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复旦大学管理学院
2015～2016学年第二学期期中考试试卷
□A卷
课程名称：__财务管理 _________ 课程代码：__969.003.1.01___ 开课院系：__管理学院会计系_________考试形式：______开卷_______
姓 名： 学 号： 专 业： 题 号 得 分 1 2 3 4 5 6 7 8 9 10 总 分
选择题 1 11 2 12 3 13 4 14 5 15 6 16 7 17 8 18 9 19 10 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 判断题 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 一、选择题（每题1.5分，共75分）
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1. Consider a bond with a face value of $1,000, a coupon rate of 6%, a yield to maturity of
8%, and ten years to maturity. This bond's duration is: A. 8.7 years B. 7.6 years C. 0.1 years D. 6.5 years 2. A bond with a face value of $1,000, coupon rate of 0%, yield to maturity of 9%, and ten
years to maturity. This bond's duration is: A. 6.7 years B. 7.5 years C. 9.6 years D. 10.0 years 3. A bond with duration of 10 years has yield to maturity of 10%. This bond's volatility is:
A. 9.09% B. 6.8% C. 14.6% D. 6.0% 4. If a bond's volatility is 10% and the interest rate goes down by 0.75% (points) then the
price of the bond: A. decreases by 10% B. decreases by 7.5% C. increases by 7.5% D. increases by 0.75% 5. Volatility of a bond is given by:
I) Duration/ (1 + yield)
II) Slope of the curve relating the bond price to the interest rate III) Yield to maturity A. I only B. II only C. III only D. I and II only 6. The value of a common stock today depends on:
A. Number of shares outstanding and the number of shareholders B. The expected future dividends and the discount rate C. The Wall Street analysts
D. Present value of the future earnings per share
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7. Deluxe Company expects to pay a dividend of $2 per share at the end of year-1, $3 per
share at the end of year-2 and then be sold for $32 per share. If the required rate on the stock is 15%, what is the current value of the stock? A. $28.20 B. $32.17 C. $32.00
D. None of the given answers 8. Casino Inc. is expected to pay a dividend of $3 per share at the end of year-1 (D1) and
these dividends are expected to grow at a constant rate of 6% per year forever. If the required rate of return on the stock is 18%, what is current value of the stock today? A. $25 B. $50 C. $100 D. $54 9. R&D Technology Corporation has just paid a dividend of $0.50 per share. The dividends
are expected to grow at 24% per year for the next two years and at 8% per year thereafter. If the required rate of return in the stock is 16% (APR), calculate the current value of the stock. A. $1.11 B. $7.71 C. $8.82
D. None of the above 10. Which of the following formulas regarding earnings to price ratio is true:
A. EPS/Po = r[1 + (PVGO/Po] B. EPS/Po = r[1 - (PVGO/Po)] C. EPS/Po = [r + (PVGO/Po)]
D. EPS/Po = [r + (1 + (PVGO/Po)]/r
11. Which of the following investment rules does not use the time value of the money
concept?
A. Net present value B. Internal rate of return C. The payback period
D. All of the above use the time value concept 12. The net present value of a project depends upon:
A. company's choice of accounting method B. manager's tastes and preferences
C. project's cash flows and opportunity cost of capital D. all of the above
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13. The payback period rule:
A. Varies the cut-off point with the interest rate.
B. Determines a cut-off point so that all projects accepted by the NPV rule will be accepted by the payback period rule.
C. Requires an arbitrary choice of a cut-off point. D. Both A and C. 14. Given the following cash flows for project A: C0 = -1000, C1 = +600 ,C2 = +400, and C3 =
+1500, calculate the payback period. A. One year B. Two years C. Three years
D. None of the above 15. Given the following cash flows for project Z: C0 = -1,000, C1 = 600, C2 = 720 and C3 =
2000, calculate the discounted payback period for the project at a discount rate of 20%. A. 1 year B. 2 years C. 3 years
D. None of the above 16. Given the following cash flows for Project M: C0 = -1,000, C1 = +200, C2 = +700, C3 =
+698, calculate the IRR for the project. A. 23% B. 21% C. 19%
D. None of the above 17. Driscoll Company is considering investing in a new project. The project will need an
initial investment of $2,400,000 and will generate $1,200,000 (after-tax) cash flows for three years. Calculate the IRR for the project. A. 14.5% B. 18.6% C. 20.2% D. 23.4% 18. Which portfolio has had the highest average risk premium during the period 1900-2006?
A. Common stocks B. Government bonds C. Treasury bills
D. None of the given answers
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19. Which of the following provides a correct measure of the opportunity cost of capital
regardless of the timing of the cash flows? A. Arithmetic average B. Geometric average C. Hyperbolic mean D. None of the above 20. Market risk is also called:
I) systematic risk, II) undiversifiable risk, III) firm specific risk. A. I only B. II only C. III only D. I and II only 21. As the number of stocks in a portfolio is increased:
A. Unique risk decreases and approaches to zero B. Market risk decreases
C. Unique risk decreases and becomes equal to market risk D. Total risk approaches to zero
22. Stock M and Stock N have had the following returns for the past three years of -12%, 10%,
32%; and 15%, 6%, 24% respectively. Calculate the covariance between the two securities. A. -99 B. +99 C. +250
D. None of the above 23. The range of values that correlation coefficients can take can be:
A. zero to +1 B. -1 to +1
C. - infinity to +infinity D. zero to + infinity
24. In the case of a portfolio of N-stocks, the formula for portfolio variance contains:
A. N variance terms
B. N(N - 1)/2 variance terms C. N2 variance terms D. None of the above 25. The \
A. Unique risk B. Total risk C. Market risk
D. None of the above
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