复旦大学财务管理期中考试题Word文档下载推荐.docx
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复旦大学财务管理期中考试题Word文档下载推荐.docx
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选择题
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判断题
一、选择题(每题1.5分,共75分)
1.Considerabondwithafacevalueof$1,000,acouponrateof6%,ayieldtomaturityof8%,andtenyearstomaturity.Thisbond'
sdurationis:
A.
8.7years
B.
7.6years
C.
0.1years
D.
6.5years
2.Abondwithafacevalueof$1,000,couponrateof0%,yieldtomaturityof9%,andtenyearstomaturity.Thisbond'
6.7years
7.5years
9.6years
10.0years
3.Abondwithdurationof10yearshasyieldtomaturityof10%.Thisbond'
svolatilityis:
9.09%
6.8%
14.6%
6.0%
4.Ifabond'
svolatilityis10%andtheinterestrategoesdownby0.75%(points)thenthepriceofthebond:
decreasesby10%
decreasesby7.5%
increasesby7.5%
increasesby0.75%
5.Volatilityofabondisgivenby:
I)Duration/(1+yield)
II)Slopeofthecurverelatingthebondpricetotheinterestrate
III)Yieldtomaturity
Ionly
IIonly
IIIonly
IandIIonly
6.Thevalueofacommonstocktodaydependson:
Numberofsharesoutstandingandthenumberofshareholders
Theexpectedfuturedividendsandthediscountrate
TheWallStreetanalysts
Presentvalueofthefutureearningspershare
7.DeluxeCompanyexpectstopayadividendof$2pershareattheendofyear-1,$3pershareattheendofyear-2andthenbesoldfor$32pershare.Iftherequiredrateonthestockis15%,whatisthecurrentvalueofthestock?
$28.20
$32.17
$32.00
Noneofthegivenanswers
8.CasinoInc.isexpectedtopayadividendof$3pershareattheendofyear-1(D1)andthesedividendsareexpectedtogrowataconstantrateof6%peryearforever.Iftherequiredrateofreturnonthestockis18%,whatiscurrentvalueofthestocktoday?
$25
$50
$100
$54
9.R&
DTechnologyCorporationhasjustpaidadividendof$0.50pershare.Thedividendsareexpectedtogrowat24%peryearforthenexttwoyearsandat8%peryearthereafter.Iftherequiredrateofreturninthestockis16%(APR),calculatethecurrentvalueofthestock.
$1.11
$7.71
$8.82
Noneoftheabove
10.Whichofthefollowingformulasregardingearningstopriceratioistrue:
EPS/Po=r[1+(PVGO/Po]
EPS/Po=r[1-(PVGO/Po)]
EPS/Po=[r+(PVGO/Po)]
EPS/Po=[r+(1+(PVGO/Po)]/r
11.Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?
Netpresentvalue
Internalrateofreturn
Thepaybackperiod
Alloftheaboveusethetimevalueconcept
12.
Thenetpresentvalueofaprojectdependsupon:
company'
schoiceofaccountingmethod
manager'
stastesandpreferences
project'
scashflowsandopportunitycostofcapital
alloftheabove
13.
Thepaybackperiodrule:
Variesthecut-offpointwiththeinterestrate.
Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule.
Requiresanarbitrarychoiceofacut-offpoint.
BothAandC.
14.GiventhefollowingcashflowsforprojectA:
C0=-1000,C1=+600,C2=+400,andC3=+1500,calculatethepaybackperiod.
Oneyear
Twoyears
Threeyears
15.GiventhefollowingcashflowsforprojectZ:
C0=-1,000,C1=600,C2=720andC3=2000,calculatethediscountedpaybackperiodfortheprojectatadiscountrateof20%.
1year
2years
3years
16.GiventhefollowingcashflowsforProjectM:
C0=-1,000,C1=+200,C2=+700,C3=+698,calculatetheIRRfortheproject.
23%
21%
19%
17.DriscollCompanyisconsideringinvestinginanewproject.Theprojectwillneedaninitialinvestmentof$2,400,000andwillgenerate$1,200,000(after-tax)cashflowsforthreeyears.CalculatetheIRRfortheproject.
14.5%
18.6%
20.2%
23.4%
18.
Whichportfoliohashadthehighestaverageriskpremiumduringtheperiod1900-2006?
Commonstocks
Governmentbonds
Treasurybills
19.Whichofthefollowingprovidesacorrectmeasureoftheopportunitycostofcapitalregardlessofthetimingofthecashflows?
Arithmeticaverage
Geometricaverage
Hyperbolicmean
20.Marketriskisalsocalled:
I)systematicrisk,II)undiversifiablerisk,III)firmspecificrisk.
C.
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