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︰國企系
考試日期（年月日）︰2010/5/20
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: 8 points for each question with correct answer. There is one
single answer for each question.
1. Which of the following industry has low operating leverage?
A. Steel.
B. Railroads.
C. Electric utilities.
D. Autos.
2. Which of the following methods will provide a correct analysis for capital
budgeting purposes?
A. Discounting real cash flows with real rates.
B. Discounting real cash flows with nominal rates.
C. Discounting nominal cash flows with real rates.
D. All of these methods will provide similar results.
3. What is the break-even level of revenues for a firm with $6 million in
sales, variable costs of $3.9 million, fixed costs of $1.2 million, and
depreciation of $1 million?
A. $3,428,571
B. $6,100,000
C. $6,285,700
D. $6,557,377
4. What percentage change in sales occurs if profits increase by 3% when the
firm's degree of operating leverage is 4.5?
A. 0.33%
B. 0.67%
C. 1.5%
D. 3.33%
5. The average beta of individual stocks in the market portfolio is:
A. one.
B. zero.
C. 1/2 (midway between one and zero).
D. Cannot be calculated without knowing the stocks in the portfolio.
6. Which of the following statements is correct concerning sensitivity
analysis?
A. It ignores interrelationship between variables.
B. Several variables are allowed to change concurrently.
C. It considers all feasible variable combinations.
D. Its results are free from ambiguity.
7. Based on the following information, make an estimate of the stock's beta:
Month 1 = Stock +1.5%, Market +1.1%; Month 2 = Stock +2.0%, Market +1.4%;
Month 3 = Stock -2.5%, Market -2.0%.
A. Beta is greater than 1.0.
B. Beta is less than 1.0.
C. Beta equals 1.0.
D. There is no consistent pattern of returns.
8. Working capital will affect incremental cash flows if:
A. current liabilities change more than current assets.
B. current assets change more than current liabilities.
C. inventory changes from previous levels.
D. net working capital changes from previous levels.
9. If a security plots below the security market line, it is:
A. not rewarding the investor for its unique risk.
B. underpriced, a situation that should be temporary.
C. offering too little return to justify its risk.
D. a defensive security, with expects to offer lower returns.
10. Risk factors that ae expected to affect only a specific firm are referred
to as:
A. market risk.
B. diversible risk.
C. systematic risk.
D. risk premiums.
11. Using a computer model to repeatedly vary the combination of project
variables in order to compare NPVs is called:
A. Scenario analysis
B. Sensitivity analysis
C. NPV break-even analysis
D. Simulation analysis
12. What is the expected return in a portfolio that will decline in value by
13% in a recession, will increase by 16% in normal times, and will increase by
23% during boom times if each scenario has equal likelihood?
A. 8.67%
B. 13.00%
C. 13.43%
D. 17.33%
13. The Dow Jones Industrial Average is:
A. the most representative of stock market indexes.
B. an index of America's 500 major corporations.
C. an index of 30 major industrial stocks.
D. an equally weighted index of all stocks traded on the New York Stock
Exchange.
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