财务管理试卷(英文版)答案.docVIP

PAGE PAGE 3 《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． b 6． a 7． c 8． a 9． d 10． b 11． d 12． d 13． c 14． a 15． a 16． b Part 2: Calculation Questions (3 questions, 8 points each, 24 points total) 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) 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 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 ) Answer: 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% 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% ( 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% Answer:( 15 points) April May June Beginning cash balance 280 306 405 Cash receipts — — — Cash collections from last month’s credit sales 110 190 195 Cash collections from current month’s credit sales 190 195 215 Total cash available 580 691 815 Cash disbursements — — — Purchases 150 140 170 Wages, taxes, and expenses 32 45 50 Interest 11 11 11 Equipment purc