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罗斯公司理财Chap004全英文题库及答案

罗斯公司理财Chap004全英文题库及答案
罗斯公司理财Chap004全英文题库及答案

Chapter 04 Discounted Cash Flow Valuation Answer Key

Multiple Choice Questions

1. An annuity stream 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 forever.

E. arbitrary cash flows occurring each time period for no more than 10 years.

Difficulty level: Easy

Topic: ANNUITY

Type: DEFINITIONS

2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period.

A. ordinary annuities; early annuities

B. late annuities; straight annuities

C. straight annuities; late annuities

D. annuities due; ordinary annuities

E. ordinary annuities; annuities due

Difficulty level: Easy

Topic: ANNUITIES DUE

Type: DEFINITIONS

3. An annuity stream where the payments occur forever is called a(n):

A. annuity due.

B. indemnity.

C. perpetuity.

D. amortized cash flow stream.

E. amortization table.

Difficulty level: Easy

Topic: PERPETUITY

Type: DEFINITIONS

4. The interest rate expressed in terms of the interest payment made each period is called the _____ rate.

A. stated annual interest

B. compound annual interest

C. effective annual interest

D. periodic interest

E. daily interest

Difficulty level: Easy

Topic: STATED INTEREST RATES

Type: DEFINITIONS

5. The interest rate expressed as if it were compounded once per year is called the _____ rate.

A. stated interest

B. compound interest

C. effective annual

D. periodic interest

E. daily interest

Difficulty level: Easy

Topic: EFFECTIVE ANNUAL RATE

Type: DEFINITIONS

6. The interest rate charged per period multiplied by the number of periods per year is called the _____ rate.

A. effective annual

B. annual percentage

C. periodic interest

D. compound interest

E. daily interest

Difficulty level: Easy

Topic: ANNUAL PERCENTAGE RATE

Type: DEFINITIONS

7. Paying off long-term debt by making installment payments is called:

A. foreclosing on the debt.

B. amortizing the debt.

C. funding the debt.

D. calling the debt.

E. None of the above.

Difficulty level: Easy

Topic: AMORTIZATION

Type: DEFINITIONS

8. You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of each month while annuity B pays on the last day of each month. Which one of the following statements is correct concerning these two annuities?

A. Both annuities are of equal value today.

B. Annuity B is an annuity due.

C. Annuity A has a higher future value than annuity B.

D. Annuity B has a higher present value than annuity A.

E. Both annuities have the same future value as of ten years from today.

Difficulty level: Medium

Topic: ORDINARY ANNUITY VERSUS ANNUITY DUE

Type: CONCEPTS

9. You are comparing two investment options. The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each. Option B pays five annual payments of $4,000 each. Which one of the following statements is correct given these two investment options?

A. Both options are of equal value given that they both provide $20,000 of income.

B. Option A is the better choice of the two given any positive rate of return.

C. Option B has a higher present value than option A given a positive rate of return.

D. Option B has a lower future value at year 5 than option A given a zero rate of return.

E. Option A is preferable because it is an annuity due.

Difficulty level: Medium

Topic: UNEVEN CASH FLOWS AND PRESENT VALUE

Type: CONCEPTS

10. You are considering two projects with the following cash flows:

Which of the following statements are true concerning these two projects?

I. Both projects have the same future value at the end of year 4, given a positive rate of return. II. Both projects have the same future value given a zero rate of return.

III. Both projects have the same future value at any point in time, given a positive rate of return. IV. Project A has a higher future value than project B, given a positive rate of return.

A. II only

B. IV only

C. I and III only

D. II and IV only

E. I, II, and III only

Difficulty level: Medium

Topic: UNEVEN CASH FLOWS AND FUTURE VALUE

Type: CONCEPTS

11. A perpetuity differs from an annuity because:

A. perpetuity payments vary with the rate of inflation.

B. perpetuity payments vary with the market rate of interest.

C. perpetuity payments are variable while annuity payments are constant.

D. perpetuity payments never cease.

E. annuity payments never cease.

Difficulty level: Easy

Topic: PERPETUITY VERSUS ANNUITY

Type: CONCEPTS

12. Which one of the following statements concerning the annual percentage rate is correct?

A. The annual percentage rate considers interest on interest.

B. The rate of interest you actually pay on a loan is called the annual percentage rate.

C. The effective annual rate is lower than the annual percentage rate when an interest rate is compounded quarterly.

D. When firms advertise the annual percentage rate they are violating U.S. truth-in-lending laws.

E. The annual percentage rate equals the effective annual rate when the rate on an account is designated as simple interest.

Difficulty level: Medium

Topic: ANNUAL PERCENTAGE RATE

Type: CONCEPTS

13. Which one of the following statements concerning interest rates is correct?

A. The stated rate is the same as the effective annual rate.

B. An effective annual rate is the rate that applies if interest were charged annually.

C. The annual percentage rate increases as the number of compounding periods per year increases.

D. Banks prefer more frequent compounding on their savings accounts.

E. For any positive rate of interest, the effective annual rate will always exceed the annual percentage rate.

Difficulty level: Medium

Topic: INTEREST RATES

Type: CONCEPTS

14. Which of the following statements concerning the effective annual rate are correct?

I. When making financial decisions, you should compare effective annual rates rather than annual percentage rates.

II. The more frequently interest is compounded, the higher the effective annual rate.

III. A quoted rate of 6% compounded continuously has a higher effective annual rate than if the rate were compounded daily.

IV. When borrowing and choosing which loan to accept, you should select the offer with the highest effective annual rate.

A. I and II only

B. I and IV only

C. I, II, and III only

D. II, III, and IV only

E. I, II, III, and IV

Difficulty level: Medium

Topic: EFFECTIVE ANNUAL RATE

Type: CONCEPTS

15. The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as:

A. .09e - 1.

B. e.09 ? q.

C. e ? (1 + .09).

D. e.09 - 1.

E. (1 + .09)q.

Difficulty level: Medium

Topic: CONTINUOUS COMPOUNDING

Type: CONCEPTS

16. The time value of money concept can be defined as:

A. the relationship between the supply and demand of money.

B. the relationship between money spent versus money received.

C. the relationship between a dollar to be received in the future and a dollar today.

D. the relationship between interest rate stated and amount paid.

E. None of the above.

Difficulty level: Easy

Topic: TIME VALUE

Type: CONCEPTS

17. Discounting cash flows involves:

A. discounting only those cash flows that occur at least 10 years in the future.

B. estimating only the cash flows that occur in the first 4 years of a project.

C. multiplying expected future cash flows by the cost of capital.

D. discounting all expected future cash flows to reflect the time value of money.

E. taking the cash discount offered on trade merchandise.

Difficulty level: Easy

Topic: CASH FLOWS

Type: CONCEPTS

18. Compound interest:

A. allows for the reinvestment of interest payments.

B. does not allow for the reinvestment of interest payments.

C. is the same as simple interest.

D. provides a value that is less than simple interest.

E. Both A and D.

Difficulty level: Easy

Topic: INTEREST

Type: CONCEPTS

19. An annuity:

A. is a debt instrument that pays no interest.

B. is a stream of payments that varies with current market interest rates.

C. is a level stream of equal payments through time.

D. has no value.

E. None of the above.

Difficulty level: Easy

Topic: ANNUITY

Type: CONCEPTS

20. The stated rate of interest is 10%. Which form of compounding will give the highest effective rate of interest?

A. annual compounding

B. monthly compounding

C. daily compounding

D. continuous compounding

E. It is impossible to tell without knowing the term of the loan.

Difficulty level: Easy

Topic: COMPOUNDING

Type: CONCEPTS

21. The present value of future cash flows minus initial cost is called:

A. the future value of the project.

B. the net present value of the project.

C. the equivalent sum of the investment.

D. the initial investment risk equivalent value.

E. None of the above.

Difficulty level: Easy

Topic: PRESENT VALUE

Type: CONCEPTS

22. Find the present value of $5,325 to be received in one period if the rate is 6.5%.

A. $5,000.00

B. $5,023.58

C. $5,644.50

D. $5,671.13

E. None of the above.

Difficulty level: Easy

Topic: PRESENT VALUE - SINGLE SUM

Type: PROBLEMS

23. If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much?

A. Simple interest by $50.00

B. Compound interest by $22.97

C. Compound interest by $150.75

D. Compound interest by $150.00

E. None of the above.

Simple Interest = $10,000 (.08)(3) = $2,400;

Compound Interest = $10,000((1.075)3 - 1) = $2,422.97;

Difference = $2,422.97 - $2,400 = $22.97

Difficulty level: Easy

Topic: SIMPLE & COMPOUND INTEREST

Type: PROBLEMS

24. Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?

A. $1,960.00

B. $2,175.57

C. $8,960.00

D. $8,837.34

E. $9,175.57

$7,000 (1.06)4 = $8,837.34

Difficulty level: Easy

Topic: FUTURE VALUE - SINGLE SUM

Type: PROBLEMS

25. Your parents are giving you $100 a month for four years while you are in college. At a 6% discount rate, what are these payments worth to you when you first start college?

A. $3,797.40

B. $4,167.09

C. $4,198.79

D. $4,258.03

E. $4,279.32

Difficulty level: Easy

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

26. You just won the lottery! As your prize you will receive $1,200 a month for 100 months. If you can earn 8% on your money, what is this prize worth to you today?

A. $87,003.69

B. $87,380.23

C. $87,962.77

D. $88,104.26

E. $90,723.76

Difficulty level: Easy

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

27. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9%, how much can Todd afford to borrow to buy a car?

A. $6,961.36

B. $8,499.13

C. $8,533.84

D. $8,686.82

E. $9,588.05

Difficulty level: Easy

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

28. You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for ten years. You can earn 6.5% on your money. Which option should you take and why?

A. You should accept the payments because they are worth $56,451.91 today.

B. You should accept the payments because they are worth $56,523.74 today.

C. You should accept the payments because they are worth $56,737.08 today.

D. You should accept the $50,000 because the payments are only worth $47,757.69 today.

E. You should accept the $50,000 because the payments are only worth $47,808.17 today.

Difficulty level: Medium

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

29. Your employer contributes $25 a week to your retirement plan. Assume that you work for your employer for another twenty years and that the applicable discount rate is 5%. Given these assumptions, what is this employee benefit worth to you today?

A. $13,144.43

B. $15,920.55

C. $16,430.54

D. $16,446.34

E. $16,519.02

Difficulty level: Medium

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

30. You have a sub-contracting job with a local manufacturing firm. Your agreement calls for annual payments of $50,000 for the next five years. At a discount rate of 12%, what is this job worth to you today?

A. $180,238.81

B. $201,867.47

C. $210,618.19

D. $223,162.58

E. $224,267.10

Difficulty level: Medium

Topic: ORDINARY ANNUITY AND PRESENT VALUE

Type: PROBLEMS

31. The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.25% interest compounded monthly. It deposits the first $1,500 today. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?

A. $82,964.59

B. $83,189.29

C. $83,428.87

D. $83,687.23

E. $84,998.01

Difficulty level: Medium

Topic: ANNUITY DUE AND PRESENT VALUE

Type: PROBLEMS

32. You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much money are you borrowing?

A. $113.94

B. $115.65

C. $119.34

D. $119.63

E. $119.96

Difficulty level: Medium

Topic: ANNUITY DUE AND PRESENT VALUE

Type: PROBLEMS

33. You buy an annuity which will pay you $12,000 a year for ten years. The payments are paid on the first day of each year. What is the value of this annuity today at a 7% discount rate?

A. $84,282.98

B. $87,138.04

C. $90,182.79

D. $96,191.91

E. $116,916.21

Difficulty level: Medium

Topic: ANNUITY DUE AND PRESENT VALUE

Type: PROBLEMS

34. You are scheduled to receive annual payments of $10,000 for each of the next 25 years. Your discount rate is 8.5%. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?

A. $8,699

B. $9,217

C. $9,706

D. $10,000

E. $10,850

Difference = $111,040.97 - $102,341.91 = $8,699.06 = $8,699 (rounded)

Note: The difference = .085 $102,341.91 = $8,699.06

Difficulty level: Medium

Topic: ORDINARY ANNUITY VERSUS ANNUITY DUE

Type: PROBLEMS

35. You are comparing two annuities with equal present values. The applicable discount rate is 7.5%. One annuity pays $5,000 on the first day of each year for twenty years. How much does the second annuity pay each year for twenty years if it pays at the end of each year?

A. $4,651

B. $5,075

C. $5,000

D. $5,375

E. $5,405

Because each payment is received one year later, then the cash flow has to equal: $5,000 (1 + .075) = $5,375

Difficulty level: Medium

Topic: ORDINARY ANNUITY VERSUS ANNUITY DUE

Type: PROBLEMS

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法,按无风险利率对现金流量折现,可以准确评价无风险现金流量。然而,现实中的绝大多数未来现金流是有风险的,这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM(或套利模型APT)来计算。如果某无负债企业要评价一个有风险项目,可以运用证券市场线SML来确定项目所要求的收益率r s,r s也称为权益资本成本。 当企业既有债务融资又有权益融资时,所用的折现率应是项目的综合资本成本,即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则:企业多余的现金,可以立即派发股利,投资者收到股利自己进行投资,也可以用于投资项目产生未来的现金流发放股利。从股东利益出发,股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时,项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1.权益资本成本 从企业的角度来看,权益资本成本就是其期望收益率,若用CAPM模型,股票的期望收益率为:

其中,R F是无风险利率,是市场组合的期望收益率与无风险利率之差,也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本,需要知道以下三个变量:①无风险利率;②市场风险溢价; ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设:①新项目的贝塔风险与企业风险相同;②企业无债务融资。 2.贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计: 估算贝塔值可能存在以下问题:①贝塔可能随时间的推移而发生变化;②样本容量可能太小;③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题:①第1个和第2个问题可通过采用更加复杂的统计技术加以解决;②根据财务风险和经营风险的变化对贝塔作相应的调整,有助于解决第3个问题;③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法,也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说,可以遵循下列原则:如果认为企业的经营与所在行业其他企业的经营十分类似,用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别,则应选择企业的贝塔。 3.贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素:收入的周期性、经营杠杆和财务杠杆。

公司理财(英文版)题库2说课讲解

公司理财(英文版)题 库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.

公司理财(英文版)题库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.

罗斯公司理财题库全集

Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS

罗斯公司理财Chap004全英文题库及答案

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2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS

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公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]

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