公司理財(英文習題)

1、Corporate Finance Class Test 2NameNo。ScoreMarksAssessorPart:Choice Questions(15questions， 3point each， 45 points totalMarksAssessor（Only one choice is the best for each question Answer this part on the following table 。 Answers in other places will not be considered.）1234567891011121314151。 An ordin

2、ary annuity is best defined by which one of the following？increasing payments paid for a definitive period of timeincreasing payments paid foreverC。 equal payments paid at regular intervals over a stated time periodD. equal payments paid at regular intervals of time on an ongoing basisYour credit ca

3、rd company charges you 。65 percent interest per month. What the annual percentage rate on youraccount？A。18.95 percent。19。80 percentC. 20.90 percentD. 21.25 percentWhat is the effective annual rate if a bank charges you 9.50 percent compounded quarterly？A.9。62 percent。9。68 percentC. 9。72 percentD. 9.

4、84 percent4 Mary just purchased a bond which pays $60 a year in interest 。 What is this 60 called?A.couponface valueC. discountD. call premiumBert owns a bond that will pay him $75 each year in interest plus a principal payment at maturity. What is the 1,000called?A.couponB. face valueC. discountD.

5、yield6 。 Currently， the bond market requires a return of 11.6 percent on the 10-year bonds issued by Winston Industries The 11.6 percent is referred to as which one the following？A. coupon rateB. face rateC. call rateD. yield to maturity7. All else constant, a bond will sell atwhen the coupon rate i

6、sthe tomaturity。A。a premium；less than。a premium; equal toC。a discount； less thanD。a discount； higher than8。 Which one of the following bonds is the least sensitive to interest rate risk？A. 3-year； 4percent couponB. 3-year； 6 percentcouponC. 5-year; 6 percent couponD. 7year; 6 percent couponA 6-year,

7、 1,000 face value bond issued by Taylor Tools pays interest semiannually on February 1 and August 1 Assume today is October 1. What the difference， if any, be between this bonds clean and dirty pricestoday？A. no differenceone months interestC. twomonthsinterestDfour monthsinterestMiller Brothers Har

8、dware paid an annual dividend of $1.15 per share last monthToday， the company announced that future dividends will be increasing by 2 。 6 percent annually. If you require a 12 percent rate of return, how much are you willingto pay to purchase one share of this stock A。$12。23。$12.55C。12。67D. $12.7211

9、。 A projects average net income divided by its average book value is referred toas the projects average：A. net present value.。internal rate of C。accounting return.D. profitability index.12。 The internal rate of return is defined as the：maximum rate of return a firm expects to earn on a project.rate

10、of return a project will generate if the project in financed solely with funds.discountrate that equates the net cash inflows of a project to zero。D 。 discount rate which causes the net present value of a project to equal zero 。 13 A project has an initial cost of $6，500. The cash inflows are 900， 2

11、,200,3，600， and $4,100 over the next four years, respectively. What is the payback period?A.1.73 yearsB. 2.51 yearsC. 2。94 yearsD。3.51yearsWhich of the following should be included in the analysis of a new product?I. money already spent for research and development of the new productII 。 reduction i

12、n sales for a current product once the new product is introducedIII. increase in accounts receivable needed to finance sales of the new productIV market value of a machine owned by the firm which will be used to produce new productI and III onlyII and IV onlyI， II, and III onlyII， III， and IV onlyTh

13、e Coffee Express has computed its fixed costs to be 0。34 for every cup of coffee it sells given annual sales of 212,000 cups。 The sales price is $1。49 per while the variable cost per cup is $0.63. How many cups of coffee must it sell to break-even on a cash basis？A.83,814B. 96，470C。123，910D. 167，630

14、MarksAssessorPart III: Calculation Quest(ouestions, 55 points totalMarksAssessor（1）Compute the price of a 5% coupon bond20 years left to maturity, market interest rate of 6。 (Assume coupons are paid annually， face value $1000。) (15points)P/A，5%，20）=12.4622( P/S，5%，20)= 0。3769（ P/A,6，20）=11 。4699（ P/

15、S,6,20）= 0。3118（2） Is this a discount or premium bond？ (5points)2 。 Your company is considering replace an existing machinery. The equipment will cost $450，000. It will save $125，000 (before taxes） a year by reducing operating costs. The life of the equipment is 4 years with zero salvage. Straight-line method is used to depreciate 。 The equipment is worth of 250，000 at the end of year The tax rate is 34. The required return is17.How much is the operating cash flow for year1- 4?( 10 points)How much is aftertax salvage value