108年 - 109東吳大學_碩士班招生考試_國際經營與貿易學系A 組(國際貿易與金融)：財務管理#101154

選擇題 (20)

1. Which one of the following best describes the primary intent of the Sarbanes-Oxley Act of 2002? (A) Decrease the number of corporations that can be publicly traded (B) Increase the protections against corporate fraud (C) Limit secondary issues of corporate securities (D) Increase the dividends paid to shareholders

2. Donut Delite has total assets of $31,300, long-term debt of $8,600, net fixed assets of $19,300, and owners' equity of $21,100. What is the value of the net working capital? (A) $9,800 (B) $10,400 (C) $18,900 (D) $21,300

3. A firm has a current ratio of 1.4 and a quick ratio of .9. Given this, you know for certain that the firm: (A) pays cash for its inventory. (B) has more than half its current assets invested in inventory. (C) has more cash than inventory. (D) has positive net working capital.

4. Which ratio was primarily designed to monitor firms with negative earnings? (A) Price-sales ratio (B) Market-to-book ratio (C) Profit margin (D) ROE

5. The DuPont identity can be used to help a financial manager determine the: I. degree of financial leverage used by a firm. II. operating efficiency of a firm. III. utilization rate of a firm's assets. IV. rate of return on a firm's assets. (A) II and III only (B) I and III only (C) II, III, and IV only (D) I, II, III, and IV

6. You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 6 percent interest. Approximately how long must you wait for your investment to double in value? (A) 6 years (B) 7 years (C) 8 years (D) 12 years

7. The relationship between nominal returns, real returns, and inflation is referred to as the: (A) call premium. (B) Fisher effect. (C) conversion ratio. (D) spread.

8. The yield to maturity on a discount bond is: (A) equal to both the coupon rate and the current yield. (B) equal to the current yield but greater than the coupon rate. (C) greater than both the current yield and the coupon rate. (D) less than the current yield but greater than the coupon rate.

9. Which one of the following bonds is the most sensitive to changes in market interest rates? (A) 5-year, zero coupon (B) 5-year, 5 percent coupon (C) 5-year, 8 percent coupon (D) 10-year, zero coupon

10. The possibility that more than one discount rate can cause the net present value of an investment to equal zero is referred to as: (A) duplication. (B) the net present value profile. (C) multiple rates of return. (D) the AAR problem.

11. Weston Steel purchased a new coal furnace six years ago at a cost of $2.2 million. Last year, the government changed the emission requirements and this furnace cannot meet those standards. Thus, the company can no longer use the furnace, nor has it been able to locate anyone willing to purchase the furnace. Given the current situation, the furnace is best described as which type of cost? (A) Erosion (B) Book (C) Sunk (D) Opportunity

12. Which one of the following types of securities has the lowest priority in a bankruptcy proceeding? (A) Convertible bond (B) Senior debt (C) Common stock (D) Preferred stock

13. The common stock of Sweet Treats has a total return of 11.62 percent, a stock price of $48.20, and recently paid an annual dividend of $2.38. What is the capital gains rate if the company maintains a constant dividend? (A) 8.34 percent (B) 16.56 percent (C) 11.17 percent (D) 6.68 percent

14. If the financial markets are semistrong form efficient, then: (A) only the most talented analysts can determine the true value of a security. (B) only individuals with private information have a marketplace advantage. (C) technical analysis provides the best tool to use to gain a marketplace advantage. (D) no one individual has an advantage in the marketplace.

15. Which of the following concepts about capital structure are incorrect? (A) The optimal capital structure minimizes the WACC. (B) The cost of capital may increase sharply if the firm uses a large proportion of debt. (C) Minimizing WACC assures the maximum of earnings per share. (D) The advantages of using debt are likely to be offset by agency costs.

16. Which of the following statements related to the dividend policies is most correct? (A) The bird-in-the-hand theory states that investors prefer capital gains than cash dividends (B) The MM irrelevance theory of dividends means that firms will not pay dividends although dividends contain information (C) More cash dividends can mitigate agency costs (D) The residual dividend policy means that managers will try hard to pay dividends.

複選題
17. Which of the following comparisons for a firm's bonds with the same term but different features are incorrect? (A) The yield to maturity of debentures will be higher than that of mortgage bonds. (B) The yield to maturity of callable bonds will be higher than that of put bonds. (C) The yield to maturity of zero coupon bonds will be higher than that of fixed - interest bonds. (D) The yield to maturity of subordinated debentures will be higher than that of debentures.

18. Which of the following statements is most correct? (A) A cash discount can lengthen the deferral period for payables (B) Giving more cash discount may shorten the receivable collection period (C) A long business cycle implies a high percentage of bad debt (D) A strict credit policy can increase the total asset turnover.

19. If a firm has a relatively high fluctuation in cash flows, then by Miller-Orr model, the cash balance target and upper limit, respectively, will be (A) higher, higher (B) higher, lower (C) lower, higher (D) lower, lower.

20. Which of the following items would reduce the additional funds needed (AFN) for the firm? (A) An increase in dividend payments (B) An increase in shares outstanding (C) An increase in profit margin (D) An increase in corporate tax rate.

申論題 (10)

1. NPV Method.

2. The Payback Rule.

3. The Average Accounting Return (Required average accounting return = 25%).

1.在他兒子 18 歲時，4 年大學教育費用的現值是多少?

2.在兒子 18 歲時，從祖母那裡得來的 $7,500 遺產的價值為何？(不考慮遺產稅)

3.如果父親計劃在今天存入六筆存款中的第一筆，每年金額相同，則他每年必須存入多少錢，才足以使他兒子完成大學教育？

（三）M 公司的總資產為 $600 百萬，負債比率 40%，該公司將與 N 公司以 1:1 進
行換股之合併，N 公司的總資產為 $200 百萬，負債比率 60%；購併後 M 為
存續公司，「權益成本」估計為 15%，「負債成本」為 8%，所得稅率為 20%，
請計算 M 公司購併後的「加權平均資本成本 (WACC)」？

（四）凱利公司每個月月初之現金餘額為 $500,000，當月月底便用盡。該公司買賣票券的交易成本為 $4,000，年利率為 4.8%。試以「Baumol 模式」計算該公司的最適現金餘額。

1.「營運槓桿程度 (Degree of Operating Leverage)」

及 2.「財務槓桿程度 (Degree of Financial Leverage)」。

108年 - 109東吳大學_碩士班招生考試_國際經營與貿易學系A 組(國際貿易與金融)：財務管理#101154

試卷資訊

選擇題 (20)

申論題 (10)