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： 开课院系：—管理学院会计系—
考试形式:
969.003.1.01
一开卷
姓名 ___________________ 学号 ____________________ 专业 ___________________ 题号 1 2 3 4 5 6 7 8 9 10 总分 得分 选择题 1 2 3 4 5 6 7 8 9 10 19 11 21 12 22 23 24 25 26 27 8 28 29 20 30 3 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 、选择题（每题1.5分，共75 分）
1. Con sider a bond with a face value of $1,000, a coup on 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 bo nd with a face value of $1,000, coupon rate of 0%, yield to maturity of 9%, an d 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) price of the bond: A. decreases by 10% B. decreases by 7.5% C. in creases by 7.5% D. in creases by 0.75%
then the
5. Volatility of a bond is give n by: I) Durati on/ (1 + yield)
II) Slope of the curve relating the bond price to the interest rate III) Yield to maturity A. I o nly B. II o nly C. III on ly D. I and II only
6. The value of a com mon stock today depe nds on:
A. Number of shares outsta nding and the nu mber of shareholders B. The expected future divide nds and the disco unt rate C. The Wall Street an alysts
D. Prese nt value of the future earnings per share
7. Deluxe Compa ny expects to pay a divide nd of $2 per share at the end of year-1, $3 per share at the end of year-2 and the n be sold for $32 per share. If the required rate on the stock is 15%, what is the curre nt value of the stock? A. $28.20 B. $32.17 C. $32.00
D. None of the give n an swers
8. Casino Inc. is expected to pay a divide nd of $3 per share at the end of year-1 (D1) and these divide nds are expected to grow at a con sta nt rate of 6% per year forever. If the required rate of retur n on the stock is 18%, what is curre nt value of the stock today? A. $25 B. $50 C. $100 D. $54
9. R&D Tech no logy Corporati on has just paid a divide nd of $0.50 per share. The divide nds are expected to grow at 24% per year for the n ext 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 con cept?
A. Net prese nt value B. I nternal rate of return C. The payback period
D. All of the above use the time value con cept 12. The net prese nt value of a project depe nds upon:
A. compa ny's choice of acco un ti ng method B. man ager's tastes and prefere nces
C. project's cash flows and opport un ity cost of capital D. all of the above 13. The payback period rule:
A. Varies the cut-off point with the interest rate.
复旦大学财务管理期中考试题
