課程名稱︰財務管理
課程性質︰系必修
課程教師︰盧秋玲
開課學院：管理學院
開課系所︰國際企業學系
考試日期（年月日）︰2010/3/25
考試時限（分鐘）：20
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Multiple Choices: 7 points for each question with correct answer. There is one
single answer for each question.
1. When Jolin sells her IBM common stock at the same time that John purchases
the same amount of IBM stock. In this transaction how much IBM should receive:
A. the dollar value of the transaction.
B. the dollar amount of the transaction, less brokerage fees.
C. only the par value of the common stock.
D. nothing.
2. Suppose HDC expects a 10 percent return on a new product investment. At the
same time, top-quality corporate bonds are able to offer 10 precent rates of
return. What should the firm do?
A. Invest in the new peoduct.
B. Invest in the top-quality corporate bonds.
C. Pay out cash to its shareholders.
D. Any of them.
3. If the balance sheet of a firm indicates that total assets exceed current
liabilities plus shareholders' equity, then the firm has:
A. no retained earnings.
B. long-term debt.
C. no accumulated depreciation.
D. current assets.
4. Net working capital is calculated by taking the difference between:
A. total assets and total liabilities.
B. inventory and accounts payable.
C. current assets and current liabilities.
D. cash and long-term debt.
5. Which of the following is correct for a fully depreciated asset?
A. Market value is zero.
B. Market value is greater than book value.
C. Book value is greater than market value.
D. The relationship between market and book values is indeterminable.
6. Which of the following statements is true for a corporation with &1 million
market value of equity, $2 million market value of assets, and 1,000 shares of
outstanding stocks?
A. Market value of liabilities exceeds book value of liabilities.
B. Market value of liabilities equals $1 million.
C. Market value per share equals $1,000.
D. Market value per share equals $2,000.
7. Calculate the EBIT for a firm with $4 million total revenues, $3.5 million
cost of goods sold, $500,000 depreciation expense, and $120,000 interest
expense.
A. $500,000
B. $380,000
C. $0
D. -$120.000
8. If a firm's cash coverage ratio is greater than its times interest earned
ratio earned, then:
A. the firm's assets are not fully depreciated.
B. the firm has no lease obligations.
C. the firm has very little long-term debt.
D. the firm has a high degree of liquidity.
9. A firm has $600,000 in current assets and $150,000 in current liabilities.
Which of the following is correct if they use cash to pay off $50,000 in
accounts payable?
A. Current ratio will increase to 5.0.
B. Net working capital will increase to $500,000.
C. Current ratio will decrease.
D. Net working capital will not change.
10. What effect on the growth rate of earnings can be accomplished by
decreasing the dividend-payout ratio from 70% to 40% if the firm has an ROE of
20%?
A. The growth rate can increase from 6% to 10.5%.
B. The growth rate can increase from 6% to 12%.
C. The growth rate can increase from 8% to 14%.
D. The growth rate can increase from 11% to 14%.
11. Efficiency ratios:
A. include the quick ratio, asset turnover ratio, and return on equity.
B. are used to measure how well the company uses its assets.
C. are used to measure how liquid the company is.
D. help answer questions of firm stability.
12. A total debt ratio of 0.35:
A. indicates that the firm is financed wih 35% long-term debt.
B. would exist if a firm had liabilities of $700 and assets of $2,000.
C. indicates that 35 cents of every dollar of capital is in the form of
short-term debt.
D. indicates that 35 cents of every dollar of capital is in the form of
long-term debt.
13. A cash coverage ratio of less than one indicates:
A. the firm does not have enough cash to make its interest payments.
B. the firm does have enough cash to make its interest payments, but not its
lease obligations.
C. the firm has too little depreciation expense.
D. earnings need only to fall by a small amount before interest obligations
cannot be covered.
14. How much interest is earned in the third year on a $1,000 deposit that
earns 7% interest compunded annually?
A. $ 70.00
B. $ 80.14
C. $105.62
D. $140.00
15. In calculating the present value of $1,000 to be received 5 years from
today, the discount factor has been calculated to be 0.7008. What is the
apparent interest rate?
A. 5.43%
B. 7.37%
C. 8.00%
D. 9.50%
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