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FIN6016 International Corporate Finance Mock Examination

Section A
You should attempt ALL questions in this section, which carries a total of 40 marks.

Question 1
Which of the following is not regarded as a constraint interfering with the MNC goal? A | economic constraints. | | B | environmental constraints. | | C | regulatory constraints. | | D | ethical constraints. | |

(1 marks)
Question 2 ____ is not a factor that causes currency supply and demand schedules to change. A | Relative inflation rates | | B | Relative interest rates | | C | Relative income levels | | D | Expectations | | E | All of the above are factors that cause currency supply and demand schedules to change. | |

(1 mark)

Question 3
If a UK firm's cost of goods sold exposure is much greater than its sales exposure in Switzerland, there is a ____ overall impact of the Swiss franc's depreciation against the pound on ____.

A | positive; interest expenses | | B | positive; gross profit | | C | negative; gross profit | | D | negative; interest expenses | |

(1 mark)

Question 4
Assume zero transaction costs. If the 90-day forward rate of the euro is an accurate estimate of the spot rate 90 days from now, then the real cost of hedging payables will be: A | positive | | B | negative. | | C | positive if the forward rate exhibits a premium, and negative if the forward rate exhibits a discount. | | D | zero. | | (1 mark)
Question 5
Depreciation of the euro relative to the U.S. dollar will cause a U.S.-based multinational firm's reported earnings (from the consolidated income statement) to ____. If a firm desired to protect against this possibility, it could stabilize its reported earnings by ____ euros forward in the foreign exchange market. A | be reduced; purchasing | | B | be reduced; selling | | C | increase;...

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