[財務管理] 第一次小考考古題

1. Earning per share is equal to:

(A). net income divided by the total number of shares outstanding.

(B). net income divided by the par value of the common stock.

(C). gross income multiplied by the par value of the common stock.

(D). operating income divided by the par value of the common stock.

(E). net income divided by total shareholders’ equity.

2. The cash ratio is measured as:

(A). current assets divided by current liabilities.

(B). current assets minus cash on hand, divided by current liabilities.

(C). current liabilities plus current assets, divided by cash on hand.

(D). cash on hand plus inventory, divided by current liabilities.

(E). cash on hand divided by current liabilities.

3. The equity multiplier ratio is measured as total:

(A). equity divided by total assets.

(B). equity plus total debt.

(C). assets minus total equity, divided by total assets.

(D). assets plus total equity, divided by total debt.

(E). assets divided by total equity.

4. The Fisher separation theorem says that

(A). expected return of a portfolio is separate from its variance.

(B). investment decisions can be made separately from consumption decisions.

(C). lending decisions can be made jointly with borrowing decisions.

(D) systematic risk and unsystematic risk should be considered separately.

5. Present value and future value are:

(A) unrelated to each other.

(B) directly, positively related.

(C) are strictly additive.

(D) inversely related to each other.

6. The present value of a set of cash flows is:

(A) the sum of the present value of the individual cash flows.

(B) the sum of individual cash flows which are then discounted.

(C) not equal to the sum of the present value of the individual cash flows.

(D) always greater than the present value of the investment.

7. What is the future value of an annuity of $32 invested every month for the next 2 years starting one month from now at 9.3% compounded every month?

(A) 1093

(B)757

(C)841

(D)589 (Ch5)

8. Companies can raise cash to finance their investment activities by:

(A) making dividend payments.

(B) selling or issuing financial instruments.

(C) buying back their financial instruments.

(D) not producing goods during the current quarter.

9. Heidi Foster plans to buy a laser printer for $636 after two years. If the annual interest rate is 7.5%, how much money should Heidi Foster set aside today for the purchase?

(A) 550 (B) 440 (C) 495 (D)385

10. Shareholders in the modern corporation are normally separate from management. Management acts as the agents of the shareholders. Managers may act in their own self-interest sometimes, the agency costs of resolving these shareholder-manager conflicts are made up of:

(A)incentive fees paid to managers and new cars.

(B) shareholder monitoring costs and incentive fees.

(C) takeover defense costs.

(D) all of the above.

(E) none of the above

11. 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

12. What is the most common type of firm in the United States and the world?

(A)sole proprietorships

(B) limited partnerships

(C)corporations

(D) partnerships

13. In which of the following ways is a limited liability company like a corporation?

(A)Both can choose to be considered a partnership for tax purposes.

(B)All of its owners' liability is restricted to their investment in the firm.

(C)It is directly managed by the owners of the firm.

(D)Both types of firm were created and developed first in the United States.

14. What is the major advantage corporations have over other business entities?

(A)A corporation's shares can be freely traded among its shareholders.

(B)A corporation is treated as a separate legal entity for tax and legal purposes.

(C)It is easier for a corporation to raise capital than other forms of businesses.

(D)All of the above are advantages that a corporation has over other business forms.

15. If $476 invested today yields $500 in one year's time, what is the discount factor? (A)1.05 (B) 0.95 (C) 0.05 (D) 1.50

16. Present value and future value are:

(A)unrelated to each other.

(B)directly, positively related.

(C)are strictly additive.

(D)inversely related to each other.

(E)none of the above.

17. Which of the following amounts is closest to the end value of investing $80,000 for 3 years at a continuously compounded rate of 12%?

(A) $108,800. (B)$112,750. (C)$113,550. (D)$114,394. (E)$114,666.

18. Which of the following amounts is closest to the end value of investing $5,000 for 14 months at a stated annual interest rate of 6 percent compounded monthly?

(A)$5,352. (B)$5,362. (C)$5,350. (D)$5,293. (E)$6,183.

19. How do the shareholders of most corporations exercise their control of that corporation?

(A)by providing oversight of the day to day running of the corporation

(B)by electing members of a board of directors

(C)by voting on issues that concern them

(D)by vetting the decisions of the board of directors

20. Which of the following would be best considered to be a principal-agent problem in the behavior of the following financial managers?

(A)James ignores an opportunity for his company to invest in a new drug to fight Alzheimer's disease, judging the drug's chances of succeeding as low.

(B)Sue instructs her staff to skip safety inspections in one of the company's factories, knowing that it will likely fail the inspection and incur significant costs to fix.

(C)Bill chooses to pursue a risky investment for the company's funds, because his compensation will substantially rise if it succeeds.

(D)Michael chooses to enhance his firm's reputation at some cost to its shareholders by sponsoring a team of athletes for the Special Olympics.

SOLUTION:

1.A

EPS :

https://zh.wikipedia.org/wiki/%E6%AF%8F%E8%82%A1%E7%9B%88%E9%A4%98

2.E

現金比率：

https://wiki.mbalib.com/zh-tw/%E7%8E%B0%E9%87%91%E6%AF%94%E7%8E%87

3.E

權益乘數 (EM) :

https://wiki.mbalib.com/zh-tw/%E6%9D%83%E7%9B%8A%E4%B9%98%E6%95%B0

4.B

費雪分離定理:

https://wiki.mbalib.com/zh-tw/%E5%88%86%E7%A6%BB%E5%AE%9A%E7%90%86

5.B

個人理解 PV*(1+i)^t=FV

6.A

7.C

8.B

financial instruments:

https://wiki.mbalib.com/wiki/%E4%BF%A1%E7%94%A8%E5%B7%A5%E5%85%B7

9.A

636/(1.075)^2=550.352

10.D

反收購策略：

https://wiki.mbalib.com/wiki/%E5%8F%8D%E6%94%B6%E8%B4%AD%E7%AD%96%E7%95%A5

11.E

代理投票：

https://wiki.mbalib.com/wiki/%E4%BB%A3%E7%90%86%E6%8A%95%E7%A5%A8

綠角財經：

http://greenhornfinancefootnote.blogspot.com/2015/03/proxy-vote-for-board-of-trustees.html

12.A

獨資企業是最多的企業型態。

13.B

14.D

15.B

476/500=0.952

貼現因素：

https://wiki.mbalib.com/zh-tw/%E8%B4%B4%E7%8E%B0%E5%9B%A0%E5%AD%90

16.B

同5

17.E

80,000(1.12)^3=112394.24

18.B

5,000(1.005)^14=5361.61

19.B or C

20.C

經理人比較不會考慮風險，而傾向追求高風險高報酬。