： 号 学 线 ： 名 姓 订 ： 级 班 业 专 装 ： 系 院 《财务管理》试卷A 题号 一 二 三 四 总分 分数 评卷人 本试卷使用的系数表如下： i=10% 1 2 3 4 5 复利现值 0.909 0.826 0.751 0.683 0.621 复利终值 1.100 1.210 1.331 1.464 1.611 年金现值 0.909 1.736 2.487 3.170 3.791 年金终值 1.000 2.100 3.310 4.641 6.105 PartⅠ: choose the best answer. (15 points) 1 Which of the following items is different from others? ( ) A carrying value B book value C accounting value D fair value 2 What is the price of a 5-year pure discount bond paying $1,000 at maturity if the discount rate is 10%. ( ) A $1000 B $621 C $5 D $5000 3 which is the goal of financial management? ( ) A maximize the corporate value B maximize the profit C maximize the production volume D maximize the revenue 4 which is not the period cost? ( ) A selling expense B financial expense C direct labor D administrative expense 5 which is not cash flow? ( ) A cash receipts B cash disbursement C depreciation D salary 6 If the Layla Corp. has a 19% ROE (using the beginning balance of equity) and a 25 % payout ratio, what is its sustainable growth rate? A 14.25% B16.62% C 4.99% D 4.75% 7 Usually, which of the following is not proportional to sales? ( ) A revenue B cost of goods sold C common stock D current assets 8 The sustainable growth rate depends on four fixed ratios, which of the following is not included? ( ) A payout ratio B profit margin C assets turnover D P/E ratio 9 which risk can be diversified？（ ） A systematic risk B common risk C unique risk D market risk 10 which can be chosen as the risk-free rate? ( ) A bond rate B risk-adjusted rate C treasury bond interest D market rate Part Ⅱ: True or False. (15 points) 1 Capital structure represents the proportions of the firm’s financing from current and long-term debt and equity. ( ) 2 GAAP is the abbreviation for Generally Accepted Accounting Principles. ( ) 3 ROE=ROA×total assets turnover ( ) 4 Managers should choose the capital structure that will have the lowest firm value. 5 Sunk cost is related cost. ( ) 6 Opportunity cost is irrelevant cost. ( ) 7 You must know the discount rate to calculate the IRR. ( ) 8 when making mutually exclusive decision, NPV is more appropriate than IRR. ( ) 9 Zero coupon bonds must be offered at a price higher than its face value. ( ) 10 All other things being equal, the shorter the time to maturity, the greater the interest rate risk. ( ) 11 The goal of financial management is to maximize the firm value. ( ) 12 The controller handles the accounting function. ( ) 13 The treasurer handles the cash flows, making financial decisions. ( ) 14 Net cash flow is equal to the net profit. ( ) 15 Inventory turnover= cost of goods sold / inventory ( ) Part Ⅲ: Calculation. (50 points) 1 At 10 percent interest, how much can you get at the end of 5 years if you invest $1 now? 2 What is the Effective Annual Rate of bank’s 12% loan, with quarterly compounding? 3 A stock has a beta of 1.3, the expected return on the market is 14 percent, and the risk-free rate is 5 percent. What must the expected return on this stock be? 4 Warren Corporation will pay a $3.60 per share dividend next year. The company’s dividend is expected to grow at 4.5% per year forever. If your required return is 13%, how much will you pay for the company’s stock today? 5 Suppose the OfficeMax sells personal copying machines at the rate of 1800 units per year. The cost of placing one order is $400, and it costs $100 per year to carry a copier in inventory. What is OfficeMax’s Economic Order Quantity? Using the EOQ, find the average inventory, number of orders per year, time interval between orders, annul ordering cost, annual carrying cost, and annual total cost. Part Ⅳ: Case analysis. (20 points) Calculate NPV for a Replacement. A firm is considering an investment in a new machine with a price of$32 million to replace its existing machine. Now the current machine has a book value of $8 million, and a market value of $9 million. The new machine is expected to have a four-year life, and the old machine has four years left in which it can be used. If the firm replaces the old machine with the new machine, it expects to save $5 million in pretax operating costs each year over the next four years. Both machines should continue to be depreciated on a straight-line basis to a net book value of zero over the next four years. If the firm purchases the new machine, it will also need an investment of $500,000 in net working capital. The required return on the investment is 10 percent, and the tax rate is 39 percent. What is the NPV of the decision to replace the old machine? Whether to replace or not? 《财务管理》试卷A 答案 Part Ι: choose the best answer. (30 points) 1 D 1 T 6 F 11 T 2 B 3 A 2 T 7 F 12 T 4 C 5 C 3 F 8 T 13 T 6 A 7 C 4 F 9 F 14 F 8 D 9 C 5 F 10 F 15 T 10 C NPV= -23.89+5.39*(P/A, 12%, 4)+0.5*(P/F, 10%, 4)=-6.4622 million NPV<0 reject（5分） Part Ⅱ: True or False. (15 points) Part Ⅲ: Calculation. (50 points) 1 1*(F/P, 10%, 5)=1*1.611=1.611（10分） 2 (1+12%/4)* (1+12%/4)* (1+12%/4)* (1+12%/4)-1=12.55%（10分） 3 5%+1.3*(14%-5%)=16.7%（10分） 4 3.6/(13%-4.5%)=42.35（10分） 5 2*18000*400120 100Average inventory=120/2=60 Numbers of orders =1800/120=15 Time interval= 365/15=24.33 Ordering cost=15*400=6000 Carrying cost= 60*100= 6000 Total cost= 6000+6000=12000（10分） Part Ⅳ: Case analysis. (20 points) （15分） Time point 0 1 2 3 4 Net cash flow -23.89million 5.39million 5.39million 5.39million 5.89million Calculation formula 9-32-1*0.39-0.5 5*(1-39%)+6*39% 5*(1-39%)+6*39% 5*(1-39%)+6*39% 5*(1-39%)+6*39%+0.5 本文来源：https://www.wddqw.com/doc/e5fda125d35abe23482fb4daa58da0116d171f2b.html