Stocks

## Stocks

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*Stocks*beendet. Sie haben %%SCORE%% von %%TOTAL%% Punkten erreicht. Ihre Leistung wird folgendermaßen bewertet: %%RATING%%
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Frage 1 |

An investor expects a stock to produce cash flows (dividends) of 1.00 EUR in year one, 1.50 EUR in two years and 2.00 EUR in the third year. The stock is expected to value 25.00 EUR in three years. What is the present value of this asset, using a 10 percent discount rate?

A | 3.65 EUR |

B | 10.74 EUR |

C | 30.15 EUR |

D | 22.43 EUR |

E | 22.16 EUR |

Frage 2 |

A stock is worth 30 EUR today and is expected to earn a dividend of 2 EUR in one year, 3.50 in year two and three and 4 EUR in year four. What is the value of that stock after year four if your required rate of return is 14% per year?

A | 59.95 EUR |

B | 60.51 EUR |

C | 66.17 EUR |

D | 68.34 EUR |

E | 66.73 EUR |

Frage 3 |

What is the discount rate of a future cash flow valuing 180 EUR in one year that is worth 156 EUR today?

A | 13.33 percent per year |

B | 115.38 percent per year |

C | 1.15 percent per year |

D | 15.38 percent per year |

E | 24.00 percent per year |

Frage 4 |

As an analyst you determine the value of EXXON Mobil stocks, registered at the NYSE, as of Mai 2008. Supposing a beta of 0,8746 , a historical risk premium of 5.9 percent, and the given current yield to maturity on a liquid 10 year US government bond of 4.1 percent, what is the required rate of return on EXXON Mobil stocks according to the CAPM?

A | 10.00 % p.a. |

B | 12.85 % p.a. |

C | 9.49 % p.a. |

D | 5.67 % p.a. |

E | 9.26 % p.a. |

Frage 5 |

You forecast FORD Corporation to pay a 0.16 USD dividend the following year and you expect the stock price to be 10.80 USD by then. Your required rate of return is 12 percent. What is your estimate of GM’s stock value at the moment?

A | 8.89 % p.a. |

B | 14.28 % p.a. |

C | 14.81 % p.a. |

D | 9.79 % p.a. |

E | 9.64 % p.a. |

Frage 6 |

A company has recently paid a dividend of 2 EUR per share which is expected to increase at an annual rate of 10 percent for the next four years. Thereafter experts forecast the dividend to remain at that absolute level in perpetuity and not to grow any more. What should you be willing to pay for that stock assuming a required rate of return of 12 percent?

A | 15.51 EUR |

B | 27.17 EUR |

C | 7.65 EUR |

D | 23.16 EUR |

E | 36.10 EUR |

Frage 7 |

As a private investor you determined a required rate of return for a European stock to be 9.3 percent, using the CAPM. After a precise analysis you assess that the company’s long-term performance is best described by stable growth at a rate of 3 percent per year. If the company paid a dividend of 1.10 EUR this year, what is the stock value using the Gordon Growth Model?

A | 9.21 EUR |

B | 17.98 EUR |

C | 17.46 EUR |

D | 12.18 EUR |

E | 8.94 EUR |

Frage 8 |

Suppose you have the opportunity to buy E.ON’s perpetual preferred stock yielding 3.20 USD per year indefinitely. Your required rate of return is 11 percent. What is the value of E.ON’s preferred stock?

A | 32.29 EUR |

B | 3.55 EUR |

C | 29.09 EUR |

D | 2.88 EUR |

E | 32.00 EUR |

Frage 9 |

Which of the following are characteristics of preferred stock?

A | Dividends are paid to preferred stockholders first. |

B | Preferred stock can be divided into common stock and equity. |

C | Preferred stock offers fixed dividend payments each period. |

D | Most preferred stock is cumulative preferred stock. |

E | Preference shares do not entitle their owners with voting rights. |

Frage 10 |

Which of the following statements concerning relative and absolute valuation are correct?

A | Evaluating stocks with the help of absolute valuation models nevertheless involves uncertainty due to forecasted cash flows and a subjective discount rate assessment. |

B | The basic assumption underlying relative valuation states that similar assets should sell at similar prices. |

C | Relative as well as absolute valuations are both based on the idea of discounted cash flow models. |

D | The most significant and fundamental approach of absolute valuation are present value models. |

E | Relative valuation models are typically realized using price multiples like the price-earnings multiple (P/E). |

Frage 11 |

You are an automotive industry analyst investigating on Daimler Corp. stocks, listed at the Frankfurt Stock Exchange, and collect the following information as of June 2008: The recent share price of Daimler is 45.00 EUR. Your approximation of Daimler’s intrinsic value is 49.50 EUR. You think that this current mispricing will be fully abolished during one year. Beside this correction you forecast the payment of a cash dividend of 2.50 EUR as well as an additional price appreciation of 3.50 EUR per share over the course of the year. What is the expected one-year holding period return on Daimler stocks?

A | 21.21 % p.a. |

B | 10.50 % p.a. |

C | 5.55 % p.a. |

D | 23.33 % p.a. |

E | 18.10 % p.a. |

Frage 12 |

By beginning May 2008 the stock of Toyota is listed at the NYSE for 33.90 USD and analysts forecast a dividend of 0.96 in Mai 2009. You trust a lot in the current management and its strategy and forecast the stock to increase to 38.50 USD in one year. Suppose purchasing the stock today, what return could you earn over a period of one year?

A | 16.40 % p.a. |

B | 10.74 % p.a. |

C | 13.60 % p.a. |

D | 22.83 % p.a. |

E | -11.82 % p.a. |

Frage 13 |

Given the fact that an investment that increases at an annual rate of 10 percent nearly doubles in value after 7 years, what is the approximate market price of a stock supposing it pays 2 USD a year in perpetuity from year 8 onwards? Your discount rate is 10 percent.

A | Approximately 8.00 USD |

B | Approximately 10.00 USD |

C | Approximately 12.50 USD |

D | Approximately 11.00 USD |

E | Approximately 13.00 USD |

Frage 14 |

You are given the following data of an arbitrary construction company stock.The risk free rate of return is 4.6 percent.Using arbitrage pricing theory, what is the cost of capital according to the Fama-French (1993) three-factor model?

A | 18.40 % p.a. |

B | 7.65 % p.a. |

C | 12.25 % p.a. |

D | 10.77 % p.a. |

E | 11.83 % p.a. |

Frage 15 |

As an asset manager you have estimated the following data for one of your electricity company’s stock.The risk free rate of return is 4.5 percent.Using arbitrage pricing theory, calculate the cost of capital according to the BIRR model (Burmeister, Roll and Ross (1994)).

A | 12.74 % p.a. |

B | 8.24 % p.a. |

C | 12.95 % p.a. |

D | 13.41 % p.a. |

E | 17.45 % p.a. |

Frage 16 |

Suppose you have the opportunity to buy Goldman Sachs’ registered shares yielding a 0.89 USD dividend this year . Your required rate of return is 11 percent but you appraise that dividends will decline forever at a rate of 5 percent since you do not assess the business model to stay competitive any longer. What is the value of Goldman Sachs stocks?

A | 14.83 EUR |

B | 8.09 EUR |

C | 5.56 EUR |

D | 7.69 EUR |

E | 8.50 EUR |

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