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1、ShareholderValueManagementFIN550Dr.AhmetTezelSt.Joseph’sUniversityHaubSchoolofBusinessFinalExam:Spring2013FinanceDept25MultipleChoice(4pointseach)1.Youarecomparingthecurrentincomestatementofafirmtotheproformaincomestatementfornextyear.Theproformaisbasedonafourpercentincreaseinsales.Thefirmiscurr
2、entlyoperatingat85percentofcapacity.Networkingcapitalandallcostsvarydirectlywithsales.Thetaxrateandthedividendpayoutratioarefixed.Giventhisinformation,whichoneofthefollowingstatementsmustbetrue??A.?Theprojectednetincomeisequaltothecurrentyear'snetincome.B.?Thetaxratewillincreaseatthesamerateassa
3、les.C.?Retainedearningswillincreasebyfourpercentoveritscurrentlevel.D.?Totalassetswillincreasebylessthanfourpercent.E.?Totalliabilitiesandowners'equitywillincreasebyfourpercent2.Thesustainablegrowthrateofafirmisbestdescribedasthe:?A.?minimumgrowthrateachievableassuminga100percentretentionratio.B
4、.?minimumgrowthrateachievableifthefirmmaintainsaconstantequitymultiplier.C.?maximumgrowthrateachievableexcludingexternalfinancingofanykind.D.?maximumgrowthrateachievableexcludinganyexternalequityfinancingwhilemaintainingaconstantdebt-equityratio.E.?maximumgrowthrateachievablewithunlimiteddebtfin
5、ancing.3.ThemostrecentfinancialstatementsforLastinLine,Inc.areshownhere:??Assetsandcostsareproportionaltosales.Debtandequityarenot.Adividendof$992waspaid,andthecompanywishestomaintainaconstantpayoutratio.Nextyear'ssalesareprojectedtobe$21,830.Whatistheamountoftheexternalfinancingneed??A.?$12,711
6、B.?$13,333C.?$13,556D.?$13,809E.?$14,35764.Youareconsideringtwoprojectswiththefollowingcashflows:??Whichofthefollowingstatementsaretrueconcerningthesetwoprojects?I.Bothprojectshavethesamefuturevalueattheendofyear4,givenapositiverateofreturn.II.Bothprojectshavethesamefuturevaluegivenazerorateofre
7、turn.III.ProjectXhasahigherpresentvaluethanProjectY,givenapositivediscountrate.IV.ProjectYhasahigherpresentvaluethanProjectX,givenapositivediscountrate.?A.?IIonlyB.?IandIIIonlyC.?IIandIIIonlyD.?IIandIVonlyE.?I,II,andIVonly5.
