公司理财模拟试题

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公司理财试题及答案

公司理财试题及答案一、选择题1. 下列哪个不是公司理财的基本目标？A. 增加现金流入B. 最大化利润C. 降低风险D. 提高市场份额答案：D2. 公司理财的基本原则包括以下哪些？A. 高收益原则B. 高流动性原则C. 长期经营原则D. 分散投资原则答案：BCD3. 公司现金流量分析的主要目的是什么？A. 评估公司现金收入和支出的状况B. 分析公司的盈利能力C. 了解公司的资产负债状况D. 预测公司未来的发展趋势答案：A二、简答题1. 请简要解释公司风险管理的概念和重要性。

答案：公司风险管理是指对公司面临的各种风险进行识别、评估、控制和监测的过程。

它的重要性体现在以下几个方面：- 风险管理有助于公司降低风险，防范损失，保障公司的可持续发展。

- 通过全面分析风险，公司可以制定有效的风险应对策略，提高决策的准确性和有效性。

- 风险管理可以增加公司的竞争力，提高投资者、合作伙伴和顾客的信任度。

2. 请列举一些常见的公司理财工具，并简要说明其特点。

答案：常见的公司理财工具包括：- 现金管理工具：如短期存款、货币市场基金等。

这些工具具有流动性高、风险低的特点，适合用于短期的现金周转和备付金管理。

- 债券：公司可以通过发行债券融资，债券具有固定收益、期限确定等特点，适合用于长期资金的筹集。

- 股票：公司可以通过发行股票融资，股票具有股东权益和股东收益的特点，适合用于扩大股东基础和提高公司声誉。

- 衍生品：如期货、期权等。

衍生品具有杠杆效应和价格波动性高的特点，可以用于套期保值和投机交易。

三、案例分析某公司在进行资金投资决策时，面临着以下两个项目：项目A：投资额为100万元，预期年收益为10万元，投资期限为5年，风险评估为中等。

项目B：投资额为80万元，预期年收益为8万元，投资期限为3年，风险评估为低。

请根据公司理财的原则，帮助公司选择投资项目并给出理由。

答案：根据公司理财的原则，首先应该考虑的是投资的风险。

项目A和项目B的风险评估分别为中等和低，因此项目B在风险控制方面更为有利。

公司理财模拟试题及参考答案

E.由于机会成本是客观存在的，故买方必然需付出机会成本
14.自愿和解是指破产程序开始后，债务人和债权人在互谅互让的基础上就有关事项达成协议，
和解的方式主要
有（ABDE）。
A.
B.
C.
D.
E.
债务减让
债务展期
破产重组
债权人托管
发行证券交换未偿债务证券
15.影响资本结构的决策因素中，负债筹资的有利因素有（
《公司理财》模拟题一
一、单项选择题（下列每小题的备选答案中，只有一个符合题意的正确答案，多选、错选、不选均不得分。本题共10个小题，每小题2分，共20分）
1. 进行并购价值评估选择折现率时，股权自由现金流量应该选择的折现率是（
A.加权平均资本成本B.股权资本成本
C.债权资本成本D.市场利率
2. 交易双方交换彼此的、根据一定数量股票或股票指数表现确定的支付流量的互换是（
D统一税收理论
D）。
C劳资纠纷
）
C政权更迭
D通货膨胀
D新产品试制失败
二、多项选择题（下列每小题的备选答案中，只有两个或两个以上符合题意的正确答案，多选、不选均不得分。本题共5小题，每小题3分，共15分）
少选、错选、
11.影响财务风险的主要因素有（ABCD
A.资本供求变化B.利率水平变化C.获利能力变化
《公司理财》一、单项选择题（下列每小题的备选答案中，只有一个符合题意的正确答案，多选、错选、不选均不得分。本题共10个小题，每小题2分,共20分）
1.财务管理理论的前提是（C）。
A.财务管理概念B.财务管理目标C.财务管理环境D.财务管理假设
2.下列关于市盈率，说法不正确的是（C）。
A.债务比重大的公司市盈率较低

公司理财试题4

Chapter 4Introduction to Valuation: The Time Value of Money I. DEFINITIONSTopic: FUTURE VALUE1. The amount an investment is worth after one or more periods of time is the ___________.A) future valueB) present valueC) principal valueD) compound interest rateE) simple interest rateAnswer: ATopic: COMPOUNDING2. The process of accumulating interest on an investment over time to earn more interest is called:A) Growth.B) Compounding.C) Aggregation.D) Accumulation.Answer: BTopic: INTEREST ON INTEREST3. Interest earned on the reinvestment of previous interest payments is called _____________ .A) free interestB) annual interestC) simple interestD) interest on interestE) compound interestAnswer: DTopic: COMPOUND INTEREST4. Interest earned on both the initial principal and the interest reinvested from prior periods is called_______________ .A) free interestB) annual interestC) simple interestD) interest on interestE) compound interestAnswer: ETopic: SIMPLE INTEREST5. Interest earned only on the original principal amount invested is called _____________.A) free interestB) annual interestC) simple interestD) interest on interestE) compound interestAnswer: CTopic: FUTURE VALUE INTEREST FACTOR6. The future value interest factor is calculated as:A) (1 + r)tB) (1 + rt)C) (1 + r)(t)D) 1 + r – tE) None of the above are correctAnswer: ATopic: PRESENT VALUE7. The current value of future cash flows discounted at the appropriate discount rate is called the:A) Principal value.B) Future value.C) Present value.D) Simple interest rate.E) Compound interest rate.Answer: CTopic: DISCOUNTING8. The process of finding the present value of some future amount is often called ______________.A) growthB) discountingC) accumulationD) compoundingE) reductionAnswer: BTopic: PRESENT VALUE INTEREST FACTOR9. The present value interest factor is calculated as:A) 1/(1 + r – t)B) 1/(1 + rt)C) 1/(1 + r)(t)D) 1/(1 + r)tE) 1 + r + tAnswer: DTopic: DISCOUNT RATE10. The interest rate used to calculate the present value of future cash flows is called the _________rate.A) free interestB) annual interestC) compound interestD) simple interestE) discountAnswer: EII CONCEPTSTopic: PRESENT VALUE FACTORS11. Suppose you are trying to find the present value of two different cash flows using the same interestrate for each. One cash flow is $1,000 ten years from now, the other $800 seven years from now.Which of the following is true about the discount factors used in these valuations?A) The discount factor for the cash flow ten years away is always less than or equal to the discountfactor for the cash flow that is received seven years from now.B) Both discount factors are greater than one.C) Regardless of the interest rate, the discount factors are such that the present value of the $1,000will always be greater than the present value of the $800.D) Since the payments are different, no statement can be made regarding the discount factors.E) You should factor in the time differential and choose the payment that arrives the soonest.Answer: ATopic: SIMPLE VS. COMPOUND INTEREST12. You are choosing between investments offered by two different banks. One promises a return of10% for three years using simple interest while the other offers a return of 10% for three years using compound interest. You should:A) Choose the simple interest option because both have the same basic interest rate.B) Choose the compound interest option because it provides a higher return.C) Choose the compound interest option only if the compounding is for monthly periods.D) Choose the simple interest option only if compounding occurs more than once a year.E) Choose the compound interest option only if you are investing less than $5,000.Answer: BTopic: TIME VALUE FACTORS13. Given r and t greater than zero and assuming a lump sum payment:I. Present value interest factors are less than one.II. Future value interest factors are greater than one.III. Present value interest factors are greater than future value interest factors.IV. Present value interest factors grow as t grows, provided r is held constant.A) I onlyB) I and II onlyC) I and IV onlyD) II and III onlyE) II and IV onlyAnswer: BTopic: PRESENT VALUE14. Which of the following statements is/are FALSE, all else the same?I. Present values increase as the discount rate increases.II. Present values increase the further away in time the future value.III. Present values are smaller than future values when both r and t are positive.A) I onlyB) I and II onlyC) II onlyD) III onlyE) II and III onlyAnswer: BIII. PROBLEMSTopic: PRESENT VALUE LUMP SUM15. Fresh out of college, you are negotiating with your prospective new employer. They offer you asigning bonus of $1,000,000 today or a lump sum payment of $1,250,000 three years from now. If you can earn 7% on your invested funds, which of the following is true?A) Take the signing bonus because it has the lower present value.B) Take the signing bonus because it has the higher future value.C) Take the lump sum because it has the higher present value.D) Take the lump sum because it has the lower future value.E) Based on these numbers, you are indifferent between the two.Answer: CResponse:FV of bonus = $1,000,000(1.07)3 = $1,225,043;PV of lump sum = $1,250,00 / (1.07)3 = $1,020,37216. You received a $1 savings account earning 6% on your 1st birthday. How much will you have inthe account on your 30th birthday if you don't withdraw any money before then?A) $3.56B) $4.90C) $5.42D) $5.90E) $6.13Answer: CResponse: FV = $1(1.06)29 = $5.42Topic: FUTURE VALUE LUMP SUM17. What is the future value of $15,000 received today if it is invested at 7.5% compounded annuallyfor five years?A) $15,133.35B) $17,476.42C) $21,534.44D) $24,521.75E) $28,374.89Answer: CResponse: FV = $15,000(1.075)5 = $21,534.44Topic: PRESENT VALUE LUMP SUM18. How much would you have to invest today at 9% compounded annually to have $35,000 availablefor the purchase of a car five years from now?A) $20,267.26B) $22,747.60C) $24,147.25D) $26,370.10E) $28,149.57Answer: BResponse: PV = $35,000 / (1.09)5 = $22,747.60Topic: PRESENT VALUE LUMP SUM19. You will receive a $250,000 inheritance in 25 years. You can invest that money today at 8%compounded annually. What is the present value of your inheritance?A) $ 17,491.53B) $ 29,767.15C) $ 36,504.48D) $ 65,492.34E) $100,000.00Answer: CResponse: PV = $250,000 / (1.08)25 = $36,504.4820. You just won the lottery and want to put some money away for your child's college education.College will cost $75,000 in 15 years. You can earn 7% compounded annually. How much do you need to invest today?A) $19,828.18B) $21,763.07C) $23,690.82D) $25,258.17E) $27,183.45Answer: EResponse: PV = $75,000 / (1.07)15 = $27,183.45Topic: PRESENT VALUE LUMP SUM21. You are supposed to receive $3,000 four years from now. At an interest rate of 8%, what is that$3,000 worth today?A) $1,591.97B) $1,892.43C) $2,205.09D) $2,497.91E) $2,699.01Answer: CResponse: PV = $3,000 / (1.08)4 = $2,205.09Topic: INTEREST RATE22. Your grandfather placed $5,000 in a trust fund for you. In 12 years the fund will be worth $10,000.What is the rate of return on the trust fund?A) 3.70%B) 4.16%C) 5.95%D) 6.90%E) 8.42%Answer: CResponse: r = ($10,000 / 5,000)1/12 1 = 5.95%Topic: NUMBER OF PERIODS23. You need $3,000 to buy a new stereo for your car. If you have $1,200 to invest at 6% compoundedannually, how long will you have to wait to buy the stereo?A) 6.58 yearsB) 8.42 yearsC) 11.60 yearsD) 14.58 yearsE) 15.73 yearsAnswer: EResponse: t = ln($3,000 / 1,200) / ln (1.06) = 15.73 years24. Your parents agree to pay half of the purchase price of a new car when you graduate from college.You will graduate and buy the car two years from now. You have $9,000 to invest today and canearn 12% on invested funds. If your parents match the amount of money you have in two years, what is the maximum you can spend on the new car?A) $ 7,260B) $11,290C) $15,000D) $19,250E) $22,579Answer: EResponse: FV = $9,000(1.12)2 = $11,289.60; $11,289.60 x 2 = $22,579Topic: RULE OF 7225. Granny puts $25,000 into a bank account earning 6%. You can't withdraw the money until thebalance has doubled. How long will you have to leave the money in the account?A) 6 yearsB) 9 yearsC) 12 yearsD) 14 yearsE) 20 yearsAnswer: CResponse: t = 72 / 6 = 12 yearsTopic: COMPOUNDING26. Many economists view a 3% annual inflation rate as "acceptable". Assuming a 3% annual increasein the price of automobiles, how much will a new BMW cost you 8 years from now, if today's priceis $40,000?A) $38,779B) $42,110C) $45,575D) $47,813E) $50,671Answer: EResponse: FV = $40,000(1.03)8 = $50,671Topic: COMPOUNDING27. In 1889, Vincent Van Gogh's painting "Sunflowers" sold for $125. One hundred years later it soldfor $36 million. Had the painting been purchased by your great-grandfather and passed on to you,what annual return on investment would your family have earned on the painting?A) 9.11%B) 10.09%C) 11.88%D) 11.99%E) 13.40%Answer: EResponse: r = ($36,000,000 / 125)1/100 -1 = 13.40%28. An insurance company promises to pay Jane $1 million on her 65th birthday in return for aone-time payment of $125,000 today. (Jane just turned 30.) At what rate of interest would Jane be indifferent between accepting the company's offer and investing the premium on her own?A) 3.4%B) 4.5%C) 5.1%D) 6.1%E) 7.2%Answer: DResponse: r = ($1,000,000 / 125,000)1/35 -1 = 6.12%Topic: PRESENT VALUE LUMP SUM29. Homer promises Bart that he will give him $8,000 upon his graduation from college at SpringfieldU. How much must Homer invest today to make good on his promise, if Bart is expected tograduate in 13 years and Homer can earn 6% on his money?A) $3,235.32B) $3,750.71C) $4,881.11D) $5,012.88E) $5,979.28Answer: BResponse: PV = $8,000 / (1.06)13 = $3,750.71Topic: ANNUAL INTEREST30. You have $200 in an account which pays 5% compound interest. How much additional dollars ofinterest would you earn over 6 years if you moved the money to an account earning 6%?A) $11.89B) $15.68C) $18.93D) $22.88E) $24.94Answer: BResponse:current: FV = $200(1.05)6 = $268.02; proposed:FV = $200(1.06)6 = $283.70difference = $283.70 - 268.02 = $15.68Topic: INVESTMENT RETURNS31. An account was opened with an investment of $2,000 10 years ago. The ending balance in theaccount is $3,500. If interest was compounded annually, what rate was earned on the account?A) 2.66%B) 3.22%C) 3.95%D) 4.81%E) 5.76%Answer: EResponse: r = ($3,500 / 2,000)1/10 -1 = 5.76%Topic: INTEREST ON INTEREST32. An account was opened with $2,000 10 years ago. Today, the account balance is $3,500. If theaccount paid interest compounded annually, how much interest on interest was earned?A) $ 348B) $ 521C) $ 706D) $1,152E) $1,500Answer: AResponse:r = ($3,500 / 2,000)1/10 1 = 5.76%;annual simple interest = $2,000 x .0576 = $115.20total simple interest = $115.20 x 10 = $1,152;difference = $1,500 - 1,152 = $348Topic: SIMPLE INTEREST33. An account paying annual compound interest was opened with $2,000 10 years ago. Today, theaccount balance is $3,500. If the same interest rate is offered on an account paying simple interest, how much income would be earned over the same time period?A) $ 576B) $ 862C) $1,152D) $1,500E) $1,719Answer: CResponse:r = ($3,500 / 2,000)1/10 -1 = 5.76%;annual simple interest = $2,000 x .0576 = $115.20total simple interest = $115.20 x 10 = $1,152Topic: SIMPLE INTEREST34. An account paying annual compound interest was opened with $2,000 10 years ago. Today, theaccount balance is $3,500. If the same interest rate is offered on an account paying simple interest, how much income would be earned each year over the same time period?A) $ 56.90B) $ 80.40C) $ 92.60D) $115.20E) $150.00Answer: DResponse: r = ($3,500 / 2,000)1/10 -1 = 5.76%;annual simple interest = $2,000 x .0576 = $115.20Topic: SIMPLE INTEREST35. An account was opened with $1,000 three years ago. Today, the account balance is $1,157.63. Ifthe account earns a fixed annual interest rate, how long will it take until the account has earned a total of $225 in simple interest?A) Less than one more year.B) Between one and two more years.C) Between two and three more years.D) Between three and four more years.E) Between four and five more years.Answer: BResponse:r = (1,157.63/1,000)1/3 - 1= 5%;1,000 x .05 = 50/yr total of 4.5 yr 3yr to date = 1.5 remainingUse the following to answer questions 36-40:In a growing midwestern town, the number of eating establishments at the end of each of the last five years are as follows:Year 1 = 273;Year 2 = 279;Year 3 = 302;Year 4 = 320;Year 5 = 344Topic: GROWTH RATES36. From the end of year 1 to the end of year 5, the number of eating establishments grew at a rate of_______ compounded annually.A) 3.45%B) 4.15%C) 5.95%D) 6.75%E) 8.25%Answer: CResponse: r = (344 / 273)1/4 -1 = 5.95%Chapter 4: Introduction to Valuation: The Time Value of MoneyTopic: FUTURE VALUE37. If, over the next five years, eating establishments are expected to grow at the same rate as they didduring year 5, forecast the number of eating establishments at the end of year 10.A) 494B) 510C) 534D) 555E) 629Answer: AResponse: r = (344 / 320)1/1 -1 = 7.5%; FV = 344(1.075)5 = 494Topic: FUTURE VALUE38. If the number of eating establishments are expected to grow in year 6 at the same rate as thepercentage increase in year 5, how many new eating establishments will be added in year 6?A) 15B) 22C) 26D) 28E) 31Answer: CResponse: r = (344 / 320)1/1 -1 = 7.5%; new restaurants = 344 x .075 = 26Topic: PRESENT VALUE39. If the town's population was 90,000 at the end of year 5, and the population grew at the same annualrate as the number of eating establishments between the end of year 1 and the end of year 5, what was the town's population at the end of year 1?A) 71,423B) 61,433C) 51,223D) 41,333E) 31,723Answer: AResponse: r = (344 / 273)1/4 -1 = 5.95%; PV = 90,000 / (1.0595)4 = 71,423Topic: GROWTH RATES40. Between the end of year 2 and the end of year 3, the number of eating establishments grew at a rateof _________ compounded annually.A) 5.2%B) 6.7%C) 7.6%D) 8.2%E) 9.3%Answer: DResponse: r = (302 / 279)1/1 -1 = 8.24%Chapter 4: Introduction to Valuation: The Time Value of MoneyIV. ESSAYSTopic: PRESENT VALUE AND DISCOUNTING41. Explain intuitively why it is that present values decrease as the discount rate increases.Answer:Intuitively, a dollar today is worth more than a dollar tomorrow. As a practical matter, the discount rate is an opportunity cost, and the higher the rate, the higher the cost.Topic: COMPOUNDING42. Explain what compounding is and the relationship between compound interest earned and thenumber of years over which an investment is compounded.Answer:Compounding is earning interest on interest. Compounding is not significant over short timeperiods, but increases in importance the longer the time period considered.Topic: FUTURE VALUES43. Draw a picture illustrating the future value of $1, using five different interest rates (including 0%)and maturities ranging from today to 10 years from now. Plot time to maturity on the horizontal axis and dollars on the vertical axis. (Note: you need not make any calculations, draw the figure using your intuition.)Answer:The student should basically replicate Figure 4.2.Topic: COMPARING LUMP SUMS44. You are considering two lottery payment streams, choice A pays $1,000 today and choice B pays$1,750 at the end of five years from now. Using a discount rate of 5%, based on present values, which would you choose? Using the same discount rate of 5%, based on future values, which would you choose? What do your results suggest as a general rule for approaching such problems? (Make your choices based purely on the time value of money.)Answer:PV of A = $1,000; PV of B = $1,371; FV of A = $1,276; FV of B = $1,750. Based on both present values and future values, B is the better choice. The student should recognize that finding present values and finding future values are simply reverse processes of one another, and that choosing between two lump sums based on PV will always give the same result as choosing between the same two lump sums based on FV.Topic: RULE OF 72 AND COMPOUNDING45. At an interest rate of 10% and using the Rule of 72, how long will it take to double the value of alump sum invested today? How long will it take after that until the account grows to four times the initial investment? Given the power of compounding, shouldn't it take less time for the money to double the second time?Chapter 4: Introduction to Valuation: The Time Value of MoneyAnswer:It will take approximately 7.2 years to double the initial investment, then another 7.2 years todouble it again. That is, it takes approximately 14.4 years for the value to reach four times the initialinvestment. Compounding doesn't affect the amount of time it takes for an investment to double the second time, but note that during the first 7.2 years, the interest earned is equal to 100% of theinitial investment. During the second 7.2 years, the interest earned is equal to 200% of the initialinvestment. That is the power of compounding.Topic: THE TIME VALUE OF MONEY46. Some financial advisors recommend you increase the amount of federal income taxes withheldfrom your paycheck each month so that you will get a larger refund come April 15th. That is, youtake home less today but get a bigger lump sum when you get your refund. Based on yourknowledge of the time value of money, what do you think of this idea? Explain.Answer:Some students may slip in a discussion about the benefits of forced savings, etc., but these issues are based on preferences, not the time value of money. Based on the time value of money, thestudents should recommend the opposite strategy, that is, withhold as little as possible and pay thetax bill when it comes the following year. This is the usual dollar today versus a dollar tomorrowargument. Of course, the astute student will note the potential tax complications of this strategy,namely the IRS penalty for insufficient withholding, but the basic argument still applies.。

公司理财试题1

CHAPTER 1Introduction to Financial Management I. DEFINITIONSTopic: CORPORATE CONTROLLER1. The corporate officer generally responsible for tasks related to tax management, cost accounting,financial accounting, and data processing is the:A) Corporate Treasurer.B) Director.C) Corporate Controller.D) Chairman of the Board.E) Vice President of Operations.Answer: CTopic: CORPORATE TREASURER2. The corporate officer generally responsible for tasks related to cash and credit management,financial planning, and capital expenditures is the:A) Corporate Treasurer.B) Director.C) Corporate Controller.D) Chairman of the Board.E) Vice President of Operations.Answer: ATopic: CAPITAL BUDGETING3. The process of planning and managing a firm's long-term investments is called:A) Working capital management.B) Financial depreciation.C) Agency cost analysis.D) Capital budgeting.E) Capital structure.Answer: DTopic: CAPITAL STRUCTURE4. The mixture of debt and equity used by the firm to finance its operations is called:A) working capital management.B) financial depreciation.C) agency cost analysis.D) capital budgeting.E) capital structure.Answer: ETopic: WORKING CAPITAL MANAGEMENT5. The management of the firm's short-term assets and liabilities is called:A) Working capital management.B) Financial depreciation.C) Agency cost analysis.D) Capital budgeting.E) Capital structure.Answer: ATopic: SOLE PROPRIETORSHIP6. A business owned by a single individual is called a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: BTopic: PARTNERSHIP7. A business formed by two or more individuals or entities is called a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: CTopic: CORPORATION8. A business created as a distinct legal entity composed of one or more individuals or entities iscalled a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: ATopic: PARTNERSHIP AGREEMENT9. The division of profits and losses between the members of a partnership is formalized in the:A) Indemnity clause.B) Indenture contract.C) Statement of purpose.D) Partnership agreement.E) Group charter.Answer: DTopic: ARTICLES OF INCORPORATION10. The document that legally establishes domicile for a corporation is called the:A) Indenture contract.B) Partnership agreement.C) Amended homestead filing.D) Bylaws.E) Articles of incorporation.Answer: ETopic: BYLAWS11. The rules by which corporations govern themselves are called:A) Indenture provisions.B) Indemnity provisions.C) Partnership agreements.D) Bylaws.E) Articles of incorporation.Answer: DTopic: LIMITED LIABILITY CORPORATION12. A business entity operated and taxed like a partnership, but with the limited liability feature forowners, is called a:A) Limited liability corporation.B) General partnership.C) Cartel.D) Sole proprietorship.E) Corporation.Answer: ATopic: FINANCIAL MANAGEMENT GOAL13. The primary goal of financial management is to:A) Maximize current sales.B) Maximize the current value per share of the existing stock.C) Avoid financial distress.D) Minimize operational costs.E) Maintain steady earnings growth.Answer: BTopic: AGENCY PROBLEM14. The possibility of conflict of interest between the stockholders and management of the firm iscalled:A) The shareholders' conundrum.B) Corporate breakdown.C) The agency problem.D) Corporate activism.E) Legal liability.Answer: CTopic: AGENCY COSTS15. Agency costsA) The total dividends paid to shareholders over the lifetime of the firm.B) The costs that result from default and bankruptcy of the firm.C) Corporate income subject to double taxation.D) The costs of the conflict of interest between stockholders and management.E) The total interest paid to creditors over the lifetime of the firm.Answer: DTopic: STAKEHOLDERS16. A stakeholder is:A) Given to each stockholder when they first purchase their stock.B) A proxy vote made at a shareholders meeting.C) A founding stockholder of the firm.D) An original creditor of the firm.E) A person or entity other than a stockholder or creditor who potentially has a claim on the cashflows of the firm.Answer: ETopic: PRIMARY MARKET17. The original sale of securities by governments and corporations occurs in the:A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: ATopic: SECONDARY MARKET18. The purchase and sale of securities after the original issuance occurs in the:A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: BTopic: DEALER MARKET19. A market where dealers buy and sell securities for themselves, at their own risk, is called a(n):A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: CTopic: AUCTION MARKET20. A market where trading takes place between buyers and sellers directly is called a(n):A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: DII CONCEPTSTopic: BUSINESS ORGANIZATIONS21. Which of the following does NOT offer the protection of limited liability?A) corporationB) limited liability companyC) sole proprietorshipD) limited partnershipE) S corporationAnswer: CTopic: FINANCIAL MANAGEMENT GOAL22. The fundamental goal of financial management should be to:A) Maximize sales.B) Maximize the current value per share of the existing stock.C) Avoid financial distress.D) Maintain steady earnings growth.E) Maximize profits.Answer: BTopic: FINANCIAL MANAGER23. Which of the following does NOT address the question: "What are the duties of a financialmanager?"I. Deciding how much interest to pay the holders of the corporation's bonds.II. Deciding the mix of long-term debt and equity.III. Deciding which projects a firm should undertake.IV. Deciding how much short-term debt to use.A) I onlyB) III onlyC) II and III onlyD) II, III, and IV onlyE) I, II, III, and IVAnswer: ATopic: BUSINESS ORGANIZATIONS24. Which of the following statements is true regarding the corporate form of organization compared tothat of the sole proprietorship?A) The owners of the sole proprietorship have limited liability for the firm's debts.B) The sole proprietorship is the simplest business form to start-up.C) The corporation has a limited life.D) Dividends received by the corporation's shareholders are tax-exempt.E) It is more difficult to transfer ownership in a corporation.Answer: BTopic: AGENCY COSTS25. Which of the following is NOT a type of agency cost?A) The cost of an audit of the firm's financial statements.B) The cost of a corporate jet provided to the CEO as part of her compensation package.C) Loans provided to the firm's managers at below-market interest rates.D) The costs of financing the firm.E) The cost of providing life insurance to the firm's CFO.Answer: DTopic: AGENCY THEORY26. Commtel Partners hires Smith Brothers investment bank to negotiate the purchase of the fiber opticassets of . Identify the parties to this transaction.A) Smith is the principal and Commtel is the agent.B) Commtel is the principal and Smith is the agent.C) Lightware is the principal and Commtel is the agent.D) Smith is the agent while Lightware and Commtel together are principals.E) Commtel is the principal and Lightware is the agent.Answer: BTopic: AGENCY COSTS27. The Board of Directors of Beeline, Inc. have decided to base the salary of its financial managerentirely upon the market share of the firm. Accordingly,A) the firm may incur some agency costs since the manager will be focused on the market share ofthe firm rather than acting to maximize earnings.B) the financial manager will always act in the best interest of the shareholders since all agencycosts have been eliminated through salary incentives.C) this arrangement may be unnecessary, since the goal of the firm is to maximize earnings forshareholders, and that is most likely accomplished through larger market share.D) the manager may not act to maximize the current value of the firm's stock, resulting in agencycosts for the firm's stockholders.E) the firm will incur some agency costs if the manager acts to maximize market share.Answer: DTopic: AGENCY COSTS28. Which of the following is/are correct regarding agency costs?I. Indirect costs occur when managers, acting to minimize the risk of the firm, forego investmentsshareholders would prefer they take.II. Direct costs occur when shareholders must incur costs to monitor the manager's actions.III. Direct costs occur when managers buy assets considered necessary by the firm's owners.A) I onlyB) I and II onlyC) II onlyD) II and III onlyE) I, II, and IIIAnswer: BTopic: AGENCY THEORY29. Which of the following help ensure managers act in the best interest of owners?I. A compensation package for managers that is a flat cash salary, with no bonuses or options.II. Managers are promoted only when they have worked for the firm for at least 5 years.III. The threat that if the firm does poorly, shareholders will use a proxy fight to replace theexisting management.IV. There is a high degree of likelihood the firm will become a takeover candidate if the firm performs poorly.A) I and II onlyB) II and III onlyC) III and IV onlyD) I and III onlyE) I, II, III, and IVAnswer: CTopic: STOCK EXCHANGES30. Which of the following markets is considered an auction market?A) The New York Stock ExchangeB) The over-the-counter (OTC) marketC) NASDAQAnswer: ATopic: DOUBLE TAXATION31. Why does the double taxation problem exist for corporations?A) Corporations earn taxable income, pay taxes on that income, and then pay interest to thebondholders, who also have net taxable income.B) Corporations earn taxable income and pay taxes on that income.C) Firms with depreciation expense must repay the tax deduction over time, in addition to theirnormal tax liability on taxable corporate income.D) Corporations earn taxable income, pay taxes on that income, and then pay dividends to thestockholders, who also have net taxable income.E) Stockholders are paid a dividend and they have net taxable income.Answer: DTopic: FINANCIAL MANAGEMENT32. If you are hired as the new CEO of a corporation after graduation, which of the following wouldyou consider to be your most important criterion for success from the owners perspective?A) Pursue activities that reduce the overall riskiness of the firm.B) Pursue activities that result in the largest profits for the year.C) Pursue activities that maximize your personal wealth.D) Pursue activities that maximize the current stock price.E) Pursue activities that lead to the most stable stock price for the year.Answer: DTopic: FINANCIAL MANAGEMENT33. A financial manager is responsible for deciding whether an investment in new manufacturingequipment should be financed with debt, preferred stock, or common stock. Which of the following financial management areas would be involved in the decision process?I. Capital budgetingII. Capital structure managementIII. Working capital managementA) I onlyB) II onlyC) II and III onlyD) I and III onlyE) I, II and IIIAnswer: BTopic: MARKETS34. You are interested in purchasing 100 shares of stock in a small technology firm that trades in theUnited States. You would most likely purchase the shares in ________________.A) a primary market operated as a money marketB) a primary market operated as an auction marketC) a secondary market operated as a dealer marketD) a primary market operated as a dealer marketE) a secondary market operated as a money marketAnswer: CTopic: FINANCIAL MANAGEMENT35. According to the balance sheet model of the firm, corporate finance may be thought of as theanalysis of three primary subject areas. Which of the following correctly lists these areas?A) Capital structure, capital budgeting, security analysisB) Capital budgeting, capital structure, capital spendingC) Capital budgeting, capital structure, net working capitalD) Capital structure, net working capital, capital rationingE) Capital budgeting, capital spending, net working capitalAnswer: CTopic: CORPORATE FINANCE36. Which of the following is NOT considered one of the basic questions of corporate finance?A) What long-term investments should the firm choose.B) At what rate of interest should a firm borrow.C) Where will the firm get the long-term financing to pay for its investments.D) What mixture of debt and equity should the firm use to fund its operations.E) How should the firm manage its working capital, i.e., its everyday financial activities.Answer: BTopic: BUSINESS ORGANIZATIONS37. Which of the following is a FALSE statement concerning corporations?A) The equity that can be raised by the corporation is limited to the current shareholders' personalwealth.B) The life of the corporation is unlimited.C) The corporation has unlimited liability for business debts.D) When dividends are paid, net corporate profits are essentially taxed twice.E) It is relatively simple to transfer ownership of corporate shares.Answer: ATopic: BUSINESS ORGANIZATIONS38. Which of the following statements is/are true concerning partnerships?I. Limited partners are responsible for all debts of the partnership.II. Limited partners generally do not manage the partnership.III. In a limited partnership, all partners share equally in the gains or losses.A) I onlyB) II onlyC) I and II onlyD) II and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS39. Which of the following correctly finishes this sentence: In the US, ________________.A) the OTC market has a central locationB) over-the-counter markets are operated as auction marketsC) financial markets function as both primary and secondary markets for debt and equitysecuritiesD) new issues of securities occur in secondary marketsE) auction markets do not have a physical locationAnswer: CTopic: STOCK EXCHANGES40. Which of the following is a criteria that must be met in order for a firm to be listed on the New YorkStock Exchange?A) The firm must have at least 3 shareholders owning at least 10,000 shares.B) The firm must have a minimum number of shares outstanding.C) The firm must have a market value in excess of $1 billion.D) The firm must have a minimum of 5 directors.E) The firm must not have ever suffered negative net income in a given quarter.Answer: BTopic: CASH FLOWS41. In the evaluation of cash flow in a capital budgeting decision, which of the following is NOTrelevant?I. The size of the cash flow.II. The timing of the cash flow.III. The risk of the cash flow.IV. The manager responsible for the accounting of the cash flow.A) I onlyB) I and II onlyC) II onlyD) II and IV onlyE) IV onlyAnswer: ETopic: BUSINESS ORGANIZATIONS42. You want to pool your resources with your best friend and start your own telecommunications firm.However, you are concerned about the risk this business poses to your accumulated personal wealth.To limit your exposure, you and your friend should organize the business:A) As a general partnershipB) As a limited partnershipC) As a sole proprietorshipD) As a corporationE) As a real estate investment trustAnswer: DTopic: MARKETS43. Which of the following would NOT be considered a secondary market transaction?A) A buy order to a broker for shares of stock in a company on NYSE.B) A buy order to an investment banker for a new IPO stock offering.C) A buy order to a broker for shares of stock in a company on NASDAQ.D) A buy order to a dealer for outstanding bonds of a company trading OTC.E) A buy order to a broker for a stock listed on a regional exchange.Answer: BTopic: BUSINESS ORGANIZATIONS44. Unlimited liability is a characteristic of which of the following form(s) of organization?A) sole proprietorshipB) limited partnershipC) corporationD) S corporationE) limited liability companyAnswer: ATopic: BUSINESS ORGANIZATIONS45. Which of the following is a true statement concerning a general partnership?I. Partners are responsible for the debts of the partnership.II. Partners generally do not manage the partnership.III. The income of a partnership is taxed at the partners' income tax rate.A) I onlyB) III onlyC) I and II onlyD) I and III onlyE) I, II, and IIIAnswer: DTopic: FINANCIAL MANAGEMENT46. Which of the following is FALSE concerning the economics of ethical decision-making?I. The higher the probability of detection, the more likely that one will cheat.II. The higher the sanctions imposed if detected, the less likely one is to cheat.III. The expected costs of unethical behavior are lower if information about cheating is rapidly and widely distributed.A) I onlyB) II onlyC) I and II onlyD) I and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS47. Which of the following is considered a secondary market transaction?I. You buy shares in the public offering of a start-up company in the computer industry.II. Your mother sells you the shares she purchased in your uncle's latest business venture.III. You buy shares in General Motors from your closest friend.A) I onlyB) II onlyC) I and II onlyD) II and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS48. On a typical day in the United States, the largest number of shares are traded:A) Over the counter.B) On the New York Stock Exchange.C) On the American Stock Exchange.D) On the Philadelphia Stock Exchange.E) In primary markets.Answer: ATopic: BUSINESS ORGANIZATIONS49. The death of the firm's owner(s) effectively dissolves which type(s) of organization?I. Sole proprietorshipII. PartnershipIII. CorporationA) I onlyB) II onlyC) III onlyD) I and II onlyE) II and III onlyAnswer: DTopic: BUSINESS ORGANIZATIONS50. Which of the following is considered a disadvantage of the corporate form of organization?I. Ease of the transfer of ownershipII. Limited lifeIII. Double taxationA) I onlyB) II onlyC) III onlyD) I and II onlyE) I, II, and IIIAnswer: CTopic: MARKET TRANSACTIONS51. A(n) ________________ is a sale of securities which typically does not require registration withthe SEC and is usually sold to a large financial institution.A) initial public offeringB) over-the-counter transactionC) primary market transactionD) secondary market transactionE) private placementAnswer: ETopic: FINANCIAL MANAGEMENT52. A financial manager is responsible for determining how much long-term debt the firm should userelative to its use of short-term borrowings. Which function is this manager involved with?I. Capital budgetingII. Capital structure managementIII. Working capital managementA) I onlyB) II onlyC) III onlyD) I and II onlyE) I, II and IIIAnswer: BTopic: BUSINESS ORGANIZATIONS53. A type of small corporation that is taxed like a partnership and thus avoids double taxation is calleda ________________.A) limited partnershipB) sole proprietorshipC) S corporationD) limited liability companyE) general partnershipAnswer: CTopic: FINANCIAL MANAGEMENT54. Which of the following combinations of attributes would make a capital expenditure projectdesirable to a financial manager?I. The project has positive book value on the company's accounting statements.II. The value of the cash flow generated by the project exceeds the project's cost.III. The project's cash flows have acceptable levels of risk and size, but not timing.A) I onlyB) II onlyC) III onlyD) II and III onlyE) I, II, and IIIAnswer: BTopic: BUSINESS ORGANIZATIONS55. A ________________ can lose, in the extreme case, her entire personal net worth.I. common stockholderII. limited partnerIII. general partnerIV. sole proprietorA) I onlyB) I and II onlyC) III and IV onlyD) II, III, and IV onlyE) II and III onlyAnswer: CTopic: FINANCIAL MANAGEMENT56. The total market value of the firm's equity is determined by ________________.A) the firm's accountantsB) the firm's managementC) investors in the stock marketD) investors in the bond marketE) regulators at the Securities and Exchange Commission (SEC)Answer: CTopic: AGENCY COSTS57. Of the following, which statement regarding agency costs is true?A) An agency problem exists when there is a conflict of interest between the stockholders andmanagement of a firm.B) An agency problem does not exist when there are conflicts of interest between principals andagents.C) An indirect agency cost occurs when firm management takes on risky projects that favorablyaffect the stock price, even though the managers are worried about keeping their jobs.D) A corporate expenditure that benefits stockholders but harms management is an agency cost.E) Agency costs are directly observable in the stock market.Answer: AIII. PROBLEMSNot applicable for Chapter 1IV. ESSAYSTopic: FINANCIAL MANAGEMENT58. List and briefly describe the three basic questions a financial manager must be concerned with.Answer:The three areas are: 1. Capital budgeting: The financial manager tries to identify investmentopportunities that are worth more to the firm than they cost to acquire. 2. Capital structure: This refers to the specific mixture of long-term debt and equity a firm uses to finance its operations.3.Working capital management: This refers to a firm's short-term assets and short-term liabilities.Managing the firm's working capital is a day-to-day activity that ensures the firm has sufficient resources to continue its operations and avoid costly interruptions.Topic: BUSINESS ORGANIZATIONS59. Why is the corporate form of business organization considered to be more important than soleproprietorships or partnerships?Answer:The importance of the corporate form of organization lies in its advantages: ease of transferring ownership, the owners' limited liability for business debts, and unlimited life of the business.Topic: BUSINESS ORGANIZATIONS60. If the corporate form of business organization has so many advantages over the corporate form,why is it so common for small businesses to initially be formed as sole proprietorships?Answer:A significant advantage of the sole proprietorship is that it is cheap and easy to form. If the soleproprietor has limited capital to start with, it may not be desirable to spend part of that capital forming a corporation. Also, limited liability for business debts may not be a significant advantage if the proprietor has limited capital, most of which is tied up in the business anyway. Finally, for a typical small business, the heart and sole of the business is the person who founded it, so the life of the business may effectively be limited to the life of the founder during its early years.Topic: FINANCIAL MANAGEMENT GOAL61. What should be the goal of the financial manager of a corporation? Why?Answer:The correct goal is to maximize the current value of the outstanding stock. This focuses correctly on enhancing the returns to shareholders, the owners of the firm. Other goals, such as maximizing earnings, focus too narrowly on accounting income and ignore the importance of market values in managerial finance.Topic: AGENCY THEORY62. Do you think agency problems arise in sole proprietorships and/or partnerships?Answer:Agency conflicts typically arise when there is a separation of ownership and management of a business. In a sole proprietorship and a small partnership, such separation is not likely to exist to the degree it does in a corporation. However, there is still potential for agency conflicts. For example, as employees are hired to represent the firm, there is once again a separation of ownership and management.Topic: BUSINESS ORGANIZATIONS63. When the Small Business Administration (SBA) makes a loan to a sole proprietorship, it typicallyrequires life insurance be carried on the business owner in an amount sufficient to cover the loan.Why might the SBA demand such coverage?Answer:The SBA knows that the heart of a small business is the existence of the owner. If the owner dies, it is likely the business will be severely harmed. Thus, the SBA wants to get out in the case of such a tragedy. This also underscores the limited life of the sole proprietorship.Topic: LIMITED LIABILITY64. Assume for a moment that the stockholders in a corporation have unlimited liability for corporatedebts. If so, what impact would this have on the functioning of primary and secondary markets for common stock?Answer:With unlimited liability, you would be very careful which stocks you invest in. In particular, you would not invest in companies you expected to be unable to satisfy their financial obligations. Both the primary and secondary markets for common stock would be severely hampered if this rule existed. It would be very difficult for a young, untested business to get enough capital to grow.Topic: FINANCIAL MANAGEMENT GOALS65. Suppose you own 100 shares of IBM stock which you intend to sell today. Since you will sell it inthe secondary market, IBM will receive no direct cash flows as a consequence of your sale. Why, then, should IBM's management care about the price you get for your shares?Answer:The current market price of IBM stock reflects, among other things, market opinion about the quality of firm management. If the shareholder's sale price is low, this indirectly reflects on the reputation of the managers, as well as potentially impacting their standing in the employment market. Alternatively, if the sale price is high, this indicates that the market believes currentmanagement is increasing firm value, and therefore doing a good job.Topic: TRANSFER OF OWNERSHIP IN A CORPORATION66. One thing lenders sometimes require when loaning money to a small corporation is an assignmentof the common stock as collateral on the loan. Then, if the business fails to repay its loan, theownership of the stock certificates can be transferred directly to the lender. Why might a lender want such an assignment? What advantage of the corporate form of organization comes into playhere?Answer:In the event of a loan default, a lender may wish to liquidate the business. Often it is timeconsuming and difficult to take title of all of the business assets individually. By taking control ofthe stock, the lender is able to sell the business simply by reselling the stock in the business. This illustrates once again the ease of transfer of ownership of a corporation.Topic: EXCHANGE LISTINGS67. Why might a corporation wish to list its shares on a national exchange such as the NYSE asopposed to a regional exchange? How about being traded OTC?Answer:Being listed on a regional exchange effectively limits the capital access for the business. Plus, there is a prestige factor in being listed on one of the national exchanges. There is still a prestige factor in moving from OTC to NYSE since the NYSE has more restrictive membership requirements.However, the lure of greater prestige certainly hasn't prompted some major corporations, such as Microsoft and Apple Computer, to move to the NYSE.。

公司理财复习题(1)

公司理财复习题一、单选题1、现金性筹资风险是（ C ）A．整体风险 B．终极风险 C．个别风险 D．破产风险2、经济采购批量是指能使一定时期存货的（ C ）达到最低点的进货数量。

A．储存成本 B．缺货成本 C．总成本 D．进货成本3、“6C”系统中的“信用品质”是指（ D ）A．不利经济环境对客户偿付能力的影响 B．客户偿付能力的高低C．客户的经济实力与财务状况 D．客户履约或赖账的可能性4、能够直接取得所需的先进设备和技术，从而能尽快地形成企业的生产经营能力的筹资形式是（ B ）A．股票筹资 B．吸收直接投资 C．债券筹资 D．融资租赁5、下列项目中，属于非交易动机的有（ D ）A．支付工资 B．购买原材料C．偿付到期债务 D．伺机购买质高价廉的原材料4、企业在资金运动中与各方面发生的经济关系称为( B )。

A、会计关系B、财务关系C、统计关系D、经营关系5、保证各种资金形态的合理配置和资金周转的畅通无阻，是生产经营活动顺利进行的( D )。

A、前提条件B、充分条件C、基本条件D、必要条件6、企业的财务活动是指企业的( C )。

A、货币资金收支活动B、分配活动C、资金运动D、资本金及收益活动7、从货币资金开始经过若干阶段，又回到货币资金形态的一次运动过程，称为( D )。

A、资金运动B、资金周转C、资金收支D、资金循环8、债权人进行财务分析时，着重要求揭示( B )。

A、营运能力B、偿债能力C、盈利能力D、资产变现能力9、流动比率反映的是( B )的指标。

A、长期偿债能力B、短期偿债能力C、营运能力D、盈利能力10、利用资产负债表和损益表结合进行分析的是( B )指标。

A、偿债能力B、营运能力C、盈利能力D、参考指标11、在计算速动比率时，从流动资产中扣除存货再除以流动负债，扣除存货的原因是( B )。

A、存货数额经常发生变动B、存货变现能力差C、存货不能用来偿付债务D、存货不属于营运资金二、多选题1.财务管理目标一般具有如下特征（ BCD ）A.综合性B.相对稳定性C.多元性D.层次性E.复杂性2、综合财务分析的方法主要有（ AB ）A．杜邦分析体系 B．经营状况雷达图C．总资产利润率 D．净资产收益率 E．总资产周转率3、影响企业经营风险的因素有（ ABCDE ）A．产品需求 B．产品售价 C．产品成本D．固定成本比重 E．调整价格的能力4、利润分配的原则包括（ ABCD ）A．依法分配原则 B．妥善处理积累与分配的关系原则C．同股同权，同股同利原则 D．无利不分原则 E．有利必分原则5、企业投资的目的具体包括（ ABC ）取得投资收益 B．降低投资风险C．承担社会义务 D．降低投资成本 E．增加企业资产6、企业在制定或选择信用标准时必须考虑的三个基本因素是（ ABC ）A．同行业竞争对手的情况 B．企业承担违约风险的能力C．客户的资信程度 D．客户的信用品质 E．客户的经济状况7、应收账款追踪分析的重点对象是（ ABCD ）A．全部赊销的客户 B．赊销金额较大的客户 C．资信品质较差客户D．超过信用期的客户 E．现金可调剂程度较高的客户8．在现金需要总量既定的前提下，则（ BDE ）A．现金持有量越多，现金管理总成本越高。

东财19秋《公司理财》在线作业一

东财《公司理财》在线作业一试卷总分:100 得分:100一、单选题(共15 道试题,共60 分)1.运用内部收益率进行独立方案财务可行性评价的标准是：A.内部收益率大于投资者要求的最低收益率B.内部收益率大于投资利润率C.内部收益率大于1D.内部收益率大于0答案:A2.自有资金利润率及其标准差可用来衡量：A.非系统风险B.财务风险C.经营风险D.系统风险答案:B3.下列各项中，不属于投资项目现金流出量的是：A.经营成本B.建设投资C.垫支流动资金D.固定资产折旧4.“将遭受敌意收购的目标公司为了避免遭到敌意收购者的控制而自己寻找善意收购者”的策略是：A.“锡降落伞”策略B.“皇冠上的宝石”C.“白衣骑士”D.帕克曼式答案:C5.国际费雪效应描述的是：A.汇率变化与货币购买力之间的关系B.汇率与预期通货膨胀率的关系C.汇率与通货膨胀率的关系D.外汇市场与货币市场的关系答案:B6.期货的种类一般不包括：A.货币期货B.股票指数期货C.外汇期货D.外汇指数期货7.某投资者的投资组合中包含两种证券A和B，其中30%的资金投入A，期望收益率为12%；70%的资金投入B，期望收益率为8%，则投资组合期望收益率为：A.9.8%B.9.2%C.10.8%D.10%答案:B8.财务管理理论的前提是：A.财务管理目标B.财务管理环境C.财务管理概念D.财务管理假设答案:B9.可转换债券的转换价格：A.转换价格自始至终必须保持不变B.是指转换时每股普通股的作价C.是指转换时每份债券的市价D.低于发行可转换债券时的普通市价10.以下金融衍生工具种类中，不属于按基础工具种类不同划分的是：A.股票衍生工具B.票据衍生工具C.外汇衍生工具D.利率衍生工具答案:B11.下列属于企业筹资渠道的是：A.长期借款B.融资租赁C.商业信用D.企业自留资金答案:D12.下列各项中属于商业信用的是：A.预收账款B.融资租赁C.应交税金D.商业银行贷款答案:A13.认股权证本质是：A.双向期权B.卖出期权C.依具体条件而定D.买进期权答案:D14.可转换债券对投资者的吸引力在于，当企业经营前景看好时，可转换债券可以转换为：A.普通股B.其他债券C.优先股D.企业发行的任何一种债券答案:A15.反映公司价值最大化目标实现程度指标的是：A.销售收入B.每股市价C.市盈率D.净资产收益率答案:B二、多选题(共10 道试题,共40 分)16.从我国的角度看，“1美元=8.2元人民币”是属于汇率的：A.间接标价法B.美元标价法C.直接标价法D.应收标价法E.应付标价法答案:BCE17.在我国，对公司发行债券规定的条件有：A.累计债券总额不超过公司净资产的40%B.前一次发行的债券已经全部募足C.公募发行D.债券发行方案由公司股东大会通过即可实施E.企业也可以小范围私募发行答案:ABC18.财务比率分析中常用的比较标准有：A.预算标准B.行业标准C.绝对标准D.年度标准E.历史标准答案:ABCE19.减少敌意收购的目标公司吸引力的财务措施有：A.涉及重大事项的超级多数规定B.大幅度提高公司负债比例,并在贷款合同中规定被接管时要提前偿还任务C.增大现管理层的持股比例D.增加对现有股东的股利发放率E.分期分批董事会改选制答案:BCD20.净现值法的优点有：A.能从动态的角度直接反映投资项目的实际收益率水平B.考虑了货币时间价值的影响C.考虑了整个项目计算期内的全部现金净流量D.可以对投资额不等的方案进行选择评价E.使用了现金净流量指标答案:BCE21.跨国公司内部筹资方式有：A.银行借款B.股权筹资C.放贷D.内部转移E.举债筹资答案:BCDE22.以下各项活动属于筹资活动的有：A.选择资金取得方式B.确定资金需求规模C.确定最佳资本结构D.合理使用筹集资金E.发行公司股票答案:ABCE23.公司财务人员的基本职能是以提供公司价值为目标进行：A.财务分析B.股利分配决策C.筹资决策D.投资决策E.会计核算答案:BCD24.按并购双方产品与产业的联系划分，并购可分为：A.纵向并购B.混合并购C.横向并购D.新设并购E.吸收并购答案:ABC25.公司的财务关系有：A.公司内部各单位之间的财务关系B.公司与职工之间的财务关系C.公司与政府之间的财务关系D.公司与投资者、受资者之间的财务关系E.公司与债权人、债务人之间的财务关系答案:ABCDE。

自考公司理财试题及答案

自考公司理财试题及答案一、单项选择题（每题1分，共10分）1. 公司理财的主要目标是什么？A. 利润最大化B. 股东财富最大化C. 市场份额最大化D. 成本最小化答案：B2. 下列哪项不是公司理财中的资本预算方法？A. 净现值法B. 回收期法C. 内部收益率法D. 利润率法答案：D3. 在确定资本结构时，下列哪项因素不需要考虑？A. 利率水平B. 公司所得税C. 财务风险D. 市场风险答案：D4. 什么是股利政策？A. 公司分配利润给股东的方式B. 公司决定是否发放股利C. 公司决定股利的金额D. 公司决定股利的支付时间答案：A5. 以下哪项不是影响公司投资决策的因素？A. 投资回报率B. 资本成本C. 市场规模D. 投资风险答案：C6. 什么是流动资产？A. 一年内可以转换为现金的资产B. 长期投资C. 固定资产D. 无形资产答案：A7. 公司进行长期融资时，通常不包括以下哪种方式？A. 发行股票B. 发行债券C. 银行贷款D. 内部留存收益答案：C8. 什么是财务杠杆？A. 公司使用债务来增加股东的预期回报B. 公司使用股票来增加股东的预期回报C. 公司使用资产来增加股东的预期回报D. 公司使用现金来增加股东的预期回报答案：A9. 在公司理财中，风险和收益之间的关系是什么？A. 风险越高，收益越低B. 风险越低，收益越低C. 风险与收益无关D. 风险越高，收益越高答案：D10. 下列哪项不是公司进行现金管理的目的？A. 保持足够的流动性B. 确保充足的投资资金C. 最大化现金的收益D. 减少现金的持有量答案：D二、多项选择题（每题2分，共10分）11. 公司理财中，资本结构优化的考虑因素包括哪些？A. 成本B. 风险C. 市场预期D. 股东偏好答案：A, B, D12. 下列哪些属于公司理财中的长期投资？A. 购买原材料B. 购置固定资产C. 研发新产品D. 购买短期金融工具答案：B, C13. 在公司理财中，哪些因素会影响股利政策的制定？A. 公司的盈利能力B. 公司的现金流状况C. 股东的期望D. 公司的资本需求答案：A, B, C, D14. 以下哪些属于公司理财中的资本成本？A. 债务成本B. 股权成本C. 销售成本D. 资本结构调整成本答案：A, B15. 公司进行现金管理时，需要考虑哪些因素？A. 现金的流动性B. 现金的安全性C. 现金的收益性D. 现金的需求量答案：A, B, C, D三、判断题（每题1分，共5分）16. 公司理财的目标仅仅是为了最大化股东财富。

(完整版)公司理财试题及答案

1）单选题，共20题，每题5.0分，共100.0分1单选题（5.0分）资产未来创造的现金流入现值称为？A. 资产的价格B. 资产的分配C. 资产的价值D. 资产的体量2单选题（5.0分）谁承担了公司运营的最后风险？A. 债权人B. 股东C. 管理层D. 委托人3单选题（5.0分）金融市场有哪些类型？A. 货币市场B. 资本市场C. 期货市场D. 以上都是4单选题（5.0分）以下哪项是债券价值评估方式？A. 现值估价模型B. 到期收益率C. 债券收益率D. 以上都是5单选题（5.0分）融资直接与间接的划分方式取决于？A. 融资的受益方B. 金融凭证的设计方C. 融资来源D. 融资规模6单选题（5.0分）以下哪种不是财务分析方法?A. 比较分析B. 对比分析C. 趋势百分比分析D. 财务比例分析7单选题（5.0分）以下哪个不是价值的构成？A. 现金流量B. 现值C. 期限D. 折现率8单选题（5.0分）比率分析的目的是为了？A. 了解项目之间的关系B. 了解金融发展变化C. 分析资金流动趋势D. 分析金融风险9单选题（5.0分）影响公司价值的主要因素是?A. 市场B. 政策C. 信息D. 时间10单选题（5.0分）以下哪种是内部融资方式？A. 留存收益B. 股票C. 债券D. 借款11单选题（5.0分）什么是营运资本?A. 流动资产-流动负债B. 流动资产+流动负债C. 流动资产*流动负债D. 流动资产/流动负债12单选题（5.0分）PMT所代表的含义是？A. 现值B. 终值C. 年金D. 利率13单选题（5.0分）金融市场的作用是什么？A. 资金的筹措与投放B. 分散风险C. 降低交易成本D. 以上都是14单选题（5.0分）以下哪项不是财务管理的内容？A. 筹资B. 融资C. 信贷D. 营运资本管理15单选题（5.0分）微观金融的研究对象是什么？A. 机构财政B. 账目管理C. 股市投资D. 公司理财16单选题（5.0分）计划经济时代企业的资金来源是?A. 个人B. 公司C. 银行D. 财政17单选题（5.0分）宏观金融的研究对象是什么？A. 货币流通B. 资产分配C. 货币政策D. 金融历史18单选题（5.0分）以下哪项不是以资产或股权为基础的收益率指标?A. 投入资本收益率B. 总资产收益率C. 净资产收益率D. 销售毛利率19单选题（5.0分）我国资本市场的开启最初是为了？A. 为国企解困B. 与国外市场同步C. 发展经济D. 发展教育20单选题（5.0分）财务分析首要解决的问题是？A. 报表数据的真实性B. 报表数据的丰富性C. 报表数据的相关性D. 报表数据的完整性答案：1-5CBDDB6-10BBACA 11-15ACDCD16-20DCDAA。

公司理财学试题及答案

公司理财学试题及答案一、单项选择题（每题2分，共20分）1. 公司理财的主要目标是（）。

A. 利润最大化B. 股东财富最大化C. 企业价值最大化D. 市场份额最大化答案：C2. 以下哪项不是公司理财的主要活动？（）A. 资本预算B. 资本结构C. 营运资金管理D. 人力资源管理答案：D3. 以下哪种融资方式不属于债务融资？（）A. 银行贷款B. 发行债券C. 发行股票D. 商业信用答案：C4. 以下哪种风险可以通过多元化投资来降低？（）A. 系统性风险B. 非系统性风险C. 利率风险D. 汇率风险答案：B5. 以下哪种方法不是用来评估投资项目的？（）A. 净现值法B. 内部收益率法C. 盈亏平衡点法D. 会计收益率法答案：D二、多项选择题（每题3分，共15分）1. 以下哪些因素会影响公司的资本成本？（）A. 无风险利率B. 市场风险溢价C. 公司的财务杠杆D. 公司的信用等级答案：A, B, C, D2. 以下哪些是公司理财中的风险管理策略？（）A. 保险B. 期货合约C. 期权合约D. 多元化投资答案：A, B, C, D3. 以下哪些属于公司理财中的资本结构决策？（）A. 决定债务与权益的比例B. 选择长期融资还是短期融资C. 选择发行债券还是股票D. 决定是否进行股利分配答案：A, C三、判断题（每题1分，共10分）1. 公司的财务杠杆越高，其财务风险也越高。

（）答案：正确2. 公司理财的目标是最大化股东的财富，这与利润最大化是等价的。

（）答案：错误3. 营运资金管理主要关注公司的长期资金需求。

（）答案：错误4. 公司发行股票时，会增加公司的负债。

（）答案：错误5. 多元化投资可以完全消除非系统性风险。

（）答案：正确四、简答题（每题5分，共20分）1. 简述公司理财中资本预算的意义。

答案：资本预算是公司理财中的一个重要组成部分，它涉及对公司未来投资项目的评估和选择。

其意义在于帮助公司确定哪些项目能够为公司带来最大的价值，从而实现资源的有效配置和股东财富的最大化。

东财14秋《公司理财》在线作业

东财《公司理财》在线作业三试卷总分：100 测试时间：-- 试卷得分：100单选题多选题包括本科在内的各校各科复习资料，可以联系屏幕右上的“文档贡献者”一、单选题（共15 道试题，共60 分。

）得分：60V 1. 通过投资多样化可分散的风险是：A. 系统风险B. 总风险C. 非系统风险D. 市场风险.满分：4 分得分：42. 下列指标中，属于上市公司特有指标的是：A. 权益比率B. 流动比率C. 总资产周转率D. 股利发放率.满分：4 分得分：43. 已知欧元相对美元升值了25%，则美元相对欧元的汇率变动百分比为：A. 10%B. -10%C. 20%D. -20%.满分：4 分得分：44. 下列各项中属于商业信用的是：A. 商业银行贷款B. 应交税金C. 融资租赁D. 预收账款.满分：4 分得分：45. 自有资金利润率及其标准差可用来衡量：A. 财务风险B. 经营风险C. 系统风险D. 非系统风险.满分：4 分得分：46. 下列哪种汇率决定理论描述的是利率与通货膨胀率之间的关系：A. 购买力平价B. 费雪效应C. 国际费雪效应D. 利率平价.满分：4 分得分：47. 潜在收益无限、但却可以将损失限定在一定范围内的套期保值工具是：A. 期货B. 期权C. 货币互换D. 利率互换.满分：4 分得分：48. 以下关于风险的论述，错误的是：A. 风险越大,投资者要求的收益率越高B. 风险程度只能用标准差或方差来表示C. 标准差不能用于比较不同方案之间的风险程度D. 预期利润率由无风险利润率和风险补偿率组成.满分：4 分得分：49. 一般认为，流动比率应保持以下数额以上时，资产的流动性较好：A. 100%B. 200%C. 50%D. 300%.满分：4 分得分：410. 下列属于企业筹资渠道的是：A. 长期借款B. 企业自留资金C. 商业信用D. 融资租赁.满分：4 分得分：411. 当两种证券完全正相关时，它们的相关系数是：A. 0B. 1C. -1D. 不确定.满分：4 分得分：412. “将遭受敌意收购的目标公司为了避免遭到敌意收购者的控制而自己寻找善意收购者”的策略是：A. 帕克曼式B. “锡降落伞”策略C. “白衣骑士”D. “皇冠上的宝石”.满分：4 分得分：413. 可以分为货币互换和利率互换两种基本类型的是：A. 权益互换B. 资产互换C. 债务互换D. 信用互换.满分：4 分得分：414. 以下不属于衍生金融工具的是：A. 货币期货B. 外汇存贷款C. 股票期权D. 交叉货币互换权.满分：4 分得分：415. 由于股利比资本利得具有相对的确定性，因此公司应维持较高的股利支付率，这种观点属于：A. 股利政策无关论B. “一鸟在手”理论C. 差别税收理论D. 统一税收理论.满分：4 分得分：4二、多选题（共10 道试题，共40 分。

西交14秋《公司理财》作业考核试题答案

西交14秋学期《公司理财》作业考核试题答案一、单选题（共 10 道试题，共 20 分。

）1. 某企业税后利润为 67 万元，所得税率为 33%，利息费用 35 万元，则该企业的已获利息倍数为（ A ）。

A. 3.86 B.2.22 C. 2.72 D. 1.78 满分：2 分2. 经济采购批量是指能使一定时期存货的（C）达到最低点的进货数量。

A. 储存成本 B. 缺货成本 C. 总成本 D. 进货成本满分：2 分3. 其它条件保持不变，以下哪个因素可引起营运资本的增加？（C ） A. 用现金购买有价证券 B. 宣布现金股利和支付 C. 出售设备并获利，但是按赊销出售 D. 用发行优先股的净额购回长期债券满分：2 分4. 由于负债筹资而引起的到期不能偿债的可能性及由此而引起的净资产收益率的波动是（A ） A. 财务风险 B. 经营风险 C. 利率风险 D. 支付风险满分：2 分5. 以下（A ）是公司流动资产的一部分。

A. 应付帐款 B. 存货 C. 应收帐款 D. B 和 C 是正确的满分：2 分6. 下列属于营运能力分析指标的是（C） A. 资产负债率 B. 速动比率C. 存货周转次数D. 资产报酬率满分：2 分7. 某企业发行 3 年期，年利率为 10%的债券 3000 万元，发行费率为 3%，所得税率为30%，则该债券的资金成本为（B） A. 8.31% B. 7.22% C. 6.54% D. 5.78% 满分：2 分8. 股票分割将引起资产负债表中那些账户的资金总额发生变化？（ D） A. 普通股 B. 增收资本账户 C. 留存收益 D. 以上都不会。

满分：2 分9. 关于每股收益无差别点的决策原则，下列说法错误的是（D）。

A. 对于负债和普通股筹资方式来说，当预计边际贡献大于每股利润无差别点的边际贡献时，应选择财务杠杆效应较大的筹资方式 B. 对于负债和普通股筹资方式来说，当预计销售额小于每股利润无差别点的销售额时，应选择财务杠杆效应较小的筹资方式 C. 对于负债和普通股筹资方式来说，当预计 EBIT 等于每股利润无差别点的 EBIT 时，两种筹资均可 D. 对于负债和普通股筹资方式来说，当预计新增的 EBIT 小于每股利润无差别点的 EBIT 时，应选择财务杠杆效应较小的筹资方式满分：2 分10. 确定一个投资方案可行的必要条件是（B）。

《公司理财》试题及答案

《公司理财》试题及答案公司理财试题及答案一、单项选择题1、公司理财的基本假设包括理性假设、增量资金假设和时间价值假设。

其中，( )假设认为公司理财主体具有一致的财务目标，是公司理财最核心的假设。

A. 理性 B. 增量资金 C. 时间价值 D. 成本收益正确答案是：A. 理性。

公司理财的基本假设包括理性假设、增量资金假设和时间价值假设。

其中，理性假设认为公司理财主体具有一致的财务目标，是公司理财最核心的假设。

2、公司理财的起点是( )。

A. 金融市场 B. 财务报告 C. 资金流动D. 财务活动正确答案是：B. 财务报告。

财务报告是公司理财的起点，它提供了关于公司财务状况、经营业绩和现金流量的信息，是公司管理层进行决策和评估的基础。

3、公司理财的基本要素包括资产、负债和所有者权益。

其中，( )是指企业资产扣除负债后，由所有者享有的剩余。

A. 资产 B. 负债C. 所有者权益D. 利润正确答案是：C. 所有者权益。

所有者权益是指企业资产扣除负债后，由所有者享有的剩余，包括股本、资本公积、盈余公积和未分配利润。

4、下列关于资金成本的表述中，不正确的是( )。

A. 资金成本是企业筹集和使用资金所付出的代价 B. 资金成本可以用绝对数或相对数表示 C. 资金成本可以按照筹资费和用资费分别计算 D. 资金成本的本质是企业为筹集和使用资金而实际发生的费用正确答案是：D. 资金成本的本质是企业为筹集和使用资金而实际发生的费用。

资金成本是指企业为筹集和使用资金而付出的代价，包括筹资费和用资费两部分。

因此，选项D的表述不正确。

5、下列关于现值和终值的计算公式正确的是( )。

A. 现值指数=(未来现金流入量÷现值)/(未来现金流出量÷现值) B. 利率=[(终值-现值)÷n]÷(首期期初-现值)×100% C. 现值=终值×(1+利率)n D. 内部报酬率=i1+np2×(i2-i1)×(np2-np1)/(np1×np2)×100%正确答案是：D. 内部报酬率=i1+np2×(i2-i1)×(np2-np1)/(np1×np2)×100%。

东财《公司理财X》在线作业一1答案

东财《公司理财》在线作业一-0018试卷总分:100 得分:0一、单选题(共15 道试题,共60 分)1.下列哪一项不是跨国公司风险调整的方法：A.缩短投资回收期B.提高折现率C.调整现金流量D.提高风险补偿率正确答案:D2.当资产负债率大于以下哪个数值时，表明企业已资不抵债，视为达到破产的警戒线：A.50%B.0C.100%D.200%正确答案:C3.商业信用筹资最大的优点是：A.期限较短B.成本较低C.容易获得D.金额不固定正确答案:C4.可以分为货币互换和利率互换两种基本类型的是：A.权益互换B.资产互换C.债务互换D.信用互换正确答案:D5.目标公司董事会决议，如果目标公司被并购，且高层管理者被革职时，他们可以得到巨额退休金，以提高收购成本。

这种反收购策略是：A.“毒丸”策略B.“焦土”政策C.“白衣骑士”D.“金降落伞”策略正确答案:D6.货币时间价值是：A.货币经过投资后所增加的价值B.没有通货膨胀情况下的社会平均资金利润率C.没有通货膨胀和风险的条件下的社会平均资金利润率D.没有通货膨胀条件下的利率正确答案:C7.财务关系是企业在组织财务活动过程中与有关各方所发生的：A.经济往来关系B.经济协作关系C.经济责任关系D.经济利益关系正确答案:D8.认股权证本质是：A.买进期权B.卖出期权C.双向期权D.依具体条件而定正确答案:A9.下列属于企业筹资渠道的是：A.长期借款B.企业自留资金C.商业信用D.融资租赁正确答案:B10.下列不属于可转换债券筹资特点的是：A.可转换债券筹资具有高度的灵活性B.一般来说,可转换债券的报酬率较低C.可转换债券转换后,可能会稀释公司原有股东的参与权D.发行可转换债券,与发行纯债券相比,必然使发行公司受益正确答案:D11.下列项目中，与财务管理机构的设置无关的因素是：A.公司规模大小B.经济发展水平C.经济管理体制。

东财公司理财X综合作业答卷

东财《公司理财X》综合作业试卷总分:100得分:100一、单选题（共15道试题，共30分）1.有观点认为，股利政策不会对企业价值产生任何影响。

这种理论观点是指（）。

A. “一鸟在手”理论B.股利政策无关论C.差别税收理论D.差别收入理论标准答案:B2.普通年金属于（）。

A.永续年金B.预付年金C.每期期末等额支付的年金D.每期期初等额支付的年金标准答案:C3.下列各项中，属于永久性流动资产的是（）。

A.销售旺季增加的应收账款B.春节前后增加的库存商品C.季节性存货D.保险储备现金标准答案:D4.下列关于非系统风险的表述，正确的是（）。

A.非系统风险归因于广泛的价格趋势和时间B.非系统风险不能通过投资组合得以分散C.非系统风险通常以B系数进行衡量D.非系统风险归因于某一投资企业特有的价格因素和事件标准答案:D5.形成财务风险的原因是（）。

A.举债经营B.拥有普通股C.存在固定成本D.存在变动成本标准答案:A6.根据风险收益对等原则，各种筹资方式的资本成本由大到小依次为（）。

A.公司债券、优先股、普通股B.普通股、公司债券、优先股C.普通股、优先股、公司债券D.公司债券、普通股、优先股标准答案:C7.货币时间价值是（）。

A.货币经过投资后所增加的价值8.没有通货膨胀情况下的社会平均资本利润率C.没有通货膨胀和风险条件下的社会平均资本利润率D.没有通货膨胀条件下的利率标准答案:C8.债券期限越短，其价值变动的幅度（）。

A.越趋近于1B.越小C.越趋近于-1D.越大标准答案:B9.某公司拟发行5年期债券进行筹资，债券票面金额为500元，票面利率为12%，到期一次还本付息，当时市场利率为10%，那么，该公司债券发行价格应为（）元。

A.462.08B.500C.537.9D.347.7标准答案:C10.如果债券预期利息和到期本金（面值）的现值与债券现行市场价格相等，则等式所隐含的折现率为（）。

A.赎回收益率B.到期收益率C.实现收益率D.期间收益率标准答案:B11.在一般情况下，各国制定汇率的关键货币是（）。

finance exam 公司理财试题

Answer Key (Answer Sheet for exam) ~ EFIFIE1B.0 (IBA-E01, E02)Assignment 1 (25 points)The lottery is offering to pay Aunt Betty in 10 annual instalments of €100.000 over the next 9 years. Quick thinking of Present Value and the standard calculation to find PV of future cash flows can be used: PV = FV*(1/(1 + r)t)1.1 Showing your calculations and using a rate of 10 %, what would the present value of€50.000 payable in 9 years time be? (3 points)### €50.000*(1/1,1)9) = €21.204,88 (or €21.205)1.2 To find out the Discounted Cash Flow (DCF) valuation: work-out what the total valueof the lottery pay-out would be worth in Present Value? Clearly show all the calculation steps that you make. (7 points)### PV = [€100.000*(1/(1,1)time]; €100.000,00 + 90.909,09 + 82.644,63 +75.131,48 + 68.301,35 + 62.092,13 + 56.447,39 + 51.315,81 + 46.650,74 + 42.409,76= €675.902,38.1.3 If the lottery offers the alternative of €400.000 cash now, and no future payment s:would this be a better deal? Explain your choice, giving a good argument for your selection. (3 points)### Economically-speaking it would be much better to take the 10 instalments of €100.000, because the PV is more than 50% above the €400.000 offer (as shown in answer above); however if there was an urgent need to use the money, or the lottery was not to be trusted for the next 9 years, there could be benefits of taking a the lump-sum payment of €400.000 now!If you deposit €30.000 in a bank account with interest to grow into a savings-fund that can be used in future.1.4 How many years would it take for your fund to reach €50.000 with savings interestcompounded annually at a rate of 3% per annum? Show calculations. (3 points)### It would take more than 17 years (less than 18 years).1.5 How much would the interest rate be if your savings fund of €30.000 was compoundedto €50.000 in exactly five years? (3 points)### The savings interest rate would be approximately 10,8% (10,75 – 10,85%).1.6 If you invested this €30.000 as a deposit on a house costing €230.000 (including allcosts), how much would the fixed annuity payments be on a repayment-mortgage of €200.000 for 30 years at 6% interest? (6 points)### 30-year annuity factor = [ (1/0,06) – (1/((0,06)*(1,06)30) ] = 13,765; thereforeMortgage payments (principal, plus interest) should be: 200.000/13,765 = €14.530. End of Assignment OneKaedoo Motors is keen to increase its car sales in the Netherlands. Kaedoo offers two deals to the market for their Kaedoo Bip90 coupé:Price Buster @ €9.000 (pay in 30 monthly instalments + 10% annual interest); andInterest Free @ €10.000 (pay in 30 monthly instalments + 0% annual interest).2.1 Not considering the time value of money, what would your monthly payments be forthe Interest Free deal? (2 points)### €333,33 (€333 - €334).2.2 How much interest would you pay at the end of the first year with the Price Busterdeal? (2 points)### Average principal of ((€9.000 + €5.400)/2) €7.200 @ 10% = €720.2.3 What would the total interest costs be for the Price Buster deal? (3 points)### €720 + €360 + €45 = €1.125.2.4 Calculate the Present Value of the Interest Free deal. What is it? (4 points)### €7.976,32 (€7.970 - €7.980).2.5 Which is the best deal? Explain your choice. (2 points)### Comparing the figures, the Price Buster is slightly more expensive (€125 more when not considering time value, but only price plus interest rates).However if choosing to buy the popular Viking Snowcat6, on the market @ €20.000:2.6 If you borrowed €20.000 from your bank for 5 years, paying 6% annual interest inmonthly instalments how much would the total interest payments be? (3 points)### €20.000 * 5 * 0,06 = €6.000 (simple interest required; compound ed = 1 point).2.7 From an economic perspective considering time value, which would be the best dealof all of these three? Give your arguments, with calculations. (4 points)### From an economic perspective, borrowing the money from the bank and paying-back the principal in 5 years time is a much-better financial deal; it is also better from the point of view that only interest payments are needed for the full 5 years; and the high quality of the family car is probably more durable and probably has a higher resale value. However with good argumentation, one could possibly choose the Kaedoo Bip90 Interest-Free (as it paid-for quickly and simply. Considering theory learnt from the text book:2.8 What is the meaning of an Ordinary Annuity? Explain! (3 points)### Annuity is a standard flow of cash, paid in regular instalments for a fixed period of time (such as car-loans and house-mortgages). Ordinary annuities occur at the end of each specific period.2.9 What are Preference Shares? Please explain! (2 points)### (also called preferred stock) They are an example of perpetuity. These dividends are paid ahead of dividends on ordinary shares.End of Assignment TwoRas Ethiopian Coffee Company is about to invest in new processing equipment. The company controller has done some calculations for the Chief Executive Officer (CEO) of two investment alternatives: the Italian Roastini machinery; or the French Cafédeux machinery. The coffee product processed with the Italian method is fast-becoming popular, whereas the French method is more popular now but expected to become less popular in the near future.The Net Cash Flows (NCF) for the choices are shown:Year 0 Roastini (€3.000.000) Cafédeux (€3.000.000)Year 1 € 300.000€3.000.000Year 2 € 900.000€ 300.000Year 3 €1.200.000€ 150.000Year 4 €2.100.000€ 150.000The new processing systems and earnings from new markets are equally risky, and the cost of capital is 12% per annum. The CEO asks you to give advice based on what you are studying in the finance class at the HAN.3.1 What is the missing NPV at 12%? (6 points)### €174.055,89.3.2 Calculate the required payback period (PBP) for each project. What are they?(4 points)### Roastini = 3 years 4 months (3,29 years); Cafédeux = 1 year.3.3 Calculate the required Return on Investment (ROI) figure for both options?(4 points)### Roastini = 25%; Cafédeux = 10%. 4 POINTS given to all (#LEARN FAULT).3.4 Estimate the Internal Rate of Return (IRR) for each project? (6 points)### Roastini = 14,10%; Cafédeux = 15,62%.3.5 Based on some serious reasoning (explain some of the good reasons), whichprocessing option would you recommend to the CEO? (5 points)### Cafédeux has the best IRR, but when considering NPV it all depends on percentage rates: with cheap financing the Roastini equipment gives a better return;but again it is difficult to decide.End of Assignment ThreeGreenfields Gelderland makes high quality commercial compost for use by tree nurseries, farmers, and local councils. Greenfields Gelderland sells its product by volume in drums of 200 litres. The sales price is €12,00 per 200 litre drum; and var iable costs are €8,00 per drum. The company’s overhead fixed costs are €720.000 for the year; and depreciation on long-term assets is €120.000 per year.4.1 At what volume of sales is the (accounting) break-even point reached? How manydrums per year? (4 points)### 210.000 drums.4.2 Ignoring taxes, what is the increase in Operating Cash Flow if the quantity sold rises to10% above the break-even point for the year? (4 points)### €84.000 (or 70%, for half marks).4.3 What is the value of the Degree of Operating Leverage (DOL)? Explain your answer!(5 points)### DOL = 1 + FC/OCF; or DOL = 1 + (€720.000/€120.000) = 1 + 6 = 7 ! DOL is the %-change in OCF relative to the %-change in Quantity Sold. Therefore a 10% increase in sales quantity gives a 70% increase in OCF. (5 POINTS given to all #LEARN FAULT).4.4 If the company income tax rate is 30%, how much tax would be payable if sales forthe year were 250.000 drums? Show calculations. (5 points)### [(250.000*(12,00-8,00)) – 840.000]*0,3 = €160.000*0,3 = €48.000.And considering financial theory:4.5 Which three factors are mostly likely to influence the interest rate (discount rate) forcapital budgeting projects? (3 points)### Real Interest Rate, Inflation, and Risk Premium.4.6 Give two reasons why the Pay Back Period is not the best method to assess a capitalbudget project? (2 points)### It does not consider the time value of money, and does not consider future cash flows.4.7 Explain why is the Pay Back Period is often used in calculations? When is it mostuseful? (2 points)### The Pay Back Period is often used because it is easy to understand; and it is most useful when considering small projects or projects of less than two years.End of Assignment FourEND OF EXAM KEY!!!。

东财《公司理财》在线作业一答卷

D.利用现有的库存材料,目前市价为20万元
E.投产后每年创造销售收入100万元
答案:AE
19.下列项目中，属于现金流入项目的有：
A.营业收入
B.回收垫支的流动资金
C.建设投资
D.固定资产残值变现收入
E.经营成本节约额
答案:ABDE
20.债券发行价格的高低，取决于：
A.债券面值
A.本币
B.外币
C.时间
D.利率
E.汇率
答案:ABC
18.某公司拟于2006年初新建一生产车间用于某种新产品的开发，则与该投资项目有关的现金流量是：
A.需购置新的生产流水线,价值为300万元,同时垫付25万元的流动资金
B.2005年公司支付5万元的咨询费、请专家论证
C.公司全部资产目前已经提折旧100万元
B.6年
C.10年
D.15年
答案:B
11.可转换债券对投资者的吸引力在于，当企业经营前景看好时，可转换债券可以转换为：
A.其他债券
B.优先股
C.普通股
D.企业发行的任何一种债券
答案:C
12.股票分割一般不会引起：
A.每股市价变化
B.公司发行的股数变化
C.每股盈余变化
D.公司的财务结构变化
B.债券票面利率
C.发行时的市场利率
D.债券期限
E.发行费用
答案:ABCD
21.企业在持续经营过程中，会自发地直接产生一些资金来源，部分地满足企业的资金需要，如：
A.应付税金
B.应付利息
C.应付债券
D.应付工资
E.应付账款

《公司理财》试题及答案

《公司理财》试题及答案第一章公司理财概述一、单项选择题1、在筹资理财阶段，公司理财的重点内容是（ B ）。

A有效运用资金 B如何设法筹集到所需资金 C研究投资组合 D国际融资二、填空题1、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。

2、西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。

3、现代公司的理财目标是（股东财富最大化）。

4、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿债能力）。

5、公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。

三、简答题1、为什么以股东财富最大化作为公司理财目标？（1）考虑到了货币时间价值和风险价值；（2）体现了对公司资产保值增值的要求；（3）有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。

2、公司理财的具体内容是什么？（1）筹资决策；（2）投资决策；（3）股利分配决策。

第二章财务报表分析一、单项选择题1、资产负债表为（ B ）。

A动态报表 B静态报表 C动态与静态相结合的报表 D既不是动态报表也不是静态报表2、下列负债中属于长期负债的是（ D ）。

A应付账款 B应交税金 C预计负债 D应付债券3、公司流动性最强的资产是（ A ）。

A货币资金 B短期投资 C应收账款 D存货4、下列各项费用中属于财务费用的是（ C ）。

A广告费 B劳动保险费 C利息支出 D坏账损失5、反映公司所得与所占用的比例关系的财务指标是（ B ）。

A资产负债率 B资产利润率 C销售利润率 D成本费用利润率二、多项选择题1、与资产负债表中财务状况的计量直接联系的会计要素有（ ABC ）。

A资产 B负债 C所有者权益 D成本费用 E收入利润2、与利润表中经营成果的计量有直接联系的会计要素有（ BCD ）。

A资产 B收入 C成本和费用 D利润 E所有者权益三、填空题1、资产的实质是（经济资源）。