moocFinancial Management答案(慕课2023课后作业答案)
Quiz 1
1、案慕案Which of the following is 课课not one of the three major types of financial management decisions?
A、Capital budgeting.
B、后作Financial planning.
C、业答Capital structure.
D、案慕案Working capital management.
2、课课What is 后作a capital budgeting decision?
A、The业答 decision on what long-term projects a firm should take.
B、The案慕案 decision on where a firm should get long-term financing to pay for its investments.
C、The课课 decision on the mixture of debt and equity.
D、The后作 decision on how a firm manages its everyday financial activities.
3、Which of the following is 业答an advantage of a corporation form of organization?
A、Easy to start.
B、案慕案Less regulated.
C、课课Taxed once as personal income.
D、后作Limited liability.
4、Agency problem is a potential conflict of interest between:
A、suppliers and buyers.
B、customers and suppliers.
C、shareholders and management.
D、management and creditors.
5、Which form of business organization is most associated with agency problem?
A、Sole proprietorship.
B、General partnership.
C、Limited partnership.
D、Corporation.
6、Working capital management deals with the long-term financial activities.
7、Capital structure decides where a firm should get long-term financing to pay for its investments.
8、The goal of stakeholder wealth maximization considers the risk and timing associated with expected earnings per share in order to maximize the price of the firm's common stock.
9、The corporate form is inferior to partnership form when it comes to raising capital.
10、A lost opportunity is considered to be a direct agency cost.
3 Bond and Stock Valuation
Quiz 2 (2.1-3.2)
1、You just computed the present value of a 100,000 yuan you will receive in the future. The interest rate you used in this process is referred to as which one of the following?
A、Discount rate.
B、Effective annual rate.
C、Simple rate.
D、Current yield.
2、You are comparing two annuities which offer monthly payments of 2,000 yuan for five years and pay 1 percent interest per month. Annuity A will pay you on the first day of each month while annuity B will pay you on the last day of each month. Which one of the following statements is correct concerning these two annuities?
A、These two annuities have equal present values today but unequal futures values at the end of year five.
B、These two annuities have unequal present values today but equal future values at the end of year five.
C、Annuity A has a smaller future value than annuity B.
D、Annuity B has a smaller present value than annuity A.
3、All else constant, a bond will sell at _____ when the coupon rate is _____ the yield to maturity.
A、a premium; less than
B、a premium; equal to
C、a discount; less than
D、a discount; higher than
4、Which one of the following is an underlying assumption of the dividend growth model?
A、A stock has the same value to every investor.
B、A stock's value is equal to the discounted present value of the future cash flows which it generates.
C、A stock's value changes in direct relation to the required return.
D、Stocks that pay the same annual dividend have equal market values.
5、Company A’s preferred stock pays a 7.50 yuan annual dividend. What is the maximum price you are willing to pay for one share of this stock today if your required return is 7.5 percent?
A、32.26 yuan
B、35.48 yuan
C、100.00 yuan
D、107.50 yuan
6、Interest earned on both the initial principal and the interest reinvested from prior periods is called compound interest.
7、The effective annual rate equals the annual percentage rate when interest is compounded annually.
8、Perpetuities are finite but annuities are not.
9、Decreasing the time to maturity increases the price of a discount bond, all else constant.
10、Zero-growth stocks have no market value.
6 Financial Planning
Quiz 3 (4.1-6.2)
1、The quick ratio uses the same numerator as the current ratio less:
A、cash.
B、inventory.
C、accounts receivable.
D、marketable securities.
2、Which one of the following is the formula that breaks down ROE into three component parts?
A、Accounting identity.
B、Cash flow identity.
C、Du Pont identity.
D、None of the above.
3、The primary purpose of portfolio diversification is to:
A、eliminate all risks.
B、eliminate asset-specific risk.
C、eliminate systematic risk.
D、eliminate returns.
4、Financial plans:
A、often contain alternative options based on economic developments.
B、concentrate solely on income and expense items.
C、frequently contain conflicting goals.
D、are based on a single set of economic assumptions.
5、Firm A combines the smaller investment proposals from each operational unit into a single project for planning purposes. This process is referred to as which one of the following?
A、Conjoining.
B、Aggregation.
C、Conglomeration.
D、Appropriation.
6、A high inventory turnover implies excess inventory in relation to sales.
7、Trend analysis is used to see how the firm’s performance is changing through time.
8、The greater the positive correlation coefficient, the greater the diversification effect of adding a stock to a portfolio.
9、The beta of a market portfolio is equal to zero.
10、Financial planning focuses solely on the short-term outlook for a firm.
9 Project Analysis and Evaluation
Quiz 4 (7.1-9.3)
1、Consider the following information about two proposed capital investments, project A and B. Each project has a cost of $10000 and the cost of capital for each project is 12%. The projects’ expected cash flows are as follows: Cash Flow Year Project A Project B 0 ($10000) ($10000) 1 6500 3500 2 3000 3500 3 3000 3500 4 1000 3500 Calculate each project A’s NPV.
2、Consider the following information about two proposed capital investments, project A and B. Each project has a cost of $10000 and the cost of capital for each project is 12%. The projects’ expected cash flows are as follows: Cash Flow Year Project A Project B 0 ($10000) ($10000) 1 6500 3500 2 3000 3500 3 3000 3500 4 1000 3500 Calculate each project’s NPV. Calculate each project B’s NPV.
3、Based on (1) and (2), which project or projects should be accepted if they are mutually exclusive?
4、Based on (1) and (2), which project or projects should be accepted if they are independent?
5、A proposed new project has projected sales of $205,000, costs of 120,000 and depreciation of $14,800. The tax rate is 40%. What is the operating cash flow?
12 Dividend Policy
Quiz 5 (10.1-12.2)
1、When a manager develops a cost of capital for a specific project based on the cost of capital for another firm that has a similar line of business as the project, the manager is utilizing the pure play approach.
2、The static theory of capital structure advocates that the optimal capital structure for a company is highly dependent upon a constant debt-equity ratio over time.
3、Information content effect means the financial market's reaction to a change in the amount of a company's dividend.
4、The dividend market is in equilibrium when half of the companies adopt a low dividend policy and half adopt a high dividend policy.
5、A firm desires a weighted average cost of capital of 8 percent. The firm has an aftertax cost of debt of 4.8 percent and a cost of equity of 15.2 percent. What debt-equity ratio is needed for the firm to achieve its targeted weighted average cost of capital?
6、An all equity firm has 5,000 shares of stock outstanding at a market price of $15 a share. The firm's management has decided to issue $30,000 worth of debt and use the funds to repurchase shares of the outstanding stock. The interest rate on the debt will be 10 percent. What are the earnings per share at the break-even level of earnings before interest and taxes? Ignore taxes.
7、The firm has expected earnings before interest and taxes of $48,600, an unlevered cost of capital of 13.2 percent, and debt with both a book and face value of $25,000. The debt has an 8.5 percent coupon. The tax rate is 34 percent. According to M&M Proposition I with taxes, what is the value of the firm?
14 Current Asset Management
Quiz 6 (13.1-14.2)
1、With a compromise financial policy companies will finance all of their assets with various short-term loans.
2、A firm's total investment in accounts receivables depends primarily on the firm's total sales and cash discount period.
3、The BAT model can be used to determine the target cash balance for a firm.
4、The cash cycle is equal to the operating cycle minus the accounts payable period.
5、The underlying rationale of the ABC approach is that a small portion of inventory in terms of quantity might represent a large portion in terms of inventory value.
6、When credit policy is at the optimal point, the total costs of granting credit will be maximized.
7、You are trying to decide whether or not to extend credit to a particular customer. Your variable cost is $15 per unit; the selling price is $25. This customer wants to buy 1,000 units today and pay in 30 days. You think there is a 15 percent chance of default. The required return is 3 percent per 30 days. Should you extend credit? Assume that this is a one-time sale and that the customer will not buy if credit is not extended.
8、Firm A starts each period with 10,000 golf clubs in stock. This stock is depleted each month and reordered. If the carrying cost per golf club is $1, and the fixed order cost is $5. Should the firm increase or decrease its order size?
Final Exam
Financial Management Part 1
1、The decision to issue additional shares of stock is an example of:
A、a working capital management decision.
B、a capital budgeting decision.
C、credit analysis.
D、a capital structure decision.
2、Which one of the following is an underlying assumption of the dividend growth model?
A、A stock has the same value to every investor.
B、A stock's value is equal to the discounted present value of the future cash flows which it generates.
C、A stock's value changes in direct relation to the required return.
D、Stocks that pay the same annual dividend have equal market values.
3、The profitability index is most closely related to which one of the following?
A、Payback.
B、Average accounting return.
C、Discounted payback.
D、Net present value.
4、Which one of these statements is correct?
A、The optimal capital structure occurs when the cost of equity is minimized.
B、The optimal capital structure maximizes shareholder value.
C、Shareholder value is maximized when WACC is also maximized.
D、Unlevered firms have more value than levered firms when firms are profitable.
5、The operating cycle is equal to the:
A、cash cycle plus the accounts receivable period.
B、inventory period plus the accounts receivable period.
C、inventory period plus the accounts payable period.
D、accounts payable period minus the cash cycle.
6、The financial planning method that uses the projected sales level as the basis for determining changes in balance sheet and income statement account values is referred to as the percentage of sales method.
7、A perpetuity is defined as a limited number of equal payments paid in even time increments.
8、When credit policy is at the optimal point, the total costs of granting credit will be maximized.
9、The underlying rationale of the ABC approach is that a small portion of inventory in terms of quantity might represent a large portion in terms of inventory value.
10、Scenario and sensitivity analysis are useful tools for identifying which variables are critical to the success of a project and where forecasting problems can do the most damage.
Financial Management Part 2
1、A Firm ABC bond has a 8 percent coupon rate and a 100 yuan face value. Interest is paid semiannually, and the bond has 6 years to maturity. If investors require a 10 percent yield, what is the bond’s value?
2、Suppose stock in Firm EFG has a beta of 0.80. The market risk premium is 6 percent, and the risk-free rate is 6 percent. EFG’s last dividend was 1.20 yuan per share, and the dividend is expected to grow at 8 percent indefinitely. The stock currently sells for 50 yuan per share. What is Firm EFG’s cost of equity capital using the average of the CAPM and the dividend discount model?
3、Firm HIJ expects its EBIT to be 80,000 yuan every year forever. The firm can borrow at 7 percent. The firm currently has no debt, and its cost of equity is 12 percent. The tax rate is 35 percent. According to M&M Proposition I with taxes, what will the value be if the firm borrows 100,000 yuan and uses the proceeds to repurchase shares?
4、Consider the following two mutually exclusive projects: Cash Flow Year Project A Project B 0 (340,000) (60,000) 1 40,000 31,000 2 58,000 25,000 3 60,000 21,000 4 520,000 50,000 Required rate of return: 10% (1) If the payback criterion is applied, which project will be chosen? Why? (2) If the NPV criterion is applied, which project will be chosen? Why？ (3) Based on the answers in (1) and (2), which project will be finally chosen? Why?
Final Exam
Financial Management Part 1
1、The decision to issue additional shares of stock is an example of:
A、a working capital management decision.
B、a capital budgeting decision.
C、credit analysis.
D、a capital structure decision.
2、Which one of the following is an underlying assumption of the dividend growth model?
A、A stock has the same value to every investor.
B、A stock's value is equal to the discounted present value of the future cash flows which it generates.
C、A stock's value changes in direct relation to the required return.
D、Stocks that pay the same annual dividend have equal market values.
3、The profitability index is most closely related to which one of the following?
A、Payback.
B、Average accounting return.
C、Discounted payback.
D、Net present value.
4、Which one of these statements is correct?
A、The optimal capital structure occurs when the cost of equity is minimized.
B、The optimal capital structure maximizes shareholder value.
C、Shareholder value is maximized when WACC is also maximized.
D、Unlevered firms have more value than levered firms when firms are profitable.
5、The operating cycle is equal to the:
A、cash cycle plus the accounts receivable period.
B、inventory period plus the accounts receivable period.
C、inventory period plus the accounts payable period.
D、accounts payable period minus the cash cycle.
6、The financial planning method that uses the projected sales level as the basis for determining changes in balance sheet and income statement account values is referred to as the percentage of sales method.
7、A perpetuity is defined as a limited number of equal payments paid in even time increments.
8、When credit policy is at the optimal point, the total costs of granting credit will be maximized.
9、The underlying rationale of the ABC approach is that a small portion of inventory in terms of quantity might represent a large portion in terms of inventory value.
10、Scenario and sensitivity analysis are useful tools for identifying which variables are critical to the success of a project and where forecasting problems can do the most damage.
Financial Management Part 2
1、A Firm ABC bond has a 8 percent coupon rate and a 100 yuan face value. Interest is paid semiannually, and the bond has 6 years to maturity. If investors require a 10 percent yield, what is the bond’s value?
2、Suppose stock in Firm EFG has a beta of 0.80. The market risk premium is 6 percent, and the risk-free rate is 6 percent. EFG’s last dividend was 1.20 yuan per share, and the dividend is expected to grow at 8 percent indefinitely. The stock currently sells for 50 yuan per share. What is Firm EFG’s cost of equity capital using the average of the CAPM and the dividend discount model?
3、Firm HIJ expects its EBIT to be 80,000 yuan every year forever. The firm can borrow at 7 percent. The firm currently has no debt, and its cost of equity is 12 percent. The tax rate is 35 percent. According to M&M Proposition I with taxes, what will the value be if the firm borrows 100,000 yuan and uses the proceeds to repurchase shares?
4、Consider the following two mutually exclusive projects: Cash Flow Year Project A Project B 0 (340,000) (60,000) 1 40,000 31,000 2 58,000 25,000 3 60,000 21,000 4 520,000 50,000 Required rate of return: 10% (1) If the payback criterion is applied, which project will be chosen? Why? (2) If the NPV criterion is applied, which project will be chosen? Why？ (3) Based on the answers in (1) and (2), which project will be finally chosen? Why?
中国大学Financial Management
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