課程名稱︰財務管理
課程性質︰國企所必修
課程教師︰郭震坤
開課學院：管理學院
開課系所︰國際企業學系
考試日期（年月日）︰2016/11/8
考試時限（分鐘）：9:10~12:10(老師說兩小時就可寫完)
試題 :
一、選擇題及簡答題(30%)
1.(a) Please write down two names in your group, not including yours.
(b) Guess which member in your group may obtain the group's highest test
score.
2. A stakeholder is:
a. any person or entity that owns shares of stock of a corporation.
b. any person or entity that has voting rights based on stock ownership of
a corporation.
c. a person who initially started a firm and currently has management control
over the cash flows of the firm due to his/her current ownership of
company stock.
d. a creditor to whom the firm currently owes money and who consequently has
a claim on the cash flows of the firm.
e. any person of entity other than a stockholder or creditor who potentially
has a claim on the cash flows of the firm.
3. Which one of the following actions by a financila manager creates an agency
problem?
a. refusing to borrow money when doing so will create losses for the firm
b. refusing to lower selling prices if doing so will reduce the net profits
c. agreeing to expand the company at the expense of stockholders' value
d. agreeing to pay bonuses based on the market value of the company stock
e. increasing current costs in order to increase the market value of the
stockholders' equity
4. If you have a choice to earn simple interest on $10,000 for three years at
8% or annually compound 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.
5. Ratios that measure a firm's financial leverage are known as _____ ratios.
a. asset management
b. long-term solvency
c. short-term solvency
d. profitability
e. market value
6. A $25 investment produces $27.50 at the end of the year with no risk. Which
of the following is true?
A) NPV is positive if the interest rate is less than 10%.
B) NPV is negative if the interest rate is less than 10%.
C) NPV is zero if the interest rate is equal to 10%.
D) Both A and C.
7. Given that the net present value (NPV) is generally considered to be the
best method of analysis, why should you still use the other methods?
a. The other methods help validate whether or not the results from the net
present value analysis are reliable.
b. You need to use the other methods since conventional practice dictates
that you only accept projects after you have generated three accept
indicators.
c. You need to use other methods because the net present value method is
unreliable when aproject has unconventional cash flows.
d. The avereage accounting return must always indicate acceptance since this
is the best method from a financial perspective.
e. The discounted payback method must always be computed to determine if a
project returns a positive cash slow since NPV does not measure this
aspect of a project.
8. Analysis using the profitability index:
a. frequently conflicts with the accept and reject decisions generated by the
application of the net present value rule.
b. is useful as a decision tool when investment funds are limited.
c. is useful when trying to determine which one of two mutually exclusive
projects should be accepted.
d. utilizes the same basic variables as those used in the average accounting
return.
e. produces results which typically are difficult to comprehend or apply.
9. Which of the following are examples of erosion?
I. the loss of sales due to increased competition in the product market
II. the loss of sales because your chief competitor just opened a store
across the street from your store
III.the loss of sales due to a new product which you recently introduced
IV. the loss of sales due to a new product recently introduced by your
competitor
a. III only
b. III and IV only
c. I, III and IV only
d. II and IV only
e. I, II, III, and IV
10.Which of the following are capital budgeting decisions?
I. determining whether to sell bonds or issue stock
II. deciding which product markets to enter
III.deciding whether or not to purchase a new piece of equipment
IV. determining which, if any, new products should be produced
a. I only
b. III only
c. II and IV only
d. I, III, and IV only
e. II, III, and IV only
選擇題答案：ecBbDabae
二、計算題及簡答題(70%)
1. Thornley Machines is considering a 3-year project with an initial cost of
$618,000. The project will not directly produce any sales but will reduce
operating costs by $265,000 a year. The equipment is depreciated straight
-line to a zero book value over the life of the project. At the end of the
project the equipment will be sold for an estimated $60,000. The tax rate
is 34 percent. The project will require $23,000 in extra inventory for spare
parts and accessorites. Should this project be implemented if Thornley's
requires a 9 percent rate of return? Why or why not?
NPV=$27,354>0, so this project should be implemented.
2. Tool Makers, Inc. uses tool and die machines to produce equipment for other
firms. The initial cost of one customized tool and die machine is $850,000.
This machine costs $10,000 a year to operate. Each machine has a life of 3
years before it is replaced. What is the eqivalent annual cost of this
machine if the required retrun is 9 percent? (Round your answer to whole
dollars)
$345,797
3. Jackson Central has a 6-year, 8 percent annual coupon bond with a $1,000 par
value. Earls Enterprises has a 12-year, 8 percent annual coupon bond with a
$1,000 par value. Both bonds currently have a yield to maturity of 6
percent. Compute their percentage changes in value if the market yield
increases to 7 percent?
-4.61%;-7.56%
4. Suppose you have a 10% coupon bond, with semi-annual coupons, face value of
$1,000, 20 years to maturity, and $1197.93 price.
(a) Compute the current yield.
Also, assuming no change in YTM, the price in one year becomes $1,193.68.
(b) What is the capital gain yield?
(c) What is the YTM?
(a) 8.35% (b) -0.35% (c) 8%
5. If you evaluate a 3-year project with initial investment of $200. The cash
flows are $50, $100, and $150 respectively.
(a) Please compute the IRR.
(b) Under what situation you may have multiple IRRs?
(c) When you try to compare mutually exclusive projects, what is the scale
problem concerning IRR criterion? and
(d) the timing problem?
(a) 19.44%