中国大学财务英语（王英姿）答案(慕课2023完整答案)
中国大学财务英语（王英姿）答案(慕课2023完整答案)
Quick Quiz 1
1、中国姿答整答Which of the following are examples of financial objectives that a company might choose to pursue?大学
A、Provision of good wages and salaries
B、财务Restricting the level of gearing to below a specified target level
C、英语Dealing honestly and fairly with customers on all occasions
D、王英Producing environmentally friendly products
2、案慕案Which is 课完not one of the 'Three Es' of value for money?
A、Efficiency
B、中国姿答整答Exigency
C、大学Economy
D、财务Effectiveness
3、英语In the context of managing performance in not for profit organisations,王英 which of the following definitions is incorrect?
A、Value for money means providing a service in a way which is 案慕案economical, efficient and effective.
B、Economy means doing things cheaply: not spending $2 when the same thing can be bought for $1.
C、课完Efficiency means doing things quickly: minimising the amount of time that is 中国姿答整答spent on a given activity.
D、Effectiveness means doing the right things: spending funds so as to achieve the organisation's objectives.
4、What three broad types of decision does financial management involve? A.Investment decisions B.Financing decisions C.Operating decisions D.Dividend decisions
A、Investment decisions
B、Financing decisions
C、Operating decisions
D、Dividend decisions
5、Tick which are stakeholder groups for a company.
A、Employees
B、Ordinary shareholders
C、The Board of Directors
D、Trade payables (suppliers)
6、The definition of financial management is the management of the finances of an organisation in order to achieve the financial objectives of the organisation.
7、The main financial objective that the theory of company finance assume that a business organisation has is to maximise the wealth of the company's board directors and managers.
8、If earnings per share fall from one year to the next, so will the level of dividends.
9、Return on capital employed = Profit after interest and tax / Capital employed
10、Goal congruence is accordance between the objectives of agents acting within an organisation.
Chapter 2 The economic environment for business
Quick Quiz 2
1、Which of the following factors can not influence the level of exchange rates?
A、Comparative inflation rates
B、Balance of payments
C、Monetary liquidity
D、Speculation
2、What is the situation called when there is only one firm, the sole producer of a good, which has no closely competing substitutes?
A、Duopoly
B、Oligopoly
C、Monopoly
D、Totopoly
3、What are likely to be the main aims of a government's economy policy?
A、Economic growth
B、Control of price inflation
C、Full employment
D、Balance between imports and exports
4、What are the reasons for government intervention in markets？
A、Imperfect competition
B、Social costs/externalities
C、Imperfect information
D、Equity
5、A government's fiscal policy is concerned with taxation, borrowing and spending and their effects on the economy. Monetary policy is concerned with money and interest rates
6、A high interest rate attracts foreign investment, thus increasing the demand for the currency. The exchange rate rises as a result.
7、Externalities are positive effects on third parties resulting from production and consumption activities.
8、Corporate governance is the system by which companies are directed and controlled.
Chapter 3 Financial markets and institutions
Quick Quiz 3
1、Which of the following is not a financial intermediary?
A、unit trust companies
B、investment trusts
C、venture capital organisations
D、The answers above are all wrong.
2、Which of the following types of investment carries the highest level of risk?
A、Company bonds
B、Preference shares
C、Government bonds
D、Ordinary shares
3、For short-term borrowing, a company will go to the capital markets.
4、Stock exchange is a money market.
5、If an Indian company borrows US dollars in Australia, the loan is known as an Eurocurrency loan.
Chapter 5 Managing working capital
Quick Quiz 5
1、Which of the following is a disadvantage to a company of using a factor for its accounts receivable?
A、A It is easier to finance growth through sales. .
B、B Managers spend less time on slow paying accounts receivable.
C、C Credit customers pay direct to the factor.
D、D It is easier to pay suppliers promptly to obtain discounts
2、Which of the following does not determine the amount of credit offered by a supplier?
A、A The credit terms the supplier obtains from its own suppliers
B、B The ease with which the buyer can go elsewhere
C、C The supplier's total risk exposure
D、D The number of purchases made by the buyer each year
3、If a customer decided to pass up the chance of a cash discount of 1% in return for reducing their average payment period from 70 to 30 days, what would be the implied cost in interest per annum?
A、9.5%
B、9%
C、8.55
D、8%
4、The basic EOQ formula for inventory indicates whether bulk discounts should be taken advantage of.
5、PB Co uses 2,500 units of component X per year. The company has calculated that the cost of placing and processing a purchase order for component X is $185, and the cost of holding one unit of component X for a year is $25. the economic order quantity (EOQ) for component X is
Chapter 6 Working capital finance
Quick Quiz 6
1、Which of the following is most likely to reduce a firm's working capital?
A、A Adopting the Miller-Orr model of cash management
B、B Lengthening the period of credit given to accounts receivable
C、C Buying new machinery
D、D Adopting just-in-time procurement and lean manufacturing
2、Funds from the issue of share capital should be included in a cash flow forecast?
3、Revaluation of a non-current asset should be included in a cash flow forecast?
4、Receipts of dividends from outside the business should be included in a cash flow forecast?
5、Depreciation of production machinery should be included in a cash flow forecast?
Chapter 7 Investment decision
Quick Quiz 7
1、If a machine with annual running costs of $100,000 was diverted from producing output selling for $50,000 to producing a special order worth $70,000, what would be the relevant costs of what has happened?
A、A $170,000
B、B $100,000
C、C $50,000
D、D $20,000
2、If a machine with annual running costs of $100,000 was diverted from producing output selling for $50,000 to producing a special order worth $70,000, what would be the net income
A、A $170,000
B、B $100,000
C、C $50,000
D、D $20,000
3、The return on capital employed method of investment appraisal uses accounting profits before depreciation charges.
4、The financial benefits of a new investment consist of the increased sales revenues it generates.
5、One reason that capital expenditure may be incurred is to maintain the earning capacity of existing non-current assets.
Chapter 8 Investment appraisal using DCF methods
Quick Quiz 8
1、What is not the cash flow timing conventions used in DCF?
A、A cash outlay to be incurred at the beginning of an investment project occurs in year 0.
B、A cash outlay, saving or inflow which occurs during the course of a time period is assumed to occur all at once at the end of the time period.
C、A cash outlay to be incurred at the end of an investment project occurs in year 0.
D、A cash outlay or receipt that occurs at the beginning of a time period is taken to occur at the end of the time period.
2、For a certain project, the net present value at a discount rate of 15% is $3,670, and at a rate of 18% the net present value is negative at ($1,390). What is the internal rate of return of the project?
A、15.7%
B、16.5%
C、16.6%
D、17.2%
3、Which of the following items are not included in the cash flows when determining the net present value of a project?
A、The disposal value of equipment at the end of its life
B、Depreciation charges for the equipment
C、Research costs incurred prior to the appraisal
D、Interest payments on the loan to finance the investment
4、The perpetuity formula is annual cash flow/discount rate.
5、The advantages of the DCF method of project appraisal over other appraisal methods include: taking account of the time value of money, using all cash flows relating to a project and allowing for the timing of cash flows.
Chapter 9 Allowing for inflation and taxation
Quick Quiz 9
1、A company is appraising an investment that will save electricity costs. Electricity prices are expected to rise at a rate of 15% per annum in future, although the general inflation rate will be 10% per annum. The nominal cost of capital for the company is 20%. What is the appropriate discount rate to apply to the forecast actual nominal cash flows for electricity?
A、20%
B、22%
C、26.5%
D、32%
2、The nominal cost of capital is 11%. The expected annual rate of inflation is 5%. What is the real cost of capital?
A、5.4%
B、5.7%
C、6%
D、16%
3、Red Co is considering the purchase of a machine for $2,190,000. It would be sold after four years for an estimated realisable value of $790,000. By this time tax-allowable depreciation of $1,450,000 would have been claimed. The rate of tax is 30%. What is the cash flow arising as a result of tax implications on the sale of the machine at the end of four years?
A、Inflow of $15,000
B、Outflow of $50,000
C、Outflow of $459,000
D、Outflow of $15,000
4、A company wants a minimum real return of 3% a year on its investments. Inflation is expected to be 8% a year. What is the company's minimum nominal cost of capital?
A、11.24%
B、5%
C、4.6%
D、4.9%
5、Tax-allowable depreciation is used to increase taxable profits, and the consequent reduction in a tax payment should be treated as a cash payment arising from the acceptance of a project.
6、When the plant is eventually sold, the difference between the sales price and the reducing balance amount will be treated as a taxable profit if the sales price exceeds the reducing balance, and as a tax-allowable loss if the reducing balance exceeds the sales price.
7、The relationship between the nominal rate of return, the real rate of return and the rate of inflation is (1 + nominal rate) = (1 + real rate) ′ (1 + inflation rate).
Chapter 11 Specific investment decisions
Quick Quiz 11
1、The net present value of the costs of operating a machine for the next three years is $10,724 at a cost of capital of 15%. What is the equivalent annual cost of operating the machine?
A、$4697
B、$3575
C、$4111
D、$3109
2、Why hard capital rationing may occur?
A、Raising money through the stock market may not be possible if share prices are depressed.
B、There are restrictions on lending due to government control.
C、Lending institutions may consider the organization to be too risky.
D、The costs associated with making small issues of capital may be too great.
3、Hard capital rationing occurs when a restriction on an organization’s ability to invest capital funds is caused by an internal budget ceiling imposed by management.
4、The best way to find the optimal solution in a situation of single period rationing with indivisible projects is to use trial and error and test the NPV available from different project combinations.
5、An indivisible project is a project that must be undertaken completely or not at all.
6、The lessee is responsible for the servicing of a leased asset in the case of an operating lease.
7、To rank the projects according to their profitability index is the best way to find the optimal solution in a situation of single period rationing with divisible projects?
Chapter 14 Gearing and capital structure
Quick Quiz 14
1、What are the main characteristics of small and medium-sized enterprises?
A、Firms are likely to be unquoted.
B、Ownership of the business is restricted to a few individuals, typically a family group.
C、Ownership of the business is restricted to one individual.
D、They are not micro businesses that offer a medium for self-employment of their owners.
2、The returns on capital investment must exceed the interest payable on the extra debt used to finance the investment.This condition has to be fulfilled for increased financial gearing to result in increased earnings per share.
3、Business angel financing is direct investment in SMEs by individuals or small groups of investors.
4、( ) gearing=Total capital employed/Prior charge capital
5、( ) gearing=Contribution/Profit before interest and tax
6、（ ）=Profit before interest and tax/Interest
7、Debt ratio=
Chapter 17 Business valuations
Quick Quiz 17
1、Which is the most realistic basis for valuing an asset that is to continue to be used in a business?
A、Replacement basis.
B、Realisable basis.
C、Historic cost adjusted for depreciation basis.
D、Historic cost basis.
2、Choose the circumstances in which the shares of an unquoted company might need to be valued.
A、Setting an issue price if the company is floating its shares
B、When shares are sold
C、For tax purposes
D、When shares are pledged as collateral for a loan
3、P/E ratio = Share price/EPS
4、The role of the chartist or technical analyst in stock markets is to identify shares that are under- or over-valued by calculating the present value of their expected future earnings stream.
5、The P/E ratio are used when a large block of shares, or a whole business, is being valued.
6、Cum interest prices should always be used in calculations involving debt.
Chapter 18 Market efficiency
Quick Quiz 18
1、Which theory of share price behaviour does the following statement describe? 'The analysis of external and internal influences on the operations of a company with a view to assisting in investment decisions.'
A、Technical analysis
B、Random walk theory
C、Fundamental analysis theory
D、Chartism
2、An investor believes that they can make abnormal returns by studying past share price movements. In terms of capital market efficiency, to which of the following does the investor’s belief relate?
A、Fundamental analysis
B、Operational efficiency
C、Technical analysis
D、Semi-strong form efficiency
3、Wharton Fingers Co has just made a public announcement that it plans to launch a new product on to the market that should reduce the volatility of its reported annual profits. On the same day Saliva Co, a food products manufacturer, has publicly announced that it has withdrawn substantial inventories of its product from its retail customers because of a reported food poisoning incident. If neither of these items of information had been made public before, what effect should they now have on the companies' share prices, assuming that the stock market has semi-strong form efficiency?
A、Wharton finers Co share price:Increase Saliva Co share price:Increase
B、Wharton finers Co share price: Decrease Saliva Co share price: Decrease
C、Wharton finers Co share price: Increase Saliva Co share price: Decrease
D、Wharton finers Co share price: Decrease Saliva Co share price: Increase
4、The efficient market hypothesis exists in a number of forms that relate to different levels of information processing efficiency. In the semi-strong form of the hypothesis, which one of the following types of information will not influence the share price?
A、Specialist information
B、Past movements in share prices
C、Publicly available factual information
D、Announcements of mergers or takeovers
5、Which factors affect share price behavior?
A、Investor speculation
B、Marketability and liquidity of shares
C、Information
D、Pricing anomalies
6、Random walk theory states that past share price patterns tend to be repeated.
7、Fundamental analysis theory states that the value of a share is the discounted present value of all.
8、Weak form efficiency states that share prices reflect all information in past share price record.
9、Chartism states that a share price can be expected to fluctuate around its 'intrinsic' value.
Chapter 19 Foreign currency risk
Quick Quiz 19
1、Which of the following is not one of the types of currency risk?
A、Transaction risk
B、Translation risk
C、Liquidity risk
D、Economic risk
2、Which one of the following is not one of the methods of foreign currency risk management?
A、Currency of invoice
B、Netting and matching
C、Leading and lagging
D、Backward exchange contracts
3、Which one of the following is not one of the types of foreign currency derivative used to hedge foreign currency risk?
A、Currency futures
B、Currency options
C、Currency default swaps
D、Currency swaps
4、Forward exchange rate is an exchange rate set for the exchange of currencies at some future date
5、The principle of purchasing power parity must always hold
The final exam
The final exam
1、The net present value of the costs of operating a machine for the next three years is $10,724 at a cost of capital of 15%. What is the equivalent annual cost of operating the machine?
A、A $4,697
B、B $3,575
C、C $3,109
D、D $4,111
2、Which of the following is not true of a rights issue by a listed company?
A、A Rights issues do not require a prospectus.
B、B The rights issues price can be at a discount to market price.
C、C If shareholders do not take up the rights, the rights lapse.
D、D Relative voting rights are unaffected if shareholders exercise their rights.
3、Which of the following sources of finance to companies is the most widely used in practice?
A、A Bank borrowings
B、B Rights issues
C、C New share issues
D、D Retained earnings
4、A scrip dividend is:
A、A A dividend paid at a fixed percentage rate on the nominal value of the shares
B、B A dividend paid at a fixed percentage rate on the market value of the shares on the date that the dividend is declared
C、C A dividend payment that takes the form of new shares instead of cash
D、D A cash dividend that is not fixed but is decided on by the directors and approved by the shareholders
5、Which of the following risks can be eliminated by diversification?
A、A Inherent risk
B、B Systematic risk
C、C Market risk
D、D Unsystematic risk
6、When calculating the weighted average cost of capital, which of the following is the preferred method of weighting?
A、A Book values of debt and equity
B、B Average levels of the market values of debt and equity (ignoring reserves) over five years
C、C Current market values of debt and equity (ignoring reserves)
D、D Current market values of debt and equity (plus reserves)
7、Which theory of share price behaviour does the following statement describe? 'The analysis of external and internal influences on the operations of a company with a view to assisting in investment decisions.'
A、A Technical analysis
B、B Random walk theory
C、C Fundamental analysis theory
D、D Chartism
8、Which of the following is not an explanation for a downward slope in the yield curve?
A、A Liquidity preference
B、B Expectations theory
C、C Government policy
D、D Market segmentation
9、Which of the following are examples of financial objectives that a company might choose to pursue?
A、A Provision of good wages and salaries
B、B Restricting the level of gearing to below a specified target level
C、C Dealing honestly and fairly with customers on all occasions
D、D Producing environmentally friendly products
10、In the context of managing performance in not for profit organisations, which of the following definitions is incorrect?
A、A Value for money means providing a service in a way which is economical, efficient and effective.
B、B Economy means doing things cheaply: not spending $2 when the same thing can be bought for $1.
C、C Efficiency means doing things quickly: minimising the amount of time that is spent on a given activity.
D、D Effectiveness means doing the right things: spending funds so as to achieve the organisation's objectives.
11、What is the situation called when there is only one firm, the sole producer of a good, which has no closely competing substitutes?
A、A Duopoly
B、B Oligopoly
C、C Monopoly
D、D Totopoly
12、Which of the following types of investment carries the highest level of risk?
A、A Company bonds
B、B Preference shares
C、C Government bonds
D、D Ordinary shares
13、Which of the following statements best defines the current ratio?
A、A The ratio of current assets to current liabilities For the majority of businesses it should be at least 2.
B、B The ratio of current assets to current liabilities For the majority of businesses it should be at least 1.
C、C The ratio of current assets excluding inventory For the majority of businesses it should be at least 1.
D、D The ratio of current assets excluding inventory to current liabilities For the majority of businesses it should be at least 2.
14、Which of the following does not determine the amount of credit offered by a supplier?
A、A The credit terms the supplier obtains from its own suppliers
B、B The ease with which the buyer can go elsewhere
C、C The supplier's total risk exposure
D、D The number of purchases made by the buyer each year
15、Which of the following is a disadvantage to a company of using a factor for its accounts receivable?
A、A It is easier to finance growth through sales.
B、B Managers spend less time on slow paying accounts receivable.
C、C Credit customers pay direct to the factor.
D、D It is easier to pay suppliers promptly to obtain discounts.
16、Which of the following is most likely to reduce a firm's working capital?
A、A Adopting the Miller-Orr model of cash management
B、B Lengthening the period of credit given to accounts receivable
C、C Buying new machinery
D、D Adopting just-in-time procurement and lean manufacturing
17、If a machine with annual running costs of $100,000 was diverted from producing output selling for $50,000 to producing a special order worth $70,000, what would be the relevant costs of what has happened?
A、A $170,000
B、B $100,000
C、C $50,000
D、D $20,000
18、For a certain project, the net present value at a discount rate of 15% is $3,670, and at a rate of 18% the net present value is negative at ($1,390). What is the internal rate of return of the project?
A、A 15.7%
B、B 16.5%
C、C 16.6%
D、D 17.2%
19、A company is appraising an investment that will save electricity costs. Electricity prices are expected to rise at a rate of 15% per annum in future, although the general inflation rate will be 10% per annum. The nominal cost of capital for the company is 20%. What is the appropriate discount rate to apply to the forecast actual nominal cash flows for electricity?
A、A 20.0%
B、B 22.0%
C、C 26.5%
D、D 32.0%
20、Red Co is considering the purchase of a machine for $2,190,000. It would be sold after four years for an estimated realisable value of $790,000. By this time tax-allowable depreciation of $1,450,000 would have been claimed. The rate of tax is 30%. What is the cash flow arising as a result of tax implications on the sale of the machine at the end of four years?
A、A Inflow of $15,000
B、B Outflow of $50,000
C、C Outflow of $459,000
D、D Outflow of $15,000
21、The share price at the beginning of the year 20X5 was $4.00 per share. At the end of the year 20X5, the share price is 4.60. The company just paid a dividend of 20 cent per share.Calculate the total shareholder return of the company?
A、A. 20%
B、B. 15%
C、C. 10%
D、D. 25%
22、ZBG intends to invest a new machine which will cost $600,000 and it be used for 5 years. There is going to be no residual value. It can claim capital allowance on straight-line basis. The tax rate is 30% and its tax liability is paid one year in arrears. Calculate the tax saving it will receipt form tax authority per annum?
A、A. 120,000
B、B. 100,000
C、C. 38,000
D、D. 36,000
23、ZBG has an issued 12% bond, which can be redeemed at par in 6 years’-time. The bond current market price is $105. The company pay tax a rate of 25%.Calculate the after tax cost of redeemable debt?
A、A. 7.9%
B、B. 7.5%
C、C. 8.3%
D、D. 8.7%
24、KV Co has paid the following dividends per share in recent years: Year 20X4 20X3 20X2 20X1 Dividend ($ per share) 0·360 0·338 0·328 0·311 The dividend for 20X4 has just been paid and SKV Co has a cost of equity of 12%. Using the geometric average historical dividend growth rate and the dividend growth model, what is the market price of SKV Co shares on an ex dividend basis?
A、A $4·67
B、B $5·40
C、C $5·45
D、D $6·97
25、ZBG PLC has annual credit sales of 365million and related and related cost of sales of 260 million. Trade receivable days 50days Inventory days 60days Trade payable days 45days What is the net asset of the company?
A、A. 60million
B、B. 58million
C、C. 61million
D、D. 62million
26、The following information has been calculated for A Co: Trade receivables collection period: 52 days Raw material inventory turnover period: 42 days Work in progress inventory turnover period: 30 days Trade payable payment period: 66 days Finished goods inventory turnover period: 45 days What is the length of the working capital cycle?
A、A 31 days
B、B 131 days
C、C 235 days
D、D 103 days
27、Which of the following statements concerning working capital management are correct? (1) The twin objectives of working capital management are profitability and liquidity (2) A conservative approach to working capital investment will increase profitability (3) Working capital management is a key factor in a company’s long-term success
A、A 1 and 2 only
B、B 1 and 3 only
C、C 2 and 3 only
D、D 1, 2 and 3
28、Which of the following statements relate to purchasing power parity theory? (1) The theory holds in the long term rather than the short term (2) The exchange rate reflects the different cost of living in two countries (3) The forward rate can be found by multiplying the spot rate by the ratio of the interest rates of the two countries
A、A 1, 2 and 3
B、B 1 and 2 only
C、C 1 and 3 only
D、D 2 only
29、ZBG plc has 30 million ordinary shares in issue. The current earning per share is 48 cents. The earning yield is 12% per year. Calculate the market value of the company?
A、A. 120million
B、B. 36million
C、C.12million
D、D.15million
30、4.Which of the following are among the main goals of macroeconomic policy? 1.Encouraging economic growth. 2.Low and stable inflation. 3.Achievement of a balance between and imports. 4.Encouraging an equitable distribution of income.
A、A. 1 and 2
B、B. All of them
C、C. 2,3 and 4
D、D. 1,2 and 3
31、What is the cost of $1 irredeemable debt capital paying an annual rate of interest of 7%, and having a current market price of $1.50?
A、5%
B、4.67%
C、3.5%
D、3%
32、The risk-free rate of return is 8%. Average market return is 14%. A share's beta factor is 0.5. What will its expected return be?
A、6%
B、11%
C、12%
D、14%
33、A share has a current market value of 120c and the last dividend was 10c. If the expected annual growth rate of dividends is 5%, calculate the cost of equity capital.
A、13.75%
B、15%
C、10%
D、20%
34、A company's shares have a nominal value of $1 and a market value of $3. In a rights issue, one new share would be issued for every three shares at a price of $2.60. What is the theoretical ex-rights price?
A、2.3
B、2.9
C、3
D、2.5
35、A company wants a minimum real return of 3% a year on its investments. Inflation is expected to be 8% a year. What is the company's minimum nominal cost of capital?
A、10%
B、8.24%
C、11.24%
D、9%
36、The nominal cost of capital is 11%. The expected annual rate of inflation is 5%. What is the real cost of capital?
A、11%
B、11.55%
C、5.7%
D、6%
37、If a customer decided to pass up the chance of a cash discount of 1% in return for reducing their average payment period from 70 to 30 days, what would be the implied cost in interest per annum？
A、9.0%
B、9.5%
C、10%
D、12%
38、PB Co uses 2,500 units of component X per year. The company has calculated that the cost of placing and processing a purchase order for component X is $185, and the cost of holding one unit of component X for a year is $25. What is the economic order quantity (EOQ) for component X and, assuming a 52-week year,
A、192
B、152
C、132
D、130
39、TKQ Co has just paid a dividend of 21 cents per share and its share price one year ago was $3.10 per share. The total shareholder return for the year was 19.7%. What is the current share price?
A、A $3.50
B、B $3.71
C、C $3.31
D、D $3.35
40、Which of the following statements are correct? 1 Maximising market share is an example of a financial objective 2 Shareholder wealth maximisation is the primary financial objective for a company listed on a stock exchange 3 Financial objectives should be quantitative so that their achievement can be measured
A、A 1 and 2 only
B、B 1 and 3 only
C、C 2 and 3 only
D、D 1, 2 and 3
41、Which of the following statements is correct?
A、A A bonus issue can be used to raise new equity finance
B、B A share repurchase scheme can increase both earnings per share and gearing
C、C Miller and Modigliani argued that the financing decision is more important than the dividend decision
D、D Shareholders usually have the power to increase dividends at annual general meetings of a company
42、Which of the following statements are correct? (1) Capital market securities are assets for the seller but liabilities for the buyer (2) Financial markets can be classified into exchange and over-the-counter markets (3) A secondary market is where securities are bought and sold by investors
A、A 1 and 2 only
B、B 1 and 3 only
C、C 2 and 3 only
D、D 1, 2 and 3
43、A company needs $150,000 each year for regular payments. Converting the company’s short-term investments into cash to meet these regular payments incurs a fixed cost of $400 per transaction. These short-term investments pay interest of 5% per year, while the company earns interest of only 1% per year on cash deposits. According to the Baumol Model, what is the optimum amount of short-term investments to convert into cash in each transaction?
A、A $38,730
B、B $48,990
C、C $54,772
D、D $63,246
44、Which of the following statements are correct? (1) If a capital market is weak form efficient, an investor cannot make abnormal returns by using technical analysis (2) Operational efficiency means that efficient capital markets direct funds to their most productive use (3) Tests for semi-strong form efficiency focus on the speed and accuracy of share price responses to the arrival of new information
A、A 1 and 2 only
B、B 1 and 3 only
C、C 2 and 3 only
D、D 1, 2 and 3
45、On a market value basis, GFV Co is financed 70% by equity and 30% by debt. The company has an after-tax cost of debt of 6% and an equity beta of 1·2. The risk-free rate of return is 4% and the equity risk premium is 5%. What is the after-tax weighted average cost of capital of GFV Co?
A、A 5.4%
B、B 7.2%
C、C 8.3%
D、D 8.8%
46、Which of the following financial instruments will NOT be traded on a money market?
A、A Commercial paper
B、B Convertible loan notes
C、C Treasury bills
D、D Certificates of deposit
47、Which of the following are financial intermediaries? (1) Venture capital organisation (2) Pension fund (3) Merchant bank
A、A 2 only
B、B 1 and 3 only
C、C 2 and 3 only
D、D 1, 2 and 3
48、Peach Co’s latest results are as follows: $000 Profit before interest and taxation 2,500 Profit before taxation 2,250 Profit after tax 1,400 In addition, extracts from its latest statement of financial position are as follows: $000 Equity 10,000 Non-current liabilities 2,500 What is Peach Co’s return on capital employed (ROCE)?
A、A 14%
B、B 18%
C、C 20%
D、D 25%
49、Which of the following government actions would lead to an increase in aggregate demand? (1) Increasing taxation and keeping government expenditure the same (2) Decreasing taxation and increasing government expenditure (3) Decreasing money supply (4) Decreasing interest rates
A、A 1 only
B、B 1 and 3
C、C 2 and 4 only
D、D 2, 3 and 4
50、Drumlin Co has $5m of $0·50 nominal value ordinary shares in issue. It recently announced a 1 for 4 rights issue at $6 per share. Its share price on the announcement of the rights issue was $8 per share. What is the theoretical value of a right per existing share?
A、A $1·60
B、B $0·40
C、C $0·50
D、D $1·50
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