2012春季公司理财专题成绩单
公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 1 Introduction to Corporate Finance1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?A) Depositing cash receiptsB) Processing cost reportsC) Analyzing equipment purchasesD) Approving credit for a customerE) Paying a vendor2) The treasurer of a corporation generally reports directly to the:A) board of directors.B) chairman of the board.C) chief executive officer.D) president.E) vice president of finance.3) Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A) The vice president of finance reports to the chairman of the board.B) The chief executive officer reports to the president.C) The controller reports to the chief financial officer.D) The treasurer reports to the president.E) The chief operations officer reports to the vice president of production.4) An example of a capital budgeting decision is deciding:A) how many shares of stock to issue.B) whether or not to purchase a new machine for the production line.C) how to refinance a debt issue that is maturing.D) how much inventory to keep on hand.E) how much money should be kept in the checking account.5) When evaluating the timing of a project's projected cash flows, a financial manager is analyzing:A) the amount of each expected cash flow.B) only the start-up costs that are expected to require cash resources.C) only the date of the final cash flow related to the project.D) the amount by which cash receipts are expected to exceed cash outflows.E) when each cash flow is expected to occur.6) Capital structure decisions include determining:A) which one of two projects to accept.B) how to allocate investment funds to multiple projects.C) the amount of funds needed to finance customer purchases of a new product.D) how much debt should be assumed to fund a project.E) how much inventory will be needed to support a project.7) The decision to issue additional shares of stock is an example of:A) working capital management.B) a net working capital decision.C) capital budgeting.D) a controller's duties.E) a capital structure decision.8) Which one of the following questions is a working capital management decision?A) Should the company issue new shares of stock or borrow money?B) Should the company update or replace its older equipment?C) How much inventory should be on hand for immediate sale?D) Should the company close one of its current stores?E) How much should the company borrow to buy a new building?9) Which one of the following is a working capital management decision?A) What type(s) of equipment is (are) needed to complete a current project?B) Should the firm pay cash for a purchase or use the credit offered by the supplier?C) What amount of long-term debt is required to complete a project?D) How many shares of stock should the firm issue to fund an acquisition?E) Should a project should be accepted?10) Working capital management decisions include determining:A) the minimum level of cash to be kept in a checking account.B) the best method of producing a product.C) the number of employees needed to work during a particular shift.D) when to replace obsolete equipment.E) if a competitor should be acquired.11) Which one of the following terms is defined as the management of a firm's long-term investments?A) Working capital managementB) Financial allocationC) Agency cost analysisD) Capital budgetingE) Capital structure12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A) Working capital managementB) Cash managementC) Cost analysisD) Capital budgetingE) Capital structure13) A firm's short-term assets and its short-term liabilities are referred to as the firm's:A) working capital.B) debt.C) investment capital.D) net capital.E) capital structure.14) Which one of the following questions is least likely to be addressed by financial managers?A) How should a product be marketed?B) Should customers be given 30 or 45 days to pay for their credit purchases?C) Should the firm borrow more money?D) Should the firm acquire new equipment?E) How much cash should the firm keep on hand?15) A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.16) A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.17) A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A) general partner.B) sole proprietor.C) limited partner.D) corporate shareholder.E) zero partner.18) A business created as a distinct legal entity and treated as a legal "person" is called a(n):A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) unlimited liability company.19) Which one of the following statements concerning a sole proprietorship is correct?A) A sole proprietorship is designed to protect the personal assets of the owner.B) The profits of a sole proprietorship are subject to double taxation.C) The owner of a sole proprietorship is personally responsible for all of the company's debts.D) There are very few sole proprietorships remaining in the U.S. today.E) A sole proprietorship is structured the same as a limited liability company.20) Which one of the following statements concerning a sole proprietorship is correct?A) The life of a sole proprietorship is limited.B) A sole proprietor can generally raise large sums of capital quite easily.C) Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation.D) A sole proprietorship is taxed the same as a C corporation.E) A sole proprietorship is the most regulated form of organization.21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?A) Only general partnersB) Only sole proprietorsC) All stockholdersD) Both limited and general partnersE) Both general partners and sole proprietors22) The primary advantage of being a limited partner is:A) the receipt of tax-free income.B) the partner's active participation in the firm's activities.C) the lack of any potential financial loss.D) the daily control over the business affairs of the partnership.E) the partner's maximum loss is limited to their capital investment.23) A general partner:A) is personally responsible for all partnership debts.B) has no say over a firm's daily operations.C) faces double taxation whereas a limited partner does not.D) has a maximum loss equal to his or her equity investment.E) receives a salary in lieu of a portion of the profits.24) A limited partnership:A) has an unlimited life.B) can opt to be taxed as a corporation.C) terminates at the death of any one limited partner.D) has at least one partner who has unlimited liability for all of the partnership's debts.E) consists solely of limited partners.25) A partnership with four general partners:A) distributes profits based on percentage of ownership.B) has an unlimited partnership life.C) limits the active involvement in the firm to a single partner.D) limits each partner's personal liability to 25 percent of the partnership's total debt.E) must distribute 25 percent of the profits to each partner.26) One disadvantage of the corporate form of business ownership is the:A) limited liability of its shareholders for the firm's debts.B) double taxation of distributed profits.C) firm's greater ability to raise capital than other forms of ownership.D) firm's potential for an unlimited life.E) firm's ability to issue additional shares of stock.27) Which one of the following statements is correct?A) The majority of firms in the U.S. are structured as corporations.B) Corporate profits are taxable income to the shareholders when earned.C) Corporations can have an unlimited life.D) Shareholders are protected from all potential losses.E) Shareholders directly elect the corporate president.28) Which one of the following statements is correct?A) A general partnership is legally the same as a corporation.B) Income from both sole proprietorships and partnerships that is taxable is treated as individual income.C) Partnerships are the most complicated type of business to form.D) All business organizations have bylaws.E) Only firms organized as sole proprietorships have limited lives.29) The articles of incorporation:A) describe the purpose of the firm and set forth the number of shares of stock that can be issued.B) are amended periodically especially prior to corporate elections.C) explain how corporate directors are to be elected and the length of their terms.D) sets forth the procedures by which a firm regulates itself.E) include only the corporation's name and intended life.30) Corporate bylaws:A) must be amended should a firm decide to increase the number of shares authorized.B) cannot be amended once adopted.C) define the name by which the firm will operate.D) describe the intended life and purpose of the organization.E) determine how a corporation regulates itself.31) A limited liability company:A) can only have a single owner.B) is comprised of limited partners only.C) is taxed similar to a partnership.D) is taxed similar to a C corporation.E) generates totally tax-free income.32) Which business form is best suited to raising large amounts of capital?A) Sole proprietorshipB) Limited liability companyC) CorporationD) General partnershipE) Limited partnership33) A ________ has all the respective rights and privileges of a legal person.A) sole proprietorshipB) general partnershipC) limited partnershipD) corporationE) limited liability company34) Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants to limit his liability to his initial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and Alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) General partnershipE) Corporation35) Sally and Alicia are equal general partners in a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remain the only two owners of the business?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) Limited liability companyE) Corporation36) The growth of both sole proprietorships and partnerships is frequently limited by the firm's:A) double taxation.B) bylaws.C) inability to raise cash.D) limited liability.E) agency problems.37) Corporate dividends are:A) tax-free because the income is taxed at the personal level when earned by the firm.B) tax-free because they are distributions of aftertax income.C) tax-free since the corporation pays tax on that income when it is earned.D) taxed at both the corporate and the personal level when the dividends are paid to shareholders.E) taxable income of the recipient even though that income was previously taxed.38) Financial managers should primarily focus on the interests of:A) stakeholders.B) the vice president of finance.C) their immediate supervisor.D) shareholders.E) the board of directors.39) Which one of the following best states the primary goal of financial management?A) Maximize current dividends per shareB) Maximize the current value per shareC) Increase cash flow and avoid financial distressD) Minimize operational costs while maximizing firm efficiencyE) Maintain steady growth while increasing current profits40) Which one of the following best illustrates that the management of a firm is adhering to the goal of financial management?A) An increase in the amount of the quarterly dividendB) A decrease in the per unit production costsC) An increase in the number of shares outstandingD) A decrease in the net working capitalE) An increase in the market value per share41) Financial managers should strive to maximize the current value per share of the existingstock to:A) guarantee the company will grow in size at the maximum possible rate.B) increase employee salaries.C) best represent the interests of the current shareholders.D) increase the current dividends per share.E) provide managers with shares of stock as part of their compensation.42) Decisions made by financial managers should primarily focus on increasing the:A) size of the firm.B) growth rate of the firm.C) gross profit per unit produced.D) market value per share of outstanding stock.E) total sales.43) The Sarbanes-Oxley Act of 2002 is a governmental response to:A) decreasing corporate profits.B) the terrorist attacks on 9/11/2001.C) a weakening economy.D) deregulation of the stock exchanges.E) management greed and abuses.44) Which one of the following is an unintended result of the Sarbanes-Oxley Act?A) More detailed and accurate financial reportingB) Increased management awareness of internal controlsC) Corporations delisting from major exchangesD) Increased responsibility for corporate officersE) Identification of internal control weaknesses45) A firm which opts to "go dark" in response to the Sarbanes-Oxley Act:A) must continue to provide audited financial statements to the public.B) must continue to provide a detailed list of internal control deficiencies on an annual basis.C) can provide less information to its shareholders than it did prior to "going dark".D) can continue publicly trading its stock but only on the exchange on which it was previously listed.E) ceases to exist.46) The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of the company's financial statements.A) managersB) internal auditorsC) external legal counselD) internal legal counselE) Securities and Exchange Commission agent47) Which one of the following actions by a financial manager is most apt to create an agency problem?A) Refusing to borrow money when doing so will create losses for the firmB) Refusing to lower selling prices if doing so will reduce the net profitsC) Refusing to expand the company if doing so will lower the value of the equityD) Agreeing to pay bonuses based on the market value of the company's stock rather than on its level of salesE) Increasing current profits when doing so lowers the value of the company's equity48) Which one of the following is least apt to help convince managers to work in the best interest of the stockholders? Assume there are no golden parachutes.A) Compensation based on the value of the stockB) Stock option plansC) Threat of a company takeoverD) Threat of a proxy fightE) Increasing managers' base salaries49) Agency problems are most associated with:A) sole proprietorships.B) general partnerships.C) limited partnerships.D) corporations.E) limited liability companies.50) Which one of the following is an agency cost?A) Accepting an investment opportunity that will add value to the firmB) Increasing the quarterly dividendC) Investing in a new project that creates firm valueD) Hiring outside accountants to audit the company's financial statementsE) Closing a division of the firm that is operating at a loss51) Which one of the following is a means by which shareholders can replace company management?A) Stock optionsB) PromotionC) Sarbanes-Oxley ActD) Agency playE) Proxy fight52) Which one of the following grants an individual the right to vote on behalf of a shareholder?A) ProxyB) By-lawsC) Indenture agreementD) Stock optionE) Stock audit53) Which one of the following parties has ultimate control of a corporation?A) Chairman of the boardB) Board of directorsC) Chief executive officerD) Chief operating officerE) Shareholders54) Which of the following parties are considered stakeholders of a firm?A) Employees and the governmentB) Long-term creditorsC) Government and common stockholdersD) Common stockholdersE) Long-term creditors and common stockholders55) Which one of the following represents a cash outflow from a corporation?A) Issuance of new securitiesB) Payment of dividendsC) New loan proceedsD) Receipt of tax refundE) Initial sale of common stock56) Which one of the following is a cash flow from a corporation into the financial markets?A) Borrowing of long-term debtB) Payment of government taxesC) Payment of loan interestD) Issuance of corporate debtE) Sale of common stock57) Which one of the following is a primary market transaction?A) Sale of currently outstanding stock by a dealer to an individual investorB) Sale of a new share of stock to an individual investorC) Stock ownership transfer from one shareholder to another shareholderD) Gift of stock from one shareholder to another shareholderE) Gift of stock by a shareholder to a family member58) Shareholder A sold 500 shares of ABC stock on the New York Stock Exchange. This transaction:A) took place in the primary market.B) occurred in a dealer market.C) was facilitated in the secondary market.D) involved a proxy.E) was a private placement.59) Public offerings of debt and equity must be registered with the:A) New York Board of Governors.B) Federal Reserve.C) NYSE Registration Office.D) Securities and Exchange Commission.E) Market Dealers Exchange.60) Which one of the following statements is generally correct?A) Private placements must be registered with the SEC.B) All secondary markets are auction markets.C) Dealer markets have a physical trading floor.D) Auction markets match buy and sell orders.E) Dealers arrange trades but never own the securities traded.61) Which one of the following statements concerning stock exchanges is correct?A) NASDAQ is a broker market.B) The NYSE is a dealer market.C) The exchange with the strictest listing requirements is NASDAQ.D) Some large companies are listed on NASDAQ.E) Most debt securities are traded on the NYSE.62) Shareholder A sold shares of Maplewood Cabinets stock to Shareholder B. The stock is listed on the NYSE. This trade occurred in which one of the following?A) Primary, dealer marketB) Secondary, dealer marketC) Primary, auction marketD) Secondary, auction marketE) Secondary, OTC market63) Which one of the following statements is correct concerning the NYSE?A) The publicly traded shares of a NYSE-listed firm must be worth at least $250 million.B) The NYSE is the largest dealer market for listed securities in the United States.C) The listing requirements for the NYSE are more stringent than those of NASDAQ.D) Any corporation desiring to be listed on the NYSE can do so for a fee.E) The NYSE is an OTC market functioning as both a primary and a secondary market.11。
公司理财精要版原书第12版习题库答案Ross12e_Chapter03_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 3 Working with Financial Statements1) Which one of the following is a source of cash for a tax-exempt firm?A) Increase in accounts receivableB) Increase in depreciationC) Decrease in accounts payableD) Increase in common stockE) Increase in inventory2) Which one of the following is a use of cash?A) Decrease in fixed assetsB) Decrease in inventoryC) Increase in long-term debtD) Decrease in accounts receivablesE) Decrease in accounts payable3) Which one of the following is a source of cash?A) Repurchase of common stockB) Acquisition of debtC) Purchase of inventoryD) Payment to a supplierE) Granting credit to a customer4) Which one of the following is a source of cash?A) Increase in accounts receivableB) Decrease in common stockC) Increase in fixed assetsD) Decrease in accounts payableE) Decrease in inventory5) On the statement of cash flows, which one of the following is considered a financing activity?A) Increase in inventoryB) Decrease in accounts payableC) Increase in net working capitalD) Dividends paidE) Decrease in fixed assets6) On the statement of cash flows, which one of the following is considered an operating activity?A) Increase in net fixed assetsB) Decrease in accounts payableC) Purchase of equipmentD) Dividends paidE) Repayment of long-term debt7) According to the statement of cash flows, an increase in inventory will ________ the cash flow from ________ activities.A) increase; operatingB) decrease; financingC) decrease; operatingD) increase; financingE) increase; investment8) According to the statement of cash flows, an increase in interest expense will ________ the cash flow from ________ activities.A) decrease; operatingB) decrease; financingC) increase; operatingD) increase; financingE) Increase; investment9) Activities of a firm that require the spending of cash are known as:A) sources of cash.B) uses of cash.C) cash collections.D) cash receipts.E) cash on hand.10) The sources and uses of cash over a stated period of time are reflected on the:A) income statement.B) balance sheet.C) tax reconciliation statement.D) statement of cash flows.E) statement of operating position.11) A common-size income statement is an accounting statement that expresses all of a firm's expenses as a percentage of:A) total assets.B) total equity.C) net income.D) taxable income.E) sales.12) Which one of the following standardizes items on the income statement and balance sheet relative to their values as of a chosen point in time?A) Statement of standardizationB) Statement of cash flowsC) Common-base year statementD) Common-size statementE) Base reconciliation statement13) On a common-size balance sheet all accounts for the current year are expressed as a percentage of:A) sales for the period.B) the base year sales.C) total equity for the base year.D) total assets for the current year.E) total assets for the base year.14) On a common-base year financial statement, accounts receivables for the current year will be expressed relative to which one of the following?A) Current year salesB) Current year total assetsC) Base-year salesD) Base-year total assetsE) Base-year accounts receivables15) Which one of the following ratios is a measure of a firm's liquidity?A) Cash coverage ratioB) Profit marginC) Debt-equity ratioD) Quick ratioE) NWC turnover16) An increase in current liabilities will have which one of the following effects, all else held constant? Assume all ratios have positive values.A) Increase in the cash ratioB) Increase in the net working capital to total assets ratioC) Decrease in the quick ratioD) Decrease in the cash coverage ratioE) Increase in the current ratio17) An increase in which one of the following will increase a firm's quick ratio without affecting its cash ratio?A) Accounts payableB) CashC) InventoryD) Accounts receivableE) Fixed assets18) A supplier, who requires payment within 10 days, should be most concerned with which one of the following ratios when granting credit?A) CurrentB) CashC) Debt-equityD) QuickE) Total debt19) A firm has an interval measure of 48. This means that the firm has sufficient liquid assets to do which one of the following?A) Pay all of its debts that are due within the next 48 hoursB) Pay all of its debts that are due within the next 48 daysC) Cover its operating costs for the next 48 hoursD) Cover its operating costs for the next 48 daysE) Meet the demands of its customers for the next 48 hours20) Ratios that measure a firm's liquidity are known as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) book value21) Which one of the following statements is correct?A) If the total debt ratio is greater than .50, then the debt-equity ratio must be less than 1.0.B) Long-term creditors would prefer the times interest earned ratio be 1.4 rather than 1.5.C) The debt-equity ratio can be computed as 1 plus the equity multiplier.D) An equity multiplier of 1.2 means a firm has $1.20 in sales for every $1 in equity.E) An increase in the depreciation expense will not affect the cash coverage ratio.22) If a firm has a debt-equity ratio of 1.0, then its total debt ratio must be which one of the following?A) 0B) .5C) 1.0D) 1.5E) 2.023) The cash coverage ratio directly measures the ability of a company to meet its obligation to pay:A) an invoice to a supplier.B) wages to an employee.C) interest to a lender.D) principal to a lender.E) a dividend to a shareholder.24) All-State Moving had sales of $899,000 in 2017 and $967,000 in 2018. The firm's current accounts remained constant. Given this information, which one of the following statements must be true?A) The total asset turnover rate increased.B) The days' sales in receivables increased.C) The net working capital turnover rate increased.D) The fixed asset turnover decreased.E) The receivables turnover rate decreased.25) The Corner Hardware has succeeded in increasing the amount of goods it sells while holding the amount of inventory on hand at a constant level. Assume that both the cost per unit and the selling price per unit also remained constant. This accomplishment will be reflected in the firm's financial ratios in which one of the following ways?A) Decrease in the inventory turnover rateB) Decrease in the net working capital turnover rateC) Increase in the fixed asset turnover rateD) Decrease in the day's sales in inventoryE) Decrease in the total asset turnover rate26) RJ's has a fixed asset turnover rate of 1.26 and a total asset turnover rate of .97. Sam's has a fixed asset turnover rate of 1.31 and a total asset turnover rate of .94. Both companies have similar operations. Based on this information, RJ's must be doing which one of the following?A) Utilizing its fixed assets more efficiently than Sam'sB) Utilizing its total assets more efficiently than Sam'sC) Generating $1 in sales for every $1.26 in net fixed assetsD) Generating $1.26 in net income for every $1 in net fixed assetsE) Maintaining the same level of current assets as Sam's27) Ratios that measure how efficiently a firm manages its assets and operations to generate net income are referred to as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) turnover28) If a company produces a return on assets of 14 percent and also a return on equity of 14 percent, then the firm:A) may have short-term, but not long-term debt.B) is using its assets as efficiently as possible.C) has no net working capital.D) has a debt-equity ratio of 1.0.E) has an equity multiplier of 1.0.29) Which one of the following will decrease if a firm can decrease its operating costs, all else constant?A) Return on equityB) Return on assetsC) Profit marginD) Total asset turnoverE) Price-earnings ratio30) Al's has a price-earnings ratio of 18.5. Ben's also has a price-earnings ratio of 18.5. Which one of the following statements must be true if Al's has a higher PEG ratio than Ben's?A) Al's has more net income than Ben's.B) Ben's is increasing its earnings at a faster rate than Al's.C) Al's has a higher market value per share than does Ben's.D) Ben's has a lower market-to-book ratio than Al's.E) Al's has a higher earnings growth rate than Ben's.31) Tobin's Q relates the market value of a firm's assets to which one of the following?A) Initial cost of creating the firmB) Current book value of the firmC) Average asset value of similar firmsD) Average market value of similar firmsE) Today's cost to duplicate those assets32) The price-sales ratio is especially useful when analyzing firms that have:A) volatile market prices.B) negative earnings.C) positive PEG ratios.D) a high Tobin's Q.E) increasing sales.33) Mortgage lenders probably have the most interest in the ________ ratios.A) return on assets and profit marginB) long-term debt and times interest earnedC) price-earnings and debt-equityD) market-to-book and times interest earnedE) return on equity and price-earnings34) Relationships determined from a company's financial information and used for comparison purposes are known as:A) financial ratios.B) identities.C) dimensional analysis.D) scenario analysis.E) solvency analysis.35) DL Farms currently has $600 in debt for every $1,000 in equity. Assume the company uses some of its cash to decrease its debt while maintaining its current equity and net income. Which one of the following will decrease as a result of this action?A) Equity multiplierB) Total asset turnoverC) Profit marginD) Return on assetsE) Return on equity36) Which one of these identifies the relationship between the return on assets and the return on equity?A) Profit marginB) Profitability determinantC) Balance sheet multiplierD) DuPont identityE) Debt-equity ratio37) Which one of the following accurately describes the three parts of the DuPont identity?A) Equity multiplier, profit margin, and total asset turnoverB) Debt-equity ratio, capital intensity ratio, and profit marginC) Operating efficiency, equity multiplier, and profitability ratioD) Return on assets, profit margin, and equity multiplierE) Financial leverage, operating efficiency, and profitability ratio38) An increase in which of the following must increase the return on equity, all else constant?A) Total assets and salesB) Net income and total equityC) Total asset turnover and debt-equity ratioD) Equity multiplier and total equityE) Debt-equity ratio and total debt39) Which one of the following is a correct formula for computing the return on equity?A) Profit margin × ROAB) ROA × Equity multiplierC) Profit margin × Total asset turnover × Debt-equity ratioD) Net income/Total assetsE) Debt-equity ratio × ROA40) The DuPont identity can be used to help managers answer which of the following questions related to a company's operations?I. How many sales dollars are being generated per each dollar of assets?II. How many dollars of assets have been acquired per each dollar in shareholders' equity? III. How much net profit is being generating per dollar of sales?IV. Does the company have the ability to meet its debt obligations in a timely manner?A) I and III onlyB) II and IV onlyC) I, II, and III onlyD) II, III and IV onlyE) I, II, III, and IV41) The U.S. government coding system that classifies a company by the nature of its business operations is known as the:A) Centralized Business Index.B) Peer Grouping codes.C) Standard Industrial Classification codes.D) Governmental ID codes.E) Government Engineered Coding System.42) Which one of the following statements is correct?A) Book values should always be given precedence over market values.B) Financial statements are rarely used as the basis for performance evaluations.C) Historical information is useful when projecting a company's future performance.D) Potential lenders place little value on financial statement information.E) Reviewing financial information over time has very limited value.43) The most acceptable method of evaluating the financial statements is to compare the company's current financial:A) ratios to the company's historical ratios.B) statements to the financial statements of similar companies operating in other countries.C) ratios to the average ratios of all companies located within the same geographic area.D) statements to those of larger companies in unrelated industries.E) statements to the projections that were created based on Tobin's Q.44) All of the following issues represent problems encountered when comparing the financial statements of two separate entities except the issue of the companies:A) being conglomerates with unrelated lines of business.B) having geographically varying operations.C) using differing accounting methods.D) differing seasonal peaks.E) having the same fiscal year.45) Which one of these is the least important factor to consider when comparing the financial situations of utility companies that generate electric power and have the same SIC code?A) Type of ownershipB) Government regulations affecting the firmC) Fiscal year endD) Methods of power generationE) Number of part-time employees46) At the beginning of the year, Brick Makers had cash of $183, accounts receivable of $392, accounts payable of $463, and inventory of $714. At year end, cash was $167, accounts payables was $447, inventory was $682, and accounts receivable was $409. What is the amount of the net source or use of cash by working capital accounts for the year?A) Net use of $16 cashB) Net use of $17 cashC) Net source of $17 cashD) Net source of $15 cashE) Net use of $15 cash47) During the year, Al's Tools decreased its accounts receivable by $160, increased its inventory by $115, and decreased its accounts payable by $70. How did these three accounts affect the sources of uses of cash by the firm?A) Net source of cash of $120B) Net source of cash of $205C) Net source of cash of $45D) Net use of cash of $115E) Net use of cash of $2548) Lani's generated net income of $911, depreciation expense was $47, and dividends paid were $25. Accounts payables increased by $15, accounts receivables increased by $28, inventory decreased by $14, and net fixed assets decreased by $8. There was no interest expense. What was the net cash flow from operating activity?A) $776B) $865C) $959D) $922E) $98549) For the past year, Jenn's Floral Arrangements had taxable income of $198,600, beginning common stock of $68,000, beginning retained earnings of $318,750, ending common stock of $71,500, ending retained earnings of $316,940, interest expense of $11,300, and a tax rate of 21 percent. What is the amount of dividends paid during the year?A) $157,280B) $159,935C) $163,200D) $153,555E) $158,70450) The Floor Store had interest expense of $38,400, depreciation of $28,100, and taxes of $19,600 for the year. At the start of the year, the firm had total assets of $879,400 and current assets of $289,600. By year's end total assets had increased to $911,900 while current assets decreased to $279,300. What is the amount of the cash flow from investment activity for the year?A) −$51,150B) $21,850C) $29,300D) −$70,900E) −$89,40051) Williamsburg Market is an all-equity firm that has net income of $96,200, depreciation expense of $6,300, and an increase in net working capital of $2,800. What is the amount of the net cash from operating activity?A) $91,300B) $99,700C) $93,400D) $105,300E) $113,70052) The accounts payable of a company changed from $136,100 to $104,300 over the course of a year. This change represents a:A) use of $31,800 of cash as investment activity.B) source of $31,800 of cash as an operating activity.C) source of $31,800 of cash as a financing activity.D) source of $31,800 of cash as an investment activity.E) use of $31,800 of cash as an operating activity.53) Oil Creek Auto has sales of $3,340, net income of $274, net fixed assets of $2,600, and current assets of $920. The firm has $430 in inventory. What is the common-size statement value of inventory?A) 12.22 percentB) 44.16 percentC) 16.54 percentD) 13.36 percentE) 46.74 percent54) Pittsburgh Motors has sales of $4,300, net income of $320, total assets of $4,800, and total equity of $2,950. Interest expense is $65. What is the common-size statement value of the interest expense?A) .89 percentB) 1.51 percentC) 1.69 percentD) 2.03 percentE) 1.35 percent55) Last year, which is used as the base year, a firm had cash of $52, accounts receivable of $223, inventory of $509, and net fixed assets of $1,107. This year, the firm has cash of $61,accounts receivable of $204, inventory of $527, and net fixed assets of $1,216. What is this year's common-base-year value of inventory?A) .67B) .91C) .88D) 1.04E) 1.1856) Duke's Garage has cash of $68, accounts receivable of $142, accounts payable of $235, and inventory of $318. What is the value of the quick ratio?A) 2.25B) .53C) .71D) .89E) 1.3557) Uptown Men's Wear has accounts payable of $2,214, inventory of $7,950, cash of $1,263, fixed assets of $8,400, accounts receivable of $3,907, and long-term debt of $4,200. What is the value of the net working capital to total assets ratio?A) .31B) .42C) .47D) .51E) .5658) DJ's has total assets of $310,100 and net fixed assets of $168,500. The average daily operating costs are $2,980. What is the value of the interval measure?A) 31.47 daysB) 47.52 daysC) 56.22 daysD) 68.05 daysE) 104.62 days59) Corner Books has a debt-equity ratio of .57. What is the total debt ratio?A) .36B) .30C) .44D) 2.27E) 2.7560) SS Stores has total debt of $4,910 and a debt-equity ratio of 0.52. What is the value of the total assets?A) $16,128.05B) $7,253.40C) $9,571.95D) $11,034.00E) $14,352.3161) JK Motors has sales of $96,400, costs of $53,800, interest paid of $2,800, and depreciation of $7,100. The tax rate is 21 percent. What is the value of the cash coverage ratio?A) 15.21B) 12.14C) 17.27D) 23.41E) 12.6862) Terry's Pets paid $2,380 in interest and $2,200 in dividends last year. The times interest earned ratio is 2.6 and the depreciation expense is $680. What is the value of the cash coverage ratio?A) 1.42B) 2.72C) 2.94D) 2.89E) 2.4663) The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $123,900, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?A) 74.19 daysB) 84.69 daysC) 78.07 daysD) 96.46 daysE) 71.01 days64) Flo's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods sold of $64,003. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit?A) 11.88 daysB) 22.20 daysC) 16.23 daysD) 14.50 daysE) 18.67 days65) The Harrisburg Store has net working capital of $2,715, net fixed assets of $22,407, sales of $31,350, and current liabilities of $3,908. How many dollars' worth of sales are generated from every $1 in total assets?A) $1.08B) $1.14C) $1.19D) $84E) $9366) TJ's has annual sales of $813,200, total debt of $171,000, total equity of $396,000, and a profit margin of 5.78 percent. What is the return on assets?A) 8.29 percentB) 6.48 percentC) 9.94 percentD) 7.78 percentE) 8.02 percent67) Frank's Used Cars has sales of $807,200, total assets of $768,100, and a profit margin of 6.68 percent. The firm has a total debt ratio of 54 percent. What is the return on equity?A) 13.09 percentB) 12.04 percentC) 11.03 percentD) 8.56 percentE) 15.26 percent68) Bernice's has $823,000 in sales. The profit margin is 4.2 percent and the firm has 7,500 shares of stock outstanding. The market price per share is $16.50. What is the price-earnings ratio?A) 3.58B) 3.98C) 4.32D) 3.51E) 4.2769) Hungry Lunch has net income of $73,402, a price-earnings ratio of 13.7, and earnings per share of $.43. How many shares of stock are outstanding?A) 13,520B) 12,460C) 165,745D) 171,308E) 170,70270) A firm has 160,000 shares of stock outstanding, sales of $1.94 million, net income of $126,400, a price-earnings ratio of 21.3, and a book value per share of $7.92. What is the market-to-book ratio?A) 2.12B) 1.84C) 1.39D) 2.45E) 2.6971) Taylor's Men's Wear has a debt-equity ratio of 48 percent, sales of $829,000, net income of $47,300, and total debt of $206,300. What is the return on equity?A) 19.29 percentB) 11.01 percentC) 15.74 percentD) 18.57 percentE) 14.16 percent72) Nielsen's has inventory of $29,406, accounts receivable of $46,215, net working capital of $4,507, and accounts payable of $48,919. What is the quick ratio?A) 1.55B) .49C) 1.32D) .94E) .9273) The Strong Box has sales of $859,700, cost of goods sold of $648,200, net income of $93,100, and accounts receivable of $102,300. How many days of sales are in receivables?A) 57.60 daysB) 40.32 daysC) 54.53 daysD) 29.41 daysE) 43.43 days74) Corner Books has sales of $687,400, cost of goods sold of $454,200, and a profit margin of 5.5 percent. The balance sheet shows common stock of $324,000 with a par value of $5 a share, and retained earnings of $689,500. What is the price-sales ratio if the market price is $43.20 per share?A) 4.28B) 12.74C) 6.12D) 4.07E) 14.5175) Gem Jewelers has current assets of $687,600, total assets of $1,711,000, net working capital of $223,700, and long-term debt of $450,000. What is the debt-equity ratio?A) .87B) .94C) 1.21D) 1.15E) 1.0676) Russell's has annual sales of $649,200, cost of goods sold of $389,400, interest of $23,650, depreciation of $121,000, and a tax rate of 21 percent. What is the cash coverage ratio for the year?A) 8.43B) 10.99C) 11.64D) 5.87E) 18.2277) Lawn Care, Inc., has sales of $367,400, costs of $183,600, depreciation of $48,600, interest of $39,200, and a tax rate of 25 percent. The firm has total assets of $422,100, long-term debt of $102,000, net fixed assets of $264,500, and net working capital of $22,300. What is the return on equity?A) 24.26 percentB) 15.38 percentC) 38.96 percentD) 29.96 percentE) 17.06 percent78) Frank's Welding has net fixed assets of $36,200, total assets of $51,300, long-term debt of $22,000, and total debt of $29,700. What is the net working capital to total assets ratio?A) 12.18 percentB) 16.82 percentC) 14.42 percentD) 17.79 percentE) 9.90 percent79) The Green Fiddle has current liabilities of $28,000, sales of $156,900, and cost of goods sold of $62,400. The current ratio is 1.22 and the quick ratio is .71. How many days on average does it take to sell the inventory?A) 128.13 daysB) 74.42 daysC) 199.81 daysD) 147.46 daysE) 83.53 days80) Green Yard Care has net income of $62,300, a tax rate of 21 percent, and a profit margin of 6.7 percent. Total assets are $1,100,500 and current assets are $328,200. How many dollars of sales are being generated from every dollar of net fixed assets?A) $2.83B) $1.37C) $.84D) $1.20E) $1.2381) Jensen's Shipping has total assets of $694,800 at year's end. The beginning owners' equity was $362,400. During the year, the company had sales of $711,000, a profit margin of 5.2 percent, a tax rate of 21 percent, and paid $12,500 in dividends. What is the equity multiplier at year-end?A) 1.67B) 1.72C) 1.93D) 1.80E) 1.8682) Western Gear has net income of $12,400, a tax rate of 21 percent, and interest expense of $1,600. What is the times interest earned ratio for the year?A) 9.63B) 7.75C) 10.81D) 14.97E) 10.9783) Big Tree Lumber has earnings per share of $1.36. The firm's earnings have been increasing at an average rate of 2.9 percent annually and are expected to continue doing so. The firm has 21,500 shares of stock outstanding at a price per share of $23.40. What is the firm's PEG ratio?A) 2.27B) 11.21C) 4.85D) 3.94E) 5.9384) Townsend Enterprises has a PEG ratio of 5.3, net income of $49,200, a price-earnings ratio of 17.6, and a profit margin of 7.1 percent. What is the earnings growth rate?A) 2.48 percentB) 1.06 percentC) 3.32 percentD) 5.20 percentE) 10.60 percent85) A firm has total assets with a current book value of $71,600, a current market value of $82,300, and a current replacement cost of $90,400. What is the value of Tobin's Q?A) .85B) .87C) .90D) .94E) .9186) Dixie Supply has total assets with a current book value of $368,900 and a current replacement cost of $486,200. The market value of these assets is $464,800. What is the value of Tobin's Q?A) .79B) .76C) .96D) 1.26E) 1.0587) Dandelion Fields has a Tobin's Q of .96. The replacement cost of the firm's assets is $225,000 and the market value of the firm's debt is $101,000. The firm has 20,000 shares of stock outstanding and a book value per share of $2.09. What is the market-to-book ratio?A) 2.75 timesB) 3.18 timesC) 3.54 timesD) 4.01 timesE) 4.20 times88) The Tech Store has annual sales of $416,000, a price-earnings ratio of 18, and a profit margin of 3.7 percent. There are 12,000 shares of stock outstanding. What is the price-sales ratio?A) .97B) .67C) 1.08D) 1.15E) .8689) Lassiter Industries has annual sales of $328,000 with 8,000 shares of stock outstanding. The firm has a profit margin of 4.5 percent and a price-sales ratio of 1.20. What is the firm's price-earnings ratio?A) 21.9B) 17.4C) 18.6D) 26.7E) 24.390) Drive-Up has sales of $31.4 million, total assets of $27.6 million, and total debt of $14.9 million. The profit margin is 3.7 percent. What is the return on equity?A) 6.85 percentB) 9.15 percentC) 11.08 percentD) 13.31 percentE) 14.21 percent91) Corner Supply has a current accounts receivable balance of $246,000. Credit sales for the year just ended were $2,430,000. How many days on average did it take for credit customers to pay off their accounts during this past year?A) 44.29 daysB) 55.01 daysC) 55.50 daysD) 36.95 daysE) 41.00 days92) BL Industries has ending inventory of $302,800, annual sales of $2.33 million, and annual cost of goods sold of $1.41 million. On average, how long did a unit of inventory sit on the shelf before it was sold?A) 47.43 daysB) 22.18 daysC) 78.38 daysD) 61.78 daysE) 83.13 days93) Billings Inc. has net income of $161,000, a profit margin of 7.6 percent, and an accounts receivable balance of $127,100. Assume that 66 percent of sales are on credit. What is the days' sales in receivables?A) 21.90 daysB) 27.56 daysC) 33.18 daysD) 35.04 daysE) 36.19 days94) Stone Walls has a long-term debt ratio of .6 and a current ratio of 1.2. Current liabilities are $800, sales are $7,800, the profit margin is 6.5 percent, and return on equity is 15.5 percent. What is the amount of the firm's net fixed assets?A) $8,880.15B) $8,017.43C) $7,666.67D) $5,848.15E) $8,977.43。
公司理财精要版原书第12版习题库答案Ross12e_Chapter20_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 20 Credit and Inventory Management1) Brown's Hardware offers a discount of two percent on their commercial accounts if payment is received within ten days. Otherwise, payment is due within 30 days. This credit offering is referred to as the:A) terms of sale.B) credit analysis.C) collection policy.D) payables policy.E) collection float.2) Jillian was recently hired to determine the probability that individual customers of a major retailer will fail to pay for their charge sales. Jillian's job best relates to which one of the following?A) Terms of saleB) Credit analysisC) Collection policyD) Payables policyE) Customer service3) Town Hardware sells goods on credit with payment due 30 days after purchase. If payment is not received by the 30th day, the store mails a friendly reminder to the customer. If payment is not received by the 45th day, the store calls the customer and requests payment and also stops offering credit to that customer. These procedures are referred to as the store's:A) customer service policy.B) credit policy.C) collection policy.D) payables policy.E) disbursements policy.4) The terms of sale generally include all of the following except the:A) credit period.B) cash discount.C) type of credit instrument.D) discount period.E) customer's credit capacity.5) The primary purpose of credit analysis is to:A) determine the optimal credit period.B) analyze the effects of granting a cash discount.C) determine the optimal discount period, if any.D) summarize the frequency and amount of sales by customer.E) evaluate whether or not a customer will pay.6) The period of time that extends from the day a credit sale is made until the day the bank credits the seller's account with the payment for that sale is known as the ________ period.A) floatB) cash collectionC) salesD) accounts receivableE) discount7) Which one of the following will increase a firm's investment in accounts receivables?A) An increase in the number of days for which credit is grantedB) A decrease in credit salesC) An increase in cash salesD) A decrease in the average collection periodE) A decrease in average daily credit sales8) A firm's total investment in accounts receivables depends primarily on the firm's:A) total sales and cash discount period.B) cash to credit sales ratio.C) bad debt ratio.D) average collection period and amount of credit sales.E) amount of credit sales and cash discount percentage.9) Which one of the following statements is correct if you purchase an item with credit termsof 3/15, net 45?A) If you pay within 3 days, you will receive a discount of 15 percent.B) If you pay within 15 days, you will receive a discount of 3 percent.C) If you do not pay within 15 days, you will be charged interest at a rate of 3 percent per month.D) If you pay 3 percent of your purchases within 15 days, you will have 45 days to pay for the remainder.E) One-third of your purchase is due in 15 days and the rest is due in 45 days.10) Assume you put your purchases on your credit card and then take advantage of any cash discounts offered. Which one of these credit terms do you prefer?A) 1/10, net 20B) 2/5, net 30C) 2/10, net 30D) 1/15, net 45E) 2/15, net 3011) You need to charge your purchases and know that you will not be able to pay within the discount period. Which one of these credit terms is best-suited to you?A) 1/5, net 15B) 2/5, net 30C) 2/5, net 20D) 1/10, net 45E) 2/10, net 3012) Which one of the following statements is correct?A) The credit period begins when the discount period ends.B) The discount period is the length of time granted to a customer to pay for a purchase.C) The credit period begins on the invoice date.D) With terms of 2/10, net 30, the net credit period is 20 days.E) With EOM dating, all sales are assumed to have occurred on the 15th of each month.13) Which one of these is frequently cited as an appropriate upper limit to the credit period offered by a seller?A) The buyer's inventory periodB) The seller's inventory periodC) The seller's operating cycleD) The buyer's operating cycleE) The buyer's receivables period14) Phil's Print Shop grants its customers the right to pay for their print jobs within 30 days of the ROG. Thus, the customers' credit period begins when they:A) review and approve the print order.B) renew their contract on a revolving print order.C) reorder a previously approved print job.D) receive their print jobs.E) request a new job be printed.15) Scott purchased a shovel, a rake, and a wheelbarrow from The Local Hardware Store yesterday. Today, the store issued a bill for these items and mailed it to Scott. What is the name given to this bill?A) Ledger statementB) WarrantyC) IndentureD) ReceiptE) Invoice16) Geoff Industries offers its credit customers a two percent discount if they pay within ten days. This discount is referred to as a ________ discount.A) cashB) purchaseC) collectionD) marketE) receivables17) Any written proof that a customer owes you money for goods or services provided is referred to as a(n):A) account document.B) sales draft.C) credit instrument.D) commercial paper.E) letter of debt.18) Which one of the following factors most supports a longer credit period being offered to customers?A) Higher consumer demandB) Lower priced merchandiseC) Increased credit riskD) More perishable merchandiseE) Increased competition19) Which one of the following statements related to credit periods is correct?A) Longer credit periods are granted for sales of perishable items.B) Inexpensive goods tend to have longer credit periods.C) Smaller accounts tend to have longer credit periods.D) Sellers may offer different credit periods to different customers.E) Newer products tend to have shorter credit periods.20) A trade discount of 2/5th, EOM terms:A) grants customers five days to pay after month end.B) offers no credit to customers.C) means the full amount is due by the 5th of the month following the month of sale.D) means the invoice is overdue only after month-end.E) means the full amount is due the last day of the month following the month of sale.21) Under credit terms of 1/5, net 15, customers should:A) Always pay on the 15th day.B) take the discount and pay immediately.C) take the discount and pay on the day following the day of sale.D) either take the discount or pay on the 15th day.E) both take the discount and pay on the 15th day.22) A 2/10, net 30 credit policy:A) is an expensive form of short-term credit if a buyer forgoes the discount.B) provides cheap financing to the buyer for 30 days.C) is an inexpensive means of reducing the seller's collection period if every customer takes the discount.D) tends to have little effect on the seller's collection period.E) tends to increase the seller's investment in receivables as compared to a straight net 30 policy.23) The Painted House offers credit terms of 2/10th, EOM. Assume you purchase an item on credit from this store on Monday, November 3. When is payment due for this purchase if you do not take the discount?A) November 3B) November 13C) November 30D) December 31E) December 1024) Which one of the following credit instruments is commonly used in international commerce?A) Open accountB) Sight draftC) Time draftD) Banker's acceptanceE) Promissory note25) A conditional sales contract:A) passes title to the goods sold to the buyer at the time the contract is signed.B) normally calls for one lump sum payment on the contract payment date.C) allows the seller to retain ownership of the goods sold until the customer has fully paid for the purchase.D) is payable immediately upon receipt.E) is a formal bid for a project.26) Which one of these statements is correct?A) A firm's cash cycle generally decreases when it switches from a cash to a credit policy, all else equal.B) Most customers will forgo the discount and pay at the end of the credit period.C) Total revenues generally decrease if both the quantity sold and the price per unit increase when credit is granted.D) Only the cost of default should be considered before granting credit.E) A firm may have to increase its long-term borrowing if it decides to grant credit to its customers.27) When considering a switch from an all-cash credit policy to a net 30 credit policy all of the following should be considered except the:A) revenue effects.B) effects on the variable costs.C) cost of the discount.D) probability of default.E) change in the fixed costs.28) The optimal amount of credit equates the incremental costs of carrying the increase in accounts receivable to the incremental:A) decrease in the cash cycle.B) benefit from decreasing the inventory level.C) cash flows from increased sales.D) increase in bad debts.E) gain in net profits.29) Assume you are viewing a graph that compares costs with the amount of credit extended. Both the carrying costs and the opportunity costs of credit are depicted. What is the function called that represents the summation of these carrying and opportunity costs?A) Opportunity cost curveB) Credit extension curveC) Credit cost curveD) Terms of sale graphE) Optimal sales graph30) Assume that RSF is a wholly owned subsidiary of the Rolled Steel Company. RSF provides credit financing solely for large ticket items purchased from the Rolled Steel Company. Which one of the following terms describes RSF?A) Credit departmentB) Parent companyC) Captive finance companyD) Credit unionE) Service unit31) When credit policy is at the optimal point, the:A) total costs of granting credit will be maximized.B) carrying costs of credit will be equal to zero.C) opportunity cost of credit will be equal to zero.D) carrying costs will equal the opportunity costs.E) total costs will equal the opportunity costs.32) Which of the following characteristics are most associated with a firm that adopts a liberal credit policy?A) Mostly one-time customers and excess capacityB) Low carrying costs and full productionC) Low carrying costs and high variable costsD) Low variable costs and predominately repeat customersE) Excess capacity and high variable costs33) If you extend credit for a one-time sale to a new customer, you risk an amount equal to the:A) sales price of the item sold.B) variable cost of the item sold.C) fixed cost of the item sold.D) profit margin on the item sold.E) fixed and variable costs of the item sold.34) Which one of the following statements is correct?A) If the majority of a firm's new customers become repeat customers, then there is a strong argument against extending credit even if the default rate is low.B) A customer's past payment history reveals little information in relation to his or her future tendency to pay.C) A suggested policy for offering credit to new customers is to limit the amount of their initial credit purchase.D) The risk of issuing credit is the same for a new customer as it is for an existing customer.E) The recommended policy for new customers is to extend an offer of a high credit limit as an enticement to get their business.35) When evaluating the creditworthiness of a customer, the term capital refers to the:A) type of goods the customer wishes to obtain.B) customer's financial reserves.C) types of assets the customer wants to pledge as collateral.D) customer's willingness to pay bills in a timely fashion.E) nature of the customer's line of work.36) Which one of the five Cs of credit refers to a customer's willingness to pay its bills?A) CharacterB) CapacityC) CollateralD) ConditionsE) Capital37) Which one of the five Cs of credit refers to the general economic situation in the customer's line of business?A) CapacityB) CharacterC) ConditionsD) CapitalE) Collateral38) The basic factors to be evaluated in the credit evaluation process, the five Cs of credit, are:A) conditions, control, cessation, capital, and capacity.B) conditions, character, capital, control, and capacity.C) capital, collateral, control, character, and capacity.D) character, capacity, control, cessation, and collateral.E) capacity, character, collateral, capital, and conditions.39) Roger's Home Appliances offers credit to customers it deems qualified based on a numerical value that estimates the probability that the customer will default if credit is granted to them. Theprocess of computing this numerical value is referred to as:A) credit scoring.B) Credit capacity.C) receipts assessment.D) conditions for credit.E) consumer analysis.40) You are an accounting intern and today you are compiling a spreadsheet with column headings of: Invoice number; Customer number; < 30 days; 31-60 days; 61-90 days; > 90 days. You will list every unpaid invoice with the amount owed entered into the appropriate column based on the number of days between the sale date and today. Once you have completed that, you will sort the report by customer number and total the amounts listed in each column. What is this report called?A) Credit reportB) Aging scheduleC) Risk assessment reportD) Turnover delineationE) Receivables consolidation report41) Which one of the following statements is correct?A) Firms may opt to refuse additional credit to a delinquent customer.B) Seasonal sales have little, if any, impact on aging schedule percentages.C) Normally, firms call their delinquent customers prior to sending them a past due letter.D) If a firm wishes to sell a delinquent receivable, it must do so prior to the customer filing for bankruptcy.E) Expected decreases in the average collection period are a cause of concern.42) Which one of the following inventory items is probably the least liquid?A) Plywood held in inventory by a home builderB) A wheel barrow held in inventory by a garden centerC) A partially assembled interior for a new vehicleD) A set of tires owned by an automobile manufacturerE) A toy owned by a retail toy store43) Which one of the following inventory items is probably the most liquid?A) A custom made set of kitchen cabinetsB) Metal cabinets for dishwashersC) Wheat stored in a grain siloD) A customized drill pressE) A partially built modular home44) Which one of the following inventory-related costs is considered a shortage cost?A) Storage costsB) Insurance costC) Loss of customer goodwillD) Theft costE) Opportunity cost of capital used for inventory purchases45) The ABC approach to inventory management is based on the concept that:A) inventory should arrive at the time it is needed in the manufacturing process.B) the inventory period should be constant for all inventory items.C) basic inventory items that are essential to production and also inexpensive should be ordered in small quantities only.D) a small percentage of inventory items represents a large percentage of inventory cost.E) one-third of a year's inventory needs should be on hand, another third should be on order, and the last third should be unordered.46) The EOQ model is designed to determine how much:A) total inventory a firm needs during any one year.B) total inventory costs will be for any one given year.C) inventory should be purchased at one time.D) inventory will be sold per day.E) a firm loses in sales per day when an inventory item is depleted.47) A particular inventory manager orders items only in quantities that minimize inventory costs. What is this restocking quantity called?A) Short order quantityB) Refill unit quantityC) Economic order quantityD) Minimum stock levelE) Re-order limit48) Allison has developed a set of procedures for determining the amount of each raw material she needs to have in inventory if she is to keep the assembly lines operating efficiently. These procedures are commonly referred to by which one of the following terms?A) First-in, first-out methodB) The Baumol modelC) Net working capital planningD) Economic order proceduresE) Materials requirements planning49) Which one of the following is a characteristic of a just-in-time inventory system?A) High level of dependence on supplier performanceB) Low inventory turnover ratesC) Long inventory periodsD) Unusually high inventory levelsE) Large, infrequent re-orders of raw materials50) At the optimal order quantity size, the:A) total cost of holding inventory is fully offset by the restocking costs.B) carrying costs are equal to zero.C) restocking costs are equal to zero.D) total costs equal the carrying costs.E) carrying costs equal the restocking costs.51) The EOQ model is designed to minimize:A) production costs.B) inventory obsolescence.C) the carrying costs of inventory.D) the costs of replenishing inventory.E) the total costs of holding inventory.52) Which one of the following items is most likely a derived-demand inventory item?A) Wrenches held in inventory by a hardware storeB) Tires held in inventory by a tractor manufacturerC) Shoes on display in a retail storeD) Toys just received by a toy storeE) Wheat harvested by a farmer53) Inventory needs under a derived-demand inventory system are:A) primarily dependent upon the competitive demands placed on a firm's suppliers.B) based on the anticipated demand for the finished product.C) based on minimizing the cost of restocking inventory.D) held constant over time.E) determined by a Kanban system.54) A just-in-time inventory system:A) eliminates all inventory costs.B) reduces the inventory turnover rate.C) averages long-term inventory needs.D) focuses on immediate production needs.E) maximizes inventory costs.55) The incremental investment in receivables under the accounts receivable approach is equal to:A) P −νQ'.B) PQ'.C) PQ + ν(Q'− Q).D) P(Q'− Q).E) PQ(Q'− Q).56) The accounts receivable approach to credit policy supports the theory that:A) a firm's risk of offering credit to a new customer is limited to the cost of the items sold.B) the best credit policy is an all-cash policy.C) the cost of offering credit to a new customer is the same as the cost of offering credit to an existing customer.D) increasing receivables guarantees increasing profits.E) the default risk of a credit policy is the same as the default risk under an all cash-policy if your customers remain the same.57) Which two of the following are the key elements in determining the break-even default rate on a credit policy?A) Credit price and cash price assuming a zero default rateB) Required rate of return and percentage discount for cash customersC) Variable cost per unit and required rate of returnD) Sales price and variable cost per unit for credit customersE) Credit price and discount rate for cash customers58) On average, CT Motors has daily credit sales of $42,390, an inventory period of 53 days, anda collection period of 26 days. What is the average accounts receivable balance?A) $757,900B) $968,810C) $1,102,140D) $1,015,500E) $896,30059) Music City has an average collection period of 34.6 days and an average daily investment in receivables of $71,407. What are the annual credit sales given a 365-day year?A) $668,407B) $577,109C) $753,282D) $625,893E) $767,12360) Turner's offers credit terms of net 30 with payments received an average of 2.8 days past their due date. Annual credit sales are $2.38 million. What is the average book value of accounts receivable? Assume a 365-day year.A) $213,874B) $223,333C) $211,667D) $215,407E) $223,59361) Winters' just purchased $42,911 of goods from its supplier with credit terms of 1/5, net 25. What is the discounted price?A) $40,765B) $41,209C) $42,482D) $42,911E) $43,30062) Today, October 12, Nadine's Fashions purchased merchandise from a supplier. The credit terms are 2/10, net 30. By what day does Nadine's have to make the payment to receive the discount? Assume a 30-day month.A) October 12B) October 14C) October 22D) October 27E) November 1263) The Green Hornet offers credit terms of 2/5, net 20. Based on experience, 93 percent of all customers will take the discount. The firm sells 487 units each month at a price of $649 each. What is the average book value of accounts receivable? Assume a 365-day year.A) $60,274B) $68,272C) $62,866D) $67,012E) $65,38764) A firm offers credit terms of 2/15, net 45. What effective annual interest rate does the firm earn when a customer forgoes the discount?A) 18.67 percentB) 20.45 percentC) 23.37 percentD) 25.34 percentE) 27.86 percent65) A supplier grants credit terms of 1/5, net 30. What is the effective annual rate of the discount on a purchase of $5,000?A) 17.24 percentB) 15.80 percentC) 18.80 percentD) 19.03 percentE) 12.27 percent66) Cape May Products currently sells 487 units a month at a price of $79 a unit. The firm believes it can increase its sales by an additional 42 units if it switches to a net 30 credit policy. The monthly interest rate is .25 percent and the variable cost per unit is $31.50. What is the incremental cash inflow from the proposed credit policy switch?A) $1,774B) $1,995C) $2,746D) $3,318E) $3,37567) Home Accents currently sells 219 units a month at a price of $46 a unit. If it switches to a net 30 credit policy, monthly sales are expected to increase by 28 units. The monthly interest rateis .57 percent and the variable cost per unit is $21. What is the net present value of the proposed credit policy switch?A) $112,145B) $108,895C) $106,507D) $586,799E) $621,13568) Currently, Glasgow Importers sells 855 units a month at a price of $39 a unit. By switching to a net 30 credit policy, sales should increase to 950 units while the price remains constant. The monthly interest rate is .61 percent and the variable cost per unit is $8. What is the net present value of the proposed credit policy switch?A) $513,360B) $516,892C) $490,200D) $537,520E) $448,68269) Currently, Tanner's sells 69 units a month at an average price of $499 a unit. The company thinks it can increase sales by an additional 32 units a month if it switches to a net 30 credit policy. The monthly interest rate is .48 percent and the variable cost per unit is $216. What is the incremental cash inflow of the proposed credit policy switch?A) $10,120B) $9,056C) $12,760D) $17,810E) $15,96870) New Products currently sells a product with a variable cost per unit of $23 and a unit selling price of $49. At the present time, the firm only sells on a cash basis with monthly sales of 733 units. The monthly interest rate is .48 percent. What is the value of Q' at the switch break-even point if the firm adopted a net 30 credit policy? Assume the selling price per unit and the variable costs per unit remain constant.A) 739.66 unitsB) 736.34 unitsC) 728.47 unitsD) 740.29 unitsE) 743.18 units71) Quest is considering a change in its cash-only sales policy. The new terms of sale would be net one month. The required return is .98 percent per month. Currently, the firm sells 420 units per month at $736 per unit. Under the new policy, the firm expects sales of 475 units also at $736 per unit. The variable cost per unit is $426. What is the NPV of switching?A) $1,228,750B) $1,407,246C) $1,335,021D) $1,238,250E) $1,056,78472) Saucier Co. currently sells 1,208 units a month for total monthly sales of $209,600. The firm is considering replacing its current cash only credit policy with a net 30 policy. The variable cost per unit is $106 and the monthly interest rate is .71 percent. What is the new sales quantity at the switch break-even level of sales? Assume the selling price per unit and the variable costs per unit remain constant.A) 1,143 unitsB) 1,267 unitsC) 1,230 unitsD) 1,306 unitsE) 1,148 units73) The Cellar Door currently sells 1,849 units a month for total monthly sales of $627,800. The company is considering replacing its current cash only credit policy with a net 30 policy. The variable cost per unit is $214 and the monthly interest rate is .87 percent. What is the new sales quantity at the switch break-even level of sales?A) 1,711 unitsB) 1,779 unitsC) 1,814 unitsD) 1,957 unitsE) 1,893 units74) The Dilana Corporation is considering a change in its cash-only policy. The new terms would be net one period. The required return is 1.5 percent per period. The firm has current sales of 3,500 units per month at a price of $71 per unit. The new policy is expected to increase sales to 3,550 units at a price of $71 per unit. The cost per unit is constant at $38. What is the incremental cash inflow of the new policy?A) $1,880B) $1,420C) $1,500D) $1,995E) $1,65075) A new customer has placed an order for a turbine engine that has a variable cost of $1.12 million per unit and a credit sales price of $1.64 million. Credit is extended for one period. Based on historical experience, payment for about 1 out of every 178 such orders is never collected. The required return is 2.1 percent per period. What is the NPV per unit if this is a one-time order?A) $516,407B) $421,819C) $477,244D) $534,290E) $351,05676) You can make a one-time sale if you will grant a new customer 30 days to pay. This customer wants to purchase an item with a sales price of $499 and a variable cost of $287. You estimate the probability of default at 33 percent. The monthly interest rate is .98 percent. Should you grant credit to this customer? Why or why not?A) Yes; because the NPV of the potential sale is $33.05B) Yes; because the NPV of the potential sale is $44.09C) Yes; because the NPV of the potential sale is $13.02D) No; because the NPV of the potential sale is −$13.05E) No; because the NPV of the potential sale is −$2.6577) The Cycle Shoppe has decided to offer credit to its customers during the spring selling season. Sales are expected to be 64 bikes with an average cost of $329 each. Four percent of customers are expected to default. To help identify those individuals, the shop is considering subscribing to a credit agency. The initial charge for their services is $250 with an additional charge of $7.50 per individual report. What is the amount of the net savings from subscribing to the credit agency?A) $108B) $92C) $84D) $112E) $10378) Assume all sales are one-time credit sales with a probability of collection of 96 percent. The variable cost per unit is $1.67, the sales price per unit is $4.99, and the monthly interest rate is1.35 percent. What is the NPV of a credit sale of one item?A) $3.18B) $2.87C) $3.38D) $2.92E) $3.0679) Assume a sales price of $119 per unit, a $76 per unit variable cost, an average default rate of 3 percent, and a monthly interest rate of 1.25 percent. What is the net present value of a new repeat customer who never defaults on his or her payment?A) $5,733B) $3,364C) $2,617D) $8,817E) $9,52080) Assume an average selling price of $547 per unit, a variable cost per unit of $339, a monthly interest rate of 1.1 percent, and a default rate of 3.1 percent. What is the NPV of extending credit for 30 days to all who are expected to become repeat customers?A) $17,984B) $19,787C) $12,304D) $18,662E) $13,60981) Lakeside Market sells 848 units of an item priced at $49 each year. The carrying cost per unit is $2.26 and the fixed costs per order are $46. What is the economic order quantity?A) 192 unitsB) 221 unitsC) 197 unitsD) 186 unitsE) 163 units82) High Mountain consistently sells 2,400 pairs of $189 skates annually. The fixed order costs is $56 and the carrying costs are $3.85 a pair. What is the economic order quantity?A) 246 pairsB) 215 pairsC) 229 pairsD) 264 pairsE) 248 pairs。
大学学院成绩单(模板)
大学学院成绩单(模板) 以下是XXXXXX同学的成绩单：系部：经济管理系姓名：XXX培养层次：普通本科平均学分绩点(GPA)：2.77总学分：157必修学分学年学期：XXXX年X学期专业：工商管理专业学号：XXXXXX身份证号：XXXXXXXXXXXXXXXXXXX 入学时间：4年班级：04工商性别：男课程名。
性质。
时分绩标记。
学学成成绩微观经济学。
必修。
72.77思想道德修养。
必修。
36.75政治经济学。
必修。
36.86马克思主义哲学。
必修。
36.96 法律基础。
必修。
36.85微积分（一）。
必修。
54.62 体育。
必修。
36.97大学英语（一）。
必修。
64.80 军事训练。
必修。
96.良-经济法概论。
必修。
32.80宏观经济学。
必修。
54.81管理学原理。
必修。
72.73概论。
必修。
36.87XXX理论。
必修。
36.81微积分。
必修。
72.69大学英语（二）。
必修。
72.80 计算机应用基础。
任选。
48.83 管理思想发展史。
必修。
54.优其他任选课程。
任选。
54.65 其他任选课程。
任选。
36.76 其他任选课程。
必修。
60.61 其他任选课程。
必修。
79其他任选课程。
任选。
64.64其他任选课程。
必修。
71其他任选课程。
必修。
95其他任选课程。
任选。
85其他任选课程。
任选。
75其他任选课程。
任选。
85其他任选课程。
任选。
92其他任选课程。
任选。
84总学分：157必修学分平均学分绩点(GPA)：2.77学制：XXXXX学年学期：XXXX年X学期毕业时间：19XX年X月以上是XXXXXX同学的成绩单。
2005-2006第1学期，我研究了货币银行学、劳动关系学、大学语文、当代世界经济和概率论与数理统计。
在货币银行学中，我研究了货币的本质和货币市场的运作；在劳动关系学中，我了解了劳动力市场和劳动法律；在大学语文中，我提高了我的写作和表达能力；在当代世界经济中，我研究了全球化和贸易的发展；在概率论与数理统计中，我掌握了基本的统计方法和数据分析技巧。
公司理财第二次作业及答案
公司无负债时的价值为：
Vu
Su
EBIT *(1 T ) K su
500*(1 30%) 16%
2187.5(万元)
Ka
EBIT *(1 T ) Vu
500*(1 30%) 2187.5
16%
当公司负债2000万时，价值为：
Vl Vu Tc D 2187.5 30% * 2000 2787.5(万元)
普通股每股税后利润 （EBIT I）* (1 T ) 385 1.283
N
300
3、考察MM公司税模型，丙公司相关财务资料如下： ①目前无负债，全部资本有普通股构成，资本成本为16%； ②公司处于零增长，现在及未来每年息税前利率固定为500万元，且所有盈利均已股利的方式 发放给股东； ③如果公司开始负债，其利率固定等于10%，全部负债用于回购普通股，使得其资本总额不变； ④公司开始负债时，负债总额2000万； 根据上述资料，计算该公司负债前后的价值和加权平均资本成本（公司所得税税率30%）。
3
1
税前利润=385/(1-30%)=550 债务利息=5000*40%*10%=200 EBIT=息税前利润=550+200=750
公司理财精要版原书第12版习题库答案Ross12e_Chapter06_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 6 Discounted Cash Flow Valuation1) Which one of the following statements correctly defines a time value of money relationship?A) Time and future values are inversely related, all else held constant.B) Interest rates and time are positively related, all else held constant.C) An increase in a positive discount rate increases the present value.D) An increase in time increases the future value given a zero rate of interest.E) Time and present value are inversely related, all else held constant.2) Project X has cash flows of $8,500, $8,000, $7,500, and $7,000 for Years 1 to 4, respectively. Project Y has cash flows of $7,000, $7,500, $8,000, and $8,500 for Years 1 to 4, respectively. Which one of the following statements is true concerning these two projects given a positive discount rate? (No calculations needed)A) Both projects have the same future value at the end of Year 4.B) Both projects have the same value at Time 0.C) Both projects are ordinary annuities.D) Project Y has a higher present value than Project X.E) Project X has both a higher present and a higher future value than Project Y.3) Project A has cash flows of $4,000, $3,000, $0, and $3,000 for Years 1 to 4, respectively. Project B has cash flows of $2,000, $3,000, $2,000, and $3,000 for Years 1 to 4, respectively. Which one of the following statements is correct assuming the discount rate is positive? (No calculations needed)A) The cash flows for Project B are an annuity, but those of Project A are not.B) Both sets of cash flows have equal present values as of Time 0.C) The present value at Time 0 of the final cash flow for Project A will be discounted using an exponent of three.D) Both projects have equal values at any point in time since they both pay the same total amount.E) Project B is worth less today than Project A.4) You are comparing two investment options that each pay 6 percent interest, compounded annually. Both options will provide you with $12,000 of income. Option A pays $2,000 the first year followed by two annual payments of $5,000 each. Option B pays three annual payments of $4,000 each. Which one of the following statements is correct given these two investment options? Assume a positive discount rate. (No calculations needed.)A) Both options are of equal value since they both provide $12,000 of income.B) Option A has the higher future value at the end of Year 3.C) Option B has a higher present value at Time 0.D) Option B is a perpetuity.E) Option A is an annuity.5) Which one of the following statements related to annuities and perpetuities is correct?A) An ordinary annuity is worth more than an annuity due given equal annual cash flows for 10 years at 7 percent interest, compounded annually.B) A perpetuity comprised of $100 monthly payments is worth more than an annuity of $100 monthly payments provided the discount rates are equal.C) Most loans are a form of a perpetuity.D) The present value of a perpetuity cannot be computed but the future value can.E) Perpetuities are finite but annuities are not.6) Which one of these statements related to growing annuities and perpetuities is correct?A) You can compute the present value of a growing annuity but not a growing perpetuity.B) In computing the present value of a growing annuity, you discount the cash flows using the growth rate as the discount rate.C) The future value of an annuity will decrease if the growth rate is increased.D) An increase in the rate of growth will decrease the present value of an annuity.E) The present value of a growing perpetuity will decrease if the discount rate is increased.7) You are comparing two annuities that offer regular payments of $2,500 for five years and pay .75 percent interest per month. You will purchase one of these today with a single lump sum payment. Annuity A will pay you monthly, starting today, while annuity B will pay monthly, starting one month from today. Which one of the following statements is correct concerning these two annuities?A) These annuities have equal present values but unequal future values.B) These two annuities have both equal present and equal future values.C) Annuity B is an annuity due.D) Annuity A has a smaller future value than annuity B.E) Annuity B has a smaller present value than annuity A.8) An ordinary annuity is best defined as:A) increasing payments paid for a definitive period of time.B) increasing payments paid forever.C) equal payments paid at the end of regular intervals over a stated time period.D) equal payments paid at the beginning of regular intervals for a limited time period.E) equal payments that occur at set intervals for an unlimited period of time.9) A perpetuity is defined as:A) a limited number of equal payments paid in even time increments.B) payments of equal amounts that are paid irregularly but indefinitely.C) varying amounts that are paid at even intervals forever.D) unending equal payments paid at equal time intervals.E) unending equal payments paid at either equal or unequal time intervals.10) A Canadian consol is best categorized as a(n):A) ordinary annuity.B) amortized cash flow.C) annuity due.D) discounted loan.E) perpetuity.11) The interest rate that is most commonly quoted by a lender is referred to as the:A) annual percentage rate.B) compound rate.C) effective annual rate.D) simple rate.E) common rate.12) The actual interest rate on a loan that is compounded monthly but expressed as an annual rate is referred to as the ________ rate.A) statedB) discounted annualC) effective annualD) periodic monthlyE) consolidated monthly13) Your credit card charges you .85 percent interest per month. This rate when multiplied by12 is called the ________ rate.A) effective annualB) annual percentageC) periodic interestD) compound interestE) episodic interest14) Which one of the following statements related to loan interest rates is correct?A) The annual percentage rate considers the compounding of interest.B) When comparing loans you should compare the effective annual rates.C) Lenders are most apt to quote the effective annual rate.D) Regardless of the compounding period, the effective annual rate will always be higher than the annual percentage rate.E) The more frequent the compounding period, the lower the effective annual rate given a fixed annual percentage rate.15) Which one of the following statements concerning interest rates is correct?A) Savers would prefer annual compounding over monthly compounding given the same annual percentage rate.B) The effective annual rate decreases as the number of compounding periods per year increases.C) The effective annual rate equals the annual percentage rate when interest is compounded annually.D) Borrowers would prefer monthly compounding over annual compounding given the same annual percentage rate.E) For any positive rate of interest, the annual percentage rate will always exceed the effective annual rate.16) Which one of the following compounding periods will yield the lowest effective annual rate given a stated future value at Year 5 and an annual percentage rate of 10 percent?A) AnnualB) Semi-annualC) MonthlyD) DailyE) Continuous17) A loan where the borrower receives money today and repays a single lump sum on a future date is called a(n) ________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-only18) A loan that calls for periodic interest payments and a lump sum principal payment is referred to as a(n) ________ loan.A) amortizedB) modifiedC) balloonD) pure discountE) interest-only19) Amortized loans must have which one of these characteristics over its life?A) Either equal or unequal principal paymentsB) One lump-sum principal paymentC) Increasing paymentsD) Equal interest paymentsE) Declining periodic payments20) A(n) ________ loan has regular payments that include both principal and interest but these payments are insufficient to pay off the loan.A) perpetualB) continuingC) balloonD) pure discountE) interest-only21) The entire repayment of a(n) ________ loan is computed simply by computing one single future value.A) interest-onlyB) balloonC) amortizedD) pure discountE) bullet22) With an interest-only loan the principal is:A) forgiven over the loan period; thus it does not have to be repaid.B) repaid in decreasing increments and included in each loan payment.C) repaid in one lump sum at the end of the loan period.D) repaid in equal annual payments.E) repaid in increasing increments through regular monthly payments.23) An amortized loan:A) requires the principal amount to be repaid in even increments over the life of the loan.B) may have equal or increasing amounts applied to the principal from each loan payment.C) requires that all interest be repaid on a monthly basis while the principal is repaid at the end of the loan term.D) requires that all payments be equal in amount and include both principal and interest.E) repays both the principal and the interest in one lump sum at the end of the loan term.24) You need $25,000 today and have decided to take out a loan at 7 percent interest for five years. Which one of the following loans would be the least expensive for you? Assume all loans require monthly payments and that interest is compounded on a monthly basis.A) Interest-only loanB) Amortized loan with equal principal paymentsC) Amortized loan with equal loan paymentsD) Discount loanE) Balloon loan where 50 percent of the principal is repaid as a balloon payment25) Southern Tours is considering acquiring Holiday Vacations. Management believes Holiday Vacations can generate cash flows of $218,000, $224,000, and $238,000 over the next three years, respectively. After that time, they feel the business will be worthless. If the desired rate of return is 14.5 percent, what is the maximum Southern Tours should pay today to acquire Holiday Vacations?A) $519,799.59B) $538,615.08C) $545,920.61D) $595,170.53E) $538,407.7126) You are considering two savings options. Both options offer a rate of return of 7.6 percent. The first option is to save $2,500, $2,500, and $3,000 at the end of each year for the next three years, respectively. The other option is to save one lump sum amount today. You want to have the same balance in your savings account at the end of the three years, regardless of the savings method you select. If you select the lump sum method, how much do you need to save today?A) $7,414.59B) $6,289.74C) $6,660.00D) $6,890.89E) $6,784.2027) Your parents have made you two offers. The first offer includes annual gifts of $5,000, $6,000, and $8,000 at the end of each of the next three years, respectively. The other offer is the payment of one lump sum amount today. You are trying to decide which offer to accept given the fact that your discount rate is 6.2 percent. What is the minimum amount that you will accept today if you are to select the lump sum offer?A) $16,707.06B) $16,407.78C) $16,360.42D) $17,709.48E) $17,856.4228) You want to start a business that you believe can produce cash flows of $5,600, $48,200, and $125,000 at the end of each of the next three years, respectively. At the end of three years you think you can sell the business for $250,000. At a discount rate of 16 percent, what is this business worth today?A) $258,803.02B) $314,011.33C) $280,894.67D) $325,837.81E) $297,077.1729) You are considering a project with cash flows of $16,500, $25,700, and $18,000 at the end of each year for the next three years, respectively. What is the present value of these cash flows, given a discount rate of 7.9 percent?A) $54,877.02B) $51,695.15C) $55,429.08D) $46,388.78E) $53,566.6730) You just signed a consulting contract that will pay you $38,000, $42,000, and $45,000 annually at the end of the next three years, respectively. What is the present value of this contract given a discount rate of 10.5?A) $102,138.76B) $108,307.67C) $112,860.33D) $92,433.27E) $96,422.1531) You have some property for sale and have received two offers. The first offer is for $89,500 today in cash. The second offer is the payment of $35,000 today and an additional guaranteed $70,000 two years from today. If the applicable discount rate is 11.5 percent, which offer should you accept and why?A) You should accept the $89,500 today because it has the higher net present value.B) You should accept the $89,500 today because it has the lower future value.C) You should accept the first offer as it is a lump sum payment.D) You should accept the second offer because it has the larger net present value.E) It does not matter which offer you accept as they are equally valuable.32) Your anticipated wedding is three years from today. You don't know who your spouse will be but you do know that you are saving $10,000 today and $17,000 one year from today for this purpose. You also plan to pay the final $12,000 of anticipated costs on your wedding day. At a discount rate of 5.5 percent, what is the current cost of your upcoming wedding?A) $36,333.11B) $41,065.25C) $36,895.17D) $38,411.08E) $35,248.1633) One year ago, JK Mfg. deposited $12,000 in an investment account for the purpose of buying new equipment four years from today. Today, it is adding another $15,000 to this account. The company plans on making a final deposit of $10,000 to the account one year from today. How much cash will be available when the company is ready to buy the equipment assuming an interest rate of 5.5 percent?A) $43,609.77B) $45,208.61C) $44,007.50D) $46,008.30E) $47,138.0934) Troy will receive $7,500 at the end of Year 2. At the end of the following two years, he will receive $9,000 and $12,500, respectively. What is the future value of these cash flows at the end of Year 6 if the interest rate is 8 percent?A) $38,418.80B) $32,907.67C) $36,121.08D) $39,010.77E) $33,445.4435) Sue plans to save $4,500, $0, and $5,500 at the end of Years 1 to 3, respectively. What will her investment account be worth at the end of the Year 3 if she earns an annual rate of 4.15 percent?A) $10,583.82B) $10,381.25C) $10,609.50D) $11,526.50E) $10,812.0736) A proposed project has cash flows of $2,000, $?, $1,750, and $1,250 at the end of Years 1 to 4. The discount rate is 7.2 percent and the present value of the four cash flows is $6,669.25. What is the value of the Year 2 cash flow?A) $2,450B) $2,750C) $2,500D) $2,250E) $2,80037) Waldo expects to save the following amounts: Year 1 = $50,000; Year 2 = $28,000; Year 3 = $12,000. If he can earn an average annual return of 10.5 percent, how much will he have saved in this account exactly 25 years from the time of the first deposit?A) $1,172,373B) $935,334C) $806,311D) $947,509E) $1,033,54538) A charity plans to invest annual payments of $60,000, $70,000, $75,000, and $50,000, respectively, over the next four years. The first payment will be invested one year fromtoday. Assuming the investment earns 5.5 percent annually, how much will the charity have available four years from now?A) $263,025B) $236,875C) $277,491D) $328,572E) $285,73739) Your broker is offering 1.2 percent compounded daily on its money market account. If you deposit $7,500 today, how much will you have in your account 15 years from now?A) $8,979.10B) $9,714.06C) $8,204.50D) $9,336.81E) $9,414.1440) Your grandmother will be gifting you $150 at the end of each month for four years while you attend college. At a discount rate of 3.7 percent, what are these payments worth to you on the day you enter college?A) $6,201.16B) $6,682.99C) $6,539.14D) $6,608.87E) $6,870.2341) You just won the grand prize in a national writing contest! As your prize, you will receive $500 a month for 50 months. If you can earn 7 percent on your money, what is this prize worth to you today?A) $21,629.93B) $18,411.06C) $21,338.40D) $20,333.33E) $19,450.2542) Phil can afford $240 a month for five years for a car loan. If the interest rate is 8.5 percent, how much can he afford to borrow to purchase a car?A) $11,750.00B) $12,348.03C) $11,697.88D) $10,266.67E) $10,400.0043) As the beneficiary of a life insurance policy, you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. If you can earn 6 percent on your money, which option should you take and why?A) You should accept the payments because they are worth $202,414 to you today.B) You should accept the payments because they are worth $201,846 to you today.C) You should accept the payments because they are worth $201,210 to you today.D) You should accept the $200,000 because the payments are only worth $189,311 to you today.E) You should accept the $200,000 because the payments are only worth $195,413 to you today.44) Assume you work for an employer who will contribute $60 a week for the next 20 years intoa retirement plan for your benefit. At a discount rate of 9 percent, what is this employee benefit worth to you today?A) $28,927.38B) $27,618.46C) $29,211.11D) $25,306.16E) $25,987.7445) The Distribution Point plans to save $2,000 a month for the next 3 years for future emergencies. The interest rate is 4.5 percent compounded monthly. The first monthly deposit will be made today. What would today's deposit amount have to be if the firm opted for one lump sum deposit that would yield the same amount of savings as the monthly deposits after 3 years?A) $70,459.07B) $67,485.97C) $69,068.18D) $69,333.33E) $67,233.8446) You need some money today and the only friend you have that has any is a miser. He agrees to loan you the money you need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much total interest is he charging?A) $4.50B) $3.60C) $9.50D) $4.68E) $8.6047) Sue just purchased an annuity that will pay $24,000 a year for 25 years, starting today. What was the purchase price if the discount rate is 8.5 percent?A) $241,309B) $245,621C) $251,409D) $258,319E) $266,49848) Marcus is scheduled to receive annual payments of $3,600 for each of the next 12 years. The discount rate is 8 percent. What is the difference in the present value if these payments are paid at the beginning of each year rather than at the end of each year?A) $2,170.39B) $2,511.07C) $2,021.18D) $2,027.94E) $2,304.9649) Two annuities have equal present values and an applicable discount rate of 7.25 percent. One annuity pays $2,500 on the first day of each year for 15 years. How much does the second annuity pay each year for 15 years if it pays at the end of each year?A) $2,331.00B) $2,266.67C) $2,500.00D) $2,390.50E) $2,681.2550) Trish receives $450 on the first of each month. Josh receives $450 on the last day of each month. Both Trish and Josh will receive payments for next four years. At a discount rate of 9.5 percent, what is the difference in the present value of these two sets of payments?A) $141.80B) $151.06C) $154.30D) $159.08E) $162.5051) What is the future value of $1,575 a year for 25 years at 6.3 percent interest, compounded annually?A) $76,919.04B) $72,545.78C) $90,152.04D) $92,006.08E) $91,315.0952) What is the future value of $8,500 a year for 40 years at 10.8 percent interest, compounded annually?A) $3,278,406.16B) $4,681,062.12C) $2,711,414.14D) $3,989,476.67E) $4,021,223.3353) Rosina plans on saving $2,000 a year and expects to earn an annual rate of 6.9 percent. How much will she have in her account at the end of 37 years?A) $406,429.10B) $338,369.09C) $297,407.17D) $313,274.38E) $308,316.6754) Theresa adds $1,500 to her savings account on the first day of each year. Marcus adds $1,500 to his savings account on the last day of each year. They both earn 6.5 percent annual interest. What is the difference in their savings account balances at the end of 35 years?A) $12,093.38B) $12,113.33C) $12,127.04D) $12,211.12E) $12,219.4655) You just obtained a loan of $16,700 with monthly payments for four years at 6.35 percent interest, compounded monthly. What is the amount of each payment?A) $387.71B) $391.40C) $401.12D) $419.76E) $394.8956) You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.35 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.)A) $150,408B) $147,027C) $146,542D) $154,319E) $141,40657) Travis International has a one-time expense of $1.13 million that must be paid two years from today. The firm can earn 4.3 percent, compounded monthly, on its savings. How much must the firm save each month to fund this expense if the firm starts investing equal amounts each month starting at the end of this month?A) $38,416.20B) $45,172.02C) $51,300.05D) $47,411.08E) $53,901.1558) Nadine is retiring today and has $96,000 in her retirement savings. She expects to earn 5.5 percent, compounded monthly. How much can she withdraw from her retirement savings each month if she plans to spend her last penny 18 years from now?A) $809.92B) $847.78C) $919.46D) $616.08E) $701.1059) Island News purchased a piece of property for $1.79 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.75 percent, compounded monthly. What is the amount of each mortgage payment?A) $9,253.92B) $10,419.97C) $8,607.11D) $11,567.40E) $12,301.1660) You estimate that you will owe $40,200 in student loans by the time you graduate. If you want to have this debt paid in full within 10 years, how much must you pay each month if the interest rate is 4.35 percent, compounded monthly?A) $411.09B) $413.73C) $414.28D) $436.05E) $442.5061) Phil purchased a car today at a price of $8,500. He paid $300 down in cash and financed the balance for 36 months at 5.75 percent, compounded monthly. What is the amount of each monthly loan payment?A) $248.53B) $270.23C) $318.47D) $305.37E) $257.6262) An insurance annuity offers to pay you $1,000 per quarter for 20 years. If you want to earn arate of return of 6.5 percent, compounded quarterly, what is the most you are willing to pay as a lump sum today to obtain this annuity?A) $32,008.24B) $34,208.16C) $44,591.11D) $43,008.80E) $38,927.5963) Your car dealer is willing to lease you a new car for $190 a month for 36 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 6.5 percent, what is the current value of the lease?A) $10,331.03B) $6,232.80C) $9,197.74D) $7,203.14E) $11,008.3164) Your great aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and continuing for 20 years. What is the value of this inheritance today if the applicable discount rate is 4.75 percent?A) $24,890.88B) $31,311.16C) $33,338.44D) $28,909.29E) $29,333.3365) Chris has three options for settling an insurance claim. Option A will provide $1,500 a month for 6 years. Option B will pay $1,025 a month for 10 years. Option C offers $85,000 as a lump sum payment today. The applicable discount rate is 6.8 percent, compounded monthly. Which option should Chris select, and why, if he is only concerned with the financial aspects of the offers?A) Option A: It provides the largest monthly payment.B) Option B: It pays the largest total amount.C) Option C: It is all paid today.D) Option B: It pays the greatest number of payments.E) Option B: It has the largest value today.66) Racing Motors wants to save $825,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the first day of each quarter starting today. How much does the company need to save each quarter to achieve its goal if it can earn 4.45 percent on its savings?A) $63,932.91B) $62,969.70C) $63,192.05D) $62,925.00E) $64,644.1767) Stephanie is going to contribute $160 on the first of each month, starting today, to her retirement account. Her employer will provide a match of 50 percent. In other words, her employer will add $80 to the amount Stephanie saves. If both Stephanie and her employer continue to do this and she can earn a monthly interest rate of .45 percent, how much will she have in her retirement account 35 years from now?A) $336,264.14B) $204,286.67C) $199,312.04D) $268,418.78E) $299,547.9768) An annuity that pays $12,500 a year at an annual interest rate of 5.45 percent costs $150,000 today. What is the length of the annuity time period?A) 25 yearsB) 18 yearsC) 15 yearsD) 20 yearsE) 22 years69) You want to be a millionaire when you retire in 30 years and expect to earn 8.5 percent, compounded monthly. How much more will you have to save each month if you wait 10 years to start saving versus if you start saving at the end of this month?A) $947.22B) $1,046.80C) $808.47D) $841.15E) $989.1070) You are the recipient of a gift that will pay you $25,000 one year from now and every year thereafter for the following 24 years. The payments will increase in value by 2.5 percent each year. If the appropriate discount rate is 8.5 percent, what is the present value of this gift?A) $416,667B) $316,172C) $409,613D) $311,406E) $386,10171) You are preparing to make monthly payments of $100, beginning at the end of this month, into an account that pays 5 percent interest, compounded monthly. How many payments will youhave made when your account balance reaches $10,000?A) 97.30B) 83.77C) 89.46D) 100.00E) 91.1272) You want to borrow $27,500 and can afford monthly payments of $650 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford?A) 6.33 percentB) 6.67 percentC) 5.82 percentD) 7.01 percentE) 7.18 percent73) Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $60?A) 6.87 yearsB) 6.28 yearsC) 6.64 yearsD) 7.23 yearsE) 7.31 years74) The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home?A) 23.09 yearsB) 14.85 yearsC) 35.46 yearsD) 48.82 yearsE) 59.39 years75) Today, you are retiring. You have a total of $289,416 in your retirement savings. You want to withdraw $2,500 at the beginning of every month, starting today and expect to earn 4.6 percent, compounded monthly. How long will it be until you run out of money?A) 29.97 yearsB) 8.56 yearsC) 22.03 yearsD) 12.71 yearsE) 18.99 years。
公司理财精要版原书第12版习题库答案Ross12e_Chapter07_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 7 Interest Rates and Bond Valuation1) Allison just received the semiannual payment of $35 on a bond she owns. Which term refers to this payment?A) CouponB) Face valueC) DiscountD) Call premiumE) Yield2) Bert owns a bond that will pay him $45 each year in interest plus $1,000 as a principal payment at maturity. What is the $1,000 called?A) CouponB) Face valueC) DiscountD) YieldE) Dirty price3) A discount bond's coupon rate is equal to the annual interest divided by the:A) call price.B) current price.C) face value.D) clean price.E) dirty price.4) A bond's principal is repaid on the ________ date.A) couponB) yieldC) maturityD) dirtyE) clean5) The bond market requires a return of 9.8 percent on the 5-year bonds issued by JW Industries. The 9.8 percent is referred to as the:A) coupon rate.B) face rate.C) call rate.D) yield to maturity.E) current yield.6) The current yield is defined as the annual interest on a bond divided by the:A) coupon rate.B) face value.C) market price.D) call price.E) par value.7) A $1,000 par value corporate bond that pays $60 annually in interest was issued last year. Which one of these would apply to this bond today if the current price of the bond is $996.20?A) The bond is currently selling at a premium.B) The current yield exceeds the coupon rate.C) The bond is selling at par value.D) The current yield exceeds the yield to maturity.E) The coupon rate has increased to 7 percent.8) Which one of these equations applies to a bond that currently has a market price that exceeds par value?A) Market value < Face valueB) Yield to maturity = Current yieldC) Market value = Face valueD) Current yield > Coupon rateE) Yield to maturity < Coupon rate9) All else constant, a bond will sell at ________ when the coupon rate is ________ the yield to maturity.A) a premium; less thanB) a premium; equal toC) a discount; less thanD) a discount; higher thanE) par; less than10) DLQ Inc. bonds mature in 12 years and have a coupon rate of 6 percent. If the market rate of interest increases, then the:A) coupon rate will also increase.B) current yield will decrease.C) yield to maturity will be less than the coupon rate.D) market price of the bond will decrease.E) coupon payment will increase.11) Which one of the following applies to a premium bond?A) Yield to maturity > Current yield > Coupon rateB) Coupon rate = Current yield = Yield to maturityC) Coupon rate > Yield to maturity > Current yieldD) Coupon rate < Yield to maturity < Current yieldE) Coupon rate > Current yield > Yield to maturity12) Which one of the following relationships applies to a par value bond?A) Yield to maturity > Current yield > Coupon rateB) Coupon rate > Yield to maturity > Current yieldC) Coupon rate = Current yield = Yield to maturityD) Coupon rate < Yield to maturity < Current yieldE) Coupon rate > Current yield > Yield to maturity13) Which one of the following relationships is stated correctly?A) The coupon rate exceeds the current yield when a bond sells at a discount.B) The call price must equal the par value.C) An increase in market rates increases the market price of a bond.D) Decreasing the time to maturity increases the price of a discount bond, all else constant.E) Increasing the coupon rate decreases the current yield, all else constant.14) Round Dot Inns is preparing a bond offering with a coupon rate of 6 percent, paid semiannually, and a face value of $1,000. The bonds will mature in 10 years and will be sold at par. Given this, which one of the following statements is correct?A) The bonds will become discount bonds if the market rate of interest declines.B) The bonds will pay 10 interest payments of $60 each.C) The bonds will sell at a premium if the market rate is 5.5 percent.D) The bonds will initially sell for $1,030 each.E) The final payment will be in the amount of $1,060.15) A newly issued bond has a coupon rate of 7 percent and semiannual interest payments. The bonds are currently priced at par. The effective annual rate provided by these bonds must be:A) 3.5 percent.B) greater than 3.5 percent but less than 7 percent.C) 7 percent.D) greater than 7 percent.E) less than 3.5 percent.16) The price sensitivity of a bond increases in response to a change in the market rate of interest as the:A) coupon rate increases.B) time to maturity decreases.C) coupon rate decreases and the time to maturity increases.D) time to maturity and coupon rate both decrease.E) coupon rate and time to maturity both increase.17) Which one of the following bonds is the least sensitive to interest rate risk?A) 3-year; 4 percent couponB) 3-year; 6 percent couponC) 5-year; 6 percent couponD) 7-year; 6 percent couponE) 7-year; 4 percent coupon18) As a bond's time to maturity increases, the bond's sensitivity to interest rate risk:A) increases at an increasing rate.B) increases at a decreasing rate.C) increases at a constant rate.D) decreases at an increasing rate.E) decreases at a decreasing rate.19) You own a bond that pays an annual coupon of 6 percent that matures five years from now. You purchased this 10-year bond at par value when it was originally issued. Which one of the following statements applies to this bond if the relevant market interest rate is now 5.8 percent?A) The current yield to maturity is greater than 6 percent.B) The current yield is 6 percent.C) The next interest payment will be $30.D) The bond is currently valued at one-half of its issue price.E) You will realize a capital gain on the bond if you sell it today.20) You expect interest rates to decline in the near future even though the bond market is not indicating any sign of this change. Which one of the following bonds should you purchase now to maximize your gains if the rate decline does occur?A) Short-term; low couponB) Short-term; high couponC) Long-term; zero couponD) Long-term; low couponE) Long-term; high coupon21) A premium bond that pays $60 in interest annually matures in seven years. The bond was originally issued three years ago at par. Which one of the following statements is accurate in respect to this bond today?A) The face value of the bond today is greater than it was when the bond was issued.B) The bond is worth less today than when it was issued.C) The yield to maturity is less than the coupon rate.D) The coupon rate is less than the current yield.E) The yield to maturity equals the current yield.22) Which one of these statements is correct?A) Most long-term bond issues are referred to as unfunded debt.B) Bonds often provide tax benefits to issuers.C) The risk of a company financially failing decreases when the company issues bonds.D) All bonds are treated equally in a bankruptcy proceeding.E) A debenture is a senior secured debt.23) Hot Foods has an investment-grade bond issue outstanding that pays $30 semiannual interest payments. The bonds sell at par and are callable at a price equal to the present value of all future interest and principal payments discounted at a rate equal to the comparable Treasury rateplus .50 percent. Which one of the following correctly describes this bond?A) The bond rating is B.B) Market value is less than face value.C) The coupon rate is 3 percent.D) The bond has a "make whole" call price.E) The interest payments are variable.24) Last year, Lexington Homes issued $1 million in unsecured, noncallable debt. This debt pays an annual interest payment of $55 and matures six years from now. The face value is $1,000 and the market price is $1,020. Which one of these terms correctly describes a feature of this debt?A) Semiannual couponB) Discount bondC) NoteD) Trust deedE) Collateralized25) Callable bonds generally:A) grant the bondholder the option to call the bond any time after the deferment period.B) are callable at par as soon as the call-protection period ends.C) are called when market interest rates increase.D) are called within the first three years after issuance.E) have a sinking fund provision.26) An example of a negative covenant that might be found in a bond indenture is a statement that the company:A) shall maintain a current ratio of 1.1 or higher.B) cannot lease any major assets without bondholder approval.C) must maintain the loan collateral in good working order.D) shall provide audited financial statements in a timely manner.E) shall maintain a cash surplus of $100,000 at all times.27) Protective covenants:A) apply to short–term debt issues but not to long–term debt issues.B) only apply to privately issued bonds.C) are a feature found only in government–issued bond indentures.D) only apply to bonds that have a deferred call provision.E) are primarily designed to protect bondholders.28) Which one of these is most apt to be included in a bond's indenture one year after the bond has been issued?A) Current yieldB) Written record of all the current bond holdersC) List of collateral used as bond securityD) Current market priceE) Price at which a bondholder can resell a bond to another bondholder29) Road Hazards has 12-year bonds outstanding. The interest payments on these bonds are sent directly to each of the individual bondholders. These direct payments are a clear indication that the bonds can accurately be defined as being issued:A) at par.B) in registered form.C) in street form.D) as debentures.E) as callable bonds.30) A bond that is payable to whomever has physical possession of the bond is said to be in:A) new–issue condition.B) registered form.C) bearer form.D) debenture status.E) collateral status.31) Jason's Paints just issued 20-year, 7.25 percent, unsecured bonds at par. These bonds fit the definition of which one of the following terms?A) NoteB) DiscountedC) Zero–couponD) CallableE) Debenture32) A note is generally defined as:A) a secured bond with an initial maturity of 10 years or more.B) a secured bond that initially matures in less than 10 years.C) any bond secured by a blanket mortgage.D) an unsecured bond with an initial maturity of 10 years or less.E) any bond maturing in 10 years or more.33) A sinking fund is managed by a trustee for which one of the following purposes?A) Paying bond interest paymentsB) Early bond redemptionC) Converting bonds into equity securitiesD) Paying preferred dividendsE) Reducing bond coupon rates34) A bond that can be paid off early at the issuer's discretion is referred to as being which type of bond?A) Par valueB) CallableC) SeniorD) SubordinatedE) Unsecured35) A $1,000 face value bond can be redeemed early at the issuer's discretion for $1,030, plus any accrued interest. The additional $30 is called the:A) dirty price.B) redemption value.C) call premium.D) original–issue discount.E) redemption discount.36) A deferred call provision:A) requires the bond issuer to pay the current market price, minus any accrued interest, should the bond be called.B) allows the bond issuer to delay repaying a bond until after the maturity date should the issuer so opt.C) prohibits the issuer from ever redeeming bonds prior to maturity.D) prohibits the bond issuer from redeeming callable bonds prior to a specified date.E) requires the bond issuer pay a call premium that is equal to or greater than one year's coupon should the bond be called.37) A call–protected bond is a bond that:A) is guaranteed to be called.B) can never be called.C) is currently being called.D) is callable at any time.E) cannot be called at this point in time.38) The items included in an indenture that limit certain actions of the issuer in order to protect a bondholder's interests are referred to as the:A) trustee relationships.B) bylaws.C) legal bounds.D) trust deed.E) protective covenants.39) Which one of the following statements concerning bond ratings is correct?A) Investment grade bonds are rated BB or higher by Standard & Poor's.B) Bond ratings assess both interest rate risk and default risk.C) Split-rated bonds are called crossover bonds.D) The highest rating issued by Moody's is AAA.E) A "fallen angel" is a term applied to all "junk" bonds.40) A "fallen angel" is a bond that has moved from:A) being publicly traded to being privately traded.B) being a long-term obligation to being a short-term obligation.C) being a premium bond to being a discount bond.D) senior status to junior status for liquidation purposes.E) investment grade to speculative grade.41) Bonds issued by the U.S. government:A) are considered to be free of interest rate risk.B) generally have higher coupons than comparable bonds issued by a corporation.C) are considered to be free of default risk.D) pay interest that is exempt from federal income taxes.E) are called "munis."42) Treasury bonds are:A) issued by any governmental agency in the U.S.B) issued only on the first day of each fiscal year by the U.S. Department of Treasury.C) bonds that offer the best tax benefits of any bonds currently available.D) generally issued as semiannual coupon bonds.E) totally risk free.43) Municipal bonds:A) are totally risk free.B) generally have higher coupon rates than corporate bonds.C) pay interest that is federally tax free.D) are rarely callable.E) are free of default risk.44) The break-even tax rate between a taxable corporate bond yielding 7 percent and a comparable nontaxable municipal bond yielding 5 percent can be expressed as:A) .05/(1 − t*) = .07.B) .05 − (1 − t*) = .07.C) .07 + (1 − t*) = .05.D) .05 (1 − t*) = .07.E) .05 (1 + t*) = .07.45) A zero coupon bond:A) is sold at a large premium.B) pays interest that is tax deductible to the issuer at the time of payment.C) can only be issued by the U.S. Treasury.D) has more interest rate risk than a comparable coupon bond.E) provides no taxable income to the bondholder until the bond matures.46) Which one of the following risks would a floating-rate bond tend to have less of as compared to a fixed-rate coupon bond?A) Real rate riskB) Interest rate riskC) Default riskD) Liquidity riskE) Taxability risk47) The collar of a floating-rate bond refers to the minimum and maximum:A) call periods.B) maturity dates.C) market prices.D) coupon rates.E) yields to maturity.48) Last year, you purchased a TIPS at par. Since that time, both market interest rates and the inflation rate have increased by .25 percent. Your bond has most likely done which one of the following since last year?A) Decreased in value due to the change in inflation ratesB) Experienced an increase in its bond ratingC) Maintained a fixed real rate of returnD) Increased in value in response to the change in market ratesE) Increased in value due to a decrease in time to maturity49) Recently, you discovered a convertible, callable bond with a semiannual coupon of 5 percent. If you purchase this bond you will have the right to:A) force the issuer to repurchase the bond prior to maturity.B) convert the bond into equity shares.C) defer all taxable income until the bond matures.D) convert the bond into a perpetuity paying 5 percent.E) have the principal amount adjusted for inflation.50) Samantha owns a reverse convertible bond. At maturity, the principal amount will be repaid in:A) shares of stock.B) cash while the interest is paid in shares of stock.C) the form of a newly issued bond.D) either shares of stock or a newly issued bond.E) either cash or shares of stock.51) Nadine is a retired widow who is financially dependent upon the interest income produced by her bond portfolio. Which one of the following bonds is the least suitable for her to own?A) 6-year, high-coupon, put bondB) 5-year TIPSC) 10-year AAA coupon bondD) 5-year floating rate bondE) 7-year income bond52) Al is retired and his sole source of income is his bond portfolio. Although he has sufficient principal to live on, he only wants to spend the interest income and thus is concerned about the purchasing power of that income. Which one of the following bonds should best ease Al's concerns?A) 6-year coupon bondsB) 5-year TIPSC) 20-year coupon bondsD) 5-year municipal bondsE) 7-year income bonds53) Kurt has researched T-Tek and believes the firm is poised to vastly increase in value. He has decided to purchase T-Tek bonds as he needs a steady stream of income. However, he still wishes that he could share in the firm's success along with the shareholders. Which one of the following bond features will help him fulfill his wish?A) Put provisionB) Positive covenantC) WarrantD) Crossover ratingE) Call provision54) A bond that has only one payment, which occurs at maturity, defines which one of these types of bonds?A) DebentureB) CallableC) Floating-rateD) JunkE) Zero coupon55) A highly illiquid bond that pays no interest but might entitle its holder to rental income from an asset is most apt to be a:A) NoNo bond.B) put bond.C) contingent callable bond.D) structured note.E) sukuk.56) Which one of the following is the price at which a dealer will sell a bond?A) Call priceB) Asked priceC) Bid priceD) Bid–ask spreadE) Par value57) If you sell a bond with a coupon of 6 percent to a dealer when the market rate is 7 percent, which one of the following prices will you receive?A) Call priceB) Par valueC) Bid priceD) Asked priceE) Bid–ask spread58) The difference between the price that a dealer is willing to pay and the price at which he or she will sell is called the:A) equilibrium.B) premium.C) discount.D) call price.E) spread.59) A bond is quoted at a price of $1,011. This price is referred to as the:A) call price.B) face value.C) clean price.D) dirty price.E) maturity price.60) Rosita paid a total of $1,189, including accrued interest, to purchase a bond that has 7 of its initial 20 years left until maturity. This price is referred to as the:A) quoted price.B) spread price.C) clean price.D) dirty price.E) call price.61) U. S. Treasury bonds:A) are highly illiquid.B) are quoted as a percentage of par.C) are quoted at the dirty price.D) pay interest that is federally tax-exempt.E) must be held until maturity.62) A six-year, $1,000 face value bond issued by Taylor Tools pays interest semiannually on February 1 and August 1. Assume today is October 1. What will be the difference, if any, between this bond's clean and dirty prices today?A) No differenceB) One months' interestC) Two months' interestD) Four months' interestE) Five months' interest63) Today, June 15, you want to buy a bond with a quoted price of 98.64. The bond pays interest on January 1 and July 1. Which one of the following prices represents your total cost of purchasing this bond today?A) Clean priceB) Dirty priceC) Asked priceD) Quoted priceE) Bid price64) Which one of the following rates represents the change, if any, in your purchasing power as a result of owning a bond?A) Risk-free rateB) Realized rateC) Nominal rateD) Real rateE) Current rate65) Which one of the following statements is correct?A) The risk-free rate represents the change in purchasing power.B) Any return greater than the inflation rate represents the risk premium.C) Historical real rates of return must be positive.D) Nominal rates exceed real rates by the amount of the risk-free rate.E) The real rate must be less than the nominal rate given a positive rate of inflation.66) The Fisher effect primarily emphasizes the effects of ________ on an investor's rate of return.A) defaultB) market movementsC) interest rate changesD) inflationE) the time to maturity67) You are trying to compare the present values of two separate streams of cash flows that have equivalent risks. One stream is expressed in nominal values and the other stream is expressed in real values. You decide to discount the nominal cash flows using a nominal annual rate of 8 percent. What rate should you use to discount the real cash flows?A) 8 percentB) EAR of 8 percent compounded monthlyC) Comparable risk-free rateD) Comparable real rateE) Nominal rate minus the risk-free rate68) Real rates are defined as nominal rates that have been adjusted for which of the following?A) InflationB) Default riskC) Accrued interestD) Interest rate riskE) Both inflation and interest rate risk69) Interest rates that include an inflation premium are referred to as:A) annual percentage rates.B) stripped rates.C) effective annual rates.D) real rates.E) nominal rates.70) The Fisher effect is defined as the relationship between which of the following variables?A) Default risk premium, inflation risk premium, and real ratesB) Nominal rates, real rates, and interest rate risk premiumC) Interest rate risk premium, real rates, and default risk premiumD) Real rates, inflation rates, and nominal ratesE) Real rates, interest rate risk premium, and nominal rates71) The pure time value of money is known as the:A) liquidity effect.B) Fisher effect.C) term structure of interest rates.D) inflation factor.E) interest rate factor.72) Which one of the following premiums is compensation for the possibility that a bond issuer may not pay a bond's interest or principal payments as expected?A) Default riskB) TaxabilityC) LiquidityD) InflationE) Interest rate risk73) The interest rate risk premium is the:A) additional compensation paid to investors to offset rising prices.B) compensation investors demand for accepting interest rate risk.C) difference between the yield to maturity and the current yield.D) difference between the market interest rate and the coupon rate.E) difference between the coupon rate and the current yield.74) A Treasury yield curve plots Treasury interest rates relative to:A) market rates.B) comparable corporate bond rates.C) the risk-free rate.D) inflation rates.E) time to maturity.75) Which one of the following risk premiums compensates for the inability to easily resell a bond prior to maturity?A) Default riskB) TaxabilityC) LiquidityD) InflationE) Interest rate risk76) The taxability risk premium compensates bondholders for which one of the following?A) Yield decreases in response to market changesB) Lack of coupon paymentsC) Possibility of defaultD) A bond's unfavorable tax statusE) Decrease in a municipality's credit rating77) Which bond would you generally expect to have the highest yield?A) Risk-free Treasury bondB) Nontaxable, highly liquid bondC) Long-term, high-quality, tax-free bondD) Short-term, inflation-adjusted bondE) Long-term, taxable junk bond78) Which one of the following statements is false concerning the term structure of interest rates?A) Expectations of lower inflation rates in the future tend to lower the slope of the term structure of interest rates.B) The term structure of interest rates includes both an inflation premium and an interest rate risk premium.C) The term structure of interest rates and the time to maturity are always directly related.D) The real rate of return has minimal, if any, effect on the slope of the term structure of interest rates.E) The interest rate risk premium increases as the time to maturity increases.79) The yields on a corporate bond differ from those on a comparable Treasury security primarily because of:A) interest rate risk and taxes.B) taxes and default risk.C) default and interest rate risks.D) liquidity and inflation rate risks.E) default, inflation, and interest rate risks.80) The 7 percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $1,000 face value. Currently, the bonds sell for $987. What is the yield to maturity?A) 6.97 percentB) 6.92 percentC) 6.88 percentD) 7.22 percentE) 7.43 percent81) You own a bond that pays $64 in interest annually. The face value is $1,000 and the current market price is $1,021.61. The bond matures in 11 years. What is the yield to maturity?A) 6.12 percentB) 6.22 percentC) 6.46 percentD) 6.71 percentE) 5.80 percent82) New Homes has a bond issue with a coupon rate of 5.5 percent that matures in 8.5 years. The bonds have a par value of $1,000 and a market price of $1,022. Interest is paid semiannually. What is the yield to maturity?A) 6.36 percentB) 6.42 percentC) 5.61 percentD) 5.74 percentE) 5.18 percent83) Oil Wells offers 5.65 percent coupon bonds with semiannual payments and a yield to maturity of 6.94 percent. The bonds mature in seven years. What is the market price per bond if the face value is $1,000?A) $949.70B) $929.42C) $936.48D) $902.60E) $913.4884) Roadside Markets has 8.45 percent coupon bonds outstanding that mature in 10.5 years. The bonds pay interest semiannually. What is the market price per bond if the face value is $1,000 and the yield to maturity is 7.2 percent?A) $1,199.80B) $999.85C) $903.42D) $1,091.00E) $1,007.5285) Luxury Properties offers bonds with a coupon rate of 8.8 percent paid semiannually. The yield to maturity is 11.2 percent and the maturity date is 11 years from today. What is the market price of this bond if the face value is $1,000?A) $850.34B) $896.67C) $841.20D) $846.18E) $863.3086) Redesigned Computers has 6.5 percent coupon bonds outstanding with a current market price of $548. The yield to maturity is 13.2 percent and the face value is $1,000. Interest is paid annually. How many years is it until these bonds mature?A) 17.84 yearsB) 14.19 yearsC) 17.41 yearsD) 16.16 yearsE) 18.32 years87) World Travel has 7 percent, semiannual, coupon bonds outstanding with a current market price of $1,023.46, a par value of $1,000, and a yield to maturity of 6.72 percent. How many years is it until these bonds mature?A) 12.26 yearsB) 12.53 yearsC) 18.49 yearsD) 24.37 yearsE) 25.05 years88) A 13-year, 6 percent coupon bond pays interest semiannually. The bond has a face value of $1,000. What is the percentage change in the price of this bond if the market yield to maturity rises to 5.7 percent from the current rate of 5.5 percent?A) −1.79 percentB) −1.38 percentC) −1.64 percentD) 1.79 percent。
2012年春期放署假前工作安排
松岗学校2012年春期放暑假前工作安排1、2012年6月25日（周一），小学一、二、三，初中七、八年级期末统考；小学四、五年级在家复习一天。
晚上7：00—10：00全体教师集体阅卷。
晚上学校在厨房管工作餐（主持人：臧华章）2、2012年6月26日（周二），小学四、五，初中七、八年级期末统考；小学一、二、三年级放假。
晚上7：00—10：00全体教师集体阅卷。
晚上学校在厨房管工作餐（主持人：臧华章）3、2012年6月27日（周三），教导处抽调有关人员统分、写奖状（姚恩海、王中全、杨成兵、袁园）。
（主持人：臧华章）4、2012年6月27日（周三），下午3点，理财组成员集体理账（负责人：杨成兵）；班主任全天装填成绩单、写奖状。
（主持人：王成功）5、请各位授课教师要布置好暑假作业，班主任要做好假期学生安全教育工作，严防各种安全事故的发生，让学生度过一个平安、愉快的暑假。
6、2012年6月28日（周四），各位教师自由活动，做好本期教学总结和教学反思。
7、2012年6月29日（周五），上午7：00开学生授奖大会，各班发成绩单。
小学在小学部门口集中（负责人：卞士圣），初中部在教学楼大门水泥路集中（负责人：姚恩海）。
班主任及校委会成员必须按时到场，风雨无阻，不得缺席。
（主持人：王成功）上午9:00各位班主任配合总务处查封校教具（姚恩海、卞士圣、卢士云）。
（负责人：卞士圣）。
8、2012年6月30日，初一新生开学上课，请参加上课的班主任、授课老师按教导处安排表进行。
9、2012年7月1日正式放假。
总务处安排好护校工作，并将看校人员名单和联系方式报学校及中心校，确保暑假期间校园安全。
10、暑期学习班临时通知，假期请全体教职工保持通信畅通。
裕安区松岗学校2012年6月24日。
公司理财(精要版·原书第12版)PPT中文Ch16财务杠杆和资本结构政策
4. 由于财务杠杆对股东的预期收益和股票风险都具有影响，因此资 本结构是重要的考虑因素。
• 令人惊讶的是，这第四个结论是不正确的。
▪ 原因是股东可以通过自己借贷来调整财务杠杆的数量。 ▪ 这种利用个人借贷来改变财务杠杆程度的方法称为自制杠杆。
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示例：自制杠杆
• 下面的示例说明，公司是否采用计划的资本结构实际上没有任 何区别，因为任何希望采用计划的资本结构的股东都可以使用 自制杠杆来简单地创建它。
• 在计划的资本结构内购买100股股份可获得与在原始资本结构 内购买200股股份相同的结果。
▪ 买额外的100股将需要投资者借贷2,000美元。 ▪ 假设投资者可以以与公司相同的利率借款。
1613下面的示例说明公司是否采用计划的资本结构实际上没有任何区别因为任何希望采用计划的资本结构的股东都可以使用自制杠杆来简单地创建它
第16章
财务杠杆和资本结构政策
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
16-8
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
16-6
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2012年财务报表分析2
桂林电子科技大学试卷学年第学期课号0161课程名称财务报表分析（卷; 闭卷）适用班级（或年级、专业）2011级自考会计专业一、单选题（10分）（本大题共20小题，每小题1分，共20分）1、资产负债表质量分析是对( )A.财务状况质量分析B.财务成果质量分析C.现金流量运转质量分析D.产品质量分析2、.一般地说，属于保守型资产结构的是( )A.企业持有数量较多的流动资产，并有充裕的货币性资产B.企业流动资产与长期资产保持适中水平C.企业持有数量较多的长期资产，资金利润率较低D.企业持有数量较多的长期资产，资金利润率较高3、下列财务信息的内容中，属于会计信息的是（）A.市场信息B.公司治理信息C.财务报告D.审计报告4、下列分析内容中，不属于资产负债表趋势分析的是（）A.比较资产负债表分析B.资产负债表定比分析C.资产负债表环比分析D.共同比资产负债表分析5、如果企业应收账款周转率突然恶化，其主要原因可能是( )A.销售下降、赊销政策过宽B.销售上升、赊销政策过紧C.库存量减少、现金周期缩短D.库存量增加、现金周期延迟6、销售费用的分析中，下列情况可能不合理的是（）A.在新地域设立销售机构B.向新地域派住销售人员C.在新产品上投入更多广告D.在成熟产品上投入更多广告7、如果流动比率大于1，则下列结论成立的是( )A.速动比率大于1B.现金比率大于1C.营运资金大于零D.短期偿债能力有保障8、对于一个健康的、正在成长的公司来说，下列说法正确的是（）A.经营活动现金净流量应当是正数B.投资活动现金净流量应当是正数C.筹资活动现金净流量应当是负数D.现金及现金等价物净增加额应当是负数9、能够反映企业利息偿付安全性的最佳指标是( )A.利息保障倍数B.流动比率C.净利息率D.现金流量利息保障倍数10、在计算速动比率时，要把一些项目从流动资产中剔除的原因不包括（）A.可能存在部分存货变现净值小于账面价值的情况B.部分存货可能属于安全库存C.预付账款的变现能力较差D.存货可能采用不同的评价方法11、如果企业采取外向规模增长政策，对其发展能力的分析重点应该是( )A.产品质量的优劣B.企业资产或资本的增长C.销售增长及资产使用效率D.产品价格的竞争优势12、下列各项中，与企业盈利能力分析无关的指标是( )A.总资产收益率B.股利增长率C.销售毛利率D.净资产收益率13、下列各项中，反映现金流量匹配情况的比率是( )A.流入结构B.流出结构C.定比比率D.流入与流出的比率14、在基本条件不变的情况下，下列经济业务可能导致总资产收益率下降的是（）A.用银行存款支付一笔销售费用B.用银行存款购入一台设备C.将可转换债券转换为普通股D.用银行存款归还银行借款15、利用财务报告对企业进行发展能力分析时，不涉及的方面是( )A.企业竞争能力分析B.企业周期分析C.企业发展能力财务比率分析D.企业发展能力战略分析16、下列各项中，与企业周期分析无关的是（）A.营业周期B.产品生命周期C.产业生命周期D.企业生命周期17、影响营运能力的内部因素是( )A.行业特性B.经营背景C.经营周期D.资产的管理政策与方法l8、杜邦分析体系的核心指标是（）A.总资产收益率B.销售净利率C.净资产收益率D.总资产周转率19、审计报告对企业财务报告起到的作用是( )A.鉴证与核实B.鉴证与证明C.核实与证明D.核实与修改20.股份有限公司自资产负债表日至财务会计报告批准报出日之间发生的事项中，属于调整事项的是( )A.资产负债表日后发生重大诉讼B.发生资产负债表所属期间所售商品的退回C.资产负债表日后发生巨额亏损D.一幢厂房因地震发生倒塌，造成公司重大损失二、多项选择题（本大题共10小题，每小题2分，共20分）21、通过盈利能力分析可以获取的信息包括( )A.分析企业赚取利润的能力B.分析企业的偿债能力C.评价内部管理者的业绩D.评价企业面临的风险E.分析利润的质量22、企业涉及预计负债的主要事项包括( )A.未决诉讼B.产品质量担保债务C.亏损合同D.重组义务E.辞退福利23、利用趋势分析法进行现金流量表分析时，如果期初项目为零，处理方法可能包括( )A.剔除该项目B.结合比率分析法进行分析C.结合比较现金流量表逐项进行分析D.结合定比报表逐项进行分析E.结合其他报表数据进行分析24、现金流量表解读的主要内容包括( )A.现金流量表正确性分析B.现金流量表趋势分析C.现金流量表结构分析D.现金流量表质量分析E.现金流量表比率分析25、下列关于利润表分析的说法，正确的有( )A.利润表的趋势分析可以分析单一项目在连续期间变化B.利润表的趋势分析可以从整体角度把握各项目之间关系C.利润表的结构分析可以分析利润产生的过程和结构D.利润表的结构分析可以分析利润的来源及构成E.共同比报表可以分析利润表结构随时间的变化情况26、下列各项中，风险型资本结构的特点有（）A.权益资金较少而资产负债率较高B.资产负债率较低而权益资金较多C.流动负债较多而长期负债较少D.长期负债较多而流动负债较少E.资金成本较低而投资收益较高27、下列各项中，影响长期偿债能力的因素包括( )A.盈利能力B.资本结构C.长期资产的保值程度D.经常性的经营租赁E.资产的流动性28、下列各项中，属于资产负债表调整事项的有( )A.资产负债表日后发生诉讼案件B.资产负债表日后发现财务报表舞弊或差错C.资产负债表日后发生巨额亏损D.资产负债表日后资产价格或税收政策发生重大变化E.资产负债表日后诉讼案件结案29、产品竞争能力分析的主要内容包括( )A.产品质量的竞争能力分析B.产品品种的竞争能力分析C.产品成本的竞争能力分析D.产品售后服务的竞争能力分析E.产品价格的竞争能力分析30.下列各项中，影响企业发展能力的有（）A.企业竞争能力的强弱B.企业周期的阶段性特征C.企业营业发展能力D.企业各项财务指标的好坏E.注册会计师的审计意见三、判断说明题（本大题共5小题，每小题2分，共10分）判断下列各题的正误，正确的在题后括号内打“√”，错误的打“×”，并说明理由。
2012年宁波大学大学生职业技能培训活动及学分拟认证项目表(1)
单科、中级 助理工程师（初级） 合格 初级、中级、高级 三级、二级、一级
1-2 2 2 1-3 1-3
教育部 中国电子学会 信息产业部、中国电子企业 协会 美国Cisco（思科）公司， 全英文考试，行业证书 国家工信部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部
专业学生从B档起认 0.5，A档1学分。同 类项目不累计，按 国际商业美术设计师协会 最高项认定 （经人力资源和社会保障部 审核论证引进） 专业学生从中级起 认0.5，高级1学分 。同类项目不累 计，按最高项认定
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艺术学院
社会艺术水平考级证书（音乐） 国家级高级（9-10级） 2 1-2 国家职业资格证书
1-3 1-3 1-4 1-3 1-3 1-3 1-3 1-3 1-3 1-3 0.5-1 0.5 1 1 1 2 1 1 1.5
相关证书 相关证书 相关证书 相关证书 相关证书 相关证书 相关证书 相关证书 相关证书 相关证书 培训成绩合格证书 相关证书 相关证书
人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部、国 同类项目不累计， 家工商行政管理总局 按最高项认定 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 人力资源和社会保障部 宁波市劳动局 阿里巴巴集团 国家语言文字工作委员会 非师范类专业 同类项目按最高项 认定，各证书不累 计计算学分。
国家职业资格四、三、 1-2.5 二级 国家职业资格三、二、 1-3 一级 国家职业资格三、二、 1-3 一级 国家职业资格四、三、 1-2.5 二级 初级、中级、高级 每个项目成绩合格并取 得证书 省局统考，合格 省局统考，合格 省局统考，合格 省局统考，合格 省局统考，合格 采购员（国家职业资格 四级）、 助理采购师 （国家职业资格三级） 、 采购师（国家职业资 格二级）、高级采购师 （国家职业资格一级） 。 1-3 1.5 1 1 1.5 2 2
乐视网公司财务数据分析
乐视网公司财务数据分析一、盈利状况我们对乐视股份有限公司2012-2017年的营业毛利润、净利润、总资产收益率和净资产收益率数据进行分析，探讨公司的盈利能力。
注：数据来源于公司年报我们知道，毛利润可以反映一个公司大概的经营水平，毛利润水平的高低可以显示该公司在成本水平上是否具有竞争优势。
从表中数据显示，从2012年开始，乐视股份有限公司的毛利润处于一个下降的趋势，在2012年时,经营毛利润达41.38%，此时公司还是处于一个较好的发展水平，但是2013年降低到29.33%，2014年降低到14.53%，此时乐视股份有限公司在成本上已经没有很大的优势，盈利水平下降，在2017年，营业毛利润直接低到-16.19%，公司成本支出大于收入，此时公司处于一个亏损的状态。
营业净利润反映企业通过生产经营，获得利润的能力。
2012年乐视股份有限公司的营业净利润为16.27%，，2013年营业净利润降低到9.84%，2014年降低至1.89%，2016年达到负值，-1.01%，2017年营业净利润为-37.45%，相比于毛利润，乐视股份有限公司的营业净利润处于一个比较低的水平，说明乐视股份有限公司通过生产获得的利润的能力没有太大。
总资产收益率取决于总资产周转速度的快慢和销售利润率的高低，当公司的销售利润逐渐增大时，公司的总资产周转速度就会越快，总资产收益率越高。
从2012年到2017年乐视股份有限公司的总资产收益率数据可以发现，公司的总资产收益率处于一个逐年降低的状况，说明公司的销售利润在降低，总资产周转速速度在降低。
2012年时，总资产收益率达6.55%，2013年时，总资产收益率降至4.63%，2014年总资产收益率降至1.46%，2016年总资产收益率已经达到负值，降至-0.69%，2017年降低为-7.07%，从这些数据已经可以看出，公司资产利用率较低，乐视股份有限公司的经营状态已经有问题，但是公司高管并没有发现并及时解决，致使公司破产。
公司理财精要版原书第12版习题库答案Ross12e_Chapter24_TB
Fundamentals of Corporate Finance, 12e (Ross)Chapter 24 Option Valuation1) Travis owns a stock that is currently valued at $45.80 a share. He is concerned that the stock price may decline so he just purchased a put option on the stock with an exercise price of $45. Which one of the following terms applies to this strategy?A) Put-call parityB) Covered callC) Protective putD) StraddleE) Strangle2) According to put-call parity, the present value of the exercise price is equal to the:A) stock price plus the call premium minus the put premium.B) call premium plus the put premium minus the stock price.C) stock price minus the put premium minus the call premium.D) put premium plus the call premium minus the stock price.E) stock price plus the put premium minus the call premium.3) In the put-call parity formula, the present value of the exercise price is computed using the:A) nominal market rate.B) real market rate.C) real inflation rate.D) nominal inflation rate.E) risk-free rate.4) Which one of the following provides the option of selling a stock at a specified price on a stated date even if the market price of the stock declines to zero?A) American callB) European callC) American putD) European putE) Either an American or European put5) The primary purpose of a protective put is to:A) ensure a maximum purchase price in the future.B) offset an equivalent call option.C) limit the downside risk of asset ownership.D) lock in a risk-free rate of return on a financial asset.E) increase the upside potential return on an investment.6) Which one of the following can be used to replicate a protective put strategy?A) Riskless investment and stock purchaseB) Stock purchase and call optionC) Call option and riskless investmentD) Riskless investment and writing a putE) Call option, stock purchase, and riskless investment7) Which one of these is most equivalent to e− Rt?A) −2.71828RtB) −1/2.71828RtC) 1/2.71828RtD) 1 − 2.71828RtE) 1/2.71828R t8) Under European put-call parity, the present value of the strike price is equivalent to the present value of:A) the current value of the stock minus the call premium.B) the market value of the stock plus the put premium.C) a U.S. Treasury coupon bond with a face value equal to the strike price.D) a U.S. Treasury bill with a face value equal to the strike price.E) any risk-free security with a face value equal to the strike price and a coupon rate equal to the risk-free rate of return.9) In the Black-Scholes option pricing formula, N(d1) is the probability that a standardized, normally distributed random variable is:A) less than or equal to N(d2).B) less than 1.C) equal to 1.D) equal to d1.E) less than or equal to d1.10) In the Black-Scholes option pricing model, the symbol "σ" is used to represent the standard deviation of the:A) option premium on a call with a specified exercise price.B) rate of return on the underlying asset.C) volatility of the risk-free rate of return.D) rate of return on a risk-free asset.E) option premium on a put with a specified exercise price.11) All of the following affect the value of a call option except the:A) strike price.B) stock price.C) standard deviation of the returns on a risk-free asset.D) continuously compounded risk-free rate.E) time to maturity.12) To compute the value of a put using the Black-Scholes option pricing model, you:A) assume the equivalent call is worthless and then apply the put-call parity formula.B) have to compute the value of the put as if it is a call and then apply the put-call parity formula.C) subtract the value of an equivalent call from 1.0.D) subtract the value of an equivalent call from the market price of the stock.E) multiply the value of an equivalent call by e−rt.13) Which one of the following statements is correct?A) The price of an American put is equal to the stock price minus the exercise price.B) The value of a European call is greater than the value of a comparable American call.C) The value of a put is equal to one minus the value of an equivalent call.D) The value of a put minus the value of a comparable call is equal to the value of the stock minus the exercise price.E) The value of an American put will equal or exceed the value of a comparable European put.14) Which one of the following cannot be either used by or calculated by the Black-Scholes option pricing model?A) Risk-free rate of returnB) Premium on an American call optionC) Time to maturity greater than one yearD) Underlying asset valueE) An exercise price equal to the face value of a firm's debt15) When computing the value of a call option using the Black-Scholes option pricing model, d2 is calculated as:A) σt.5− 1.B) 1 − σt.5.C) d1− σt.5.D) 1 + σt.5.E) d1+ σt.5.16) Which one of the following statements related to options is correct?A) American stock options can be exercised but not resold.B) A European call is either equal to or less valuable than a comparable American call.C) European puts can be resold but can never be exercised.D) European options can be exercised on any dividend payment date.E) American options are valued using the Black-Scholes option pricing model.17) Assume all stocks are non-dividend paying. Given this assumption, which one of these statements is correct regarding stock options?A) European put options are more valuable than comparable American put options.B) Exercising a well-into-the-money American put option is generally not a good idea.C) It is never optimal to exercise an American call option early.D) You should wait to exercise a put option if the stock price falls to zero.E) You are better off exercising an in-the-money call option than selling it.18) Assume the risk-free rate increases by one percent. Which one of the following measures the effect this change will have on the value of a firm's stock options?A) ThetaB) VegaC) DeltaD) RhoE) Gamma19) Which one of the following defines the relationship between the value of an option and the option's time to expiration?A) ThetaB) VegaC) RhoD) DeltaE) Gamma20) Assume the standard deviation of the returns on ABC stock increases. This change will________ the value of the call options and ________ the value of the put options on ABC stock.A) increase; decreaseB) increase; increaseC) decrease; decreaseD) decrease; increaseE) not effect; not effect21) Assume the risk-free rate increases. This change will ________ the value of call options and ________ the value of put options on shares of stock.A) increase; decreaseB) increase; increaseC) decrease; decreaseD) decrease; increaseE) not affect; not affect22) The estimate of the future volatility of the returns on the underlying asset that is computed using the Black-Scholes option pricing model is referred to as the:A) residual error.B) implied mean return.C) derived case volatility.D) forecast rho.E) implied standard deviation.23) The value of a call option delta is best defined as a value that is:A) between zero and one.B) less than zero.C) greater than zero.D) greater than or equal to zero.E) less than or equal to zero.24) Given a small change in the value of the underlying stock, the change in an option's price is approximately equal to the change in stock value:A) divided by delta.B) divided by (1 − Delta).C) divided by (1 + Delta).D) multiplied by (1 − Delta).E) multiplied by delta.25) If the price of the underlying stock decreases, then the value of the call options ________ and the value of the put options ________.A) decrease; decreaseB) decrease; increaseC) increase; decreaseD) increase; increaseE) increase; remain unchanged26) Which one of the following statements is correct?A) Increasing the time to maturity may not increase the value of a European put.B) An increase in time decreases the value of a call option.C) Exercising an American option is always more valuable than selling the option.D) Call options tend to be less sensitive to the passage of time than are put options.E) Vega measures the sensitivity of an option's value to the passage of time.27) Theta measures an option's:A) intrinsic value.B) volatility.C) rate of time decay.D) sensitivity to changes in the value of the underlying asset.E) sensitivity to changes in the risk-free rate.28) Selling a call option is generally more valuable than exercising the option because of the option's:A) riskless value.B) intrinsic value.C) standard deviation.D) exercise price.E) time premium.29) Which one of the following statements is correct?A) The value of a call option decreases as the time to expiration increases.B) A decrease in the risk-free rate decreases the value of a put option.C) Increasing the risk-free rate decreases the value of a call option.D) The value of a put option increases when the standard deviation of the returns on the underlying stock increase.E) Increasing the strike price decreases the value of a put option.30) A decrease in which of the following will increase the value of a put option on a stock?A) Strike price and standard deviation of the returns on the underlying stockB) Stock price and risk-free rateC) Time to expiration and strike priceD) Risk-free rate and standard deviation of the returns on the underlying stockE) Time to expiration and stock price31) Which one of the five factors included in the Black-Scholes option pricing model cannot be directly observed?A) Risk-free rateB) Strike priceC) Standard deviationD) Stock priceE) Life of the option32) Which one of the following statements related to the implied standard deviation (ISD) is correct?A) The ISD is an estimate of the historical standard deviation of the underlying security.B) ISD is equal to (1 − d1).C) The ISD estimates the volatility of an option's price over the option's lifespan.D) The value of ISD is dependent upon both the risk-free rate and the time to option expiration.E) ISD confirms the observable volatility of the return on the underlying security.33) The implied standard deviation used in the Black-Scholes option pricing model is:A) based on historical performance.B) a prediction of the volatility of the return on the underlying asset over the life of the option.C) a measure of the time decay of an option.D) an estimate of the future value of an option given a strike price e.E) a measure of the historical intrinsic value of an option.34) The value of an option is equal to the:A) intrinsic value minus the time premium.B) time premium plus the intrinsic value.C) implied standard deviation plus the intrinsic value.D) summation of the intrinsic value, the time premium, and the implied standard deviation.E) summation of delta, theta, vega, and rho.35) For the equity of a firm to be considered a call option on the firm's assets, the firm must:A) be in default.B) be leveraged.C) pay dividends.D) have a negative cash flow from operations.E) have a negative cash flow from assets.36) Paying off a firm's debt is comparable to ________ on the assets of the firm.A) purchasing a put optionB) purchasing a call optionC) exercising an in-the-money put optionD) exercising an in-the-money call optionE) writing a put option37) The shareholders of a firm will benefit the most from a positive net present value project when the delta of the call option on the firm's assets is:A) equal to one.B) between zero and one.C) equal to zero.D) between zero and minus one.E) equal to minus one.38) The value of the risky debt of a firm is equal to the value of:A) a call option plus the value of a risk-free bond.B) a risk-free bond plus a put option.C) the equity of the firm minus a put.D) the equity of the firm plus a call option.E) a risk-free bond minus a put option.39) A firm has assets of $16.4 million and 2-year, zero-coupon, risky bonds with a total face value of $7.4 million. The bonds have a total current market value of $7.1 million. The shareholders of this firm can change these risky bonds into risk-free bonds by purchasing a ________ option with a 2-year life and a strike price of ________ million.A) call; $7.1B) call; $7.4C) put; $16.4D) put; $7.1E) put; $7.440) Purely financial mergers:A) are beneficial to stockholders.B) are beneficial to both stockholders and bondholders.C) are detrimental to stockholders.D) add value to both the total assets and the total equity of a firm.E) reduce both the total assets and the total equity of a firm.41) A purely financial merger:A) increases the risk that the merged firm will default on its debt obligations.B) has no effect on the risk level of the firm's debt.C) reduces the value of the option to go bankrupt.D) has no effect on the equity value of a firm.E) reduces the risk level of the firm thereby increasing the value of the firm's equity.42) Which one of the following statements is correct?A) Mergers benefit shareholders but not creditors.B) Positive NPV projects will automatically benefit both creditors and shareholders.C) There may be conflicts between the interests of bondholders and shareholders.D) Creditors prefer negative NPV projects while shareholders prefer positive NPV projects.E) Mergers rarely affect bondholders.43) If the risk-free rate is 6.5 percent compounded annually, what is the continuously compounded risk-free rate equal to?A) 1/ln1.065B) 6.10%C) ln1.065D) 6.24%E) e1.065− 144) This morning, Kate put a European protective put strategy in place when the cost of ABC stock was $29.15 per share and the 1-year $30 ABC put was priced at $1.05 per share. How much profit per share will she earn from this strategy if the stock is worth $28 a share on the put expiration date?A) $7.80B) −$1.05C) −$.20D) $8.85E) $1.2545) You need $15,400 in three years. How much do you need to deposit today to fund this need if you can earn 5 percent per year, compounded continuously? Assume this is the only deposit you make.A) $13,506B) $13,049C) $14,179D) $13,255E) $12,91646) A stock is selling for $62 per share. A call option with an exercise price of $65 sells for $3.85 and expires in three months. The risk-free rate of interest is 2.8 percent per year, compounded continuously. What is the price of a put option with the same exercise price and expiration date?A) $6.74B) $6.23C) $6.67D) $6.40E) $6.9547) A put option that expires in eight months with an exercise price of $55 sells for $7.34. The stock is currently priced at $52, and the risk-free rate is 3.1 percent per year, compounded continuously. What is the price of a call option with the same exercise price and expiration date?A) $5.67B) $5.47C) $5.34D) $4.71E) $4.9248) Today, you purchased 300 shares of Lazy Z stock for $49.80 per share. You also bought three 1-year, $50 put options on Lazy Z stock at a cost of $.55 per share. What is the maximum total amount you can lose over the next year on these purchases?A) −$15,105B) −$11,050C) −$160D) −$105E) $049) Today, Ted purchased 500 shares of ABC stock at a price of $42.20 per share. He also purchased five put option contracts on ABC at a price of $.10 per share, an exercise price of $40 and a 1-year term. What is the maximum loss Ted can realize on his investments over the next year?A) −$1,105B) −$1,050C) −$1,115D) −$1,150E) $050) Webster United stock is priced at $35.79 per share. The 6-month $35 call options are pricedat $1.40 and the risk-free rate is 3.2 percent, compounded continuously. What is the per share value of the 6-month put option?A) $.15B) $.05C) $0D) $.20E) $.2551) Day's End stock is selling for $43 a share. The 6-month call with a strike price of $45 is priced at $.30. Risk-free assets are currently returning 4.1 percent per year, compounded continuously. What is the price of a 6-month put with a strike price of $45?A) $1.39B) $1.46C) $1.28D) $1.51E) $1.3252) The one-year call on TLM stock with a strike price of $65 is priced at $2.20 while the one-year put with a strike price of $65 is priced at $11.18. The annual risk-free rate is 3.8 percent, compounded continuously. What is the current price of TLM stock?A) $53.60B) $48.90C) $56.70D) $50.10E) $47.6553) Grocery Express stock is selling for $22 a share. A three-month, $20 call on this stock is priced at $2.85. Risk-free assets are currently returning .2 percent per month. What is the price of a three-month put on Grocery Express stock with a strike price of $20?A) $.37B) $.73C) $.87D) $1.10E) $1.1854) J&N stock has a current market price of $51.97 a share and the annual risk-free rate is 4.2 percent, compounded continuously. The 1-year call on this stock with a strike price of $55 is priced at $2.30. What is the price of the one-year put with a strike price of $55?A) $3.07B) $2.86C) $3.22D) $2.94E) $2.9955) You invest $2,500 today at 5.5 percent, compounded continuously. How much will this investment be worth 12 years from now?A) $3,728B) $4,837C) $4,311D) $3,422E) $3,79156) Todd invested $12,000 in an account today at 4.5 percent, compounded continuously. What will this investment be worth in 15 years?A) $26,203B) $25,845C) $24,287D) $25,941E) $23,56857) WT Foods stock is selling for $38 a share. The 6-month $40 call on this stock is selling for $2.01 while the 6-month $40 put is priced at $3.60. What is the continuously compounded risk-free rate of return?A) 2.7 percentB) 2.4 percentC) 1.8 percentD) 1.5 percentE) 2.1 percent58) The stock of EHI has a current market value of $21.50 a share. The 3-month call with a strike price of $20 is selling for $2.07 while the 3-month put with a strike price of $20 is priced at $.41. What is the continuously compounded risk-free rate of return?A) 2.9 percentB) 3.0 percentC) 4.1 percentD) 3.7 percentE) 3.2 percent59) A call option with an exercise price of $25 and 9 months to expiration has a price of $4.92. The stock is currently priced at $26.90, and the risk-free rate is 4.1 percent per year, compounded continuously. What is the price of a put option with the same exercise price and expiration date?A) $3.89B) $1.57C) $1.24D) $2.69E) $2.2660) What is the value of a 6-month put with a strike price of $27.50 if the stock price is $22.60, the 6-month $27.50 call is priced at $1.46, and the risk-free rate is 3.5 percent, compounded continuously?A) $4.71B) $5.43C) $5.24D) $5.88E) $6.6261) A stock is priced at $52.90 a share, the 3-month $45 call is priced at $9.31 a share, and the risk-free rate is 4.5 percent, compounded continuously. What is the value of the 3-month put with a strike price of $45?A) $.57B) $.63C) $.91D) $1.36E) $1.5462) A stock is currently priced at $38. A call option with an expiration of one year has an exercise price of $40. The risk-free rate is 4.2 percent per year, compounded continuously, and the standard deviation of the stock's return is infinitely large. What is the price of the call option?A) $2.47B) $34.80C) $38.00D) $5.63E) $40.0063) Assume a stock price of $21.80, an exercise price of $20, three months to expiration, a risk-free rate of 3.40 percent, standard deviation of 46 percent, and a d1 value of .52664. What is the value of d2 as it is used in the Black-Scholes option pricing model?A) .31218B) .31225C) .29664D) .29535E) .3134064) Assume a stock price of $34.80, an exercise price of $35, nine months to expiration, risk-free rate of 2.40 percent, standard deviation of 57 percent, and a d1 value of .27167. What is the value of d2 as it is used in the Black-Scholes option pricing model?A) −.22196B) −.18657C) −.18241D) −.27427E) −.2223865) Assume a stock price of $31.18, risk-free rate of 3.6 percent, standard deviation of 44 percent, N(d1) value of .62789, and an N(d2) value of .54232. What is the value of a 3-month call option with a strike price of $30 given the Black-Scholes option pricing model?A) $3.38B) $3.99C) $3.68D) $1.76E) $3.4566) Assume a stock price of $16.80, risk-free rate of 2.7 percent, standard deviation of 59 percent, N(d1) value of .93116, and an N(d2) value of .85708. What is the value of a 6-month call with a strike price of $10 given the Black-Scholes option pricing model?A) $7.62B) $7.19C) $8.06D) $7.85E) $6.9767) A stock is currently selling for $39 a share. The risk-free rate is 2.5 percent and the standard deviation is 26 percent. What is the value of d1 of a 9-month call option with a strike price of $40?A) −.01506B) .08341C) .07746D) .06420E) −.0675268) A stock is currently selling for $34 a share. The risk-free rate is 3.1 percent and the standard deviation is 33 percent. What is the value of d1 of a 3-month call option with a strike price of $35?A) −.01872B) −.04621C) −.05047D) −.02950E) −.2035669) Use the information below to answer the following question.Assume a stock price of $42; a risk-free rate of 3.5 percent per year, compounded continuously;a six-month maturity; and a standard deviation of 64 percent per year. If a six-month call with an exercise price of $45 is priced at $6.66, what is the price of the six-month $45 put?A) $8.57B) $7.93C) $8.88D) $9.07E) $8.7470) Use the information below to answer the following question.You own a lot in Key West, Florida, that you are considering selling. Similar lots have recently sold for $1.2 million. Over the past five years, the price of land in the area has varied with a standard deviation of 19 percent. A potential buyer wants an option to buy the land in the next 9 months for $1,310,000. The risk-free rate of interest is 7 percent per year, compounded continuously. How much should you charge for the option? Round your answer to the nearest $100.A) $62,000B) $68,900C) $63,700D) $62,500E) $60,40071) Use the information below to answer the following question.Assume a stock price of $88; risk-free rate of 4 percent per year, compounded continuously; time to maturity of five months; standard deviation of 48 percent per year; and a put and call exercise price of $85. What is the delta of the put option?A) −.6850B) −.3742C) −.3158D) −.0525E) −.468572) A call option matures in six months. The underlying stock price is $37 and the stock's return has a standard deviation of 27 percent per year. The annual risk-free rate is 3.4 percent, compounded continuously. The exercise price is $0. What is the price of the call option?A) $39.65B) $32.14C) $36.37D) $32.23E) $37.0073) The delta of a call option on a firm's assets is .624. How much will a project valued at $48,000 increase the value of equity?A) $18,048B) $45,336C) $29,952D) $76,923E) $32,18974) The delta of a call option on a firm's assets is .408. By how much will a $220,000 project increase the value of equity?A) $89,760B) $71,622C) $309,760D) $130,240E) $539,21675) The current market value of the assets of AMN Co. is $47 million, with a standard deviation of 21 percent per year. The firm has zero-coupon bonds outstanding with a total face value of $35 million. These bonds mature in two years. The risk-free rate is 3.6 percent per year, compounded continuously. What is the value of d1 as it applies to the Black-Scholes option pricing model?A) 1.32471B) 1.48002C) 1.60067D) 1.38357E) .8900676) Use the information below to answer the following question.Upside Down has a zero coupon bond issue outstanding with a $10,000 face value that matures in one year. The current market value of the firm's assets is $12,400 while the standard deviation of the returns on those assets is 22 percent annually. The annual risk-free rate is 4.6 percent, compounded continuously. What is the market value of the firm's debt based on the Black-Scholes model?A) $8,415B) $8,900C) $9,413D) $8,962E) $9,31177) Use the information below to answer the following question.S&C Co. has a zero coupon bond issue outstanding with a face value of $20,000 that matures in one year. The current market value of the firm's assets is $23,000. The standard deviation of the return on the firm's assets is 52 percent per year, and the annual risk-free rate is 6 percent per year, compounded continuously. What is the firm's continuously compounded cost of debt?A) 11.24 percentB) 20.32 percentC) 16.48 percentD) 18.69 percentE) 17.09 percent78) Use the information below to answer the following question.Alpha is considering a purely financial merger with Beta. Alpha currently has a market value of $14 million, an asset return standard deviation of 55 percent, and pure discount debt of $6 million that matures in four years. Beta has a market value of $6 million, an asset return standard deviation of 60 percent, and pure discount debt of $2 million that matures in four years. The risk free rate, continuously compounded, is 3.5 percent. The combined equity value of the two separate firms is $14,180,806. By what amount will the combined equity value change if the merger occurs and the asset return standard deviation of the merged firm is 45 percent?A) −$548,285B) −$314,007C) $0D) $99,087E) $286,403。
(完整word版)《公司理财》(刘曼红)(第二版)部分习题参考答案
【思考与练习题】部分习题参考答案第3章6.该公司资产负债表为日7.公司2007年的净现金流为-25万元。
8.各比例如下：第4章4.（1）1628.89元；（2）1967.15元；（3）2653.30元5. 现在要投入金额为38.55万元。
6. 8年末银行存款总值为6794.89元（前4年可作为年金处理）。
7.（1）1259.71元；（2）1265.32元；（3）1270.24元；（4）1271.25元；（5）其他条件不变的情况下，同一利息期间计息频率越高，终值越大；到连续计算利息时达到最大值。
8.（1）每年存入银行4347.26元；（2）本年存入17824.65元。
9.基本原理是如果净现值大于零，则可以购买；如果小于零，则不应购买。
NPV=-8718.22，小于零，故不应该购买。
第5章8.（1）该证券的期望收益率=0.15×8%+0.30×7%+0.40×10%+0.15×15%=9.55%标准差=2.617%（2）虽然该证券期望收益率高于一年期国债收益率，但也存在不确定性。
因此不能确定是否值得投资。
9.（1）两种证券的期望收益、方差与标准差（2）根据风险与收益相匹配的原则，目前我们还不能确定哪种证券更值得投资。
10.各证券的期望收益率为：%4.11%)6%12(9.0%6%15%)6%12(5.1%6%1.11%)6%12(85.0%6%2.13%)6%12(2.1%6=-⨯+==-⨯+==-⨯+==-⨯+=A A B A r r r r11. （1）该组合的期望收益率为15.8% （2）组合的β值945.051==∑=ii ip w ββ（3）证券市场线，图上组合中每种股票所在位置第6章5.（1）当市场利率分别为：8%；6%；10%时，该债券的价格分别为：39.8759.376488.4983769.010004622.1240)2/1(1000)2/1(40%1010004.456612.5434564.010005903.1340)2/1(1000)2/1(408%8.11487.5531.5955537.010008775.1440)2/1(1000)2/1(406%2040)(2020102020102020100=+=⨯+⨯=+++=≈+=⨯+⨯=+++==+=⨯+⨯=+++=+=∑∑∑===r r B r r B r r B PV PV B t tt tt t时，则当市场利率为时，则当市场利率为时，则当市场利率为次。
个人理财(第三版)项目实训参考答案
课后项目实训答案第一章理财基础知识项目实训一：1.普通复利终值计算。
已知 FV=100 I/Y=10% N=45 计算 PV=1.3719W2.普通复利终值计算。
已知 FV=20 PV= --1.5 N=18 CPT计算 I/Y=15.48%3.永续年金公式PV=A/r ， PV=625 0004.期初年金终值设置期初模式（BGN模式）已知 I/Y=6% PMT=4000 N=4 CPT计算 FV/A=-18 548.375.已知PV=10 000 I/Y=10%/2=5% N=5X2=10 CPT FV=-16 288.956.已知 PV/A=42 I/Y=6%/12 N=20X12 CPT PMT=-0.30097.算有效年利率可以公式也可以财务计算器按键2上面的ICONV功能,分别是甲 15% 乙 15.53% 丙15.28%,选乙。
8.已知 PMT=1 N=10 I/Y=2 CPT PV/A=-8.98239.已知 FV/A=30 PV/A=-5 PMT=-0.32 N=60 CPT I/Y月=0.58% I/Y年=7%项目实训二：根据当下宏观经济形式进行分析，可把汇率和利率结合起来，中美关系结合起来。
选择近年来代表性宏观事件进行分析。
第二章客户分析项目实训一：1.表-1 小陈家庭资产负债表2017年 12月31日（单位：元）2.表-2 小陈家庭收入支出表（2017年1月—2017年12月) （单位：元）3.表-3 小陈家庭财务比例分析4.理财需求包括：（1）建立备用金、控制日常开支（2）偿还教育贷款（3）优化投资组合，提供投资收益（4）筹备结婚基金（5）完善保险配置第三章人生规划项目实训一：教育规划1.应备大学教育费：60000×复利终值系数（n=12年，r=5%）=107751(元)2.已有准备金终值（12年后）：30000×复利终值系数（n=12年，r=4%）=48031(元)3.大学教育金缺口=107751-48031=59720(元)4.为了大学每月应存金额PMT（r=4%/12，n=144个月，FV=59720）=324(元)5.16年后，儿子深造硕士时所需费用：35000×复利终值系数（n=16年，r=5%）=76401（元）6.为了硕士每月应提存金额PMT(r=4%/12,n= 12*16=192个月, FV=76401)=285元7. 现在到儿子上大学间，王生每月须定期定额存资金：324+285=609（元）项目实训二：1. 公证遗嘱与后写的遗嘱不冲突，则两个都有效；公证遗嘱与后写的遗嘱冲突，则公证遗嘱有效。
东财公司理财X综合作业答卷
东财《公司理财X》综合作业试卷总分:100得分:100一、单选题（共15道试题，共30分）1.有观点认为，股利政策不会对企业价值产生任何影响。
这种理论观点是指（）。
A. “一鸟在手”理论B.股利政策无关论C.差别税收理论D.差别收入理论标准答案:B2.普通年金属于（）。
A.永续年金B.预付年金C.每期期末等额支付的年金D.每期期初等额支付的年金标准答案:C3.下列各项中，属于永久性流动资产的是（）。
A.销售旺季增加的应收账款B.春节前后增加的库存商品C.季节性存货D.保险储备现金标准答案:D4.下列关于非系统风险的表述，正确的是（）。
A.非系统风险归因于广泛的价格趋势和时间B.非系统风险不能通过投资组合得以分散C.非系统风险通常以B系数进行衡量D.非系统风险归因于某一投资企业特有的价格因素和事件标准答案:D5.形成财务风险的原因是（）。
A.举债经营B.拥有普通股C.存在固定成本D.存在变动成本标准答案:A6.根据风险收益对等原则，各种筹资方式的资本成本由大到小依次为（）。
A.公司债券、优先股、普通股B.普通股、公司债券、优先股C.普通股、优先股、公司债券D.公司债券、普通股、优先股标准答案:C7.货币时间价值是（）。
A.货币经过投资后所增加的价值8.没有通货膨胀情况下的社会平均资本利润率C.没有通货膨胀和风险条件下的社会平均资本利润率D.没有通货膨胀条件下的利率标准答案:C8.债券期限越短，其价值变动的幅度（）。
A.越趋近于1B.越小C.越趋近于-1D.越大标准答案:B9.某公司拟发行5年期债券进行筹资，债券票面金额为500元，票面利率为12%，到期一次还本付息，当时市场利率为10%，那么，该公司债券发行价格应为（）元。
A.462.08B.500C.537.9D.347.7标准答案:C10.如果债券预期利息和到期本金（面值）的现值与债券现行市场价格相等，则等式所隐含的折现率为（）。
A.赎回收益率B.到期收益率C.实现收益率D.期间收益率标准答案:B11.在一般情况下，各国制定汇率的关键货币是（）。
公司理财精要版原书第12版习题库答案Ross12e_Chapter12_TB
公司理财精要版原书第12版习题库答案Ross12e_Chapter12_TBFundamentals of Corporate Finance, 12e (Ross)Chapter 12 Some Lessons from Capital Market History1) Stacy purchased a stock last year and sold it today for $4a share more than her purchase price. She received a total of $1.15 per share in dividends. Which one of the following statements is correct in relation to this investment?A) The dividend yield is expressed as a percentage of the par value.B) The capital gain would have been less had Stacy not received the dividends.C) The total dollar return per share is $2.85.D) The capital gains yield is positive.E) The dividend yield is greater than the capital gains yield.2) Which one of the following correctly describes the dividend yield?A) Next year's annual dividend divided by today's stock priceB) This year's annual dividend divided by today's stock priceC) This year's annual dividend divided by next year's expected stock priceD) Next year's annual dividend divided by this year's annual dividendE) The increase in next year's dividend over this year's dividend divided by this year's dividend3) Bayside Marina just announced it is decreasing its annual dividend from $1.48 per share to $1.45 per share effective immediately. If the dividend yield remains at its pre-announcement level, then you know the stock price:A) was unaffected by the announcement.B) increased proportionately with the dividend decrease.C) decreased proportionately with the dividend decrease.D) decreased by $.03 per share.E) increased by $.03 per share.4) Which one of the following statements related to capital gains is correct?A) The capital gains yield includes only realized capital gains.B) An increase in an unrealized capital gain will increase the capital gains yield.C) The capital gains yield must be either positive or zero.D) The capital gains yield is expressed as a percentage of a security's total return.E) The capital gains yield represents the total return earned by an investor.5) Which of the following yields on a stock can be negative?A) Dividend yieldB) Capital gains yieldC) Capital gains yield and total returnD) Dividend yield, capital gains yield, and total returnE) Dividend yield and total return6) Small-company stocks, as the term is used in the textbook, are best defined as the:A) 500 newest corporations in the U.S.B) companies whose stock trades OTC.C) smallest 20 percent of the companies listed on the NYSE.D) smallest 25 percent of the companies listed on NASDAQ.E) companies whose stock is listed on NASDAQ.7) The historical record for the period 1926–2016 supports which one of the following statements?A) When large-company stocks have a negative return, they will have a negative return for at least two consecutive years.B) The return on U.S. Treasury bills exceeds the inflation rate by at least .5 percent each year.C) There was only one year during the period when double-digit inflation occurred.D) Small-company stocks have lost as much as 50 percent and gained as much as 100 percent in a single year.E) The inflation rate was positive each year throughout the period.8) Which one of the following time periods is associated with low rates of inflation?A) 1941–1942B) 1973–1974C) 2014–2015D) 1979–1980E) 1946–19479) For the period 1926–2016, U.S. Treasury bills always:A) provided an annual rate of return that exceeded the annual inflation rate.B) had an annual rate of return in excess of 1.2 percent.C) provided a positive annual rate of return.D) earned a higher annual rate of return than long-term government bonds.E) had a greater variation in returns year-over-year than did long-term government bonds.10) Which one of the following statements is a correct reflection of the U.S. financial markets for the period 1926–2016?A) U.S. Treasury bill returns never exceeded a return of 9 percent in any one year.B) U.S. Treasury bills had an annual return in excess of 10 percent in three or more years.C) Inflation equaled or exceeded the return on U.S. Treasury bills every year during the period.D) Long-term government bonds outperformed U.S. Treasury bills every year during the period.E) National deflation occurred in at least one year during every decade during the period.11) For the period 2009–2016, U.S. Treasury bills had an annual rate of return that was:A) between .5 and 1 percent.B) between 1 and 2 percent.C) negative in at least one year.D) negative for two or more years.E) between 0 and .25 percent.12) Which one of the following categories of securities had the highest average annual return for the period 1926–2016?A) U.S. Treasury billsB) Large-company stocksC) Small-company stocksD) Long-term corporate bondsE) Long-term government bonds13) Which one of the following categories of securities had the lowest average risk premium for the period 1926–2016?A) Long-term government bondsB) Small-company stocksC) Large-company stocksD) Long-term corporate bondsE) U.S. Treasury bills14) The rate of return on which type of security is normallyused as the risk-free rate of return?A) Long-term Treasury bondsB) Long-term corporate bondsC) Treasury billsD) Intermediate-term Treasury bondsE) Intermediate-term corporate bonds15) For the period 1926–2016, the average risk premium on large-company stocks was about:A) 12.7 percent.B) 10.4 percent.C) 8.6 percent.D) 6.9 percent.E) 7.3 percent.16) Assume that last year T-bills returned 2.8 percent while your investment in large-company stocks earned an average of 7.6 percent. Which one of the following terms refers to the difference between these two rates of return?A) Risk premiumB) Geometric average returnC) Arithmetic average returnD) Standard deviationE) Variance17) Which one of the following statements correctly applies to the period 1926–2016?A) Large-company stocks earned a higher average risk premium than did small-company stocks.B) The average inflation rate exceeded the average return on U.S. Treasury bills.C) Large-company stocks had an average annual return of14.7 percent.D) Inflation averaged 2.6 percent for the period.E) Long-term corporate bonds outperformed long-term government bonds.18) The excess return is computed as the:A) return on a security minus the inflation rate.B) return on a risky security minus the risk-free rate.C) risk premium on a risky security minus the risk-free rate.D) risk-free rate plus the inflation rate.E) risk-free rate minus the inflation rate.19) Which one of the following earned the highest risk premium over the period 1926–2016?A) Long-term corporate bondsB) U.S. Treasury billsC) Small-company stocksD) Large-company stocksE) Long-term government bonds20) What was the average rate of inflation over the period of 1926–2016?A) Less than 2.0 percentB) Between 2.0 and 2.4 percentC) Between 2.4 and 2.8 percentD) Between 2.8 and 3.2 percentE) Greater than 3.2 percent21) Assume you invest in a portfolio of long-term corporate bonds. Based on the period 1926–2016, what average annual rate of return should you expect to earn?A) Less than 5 percentB) Between 5 and 6 percentC) Between 6 and 7 percentD) Between 7 and 8 percentE) More than 8 percent22) The average annual return on small-company stocks was about ________ percent greater than the average annual return on large-company stocks over the period 1926–2016.A) 3B) 5C) 7D) 9E) 1123) Based on the period 1926-2016, the actual real return on large-company stocks has been around:A) 9 percent.B) 10 percent.C) 6 percent.D) 7 percent.E) 8 percent.24) To convince investors to accept greater volatility, you must:A) decrease the risk premium.B) increase the risk premium.C) decrease the real return.D) decrease the risk-free rate.E) increase the risk-free rate.25) Which one of the following best defines the variance of an investment's annual returns over a number of years?A) The average squared difference between the arithmetic and the geometric average annual returnsB) The squared summation of the differences between the actual returns and the average geometric returnC) The average difference between the annual returns andthe average return for the periodD) The difference between the arithmetic average and the geometric average return for the periodE) The average squared difference between the actual returns and the arithmetic average return26) Which one of the following categories of securities had the most volatile annual returns over the period 1926–2016?A) Long-term corporate bondsB) Large-company stocksC) Intermediate-term government bondsD) U.S. Treasury billsE) Small-company stocks27) If the variability of the returns on large-company stocks were to decrease over the long-term, you would expect which one of the following as related to large-company stocks to occur as a result?A) Increase in the risk premiumB) Increase in the average long-term rate of returnC) Decrease in the 68 percent probability range of returnsD) Increase in the standard deviationE) Increase in the geometric average rate of return28) Which one of the following statements is correct based on the historical record for the period 1926–2016?A) The standard deviation of returns for small-company stocks was double that of large-company stocks.B) U.S. Treasury bills had a zero standard deviation of returns because they are considered to be risk-free.C) Long-term government bonds had a lower return but a higher standard deviation on average than did long-term corporate bonds.D) Inflation was less volatile than the returns on U.S. Treasury bills.E) Long-term government bonds were less volatile than intermediate-term government bonds.29) What is the probability that small-company stocks will produce an annual return that is more than one standard deviation below the average?A) 1.0 percentB) 2.5 percentC) 5.0 percentD) 16 percentE) 32 percent30) Which one of the following is a correct ranking of securities based on the volatility of their annual returns over the period of 1926–2016? Rank from highest to lowest.A) Large-company stocks, U.S. Treasury bills, long-term government bondsB) Small-company stocks, long-term corporate bonds, large-company stocksC) Long-term government bonds, long-term corporate bonds, intermediate-term government bondsD) Large-company stocks, small-company stocks, long-term government bondsE) Intermediate-term government bonds, long-term corporate bonds, U.S. Treasury bills31) Which one of the following had the least volatile annual returns over the period of 1926–2016?A) Large-company stocksB) InflationC) Long-term corporate bondsD) U.S. Treasury billsE) Intermediate-term government bonds32) Which one of the following statements is correct based on the period 1926–2016?A) Long-term government bonds had more volatile annual returns than did the long-term corporate bonds.B) The standard deviation of the annual rate of inflation was less than 3 percent.C) U.S Treasury bills have a zero variance in returns because they are risk-free.D) The risk premium on small-company stocks was less than10 percent.E) The risk premium on all U.S. government securities is 0 percent.33) Generally speaking, which of the following best correspond to a wide frequency distribution?A) High standard deviation, low rate of returnB) Low rate of return, large risk premiumC) Small risk premium, high rate of returnD) Small risk premium, low standard deviationE) High standard deviation, large risk premium34) Standard deviation is a measure of which one of the following?A) Average rate of returnB) VolatilityC) ProbabilityD) Risk premiumE) Real returns35) Which one of the following is defined by its mean and its standard deviation?A) Arithmetic nominal returnB) Geometric real returnC) Normal distributionD) VarianceE) Risk premium36) Which of the following statements are true based on the historical record for 1926–2016?A) Risk-free securities produce a positive real rate of return each year.B) Bonds are generally a safer, or less risky, investment than are stocks.C) Risk and potential reward are inversely related.D) The normal distribution curve for large-company stocks is narrower than the curve for small-company stocks.E) Returns are more predictable over the short term than they are over the long term.37) Estimates of the rate of return on a security based on the historical arithmetic average will probably tend to ________ the expected return for the long-term and estimates using the historical geometric average will probably tend to ________ the expected return for the short-term.A) overestimate; overestimateB) overestimate; underestimateC) underestimate; overestimateD) underestimate; underestimateE) accurately estimate; accurately estimate38) The primary purpose of Blume's formula is to:A) compute an accurate historical rate of return.B) determine a stock's true current value.C) consider compounding when estimating a rate of return.D) determine the actual real rate of return.E) project future rates of return.39) The average compound return earned per year over a multiyear period is called the ________ average return.A) arithmeticB) standardC) variantD) geometricE) real40) The return earned in an average year over a multiyear period is called the ________ average return.A) arithmeticB) standardC) variantD) geometricE) real41) Assume all stock prices fairly reflect all of the available information on those stocks. Which one of the following terms best defines the stock market under these conditions?A) Riskless marketB) Evenly distributed marketC) Zero volatility marketD) Blume's marketE) Efficient capital market42) Which one of the following statements best defines the efficient market hypothesis?A) Efficient markets limit competition.B) Security prices in efficient markets remain steady as new information becomes available.C) Mispriced securities are common in efficient markets.D) All securities in an efficient market are zero net present value investments.E) All securities provide the same positive rate of return when the market is efficient.43) Which one of the following is the most likely reason whya stock price might not react at all on the day that new information related to the stock's issuer is released? Assume the market is semistrong form efficient.A) Company insiders were aware of the information prior to the announcement.B) Investors do not pay attention to daily news.C) Investors tend to overreact.D) The news was positive.E) The information was expected.44) Which one of the following is most indicative of a totally efficient stock market?A) Extraordinary returns earned on a routine basisB) Positive net present values on stock investments over the long-termC) Zero net present values for all stock investmentsD) Arbitrage opportunities which develop on a routine basisE) Realizing negative returns on a routine basis45) Which one of the following statements is correct concerning market efficiency?A) Real asset markets are more efficient than financial markets.B) If a market is efficient, arbitrage opportunities should be common.C) In an efficient market, some market participants will have an advantage over others.D) A firm will generally receive a fair price when it issues new shares of stock if the market is efficient.E) New information will gradually be reflected in a stock's price to avoid any sudden price changes in an efficient market.46) Efficient financial markets fluctuate continuously because:A) the markets are continually reacting to old information as that information is absorbed.B) the markets are continually reacting to new information.C) arbitrage trading is limited.D) current trading systems require human intervention.E) investments produce varying levels of net present values.47) Inside information has the least value when financial markets are:A) weak form efficient.B) semiweak form efficient.C) semistrong form efficient.D) strong form efficient.E) inefficient.48) Evidence seems to support the view that studying public information to identify mispriced stocks is:A) effective as long as the market is only semistrong form efficient.B) effective provided the market is only weak form efficient.C) ineffective.D) effective only in strong form efficient markets.E) ineffective only in strong form efficient markets.49) Which one of the following statements related to market efficiency tends to be supported by current evidence?A) It is easy for investors to earn abnormal returns.B) Short-run price movements are easy to predict.C) Markets are most likely only weak form efficient.D) Mispriced stocks are easy to identify.E) Markets tend to respond quickly to new information.50) Which form of market efficiency would most likely offer the greatest profit potential to an outstanding professional stock analyst?A) WeakB) SemiweakC) SemistrongD) StrongE) Perfect51) You are aware that your neighbor trades stocks based on confidential information he overhears at his workplace. This information is not available to the general public. This neighbor continually brags to you about the profits he earns on these trades. Given this, you would tend to argue that the financial markets are at best ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect52) The U.S. Securities and Exchange Commission periodically charges individuals with insider trading and claims those individuals have made unfair profits. Given this, you would be most apt to argue that the markets are less than ________ form efficient.A) weakB) semiweakC) semistrongD) strongE) perfect53) Individual investors who continually monitor the financial markets seeking mispriced securities:A) earn excess profits on all of their investments.B) make the markets increasingly more efficient.C) are never able to find a security that is temporarily mispriced.D) are overwhelmingly successful in earning abnormal profits.E) are always quite successful using only historical price information as their basis of evaluation.54) One year ago, you purchased a stock at a price of $43.20 per share. The stock pays quarterly dividends of $.18 per share. Today, the stock is selling for $45.36 per share. What is your capital gain on this investment?A) $1.44B) $2.16C) $2.80D) $1.74E) $2.3455) Six months ago, you purchased 300 shares of stock in Global Trading at a price of $26.19 a share. The stock pays a quarterly dividend of $.12 a share. Today, you sold all of your shares for $27.11 per share. What is the total amount of your dividend income on this investment?A) $36B) $72C) $348D) $144E) $20456) One year ago, you purchased 200 shares of SL Industries stock at a price of $18.97 a share. The stock pays an annual dividend of $1.42 per share. Today, you sold all of your shares for $17.86 per share. What is your total dollar return on this investment?A) $50B) $91C) $58D) $62E) $8257) You own 850 shares of Western Feed Mills stock valued at $53.15 per share. What is the dividend yield if your total annual dividend income is $1,256?A) 2.67 percentB) 2.78 percentC) 1.83 percentD) 2.13 percentE) 2.54 percent58) West Wind Tours stock is currently selling for $52.30 a share. The stock has a dividend yield of 2.48 percent. How much dividend income will you receive per year if you purchase 600 shares of this stock?A) $824.96B) $836.20C) $724.80D) $762.00E) $778.2259) One year ago, you purchased a stock at a price of $38.22a share. Today, you sold the stock and realized a total loss of 11.09 percent on your investment. Your capital gain was –$4.68 a share.What was your dividend yield?A) 1.15 percentB) .88 percentC) 1.02 percentD) .67 percentE) .38 percent60) You just sold 427 shares of stock at a price of $19.07 a share. You purchased the stock for $18.83 a share and have received total dividends of $614. What is the total capital gain on this investment?A) $716.48B) $511.52C) $102.48D) $618.48E) $476.5261) Last year, you purchased 400 shares of Analog stock for $12.92 a share. You have received a total of $136 in dividends and $4,301 in proceeds from selling the shares. What is your capital gains yield on this stock?A) 9.09 percentB) 6.73 percentC) ?16.78 percentD) ?14.14 percentE) ?11.02 percent62) Today, you sold 540 shares of stock and realized a total return of 7.3 percent. You purchased the shares one year ago at a price of $24 a share and have received a total of $86 in dividends. What is your capital gains yield on this investment?A) 5.68 percentB) 6.64 percentC) 6.39 percentD) 7.26 percentE) 7.41 percent63) Four months ago, you purchased 900 shares of LBM stock for $7.68 a share. Last month, you received a dividend payment of $.12 a share. Today, you sold the shares for $9.13 a share. What is your total dollar return on this investment?A) $1,305B) $1,413C) $1,512D) $1,394E) $1,08064) One year ago, you purchased 100 shares of Best Wings stock at a price of $38.19 a share. The company pays an annual dividend of $.46 per share. Today, you sold for the shares for $37.92 a share. What is your total percentage return on this investment?A) 2.62 percentB) 1.93 percentC) 2.72 percentD) 1.08 percentE) .50 percent65) Suppose a stock had an initial price of $76 per share, paida dividend of $1.42 per share during the year, and had an ending share price of $81. What was the capital gains yield?A) 6.17 percentB) 6.69 percentC) 7.05 percentD) 6.58 percentE) 5.44 percent66) Suppose you bought a $1,000 face value bond with a coupon rate of 5.6 percent one year ago. The purchase price was $987.50. You sold the bond today for $994.20. If the inflation rate last year was 2.6 percent, what was your exact real rate of return on this investment?A) 4.88 percentB) 5.32 percentC) 3.65 percentD) 3.78 percentE) 4.47 percent67) Leo purchased a stock for $63.80 a share, received a dividend of $2.68 a share and sold the shares for $59.74 each. During the time he owned the stock, inflation averaged 2.8 percent. What is his approximate real rate of return on this investment?A) ?.64 percentB) ?4.96 percentC) ?2.16 percentD) 2.16 percentE) 4.96 percent68) Christina purchased 500 shares of stock at a price of $62.30 a share and sold the shares for $64.25 each. She also received $738 in dividends. If the inflation rate was 3.9 percent, what was her exact real rate of return on this investment?A) 4.20 percentB) 1.54 percentC) 1.60 percentD) 3.95 percentE) 5.50 percent69) What is the amount of the risk premium on a U.S.Treasury bill if the risk-free rate is 3.1 percent, the inflation rate is2.6 percent, and the market rate of return is 7.4 percent?A) 0 percentB) 2.8 percentC) .5 percentD) 1.7 percentE) 4.3 percent70) You've observed the following returns on Crash-n-Burn Computer's stock over the past five years: 7 percent, 13 percent, 19 percent, ?8 percent, and 15 percent. Suppose the average inflation rate over this time period was 2.6 percent and the average T-bill rate was 3.1 percent. Based on this information, what was the average nominal risk premium?A) 6.6 percentB) 6.1 percentC) 9.2 percentD) 1.2 percentE) 3.5 percent71) You bought one of Shark Repellant's 6 percent coupon bonds one year ago for $867. These bonds pay annual payments, have a face value of $1,000, and mature 12 years from now. Suppose you decide to sell your bonds today when the required return on the bonds is 7.4 percent. The inflation rate over the past year was 2.9 percent. What was your total real return on this investment?A) 6.48 percentB) 6.61 percentC) 8.18 percentD) 7.44 percentE) 9.70 percent72) You find a certain stock that had returns of 8 percent, ?3 percent, 12 percent, and 17 percent for four of the last five years. The average return of the stock for the past five-year period was 6 percent. What is the standard deviation of the stock's returns for the five-year period?A) 10.39 percentB) 4.98 percentC) 7.16 percentD) 9.25 percentE) 5.38 percent73) A stock had returns of 5 percent, 14 percent, 11 percent, ?8 percent, and 6 percent over the past five years. What is the standard deviation of these returns?A) 7.74 percentB) 8.21 percentC) 9.68 percentD) 8.44 percentE) 7.49 percent74) The common stock of Air Express had annual returns of 11.7 percent, 8.8 percent,16.7 percent, and ?7.9 percent over the last four years, respectively. What is thestandard deviation of these returns?A) 8.29 percentB) 9.14 percentC) 11.54 percentD) 7.78 percentE) 10.66 percent75) A stock had annual returns of 5.3 percent, ?2.7 percent, 16.2 percent, and 13.6 percentover the past four years. Which one of the following best describes the probability that this stock will produce a return of20 percent or more in a single year?A) Less than 2.5 percent but more than .5 percentB) More than 16 percentC) Less than .5 percentD) Less than 1 percent but more than .5 percentE) Less than 16 percent but more than 2.5 percent76) A stock has an expected rate of return of 9.8 percent anda standard deviation of 15.4 percent. Which one of the following best describes the probability that this stock will lose at least half of its value in any one given year?A) less than 16 percentB) less than .5 percentC) less than 1.0 percentD) less than 2.5 percentE) less than 5.0 percent77) A stock had annual returns of 11.3 percent, 9.8 percent, ?7.3 percent, and 14.6percent for the past four years. Based on this information, what is the 95 percentprobability range of returns for any one given year?A) ?2.4 to 17.5 percentB) ?2.60 to 11.80 percentC) ?12.5 to 26.7 percentD) ?10.4 to 12.3 percentE) ?10.9 to 25.1 percent78) Aimee is the owner of a stock with annual returns of 17.6 percent, ?11.7 percent, 5.6 percent, and 9.7 percent for the past four years. She thinks the stock may achieve a returnof 17 percent again this coming year. What is the probability that your friend is correct?A) Less than .5 percentB) Greater than .5 percent but less than 1 percentC) Greater than 1 percent but less than 2.5 percentD) Greater than 2.5 percent but less than 16 percentE) Greater than 16 percent79) A stock had returns of 3 percent, 12 percent, 26 percent, ?14 percent, and ?1 percent for the past five years. Based on these returns, what is the approximate probability that this stock will return at least 20 percent in any one given year?A) Approximately .1 percentB) Approximately 5 percentC) Approximately 2.5 percentD) Approximately .5 percentE) Approximately 16 percent80) A stock had returns of 14 percent, 13 percent, ?10 percent, and 7 percent for thepast four years. Which one of the following best describes the probability that this stockwill lose no more than 10 percent in any one year?A) Greater than .5 but less than 1.0 percentB) Greater than 1 percent but less than 2.5 percentC) Greater than 2.5 percent but less than 16 percentD) Greater than 84 percent but less than 97.5 percentE) Greater than 95 percent81) Over the past five years, a stock produced returns of 11 percent, 14 percent, 4percent, ?9 percent, and 5 percent. What is the probability that an investor in this stock。
各大银行理财产品收益率
产品名称银行 起始金额销售起始日2012年第6期乾元共享型（网银专享）理财产品ZH070412001119D13建设银行10万元2012/1/92012年第2期金钥匙汇利丰人民币理财产品H1200201农业银行5万元2012/1/6 2011年华夏理财创盈590号理财产品华夏银行20万元2012/1/6 2012年第一期汇理财稳利系列R1计划21011207浦发银行5万元2012/1/6 2012年第一期汇理财稳利系列R2计划21011208浦发银行30万元2012/1/62012年中银稳富(183天)人民币理财产品WF-BJ2011004-34-183D中国银行10万元2012/1/52012年第005期普通款非凡资产管理半年增利理财产品民生银行5万元2012/1/52011年增盈增强型1155号183天期理财产品2012121000207华夏银行5万元2012/1/52011年增盈增强型1155号183天期理财产品2012121000208华夏银行20万元2012/1/52011年增盈增强型1155号183天期理财产品2012121000209华夏银行70万元2012/1/52012年第005期高端款非凡资产管理半年增利理财产品民生银行20万元2012/1/52012年第005期高净值款非凡资产管理半年增利理财产品民生银行50万元2012/1/52012年第005期尊享款非凡资产管理半年增利理财产品民生银行100万元2012/1/52012年“慧财”人民币日新月溢1号-M4理财产品（1241M401期）W201241M401A上海银行5万元2012/1/52012年第1期工银财富资产组合投资型人民币理财产品（170天）CFXT2001工商银行5万元2012/1/52011年“旌喜二号”第19期人民币理财产品JX02-2011-019德阳银行5万元2012/1/42011年第37期“工银财富”资产组合投资型人民币理财产品（170天）SCXT1137工商银行5万元2012/1/1 QDSN10054I渣打银行—2010/11/5各大银行理财产品收益率人民币债券理财计划招商银行5万元2006/11/24益率销售截止日 预期收益率2012/1/11 5.30%2012/1/9 4.70%2012/1/12 5.40%2012/1/10 3.75%2012/1/10 4.75%2012/1/10 5.40%2012/1/9 5.50%2012/1/11 5.40%2012/1/11 5.45%2012/1/11 5.50%2012/1/9 5.70%2012/1/9 5.80%2012/1/9 6.00%2012/1/11 5.20%2012/1/9 5.30%2012/1/9 5.50%2012/1/9 5.50%—13.00%——。
创业板退市
11第15公司名称2011年度盈利倒退幅度超过30%以上2012年一季度盈利倒退幅度或亏损荃银高科-34.21%预计一季度按年增长8.7-22%海伦哲-37.33%预计一季度按年增长71-586%宝德股份-37.71%预亏10-100万美晨科技-38.03%预计一季度按年下降48.82-47.16%银之杰-38.68%预计一季度盈利350-450万国民技术-39.15%预计一季度按年下降45-55%金运激光-39.54%预计一季度盈利474-579万天喻信息-43.69%预亏1100-1300万阳谷华泰-46.38%预计一季度盈利390-515万新宁物流-46.57%预计一季度盈利200万以内青松股份-47.17%预计一季度按年增长10-40%中青宝-47.79%预计一季度按年下降47-74%华中数控-47.90%预计一季度按年增长5-10%智云股份-48.93%亏损300-400万世纪鼎利-53.33%预计一季度按年下降60-80%建新股份-60.11%预计一季度按年下降56.4-61.24%国联水产(业绩快报)-84.10%亏损2300-2400万当升科技（业绩快报）-92.93%亏损300-500万康芝药业-97.98%预计一季度按年下降77-96%：蔡晓铭E-mail ：Financial ·Wealth创业板退市：谁是第一家？●钟林深交所近日下发一份被券商称作“很严、很急”、涉及“深化落实创业板市场投资者适当性管理”的文件，要求全国106家券商的4550间证券营业部，立马全面部署对创业板投资者的“回访摸底”，全面开展风险测评。
各家券商当然是紧急“总动员”，对交易经验不足两年的新申请投资者，原则上不得为其开通创业板交易；对交易经验满两年但风险测评结果、显示风险承受能力低（保守型）的新申请投资者，原则上不得为其开通创业板交易。
在经过劝导和风险教育后，投资者仍坚持要求开通创业板交易的，会员应对客户申请、风险揭示及相关劝导工作等情况通过书面、电子或录音等方式进行详细留痕，还需对这些资料专人保管三年以上。
中国人寿腹背受敌
中国人寿腹背受敌作者：暂无来源：《投资与理财》 2012年第8期文本刊记者孙晓宇保险业的“龙头老大”在资本市场低迷时，也很难“抬龙头”，不仅净利润缩水近半，就连偿付能力充足率都几近压红线。
中国人寿最近应该很烦。
2011年净利润同比下降45.5%，首年保费同比下降14%，退保率同比上升了0.48个百分点，偿付能力同比下降了近42个百分点……这几个数据足以让中国人寿头疼的了。
中国人寿20 1 1年年报显示，中国人寿201 1年净利润183.31亿元，同比降45.5%。
这样大的净利跌幅，在4家A股上市险企中，也是“首屈一指”的。
保险业“大佬”为何领跌？中国人寿将原因归结为受中国资本市场持续低迷导致的投资收益下降和资产减值损失增加的影响。
事实上，中国人寿近几年业绩一直受资本市场影响较大，净利润表现仿佛坐上了过山车。
2007年净利润为280亿元，同比增长95%; 2008年受金融危机影响，利润缩减至100亿元，同比降64%；2009年利润增至328亿元，增幅达71%；’2010年利润为336亿元，微增约2.3%。
与此同时，2011年寿险业遭遇近年来的增长放缓，也极大影响了保险公司的成绩单。
按照保监会公布的数据，2010年，国内寿险公司原保费收入为10500亿元，可到了2011年，60家寿险公司全年实现原保费收入却只有9560亿元，数据出现了近年来的首次下滑。
这中间固然有2011年保险业开始实施新会计准则的原因，但银保新规的影响及行业增速放缓带来的冲击也不容忽视。
受累利润下降的影响，中国人寿的偿付能力也出现预警。
年报显示，截至201 1年年底，中国人寿的偿付能力充足率下降至170.12%，同比下降41.87个百分点。
偿付能力是保险公司经营的核心能力之一，然而一直在保险业中处于领跑地位的中国人寿，却成为4家A股上市险企中最吃紧的一个。
中国人寿副总裁刘家德认为，中国人寿201 1年偿付能力下降的主要原因有两个，一是现金红利分配消耗了一定的资本；二是受资本市场波动影响，造成投资资产的公允价值下降幅度比较大。
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上海财经大学研究生课程进修班考试成绩登记表
（2012年至2013年第二学期） 课程名称：公司理财专题 主讲教师：刘伟 班级：2012级春季班 序号 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 学号 2012412001 2012412002 2012412003 2012412004 2012412005 2012412006 2012412007 2012412008 2012412009 2012412010 2012412011 2012412012 2012412013 2012412014 2012412015 2012412016 2012412017 2012412018 2012412019 2012412020 2012412021 2012412022 2012412023 2012412024 2012412025 2012412026 2012412027 2012412028 2012412029 2012412030 2012412031 2012412032 2012412033 2012412034 2012412035 2012412036 2012412037 2012412038 2012412039 2012412040 2012412041 2012412042 2012412043 2012412044 2012412045 签名： 姓名 王玮 吴燕雯 张仲益 于久 季奈昊 姜晓波 刘艳妮 周磊 蒋秋杰 孔姝悦 程乾 王超 季静 徐梦菲 杜怡 刘辰 马吉 唐萍 周权生 张佳丽 张艳 陆静娟 韩琳 苏建栋 孙天辰 彭怡 巩巧丽 汤颖 陈韵佼 金迪 姚来辰 吴嘉奇 杨思峰 丁霁 王峰 宫仕鑫 王禹 李庆丰 浦剑峰 祝伍娟 王利斌 张彦杰 王翔 赵晓晨 成绩 62 66 83 83 91 81 76 备注 序号 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 学号 2012412046 2012412047 2012412048 2012412049 2012412050 2012412051 2012412052 2012412053 2012412054 2012412055 2012412057 2012412058 2012412059 2012412060 2012412061 2012412063 2012412064 2012412065 2012412070 2012412071 2012412072 2012412073 2012412074 2012412075 2012412076 2012412077 2012412078 2012412079 2012412080 2012412081 2012412082 2012412083 2012412084 2012412085 2012412086 2012412087 2012412088 2011412057 2011412100 姓名 顾圣一 杨凯 袁志锐 陈一 赵英 周莉 陶侠敏 李想 李康寅 吴影洁 刘伟 唐丽蘋 陈逸 杜佳欣 黄祉赟 熊俊 李雯 叶多加 殷文静 姜颖 张之银 胡寅翱 孙敏 吴洁 杨霄凌 马慧丽 惠萱 顾苏悦 郯俊杰 程俊琳 张雯冏 张丹 俞颖杰 周婷 钱文婧 辛志伟 文建军 耿媛婧 张璟 成绩 76 78 89 51 75 78 88 85 82 62 87 82 71 91 90 72 80 84 64 22 76 80 67 76 83 86 77 84 82 70 83 90 60 备注