财务管理试卷(英文版)答案
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《财务管理(英）》课程期末考试试卷 标准（参考）答案及评分标准 Part 1: Choice Questions (16 questions, 1 point each, 16 points total) 1． d 2. c 3． a 4． b 5． 6． 11． 16． a d b 7． 12． c d 8． 13． a c 9． 14． d a 10． 15． b b a Part 2: Calculation Questions (3 questions, 8 points each, 24 points total) 1. Answer: CAPM is: E(Ri) = Rf + [E(RM) – Rf] × i Substituting the values we are given, we find: E(Ri) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points) P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points) 2. Answer: (10 points) The economic order quantity is: EOQ = [(2T × F)/CC]1/2 EOQ = [2(52)(4,000)($2,600)/$40]1/2 EOQ = 5,200 3. Answer: (8 points) Bond value = 50 ×(P/A, 6%, 40) + 1000×(P/s, 6%,40 ) =50×15.0463 ＋1000×0.0972 =$849.54 Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total ) 1. Answer: 1) Compute the following ratios: ( 7 points) Current ratio: = 11,000/10,000 =1.1 Total debt ratio (10,000+12,000)/ 38,000 = 57.9% Total asset turnover = 10,400/ 38,000 = 27.4% Profit margin = 2,327/10,400 = 22.375% Equity multiplier = 38,000 / 16,000 = 2.375 ROA = 2327 / 38000 = 6.12% ROE = 2327 / 16000 = 14.54% 1 2) Using Du Pont Identity to compute the ROE ( 4 points) ROE = Profit margin×Equity multiplier×Total asset turnover = 22.375% ×2.375 ×27.4% = 14.56% 3) ( 4 points) The plowback ratio, b, is one minus the payout ratio, so: b = 1 – .20 = .80 we can use the sustainable growth rate equation to get: Sustainable growth rate = (ROE × b) / [1 – (ROE × b)] = [0.1454(.80)] / [1 – 0.1454(.80)] = .1317 or 13.17% 2. Answer:( 15 points) Beginning cash balance Cash receipts Cash collections from last month’s credit sales Cash collections from current month’s credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance 3. Answer: 1) Annual depreciation = $618,000 3 = $206,000 Taxes = ($265,000 - $206,000) .34 = $20,060 OCF = $265,000 – $20,060 = $244,940 (4 points) 2) After tax Salvage value = $60,000 (1 - .34)] = 39,600 ( 3 points) 3) ( 4 points) OCF Change in NWC Capital spending Total cash flow 2 April 280 — 110 190 580 — 150 32 11 81 274 306 May 306 — 190 195 691 — 140 45 11 90 286 405 June 405 — 195 215 815 — 170 50 11 120 351 464 Year 0 -23,000 -618,000 -641,000 Year 1 244,940 244,940 Year 2 244,940 244,940 Year 3 244,940 +23,000 39,600 307,540 本文来源：https://www.wddqw.com/doc/bee0ca50f01dc281e53af03e.html