課程名稱︰財務管理
課程性質︰大二必修
課程教師︰郭震坤
開課學院：管理學院
開課系所︰國企系
考試日期（年月日）︰2007/4/17
考試時限（分鐘）：9:20~12:10
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
一、選擇題
1. Agency costs refer to:
a. the total dividends paid to stockholders over the lifetime of a firm.
b. the costs that result from default and bankruptcy of a firm.
c. corporate income subject to double taxation.
d. the costs of any conflicts of interest between stockholders and
management.
e. the total interest paid to creditors over the lifetime of the firm.
2. Which one of the following statement is correct concerning the
organizational structure of a corporation?
a. the vice president of finance reports to the chairman of the board.
b. the chief executive officer reports to the board of directors.
c. the controller reports to the president.
d. the treasurer reports to the chief executive officer.
e. the chief operations officer reports to the vice president of
production.
3. Financial leverage refers to the:
a. amount of debt used in a firm's capital structure.
b. ratio of retained earnings to shareholders' equity.
c. ratio of paid-in surplus to shareholders' equity.
d. ratio of cost-of-goods-sold to total sales.
e. amount of receivables present in the firm's asset structure.
4. Noncash items refer to:
a. the credit sales of a firm.
b. the accounts payable of a firm.
c. the costs incurred for the purchase of intangible fixed assets.
d. expenses charged against revenues that do not directlly affect cash flow.
e. all accounts on the balance sheet other than cash on hand.
5. As seen on an income statement:
a. interest is deducted from income and increases the total taxes incurred.
b. the tax rate is applied to the earnings before interest and taxes when
the firm has both depreciation and interest expenses.
c. depreciation is shown as an expense but does not affect tha taxes
payable.
d. depreciation reduces both the taxable income and the net income.
e. interest expense is added to earnings before interest and taxes to get
taxable income.
6. Which one of the following statements is correct concerning ratio analysis?
a. a single ratio is often computed differently by different individuals.
b. ratios do NOT address the problem of size differences among firms.
c. there is only a very limited number of ratios which can be used for
analytical purposes.
d. each ratio has a specific formula that is used consistently by all
analysts.
e. ratios can NOT be used for comparison purposes over periods of time.
7. An annuity stream of cash flow payments is a set of:
a. level cash flows occurring each time period for a fixed length of time.
b. level cash flows occurring each time period forever.
c. increasing cash flows occurring each time period for a fixed lenth of
time.
d. increasing cash flows occurring each time period forever.
e. arbitrary cash flows occurring each time period for no more than 10
years.
8. Which one of the following statements concerning interest rates is correct?
a. the stated rate is the same as the effective annual rate.
b. an effective annual rate is the rate that applies if interest were
charged annually.
c. the annual percentage rate increases as the number of compounding
periods per year increases.
d. banks prefer more frequent compounding on their savings accounts.
e. for any positive rate of interest, the effective annual rate will always
exceed the annual percentage rate.
9. The unfunded debt of a firm is generally understood to mean the firm's:
a. preferred stock.
b. debts that mature in more than one year.
c. debentures.
d. debts that mature in less than one year.
10. The form of bond issue in which the bond is issued without record of the
owner's name, with relevant payments made directly to whoever physucally
holds the bond, is called the ____ form.
a. new-issue
b. registered
c. bearer
d. debenture
e. collateral
11. In the event of default, _____ debt holders must give preference to more
_____ debt holders in the priority of repayment distributions.
a. short-term; long-term
b. long-term; short-term
c. senior; junior
d. senior; subordinated
e. subordinated; senior
12. An agreement giving the bond issuer the option to repurchase the bond at
a specified price prior to maturity is the _____ provision.
a. sinking fund
b. call
c. seniority
d. collateral
e. trustee
13. The relationship between nominal interest rates on default-free, pure
discount securities and the time to maturity is called the:
a. liquidity effect.
b. Fisher effect.
c. term structure of interest rates.
d. inflation premium.
e. interest rate risk premium.
14. A form of equity which receives no preferential treatment in either the
payment of dividends or in bankruptcy distributions is called _____ stock.
a. dual class
b. cumulative
c. deferred
d. preferred
e. common
15. The voting procedure where a shareholder grants authority to another
individual to vote his/her shares is called _____ voting.
a. democratic
b. cumulative
c. straight
d. deferred
e. proxy
二、計算題
1. A Treasury bond is quoted at a price of 101% with a current yield of 5.94
percent. What is the coupon rate?
2. The semiannual, ten-year bonds of Adep, Inc. are selling at par and have an
effective annual yield of 4.295 percent. What is the amount of each
interest payment on a $1,000 Adep bond?
3. A zero coupon bond with a face value of $1,000 is issued with an initial
price of $463.34. The bond matures in 25 years. What is the implicit
interest, in dollars, for the first year of the bond's life?
4. Now or Later, Inc. recently paid $1.10 as an annual dividend. Future
dividends are projected at $1.14, $1.18, $1.22, and $1.25 over the next
four years, respectively. Beginning five years from now, the dividend is
expected to increase by 2 percent annually. What is one share of this stock
worth to you if you require an 8 percent rate of return on simila
investments?
5. Mother and Daughter Enterprises is a relatively new firm that appears to
be on the road to great success. The company paid their first annual
dividend yesterday in the amount of $.28 a share. The company plans to
double each annual dividend paymente for the next three years. After that
time, they are planning on paying a constant $1.50 per share indefinitely.
What is one share of this stock worth today if the market rate of return
on similar securities is 11.5 percent?
6. Suppose you retire at age 60. You expect to live 10 more years and to spend
NT$500,000 a year during your retirement. How much money do you need to
save by age 60 to support this consumption plan? Assume an interest rate
of 5%.
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