CF考试样题.docx
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CF考试样题.docx
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CF考试样题
CorporateFinance
SampleProblemsformidterm(conceptualproblems)
Ch1
36. (p. 11) Thefinancialgoalofacorporationisto:
a. Maximizeprofits
b. Maximizesales
C. Maximizethevalueofthefirmfortheshareholders
d. Maximizemanagers'benefits
Ch2
4. (p. 15) Therateofreturnisalsocalled:
I)discountrate;II)hurdlerate;III)opportunitycostofcapital
a. Ionly
b. IandIIonly
C. I,II,andIII
d. Noneofthegivenones
22. (p. 17) Whichofthefollowingstatementsregardingthenetpresentvalueruleandtherateofreturnruleisnottrue?
A. AcceptaprojectifNPV>costofinvestment
b. AcceptaprojectifNPVispositive
c. Acceptaprojectifreturnoninvestmentexceedstherateofreturnonanequivalentinvestmentinthefinancialmarket
d. RejectaprojectifNPVisnegative
26. (p. 18) Theopportunitycostofcapitalforariskyprojectis
a. Theexpectedrateofreturnonagovernmentsecurityhavingthesamematurityastheproject
b. Theexpectedrateofreturnonawell-diversifiedportfolioofcommonstocks
C. Theexpectedrateofreturnonaportfolioofsecuritiesofsimilarrisksastheproject
d. Noneoftheabove
36. (p. 22) ThediscountrateisusedforcalculatingtheNPVis:
A. Determinedbythefinancialmarkets
b. Foundbythegovernment
c. FoundbytheCEO
d. Noneoftheabove
37. (p. 23) Themanagersofafirmcanmaximizestockholderwealthby:
A. TakingallprojectswithpositiveNPVs
b. TakingallprojectswithNPVsgreaterthanthecostofinvestment
c. TakingallprojectswithNPVsgreaterthanpresentvalueofcashflow
d. Alloftheabove
39. (p. 24) Managers'actionsaremonitoredby:
a. Theboardofdirectors
b. Commercialbanksthathaveloanedfundstothefirm
c. TheWallStreetanalysts
D. Alloftheabove
13. (p. 38) Whichofthefollowingisgenerallyconsideredanexampleofaperpetuity:
a. Interestpaymentsona10-yearbond
b. Interestpaymentsona30-yearbond
C. Consols
d. Noneoftheabove
19. (p. 38) Anannuityisdefinedas
A. Equalcashflowsatequalintervalsoftimeforaspecifiedperiodoftime
b. Equalcashflowsatequalintervalsoftimeforever
c. Unequalcashflowsatequalintervalsoftimeforever
d. Noneoftheabove
43. (p. 43) Youareconsideringinvestinginaretirementfundthatrequiresyoutodeposit$5,000peryear,andyouwanttoknowhowmuchthefundwillbeworthwhenyouretire.Whatfinancialtechniqueshouldyouusetocalculatethisvalue?
a. Futurevalueofasinglepayment
B. Futurevalueofanannuity
c. Presentvalueofanannuity
d. Noneoftheabove
46. (p. 43) Whichofthefollowingstatementsistrue?
a. Presentvalueofanannuityisalwaysgreaterthanthepresentvalueofequivalentannuitydueforagiveninterestrate
B. Thefuturevalueofanannuitydueisalwaysgreaterthanthefuturevalueofanequivalentordinaryannuityatthesameinterestrate
c. BothAandBaretrue
d. BothAandBarefalse
52. (p. 46) Whichofthefollowingstatementsregardingsimpleinterestandcompoundinterestaretrue?
a. Problemsinfinancegenerallyusethesimpleinterestconcept
B. Problemsinfinancegenerallyusethecompoundinterestconcept
c. Itdoesnotreallymatterwhetheryouusesimpleinterestorcompoundinterestforsolvingproblemsinfinance
d. Noneoftheabove
Ch3
1. (p. 58) Thefollowingentitiesissuebondstoraiselong-termloansexcept:
a. Thefederalgovernment
b. Stateandlocalgovernments
c. Companies
D. Individuals
2. (p. 59) Thetypeofbondswheretheidentitiesofbonds'ownersarerecordedandthecouponinterestpaymentsaresentautomaticallyarecalled:
a. Bearerbonds
b. Governmentbonds
C. Registeredbonds
d. Noneoftheabove
13. (p. 63) Whichofthefollowingstatementsabouttherelationshipbetweeninterestratesandbondpricesistrue?
I)ThereisaninverserelationshipbetweenbondpricesandinterestratesII)ThereisadirectrelationshipbetweenbondpricesandinterestratesIII)Thepriceofshort-termbondsfluctuatesmorethanthepriceoflong-termbondsforagivenchangeininterestrates.(Assumingthatcouponrateisthesameforboth)IV)Thepriceoflong-termbondsfluctuatesmorethanthepriceofshort-termbondsforagivenchangeininterestrates.(Assumingthatthecouponrateisthesameforboth)
A. IandIVonly
b. IandIIIonly
c. IIandIIIonly
d. Noneofthegivenstatementsaretrue
21. (p. 65) Volatilityofabondisgivenby:
I)Duration/(1+yield)II)SlopeofthecurverelatingthebondpricetotheinterestrateIII)Yieldtomaturity
a. Ionly
b. IIonly
c. IIIonly
D. IandIIonly
37. (p. 64) Thelongerabond'sdurationgreaterisitsvolatility.
TRUE
38. (p. 67) Thetermstructureofinterestrateistherelationshipbetweenyieldtomaturityandmaturity.
TRUE
41. (p. 71) Theexpectationstheoryimpliesthattheonlyreasonforadecliningtermstructureisthatinvestorsexpectspotinterestratestofall.
TRUE
Ch4
5. (p. 98) ThedividendyieldreportedasYld.%inTheWallStreetJournalquotationiscalculatedasfollows:
a. (dividends/hi)
b. (dividends/lo)
C. (dividends/close)
d. Noneoftheabove
14. (p. 100) Thevalueofacommonstocktodaydependson:
a. Numberofsharesoutstandingandthenumberofshareholders
B. Theexpectedfuturedividendsandthediscountrate
c. TheWallStreetanalysts
d. Presentvalueofthefutureearningspershare
21. (p. 102) Theexpectedrateofreturnorthecostofequitycapitalisestimatedasfollows:
a. Dividendyield-expectedrateofgrowthindividends
B. Dividendyield+expectedrateofgrowthindividends
c. Dividendyield/expectedrateofgrowthindividends
d. (Dividendyield)*(expectedrateofgrowthindividends)
32. (p. 108) Thegrowthrateindividendsisafunctionoftworatios.Theyare:
a. ROAandROE
b. Dividendyieldandgrowthrateindividends
C. ROEandtheRetentionRatio
d. BookvaluepershareandEPS
35. (p. 109) Generallyhighgrowthstockspay:
A. Lowornodividends
b. Highdividends
c. Erraticdividends
d. BothAandC
48. (p. 99) Theonlypayofftotheownersofcommonstocksisintheformcashdividends.
FALSE
49. (p. 102) Theconstantgrowthformulaforstockvaluationdoesnotworkforfirmswithnegativegrowth(declining)ratesindividends.
FALSE
Ch5
1. (p. 121) Whichofthefollowinginvestmentrulesdoesnotusethetimevalueofthemoneyconcept?
a. Netpresentvalue
b. Internalrateofreturn
C. Thepaybackperiod
d. Alloftheaboveusethetimevalueconcept
3. (p. 121) Thefollowingaremeasuresusedbyfirmswhenmakingcapitalbudgetingdecisionsexcept:
a. Paybackperiod
b. Internalrateofreturn
C. P/Eratio
d. Netpresentvalue
9. (p. 124) YouaregivenajobtomakeadecisiononprojectX,whichiscomposedofthreeindependentprojectsA,B,andCwhichhaveNPVsof+$70,-$40and+$100,respectively.Howwouldyougoaboutmakingthedecisionaboutwhethertoacceptorrejecttheproject?
a. Acceptthefirm'sjointprojectasithasapositiveNPV
b. Rejectthejointproject
C. Breakuptheprojectintoitscomponents:
acceptAandCandrejectB
d. Noneoftheabove
11. (p. 124) Thenetpresentvalueofaprojectdependsupon:
a. Company'schoiceofaccountingmethod
b. Manager'stastesandpreferences
C. Project'scashflowsandopportunitycostofcapital
d. Alloftheabove
13. (p. 126) Thepaybackperiodrule:
a. Variesthecut-offpointwiththeinterestrate
b. Determinesacut-offpointsothatallprojectsacceptedbytheNPVrulewillbeacceptedbythepaybackperiodrule
C. Requiresanarbitrarychoiceofacut-offpoint
d. BothAandC
28. (p. 129) ThefollowingaresomeoftheshortcomingsoftheIRRmethodexcept:
A. IRRisconceptuallyeasytocommunicate
b. ProjectscanhavemultipleIRRs
c. IRRmethodcannotdistinguishbetweenaborrowingprojectandalendingproject
d. ItisverycumbersometoevaluatemutuallyexclusiveprojectsusingtheIRRmethod
Ch6
1. (p. 148) Importantpointstorememberwhileestimatingcashflowsofprojectsare:
I)OnlycashflowisrelevantII)AlwaysestimatecashflowsonanincrementalbasisIII)Beconsistentinthetreatmentofinflation
a. Ionly
b. IandIIonly
c. IIandIIIonly
D. I,II,andIII
3. (p. 149) Whenafirmhastheopportunitytoaddaprojectthatwillutilizeexcessfactorycapacity(thatiscurrentlynotbeingused),whichcostsshouldbeusedtodetermineiftheaddedprojectshouldbeundertaken?
a. Opportunitycost
b. Sunkcost
C. Incrementalcosts
d. Noneoftheabove
4. (p. 149) Areductioninthesalesofexistingproductscausedbytheintroductionofanewproductisanexampleof:
A. Incidentaleffects
b. Opportunitycost
c. Sunkcost
d. Noneoftheabove
7. (p. 150) NetWorkingCapitalisthe:
I)Short-termassetsII)ShorttermliabilitiesIII)Long-termassetsIV)Longtermliabilities
a. Ionly
B. (I-II)
c. (III-I)
d. (III-IV)
11. (p. 150) Forexample,incaseofanelectriccarproject,thefollowingcashflowsshouldbetreatedasincrementalflowswhendecidingwhethertogoaheadwiththeprojectexcept:
a. Theconsequentreductioninsalesofthecompany'sexistinggasolinemodels(i.e.:
incidentaleffects)
B. Interestpaymentondebt
c. Thevalueoftoolsthatcanbetransferredfromthecompany'sexistingplants
d. Theexpenditureonnewplantsandequipment
13. (p. 150) Thevalueofapreviouslypurchasedmachinetobeusedbyaproposedprojectisanexampleof:
a. Sunkcost
B. Opportunitycost
c. Fixedcost
d. Noneoftheabove
Ch7
1. (p. 181) Whichofthefollowingportfolioshavetheleastrisk?
A. AportfolioofTreasurybills
b. Aportfoliooflong-termUnitedStates
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