I.

PIlihan Ganda

1. D 6. C 11. C 16. A 21. A 26. C

2. C 7. D 12. A 17. B 22. C 27. A
3. B 8. D 13. A 18. C 23. B 28. C
4. C 9. A 14. A 19. A 24. C 29. D
5. D 10. B 15. B 20. A 25. D 30. A

II. Essay

1. Lima prinsip manajemen keuangan

– PRINCIPLE 1:Money Has a Time Value
 A dollar received today is worth more than a dollar received in the future
– PRINCIPLE 2: There is a Risk-Return Trade-off
 We won’t take on additional risk unless we expect to be compensated with additional
return
– PRINCIPLE 3: Cash Flows Are the Source of Value
 Profit is an accounting concept and measures a business’s performance. Cash flow is the
amount of cash that can actually be taken out of the business.
– PRINCIPLE 4: Market Prices Reflect Information
 Investors react quickly to news/information and decisions made by managers.
– PRINCIPLE 5: Individuals Respond to Incentives
 Managers (as agents) respond to incentives they are given in the workplace. If their
incentives are not properly aligned with those of the firm’s stockholders (the principal)
they may not make decisions that are consistent with increasing shareholder value leading
to agency costs

2. Capital Asset Pricing Model (CAPM) terkait dengan risiko dalam portfolio saham
- Pengertian : CAPM describes how the betas relate to the expected rates of return. Investors will
require a higher rate of return on investments with higher betas
- Bagan:

3. Two fundamental determinants of a firm’s P/E ratio:

1. Growth Rate in Dividends (higher the growth rate, higher the value of stock, higher the P/E
ratio),
2. Investor-Required Rates of Return (higher the required rate, lower the value of stock the
value of stock, lower the P/E ratio)

4. Pengertian dan jenis metode dalam Capital Budgeting

To determine the desirability of investment proposals, we can use several analytical tools such as:
 • Net Present Value (NPV),
• Equivalent Annual Cost (EAC),
• the Profitability Index (PI),
• the Internal Rate of Return (IRR), and
• the discounted payback period.
5. Perbedaan Private dan Public Debt
Pihak yang terlibat
Secondary market
Advantages
Disadvantages
III. Kasus:
1. Financial Forecasting and Planning
a. Income Statement dan Neraca PT Cinta Tahun 2015!
 INCOME STATEMENT PT CINTA 2015:
Private
Hanya melibatkan dua pihak
(yang berhutang dan yang
memberikan pinjaman)
Tidak dijual dipasar sekunder
Speed
Reduced costs
Financing flexibility
– Interest costs
– Restrictive covenants
– Can not be
sold/transferred to other
easily
Public
Melibatkan lebih dari dua
pihak, seperti underwriting,
peminjam (issuer), yang
memberikan pinjaman
(creditor/debt holder), bond
rating, etc
Dijual dipasar sekunder
Easy to transfer/sold to others
through secondary market
Lower interest cost
Lower default risk
Supervised by Security
exchange (OJK)
– Long process (need more
time)
– Higher costs (floating cost)
– For issuer, more disclosure
needed
 NERACA PT CINTA 2015:

Step1:
Current Assets
Current Ratio =
Current Liabilities
Current Assets
1 =
(98.765.432 + 49.382.716 + 148.148.148)
Current Assets = 296.296.296
Current Assets – Inventory
Quick Ratio =
Current Liabilities
296.296.295 – Inventory
0.5 =
(98.765.432 + 49.382.716 + 148.148.148)
148.148.148 = 296.296.295 – Inventory
Inventory = 148.148.148

Step2:
Total Assets = cash + Inventory + building + equipment
= 691.358.024
Step 3:
Total Assets = Total Liabilities + Equity
Step 4:
Long Term Debt = Total Assets – (A/P + T/P + A/E + C/S + PiC + R/E)
= 98.765.432

b. Proforma Neraca PT Cinta Tahun 2016!

 c. Hitunglah Discretionary Financing Needs (DFN) PT Cinta tahun 2016!

2. Debt Valuation
Pada kb = 6 %: Vb = $ 45 ( 23,115 ) + $ 1000 ( 0,307)
Vb = $ 1040,18 + $ 307

Vb = $ 1347,18

Nilai obligasi pada tingkat suku bunga 6 % adalah sebesar $ 1.347,18

Pada kb = 14 %: Vb = $ 45 ( 13.332 ) + $ 1000 ( 0,067)

Vb = $ 599,94 + $ 67

Vb = $ 666,94

Nilai obligasi pada tingkat suku bunga 14 % adalah sebesar $ 666,94

3. Investment Decision Criteria