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: 号 学 线 : 名 姓 订 : 级 班 业 专 装 : 系 院 2020-2021《财务管理》期末课程考试试卷A2 题号 一 二 三 四 总分 分数 评卷人 本试卷使用的系数表如下: i=10% 1 2 3 4 5 复利现值 0.909 0.826 0.751 0.683 0.621 复利终值 1.100 1.210 1.331 1.464 1.611 年金现值 0.909 1.736 2.487 3.170 3.791 年金终值 1.000 2.100 3.310 4.641 6.105 PartⅠ: choose the best answer. (15 points) 1 Which of the following statements regarding timelines is false? A Timelines are an important first step in organizing and then solving a financial problem. B We refer to a series of cash flows lasting several periods as a stream of cash flows. C Not every stream of cash flows can be represented on a timeline. D a timeline is a linear representation of the timing of the expected cash flows. 2 which of the following statements regarding the timeline is false? A date 1 is one year from now B the $5000below date1 is the payment you will receive at the end of the first year C the $5000 below date 2 is the payment you will receive at the beginning of the second year D date 0 represents today. 3 which of the following statements regarding the timeline is false? A date 1 is the end of the first year B date 0 is the beginning of the first year C the space between date 0 and date 1 represents the time period between two specific dates. D you will find the timeline most useful in tracking cash flows if you interpret each point of the timeline as a period or interval of time. 4 if the current market rate of interest is 8%, then the present value of $1000 at the date 2 is closet to ( ) A $1000 B $857 C $860 D $926 5 If the current market rate of interest is 10%, then the future value of $500 at date 3 is closet to ( ) A $666 B $500 C $605 D $650 6 Which of the following items is different from others? ( ) A carrying value B book value C accounting value D fair value 7 What is the price of a 5-year pure discount bond paying $1,000 at maturity if the discount rate is 10%. ( ) A $1000 B $621 C $5 D $5000 8 which is the goal of financial management? ( ) A maximize the corporate value B maximize the profit C maximize the production volume D maximize the revenue 9 which is not the period cost? ( ) A selling expense B financial expense C direct labor D administrative expense 10 which is not cash flow? ( ) A cash receipts B cash disbursement C depreciation D salary Part Ⅱ: True or False. (15 points) 1 Capital structure represents the proportions of the firm’s financing from current and long-term debt and equity. ( ) 2 GAAP is the abbreviation for Generally Accepted Accounting Principles. ( ) 3 ROE=ROA×total assets turnover ( ) 4 Managers should choose the capital structure that will have the lowest firm value. 5 Sunk cost is related cost. ( ) 6 Opportunity cost is irrelevant cost. ( ) 7 You must know the discount rate to calculate the IRR. ( ) 8 when making mutually exclusive decision, NPV is more appropriate than IRR. ( ) 9 Zero coupon bonds must be offered at a price higher than its face value. ( ) 10 All other things being equal, the shorter the time to maturity, the greater the interest rate risk. ( ) 11 The goal of financial management is to maximize the firm value. ( ) 12 The controller handles the accounting function. ( ) 13 The treasurer handles the cash flows, making financial decisions. ( ) 14 Net cash flow is equal to the net profit. ( ) 15 Inventory turnover= cost of goods sold / inventory ( ) Part Ⅲ: Translation. (20 points) 1 The four statements that are required by the U.S. Securities and Exchange Commission (SEC) are the balance sheet, the income statement, the statement of cash flows, and the statement of stockholders’ equity. 2 The statement of cash flows converts accrual-based income into cash flow. Cash flows are separated into operating activities, investment activities, and financing activities. Part Ⅳ: Calculation. (50 points) 1 At 10 percent interest, how much can you get at the end of 5 years if you invest $1 now? 2 What is the Effective Annual Rate of bank’s 12% loan, with quarterly compounding? 3 A stock has a beta of 1.3, the expected return on the market is 14 percent, and the risk-free rate is 5 percent. What must the expected return on this stock be? 4 Warren Corporation will pay a $3.60 per share dividend next year. The company’s dividend is expected to grow at 4.5% per year forever. If your required return is 13%, how much will you pay for the company’s stock today? 5 Suppose the OfficeMax sells personal copying machines at the rate of 1800 units per year. The cost of placing one order is $400, and it costs $100 per year to carry a copier in inventory. What is OfficeMax’s Economic Order Quantity? Using the EOQ, find the average inventory, number of orders per year, time interval between orders, annul : ordering cost, annual carrying cost, and annual total cost. 号 学 线 : 名 姓 订 : 级 班 业 专 装 : 系 2020-2021《财务管理》期末课程考试试卷A2答案 Part Ι: choose the best answer. (30 points) 1 2 3 4 5 6 7 8 9 10 C C D B A D B A C C Part Ⅱ: True or False. (15 points) 1 2 3 4 5 T T F F F 6 7 8 9 10 F F T F F 11 12 13 14 15 T T T F T Part Ⅲ: Translation. (20 points) 1 美国证监会要求公司提供的四张报表分别为资产负债表,利润表和现金流量表,股东权益表。 2 现金流量表将权责发生制下的利润转换为现金流量。现金流量包括经营活动现金流量、投资活动现金流量和融资活动现金流量。 Part Ⅳ: Calculation. (50 points) 1 1*(F/P, 10%, 5)=1*1.611=1.611(10分) 2 (1+12%/4)* (1+12%/4)* (1+12%/4)* (1+12%/4)-1=12.55%(10分) 3 5%+1.3*(14%-5%)=16.7%(10分) 4 3.6/(13%-4.5%)=42.35(10分) 5 2*18000*400100120 Average inventory=120/2=60 Numbers of orders =1800/120=15 Time interval= 365/15=24.33 Ordering cost=15*400=6000 Carrying cost= 60*100= 6000 Total cost= 6000+6000=12000(10分) 本文来源:https://www.dywdw.cn/8b4bb736260c844769eae009581b6bd97e19bc45.html