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chapter 8 DCF investment appraisal techniques 第八章测试

1、 问题:An investor has a cost of capital of 10%. She is due to receive a 5-year annuity starting in 3 year’ time of $7,000 per annum.What lump sum amount would you need to offer today to make her indifferent between the annuity and your offer?
选项：
A:$26,537
B:$19,936
C:$16,667
D:$21,924
答案: 【$21,924】

2、 问题:JCW company is appraising an opportunity to invest in some new machine that has the following cash flows. Initial investment $40,000Net cash inflows for 5 years in advance $12,000 per annumDecommissioning costs after 5 years $15,000At a cost of capital of 10% what is the NPV of this project (to the nearest $100)?
选项：
A:negative $3,800
B:positive $14,800
C:positive $700
D:negative $11,275
答案: 【positive $700】

3、 问题:The same information with example 2.What is the internal rate of return of the project (to the nearest whole %)?
选项：
A:12%
B:10%
C:14%
D:9%
答案: 【12%】

4、 问题:Four mutually exclusive projects have been appraised using NPV, IRR, ROCE, and PP. the company objective is to maximize shareholder wealth.Which should be chose? NPVIRRROCEPPproject A$1m40%34%4 yearsproject B$1.1m24%35%2.5 yearsproject C$0.9m18%25%3 yearsproject D$1.5m12%18%7 years
选项：
A:project A
B:project B
C:project C
D:project D
答案: 【project D】

5、 问题:A newspaper reader has won first prize in a national competition and they have a choice as to how they take the prize:Option 1 Take $90,000 per annum indefinitely starting in 3 years’ time (and bequeath this right to their children and so on); orOption 2 Take a lump sum of $910,000 in 1 year’s timeAssuming a cost of capital of 10%, which would you advise and why?
选项：
A:Option 1 because $90,000 pa indefinitely is an infinite amount of money compared to a one-off payment.
B:Option 1 because it is worth more in present value terms.
C:Option 2 because it is worth more in present value terms.
D:Option 2 because the lump sum has the flexibility to be invested and earn a larger return than $90,000 pa
答案: 【Option 2 because it is worth more in present value terms.】

6、 问题:A lease agreement has a net present value of ($26,496) at a rate of 8%. The lease involves an immediate down payment of $10,000 followed by four equal annual payments.What is the amount of the annual payment?
选项：
A:$11,020
B:$4,981
C:$11,513
D:$14,039
答案: 【$4,981】

7、 问题:Paulo plans to buy a holiday villa in five years’ time for cash. He estimates the cost will be $1.5m. He plans to set aside the same amount of funds each year for 5 years, starting immediately and earning a rate of 10%interest per annum compound.To the nearest $100, how much does he need to set aside each year?
选项：
A:$223,400
B:$245,600
C:$359,800
D:$395,600
答案: 【$223,400】

8、 问题:A company is evaluating an investment project with the following forecast cash flows: Year 0 1 2 3 4Cash flow ($m) (6·5) 2·4 3·1 2·1 1·8Using discount rates of 15% and 20%, what is the internal rate of return of the investment project?
选项：
A:15.8%
B:17.2%
C:17.8%
D:19.4%
答案: 【17.8%】

9、 问题:Which of the following statements about net present value (NPV) and internal rate of return (IRR) is accurate?
选项：
A:Two NPV calculations are needed to estimate the IRR using linear interpolation.
B:The graphical approach to IRR is only an estimate; linear interpolation using the formula is required for a precise answer.
C:The IRR is unique.
D:An IRR graph with NPV on the ‘Y’ axis and discount rate on the ‘X’ axis will have a negative slope.
答案: 【Two NPV calculations are needed to estimate the IRR using linear interpolation.】

10、 问题:Which TWOof the following are advantages of the internal rate of return (IRR) approach to investment appraisal?1.Clear decision rule2.Takes into account the time value of money3.Assumes funds are re-invested at the IRR4.Considers the whole project
选项：
A:1, 2 and 4 only
B:2, 3 and 4 only
C:2 and 4 only
D:1, 2 and 3 only
答案: 【2 and 4 only】

chapter 13 dividend policy 第十三章测试

1、 问题:Which of the below best describes the signalling effect of dividend policy/announcements?
选项：
A:It indicates future dividend patterns.
B:A dividend that is different from investor expectations highlights information about the business to the investors.
C:It flags reported financial results to follow.
D:It indicates poor cash flow health.
答案: 【A dividend that is different from investor expectations highlights information about the business to the investors.】

2、 问题:Three companies (Sun Co, Moon Co and Nite Co) have the following dividend payments history:Company 20X1 20X2 20X3Sun Co –Dividend 100 110 121Sun Co –Earnings 200 200 201Moon Co –Dividend 50 150 25Moon Co –Earnings 100 300 50Nite Co–Dividend nil 300 nilNite Co –Earnings 400 350 500 Which best describes their apparent dividend policies? Sun Co Moon Co Nite Co
选项：
A:Constant growth Constant pay-out Residual
B:Constant pay-out Constant growth Residual
C:High pay-out Residual Constant pay-out
D:Constant growth Residual Constant pay-out
答案: 【Constant growth Constant pay-out Residual】

3、 问题:Which of the following are assumptions for Modigliani and Miller’s dividend irrelevance theory?1.Perfect capital markets2.No taxes or tax preferences3.No transaction costs4.No inflation
选项：
A:1,2,3 only
B:1,2,4 only
C:2,3,4 only
D:‍1,2,3,4
答案: 【1,2,3 only】

4、 问题:In Modigliani & Miller’s dividend irrelevance theory, the process of ‘manufacturing dividends’ refers to which of the following?
选项：
A:Dividends from manufacturing businesses.
B:Investors selling some shares to realise some capital gain.
C:Creative accounting to allow dividends to be paid.
D:Investing plans designed to create regular returns to shareholders.
答案: 【Investors selling some shares to realise some capital gain.】

5、 问题:Which of the following is the best statement of the conclusion of Modigliani and Miller on the relevance of dividend policy?
选项：
A:All shareholders are indifferent between receiving dividend income and capital gains
B:Increase in retentions results in a higher growth rate
C:Discounting the dividends is not an appropriate way to value the firm’s equity
D:The value of the shareholders’ equity is determined solely by the firm’s investment selection criteria
答案: 【The value of the shareholders’ equity is determined solely by the firm’s investment selection criteria】

6、 问题:Which of the following statements is correct?
选项：
A:A bonus issue can be used to raise new equity finance
B:A share repurchase scheme can increase both earnings per shareand gearing
C:Miller and Modigliani argued that the financing decision is more important than the dividend decision
D:Shareholders usually have the power to increase dividends at annual general meetings of a company
答案: 【A share repurchase scheme can increase both earnings per shareand gearing】

7、 问题:Which of the following statements is true of a scrip issue with perfect information?
选项：
A:Decreases earinings per share
B:Decreases the debt/equity ratio of the company
C:Increasses individual shareholder wealth
D:Increases the market price of the share
答案: 【Decreases earinings per share】

8、 问题:What does an enhanced scrip dividend mean?
选项：
A:In addition to the scrip dividend cash is also paid
B:Bonus shares are paid in return for accepting a delay
C:More than $1 worth of shares is offered as an alternative to every $1 cash dividend to be paid
D:A higher scrip dividend is offered to a limited shareholder group.
答案: 【More than $1 worth of shares is offered as an alternative to every $1 cash dividend to be paid】

9、 问题:Lane Co has in issue 3% convertible loan notes which are redeemable in five years’time at their nominal value of $100 per loan note. Alternatively, each loan note can be converted in five years’time into 25 Lane Co ordinary shares.The current share price of Lane Co is$3·60per share and future share price growth is expected to be5%per year. The before-tax cost of debt of these loan notes is 10% and corporation tax is 30%.What is the current market valueof a Lane Co convertible loan note?
选项：
A:$82.71
B:$73.47
C:$67.26
D:$94.20
答案: 【$82.71】

10、 问题:A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year, payable annually. The loan notes will be redeemed in eight years’ time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year.What is the ex interest market value of each loan note?
选项：
A:$94.03
B:$96.94
C:$102.91
D:$103.10
答案: 【$96.94】

chapter 14 cost of capital 第十四章测试

1、 问题:According to the creditor hierarchy, list the following from high risk to low risk:1.Ordinary share capital2.Preference share capital3.Trade payables4.Bank loan with fixed and floating charges
选项：
A:1,2,3,4
B:2,1,4,3
C:1,2,4,3
D:4,1,2,3
答案: 【1,2,3,4】

2、 问题:A company has just paid an ordinary share dividend of 32·0 cents and is expected to pay a dividend of 33·6 cents in one year’s time. The company has a cost of equity of 13%.What is the market price of the company’s shares to the nearest cent on an ex dividend basis?
选项：
A:$3.20
B:$4.41
C:$2.59
D:$4.20
答案: 【$4.20】

3、 问题:Which of the following statements is/are correct?1.An increase in the cost of equity leads to a fall in share price2.Investors faced with increased risk will expect increased return as compensation3.The cost of debt is usually lower than the cost of preference shares
选项：

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