高级国际财务管理师考试复习题

Ⅳ.员工持股计划所拥有的公司股票往往是由员工个人直接控制 A. II，III B．II，Ⅳ C. I，II，Ⅳ D. I, III，Ⅳ

147.1986年TNT公司发动对SPRING公司的收购，SPRING公司提出：只要TNT同意不以45美元/股的价钱收购股票，SPRING公司愿意付给它5.58亿美元作为回报；它甚至提出付给代表TNT的投资银行伯特公司145万美元，要后者承诺三年内不采取任何收购或试图收购SPRING的举动。随后两家公司签订了协议，在并购的压力下，SPRING公司剥离了非核心业务，裁减了3000人，使公司股票的每股收益提高了50％，在过去10多年中股票的平均年收益一直维持在24%的水平。在这个例子中，SPRING公司采用的反收购策略是（ ）。 A. 中止协议 B．绿票讹诈 C. 委托书收购 D. 白衣护卫

148. Suppose Sindy Wu invests $80,000 at 5% annual interest compounded, How long will it take to earn an additional $40,000? A. 20 years B. 15 years C. 12.5 years D. 8.31years 149. If Susimi makes a $5,000 investment with an ending return of $8,500 five years later. Suppose there is no intermediate cash flows. What is the average annual return for the investment? A. 14% B. 13.4% C. 12.1% D. 11.2% 150. Equake Company invested $1,000,000 in a project at the end of 2004, which genenated cash inflows of $200,000, 400,000, $250,000 and 350,000 from 2005 to 2008 respectively. What is the annual return on the investment? A. 8.26% B. 7.31% C. 6.93% D. 6.12%

According the following information, answer question 151-152: Bigbox Co,. has a investment project with a initial cash outflow of $50,000. The investment provides a return of 10% in the first year, 12% in the second year, and 15% in the third year. Suppose the value of the investment is maintained in the investment and it grows each year (i.e., the investment has no cash flows).

151. What is Bigbox’s investment worth at the end of the third year? A. $68,500 B. $70,840 C. $72,360

D. $75,000

152. What is the average annual return on this investment? A. 11.7% B. 11.9% C. 12.3% D. 12.9%

According the following information, answer question 153-154: Suppose Pioneer Funds invested a portfolio comprised of the following securities equally. Suppose the expected risk-free asset is 5% and the return on the market is 9.2%.: Security A B C D Security Beta 0.75 1.10 1.30 1.45

153. What is the portfolio’s beta? A. 1.25 B. 1.15 C. 1.12 D. 1.08

154. What is the expected return on the portfolio? A. 10.85% B. 10.25% C. 9.83% D. 9.25%

155. The average accounting return is the average project earnings after taxes and depreciation, divided by( ) of the investment during its life. A. the market value. B. the present value

C. the average book value. D. the marginal cost

156. Options are granted to the CEOs and top managers primarily: A. to increase their income.

B. to avoid the limitation of tax deduction on salaries.

C.to align the interests of management with those of the shareholders. D. because the options are rarely exercised.

157. A call option is out of the money when the current market price of the asset is : A. above the exercise price B. below the exercise price C. equal the exercise price D. above the option premium

158. which are Non-discount methods commonly used in determining acceptable investment?

I. Pay back period II. Net present value III. Profitability index

IV. Average accounting return A. I and IV only B. II and IV only C. I, II, III, and IV D. II and III only

159. East Valley Corporation is expected to allocate stock dividends of $6, $4.5, $3, and $2 over the next four years respectively. Afterwards, the company expects to maintain a

constant 5 percent growth rate in dividends infinitely. If the required return on the stock is 15 percent, what is the current share price? A. $23.74 B. $23.34 C. $22.85 D. $22.60

160. Dawn, Inc. has a special dividend policy. The company has just paid a dividend of $5 per share and has announced that it will increase the dividend by $3 per share for each of the next four years, and then never pay another dividend. If investors require an 10 percent return on the company’s stock, how much will investors pay for a share today? A. $40.86 B. $32.75 C. $27.38 D. $38.49 161. Strawberry Corp’s stock price is now $50 per share. The market requires a 10 percent return on the firm’s stock. If the company maintains a constant 7.5 percent growth rate in dividends, what was the most recent dividend per share paid on the stock? A. $1.10 B. $1.16 C. $1.24 D. $1.55

162. Bonnie bought a 10 percent coupon bond a year ago for $1,060. The bond sells for $1,120 today. If the bond has a $1,000 face value, what was her total dollar return on this investment over the last year? A. 15.1% B. 11.8% C. 14.5% D. 13.9%

163. The stock of Mars Co. has a beta of 1.70. The risk-free rate of return is 6.5 % and the risk premium is 10%. What is the expected rate of return on the company’s stock? A. 13.0% B. 16.5% C. 21.3% D. 23.5% 164. Vivid Corp. owns a call option on UZT stock that expires in one year. The exercise price of the call is $60. The current price of the stock is $ 80. Assume that the option will expire in the money. The risk-free rate is 5%. What is the current value of the call option? A. $ 24.35 B. $23.68 C. $ 22.86 D. $ 20.91

165. Which of the following statements is false?

Ⅰ. By combining positively correlated assets, the overall variability of returns, or risk, can be reduced.

Ⅱ. If stocks are perfectly positively correlated, investors are able to enjoy diversification. Ⅲ. If assets are not negatively correlated, the higher the positive correlation between them, the lower the resulting risks.

Ⅳ. Combining uncorrelated assets can reduce risk. A. Only I and IV B. Only II C. I, II and III D.Only IV

166.Payback Period is a commonly used criterion used by the financial manager for evaluating proposed investments. Among the following statements, which is true about payback period?

Ⅰ.It deals with cash flows that measure the timing of accounting profit Ⅱ. It deals with cash flows that measure the timing of real benefits.

Ⅲ. It is considered to be an unsophisticated capital budgeting technique since it only consider the time value of money.

Ⅳ. If the payback period is less than or equal to an acceptable time period, the investment should be accepted A. I and II B. III and IV C. I an III D. II and IV

167.Which of the following statements is not true?

Ⅰ.The discounted payback period method involves comparing the net cost of the investment project with the net present value of the future cash flows expected to be generated by the project.

Ⅱ. The shorter the payback period, the shorter the firm is exposed to risking the loss of its invested funds.

Ⅲ.The average accounting return is the average project earnings after taxes and depreciation, divided by the average book value of the investment during its life. Ⅳ.Average accounting return takes no account of timing. A. only I, II and III B. only II and IV C. none of them D. all of them