财务管理试卷(英文版)答案

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英文版,财务管理,试卷,答案
《财务管理(英）》课程期末考试试卷标准（参考）答案及评分标准

Part 1: Choice Questions (16 questions, 1 point each, 16 points total)

1． d 2. c 3． a 4． b 5． 6． 11． 16．

a d b

7． 12．

c d

8． 13．

a c

9． 14．

d a

10． 15．

b b a

Part 2: Calculation Questions (3 questions, 8 points each, 24 points total) 1. Answer:

CAPM is: E(Ri) = Rf + [E(RM) – Rf] × i

Substituting the values we are given, we find:

E(Ri) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)

P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)

2. Answer: (10 points)

The economic order quantity is: EOQ = [(2T × F)/CC]1/2

EOQ = [2(52)(4,000)($2,600)/$40]1/2 EOQ = 5,200

3. Answer: (8 points)

Bond value = 50 ×(P/A, 6%, 40) + 1000×(P/s, 6%,40 ) =50×15.0463 ＋1000×0.0972 =$849.54

Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total )

1. Answer:

1) Compute the following ratios: ( 7 points)

Current ratio: = 11,000/10,000 =1.1

Total debt ratio (10,000+12,000)/ 38,000 = 57.9% Total asset turnover = 10,400/ 38,000 = 27.4% Profit margin = 2,327/10,400 = 22.375% Equity multiplier = 38,000 / 16,000 = 2.375 ROA = 2327 / 38000 = 6.12% ROE = 2327 / 16000 = 14.54%

1

2) Using Du Pont Identity to compute the ROE ( 4 points)

ROE = Profit margin×Equity multiplier×Total asset turnover = 22.375% ×2.375 ×27.4% = 14.56%

3) ( 4 points) The plowback ratio, b, is one minus the payout ratio, so: b = 1 – .20 = .80 we can use the sustainable growth rate equation to get: Sustainable growth rate = (ROE × b) / [1 – (ROE × b)] = [0.1454(.80)] / [1 – 0.1454(.80)] = .1317 or 13.17%

2. Answer:( 15 points)

Beginning cash balance Cash receipts

Cash collections from last month’s credit sales Cash collections from current month’s credit sales Total cash available Cash disbursements Purchases

Wages, taxes, and expenses Interest

Equipment purchases Total cash disbursements Ending cash balance

3. Answer:

1) Annual depreciation = $618,000  3 = $206,000 Taxes = ($265,000 - $206,000)  .34 = $20,060

OCF = $265,000 – $20,060 = $244,940 (4 points)

2) After tax Salvage value = $60,000  (1 - .34)] = 39,600 ( 3 points)

3) ( 4 points) OCF

Change in NWC Capital spending Total cash flow

2

April

280 — 110 190 580 — 150 32 11 81

274 306

May

306 — 190 195 691 — 140 45 11 90 286 405

June

405 — 195 215 815 — 170 50 11 120

351 464

Year 0 -23,000 -618,000 -641,000

Year 1 244,940 244,940

Year 2 244,940 244,940

Year 3 244,940 +23,000 39,600 307,540