的税率是35%，公司的价值是多少？如果Gypco借入15 000美元，并用它来回购股票，公司的价值是多少？ ◆本章复习与自测题解答 17.1 要解答这个问题，我们可以计算临界EBIT。在超过这一点的任何EBIT上，提高财务杠杆都将提高EPS。在原有 的资本结构下，利息费用是8 000万美元×0.09 = 720万美元。因为有1 000万股股票，因此，不考虑税，EPS为：（EBIT-720万美元)/1 000万。 在新的资本结构下，利息费用是：12 500万美元×0.09 = 1 125万美元。并且，债务增加了4 500万美元。这个金额足够买回4 500万美元/45 = 100万股股票，剩下900万股流通在外。因此，EPS是：（EBIT -1 125万美元)/900万。 既然我们知道如何计算这两种情况下的EPS。我们假定它们彼此相等，求出临界EBIT： (EBIT -720万美元)/1 000万= (EBIT-1 125万美元)/900万 (EBIT -720万美元) = 1.11×(EBIT-1 125万美元) EBIT = 4 770万美元 可以验证，在两种情况下，当EBIT是4 770万美元时，EPS都是4.05美元。 17.2 根据MM第二定理（无税），权益成本是： R E = R A + (R A -R D )×(D/E）= 16% + (16% -13%)×2 = 22% 17.3 在没有公司税的情况下，Gypco的WACC是17%。这也是不利用杠杆的公司的资本成本。税后现金流量是：10 000美元×(1-0.35) = 6 500美元，因此，价值就是：V U = 6 500美元/0.17 = 38 235美元。 发行债务之后，Gypco的价值将是原来的38 235美元加上税盾的现值T C ×D，也就是0.35×15 000美元= 5 250美元。因
完整word版公司理财英文版题库8
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
对公司理财的认识及我的一些思考(修改建议)1
对公司理财的认识及我的一些思考 公司理财是对经营活动中的资金运动进行预测、组织、协调、分析和控制的一种决策和管理活动。作为微观金融支柱，公司理财活动受到来自外部环境特别是资本市场的影响，其投资、筹资、股利分配决策及其资金管理内容日趋复杂；而战略联盟等新兴组织模式的出现、基于战略的财务控制与人力资源价值管理等公司理财内容的产生，使公司理财主体和公司财务关系发生了重大变化。我认为在公司理财的学习中，关键把握两个方面： 一是公司理财要以价值管理为中心。公司理财的最终目的是实现公司目标。确立公司理财目标为公司理财提供了方向，是做好公司理财工作的前提。现代理论界对理财目标的认识主要有三种：（1）产值最大化。在传统集权管理模式下，所有权和经营权高度集中，企业把总产值作为企业经营的主要目标。其缺点是：只求产值、不讲效益、只求数量、不讲质量等（2）利润最大化。利润最大化是分析和评价企业行为和业绩的唯一标准。但现代公司理财理论认为，利润最大化目标含混不清，且没有考虑时间价值，因此利润最大化并不是公司理财的最优目标。（3）股东财富最大化。也叫企业价值最大化，是指通过公司的合理经营，采用最优的财务决策，在考虑资金的时间价值和风险价值的情况下使企业总价值达到最高。它克服了公司追求利润的短期行为，有利于社会财富的增加。通过上述三种理财目标的比较，最优目标是股东财富最大化（企业价值最大化），因此公司理财实际上就是围绕价值管理为中心的一种管理活动。
二是深刻理解价值指标、兼并收购理论、及财务风险等公司理财内容。（1）经济增加值（EVA）。EVA（Economic Value Added）即经济增加值，是在剩余收益RI（Residual Income）的基础上提出来的，它是指在扣除为产生利润而投资的所有资本成本后所剩余利润，它考虑了权益资本成本，能够衡量企业资本经营效益和公司价值的增加，它不同于传统的用于评价企业经营绩效的只考虑债务资本成本的财务指标（如ROI、ROE、EPS）。EVA的核心思想是一个公司只有在其资本收益超过为获得该收益所投入的全部资本成本时，才能为股东创造价值。EVA是全面衡量公司真正盈利和价值创造的方法，是从股东角度来考察公司的价值。（2）兼并收购理论。兼并收购是在企业控制权运动过程中，各权利主体依据企业产权作出的制度安排而进行的一种权利让渡行为。并购的过程实质上是企业权利主体不断变换的过程。并购的主要动机是获得协同效应。主要的并购理论包括：效率理论、价值低估理论、代理成本理论、战略发展与调整理论等。（3）财务风险。财务风险是指财务活动过程中，由于难以预料或无法控制的因素，使得企业财务成果与目标发生背离进而可能带来的损失，它是资本流通过程中的产物。在G-W……P……W’-G’的资本运动过程中，资本流通的开始是货币本金的垫支，最终是得到价值量增加的货币本金收回，财务实际上是为了重新获得货币而垫支货币所进行的运动。资本的流通过程，既是财务风险的转移过程，又是财务风险的积聚过程。企业的财务风险包括财务状况的风险和财务成果的风险。财务成果即财务收益（或现金净流入）及获利能力等；财务状
公司理财
1:假设你是公司财务经理，现有甲、乙两个投资项目，它们的初始投资额均为100万元，资本成本均为12%，各项目预计现金净流量如表6-2所示。 要求： （1）分别计算两个项目的投资回收期、净现值、获利指数以及内部收益率； 100=32(P/A,IRR,5)_(P/A,IRR,5)=3.13_IRR=18% NPV= -100+60(P/F,IRR,1)+35(P/F,IRR,2)+20(P/F,IRR,3)+20(P/F,IRR,4)+10(P/F,IRR,5)= （2）如果这两个项目是互相独立的，哪些项目会被接受，请说明理由； （3）如果这两个项目是互相排斥的，按NPV和IRR分别评价两个项目会出现什么现象，此时应如何决策，请说明理由 （5）如果资本成本为10%，是否还会出现上述的排序矛盾，说明理由，并分析出现这种现象的基本原因。（上述计算结果均保留两位小数） 2:ABC公司拟在计划年度更新某设备。该设备于3年前以34000元购入，可使用8年，期满按税法规定有净残值2000元，目前该设备账面价值为22 000元。使用该设备每年实现的销售额为31500元，发生的付现成本为22000元。拟购置的新设备价款为51000元，预计使用年限为5年，5年后按税法规定的净残值为1000元。新设备启用后，销售额每年将上升到36000元，并且由于生产效率提高使每年付现成本降低至18000元，期满出售该设备估计可获得3000元。假设年初更新设备即可投入使用，原有设备即可变现，变现价值为20000元，新、旧设备均采用直线法计提折旧，所得税税率为30%。 要求： （1）计算更新设备项目的各年增量现金净流量； （2）假设折现率为10%，计算增量净现值，并以此为决策依据评价公司以新设备替换旧设备的方案是否可行。 3:某公司准备购入一台设备扩充生产能力，现有甲、乙两个方案可供选择，甲方案需投资20000元，使用寿命5年，用直线法计提折旧，5年后无残值。5年中销售收入为12000元，每年的付现成本为3000元。乙方案需要投资24000元，使用寿命5年，5年后有残值收入4000元，用直线法计提折旧，5年中每年销售收入为15000元，付现成本第一年为4000元，以后随着设备陈旧，逐年增加修理费200元。另需垫支营运资金3000元。假定所得税率为30%，资金成本率为8%，试确定何种方案较为有利？ 4:MIT公司正在考虑为一大型项目筹措资金2000万元，相关资料如下： （1）向银行取得长期借款200万元，期限5年，借款年利率6.40%，每年付息一次，到期偿还本金，筹资费率2%； （2）发行债券筹资360万元，每张债券面值1000元，票面利率8%，期限3年，每年付息一次，到期偿还本金，债券折价发行，发行价格920元，筹资费率3%；
英文版罗斯公司理财习题答案
CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net
公司理财罗斯中文版14
第14章 期权与公司理财 ◆本章复习与自测题 14.1 看涨期权的价值 Nantucket公司的股票目前以每股25美元的价格出售。1年后，股票价格将要么是20美元，要么是30美元。1年后到期的国库券支付10%的利息。执行价格为20美元的看涨期权的价值是多少？执行价格为26美元的呢？ 14.2 可转换债券 Old Cycle公司（OCC）是《古代钢铁》（Ancient Iron）杂志出版商，它发行的可转换债券目前在市场上的售价为950美元。如果持有者选择转换，则每1张债券可以交换100股股票。 债券的利息为7%，逐年支付，债券将在10年后到期。OCC的债务属于BBB级。这个级别的债务的标价收益率为12%。 OCC的股票正以每股7美元的价格交易。 债券的转换比率是多少？转换价格呢？转换溢价呢？债券的底线价值是多少？它的期权价值是多少？ ◆本章复习与自测题解答 14.1 执行价格为20美元时，期权不可能出现虚值（如果股票价格为20美元，它将实现实值）。我们可以通过将20美元 的现值投资于国库券并购买包含1股的看涨期权来复制股票的价值。购买国库券将花费20美元/1.1 = 18.18美元。 如果股票最终的价格为20美元，看涨期权的价值将为0，而国库券将值20美元。如果股票最终的价格为30美元，国库券仍然能偿付20美元，而期权的价值将为30美元-20美元= 10美元，所以组合的价值将为30美元。因为这个国库券和看涨期权的组合实际上复制了股票的回报，所以它的价值必须是20美元，否则就有套利的可能。利用本章中的符号，我们可以这样计算看涨期权的价值： S 0= C + E/(1 + R f ) 25美元= C + 18.18美元 C = 6.82美元 当执行价格为26美元时，我们从按较低的股票价格的现值投资于国库券着手。它保证我们在股票价格为20美元时能有20美元。如果股票价格是30美元，那么期权的价值为30美元-26美元= 4美元。我们从国库券中获得20美元，所以我们需要从期权中获得10美元以便与股票相配比。因为在这种情况下每包含1股的期权的价值是4美元，我们需要购买包含10美元/4美元= 2.5股的看涨期权。请注意可能的股票价格之间的差额（?S）是10美元，可能的期权价格之间的差额（?C）是4美元，因此?S/?C= 2.5。 为了完成计算，我们注意到要防止套利，20美元的现值加上包含2.5股的期权的价值必须是20美元，因此： 25美元= 2.5×C +20美元/1.1 C = 6.82美元/2.5 = 2.73美元
公司理财(基础知识)(1)
公司理财 第1讲财务管理基础知识(一) 【本讲重点】 财务与会计的关系 会计的基础知识(一) 财务与会计的关系 【重点提示】 财务与会计的内涵 财务与会计的关系 评价现行财务制度 财务与会计的内涵 1.会计 会计工作主要是解决三个环节的问题： 会计凭证 会计账簿 会计报表 2.财务 财务不是解决对外报告的问题，而是要解决企业内部资金运作过程中的一系列问题，涉及到预测、决策、控制和规划。 财务所要解决的是如何筹集资金，筹集资金以后如何进行投资，项目投资完成以后，在经营过程当中营
运资本如何管理，以及最后盈利如何分配的问题，它包括筹资管理、投资管理、经营活动的管理和分配活动的管理。 筹资 投资 经营 分配 财务与会计的关系 1．理论上财务和会计的关系 过去理论上对财务和会计的关系有三种看法： (1)大财务：财务决定会计； (2)大会计：会计决定财务； (3)平行观：财务和会计是一种平行的关系，不存在谁决定谁的问题。 2.实务上财务和会计的关系 实务上这三种观点不可能同时存在。在我国会计实务中，只有一种观点，即：财务决定会计，财政决定会计，同时财政还决定财务。 所以在实际工作中，财务和会计的关系就是一个大财务的思想。大财务的思想实际是计划经济的思想。 为什么会出现这样一种局面，它有什么弊端? 在计划经济的条件下，我们实际上遵循的是一个大财务的思想，甚至到目前为止，在我们国家的管理体制当中基本还是这样一个思想，如果把财政这个因素考虑进来，那么实际上是财政决定财务，财务决定会计，也就是说我们的财务制度和会计制度到现在为止都是由财政部门制订和颁布的，财政部门始终是从国家的利益、国家的立场上来制订各种财务制度，进而通过财务的各种标准来制约会计核算，所以财务决定会计它的根源实际上是一种大财政的思想。 还有税务的问题。财会工作经常打交道的一个部门就是税务部门，但是税务部门和财政部门也有关系，实际上在我们国家财政还决定税务，税务再影响会计。所以会计核算受到很多因素的制约，到目前为止都是从国家的角度来对这些制度加以规范的。然而，在市场经济的条件下，再去强调大财政的管理，强调财政决定财务和财务决定会计的管理体制是不适宜的，是不适应市场经济条件下企业发展要求的。 3.还财务本来面目 在市场经济条件下，财务和会计是两项内容各异的工作，二者是平行的关系。市场经济环境下我国的企业应该注重和加强财务管理。 财务绝不仅仅是一个制度的问题，还是一个方法和思路的问题。我们学习财务管理，实际上是一个方法和思路的问题，而不是财政部财务规定的问题。财务应该是企业自己的财务。 对现行财务制度的简单评价 从计划经济延续下来，我国一直是国家规定财务制度，国家通过财务制度来约束国有企业行为。1993年，在从计划经济体系向市场经济体系过渡的过程中，国家颁布了“两则两制”。所谓两则就是指《企业的财务通则》和《企业的会计准则》。财务通则属于财务制度范畴；会计准则属于会计制度范畴。所谓两制就
第九版-公司理财-罗斯-中文答案-第五章汇编
1、如果项目带来的是常规的现金流，而且其回收期短于该项目的生命周期，还 不能准备判断其净现值的正负。仍需要其采用的折现率和其内部收益率IRR 做对比。当折现率小于IRRA时，净现值为正值，当折现率大于IRRA时，净现值为负值，两者相等时，净现值为零。如果一个项目的折现回收期短于该项目的生命周期，则净现值一定为正值。 2、项目有常规的现金流，且NPV为正值，则各期流入的现金流折现总和一定大 于期初项目资金流出。而各期流入的现金流总和肯定大于折现总和，所以该项目的回收期一定短于其生命周期。同时折现回收期是用和净现值同样的NPV计算出来的，所以折现回收期也一定短于其生命周期。同样净现值为正值，说明初始投资所带来的后续现金流的现值大于初始投资，所以盈利指数PI一定大于1。如果使用内部收益率折现各期现金流量时，净现值为零。而以折现率折现各期现金流量时，净现值为正，说明折现率小于内部收益率。 3、a 回收期是指投资引起的现金流入累计到与投资相等所需要的时间。它代 表收回投资所需要的年限。回收年限越短，方案越有利。其缺陷就是忽略了回收期内现金流量的时间序列，也忽略了回收期以后的现金支付，同时对于回收期的选择也存在主观臆断。选择一个具体的回收期决策标准，当项目的回收期小于标准的就可行，大于标准的则拒绝。 b 平均会计收益率是指为扣除所得税和折旧之后的项目平均收益除以整个 项目期限内的平均账面投资额。其缺陷是使用账面收益而非现金流量，忽略了折旧对现金流量的影响，忽视了净收益的时间分布对项目经济价值的影响。 当项目的平均会计收益率小于目标平均会计收益率时，则拒绝项目，反之接受。 c 内部收益率就是令项目净现值为0的折现率。其缺点是对于特殊项目无法 用一般原则进行判断，并且有些项目可能会出现多个收益率的现象。同时对于互斥项目容易忽视其规模问题和时间序列问题。一般原则是当折现率小于IRR时，接受该项目，反之则拒绝。 d 盈利指数是初始投资所带来的后续现金流的现值和初始投资的比值。缺陷 是如果初始投资之后在资金使用上还有限制，则盈利指数就会失效。同时在互斥项目上，其也忽视了项目在规模上的差异。若项目的PI大于1，则项目可以接受，反之，则应该拒绝。 e 净现值就是项目各期的现金流量的现值的代数和。净现值法主要具有三个 特点：第一，净现值使用了现金流量。第二，净现值包含了项目的全部现金流量。第三，净现值对现金流量进行了合理的折现。当项目的净现值为正时，接受该项目，当项目的净现值为负的时候，拒绝该项目。 4、对于一个具有永续现金流的项目来说： 回收期：T=I/C 内部收益率：IRR=C/I 则T*IRR=1，即回收期和内部收益率互为倒数。 对于拥有相对固定现金流的长期项目而言，内部收益率越高，则回收期越短。 5、原因有很多，最主要的两个是运输成本以及汇率的原因。在美国制造生产可 以接近于产品销售地，极大的节省了运输成本。同样运输时间的缩短也减少了商品的存货。跟某些可能的制造生产地来说，选择美国可能可以一定程度上减少高额的劳动力成本。还有一个重要因素是汇率，在美国制造生产所付出的生产成本用美元计算，在美国的销售收入同样用美元计算，这样可以避免汇率的波动对公司净利润的影响。