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Which of the following statements is NOT correct?（）

A company has 5% irredeemable debenture, if the required rate of return is 5%, what is the market value of this debenture?（）

Value for money is an important objective for not-for-profit organisations. Which

action is LEAST consistent with increasing value for money?

Which of the following statements concerning working capital management are

correct?（）

(1) Working capital should increases as sales increase.

(2) An increase in the cash operating cycle will decrease profitability.

(3) Overtrading is also known as under capitalisation.

A company has recently declared a dividend of 12c per share. The share price is $3.72

cum div and earnings for the most recent year were 90c per share. What is the P/E ratio?

SW Co has a barrel of chemicals in its warehouse that it purchased for a project a while ago at a cost of $$1,000. It would cost $$400 for a professional disposal company to collect the barrel and dispose of it safely. However, the chemicals could be used in a potential project which is currently being assessed. What is the relevant cost of using the chemicals in a new project proposal?（）

Which of the following is true about the "inflation" figure that is included in the

money cost of capital?（）

On a market value basis, GFV Co is financed 70% by equity and 30% by debt. The

company has an after-tax cost of debt of 6% and an equity beta of 1.2. The risk-free rate

of return is 4% and the equity risk premium is 5%. What is the after-tax weighted

average cost of capital of GFV Co?

Jo Co is a company which is financed by equity only. It has just paid a dividend of $60m and earnings retained and invested were 60%. Return on investments is 20% and the cost of equity is 22%. What is the market value of the company(in millions, to the nearest whole million)?（）

“If an Australian company buys goods from a US supplier for an agreed price of

US$1,000,000, with payment in two months’ time, the US dollar may strengthen in

value against the Australian dollar during the two-month credit period” To which risk

does the above statement refer?

The forward rate is 0.8500-0.8650 euros to the 1$. What will a €2,000 receipt be

converted to at the forward rate?

Which of the following statements are correct?（）

(1) Interest rate options allow the buyer to take advantage of favourable interest rate

movements.

(2) A forward rate agreement does not allow a borrower to benefit from a decrease in

interest rates.

(3) Borrowers hedging against an interest rate increase will buy interest rate futures

now and sell them at a future date.

Gurdip plots the historic movements of share prices and uses this analysis to make

her investment decisions. Oliver believes that share prices reflect all relevant information at all times. Match the level of capital markets efficiency that best reflects

each of Gurdip and Oliver's beliefs.（）

(1) Not efficient at all

(2) Weak form efficient

(3) Semi-strong form efficient

(4) Strong form efficient

Which of the following statements concerning capital structure theory is correct?

（）

Which of the following actions is LEAST likely to increase shareholder wealth?

（）

Which of the following statements are features of money market instruments?

（）

(1) A negotiable security can be sold before maturity.

(2) The yield on commercial paper is usually lower than that on treasury bills.

(3) Discount instruments trade at less than face value.

(4) Commercial paper is often issued by companies to fund long-term expenditure.

Which of the following is/are usually seen as benefits of financial intermediation?

（）

(1) Interest rate fixing

(2) Risk pooling

(3) Maturity transformation

Which of the following statements concerning working capital management arecorrect?（）

(1) The twin objectives of working capital management are profitability and liquidity.

(2) A conservative approach to working capital investment will increase profitability.

(3) Working capital management isa key factor in a company’s long-term success.

(4) The current ratio isa measure of profitability

1. Which of the following valuation methods is most suitable for valuing Company A?

Calculate the value of Company B by reference to its predicted earnings, in millions

of dollars, to one decimal place.（）

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