公司理财精要版原书第12版习题库答案Ross12e_Chapter06_TB
Fundamentals of Corporate Finance, 12e (Ross)
Chapter 6 Discounted Cash Flow Valuation
1) Which one of the following statements correctly defines a time value of money relationship?
A) Time and future values are inversely related, all else held constant.
B) Interest rates and time are positively related, all else held constant.
C) An increase in a positive discount rate increases the present value.
D) An increase in time increases the future value given a zero rate of interest.
E) Time and present value are inversely related, all else held constant.
2) Project X has cash flows of $8,500, $8,000, $7,500, and $7,000 for Years 1 to 4, respectively. Project Y has cash flows of $7,000, $7,500, $8,000, and $8,500 for Years 1 to 4, respectively. Which one of the following statements is true concerning these two projects given a positive discount rate? (No calculations needed)
A) Both projects have the same future value at the end of Year 4.
B) Both projects have the same value at Time 0.
C) Both projects are ordinary annuities.
D) Project Y has a higher present value than Project X.
E) Project X has both a higher present and a higher future value than Project Y.
3) Project A has cash flows of $4,000, $3,000, $0, and $3,000 for Years 1 to 4, respectively. Project B has cash flows of $2,000, $3,000, $2,000, and $3,000 for Years 1 to 4, respectively. Which one of the following statements is correct assuming the discount rate is positive? (No calculations needed)
A) The cash flows for Project B are an annuity, but those of Project A are not.
B) Both sets of cash flows have equal present values as of Time 0.
C) The present value at Time 0 of the final cash flow for Project A will be discounted using an exponent of three.
D) Both projects have equal values at any point in time since they both pay the same total amount.
E) Project B is worth less today than Project A.
4) You are comparing two investment options that each pay 6 percent interest, compounded annually. Both options will provide you with $12,000 of income. Option A pays $2,000 the first year followed by two annual payments of $5,000 each. Option B pays three annual payments of $4,000 each. Which one of the following statements is correct given these two investment options? Assume a positive discount rate. (No calculations needed.)
A) Both options are of equal value since they both provide $12,000 of income.
B) Option A has the higher future value at the end of Year 3.
C) Option B has a higher present value at Time 0.
D) Option B is a perpetuity.
E) Option A is an annuity.
5) Which one of the following statements related to annuities and perpetuities is correct?
A) An ordinary annuity is worth more than an annuity due given equal annual cash flows for 10 years at 7 percent interest, compounded annually.
B) A perpetuity comprised of $100 monthly payments is worth more than an annuity of $100 monthly payments provided the discount rates are equal.
C) Most loans are a form of a perpetuity.
D) The present value of a perpetuity cannot be computed but the future value can.
E) Perpetuities are finite but annuities are not.
6) Which one of these statements related to growing annuities and perpetuities is correct?
A) You can compute the present value of a growing annuity but not a growing perpetuity.
B) In computing the present value of a growing annuity, you discount the cash flows using the growth rate as the discount rate.
C) The future value of an annuity will decrease if the growth rate is increased.
D) An increase in the rate of growth will decrease the present value of an annuity.
E) The present value of a growing perpetuity will decrease if the discount rate is increased.
7) You are comparing two annuities that offer regular payments of $2,500 for five years and pay .75 percent interest per month. You will purchase one of these today with a single lump sum payment. Annuity A will pay you monthly, starting today, while annuity B will pay monthly, starting one month from today. Which one of the following statements is correct concerning these two annuities?
A) These annuities have equal present values but unequal future values.
B) These two annuities have both equal present and equal future values.
C) Annuity B is an annuity due.
D) Annuity A has a smaller future value than annuity B.
E) Annuity B has a smaller present value than annuity A.
8) An ordinary annuity is best defined as:
A) increasing payments paid for a definitive period of time.
B) increasing payments paid forever.
C) equal payments paid at the end of regular intervals over a stated time period.
D) equal payments paid at the beginning of regular intervals for a limited time period.
E) equal payments that occur at set intervals for an unlimited period of time.
9) A perpetuity is defined as:
A) a limited number of equal payments paid in even time increments.
B) payments of equal amounts that are paid irregularly but indefinitely.
C) varying amounts that are paid at even intervals forever.
D) unending equal payments paid at equal time intervals.
E) unending equal payments paid at either equal or unequal time intervals.
10) A Canadian consol is best categorized as a(n):
A) ordinary annuity.
B) amortized cash flow.
C) annuity due.
D) discounted loan.
E) perpetuity.
11) The interest rate that is most commonly quoted by a lender is referred to as the:
A) annual percentage rate.
B) compound rate.
C) effective annual rate.
D) simple rate.
E) common rate.
12) The actual interest rate on a loan that is compounded monthly but expressed as an annual rate is referred to as the ________ rate.
A) stated
B) discounted annual
C) effective annual
D) periodic monthly
E) consolidated monthly
13) Your credit card charges you .85 percent interest per month. This rate when multiplied by
12 is called the ________ rate.
A) effective annual
B) annual percentage
C) periodic interest
D) compound interest
E) episodic interest
14) Which one of the following statements related to loan interest rates is correct?
A) The annual percentage rate considers the compounding of interest.
B) When comparing loans you should compare the effective annual rates.
C) Lenders are most apt to quote the effective annual rate.
D) Regardless of the compounding period, the effective annual rate will always be higher than the annual percentage rate.
E) The more frequent the compounding period, the lower the effective annual rate given a fixed annual percentage rate.
15) Which one of the following statements concerning interest rates is correct?
A) Savers would prefer annual compounding over monthly compounding given the same annual percentage rate.
B) The effective annual rate decreases as the number of compounding periods per year increases.
C) The effective annual rate equals the annual percentage rate when interest is compounded annually.
D) Borrowers would prefer monthly compounding over annual compounding given the same annual percentage rate.
E) For any positive rate of interest, the annual percentage rate will always exceed the effective annual rate.
16) Which one of the following compounding periods will yield the lowest effective annual rate given a stated future value at Year 5 and an annual percentage rate of 10 percent?
A) Annual
B) Semi-annual
C) Monthly
D) Daily
E) Continuous
17) A loan where the borrower receives money today and repays a single lump sum on a future date is called a(n) ________ loan.
A) amortized
B) continuous
C) balloon
D) pure discount
E) interest-only
18) A loan that calls for periodic interest payments and a lump sum principal payment is referred to as a(n) ________ loan.
A) amortized
B) modified
C) balloon
D) pure discount
E) interest-only
19) Amortized loans must have which one of these characteristics over its life?
A) Either equal or unequal principal payments
B) One lump-sum principal payment
C) Increasing payments
D) Equal interest payments
E) Declining periodic payments
20) A(n) ________ loan has regular payments that include both principal and interest but these payments are insufficient to pay off the loan.
A) perpetual
B) continuing
C) balloon
D) pure discount
E) interest-only
21) The entire repayment of a(n) ________ loan is computed simply by computing one single future value.
A) interest-only
B) balloon
C) amortized
D) pure discount
E) bullet
22) With an interest-only loan the principal is:
A) forgiven over the loan period; thus it does not have to be repaid.
B) repaid in decreasing increments and included in each loan payment.
C) repaid in one lump sum at the end of the loan period.
D) repaid in equal annual payments.
E) repaid in increasing increments through regular monthly payments.
23) An amortized loan:
A) requires the principal amount to be repaid in even increments over the life of the loan.
B) may have equal or increasing amounts applied to the principal from each loan payment.
C) requires that all interest be repaid on a monthly basis while the principal is repaid at the end of the loan term.
D) requires that all payments be equal in amount and include both principal and interest.
E) repays both the principal and the interest in one lump sum at the end of the loan term.
24) You need $25,000 today and have decided to take out a loan at 7 percent interest for five years. Which one of the following loans would be the least expensive for you? Assume all loans require monthly payments and that interest is compounded on a monthly basis.
A) Interest-only loan
B) Amortized loan with equal principal payments
C) Amortized loan with equal loan payments
D) Discount loan
E) Balloon loan where 50 percent of the principal is repaid as a balloon payment
25) Southern Tours is considering acquiring Holiday Vacations. Management believes Holiday Vacations can generate cash flows of $218,000, $224,000, and $238,000 over the next three years, respectively. After that time, they feel the business will be worthless. If the desired rate of return is 14.5 percent, what is the maximum Southern Tours should pay today to acquire Holiday Vacations?
A) $519,799.59
B) $538,615.08
C) $545,920.61
D) $595,170.53
E) $538,407.71
26) You are considering two savings options. Both options offer a rate of return of 7.6 percent. The first option is to save $2,500, $2,500, and $3,000 at the end of each year for the next three years, respectively. The other option is to save one lump sum amount today. You want to have the same balance in your savings account at the end of the three years, regardless of the savings method you select. If you select the lump sum method, how much do you need to save today?
A) $7,414.59
B) $6,289.74
C) $6,660.00
D) $6,890.89
E) $6,784.20
27) Your parents have made you two offers. The first offer includes annual gifts of $5,000, $6,000, and $8,000 at the end of each of 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 6.2 percent. What is the minimum amount that you will accept today if you are to select the lump sum offer?
A) $16,707.06
B) $16,407.78
C) $16,360.42
D) $17,709.48
E) $17,856.42
28) You want to start a business that you believe can produce cash flows of $5,600, $48,200, and $125,000 at the end of each of the next three years, respectively. At the end of three years you think you can sell the business for $250,000. At a discount rate of 16 percent, what is this business worth today?
A) $258,803.02
B) $314,011.33
C) $280,894.67
D) $325,837.81
E) $297,077.17
29) You are considering a project with cash flows of $16,500, $25,700, and $18,000 at the end of each year for the next three years, respectively. What is the present value of these cash flows, given a discount rate of 7.9 percent?
A) $54,877.02
B) $51,695.15
C) $55,429.08
D) $46,388.78
E) $53,566.67
30) You just signed a consulting contract that will pay you $38,000, $42,000, and $45,000 annually at the end of the next three years, respectively. What is the present value of this contract given a discount rate of 10.5?
A) $102,138.76
B) $108,307.67
C) $112,860.33
D) $92,433.27
E) $96,422.15
31) You have some property for sale and have received two offers. The first offer is for $89,500 today in cash. The second offer is the payment of $35,000 today and an additional guaranteed $70,000 two years from today. If the applicable discount rate is 11.5 percent, which offer should you accept and why?
A) You should accept the $89,500 today because it has the higher net present value.
B) You should accept the $89,500 today because it has the lower future value.
C) You should accept the first offer as it is a lump sum payment.
D) You should accept the second offer because it has the larger net present value.
E) It does not matter which offer you accept as they are equally valuable.
32) Your anticipated wedding is three years from today. You don't know who your spouse will be but you do know that you are saving $10,000 today and $17,000 one year from today for this purpose. You also plan to pay the final $12,000 of anticipated costs on your wedding day. At a discount rate of 5.5 percent, what is the current cost of your upcoming wedding?
A) $36,333.11
B) $41,065.25
C) $36,895.17
D) $38,411.08
E) $35,248.16
33) One year ago, JK Mfg. deposited $12,000 in an investment account for the purpose of buying new equipment four years from today. Today, it is adding another $15,000 to this account. The company plans on making a final deposit of $10,000 to the account one year from today. How much cash will be available when the company is ready to buy the equipment assuming an interest rate of 5.5 percent?
A) $43,609.77
B) $45,208.61
C) $44,007.50
D) $46,008.30
E) $47,138.09
34) Troy will receive $7,500 at the end of Year 2. At the end of the following two years, he will receive $9,000 and $12,500, respectively. What is the future value of these cash flows at the end of Year 6 if the interest rate is 8 percent?
A) $38,418.80
B) $32,907.67
C) $36,121.08
D) $39,010.77
E) $33,445.44
35) Sue plans to save $4,500, $0, and $5,500 at the end of Years 1 to 3, respectively. What will her investment account be worth at the end of the Year 3 if she earns an annual rate of 4.15 percent?
A) $10,583.82
B) $10,381.25
C) $10,609.50
D) $11,526.50
E) $10,812.07
36) A proposed project has cash flows of $2,000, $?, $1,750, and $1,250 at the end of Years 1 to 4. The discount rate is 7.2 percent and the present value of the four cash flows is $6,669.25. What is the value of the Year 2 cash flow?
A) $2,450
B) $2,750
C) $2,500
D) $2,250
E) $2,800
37) Waldo expects to save the following amounts: Year 1 = $50,000; Year 2 = $28,000; Year 3 = $12,000. If he can earn an average annual return of 10.5 percent, how much will he have saved in this account exactly 25 years from the time of the first deposit?
A) $1,172,373
B) $935,334
C) $806,311
D) $947,509
E) $1,033,545
38) A charity plans to invest annual payments of $60,000, $70,000, $75,000, and $50,000, respectively, over the next four years. The first payment will be invested one year from
today. Assuming the investment earns 5.5 percent annually, how much will the charity have available four years from now?
A) $263,025
B) $236,875
C) $277,491
D) $328,572
E) $285,737
39) Your broker is offering 1.2 percent compounded daily on its money market account. If you deposit $7,500 today, how much will you have in your account 15 years from now?
A) $8,979.10
B) $9,714.06
C) $8,204.50
D) $9,336.81
E) $9,414.14
40) Your grandmother will be gifting you $150 at the end of each month for four years while you attend college. At a discount rate of 3.7 percent, what are these payments worth to you on the day you enter college?
A) $6,201.16
B) $6,682.99
C) $6,539.14
D) $6,608.87
E) $6,870.23
41) You just won the grand prize in a national writing contest! As your prize, you will receive $500 a month for 50 months. If you can earn 7 percent on your money, what is this prize worth to you today?
A) $21,629.93
B) $18,411.06
C) $21,338.40
D) $20,333.33
E) $19,450.25
42) Phil can afford $240 a month for five years for a car loan. If the interest rate is 8.5 percent, how much can he afford to borrow to purchase a car?
A) $11,750.00
B) $12,348.03
C) $11,697.88
D) $10,266.67
E) $10,400.00
43) As the beneficiary of a life insurance policy, you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. If you can earn 6 percent on your money, which option should you take and why?
A) You should accept the payments because they are worth $202,414 to you today.
B) You should accept the payments because they are worth $201,846 to you today.
C) You should accept the payments because they are worth $201,210 to you today.
D) You should accept the $200,000 because the payments are only worth $189,311 to you today.
E) You should accept the $200,000 because the payments are only worth $195,413 to you today.
44) Assume you work for an employer who will contribute $60 a week for the next 20 years into
a retirement plan for your benefit. At a discount rate of 9 percent, what is this employee benefit worth to you today?
A) $28,927.38
B) $27,618.46
C) $29,211.11
D) $25,306.16
E) $25,987.74
45) The Distribution Point plans to save $2,000 a month for the next 3 years for future emergencies. The interest rate is 4.5 percent compounded monthly. The first monthly deposit will be made today. What would today's deposit amount have to be if the firm opted for one lump sum deposit that would yield the same amount of savings as the monthly deposits after 3 years?
A) $70,459.07
B) $67,485.97
C) $69,068.18
D) $69,333.33
E) $67,233.84
46) You need some money today and the only friend you have that has any is a miser. He agrees to loan you the money you need, if you make payments of $30 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 2 percent interest per month. How much total interest is he charging?
A) $4.50
B) $3.60
C) $9.50
D) $4.68
E) $8.60
47) Sue just purchased an annuity that will pay $24,000 a year for 25 years, starting today. What was the purchase price if the discount rate is 8.5 percent?
A) $241,309
B) $245,621
C) $251,409
D) $258,319
E) $266,498
48) Marcus is scheduled to receive annual payments of $3,600 for each of the next 12 years. The discount rate is 8 percent. What is the difference in the present value if these payments are paid at the beginning of each year rather than at the end of each year?
A) $2,170.39
B) $2,511.07
C) $2,021.18
D) $2,027.94
E) $2,304.96
49) Two annuities have equal present values and an applicable discount rate of 7.25 percent. One annuity pays $2,500 on the first day of each year for 15 years. How much does the second annuity pay each year for 15 years if it pays at the end of each year?
A) $2,331.00
B) $2,266.67
C) $2,500.00
D) $2,390.50
E) $2,681.25
50) Trish receives $450 on the first of each month. Josh receives $450 on the last day of each month. Both Trish and Josh will receive payments for next four years. At a discount rate of 9.5 percent, what is the difference in the present value of these two sets of payments?
A) $141.80
B) $151.06
C) $154.30
D) $159.08
E) $162.50
51) What is the future value of $1,575 a year for 25 years at 6.3 percent interest, compounded annually?
A) $76,919.04
B) $72,545.78
C) $90,152.04
D) $92,006.08
E) $91,315.09
52) What is the future value of $8,500 a year for 40 years at 10.8 percent interest, compounded annually?
A) $3,278,406.16
B) $4,681,062.12
C) $2,711,414.14
D) $3,989,476.67
E) $4,021,223.33
53) Rosina plans on saving $2,000 a year and expects to earn an annual rate of 6.9 percent. How much will she have in her account at the end of 37 years?
A) $406,429.10
B) $338,369.09
C) $297,407.17
D) $313,274.38
E) $308,316.67
54) Theresa adds $1,500 to her savings account on the first day of each year. Marcus adds $1,500 to his savings account on the last day of each year. They both earn 6.5 percent annual interest. What is the difference in their savings account balances at the end of 35 years?
A) $12,093.38
B) $12,113.33
C) $12,127.04
D) $12,211.12
E) $12,219.46
55) You just obtained a loan of $16,700 with monthly payments for four years at 6.35 percent interest, compounded monthly. What is the amount of each payment?
A) $387.71
B) $391.40
C) $401.12
D) $419.76
E) $394.89
56) You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.35 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.)
A) $150,408
B) $147,027
C) $146,542
D) $154,319
E) $141,406
57) Travis International has a one-time expense of $1.13 million that must be paid two years from today. The firm can earn 4.3 percent, compounded monthly, on its savings. How much must the firm save each month to fund this expense if the firm starts investing equal amounts each month starting at the end of this month?
A) $38,416.20
B) $45,172.02
C) $51,300.05
D) $47,411.08
E) $53,901.15
58) Nadine is retiring today and has $96,000 in her retirement savings. She expects to earn 5.5 percent, compounded monthly. How much can she withdraw from her retirement savings each month if she plans to spend her last penny 18 years from now?
A) $809.92
B) $847.78
C) $919.46
D) $616.08
E) $701.10
59) Island News purchased a piece of property for $1.79 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.75 percent, compounded monthly. What is the amount of each mortgage payment?
A) $9,253.92
B) $10,419.97
C) $8,607.11
D) $11,567.40
E) $12,301.16
60) You estimate that you will owe $40,200 in student loans by the time you graduate. If you want to have this debt paid in full within 10 years, how much must you pay each month if the interest rate is 4.35 percent, compounded monthly?
A) $411.09
B) $413.73
C) $414.28
D) $436.05
E) $442.50
61) Phil purchased a car today at a price of $8,500. He paid $300 down in cash and financed the balance for 36 months at 5.75 percent, compounded monthly. What is the amount of each monthly loan payment?
A) $248.53
B) $270.23
C) $318.47
D) $305.37
E) $257.62
62) An insurance annuity offers to pay you $1,000 per quarter for 20 years. If you want to earn a
rate of return of 6.5 percent, compounded quarterly, what is the most you are willing to pay as a lump sum today to obtain this annuity?
A) $32,008.24
B) $34,208.16
C) $44,591.11
D) $43,008.80
E) $38,927.59
63) Your car dealer is willing to lease you a new car for $190 a month for 36 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 6.5 percent, what is the current value of the lease?
A) $10,331.03
B) $6,232.80
C) $9,197.74
D) $7,203.14
E) $11,008.31
64) 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 20 years. What is the value of this inheritance today if the applicable discount rate is 4.75 percent?
A) $24,890.88
B) $31,311.16
C) $33,338.44
D) $28,909.29
E) $29,333.33
65) Chris has three options for settling an insurance claim. Option A will provide $1,500 a month for 6 years. Option B will pay $1,025 a month for 10 years. Option C offers $85,000 as a lump sum payment today. The applicable discount rate is 6.8 percent, compounded monthly. Which option should Chris select, and why, if he is only concerned with the financial aspects of the offers?
A) Option A: It provides the largest monthly payment.
B) Option B: It pays the largest total amount.
C) Option C: It is all paid today.
D) Option B: It pays the greatest number of payments.
E) Option B: It has the largest value today.
66) Racing Motors wants to save $825,000 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 quarter starting today. How much does the company need to save each quarter to achieve its goal if it can earn 4.45 percent on its savings?
A) $63,932.91
B) $62,969.70
C) $63,192.05
D) $62,925.00
E) $64,644.17
67) Stephanie is going to contribute $160 on the first of each month, starting today, to her retirement account. Her employer will provide a match of 50 percent. In other words, her employer will add $80 to the amount Stephanie saves. If both Stephanie and her employer continue to do this and she can earn a monthly interest rate of .45 percent, how much will she have in her retirement account 35 years from now?
A) $336,264.14
B) $204,286.67
C) $199,312.04
D) $268,418.78
E) $299,547.97
68) An annuity that pays $12,500 a year at an annual interest rate of 5.45 percent costs $150,000 today. What is the length of the annuity time period?
A) 25 years
B) 18 years
C) 15 years
D) 20 years
E) 22 years
69) You want to be a millionaire when you retire in 30 years and expect to earn 8.5 percent, compounded monthly. How much more will you have to save each month if you wait 10 years to start saving versus if you start saving at the end of this month?
A) $947.22
B) $1,046.80
C) $808.47
D) $841.15
E) $989.10
70) You are the recipient of a gift that will pay you $25,000 one year from now and every year thereafter for the following 24 years. The payments will increase in value by 2.5 percent each year. If the appropriate discount rate is 8.5 percent, what is the present value of this gift?
A) $416,667
B) $316,172
C) $409,613
D) $311,406
E) $386,101
71) You are preparing to make monthly payments of $100, beginning at the end of this month, into an account that pays 5 percent interest, compounded monthly. How many payments will you
have made when your account balance reaches $10,000?
A) 97.30
B) 83.77
C) 89.46
D) 100.00
E) 91.12
72) You want to borrow $27,500 and can afford monthly payments of $650 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford?
A) 6.33 percent
B) 6.67 percent
C) 5.82 percent
D) 7.01 percent
E) 7.18 percent
73) Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $60?
A) 6.87 years
B) 6.28 years
C) 6.64 years
D) 7.23 years
E) 7.31 years
74) The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home?
A) 23.09 years
B) 14.85 years
C) 35.46 years
D) 48.82 years
E) 59.39 years
75) Today, you are retiring. You have a total of $289,416 in your retirement savings. You want to withdraw $2,500 at the beginning of every month, starting today and expect to earn 4.6 percent, compounded monthly. How long will it be until you run out of money?
A) 29.97 years
B) 8.56 years
C) 22.03 years
D) 12.71 years
E) 18.99 years
76) The Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $25,000 and only one company will loan to them. The terms of the loan call for weekly payments of $500 at a weekly interest rate of .45%. What is the loan term?
A) 42.5 weeks
B) 45.00 weeks
C) 56.77 weeks
D) 50.11 weeks
E) 43.33 weeks
77) Jogging Gear is considering a project with an initial cash requirement of $238,400. The project will yield cash flows of $4,930 monthly for 65 months. What is the rate of return on this project?
A) 9.97 percent
B) 11.38 percent
C) 14.28 percent
D) 13.41 percent
E) 10.56 percent
78) Your insurance agent is trying to sell you an annuity that costs $50,000 today. By buying this annuity, your agent promises that you will receive payments of $250 a month for the next 20 years. What is the rate of return on this investment?
A) 3.75 percent
B) 2.47 percent
C) 1.88 percent
D) 2.45 percent
E) 3.67 percent
79) You have been investing $300 a month for the last 8 years. Today, your investment account is worth $43,262. What is your average rate of return on your investments?
A) 9.69 percent
B) 7.23 percent
C) 9.36 percent
D) 8.41 percent
E) 7.78 percent
80) You have been purchasing $12,000 worth of stock annually for the past eight years and now have a portfolio valued at $87,881. What is your annual rate of return?
A) 4.32 percent
B) 2.54 percent
C) 3.29 percent
D) ? 4.32 percent
E) ? 2.54 percent
81) Your father helped you start saving $25 a month beginning on your fifth birthday. He always made you deposit the money into your savings account on the first day of each month just to "start the month out right." Today completes your 15th year of saving and you now have
$6,528.91 in this account. What is the rate of return on your savings?
A) 4.67 percent
B) 5.30 percent
C) 5.87 percent
D) 4.98 percent
E) 6.12 percent
82) 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 $75 a day, every day, until you turn 40. You open an investment account and deposit your first $75 today. What rate of return must you earn to achieve your goal? Note: Ignore Leap Years.
A) 7.67 percent
B) 6.27 percent
C) 9.20 percent
D) 7.06 percent
E) 8.54 percent
83) You just settled an insurance claim that calls for increasing payments over a 10-year period. The first payment will be paid one year from now in the amount of $5,000. The following payments will increase by 3.5 percent annually. What is the value of this settlement to you today if you can earn 6.5 percent on your investments?
A) $42,023.05
B) $36,408.28
C) $34,141.14
D) $41,422.89
E) $38,008.16
84) Your grandfather left you an inheritance that will provide an annual income for the next 20 years. You will receive the first payment one year from now in the amount of $2,500. Every year after that, the payment amount will increase by 5 percent. What is your inheritance worth to you today if you can earn 7.5 percent on your investments?
A) $37,537.88
B) $28,667.40
C) $23,211.00
D) $35,612.20
E) $30,974.92
85) You just won the magazine sweepstakes and opted to take unending payments. The first payment will be $50,000 and will be paid one year from today. Every year thereafter, the payments will increase by 2.5 percent annually. What is the present value of your prize at a discount rate of 7.9 percent?
A) $1,350,000.00
B) $1,348,409.50
C) $925,925.93
D) $891,006.67
E) $846,918.22
86) You want to buy a new sports car for $55,000. The contract is in the form of a 60-month annuity due at an APR of 5.6 percent, compounded monthly. What will be your monthly payment?
A) $1,047.90
B) $1,053.87
C) $1,048.21
D) $1,063.30
E) $1,072.11
87) A one-time gift to your college will provide $25,000 in scholarship funds next year with that amount increasing by 2 percent annually thereafter. If the discount rate is 5.5 percent, what is the current value of this perpetual gift?
A) $777,777.78
B) $748,602.49
C) $726,849.29
D) $714,285.71
E) $725,000.00
88) For the next 20 years, you plan to invest $600 a month in a stock account earning 7 percent and $400 a month in a bond account earning 4 percent. When you retire in 20 years, you will combine your money into an account with a return of 5 percent. How much can you withdraw each month during retirement assuming a 30-year withdrawal period?
A) $2,636.19
B) $2,904.11
C) $3,008.21
D) $2,465.44
E) $3,206.97
89) Jones Stoneware has a liability of $75,000 due four years from today. The company is planning to make an initial deposit today into a savings account and then deposit an additional $10,000 at the end of each of the next four years. The account pays interest of 4.5 percent. How much does the firm need to deposit today for its savings to be sufficient to pay this debt?
A) $28,299.95
B) $19,469.64
C) $21,400.33
D) $27,016.84
E) $22,218.09
90) What is the present value of $1,400 a year at a discount rate of 8 percent if the first payment is received 7 years from now and you receive a total of 25 annual payments?
A) $9,417.69
B) $9,238.87
C) $9,333.33
D) $9,420.12
E) $9,881.72
91) Sara wants to establish a trust fund to provide $75,000 in scholarships each year and earn a fixed 6.15 percent rate of return. How much money must she contribute to the fund assuming that only the interest income is distributed?
A) $987,450
B) $1,478,023
C) $1,333,333
D) $1,219,512
E) $1,500,000
92) A preferred stock pays an annual dividend of $5.20. What is one share of this stock worth today if the rate of return is 10.44 percent?
A) $51.48
B) $41.18
C) $49.81
D) $39.87
E) $42.90
93) You would like to provide $125,000 a year forever for your heirs. How much money must you deposit today to fund this goal if you can earn a guaranteed 4.5 percent rate of return?
A) $2,777,778
B) $2,521,212
C) $2,666,667
D) $2,858,122
E) $2,850,000
公司理财原版题库Chap010
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
公司理财试题及答案
1）单选题，共20题，每题5.0分，共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为？ A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险？ A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型？ A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式？ A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于？ A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模
6 单选题 (5.0分) 以下哪种不是财务分析方法？ A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成？ A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了？ A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是？ A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式？ A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)
什么是营运资本？ A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是？ A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么？ A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容？ A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么？ A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是？
公司理财精要版计算题
可持续增长假设下列比率是固定的，可持续增长率是多少？ 总资产周转率=1.40 利润率=7.6% 权益乘数=1.50 股利支付比率=25% 计算EFN ERT公司最新财务报表如下表所示（单位：美元）。2006年的销售收入预期增长20%。利息费用将维持固定；税率和股利支付比率也将维持固定。销货成本、其他费用、流动资产和应付账款随着销售收入自发增加。 ERT公司2005年损益表 销售收入 905000 成本 710000 其他费用 12000 息前税前利润 183000 利息支付 19700 应税利润 163300 所得税(35%) 57155 净利润 106145 股利42458
留存收益增加 63687 ERT 公司资产负债表(截至2005年12月31日) 资产 负债和所有者权益 流动资产 流动负债 现金 25000 应付账款 65000 应收账款 43000 应付票据 9000 存货 76000 合计 74000 合计 144000 长期债务 156000 固定资产 所有者权益 厂房和设备净值 364000 普通股和股本溢价 21000 留存收益 257000 合计 278000 资产总计 508000 负债和所有者权益总计 508000 A. 如果该企业以完全产能运营且没有发行任何新的债务或权益，要支持20%销售收入增长率所需外部融资是多少? B. 假设该企业2005年仅以80%产能在运营。此时EFN 是多少？ C. 假设该企业希望它的负债-权益比率固定，此时的EFN 是多少？ 永久生命保险公司正在向你推荐一项保险政策，该政策规定，公司将永久性地每年向你和你的后代支付15 000美元。 a 、如果必要的投资收益率为8%时，你愿意以什么价格购买该保险？ 1. 187500 美元 2. 178500美元 3. 158700美元 4.185700美元 b 、假定该保险公司告诉你这项保险的价格为19 5000美元，请你计算利率为多少？ 1. 6.79% 2. 7.96% 3. 7.69% 4. 9.76%
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.
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
公司理财精要版原书第12版习题库答案Ross12e_Chapter05_TB
Fundamentals of Corporate Finance, 12e (Ross) Chapter 5 Introduction to Valuation: The Time Value of Money 1) Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning at 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true? A) Barb will earn more interest in Year 1 than Andy will. B) Andy will earn more interest in Year 3 than Barb will. C) Barb will earn more interest in Year 2 than Andy. D) After five years, Andy and Barb will both have earned the same amount of interest. E) Andy will earn compound interest. 2) Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct? A) Nan will have less money when she retires than Neal. B) Neal will earn more interest on interest than Nan. C) Neal will earn more compound interest than Nan. D) If both Nan and Neal wait to age 70 to retire they will have equal amounts of savings. E) Nan will have more money than Neal at any age. 3) You are investing $100 today in a savings account. Which one of the following terms refers to the total value of this investment one year from now? A) Future value B) Present value C) Principal amount D) Discounted value E) Invested principal 4) Christina invested $3,000 five years ago and earns 2 percent annual interest. By leaving her interest earnings in her account, she increases the amount of interest she earns each year. The way she is handling her interest income is referred to as: A) simplifying. B) compounding. C) aggregating. D) accumulating. E) discounting.
罗斯公司理财题库全集
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
罗斯公司理财题库全集
Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
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.
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
公司理财精要 罗斯 第四版 附录B 公式
第2章 1. 资产负债表恒等式：资产=负债+股东权益 2. 损益表等式：收入-费用=利润 源自资产的现金流量= 流向债权人的现金流量 + 流向股东的现金流量 此处：a.源自资产的现金流量 = 经营性现金流量 - 净资本支出 - 净营运资本的变化 1) 经营性现金流量 = 息税前利润(EBIT) + 折旧 - 所得税 2) 净资本性支出 = 期末净固定资产 - 期初净固定资产 + 折旧 3) 净营运资本变化 = 期末净营运资本 - 期初净营运资本 b.流向债权人的现金流量 = 支付的利息 - 新增净借款额 c.流向股东的现金流量 = 支付的股利 - 新增净权益资本 第3章 1. 流动比率 = 流动资产/流动负债 2. 速动比率（酸性测试比率） = (流动资产 - 存货)/流动负债 3. 现金比率 = 现金/流动负债 4. 总负债比率 = (资产总额 - 权益总额)/资产总额 5. 负债-权益比率 = 负债总额/权益总额 6. 权益乘数 = 资产总额/ 权益总额 7. 利息保障倍数 = 息税前利润/利息费用 8. 现金覆盖率 = (息税前利润 + 折旧)/利息费用 9. 存货周转率(次数) = 产品销售成本/存货 10. 存货周转天数 = 365天/存货周转率 11. 应收账款周转率= 销售收入/应收账款 12. 应收账款周转天数 = 365天/应收账款周转率 13. 总资产周转率 = 销售收入/总资产 14. 销售利润率 = 净利润/销售收入 15. 资产报酬率 = 净利润/总资产 16. 权益报酬率 = 净利润/权益总额 17. 每股收益 = 净利润/流通在外的股票票数量 18. 市盈率 = 每股市价/每股收益 19. 市净率 = 每股市价/每股账面价值 20. 杜邦财务分析体系： 权益报酬率 = 资产报酬率 权益报酬率 = 销售利润率×总资产周转率×权益乘数 21. 股利支付率 = 现金股利/净利润 22. 盈余留存比率 = 留存收益增加额/净利润 23. 内部增长率 = b -1b ??资产报酬率资产报酬率 24. 可持续增长率 = b -1b ??权益报酬率权益报酬率 第4章 1.对于每一美元，投资t 个时期，每时期的收益率未r ，那么终值 = $1(1 +r)t 2.T 时期后1美元的现值（折现率为r ） PV = $1×[1/(1+r)t ] = $1/(1+r)t 3.现值和终值之间的关系： PV ×(1 + r) t = FV t PV=FV t /(1 + r) r = FV t ×[1/(1 + r) t ] 4.72规则：本金在t 年内翻一番： t r% 72 = 第5章 1. 年金现值，t 阶段，每阶段年金为C ，收益率或 者利率为r 的情况下： 年金现值=)r -1(现值系数?C = [] ? ?????+-?r r C t )1/(11= t 2r C r C r C ?++ 2. 年金终值系数 = (终值系数 - 1)/r = [(1 + r)t - 1]/ r 3. 预付年金现值 = 普通年金×(1 + r) 4. 永续年金现值 = C/r = C ×(1/r) 5. 有效年利率(EAR), m 是一年中复利次数 EAR = (1 + 名义利率/m) m - 1 第6章 1. 债券价值。假设一份债权：(1)在到期时面值为F ；(2)每期支付利息为C ；(3)到期时间为t ；(4)要求收益率为r ，那么： 债券价值 = C ×[1 - 1/(1 + r) t ]/r+F/(1 + r) t 债券价值= 券面利息的现值 + 面值的现值 2. 费雪效应：1 + R=(1 + r)×(1 + h) h 代表通货膨胀率 3. 1 + R=(1 + r)×(1 + h) R= r + h + r ×h 4. R ≈r + h 第7章 P 0当前股票价格，P 1为下期的价格，D 1是期末支付的现金股利（下一年得到的股利）。 1. P 0 = R P D ++11 1 2. P 0 = D/R 3. P 0 = g R g D -+?)1(0 = g R D -1 权益总额资产资产 销售收入销售收入净利润??
陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】
第二章财务报表分析 一、单选题 1．假定甲公司向乙公司赊销产品，并持有丙公司的债券和丁公司的股票，且向戊公司支付公司债利息。在不考虑其他条件的情况下，从甲公司的角度看，下列各项中属于本企业与债权人之间财务关系的是（）。（南京大学2011金融硕士） A．甲公司与乙公司之间的关系 B．甲公司与丙公司之间的关系 C．甲公司与丁公两之间的关系 D．甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系；甲公司为丙公司的债权人；甲公司是丁公司的股东；戊公司是甲公司的债权人。 2．杜邦财务分析体系的核心指标是（）。（浙江财经学院2011金融硕士） A．总资产报酬率 B．可持续增长率 C．ROE D．销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价，其恒
等式为：ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率（ROE）反映所有者投入资金的获利能力，反映企业筹资、投资、资产运营等活动的效率，是一个综合性最强的财务比率，所以净资产收益率是杜邦分析体系的核心指标。 3．影响企业短期偿债能力的最根本原因是（）。（浙江财经学院2011金融硕士）A．企业的资产结构 B．企业的融资结构 C．企业的权益结构 D．企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率，有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力，因此，这些指标关注企业的流动资产和流动负债，但短期偿债能力比率的大小会因行业类型而不同，影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4．市盈率是投资者用来衡量上市公司盈利能力的重要指标，关于市盈率的说法不正确的是（）。（浙江工商大学2011金融硕士） A．市盈率反映投资者对每股盈余所愿意支付的价格 B．市盈率越高表明人们对该股票的评价越高，所以进行股票投资时应该选择市盈率最高的股票 C．当每股盈余很小时，市盈率不说明任何问题 D．如果上市公司操纵利润，市盈率指标也就失去了意义
罗斯公司理财题库全集
Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.
罗斯公司理财题库全
Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.
4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above
公司理财精要版知识点归纳
第一章．公司理财导论 1.企业组织形态：单一业主制、合伙制、股份公司（所有权和管理相分离、相对容易转让 所有权、对企业债务负有限责任，使企业融资更加容易。企业寿命不受限制，但双重课税） 2.财务管理的目标：为了使现有股票的每股当前价值最大化。或使现有所有者权益的市场 价值最大化。 3.股东与管理层之间的关系成为代理关系。代理成本是股东与管理层之间的利益冲突的成 本。分直接和间接。 4.公司理财包括三个领域：资本预算、资本结构、营运资本管理 第二章． 1.在企业资本结构中利用负债成为“财务杠杆”。 2.净利润与现金股利的差额就是新增的留存收益。 ￥ 3.来自资产的现金流量=经营现金流量（OCF）-净营运资本变动-资本性支出 =EBIT+折旧-税 5.净资本性支出=期末固定资产净值-期初固定资产净值+折旧 6.流向债权人的现金流量=利息支出-新的借款净额 7.流向股东的现金流量=派发的股利-新筹集的净权益 第三章 1.现金来源：应付账款的增加、普通股本的增加、留存收益增加 ) 现金运用：应收账款增加、存货增加、应付票据的减少、长期负债的减少 2.报表的标准化：同比报表、同基年度财报 =边际利润（经营效率）X总资产周转率（资产使用效率）X权益乘数（财务杠杆） 4.为何评价财务报表： 内部：业绩评价。外部：评价供应商、短期和长期债权人和潜在投资者、信用评级机构。第四章． 1.制定财务计划的过程的两个维度：计划跨度和汇总。 【 2.一个财务计划制定的要件：销售预测、预计报表、资产需求、筹资需求、调剂、经济假设。 3.销售收入百分比法： 提纯率=再投资率=留存收益增加额/净利润=1-股利支付率 资本密集率=资产总额/销售收入 4.内部增长率=(ROAXb)/(1-ROAXb) 可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。是企业在不增加财务杠杆时所能保持的最大的增长率。（如果实际增长率超过可持续增长率，管理层要考虑的问题就是从哪里筹集资金来支持增长。如果可持续增长率始终超过实际增长率，银行家最好准备讨论投资产品，因为管理层的问题是怎样处理所有的这些富余的现金。） 5.。 6.增长率的决定因素
完整word版公司理财题库答案
单选题： 1.贴现率越大，净现值（ C ）。 [A] 越大 [B] 不变 [C] 越小 [D] 不确定 2.以企业价值最大化作为公司理财目标存在的问题有（ C ）。 [A] 没有考虑资金的时间价值 [B] 没有考虑资金的风险价值 [D] 容易引起企业的短期行为[C] 企业的价值难以评定 3.资金的时间价值相当于没有风险和没有通货膨胀下的（ A ）。 [A] 社会平均资金利润率 [B] 企业利润率 [D] 单利下的利息率[C] 复利下的利息率 4.下列关于名义利率与实际年利率的说法中，正确的是（ B ）。 [A]名义利率是不包含通货膨胀的金融机构报价利率 [B]计息期小于一年时，实际年利率大于名义利率 [C]名义利率不变时，实际年利率随着每年复利次数的增加而呈线性递减 [D]名义利率不变时，实际年利率随着期间利率的递减而呈线性递增 5.在上市公司杜邦财务分析体系中，最具有综合性的财务指标是（ B ）。 [A]营业净利率 [B]净资产收益率 [C]总资产净利率 [D]总资产周转率 6.下列各项中，不会稀释公司每股收益的是（ B ）。 [A]发行认股权证 [B]发行短期融资券 [C]发行可转换公司债券 [D]授予管理层股份期权 7.某公司按照2/20,N/60的条件从另一公司购入价值1000万的货物，由于资金调度的限制，该公司放弃了获取2%现金折扣的机会，公司为此承担的信用成本率是（D）。 [A]2.00% [B]12.00% [C]12.24% [D]18.37% 8.某企业2007年和2008年的营业净利润分别为7%和8%，资产周转率分别为2和1.5，两年的资产负债率相同，与2007年相比，2008年的净资产收益率变动趋势为（ B ）。 [A]上升 [B]下降 [C]不变 [D]无法确定 9.已知甲乙两个方案投资收益率的期望值分别为10%和12%，两个方案都存在投资风险，在比较甲乙两方案风险大小时应使用的指标是（ A ）。 [A]标准离差率 [B]标准差 [C]协方差 [D]方差 10.下列事项中，能够改变特定企业非系统风险的是( C )。 [A]汇率波动 [B]国家加入世界贸易组织 [C]竞争对手被外资并购 [D]货币政策变化 11.下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是（ D ）。 [A]产值最大化 [B]利润最大化 1 [C]每股收益最大化 [D]企业价值最大化 12.已知某公司股票的β系数为0.5，短期国债收益率为6%，市场组合收益率为10%，则该公司股票的必要收益率为（ B ）。 [A]6% [B]8% [C]10% [D]16% 13.作为整个企业预算编制的起点的是（ A ）。 [A]销售预算 [B]生产预算 [C]现金预算 [D]直接材料预算 14.与生产预算没有直接联系的预算是（ C ）。