2012年财务管理复习参考答案最新

Non-multiple Choice

1.Sasha Corp had an ROA of 8%. Sasha’s profit margin was 4% on sales of $150. What are total assets?

a.$75.

b.$300.

c.$48.

d$162.

e.none of above.

2 . Which of the following statements concerning the income statement is not true? 下列哪项说明有关收入是不正确的

a. It measures performance over a specific period of time.

b. It determines after-tax income of the firm.（？）

c. It includes deferred taxes.

d. It does not include depreciation.（不包括折旧）----计算GDP时折旧是企业的收入

e. it treats interest as an expense.

3. Which of the following is not a noncash deduction? 下面哪个不是非现金折扣

a. Depreciation.（折旧）

b. Deferred taxes（递延税金）.

c. Interest.（利息）

d. Two of the above

e. All of the above.

(Depreciation is a noncash deduction that reflects adjustments made in asset book values in accordance with the matching principle in financial accounting. Interest expense is a cash outlay,but it‘s a financing cost, not an operating cost.)

4. According GAAP revenue is recognized as income when: 根据GAAP收入何时确认

a. a contract is signed to perform a service or deliver a good.

b. the transaction is complete and the goods or services delivered.（交易完成及商品或服务的交付）

c. payment is receive

d.

d. income taxes are paid.

e. all of the above.

5. Calculate net income based on the following information

Sales = $150.00

Cost of goods sold = $90.00

Depreciation = $15.00

Interest paid = $20.00

Tax rate = 34%

a. $16.50

b. $26.40

c. $34.60

d. $4.60

e. $39.60

6. Which of the following is not true?

a. Financial markets can be used to adjust consumption patterns over time.

b. Corporate investment decisions have nothing to do with financial markets.（公司投资决策与金融市场无关）

c. Financial markets deal with cash flows over time.

d. Investment decisions rely on the economic principles of financial markets.

e. None of the above.

7. An investment should be made if the return on the investment is:如果投资回报是。。。应该投资

a. greater than the interest rate.

b. less than the interest rate.

c. positive.

d. both b and c.

e. none of the above.

8. Face value is:面值

a. always higher than current price.

b. always lower than current price.

c. the same as the current price.

d. the coupon amount.

e. none of the above.

9. The internal rate of return may be defined as:内部报酬率定义

a. the discount rate that makes the NPV cash flows equal to zero.

b. the difference between the market rate of interest and the NPV.

c. the market rate of interest less the risk-free rate.

d. the project acceptance rate set by management.

e. none of the above.

10. The risk of cash flows can be measured by: 现金流的风险能被……测量（？）

a. their variance or standard deviation in a single asset context.

b. the beta of the investment in a portfolio context.

c. their expected return.

d. a and b.

e. b and c.

11. You bought 100 shares of stock at $20 each. At the end of the year, you received a total of $400 in dividends, and your stock was worth $2,500 total. What was your total return?

a. 45%--------

b. 50%

c. 90%

d. 20%

e. none of the above

12. Which of the following is not a source of Net Working Capital?下面哪个不是营运资金来源

a.Acquiring a fixed asset.