M.sc Finance/M.B.F Qualifying Examinations 2010/2011
Instructions: Answers all questions, shade the correct answers to the questions and in the computer sheets provided. Write your number as your examination number and your course of study in the spaces provided in the computer sheet.
Time allowed: 60 minutes
1. A housewife intends to buy a deep freezer to perverse the perishable food items worth N38,000. She has N18,000 in a savings account paying 9% interest per annum. How long will she wait before realising her dream?
A. 8.28 years
B. 11.35 years
C. 9.00 years
D. 7.13 years
2. Obi is interested in knowing the present value of N1000 perpetuity to be received from his investment company if it is discounted at 12%. Determine the value?
A. N893.00
B. N8,333.00
C. N1,120.00
D. N880.00
3. Which of these should be ignored in the estimation of the relevant cash flows by a firm considering the replacement of its existing machine with a new one?
A. fixed overheads only
B. Last year's value of the old machine and fixed overheads
C. Current market value of the old machine
D. Losses in sales revenue as a result of replacing the old machine.
For Questions 4-5
A firm expects to make sales of N200,000 in January with sales rising by 2% per month (compounded) thereafter. Materials in the cost of goods sold are 30% of sales while materials are purchased one month ahead of their usage and are paid for on 60 days credit. The production cycle is very short and no stocks of finished goods are held. Debtors pay as follows.
20% cash with purchase no discount
40% on 1 months credit with a 3% discount immediate payment
Balance is paid 2 months experienced
Using the above information answers the questions that follow.
4. What are the budgeted cash payments in June (to the nearest N'000) for materials?
A. N62,000.00 B. N64.000.00 C. N65,000.00 D. N66.000
5. What are the budgeted cash receipts (to the nearest N'000) in June?
A. N198,500.00 B. N202.000.00 C. N202,100.00 D. N207.100
6. One of these is not an attribute of a limited liability company or corporation?
A. Ease of expansion due to access to large amount of capital
B. Longer life span
C. Ease of establishment
D. Limited liability for owners
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