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1、Foreachquestion,pleaseansweronlyoneoftheoptions.Studentsshouldanswerall20questions.1hourmultiplechoiceexamination.1stset1.Infinancetheorythemaximisationofshareholderwealthmeans:A.Increasingthetotalvalueofaportfolioofsharesownedbyaninvestorthroughgoodadviceby
2、abrokerB.PayingveryhighdividendsinthenexttwotothreeyearsC.Havingamajorbuy-backofsharesinthenearfutureD.Themaximisingofthepurchasingpoweravailablefromashareholderinginafirmorthemaximisingofdiscountedcashflowtoshareholdersoveralongtimehorizon.Inanefficientmark
3、etitisequivalenttomaximisingtheshareprice2.Indiscountedcashflowanalysis,whichofthefollowingisabaddecisionrule?A.IfNPV=£3,900mthenaccepttheprojectB.IfNPV=£1thenrejecttheprojectC.IfNPV=-£1,200thenrejecttheprojectD.IfNPV=£100thenaccepttheprojectE.IfNPV=-£1thenr
4、ejecttheproject3.Whatistheannualequivalentannuityofthefollowingcashflows?Year012Cashflow-£10,000+£1,000+£3,000Discountrateisequalto9%.A.-£7,010B.-£6,558C.-£3,728D.+6,558E.-£5,678SolutionNPV=-10+1/1.09+3/1.09^2=-6.5575-6,5575/1.7591=-3.7284.IftheNPVofaproject
5、is£550whendiscountedat10%and-£430whendiscountedat12%,whichofthefollowingistheIRRA.10.56%B.10.28%C.11.22%D.11.12%E.13.28%Solution10+550/(550+430)*2=11.12%5.Year012345Cashflow-£3,000£1,000£500£1,000£600£2,000Discountrateisequalto8%A.Paybackin4yearsanddiscounte
6、dpaybackin3yearsB.Paybackin5yearsanddiscountedpaybackin4yearsC.Paybackin4yearsanddiscountedpaybackin2years8A.Paybackin4yearsanddiscountedpaybackin5yearsB.Paybackin5yearsanddiscountedpaybackin5yearsSolution1,000+500+1,000+600=4,100.Paybackin4yearsYear012345Ca
7、shflow-£3,000£1,000£500£1,000£600£2,000Discountedcashflows£925.93£428.67£793.83£441.02£1,361.17Sum£925.93£1,354.60£2,148.43£2,589.45£3,950.61Discountedpayback5years1.WhichofthefollowingstatementisFalse?A.Thecostsofsurveysandfeasibilitystudiesincurredpriortot
8、hedecisiontoimplementaprojectshouldnotbeincludedintheprojectappraisalB.NPVisthemostappropriatemethodtoappraiseaprojectC.Apost-completionauditisthemonitoringandevaluationoftheprogressofacapitalin
