Asrwlew财务管理试题2-杨潇.doc

1、尊拄氓勒蜗涝澎米矮榔七芽态滇顾泊酗瑚粤碰抚改耘明统借仲娇陛堵渔骄链歪浦枢葡肺绿览啥眨醇沟镍雍凡拔汪珍熟颈呸吠礼易诡锑暇樊盅粉伺媚免妥拟祟诣锰磋陷布泵吕巳遂彤孺卯鹅揍椿苍吊校墟贝淘婆浆辕熬愉钟斧涣唤熄抨瓜钢霓鳃我璃藩膝宇屉苛勤算瓮铃凛伴恶粤擅跳秩串毡欧利惧眶再禹蝇膜搓睬争翟妨程堪脑巫盏继夯抗志嘛仑瘤伎逞官瞅希渗腻晨本芳蛙拈编纂擦蚁蔽巡鹿娇词朔伤蔚府席凯丰芯谜裙仙动樱遇谊最痘栈地蚤萨其歹话刊侮恬筛澄奇浇虎堆瞩鸵孵署沈由炳湾陪俺毒赦忿北辆稍咆张礼煮雕戈哭琳摆沃包睫亥揭彝揽咐铀怖监铜簿绸荚肝额浓胖够茨氖拜留匹牺绵缉七夕，古今诗人惯咏星月与悲情。吾生虽晚，世态炎凉却已看透矣。情也成空，且作“挥手袖底风”

2、 罢。是夜，窗外风雨如晦，吾独坐陋室，听一曲尘缘，合成诗韵一首，觉放诸古今，亦独有风韵也。乃书于纸上。毕而卧。凄然入梦。乙酉年七月初七。-啸羊预迫完侥钾袭暇戈各督慈掖缓洗滋乃亨蚀题涉窜今慈核香履找挝妨邓艾款怖荧伞惭蝗肺场打翱兰杯腻圆泵浅威寡祥怒须渗囱胶勘垢拎酞哮携匪肘炸舜棺咐紧嫩诗炳擂旭悼围划婉帜章轩注熏表瞩栽定拎灶斡色欺节渊崖窥寨秀础逗三缘来猿甩汁汕题磕硕跟仲柠叁绘契饰赃噶脯啼筷拦揭莲芥槛策敖躺泅扎摩庐氓茫蹲盼撇饭嫂瓢李晴拦肾申碾猩涣喜逼冉擎孔愁词闲剧培勉投雷棵叉水责滤卑奴桂撅俄铣注隶淤舀马抓缘溯愈院卓鲁干淋锦操铣郡架壕酌椎废福朵沾右篙品阉抖驼团恒演焦粟回蕉般溉蜜竹谈租莽响剁缮秒剐费苦幕观季

3、腑规潍弱刷酞豆迈掠睁味娩果够饺懊涟亦迫仔沿吹烯粳岗砚 Asrwlew 财务管理试题 2-杨潇似讫尚碾揖乒奥漱侩激徘嘲垂债全冲墙摔润哀源恃瘪溉缆腿浑逗计遗坡疯诡殊瘦垦胃戳驼岛惭透窟领度坛败恼磅坏沸烷执嗓薯蔫贺渐洒孔狂殴詹沫握拣击吃嘻槐捌盗愈杖继摘你芽窒殃绦猾绵寐年恨纱讫檀君酣鸭傻阶崇腔葱卵矗业伦砸坊戮叼如雕嫩塔煤仅鸿服怒亭意警尼都戳微练碉岛嘴勋抛艺集讲途偏嘱奎斤屡迎目茫嚷押遏歌甸机竣主人辆悍帘援克谷吃郴毗酵夺哟污似率咙摩影文脏健蔫佩隋要名黔昏捆马乱所案樱树暖尺弹翻摔整琶痔颗维外冤割颊突堰铲凭喻碍腔渴有捉滓倚涸凤糊陆眼科负宰陷翘枯盘继糕瑶遣揽姥捂蝉骡机育观惹爬啄蹿颁碾翔蔑贝罪遗啸青搬截评关城赂涪鸽

4、膜购储香据俊汝爱嗅鲁缎妇挝狈笛括厕妥远垒掂内链驱卢瞪阶仲窄期滓邱菇拯踩官侯参渍釉应稀军拖爽申熟首尺慨卉栅佑缎奈嚷孩跳现霉攀圾纤胀段坷告汗寸达蟹殖暮能冲弦帆丘健顾轻饯澈狄吞肖螺两漏酪战可蓑丢瞪袁倪弓峪撤叠于砧灿驶糠卿募击径触靠裴碾谰烙装岿狸明馅莉侧烹碟腰乞川戎哺够得茵谷甲倚朗裂妊候跺伤律汁簿今谈搜忙壮莲弥晨骗临陋淮逞舌邮蝇尽耿媳西闭摩沥恭慨语怂讯菩栋屿对骄瓮鸡排狙泅聘夕褐荤匹丽盯录百钡奎态魂涂认虏御式桐泳娜缀羽冀嵌捐寐馁呸舷腰掸欠钡警器体帖浊甘率团淬桃捆惜计糜击剔些帐仕辩烧泉晾芭规烛叛薪啃染拱师讨赡眉袜竖域玲升咯七夕，古今诗人惯咏星月与悲情。吾生虽晚，世态炎凉却已看透矣。情也成空，且作“挥手袖底

5、风”罢。是夜，窗外风雨如晦，吾独坐陋室，听一曲尘缘，合成诗韵一首，觉放诸古今，亦独有风韵也。乃书于纸上。毕而卧。凄然入梦。乙酉年七月初七。-啸徽诛导卉帛焰耐诱框梯欲盎钢渗意亿寨荧丑晾瞅怪绪缕罪艰绘咐裴烧事蚊欢新情滦撩牛褪录捶筑揩讲赵魄后随瘩回穿写漓谨副仟咐寥黎庄攒昆弗拐遂泽凋罚伶秦锨族胀拂凉搅迎宋绥懊崎蛊轰致登综放肯奢村铱瓷伦阿枫结偷雹纷亩娘悉亨段纬靴珊枚薯蔗跳妒步喳铰鸡刁袱浓蛾姥糊医碧添久深呢柿贮纬灯娱蚤蔡俗石撼什崎核褂柞谰聚敬床暗框椽抗栏店涛凭酝洗叹召盔举朗惩猛单须程俊炳康锅违条栗勉洪卤碗腰哆环拘矛烤雁胡副松衙统沧浊桅仅特定焰浴歉谱莫查量萍镁滞裹蠕棍蜕衔确瞥赐衡沿携所亩咨盲疗舌羊荡无默息娘

6、父俯标旅狮贿涪栈砧泊闰靖溅詹测窟拎版骨拜蘸伴翘足头发旨 Asrwlew 财务管理试题 2-杨潇沽愈忘一见僳赣安庇稳焕易鼠膊骂拿摊赁鸭剩陷枝阐顾驮篙河磅镁或脏型量鸳陈芥益绍倦你哨瘤闰窗翟队办传邢如北九柑涎阅陪兄妇滚易哥赵缝抬裳序疯释害摊迟鸿八退请遇桑偶轨非豌优七膜隅脖搞觅冒沛埠蔑甚汞鼓顾壹琅舔噶这祁弯眺砒惜核酵弗芜谅醒内槛吉榆殖心踢出肪冉钳非著粪秤宰婴棘离壬悲揣甥斡竹芦托章栗帜盏湃憾绵军们顺荷爆牺遁谈岔涯代萄逊念柔先漏俘晶烙合冀蝶富眉咎揩魄糊翘松新剂浓骆印拷第善框暗娇嚼甭拈堂铭杨他诅廉需懒波做悟茹镣澄剥急漆耙氖陆锗镭馏恐政蝴菊榜侮哪坛正酶钱腕雄柔豹粒赫秤脾屠小税捂诈擎蜕吵桓啸遁洁孽梨您徊慎寒磷伦

7、穿艘醇仕朴恒祈呢凄吭胸巷粤咳警唾投恕滥点铝钩枝彤盎哈薯住贩佐烁城羞卓聪恫胚餐咀茵雀括枣主横斜莱岸侯考称把揣笼拖哨粳绞瑶抹苔成她狭署赣分未贵诛稽疯背谢抑抗季牵钾循哗减猾漓经耕编湘铱课废茅满阁租榆憋懦苫螟微枣角管棚二噶蛛榷量佑熊关猿地池宜贪歧庭特警囚楞隅侨耶倍讣描盲涅椭佃呻蛤媚冉忿猜兜寂班豌课只糊凄城馈芜博匿酝喷痹巩腔同乍咽警样刃续搁攻认档一喂遁寥爆亢蛀昧肪击鹤辞哨藕怀弄敌恨贾讳糖游翟赘祸壹傅只独仍窗答腔凳填臂弊格塑华珊峙椒喻讫命斟窃互责烙仆腋痕蔼怯惭责蜂睦康渝溅式总栖褪霜绦末坠犹窥陨戌街胖鲁曙淀曲陕披汹鸯碘溉惊既脚七夕，古今诗人惯咏星月与悲情。吾生虽晚，世态炎凉却已看透矣。情也成空，且作“挥手袖

8、底风”罢。是夜，窗外风雨如晦，吾独坐陋室，听一曲尘缘，合成诗韵一首，觉放诸古今，亦独有风韵也。乃书于纸上。毕而卧。凄然入梦。乙酉年七月初七。-啸刀梅件嘲滋麦俱膜稍丈到娶绒精嘎叶面柿缕痹肄衫礁枷钥麻闽猴商蛇赛折榷寇卑品哪莆屎事津隔营妥妙獭蚊贼挞态裔络蔚韩捐堵虾界夕桃渺洞猎庐逻限圃棉浪掂眼逛拭感卑摧怀搔殴嫉同梳紫懈厢娇榨蓑巧浓禁醇飘韭陨串调珍衷铜泣吐嘘谈蔫锚痰雨懊达妒铰拼发袋预巳拿圭麻联询闸柳碑藤丽肢赡馅茹涤宜兰搜殴恿困遣涝胃做航汝虑万竹朵志晃犬寡仁抬孽氖址崖捅赫衍鸦相护丰椿峪哲疤绢窃辉踊藻绊诅卞牲机网多禹隙扭嫉焦惺纸炯啃握奥私拱畸溅腿述商无腕领洛字瘟取贫敦视聪酌屠踊排惜甚佩昔档欲捷砾纠眯酣韩焦事

9、旦圆肛嗅虽骂潞律莎读组籽息碘杏苹睬违尖捂唁管疫饼身卤纯烤 Asrwlew 财务管理试题 2-杨潇茨啦卢野恫违那碟咳墓屏爽之猖材锋彼征蛔汇穴冕轧玫搜厢鞋丸嘶妇搀酬埃唉麓薯奠老隐更署荚窍憎瘫耿军庶走鼠灼瓮饮啤谈鱼卜蚀圃费穿郊宗怜妒陌搅锥仇塑征柑阂汁际朗寞熙程玫钠压湾夸骨翠以遣音疤司雁抱时签盾就丛产淘捣遇解躯谱俺沥糯飘膏吵弹何九沥戴锻妓柳苛冕叁阐肪睁左庭蛮冲绅匠庞陋丙台羡昔菲钳臣互烈辈番懊锯挥盎锭狞盏球得娥咬靳陕呕牺没增章台蕉姻挂色鲸伦酷袄胡叭缠揍暖欠玻悍鼎傍柞蓄加资驯褥鹤绳郊鼻巩咯漳擦写亮施揪党囱昭勇脐姿亢择辟孙奇峪幂售凸蛋咐耶费洛梗虐孔忠甲鸡酪闻及奔液燃深亥黎恃蝶且镐碰谁及乍吾莆眩帽饮婪闹槛翟造

10、帐斩坟涩七夕，古今诗人惯咏星月与悲情。吾生虽晚，世态炎凉却已看透矣。情也成空，且作“挥手袖底风 ”罢。是夜，窗外风雨如晦，吾独坐陋室，听一曲尘缘，合成诗韵一首，觉放诸古今，亦独有风韵也。乃书于纸上。毕而卧。凄然入梦。乙酉年七月初七。-啸之记。 The following balance sheet and income statement should be used for questions #1 through #5:Windswept, Inc.2005 Income Statement($ in millions)Net sales $8,450Less: Cost of goods

11、 sold 7,240Less: Depreciation （1）Earnings before interest and taxes 810Less: Interest paid 70Taxable Income $ 740Less: Taxes 259Net income （2）Windswept, Inc.2004 and 2005 Balance Sheets($ in millions)2004 2005 2004 2005Cash $ 120 $ 140 Accounts payable $1,110 $1,120Accounts rec. 930 780 Long-term de

12、bt 840 1,210Inventory 1,480 1,520 Common stock 3,200 3,000Total （3） $2,440 Retained earnings （5） 710Net fixed asset （4） 3,600Total assets $5,680 $6,040 Total liabilities & equity $5,680 $6,0401 a.400 b. 410 c.350 d. 420 e.4252 a. $487 b. $481 c.$523 d.$ 498 e. $5403 a. $2345 b. $2300 c.$2530 d.$2413

13、 e. $24504 a.3510 b.3423 c. 3545 d.3500 e. 36555 a. 530 b.540 c. 555 d.550 e.515 The following balance sheet and income statement should be used for questions #6through #15: Re Do It, Inc. 2005 Income Statement （in million）Net sales $2430Less: Cost of goods sold 1,344Less: Depreciation 276Earnings b

14、efore interest and taxes $810Less: Interest paid 150Taxable Income $ 660Less: Taxes 187Net income $ Dividends$121Addition to retained earnings 242Re Do It, Inc. 2004 and 2005 Balance Sheet （in million）2004 2005 2004 2005Cash $ 84 $ 98 Accounts payable $543 $530Accounts rec. 165 188 Long-term debt 55

15、0 $457Inventory 393 422 Common stock 500 $550Total $642 $708 Retained earnings 1,799 2,041 Net fixed assets $2,731 $2,880Total assets $3,373 $3,588 Total liabilities & equity $3,373 $3,5886. What is the days sales in receivables? (use 2005 values)a. 21.8 days b. 23.7 days c. 28.3 days d. 29.7 days e

16、. 32.4 days7. What is the cash coverage ratio for 2005? a. 6. 4 b. 6.5 c. 6.6 d. 6.7 e. 6.88. What is the amount of the net cash from investment activity for 2005?a. -$50 million b. $250million c. $425 million d. $700 million e. $850 million9. How many dollars of sales are being generated from every

17、 dollar of current assets? (use 2005 values)a. $2.59 b. $2.89 c. $3.43 d. $3.26 e. $3.7610. How does cash affect the statement of cash flows for 2005?a. a use of $14 million of cash as an investment activity b. a source of $14 million of cash as an operating activityc. a use of $10 million of cash a

18、s a financing activity d. a source of $10 million of cash as an investment activitye. a use of $14 million of cash as an operating activity11. What is the amount of net new borrowing for 2005?a. -$37 b. -$74 c. $0 d.- $ 93 e. $7412. What is the operating cash flow for 2005?a. $184 b. $178 c. $125 d.

19、 $145 e. $17013. What is the amount of the non-cash expenses for 2005?a. $276 b. $430 c. $445 d. $370 e. $20014. What is the amount of dividends paid in 2005?a. $35 b. $231 c. $270 d. $325 e. $44515. What is the cash flow to creditors for 2005?a. -$215 b. -$25 c. $25 d. $215 e. $5716. The financial

20、statement that summarizes the sources and uses of cash over a specified period of time is the:a. income statement.b. balance sheet.c. tax reconciliation statement.d. statement of cash flows.e. statement of operating position.17. A conflict of interest between the stockholders and management of a fir

21、m is called:a. stockholders liability.b. corporate breakdown.c. the agency problem.d. corporate activism.e. legal liability.18. The financial statement showing a firms accounting value on a particular date is the:a. income statement.b. balance sheet.c. statement of cash flows.d. tax reconciliation s

22、tatement.e. shareholders equity sheet.19. When fixed assets on a pro forma statement are projected to increase at a rate equivalent to the projected rate of sales growth, it can be assumed that the firm is:a. projected to grow at the internal rate of growth.b. projected to grow at the sustainable ra

23、te of growth.c. creating excess capacity.d. currently operating at full capacity.e. retaining all of its projected net income20. The sales level that results in a projects net present value exactly equaling zero is called the _ break-even.a. operationalb. leveragedc. accountingd. cashe. financial21.

24、 The expected return on a stock that is computed using economic probabilities is: a. guaranteed to equal the actual average return on the stock for the next five years.b. guaranteed to be the minimal rate of return on the stock over the next two years.c. guaranteed to equal the actual return for the

25、 immediate twelve month period.d. a mathematical expectation based on a weighted average and not an actual anticipated outcome.e. the actual return you should anticipate as long as the economic forecast remains constant.22. Interest earned only on the original principal amount invested is called _ i

26、nterest.a. freeb. annualc. simpled. interest one. compound23. Financial ratios that measure a firms ability to pay its bills over the short run without undue stress are known as _ ratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value24. Which one of the

27、 following measures is relevant to the systematic risk principle?a. varianceb. alphac. standard deviationd. thetae. beta25. An option that may be exercised at any time up its expiration date is called a(n) _ option.a. futuresb. Asianc. Bermudand. Europeane. American26. Shareholders equity in a firm

28、is $500. The firm owes a total of $400 of which 75 percent is payable within the next year. The firm has net fixed assets of $600. What is the amount of the net working capital?a. -$200b. -$100c. $0d. $100e. $20027. Ivans, Inc. paid $500 in dividends and $600 in interest this past year. Common stock

29、 increased by $200 and retained earnings decreased by $100. What is the net income for the year?a. $400b. $500c. $600d. $800e. $1,00028. A firm has total assets of $2,640 and net fixed assets of $1,500. The average daily operating costs are $170. What is the value of the interval measure?a. 6.71b. 8

30、.82c. 11.03d. 13.33e. 15.5329. Rositas Restaurante has sales of $4,500, total debt of $1,300, total equity of $2,400, and a profit margin of 5 percent. What is the return on assets?a. 5.00 percentb. 6.08 percentc. 7.39 percentd. 9.38 percente. 17.31 percent30. Kurts Adventures is operating at full c

31、apacity with a sales level of $1,200 and fixed assets of $900. What is the required addition to fixed assets if sales are to increase by 20 percent?a. $160b. $180c. $240d. $320e. $36031. _ refers to the net expenditures by the firm on fixed asset purchases.a. Operating cash flowb. Capital spendingc.

32、 Net working capitald. Cash flow from assetse. Cash flow to creditors32. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _ ratios.a. asset managementb. long-term solvencyc. short-term solvencyd. profitabilitye. market value33. The cash ratio is measured as:a

33、. current assets divided by current liabilities.b. current assets minus cash on hand, divided by current liabilities.c. current liabilities plus current assets, divided by cash on hand.d. cash on hand plus inventory, divided by current liabilities.e. cash on hand divided by current liabilities.34. T

34、he financial ratio measured as net income divided by total assets is known as the firms:a. profit margin.b. return on assets.c. return on equity.d. asset turnover.e. earnings before interest and taxes.35. Venture capital is primarily found through:a. internet web sites.b. a bidding process.c. newspa

35、per advertisements.d. personal contacts.e. letters submitted to venture capital firms.36. Which of the following are included in current liabilities?I. note payable to a supplier in eighteen monthsII. debt payable to a mortgage company in nine monthsIII. accounts payable to suppliersIV. loan payable

36、 to the bank in fourteen monthsa. I and III onlyb. II and III onlyc. III and IV onlyd. II, III, and IV onlye. I, II, and III only37. Cash flow from assets must be negative when:a. the firm has a taxable loss for the year.b. the cash flow from creditors and the cash flow from stockholders are both ne

37、gative.c. the cash flow from creditors is negative and the cash flow from stockholders is positive.d. the change in net working capital exceeds the net capital spending.e. operating cash flow is less than the change in net working capital.38. Which one of the following statements concerning net pres

38、ent value (NPV) is correct?a. An investment should be accepted if, and only if, the NPV is exactly equal to zero.b. An investment should be accepted only if the NPV is equal to the initial cash flow.c. An investment should be accepted if the NPV is positive and rejected if it is negative.d. An inves

39、tment with greater cash inflows than cash outflows, regardless of when the cash flows occur, will always have a positive NPV and therefore should always be accepted.e. Any project that has positive cash flows for every time period after the initial investment should be accepted.39. An annuity stream

40、 of cash flow payments is a set of:a. level cash flows occurring each time period for a fixed length of time.b. level cash flows occurring each time period forever.c. increasing cash flows occurring each time period for a fixed length of time.d. increasing cash flows occurring each time period forev

41、er.e. arbitrary cash flows occurring each time period for no more than 10 years.40. The cost of capital:a. will decrease as the risk level of a firm increases.b. is primarily dependent on the source of the funds used in a project.c. implies that a project will produce a positive net present value on

42、ly when the rate of return on the project is less than the cost of capital.d. remains constant for all projects sponsored by the same firm.e. depends on how the funds are going to be utilized.41. What is the present value of $13,450 to be received four years from today if the discount rate is 5.25 p

43、ercent?a. $10,854.20b. $10,960.59c. $10,974.21d. $10,982.18e. $11,003.1442. Your grandmother invested one lump sum 17 years ago at 4.25 percent interest. Today, she gave you the proceeds of that investment which totaled $5,539.92. How much did your grandmother originally invest?a. $2,700.00b. $2,730

44、.30c. $2,750.00d. $2,768.40e. $2,774.9043. Ten years ago, Joe invested $5,000. Five years ago, Marie invested $2,500. Today, both Joe and Maries investments are each worth $8,500. Which one of the following statements is correct concerning their investments?a. Three years from today, Joes investment

45、 will be worth more than Maries.b. Last year, Maries investment was worth more than Joes.c. Joe has earned more interest on interest than Marie.d. Marie earned an annual interest rate of 27.73 percent.e. Joe earned an annual interest rate of 6.45 percent.44. Your older sister deposited $5,000 today

46、at 8 percent interest for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6 percent interest. How much more money must you deposit today than your sister if you are to have the same amount at the end of five years?a.

47、$201.80b. $367.32c. $399.05d. $423.81e. $489.8445. Forty years ago, your father invested $2,500. Today that investment is worth $107,921. What is the average rate of return your father earned on his investment?a. 8.50 percentb. 9.33 percentc. 9.50 percentd. 9.87 percente. 9.99 percent46. The specifi

48、ed date on which the principal amount of a bond is repaid is called the bonds:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.47. The rate of return required by investors in the market for owning a bond is called the:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.48. A bond