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‫ﮔﺮوه اﻟﻒ‬
1392-93 ‫دوم ﺳﺎل ﺗﺤﺼﯿﻠﯽ‬:‫ﺗﺮم‬
‫ واﺣﺪ ﮐﺎﺷﺎن‬-‫داﻧﺸﮕﺎه آزاد اﺳﻼﻣﯽ‬
1393,4,7 ‫ﺗﺎرﯾﺦ‬-‫ دﻗﯿﻘﻪ‬75 : ‫زﻣﺎن‬
‫ ﺗﺼﻤﯿﻢ ﮔﯿﺮي درﻣﺴﺎﺋﻞ ﻣﺎﻟﯽ‬: ‫آزﻣﻮن درس‬
‫ دﮐﺘﺮﻣﺤﻤﺪ ﺳﯿﺮاﻧﯽ‬: ‫اﺳﺘﺎد‬
:‫ﻧﺎم وﻧﺎم ﺧﺎﻧﻮادﮔﯽ‬
‫ﺑﻬﻤﺮاه داﺷﺘﻦ ﻣﺎﺷﯿﻦ ﺣﺴﺎب ﻣﺠﺎزاﺳﺖ‬
:‫ﺷﻤﺎره داﻧﺸﺠﻮﯾﯽ‬
Choose the correct answer (one third score per each correct answer)
1. With regard to net present value (NPV) profiles, the point at which a
profile crosses the horizontal axis is best described as:
A. The point at which two projects have the same NPY.
B. The sum of the undiscounted cash flows from a project.
C. A project's internal rate of return when the project's NPV is equal to
zero.
2. Shirley Shea has evaluated an investment proposal and found that its
payback period is one year, it has a negative NPY, and it has a
positive IRR. Is this combination of results possible?
A. Yes.
B. No, because a project with a positive IRR has a positive NPY.
C. No, because a project with such a rapid payback period has a positive
NPV.
3. An investment of $20,000 will create a perpetual after-tax cash flow of
$2,000. The required rate of return is 8 percent. What is the
investment's profitability index?
A. 1.08.
B. 1.16.
C. 1.25.
4. Erin Chou is reviewing a profitable investment project that has a
conventional cash flow pattern. If the cash flows for the project,
initial outlay, and future after-tax cash flows all double, Chou would
predict that the IRR would:
A. Increase and the NPV would increase.
B. Stay the same and the NPV would increase.
C. Stay the same and the NPV would stay the same.
5. The cost of debt can be determined using the yield-to-maturity and
the bond rating approaches. If the bond rating approach is used,
the:
A. Coupon is the yield.
B. Yield is based on the interest coverage ratio.
C. Company is rated and the rating can be used to assess the credit
default spread of the company's debt.
١
‫ﮔﺮوه اﻟﻒ‬
6. A financial analyst at Bucks Ltd. wants to compute the company's
weighted average cost of capital (WACC) using the dividend
discount model. The analyst has gathered the following data:
Before-tax cost of new debt
Tax rate
Target debt-to-equity ratio
Stock price
Next year's dividend
Estimated growth rate
Buck’s WACC is closest to:
8 percent
40 percent
0.8033
$30
$1.5
7 percent
A. 8 percent.
B. 9 percent.
C. 12 percent.
7. The cost of equity is equal to the :
A. Expected market return.
B. Rate of return required by stockholders .
C. Cost of retained earnings plus dividends.
8. Using the dividend discount model, what is the cost of equity capital
for Zeller Mining if the company will pay a dividend of C$2.30 next
year, has a payout ratio of 30 percent, a return on equity (ROE) of 15
percent, and a stock price of C$45 ?
A. 9.61 percent .
B. 10.50 percent .
C. 15.61 percent.
9. A company has 1 million shares outstanding and earnings are £2
million. The company decides to use £ 10 million in idle cash to
repurchase shares in the open market. The company's shares are
trading at £50 per share. If the company uses the entire £ 10 millions
of idle cash to repurchase shares at the market price, the company's
earnings per share will be closest to:
A. £2.00.
B. £2.30
C. £2.50
10. Degree of operating leverage is best described as a measure of the
sensitivity of:
A. Net earnings to changes in sales.
B. Fixed operating costs to changes in variable costs.
C. Operating earnings to changes in the number of units produced and
sold.
٢
‫ﮔﺮوه اﻟﻒ‬
11. The business risk of a particular company is most accurately
measured by the company's:
A. Debt-to-equity ratio.
B. Efficiency in using assets to generate sales.
C. Operating leverage and level of uncertainty about demand, output prices,
and competition.
12. The payment of a 10 percent stock dividend by a company will result
in an increase in that company's:
A. Current ratio.
B. Financial leverage
C. Contributed capital
13. If a company's common shares trade at relatively very low prices.
that company would be most likely to consider the use of a:
A. Stock split.
B. Stock dividend.
C. Reverse stock split.
14. All other things being equal. the payment of an internally financed
cash dividend is most likely to result in:
A. A lower current ratio. .
B. A higher current ratio.
C. The same current ratio.
15. Cumulative voting is best described as:
A. A mechanism for suppressing hostile takeovers.
B. A means of offsetting the negative consequences of super-voting rights
shares.
C. Enhancing the likelihood that shareowners' interests are represented on
the Board.
16. Which of the following is least consistent with good corporate
governance?
A. Allowing shareowners the right to vote their shares by proxy.
B. Ensuring that a majority of the members of the audit committee are independent members of the Board.
C. Requiring a supermajority to pass shareowner resolutions and a simple
majority to pass Board- or management-sponsored initiatives.
٣
‫ﮔﺮوه اﻟﻒ‬
17. Regarding corporate governance, for which of the following areas of
responsibility is a board committee least likely to be created?
A. Ethics.
B. Nominations to the Board.
C. Compensation of executive management.
18. Regarding corporate governance, which of the following is least
likely to be part of a strong code of ethics? Provisions prohibiting
the :
A. Company from using stock incentive options as a form of executive
compensation .
B. Use of Company airplanes for the personal benefit of Board Members,
management, or their family members .
C. Company from offering shares at discounted prices to management,
Board Members, and other insiders prior to a public offering of securities.
19. Suppose a company has a current ratio of 2.5 times and a quick ratio
of 1.5 times. If the company's current liabilities are €100 million. the
amount of inventory is closest to :
A. €50 million .
B. €l00 million .
C. €150 million.
20. Given the following financial statement data, calculate the net
operating cycle for this company.
In Millions ($)
40,000
30,000
3,000
1,500
2,000
4,000
Credit sales
Cost of goods sold
Accounts receivable
Inventory-Beginning balance
Inventory-Ending balance
Accounts payable
The net operating cycle of this company is closest to:
A. 3.8 days.
B. 24.3 days.
C. 51.7 days.
۴
‫ﮔﺮوه اﻟﻒ‬
21. A company increasing its credit terms for customers from 1/10, net
30 to 1/10, net 60 will most likely experience:
A. An increase in cash on hand.
B. A higher level of uncollectible accounts.
C. An increase in the average collection period.
22. Investors should use a portfolio approach to:
A. Reduce risk.
B. Monitor risk.
C. eliminate risk
23. Which of the following is the best reason for an investor to be
concerned with the composition of a portfolio?
A. Risk reduction.
B. Downside risk protection.
C. Avoidance of investment disasters.
24. With respect to the formation of portfolios, which of the following
statements is most accurate?
A. Portfolios affect risk less than returns.
B. Portfolios affect risk more than returns.
C. Portfolios affect risk and returns equally.
25. Which of the following institutional investors will most likely have the
longest time horizon
A. Defined benefit plan .
B. University endowment .
C. Life insurance Company.
26. A defined benefit plan with a large number of retirees is likely to have
a high need for :
A. Income.
B. Liquidity.
C. Insurance.
27. which respect to the portfolio management process, the asset
allocation is determined in the :
A. Planning step .
B. Feedback step .
C. Execution step.
۵
‫ﮔﺮوه اﻟﻒ‬
28. Which of the following investment products is most likely to trade at
their net asset value per share ?
A. Exchange traded funds .
B. Open-end mutual funds .
C. Closed-end mutual funds.
29. Which of the following forms of pooled investments is subject to the
least amount of regulation?
A. Hedge funds.
B. Exchange traded funds.
C. Closed-end mutual funds.
30. Which of the following performance measures is consistent with the
CAPM?
A. M-squared.
B. Sharpe ratio.
C. Jensen's alpha.
31. Which of the following return calculating methods is best for
evaluating the annualized returns of a buy-and-hold strategy of
an investor who has made annual deposits to an account for
each of the last five years?
A. Geometric mean return.
B. Arithmetic mean return.
C. Money-weighted return.
32. With respect to capital market theory, which of the following asset
characteristics is least likely to impact the variance of an investor's
equally weighted portfolio?
A. Return on the asset.
B. Standard deviation of the asset.
C. Covariance of the asset with the other assets in the portfolio.
33. A portfolio manager creates the following portfolio:
Security
1
2
Security Weight (%)
30
70
Expected
Standard Deviation (%)
20
12
If the correlation of returns between the two securities is 0.40, the
expected standard deviation of the portfolio is closest to:
A. 10.7%.
B. 11.3%.
C. 12.1%.
۶
‫ﮔﺮوه اﻟﻒ‬
34. Which of the following statements is least accurate? The efficient
frontier is the set of all attainable risky assets with the:
A. Highest expected return for a given level of risk.
B. Lowest amount of risk for a given level of return.
C. Highest expected return relative to the risk-free rate.
35. The set of portfolios 'on the minimum-variance frontier that
dominates all sets of portfolios below the global minimum-variance
portfolio is the:
A. Capital allocation line.
B. Markowitz efficient frontier.
C. Set of optimal risky portfolios.
36. With respect to capital market theory, the average beta of all assets
in the market is:
A. Less than 1.0.
B. Equal to 1.0.
C. Greater than 1.0.
37. The slope of the security characteristic line is an asset's:
A. Beta.
B. Excess return.
C. risk premium
38. The sum of an asset's systematic variance and its nonsystematic
variance of returns is equal to the asset's:
A. Beta.
B. Total risk.
C. Total variance.
39. A portfolio on the capital market line with returns greater than the
returns on the market portfolio represents a(n):
A. Lending portfolio.
B. Borrowing portfolio.
C. Unachievable portfolio.
40. The capital market line, CML, is the graph of the risk and return of
portfolio combinations consisting of the risk-free asset and:
A. Any risky portfolio.
B. The market portfolio.
C. The leveraged portfolio.
٧
‫ﮔﺮوه اﻟﻒ‬
41. The portfolio of a risk-free asset and a risky asset has a better riskreturn trade- off than investing in only one asset type because the
correlation between the risk-free asset and the risky asset is equal
to:
A. -1.0.
B. 0.0.
C. 1.0
42. The line depicting the risk and return of portfolio combinations of a
risk-free asset and any risky asset is the:
A. Security market line.
B. Capital allocation line.
C. Security characteristic line.
43. Which of the following best describes the underlying rationale for a
written investment policy statement (IPS)?
A. A written IPS communicates a plan for trying to achieve investment
success.
B. A written IPS provides investment managers with a ready defense
against client lawsuits.
C. A written IPS allows investment managers to instruct clients about
the proper use and purpose of investments.
44. Tactical asset allocation is best described as:
A. Attempts to exploit arbitrage possibilities among asset
classes.
B. The decision to deliberately deviate from the policy
portfolio.
C. Selecting asset classes with the desired exposures to sources of
systematic risk in an investment portfolio.
45. Returns on asset classes are best described as being a function of:
A. The failure of arbitrage.
B. Exposure to the idiosyncratic risks of those asset classes.
C. Exposure to sets of systematic factors relevant to those asset
classes.
٨
‫ﮔﺮوه اﻟﻒ‬
A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
B
C
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
A
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
B
X
X
C
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
٩
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