81、Chu Wang, CFA, gathered the following data to estimate the implied growth rate of dividends for Shenghai Toys Co. to use as an input for valuing the company's common stock. Return on Assets 10% Profit Margin 5% Total Assists CNY 50 million Debt Ration 40% Payout Ration 25% Wang's estimate of Shenghai Toys' implied growth rate would be closest to: Select exactly 1 answer(s) from the following: A. 4.17%. B. 6.25%. C. 12.50%. D. 18.75%.
82、Which of the following is the least accurate statement about the short sale of stocks? Select exactly 1 answer(s) from the following: A. The short seller must pay any dividends due to the lender of shares. B. A stop buy order would enable a short seller to minimize potential losses. C. Short sales involve time limits for returning the shares borrowed to the lender. D. A short sale can be made only on an uptick or a zero uptick trade if the previous trade was an uptick trade.
83、The appropriate measures of free cash flow and discount rate to use when estimating the total value of a firm, respectively, are: | Measure of free cash flow | Discount rate | A. | operating cash flow before interest
payments on debt | cost of equity | B. | operating cash flow before interest
payments on debt | weighted average
cost of capital | C. | operating cash flow before interest payments on
debt but after deducting base capital
expenditures | cost of equity | D. | operating cash flow before interest payments on
debt but after deducting base capital
expenditures | weighted average
cost of capital |
Select exactly 1 answer(s) from the following: A. Answer A. B. Answer B. C. Answer C. D. Answer D.
84、On January 1, 2008, Abel Moreno, CFO of Monterrey Mining & Metals (MMM), gathered the following data to determine the attractiveness of the company's common stock: Dividends per share in 2001 | 2 pesos | Dividends per share in 2007 | 3 pesos | Expected return on the market | 17% | Expected nominal risk-free return | 9% | MMM’s beta | 1.8 | MMM share price, January 1, 2008 | 19 pesos |
Based on the information gathered, MMM stock's intrinsic value and its attractiveness on January 1, 2008, respectively, were: | Stock's intrinsic value
closest to: | Stock's attractiveness | A. | 18.29 pesos | Over-valued | B. | 18.29 pesos | Under-valued | C. | 19.57 pesos | Over-valued | D. | 19.57 pesos | Under-valued |
Select exactly 1 answer(s) from the following: A. Answer A. B. Answer B. C. Answer C. D. Answer D.
85、Strongsville Fabricators Inc. uses the FIFO method of inventory valuation. Assuming a rising costs environment and other factors held constant, Strongsville's price-to-earnings and price-to-book multiples relative to those for another company that uses the LIFO method of inventory valuation would be: | Price-to-earnings multiple | Price-to-book multiple | A. | overstated | overstated | B. | overstated | understated | C. | understated | overstated | D. | understated | understated |
Select exactly 1 answer(s) from the following: A. Answer A. B. Answer B. C. Answer C. D. Answer D.
[此贴子已经被作者于2008-11-6 11:04:56编辑过] | 
发表于 2008-11-6 10:22
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