課程名稱︰財務管理
課程性質︰必修
課程教師︰林煜宗
開課學院：管理學院
開課系所︰會計系
考試日期（年月日）︰2012/1/10
考試時限（分鐘）：100 min
是否需發放獎勵金：是
試題 :
1. The rate at which a stock's price is expected to appreciate (or depreciate)
is called the _______ yield. D
A. current
B. total
C. dividend
D. capital gains
E. earnings
2. Fred Flintlock wants to earn a total of 10% on his investments. He recently
purchased shares of ABC stock at a price of $20 a share. The stock pays a
$1 a year dividend. The price of ABC stock needs to _____ if Fred is to
achieve
his 10% rate of return. C
A. remain constant
B. decrease by 5%
C. increase by 5%
D. increase by 10%
E. increase by 15%
3. The discount rate in equity valuation is composed entirely of: B
A. the dividends paid and the capital gains yield.
B. the dividend yield and the growth rate.
C. the dividends paid and the growth rate.
D. the capital gains earned and the growth rate.
E. the capital gains earned and the dividends paid.
4. Martha's Vineyard recently paid a $3.60 annual dividend on its common stock.
This dividend increases at an average rate of 3.5% per year. The stock
is currently selling for $62.10 a share. What is the market rate of return? E
A. 2.5%
B. 3.5%
C. 5.5%
D. 6.0%
E. 9.5%
5. A portfolio is: A
A. a group of assets, such as stocks and bonds, held as a collective
unit by an investor.
B. the expected return on a risky asset.
C. the expected return on a collection of risky assets.
D. the variance of returns for a risky asset.
E. the standard deviation of returns for a collection of risky assets.
6. The slope of an asset's security market line is the: E
A. reward-to-risk ratio.
B. portfolio weight.
C. beta coefficient.
D. risk-free interest rate.
E. market risk premium.
7. The risk premium for an individual security is computed by: A
A. multiplying the security's beta by the market risk premium.
B. multiplying the security's beta by the risk-free rate of return.
C. adding the risk-free rate to the security's expected return.
D. dividing the market risk premium by the quantity (1 - beta).
E. dividing the market risk premium by the beta of the security.
8. When computing the expected return on a portfolio of stocks the portfolio
weights are based on the: C
A. number of shares owned in each stock.
B. price per share of each stock.
C. market value of the total shares held in each stock.
D. original amount invested in each stock.
E. cost per share of each stock held.
9. Systematic risk is measured by: B
A. the mean.
B. beta.
C. the geometric average.
D. the standard deviation.
E. the arithmetic average.
10. The opportunity set of portfolios is: C
A. all possible return combinations of those securities.
B. all possible risk combinations of those securities.
C. all possible risk-return combinations of those securities.
D. the best or highest risk-return combination.
E. the lowest risk-return combination.
11. As we add more securities to a portfolio, the ______ will decrease: C
A. total risk.
B. systematic risk.
C. unsystematic risk.
D. economic risk.
E. standard error.
12. Zelo, Inc. stock has a beta of 1.23. The risk-free rate of return is 4.5%
and the market rate of return is 10%. What is the amount of the risk
premium on Zelo stock? D
A. 4.47%
B. 5.50%
C. 5.54%
D. 6.77%
E. 12.30%
13. You have a portfolio consisting solely of stock A and stock B.
The portfolio has an expected return of 10.2 percent. Stock A has an
expected return of 12 percent while stock B is expected to return 7
percent. What is the portfolio weight of stock A? D
(Hint: the portfolio weights sum up to 1)
A. 46%
B. 54%
C. 58%
D. 64%
E. 70%
14. You own a portfolio with the following expected returns given the various
states of the economy. What is the overall portfolio expected return? B
State of Probability of Rate of Return
Economy State of Economy if State Occurs
-------- ---------------- ---------------
Boom 15% 18%
Normal 60% 11%
Recession 25% -10%
A. 6.3%
B. 6.8%
C. 7.6%
D. 10.0%
E. 10.8%
15. The weighted average of the firm's costs of equity, preferred stock, and
after-tax debtis the: E
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 after-tax (WACCAT).
16. The use of debt is called: C
A. operating leverage.
B. production leverage.
C. financial leverage.
D. total asset turnover risk.
E. business risk.
17. The WACC is used to _______ the expected cash flows when the firm has
____________. A
A. discount; debt and equity in the capital structure
B. discount; short term financing on the balance sheet
C. increase; debt and equity in the capital structure
D. decrease; short term financing on the balance sheet
E. None of the above.
18. If the risk of an investment project is different than the firm's risk
then: B
A. you must adjust the discount rate for the project based on
the firm's risk.
B. you must adjust the discount rate for the project based on the
project risk.
C. you must exercise risk aversion and use the market rate.
D. an average rate across prior projects is acceptable because
estimates contain errors.
E. one must have the actual data to determine any differences in
the calculations.
19. Beta measures depend highly on the: D
A. direction of the market variance.
B. overall cycle of the market.
C. variance of the market and asset, but not their co-movement.
D. covariance of the security with the market and how they are correlated.
E. All of the above.
20. The beta of a firm is determined by which of the following firm
characteristics? D
A. Cycles in revenues
B. Operating leverage
C. Financial leverage
D. All of the above.
E. None of the above.
21. If a firm has low fixed costs relative to all other firms in the same
industry, a large change in volume (either up or down) would have: A
A) a smaller change in EBIT for the firm versus the other firms.
B) no effect in any way on the firms as volume does not effect fixed costs.
C) a decreasing effect on the cyclical nature of the business.
D) a large change in EBIT for the firm versus the other firms.
22. Phil's Carvings, Inc. wants to have a weighted average cost of capital
of 9%. The firm has an after-tax cost of debt of 5% and a cost of equity
of 11%. What debt-equity ratio is needed for the firm to achieve its
targeted weighted average cost of capital? C
A. .33
B. .40
C. .50
D. .60
E. .67
23. Slippery Slope Roof Contracting has an equity beta of 1.2, capital
structure with 2/3 debt, and a zero tax rate. What is its asset beta? A
A. 0.40
B. 0.72
C. 1.20
D. 1.80
E. None of the above
24. The Template Corporation has an equity beta of 1.2 and a debt beta of .8.
The firm's market value debt to equity ratio is .6. Template has a zero
tax rate. What is the asset beta? E
A. 0.70
B. 0.72
C. 0.96
D. 1.04
E. 1.05
25. The tax savings of the firm derived from the deductibility of interest
expense is called the: A
A. interest tax shield.
B. depreciable basis.
C. financing umbrella.
D. current yield.
E. tax-loss carry forward savings.
26. The unlevered cost of capital is: B
A. the cost of capital for a firm with no equity in its capital structure.
B. the cost of capital for a firm with no debt in its capital structure.
C. the interest tax shield times pretax net income.
D. the cost of preferred stock for a firm with equal parts debt and common
stock in its capital structure.
E. equal to the profit margin for a firm with some debt in its capital
structure.
27. The firm's capital structure refers to: D
A. the way a firm invests its assets.
B. the amount of capital in the firm.
C. the amount of dividends a firm pays.
D. the mix of debt and equity used to finance the firm's assets.
E. how much cash the firm holds.
28. The effect of financial leverage depends on the operating earnings of the
company. Which of the following is not true? D
A. Below the indifference or break-even point in EBIT the non-levered
structure is superior.
B. Financial leverage increases the slope of the EPS line.
C. Above the indifference or break-even point the increase in EPS for all
equity plans is less than debt-equity plans.
D. Above the indifference or break-even point the increase in EPS for all
equity plans is greater than debt-equity plans.
E. The rate of return on operating assets is unaffected by leverage.
29. The Modigliani-Miller Proposition I without taxes states: A
A. a firm cannot change the total value of its outstanding securities
by changing its capital structure proportions.
B. when new projects are added to the firm the firm value is the sum of
the old value plus the new.
C. managers can make correct corporate decisions that will satisfy all
shareholders if they select projects that maximize value.
D. the determination of value must consider the timing and risk of the
cash flows.
E. None of the above.
30. Your firm has a debt-equity ratio of .75. Your pre-tax cost of debt is
8.5% and your required return on assets is 15%. What is your cost of
equity if you ignore taxes? D
A. 11.25%
B. 12.21%
C. 16.67%
D. 19.88%
E. 21.38%
31. A firm has a debt-to-equity ratio of .60. Its cost of debt is 8%. Its
overall cost of capital is 12%. What is its cost of equity if there are no
taxes or other imperfections? C
A. 10.0%
B. 13.5%
C. 14.4%
D. 18.0%
E. None of the above
32. Gail's Dance Studio is currently an all equity firm that has 80,000 shares
of stock outstanding with a market price of $42 a share. The current cost
of equity is 12% and the tax rate is 34%. Gail is considering adding $1
million of debt with a coupon rate of 8% to her capital structure. The debt
will be sold at par value. What is the levered value of the equity? B
A. $2.4 million
B. $2.7 million
C. $3.3 million
D. $3.7 million
E. $3.9 million
33. The optimal capital structure has been achieved when the: E
A. debt-equity ratio is equal to 1.
B. weight of equity is equal to the weight of debt.
C. cost of equity is maximized given a pre-tax cost of debt.
D. debt-equity ratio is such that the cost of debt exceeds the cost
of equity.
E. debt-equity ratio selected results in the lowest possible weighed average
cost of capital.
34. What three factors are important to consider in determining a target debt
to equity ratio? D
A. Taxes, asset types, and pecking order and financial slack
B. Asset types, uncertainty of operating income, and pecking order and
financial slack
C. Taxes, financial slack and pecking order, and uncertainty of operating
income
D. axes, asset types, and uncertainty of operating income
E. None of the above.
35. Covenants restricting the use of leasing and additional borrowings primary
protected: B
A. the equalityholders from added risk of default.
B. the debtholders from the added risk of dilution of their claims.
C. the debtholders from the transfer of assets.
D. the management from having to pay agency costs.
E. None of above.
36. The tremont company debtholders are promised payments of $35 if the firm
does well, but will receive $20 if it does poorly. Bondholders are willing
to pay $25. The promised return to the bondholder is approximately: D
A. 2.9%
B. 16.9%
C. 27.3%
D. 40.0%
E. 100%
37. The Aggie Company has EBIT of $50,000 and market value debt of $100,000
outstanding with a 9% coupon rate. The cost of equity for an all equity
firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20%
tax rate on debt receipts and a 15% rate on equity. Determine the value of
Aggie. D
A. $120,000
B. $162,948
C. $258,537
D. $263,080
E. $332,143
38. The fixed price in an option contract at which the owner can buy or sell
the underlying asset is called the option's: C
A. opening price.
B. intrinsic value.
C. strike price.
D. market price.
E. time value.
39. A _____ is a derivative security that gives the owner the right, but not
the obligation, to buy an asset at a fixed price for a specified period of
time. C
A. futures contract
B. call option
C. put option
D. swap
E. forward contract
40. You can realize the same value as that derived from stock ownership if
you: C
A. sell a put option and invest at the risk-free rate of return.
B. buy a call option and write a put option on a stock and also lend out
funds at the risk-free rate.
C. sell a put and buy a call on a stock as well as invest at the risk-free
rate of return.
D. lend out funds at the risk-free rate of return and sell a put option on
the stock.
E. borrow funds at the risk-free rate of return and invest the proceeds in
equivalent amounts of put and call options.
(試題結束)
--
※ 發信站: 批踢踢實業坊(ptt.cc)
◆ From: 140.112.218.173