Week 3_ Test Your Knowledge (TYK)_ PJM 6075 WINTER 2024 PROJECT FINANCE 20736_21621

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3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 1/12 Week 3: Test Your Knowledge (TYK) Due Mar 10 at 5pm Points 20 Questions 20 Time Limit 60 Minutes Allowed Attempts 3 Instructions Attempt History Attempt Time Score LATEST Attempt 1 28 minutes 18 out of 20 Score for this attempt: 18 out of 20 This practice test covers week 3 course materials, which include the project ±nance markets, capital structure and cost of capital. Each answer key contains detailed explanations to help you master the course materials. Take notes as you learn, because the ±nal exam will cover week 1-week 6 course materials. You can take this practice test up to three times. Test Parameters Logistics: Online Number of Questions: 20 Duration: 60 minutes Possible points: 20 points Type of test: Open Book Questions Type: Fill in the blank, multiple choice, multiple answer, and matching Question Delivery: One question at a time Multiple Attempts: You can take this test up to three times Force Completion: Once started, this Test must be completed in one sitting. Due date: Sunday of the Third week of the course Learning Connection: This Test Your Knowledge (TYK) practice test is directly linked to the following key learning outcomes from the course syllabus: Examine the capital structure of a project organization Use real world case studies to apply project ±nance theories by Calculating the cost of capital of a project company Determining the optimal capital structure that maximizes the value of a project company Analyzing the factors that impact a project company's dividend policy Take the Quiz Again

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 2/12 Submitted Mar 10 at 7:28pm This attempt took 28 minutes.  Question 1 1 / 1 pts $22.61 $46.00 Correct! $50.00 $53.00 The conversion price is the assumed price of the stock, which was set at the time the bonds were issued. Dividing the $1 ,000 face value by the 20 shares results in a conversion price of $50. Answer (A) is incorrect because it is the ratio of stock price to bond price, not the conversion price.  Question 2 1 / 1 pts Correct! Usually exhibit greater stability than earnings. Fluctuate more widely than earnings. Tend to be a lower percentage of earnings for mature firms. Are usually changed every year to reflect earnings changes. Dividend policy determines the portion of net income distributed to stockholders. Corporations normally try to maintain a stable level of dividends, even though profits may fluctuate considerably, because many stockholders buy stock with the expectation of receiving a certain dividend every year. Thus, management tends not to raise dividends if the payout cannot be sustained. The desire for stability has led theorists to propound the information content or signaling hypothesis: a change in dividend policy is a signal to the market regarding management's forecast of future earnings. This stability often results in a Chenco's $1 ,000 par value convertible debentures are selling at $1,060 when its stock is selling for $46.00 per share. What is the conversion price if the conversion ratio is 20? Project finance experts agree that dividends

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 3/12 stock that sells at a higher market price because stockholders perceive less risk in receiving their dividends.  Question 3 1 / 1 pts Sinking fund. Correct! Call provision. Change in rating from Aa to Aaa. Conversion option. A bond issued at par may carry a lower coupon rate than other similar bonds in the market if it has features that make it more attractive to investors. For example, a sinking fund reduces default risk. Hence, investors may require a lower risk premium and be willing to accept a lower coupon rate. Other features attractive to investors include covenants in the bond indenture that restrict risky undertakings by the issuer and an option to convert the debt instruments to equity securities. The opportunity to profit from appreciation of the firm's stock justifies a lower coupon rate. An improvement in a bond's rating from Aa to Aaa (the highest possible) also justifies reduction in the risk premium and a lower coupon rate. However, a call provision is usually undesirable to investors. The issuer may take advantage of a decline in interest rates to recall the bond and stop paying interest before maturity.  Question 4 1 / 1 pts Commission percentage an investment banker receives for underwriting a security issue. Discount investment bankers receive on securities they purchase from the issuing company. Correct! The bond’s feature that will not reduce the coupon rate on a bond issued at par is a In project finance capital markets, the concept "underwriting spread" is used to refer to the

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3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 4/12 Difference between the price the investment banker pays for a new security issue and the price at which the securities are resold. Commission a broker receives for either buying or selling a security on behalf of an investor. An investment banker performs an underwriting or insurance function when it purchases an issue of securities and then resells them. The risk of price fluctuations during the distribution period is borne entirely by the investment banker. Investment banking is also an efficient vehicle for marketing the securities because investment bankers are specialists in such activities. The profit earned is the underwriting spread, or the difference between the purchase and resale prices of the securities (effectively, the wholesale and retail prices).  Question 5 1 / 1 pts Income bonds that require interest payments only when earnings permit. Subordinated debt and rank behind convertible bonds. Correct! Bonds secured by the full faith and credit worthiness of the issuing firm. A form of lease financing similar to equipment trust certificates. Debentures are unsecured bonds. Although no assets are mortgaged as security for the bonds, debentures are secured by the full faith and credit of the issuing firm. Debentures are a general obligation of the borrower. Only companies with the best credit ratings can issue debentures because only the company's credit rating and reputation secure the bonds.  Question 6 1 / 1 pts Correct! In project finance, the term debenture refers to In project finance capital markets, the primary market deals with the provision of new funds for capital investments through

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 5/12 New issues of bond and stock securities. Exchanges of existing bond and stock securities. The sale of forward or future commodities contracts. New issues of bond and stock securities and exchanges of existing bond and stock securities. The primary market is the market for new stocks and bonds. In this market, wherein investment money flows directly to the issuer, securities are initially sold by investment bankers who purchase them from issuers and sell them through an underwriting group. Later transactions occur on securities exchanges or other markets.  Question 7 1 / 1 pts All bonds in the issue mature on the same date. The yield to maturity is the same for all bonds in the issue. Correct! Investors can choose the maturity that suits their financial needs. The coupon rate on these bonds is adjusted to the maturity date. Serial bonds have staggered maturities; that is, they mature over a period (series) of years. Thus, investors can choose the maturity date that meets their investment needs. For example, an investor who will have a child starting college in 16 years can choose bonds that mature in 16 years.  Question 8 0 / 1 pts I and IV. Some investors like serial bonds because If a $1 ,000 bond sells for $1,150, which of the following statements are true? I. The market rate of interest is greater than the coupon rate on the bond. II. The coupon rate on the bond is greater than the market rate of interest. Ill. The coupon rate and the market rate are equal. IV. The bond sells at a premium. V. The bond sells at a discount.

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 6/12 I and V. Correct Answer II and IV. You Answered II and V.  Question 9 0 / 1 pts Bond requires a low issuance cost. You Answered Bond requires no interest income calculation to the holder or issuer until maturity. Interest can be amortized annually by the APR method and need not be shown as an interest expense to the issuer. Correct Answer Interest can be amortized annually on a straight-line basis but is a noncash outlay.  Question 10 1 / 1 pts Increases the size of the firm. Increases shareholders' wealth. Correct! Decreases future earnings per share. Decreases net income. Additional shares are outstanding following a stock dividend, but every shareholder maintains the same percentage of ownership. In effect, a stock dividend divides the pie (the corporation) into more pieces, but the pie is still the same size. Hence, a corporation will have a lower EPS and a lower book value per share following a stock dividend, but every shareholder will be just as well off as previously. A stock dividend has no effect except on the composition of the shareholders' equity section of the balance sheet. An important advantage of a zero-coupon bond to the issuer is that the Which of the following is true regarding a 10% stock dividend declared by Chenco’s board of directors?

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3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 7/12  Question 11 1 / 1 pts Correct! Bonds guaranteed by insurance companies or commercial banks. Bonds gifted to friends and family birthdays and other special occasions. Bonds that are issued by all industry sectors, including non-profit and government agencies. Bonds guaranteed by the issuer. Wrapped bonds are bonds guaranteed by insurance companies or commercial banks (primarily from European and Japanese banks rather than U.S. banks). When bonds are wrapped or guaranteed, bondholders need to pay little attention to the background or risks of the borrower or (if relevant) the project itself—at least theoretically—and could rely on the credit rating of the insurance company itself. This deals with the problem of private investors not having the capacity to assess the risks on individual bond issues.  Question 12 1 / 1 pts Correct! The yield on government debt for the same term, plus a margin for extra risk The dividend payout to common shareholders during most recent calendar year The yearly dividend per share divided by the earnings per share adjusted for risk The total shareholder return of the prior year Pricing of bonds is usually based on the yield on government debt for the same term, plus a margin for extra risk.  Question 13 1 / 1 pts Wrapped bonds are Bonds’ pricing is usually based on Chenco's stock trades rights-on for $50.00 and ex-rights for $48.00. The subscription price for rights holders is $40.00, and four rights are required to purchase one share of stock. What is the value of a

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 8/12 Correct! $2.00 $0.40 $0.50 $1.60 Until rights are actually issued, the stock trades rights-on, meaning that the stock and rights are inseparable. If P is the value of a share rights-on, S is the subscription price of a new share, and N is the number of rights needed to buy a new share, the value of a right when the stock is selling rights-on is (P - S) ÷ (N + 1). Thus, the value of a right when the stock is selling rights-on is $2.00 (($50- $40) ÷ (4 + 1)].  Question 14 1 / 1 pts The bondholder is guaranteed an income over the life of the security. By promising a return to the bondholder, an income bond is junior to preferred and common stock. Income bonds are junior to subordinated debt but senior to preferred and common stock. Correct! Income bonds pay interest only if the issuing company has earned the interest. An income bond is one that pays interest only if the issuing company has earned the interest, although the principal must still be paid on the due date. Such bonds are riskier than normal bonds.  Question 15 1 / 1 pts Correct! A tradable debt instrument right while the stock is still trading rights-on? The main difference between income bonds and other bonds is that In project finance, the term bond is used to mean

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 9/12 A share owns by an investor A stock owns by a stockholder A debt owed to a commercial bank A bond is a long-term promise to pay a specified amount on a specified date and to pay interest at stated intervals. A bond is a tradable debt instrument. The bondholder is the party which has lent to the project company on the basis of a bond. This party is usually not a commercial bank. A bond issued by a project company is basically similar to a loan from the borrower’s point of view, but it is aimed mainly at the non- banking market and takes the form of a tradable debt instrument, originally evidenced by a paper certificate, but now generally superseded by electronic registration. Bonds may either be public issues (i.e. quoted on a stock exchange and—at least theoretically—quite widely traded), or private placements, which are not quoted and are sold to a limited number of large investors. It is possible for a private placement to take place without the intervention of an investment bank (i.e. the Sponsors deal directly with bond lenders), although this is not common.  Question 16 1 / 1 pts Revenue bonds issued by private sector project companies for public infrastructure projects. Revenue bonds issued private non-profit sector project companies. Income bonds issued by foreign private sector entities. Correct! Revenue bonds issued by a public-sector entity but on-lent to a private-sector project company. Private Activity Bonds (PABs) are a sub-set of revenue bonds, which are important for private-sector project finance, especially PPPs. These are revenue bonds issued through a public-sector entity but on- lent to a private-sector project company, relying only on the project’s cash flows for repayment. Municipal bonds are classified as PABs under section 141 of the IRS Code if: 1) more than 10% of the bond proceeds are used to support private business activities; and 2) more than 10% of the bond debt service is secured by payments from private business. Private activity bonds (PAB) are

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3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 10/12  Question 17 1 / 1 pts Correct! Securities rated at less than investment grade. Worthless securities. Securities that are highly risky but offer only low yields. Bonds issued by fast-food companies such as McDonald’s and Burger King. Junk bonds are high-risk and therefore high-yield securities that are normally issued when the debt ratio is very high. Thus, the bondholders have as much risk as the holders of equity securities. Such bonds are not highly rated by credit evaluation companies. Junk bonds have become accepted because of the tax deductibility of the interest paid.  Question 18 1 / 1 pts Correct! More than 95% of the bond proceeds are used for the purposes of public infrastructure projects. More than 10% of the bond proceeds are used for the purposes of public infrastructure projects. More than 95% of the bond proceeds are used for the purposes of mass commuting facilities. More than 95% of the bond proceeds are used for the purposes of environmental enhancements of hydro-electric generating facilities. Private Activity Bonds (PABs) are qualified for federal tax exemption if more than 95% of the bond proceeds are used for the purposes set out in Section 142 of the IRS Tax Code, namely, airports, docks and wharves, mass commuting facilities, facilities for the furnishing of water, sewage facilities, solid waste disposal facilities, qualified residential rental projects, facilities for the furnishing of local electric energy or gas, local district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, environmental enhancements of hydro-electric generating facilities, and qualified public educational facilities. Clearly most of these can be structured as project financings. Tax-exempt PABs are subject to volume caps limiting the total amounts of bonds issued in a jurisdiction. However, Junk bonds are Private Activity Bonds (PABs) are qualified for federal tax exemption if

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 11/12 these caps do not apply to Exempt Facilities. Examples include airports, docks and wharves, environmental enhancements of hydroelectric generating facilities, qualified public educational facilities, governmentally owned solid waste disposal facilities, governmentally owned high-speed intercity rail facilities, privately owned high-speed intercity rail facilities (only 75% of the bond proceeds). To qualify for tax exemption, generally not more than 25% of the bond proceeds may be used for acquisition of real property. The 2005 Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) allowed up to $15 billion of tax-exempt PABs to be issued for transportation projects until 2015, outside the volume caps.  Question 19 1 / 1 pts Increases the debt-to-equity ratio of a firm. Correct! Decreases future earnings per share. Decreases the size of the firm. Increases shareholders' wealth. Additional shares are outstanding following a stock dividend, but every shareholder maintains the same percentage of ownership. In effect, a stock dividend divides the pie (the corporation) into more pieces, but the pie is still the same size. Hence, a corporation will have a lower EPS and a lower book value per share following a stock dividend, but every shareholder will be just as well off as previously. A stock dividend has no effect except on the composition of the shareholders' equity section of the balance sheet.  Question 20 1 / 1 pts Correct! Earnings should be retained and reinvested as long as profitable projects are available. Which of the following is true regarding a stock dividend Broadly speaking, a firm may adopt one of two dividend policies: 1) a residual dividend policy; or 2) an active dividend policy strategy. A residual dividend policy assumes that

3/20/24, 4:32 PM Week 3: Test Your Knowledge (TYK): PJM 6075 WINTER 2024 PROJECT FINANCE 20736/21621 https://northeastern.instructure.com/courses/165089/quizzes/582941 12/12 Dividends are important to shareholders, and any earnings left over after paying dividends should be invested in high- return assets. Dividend payments should be consistent. Dividends are relevant to a financing decision. Quiz Score: 18 out of 20

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Owso0/studentAssignment/inde JALYN GARCIA Odysseyware LEARN MESSAGE HELP SIGN OUT ASSIGNMENTS COURSES Assignment - 3. Automobile Loans Attempt 1 of 1 SECTION 2 OF 4 QUESTION 3 OF 6 2 4 >> John takes a car loan for $18,000. The loan is for 36 months and has an interest rate of 2.5%. There are additional $500 of fees. What is the APR for this loan? O 2.5% O 4.5% O 5.3% O 9.5% TURN IT IN NEXT QUESTION READ NEXT SECTION O ASK FOR HELP 1121 PM G 10 ENG 2/6/2021 P Type here to search 7 8 3 P T.

myOpenMath Course Messages Forums Calendar | Gradebook Home > Math 173-4 Spring 2024> Assessment Quiz 2 (Sec. 1.5-1.7) 54 points possible 5/12 answered Question 6 The graph of the function y = f(x - 39) can be obtained from the graph of y = f(x) by one of the following actions: > Next Question Home | My Oshifting the graph of f(x) to the right 39 units shifting the graph of f(x) to the left 39 units shifting the graph of f(x) upwards 39 units shifting the graph of f(x) downwards 39 units

PowerSchool Leaming : Portal : D A ANet Online 4DC a login.achievementnetwork.org/tutti/learn/assignments/viewAssignment.svc?ciid3FE954372A54D406885C1144055.. A1 Math Algebra II 20-21 Form MT Online Screen Settings 9 of 9 * Full Screen I Sa Main Street Bank has savings accounts that earn 0.8% interest per month. All deposits, interest payments, and account closures are processed on the first day of a month Part A Assume a customer deposits the same amount of money, x, in dollars, each month. Write an expression that can be used to determine how much money would be in a savings account from Main Street Bank after n months. Respond in the space provided. Part B Luciana and Valerie are both opening savings accounts at Main Street Bank and will close their savings accounts at the end of their savings strategy Luciana's savings strategy is to deposit $200 each month for 24 months. Valerie's savings strategy is to deposit $400 each month for 12 months. Whose savings strategy will result in…

blem Set: ModX * CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel x G module 5 problem set X ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. Lo еВook Show Me How Entries for notes payable Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 2 b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Previous Check My Work 56°F Mostly cloudy ヘ回。

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