Corporate Finance
Exam Solutions
Course Introduction
Corporate Finance is a foundational course that explores the principles and practices involved in financial decision-making within a business context. Students learn about key topics such as capital budgeting, risk and return analysis, cost of capital, capital structure, dividend policy, and corporate valuation. The course emphasizes how financial managers use quantitative tools and strategic frameworks to maximize firm value and effectively allocate resources. Through case studies and real-world examples, students gain practical experience in analyzing investment opportunities, managing financial risks, and understanding the impact of financial decisions on organizational performance.
Recommended Textbook
Fundamentals of Corporate Finance Third Canadian Edition by Jonathan Berk
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Page 2
Chapter 1: Corporate Finance and the Financial Manager
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Sample Questions
Q1) A ________ is when a rich individual or organization purchases a large fraction of the stock of a poorly performing firm and in doing so gets enough votes to replace the board of directors and the CEO.
A)shareholder proposal
B)leveraged buyout
C)shareholder action
D)hostile takeover
E)merger
Answer: D
Q2) How much money would a stock exchange make from buying and selling 500 shares of the stock under the conditions shown above?
A)$250
B)$3,000
C)$5,875
D)$210,375
E)$210,625
Answer: A
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Chapter 2: Introduction to Financial Statement Analysis
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Q1) A company that produces drugs is preparing a statement of financial position.Which of the following would be most likely to be considered a long-term asset on this statement of financial position?
A)commercial paper held by the company
B)the inventory of chemicals used to produce the drugs made by the company
C)a patent for a drug held by the company
D)the cash reserves of the company
E)money owed to the firm by customers who have purchased goods on credit
Answer: C
Q2) Refer to the income statement above.For the year ending December 31,2015 Luther's earnings per share are closest to:
A)$1.01
B)$1.04
C)$1.58
D)$4.04
E)$10.77
Answer: B
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Chapter 3: The Valuation Principle: the Foundation of Financial Decision Making
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Sample Questions
Q1) You are watching TV late one night and see an ad from Ronco for the Dial-o-matic food slicer.You learn that the Dial-o-matic sells for $29.95.But wait,there's more! Ronco is also including in this deal a set of Ginsu steak knives worth $10.95 and another free gift worth $7.95.Assuming that there is a competitive market for Ronco items,at what price must Ronco be selling this three item Dial-o-matic deal to ensure the absence of an arbitrage opportunity and uphold the Law of One Price?
Answer: 29.95 + 10.95 + 7.95 = $48.85
Q2) If an analyst mistakenly adds cash flows occurring at different points in time,what is the implied assumption in the process?
Answer: Cash flows occurring at different points in time cannot be added because a dollar today is worth more than a dollar tomorrow.In other words,these cash flows are not in the same units.The compounding and discounting effect causes these cash flows to be different across time.However,this is only valid for nonzero interest rates.Hence,the implied assumption in adding cash flows across time is that interest rate is zero.
Q3) What is one of the prerequisite conditions for the Valuation Principle to work?
Answer: The availability of competitive market prices is a prerequisite for the Valuation Principle to be effective and efficient.
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Page 5
Chapter 4: The Time Value of Money
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Sample Questions
Q1) How do you calculate (mathematically)the present value (PV)of a(n):
(a)perpetuity
(b)annuity
(c)growing perpetuity
(d)growing annuity
Q2) What is the interest rate of an investment that pays $65 million next year with a current value of $58 million?
A)15.07%
B)10.77%
C)1.207%
D)1.12%
E)12.07%
Q3) A growing perpetuity where the rate of growth is greater than the discount rate will have an infinitely large present value (PV).
A)True
B)False
Q4) In terms of present value (PV),how much will Joe receive for selling the family business?
Q5) What is the decision criteria for the Net Present Value rule?
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Chapter 5: Interest Rates
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Sample Questions
Q1) Emma runs a small factory that needs a vacuum oven for brazing small fittings.She can purchase the model she needs for $180,000 up front,or she can lease it for five years for $4200 per month.She can borrow at 7% APR,compounded monthly.Assuming that the oven will be used for five years,should she purchase the oven or should she lease it?
A)Lease,since the present value (PV)of the lease is $12,224 less than the cost of the oven.
B)Lease,since the present value (PV)of the lease is $8642 less than the cost of the oven.
C)Lease,since the present value (PV)of the lease is $2212 less than the cost of the oven.
D)Buy,since the present value (PV)of the lease is $32,108 more than the cost of the oven.
E)Buy,since the present value (PV)of the lease is $72,000 more than the cost of the oven.
Q2) When you borrow money,the interest rate on the borrowed money is the price you pay to be able to convert your future loan payments into money today.
A)True
B)False
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Chapter 6: Bonds
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Sample Questions
Q1) The current zero-coupon yield curve for risk-free bonds is shown above.What is the price per $100 face value of a four-year,zero-coupon,risk-free bond?
A)$85.64
B)$87.99
C)$92.15
D)$96.67
E)$90.85
Q2) A zero-coupon bond with a $1000 face value has 7 years left until maturity.If its current price is $786,then the yield to maturity on this bond is approximately:
A)3.5%
B)1.27%
C)1.03%
D)0.035%
E)7%
Q3) What care,if any,should be taken regarding the timing of the cash flows while drawing the timeline and associated cash flows of a coupon bond?
Q4) Why is the yield of bonds with credit risk higher than that of otherwise identical default-free bonds?
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Chapter 7: Valuing Stocks
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Sample Questions
Q1) Cork Bottlers has 84 million shares outstanding and expects earnings at the end of this year of $54 million.Cork plans to pay out 30% of its earnings as a dividend and 10% of its earnings through share repurchases.The firm has an equity cost of capital of 12%.If Tarmac' earnings are expected to grow by 6.5% per year and these payout rates remain constant,what is Tarmac's share price?
A)$5.24
B)$2.14
C)$4.68
D)$3.51
E)$11.69
Q2) A stock is expected to pay $1.25 per share every year indefinitely and the equity cost of capital for the company is 7.5%.What price would an investor be expected to pay per share ten years in the future?
A)$16.67
B)$25.01
C)$33.34
D)$41.68
E)$12.50
Q3) What is the difference between common stock and preferred stock?
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Chapter 8: Investment Decision Rules
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Sample Questions
Q1) What is the general shape of the net present value (NPV)profile?
Q2) If WiseGuy Inc.uses the payback period rule to choose projects,which of the projects will rank highest?
A)Project A
B)Project B
C)Project C
D)Project D
E)Project E
Q3) An investor is considering a project that will generate $800,000 per year for four years.In addition to upfront costs,at the completion of the project at the end of the fifth year there will be shut-down costs of $500,000.If the cost of capital is 5%,based on the NPV,at what upfront costs does this project cease to be worthwhile?
A)$2.32 million
B)$2.44 million
C)$2.58 million
D)$2.84 million
E)$2.96 million
Q4) What is the decision criteria while using the payback rule?
Q5) Under what situation can the net present value (NPV)profile be upward sloping?
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Chapter 9: Fundamentals of Capital Budgeting
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Sample Questions
Q1) A maker of computer games expects to sell 500,000 games at a price of $49 per game.These units cost $12 to produce.Selling,general,and administrative expenses are $1.2 million and the CCA deduction is $280,000.What is the EBIT break-even point for the number of games sold in this case?
A)24,865
B)30,192
C)30,204
D)40,000
E)44,740
Q2) A firm is considering investing in a new machine that will cost $600,000 and will be be under asset class 43 with a CCA rate of 30%.If the firm's marginal tax rate is 39%,what is the CCA tax shield in the first year?
A)$120,000
B)$35,100
C)$300,000
D)$234,000
E)$90,000
Q3) What are project externalities?
Q4) What is the most important function of sensitivity analysis?
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Chapter 10: Risk and Return in Capital Markets
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Sample Questions
Q1) Assume that you purchased Ford Motor Company stock at the closing price on December 31,2004 and sold it after the dividend had been paid at the closing price on January 26,2005.Your capital gains rate (yield)for this period is closest to:
A)0.70%
B)0.75%
C)-8.80%
D)-8.15%
E)1.25%
Q2) Suppose you invested $60 in the Ishares Dividend Stock Fund (DVY)a month ago.It paid a dividend of $0.70 today and then you sold it for $65.What was your return on the investment?
A)8.25%
B)9.00%
C)9.50%
D)9.75%
E)10.00%
Q3) Is volatility a reasonable measure of risk when evaluating the investment in a single stock?
Q4) How does diversification affect systematic and unsystematic risk?
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Chapter 11: Systematic Risk and the Equity Risk Premium
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Sample Questions
Q1) The volatility of a portfolio that is consists of a long position of $10,000 in Wal-Mart and a short position of $2000 in Microsoft is closest to:
A)9%
B)14%
C)11%
D)12%
E)10%
Q2) The volatility of Home Depot Share prices is 30% and that of General Motors shares is 30%.When I hold both stocks in my portfolio and the stocks returns have zero correlation,the overall volatility of returns of the portfolio is:
A)unchanged at 30%.
B)less than 30%.
C)more than 30%.
D)zero.
E)Cannot say for sure
Q3) If you build a large enough portfolio,you can diversify away all the risks of a portfolio.
A)True
B)False
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Chapter 12: Determining the Cost of Capital
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Sample Questions
Q1) Manitou Inc has preferred stock paying an annual dividend of $2.25,and common stock paying an annual dividend of $0.85.If the current preferred stock price is $18.75,what is Manitou's cost of preferred stock capital?
A)11%
B)12%
C)4.5%
D)10%
E)13%
Q2) A firm has outstanding debt with a coupon rate of 7%,seven years maturity,and a price of $1000 per $1000 face value.What is the after-tax cost of debt if the marginal tax rate of the firm is 30%?
A)4.9%
B)5.2%
C)5.5%
D)5.9%
E)6.3%
Q3) Why do we use leverage if it increases the risk of a firm?
Q4) Which of the three costs-debt,preferred stock,and common equity-is most difficult to estimate?
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Chapter 13: Risk and the Pricing of Options
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Sample Questions
Q1) The payoff to the holder of a put option is given by:
A)P = max(K - S,0)
B)P= max(S - K,0)
C)P = min(S - K,0)
D)P = max(K,0)
E)P = max(S - K,0)
Q2) The price at which the holder of an option buys or sells a share of stock when the option is exercised is called the ________ price.
A)strike
B)American
C) dilutive
D)closing
E)spot
Q3) Rose Industries is currently trading for $47 per share.The stock pays no dividends.A one-year European call option on Luther with a strike price of $45 is currently trading for $7.45.If the risk-free interest rate is 6% per year,then calculate the price of a one-year European put option on Luther with a strike price of $45.
Q4) When is an option at-the-money?
Q5) How is equity like a call option on the firm's assets?
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Chapter 14: Raising Equity Capital
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Sample Questions
Q1) Which of the following best describes a firm commitment IPO?
A)The underwriter purchases the entire issue at a small discount and then resells it at the offer price.
B)The underwriter sells new issues directly to the public in an online auction.
C)The underwriter tries to sell the stock for the best possible price but does not guarantee that the stock will be sold.
D)The underwriter solicits bids from investors and chooses the highest price at which there is sufficient demand to sell the entire issue.
E)The underwriter sets a deliberately low price to ensure the entire issue is sold.
Q2) What is the major reason that underwriters tend to offer stocks in an IPO at a price that is below that which the market will pay?
A)to gain from the rise in value of any stocks they hold after the IPO
B)to reduce their exposure to losses from unsold stock
C)to benefit from greenshoe provisions
D)to increase their spread
E)The market price is unknown until after the IPO.
Q3) What are some of the highlights of Google's IPO process?
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Page 16
Chapter 15: Debt Financing
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Sample Questions
Q1) A firm raising capital by issuing callable bonds instead of non-callable bonds will either have to pay a higher coupon rate or accept lower proceeds.
A)True
B)False
Q2) BC Brewery issues $120 million in straight bonds at an original issue discount of 1.5% and a coupon rate of 5%.The firm also pays underwriting fees of 3% on the face value of the bonds.What are the net proceeds to BC Brewery from the bond issue?
A)$114.6 million
B)$118.2 million
C)$116.4 million
D)$108.6 million
E)$110.4 million
Q3) The sole way that a firm can repay its bonds is by making the coupon and principal payments as specified in the bond contract.
A)True
B)False
Q4) What is the difference between Eurobonds and Foreign bonds?
Q5) Explain the difference between notes and debentures.
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Chapter 16: Capital Structure
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Q1) Equity in a firm with debt is called:
A)risk-free equity.
B)risky equity.
C)shareholders' equity.
D)unlevered equity.
E)levered equity.
Q2) The V<sup>U</sup> in the equation above represents:
A)the value of the firm's equity.
B)the market value of the firm's assets.
C)the value of the firm's unlevered equity.
D)the value of the firm's debt.
E)the total value of a levered firm.
Q3) We discount the cash flows of a levered firm with a different discount rate than the cost of equity of the unlevered firm because:
A)leverage decreases the risk of equity of the firm.
B)leverage changes the unlevered cost of equity.
C)leverage increases the risk of equity of the firm.
D)cost of debt decreases in this setting.
E)default risk increases.
Q4) What are some implications of market imperfections?
Page 18
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Chapter 17: Payout Policy
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Sample Questions
Q1) The value of Iota,if they use the $200 million to expand,is closest to:
A)$825 million
B)$688 million
C)$840 million
D)$950 million
E)$630 million
Q2) A firm may announce its intention to buy its own shares in the open market like any other investor,also known as a(n):
A)open market purchase.
B)tender offer.
C)targeted repurchase.
D)greenmail.
E)Dutch auction.
Q3) What is greenmail?
Q4) The practice of maintaining relatively constant dividends is called:
A)dividend calibration.
B)dividend rollover.
C)dividend smoothing.
D)dividend rollbacks.
E)dividend consistency.
Page 19
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Chapter 18: Financial Modelling and Pro Forma Analysis
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Q1) What are a firm's options when it generates more cash than planned?
Q2) Assuming that Ideko has a EBITDA multiple of 8.5,then the continuation equity value of Ideko in 2015 is closest to:
A)$181.7 million
B)$272.8 million
C)$152.8 million
D)$301.7 million
E)$335.8 million
Q3) The amount of net working capital for Ideko in 2017 is closest to:
A)$35,195
B)$26,420
C)$22,170
D)$30,510
E)$21,260
Q4) The sustainable growth rate assumes that the firm will raise no new debt financing. A)True B)False
Q5) How do we compute net new financing?
Q6) What is the plug?
20
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Chapter 19: Working Capital Management
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Q1) Can a firm's cash cycle be longer than a firm's operating cycle?
Q2) Jerome Industries has a cash conversion cycle of 73 days,accounts receivable days of 43,and accounts payable days of 25.What is its inventory days?
A)5 days
B)55 days
C)30 days
D)48 days
E)91 days
Q3) Which of the following money market investments is essentially a loan arrangement wherein a securities dealer is the "borrower" and the investor is the "lender"? The investor buys securities from the securities dealer,with an agreement to sell the securities back to the dealer at a later date for a specified higher price.
A)certificates of deposit
B)commercial paper
C)banker's acceptance
D)repurchase agreement
E)Treasury bills
Q4) What is a firm's cash cycle?
Q5) What are the advantages of holding inventory?
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Chapter 20: Short-Term Financial Planning
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Q1) Why does a floating lien agreement have a higher interest rate than other types of short-term financing with collateral?
Q2) How does seasonality lead to short-term financing needs?
Q3) Since permanent working capital is invested in short-term assets,it should be financed with short-term sources of funds.
A)True
B)False
Q4) Occasionally,a company will encounter circumstances in which cash flows are temporarily negative for an unexpected reason.We refer to such a situation as:
A)a liquidity shock.
B)a negative cash flow shock.
C)a negative liquidity shock.
D)a cash crunch.
E)a margin squeeze.
Q5) How can a conservative financing policy reduce firm value?
Q6) Commercial paper is rated by credit rating agencies.
A)True
B)False
Q7) What are loan origination fees and what effect does it have on the loan?
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Chapter 21: Risk Management
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Q1) A provision in an insurance policy in which an initial amount of loss is not covered by the policy and must be paid by the insured is known as a:
A)security deposit.
B)market imperfection.
C)policy limit.
D)deductible.
E)loss premium.
Q2) A firm can borrow at a fixed rate of 7.25% on long-term loans.If it swaps its long-term payments so that it receives 6.5% and pays a floating rate of LIBOR,what is the rate of interest on its borrowing?
A)LIBOR + 7.25%
B)LIBOR + 6.5%
C)LIBOR - 0.75%
D)LIBOR
E)LIBOR + 0.75%
Q3) What is business liability insurance?
Q4) What is the purpose of a deductible?
Q5) How does insurance allow firms to increase their use of debt financing?
Q6) What is adverse selection?
Page 23
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Chapter 22: International Corporate Finance
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Q1) Canadian tax liabilities are ________ until the foreign subsidiary profits are repatriated to Canada.
A)not incurred
B)incurred no matter what
C)accrued
D)increased
E)decreased
Q2) The Law of One Price asserts that we will obtain the same valuation of a project whether
(a)we use the domestic cost of capital of the domestic currency equivalent cash flows at the forward exchange rates or
(b)we use the corresponding foreign cost of capital and then convert the present value (PV)of the foreign currency value of the cash flows at the spot rate.
A)True
B)False
Q3) What are the three factors that drive the supply and demand for each currency?
Q4) When would a firm be affected by exchange rate risk?
Q5) Why might firms prefer hedging with options rather than forward contracts?
Q6) What is covered interest parity?
24
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Chapter 23: Leasing
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Q1) Most leases involve a large upfront payment.
A)True
B)False
Q2) If Danby's borrowing cost is 7%,and its tax rate is 35%,what is the amount of the lease-equivalent loan for the crane?
A)$96,747
B)$369,671
C)$348,253
D)-$363,441
E)$75,329
Q3) If your firm's borrowing cost is 10% and the tax rate is 40%,what is the amount of the lease-equivalent loan for the new equipment?
A)$178,937
B)$158,169
C)$41,831
D)$27,014
E)$172,986
Q4) What will Luther's balance sheet look like if they acquire the new fleet of delivery trucks using an operating lease?
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Chapter 24: Mergers and Acquisitions
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Q1) Consider two firms,ABC and XYZ.Both companies will either make $5 million or lose $2 million every year with equal probability.The companies' profits are perfectly negatively correlated,so that in any year,one company makes $5 million and the other loses $2 million.The two firms decide to enter into a merger and combine operations.What are the expected after-tax profits of the combined company in any year,assuming a corporate tax rate of 35% and no tax loss carryback or carryforward,if they are run as two independent divisions?
A)$6 million
B)$3.25 million
C)$6.5 million
D)$3 million
E)$1.95 million
Q2) Once a tender offer is announced,the target's share price immediately rises by the amount of the acquisition premium.
A)True
B)False
Q3) What is the major drawback of adopting a poison pill?
Q4) What is the difference between a friendly takeover and a hostile takeover?
Q5) What is a poison pill,and how does it prevent a hostile takeover?
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Chapter 25: Corporate Governance
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Q1) The most extreme form of direct action that shareholders can take is:
A)a resolution.
B)to privately approach the board.
C)a "no" vote.
D)a proxy contest.
E)a "say-on-pay" vote.
Q2) What are some of the negative effects of increasing the sensitivity of managerial pay to firm performance?
Q3) What are the main provisions of the DODD Frank Act?
Q4) Explain what it means for a firm to have dual class shares.
Q5) Billy,the CEO of Movin On Up Company,was granted stock options with an exercise price of $55.00 per share.Refer to the week-ending stock prices that occurred during the quarter.If Movin On Up engaged in the practice of backdating,which of the following is the most likely exercise price for Billy's options?
A)$65.52
B)$67.50
C)$65.00
D)$56.82
E)$57.23
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