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18 views

Đề 1

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lOMoARcPSD|28362056

CK LTTC CLC cô Hà Thanh 18-19 - Tôm Phạm

Lý thuyết tài chính (Trường Đại học Ngoại thương)

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SECTION A. MULTIPLE CHOICE QUESTIONS (7.5 points)


1. If the coupon rate is higher than the market rate, a bond is likely to be selling at a
discount.
a) True
b) False
2. The T-Bill discount of a $10.000 face value T-Bill priced at $9820, maturing in 120
days is:
a) 5.4%
b) 7.2%
c) 8.10%
d) 8.6%
3. Which sentence best describes a bond
a) An instrument that promises to pay fixed interest periodically and principle
value at the end.
b) An instrument that gives its holder the ownership right
c) An instrument that is issued only by government
d) An instrument with maturity of less than 1 year
4. Which of the following assets has the most limited secondary market activities?
a) T-Bills
b) Commercial paper
c) Corporate bonds
d) Common shares
5. When borrowers raise funds in the financial markets directly, they
a) Use secondary markets so each sale has a residual profit
b) Go to saver-lenders directly through banks
c) Go through primary markets such as IPOs
d) None of the above
6. Felton Supplies, Inc., has an 8 percent return on total assets of $300,000 and a net
profit margin of 5 percent. What are its sales?
a) $3,750,000
b) $480,000
c) $300,000
d) $1,500,000
7. A firm with Asset of 530, Liabilities of 270, COGS of 120 and Net Income of 20
shall have ROE of
a) 3.77%
b) 7.4%
c) 16.67%
d) 7.69%
8. Which of the following would not improve the current ratio?
a) Issue long-term debt to buy inventory
b) Sell common stock to reduce current liabilities.
c) Borrow short term to finance additional fixed assets.
d) Sell fixed assets to reduce accounts payable.
9. Standard deviation is an indicator of observations dispersion around an expected
central value

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a) True
b) False
10. Whtat is the approximate price of a bond if par value is $1000, coupon rate 9.2%
coumpounded quarterly, matures in 12 years and the present yiled to maturity is 8%
a) $930.24
b) $1045.67
c) $1092.02
d) $1122.69
11. A standardized, exchange-backed contract to deliver assets 3 months from today is
a:
a) Forward contract
b) Securitized asset
c) Futures contract
d) Option contract
12. Krisle’s debt-to-total assets (D/TA) ratio is 0.4. What is its debt-to-equity (D/E)
ratio?
a) 0.2
b) 0.566
c) 0.667
d) 0.333
13. You are considering borrowing $10,000 for 4 years at an annual interest rate of 6%.
The loan agreement calls for 4 equal payments, to be paid at the end of each of the
next 4 years. The annual payment that will fully pay off (amortize) the loan is
closest to:
a) $2,674
b) $2,886
c) $3,741
d) $4,020
14. You want to have $25,000 in your savings account give years from now, and you’re
prepared to make equal annual deposits into the account at the end of each year. If
the account pays 9.5% interest, what amount must you deposit each year?
a) $4135.9
b) $4273.5
c) $4613.4
d) $4722.1
15. If you take a position to gain profit from expected price movement, you are a(n)
a) Insurer
b) Hedger
c) Arbitrageur
d) Speculator
16. Company x had sales last year of $265 million. If its average collection period was
36 days, its ending accounts receivable balacne is closest to (assuming a 365-day
year)
a) $26.1 million
b) $23.7 million
c) $7.4 million
d) $18.7 million

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17. Which financial instrument below did the market view as having the lowest default
risk:
a) 90-day Treasury bill
b) 5-year Municipal bond
c) 90-day commercial paper
d) 5-year corporate bond
18. Bond A is not callable, bond B is callable. Investors will want a higher yield on
bond ____ and will pay ____ for this bond.
a) A, less
b) A, more
c) B, less
d) B, more
19. Google’s stock is currently trading at $715. You believe that the stock price will
decrease. What is the BEST (most profitable) strategy to undertake to profit from
this?
a) Sell a call option
b) Buy a call option
c) Sell a put option
d) Buy a put option
20. A firm has cash 200 mil, accounts payable 535 mil, inventory 2080 mil, net fixed
assets of 2439 mil, accounts receivable of 351 mil, and stockholder’s equity of
1920 mil. The current assets equal ____ and long-term debt is:
a) 2193 mil, 2936 mil
b) 2034 mil, 2823 mil
c) 2631 mil, 2615 mil
d) None of the above
21. Intech Company has current ratio of 1.20. Current liabilities are $750, sales are
$3660, net profit margin is 7.5%. ROA is 9%. The amount of firm’s net fixed assets
is:
a) $2150
b) $2359
c) $2460
d) $3050
22. Rexit company has net income of $73,500. There are currently 14.2 days’ sales in
receivables. Total assets are $560,000. Account receivables are $84,000, the debt-
equity ratio is 0.65. ROE of the firm is:
a) 11.25%
b) 12.75%
c) 15.48%
d) 21.66%
23. Suppose you have just celebrated your 19th birthday. A rich uncle has set up a fund
for you that will pay you $150,000 when you turn 30. If the discount rate is 9%,
how much is this fund worth today:
a) $58,130
b) $63,362
c) $53,330
d) $60,620

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24. Đề gốc thiếu câu 24 :D


25. You’ve been offered an investment that will pay you 9% per year. If you invest
$15,000, how long until you have $30,000
a) 7 years
b) 8 years
c) 9 years
d) 10 years
26. You are offerec an investment that requires you to put up $13,000 today in
exchange for $39,000 twelves years from now. What is the annual rate of return on
this investment?
a) 8.02%
b) 8.75%
c) 9.59%
d) 10.21%
27. You plan to deposit $1000 today, $2000 in 2 years and $2000 in 5 years. If you
withdraw $1500 in 3 years, and $1000 in 7 years, assuming no withdrawal
penalties, how much will you have after 8 years if the interest rate is 7%:
a) $2173.20
b) $2325.64
c) $2524.31
d) $2641.2
(Câu này không đáp án nào đúng. Key: $3,995.91)
28. You are looking into an investment that will pay you $12,000 per year for the next
10 years. If you require a 15% return, what is the most you would pay for this
investment?
a) $60,225
b) $58,763
c) $55,650
d) $52,750
29. A T-Bill with 64 days from settlement to maturity is selling for $0.995 per $1 of
maturity value. The T-Bill discount is closet to:
a) 2.81%
b) 2.86%
c) 2.9%
d) 2.95%
30. There is a 50% probability that the Plum Company’s sales will be 6 mil. USD next
year, a 40% probability thaht they will be 4 mil. USD and a 10% probability that
they will be 1 mil USD. The standard deviation of Plum’s next year’s sales is:
a) $3.12 mil
b) $3.1765 mil
c) $2.125 mil
d) $1.552 mil

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SECTION B. WRITING TASK: ANSWER ANY TWO OF THESE QUESTIONS (2.5


points)
1. Distinguish between the roles of primary and secondary markets
2. Briefly describe the most important characteristic of T-Bill to make it risk-free
3. Stocks and bonds both are debt securities, and they both offer high return because
of high liquidity. Do you agree, and why?
4. What are the three types of financial management decisions? For each type of
decisions, give an example of a business transaction that would be relavant?

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