智慧树答案财务报表分析(全英文)知到课后答案章节测试2022年

第一章
1.The passive investor assumes the market is efficient and that stocks are
correctly priced to reflect the risk involved in buying the stock. （）答案:对2.The term financial statement refers to… （）答案:All the answers are
correct
3.Which of the following is false regarding why a SWOT Analysis is used? ( )答
案:To reduce opportunities available to a business
4.__________ of the profitability of the firm over a period of time such as a year. ( )
答案:The income statement is a summary
5.Financial statements present a numerical picture of a company’s financial
and operating health. ( )答案:对
6.Which of the following SWOT elements are external factors for a business?
（）答案:Opportunities and Threats
7.The ________ does not represent continuing operations in any way, but is
simply a snapshot of the total worth of a firm at a given point in time. ( )答
案:balance sheet
8.Cash inflows arise from _____ assets, ________ liabilities, and ___________
stockholders’ equity. ( )答案:decreasing; increasing; increasing
9.What is a creditor’s objective in performing an analysis of financial
statements? ( )答案:To decide whether or not the borrower has the ability to repay interest and principal on borrowed funds.
10.The major device for measuring the profitability of a firm over a defined
period of time is the ( )答案:income statement.
第二章
1.The transactions between the two claimants (debtors and shareholders) and
the firm are the firm’s _ activities. ( )答案:Financing
2.Free cash flow does not affect common shareholder’s equity. （）答案:对
3.The process of comparing various financial factors of a company over a
period of time is known as （）答案:Intra‐firm comparison
4.If an analyst has reformulate balance sheets and income statements, she does
not need a cash flow statement to calculate free cash flow. ( )答案:对
5. A firm generated free cash flow $2,348 million and paid net interest of $23
million after tax. It paid a dividend of $14 million and issued shares for $54
million. There were no share repurchases. What did the treasurer do with the remaining cash flow and for how much? （）答案:There was $2,365 of cash
left over from the free cash flow and the treasurer used it to buy debt.
6.What drives free cash flow? ( )答案:operations
7.Reformulated balance sheets inform analysts about the firm’s strategy for
running the business. ( )答案:对
8.Which of the following activities is NOT an investing activity? （）答
案:borrowing money
9.An operating asset is ( )答案:used to produce goods or services to sell to
customers in operations.
parison of financial statements highlights the trend of the _________ of the
business. ( )答案:All the answers are correct
第三章
1.Low profit margins always imply low return on net operating assets. （）答
案:错
2.Which the following measure drive return on common equity (ROCE)
positively? （）答案:Gross margin
3.Under what condition would a firm’s return on common equity (ROCE) be
equal to its return on net operating assets (RNOA)? （）答案:The SPREAD is zero, that is, return on net operating assets (RNO
4. A reduction in the advertising expense ratio increase return on common
equity? ( )答案:对
5. A firm should always purchase inventory and supplies on credit rather than
paying cash. （）答案:错
6. A firm has a return of 11.2 percent on net operating assets of $400 million, a
short term borrowing rate of 4.0 percent after tax and a return on operating assets of 8.5 percent. What is the firm’s operating liability leverage? （）答
案:0.600
borrowing cost drive return on common equity (ROCE) negatively. ( )答
案:对
8.Which of the following would explain an observed decrease in return on
equity, all else equal? （）答案:Increase in interest rate on debt
9.The following information is from reformulated financial statements (in
million) what is the firm’s ROCE and RNOA? ( )答案:15.0% and 13.0%
10.Under what condition would a firm’s return on net operating assets (RNOA)
be equal to its return on operating assets (ROOA)? ( )答案:The operating
liability leverage spread (OLSPREAD) is zero, that is, ROOA equals the
implicit borrowing rate for operating liabilities.
第四章
1.What measures tells you that a firm is a no-growth firm? ( )答案:A firm has
zero or negative residual earnings growth
2.Which the following item is part of unusual (transitory) income? ( )答案:Gain
on the disposal of property
3.Firms can grow earnings, but not create (share) value （）答案:对
4.The following number were calculated from the financial statements for a
firm for 2012 and 2011:How much of the change in ROCE from 2011 to 2012 is due to financing activities? （）答案:3.37%
5.Transitory earnings are current earnings that are likely to be maintained in
the future. ( )答案:错
6.Which of the following could cause return on net operating assets to increase,
all other things equal? （）答案:Increase in inventory turnover
7.Below is selected information from TricorpReturn on net operating assets for
Year 1 is: ( )答案:15.4%.
8.RE represents extra profit available to the company/shareholders this is
what drives growth in a company’s (share) value. （）答案:对
9.Return on operating assets is a measure of which of the following? （）答
案:Efficiency
10.Below is selected information from Tricorp company Which of the following
is correct concerning changes at Tricrop from Year 1 to Year 2? ( )答案:RNOA Decreased, ROCE Decreased
第五章
1. A firm can create future income by temporarily increasing its bad debt
allowance. （）答案:对
2.Which of the following item are managed to increase gross revenue? （）答
案:Increase receivables
3.Increasing profit margins by underestimating expenses creates net operating
assets. ( )答案:对
4.Why do analysts compare cash flow from operations with earnings to assess
the quality of the earnings? （）答案:The difference between earnings and
cash flow from operations is explained by the accruals, and the accruals are
t he “soft” part of earnings that can be manipulated.
5. A decrease in warranty liabilities increases net sales. ( )答案:错
6.IBM reported a 3 percent increase in income for its first quarter of 2000,
beating analysts’ estimates. But it also reported a decline in revenue. Its stock price dropped in response to the report. Which of the following statement is
incorrect for the drop in stock price on an earnings increase? （）答案:The
asset turnover is expected to increase.
7.Low depreciation charges forecast losses in future income statements. ( )答
案:对
8.Which of the following is least likely to be associated with low-quality
earnings? （）答案:Decrease in borrowings.
9.Accounting quality analysis is not part of the wider analysis of sustainable
earnings. （）答案:错
10.Which of the following is not an indicator of accounting Manipulation? （）
答案:Loss on sale of discontinued business segments
第六章
1.If the intrinsic value of a stock is greater than its market value, which of the
following is a reasonable conclusion? ( )答案:The market is undervaluing the
stock.
2.The _______ is defined as the present value of all cash proceeds to the investor
in the stock. ( )答案:intrinsic value
3.FCF and DDM valuations should be ____________ if the assumptions used are
consistent. ( )答案:similar for all firms
4.Because the DDM requires multiple estimates, investors should ( )答
案:carefully examine inputs to the model and perform sensitivity analysis on
price estimates.
5. A preferred stock will pay a dividend of $2.75 in the upcoming year, and
every year thereafter, i.e., dividends are not expected to grow. You require a
return of 10% on this stock. Use the constant growth DDM to calculate the
intrinsic value of this preferred stock. ( )答案:$27.50
6.At the end of 2012, you forecast that a firm’s free cash flow for 2013 will be
$430 million. If you forecast that free cash flow will grow at 5% per year
thereafter, what is the enterprise value? Use a required return of 10 percent.
( )答案:8,600million
pany X has negative free cash flow but strong earnings that yield a
return on equity of 27 percent. Which of the following statements is more
likely to be true? ( )答案:the company is investing heavily
8.At the end of 2012, you forecast the following cash flows (in millions) for a
firm with net debt of $759 million: You forecast that free cash flow will grow
at a rate of 4% per year after 2015. Use a required return of 10% to calculate
both the fir ms’ enterprise value and the value of the equity at the end of 2012?
( )答案:7,900million, 7,141 million
9.Value is based on expected dividends, but forecasting dividends is not
relevant to value as a practical matter. （）答案:对
10. A firm that has higher free cash flow have a higher value? （）答案:错
第七章
1.The following are earnings and dividend forecasts made at the end of 2012
for a firm with $20.00 book value per common share at that time. The firm
has a required equity return of 10% per year. Forecast return of common
equity and residual earnings for the year of 2015. （）答案:ROCE is 15.71%
and RE is 1.49
2. A firm cannot maintain a ROCE less than required return and stay in business
indefinitely. （）答案:错
rmation indicates that a firm will earn a return on common equity above
its cost of equity capital in all years in all years in the future, but its share
trade below book value. Those share must be mispriced. （）答案:对
4.The following are ROCE forecasts made for a firm at the end of 2010. ROCE is
expected to continue at the same level after 2013. The firm reported book
value of common equity of $3.2 billion at the end of 2010, with 500 million
shared outstanding. If the required equity return is 12%, what is the per
share value of these shares? （）答案:$6.40
5.Residual earnings valuation does not work well for companies like Coca-cola,
Cisco System, or Nike, which have substantial assets, like brands, R&D assets, and entrepreneurial know-how off the books. A low book value must give
you a low valuation. ( )答案:错
6. A firm with book value of $15.60 per share and 100 percent dividend payout
is expected to have a return on common equity of 15% per year indefinitely
in the future. Its cost of equity capital is 10%. Calculate the intrinsic price to
book ratio. （）答案:1.5
7.Which of the following items are the drivers of Residual earnings? ( )答
案:Return on common equity and growth in book value
8.In September 2008 the shares of Dell, Inc, the computer maker, traded at $20.
50 each. In its last annual report, Dell had reported book value of $3, 735
million with 2, 060 million shares outstanding. Analysts were forecasting
earnings per share of $1.47 for fiscal year 2009 and $1.77 for 2010 Dell pays
no dividends. Calculate the per-share value of Dell in 2008 based on the
analysts’ forecasts, with an additional forecast that residual earnings will
grow at the anticipated GDP growth rate of 4 percent per year after 2010.
Use a required return of 10 percent. the BPS at the end of fiscal-year 2008
will be ( )答案:$1.813
9.Calculate the per-share value of Dell in 2008 based on the analysts’ forecasts,
with an additional forecast that residual earnings will grow at the anticipated GDP growth rate of 4 percent per year after 2010. Use a required return of 10 percent. ( )答案:24.84
第八章
1.Abnormal earnings growth is always equal to growth of (change in) residual
earnings. （）答案:对
2. A firm’s earnings are expected to grow at a rate equal to the required rate of
return for its equity,12%.what is the trailing P/E ratio? （）答案:9.33
3.what is the forward P/E ratio?( )答案:8.33
4. A P/E ratio for a bond is always less than that for a stock. （）答案:错
5.which of the following statement is correct? （）答案:the normal forward
P/E and the normal trailing P/E always differ by 1.0
6.The following are earnings and dividend forecasts made at the end of 2010.
The firm has a required equity return of 10% per year. Forecast abnormal
earnings growth for 2012. ( )答案:0.325
7.Forecast abnormal earnings growth for 2013. ( )答案:0.165
8.Calculate the normal forward P/E for this firm. ( )答案:10
9.Firm can increase its earnings growth but not affect the value of its equity （）
答案:对
10.In early fiscal year 2009, analysts were forecasting $3.90 for Nike’s earnings
per share for the fiscal year ending May 2009 and $4.45 for 2010, with a
dividend per share of 92 cents (0.92) expected for 2009. Forecast the cum-
dividend earnings growth rate for 2010. （）答案:16.46%
第九章
1.Which of the following situation diversification dose not reduce risk？( )答
案:returns on securities in the portfolio are perfectly correlated
2. A statistical measure of the variability of a distribution around its mean is
referred to as __________. ( )答案:the standard deviation
3.Normal distribution of returns can characterize the risk of investing in a
business? （）答案:错
4. A set of possible values that a random variable can assume and their
associated probabilities of occurrence are referred to as __________. （）答
案:probability distribution
5.Below are the reformulate balance sheet for two firms with similar revenues.
Amounts are in millions of dollars. Which firm look more risky for
shareholders? Note that cash has been treated as operating cash. ( )答
案:Firm B
ing the CAPM, ß is a measure of: ( )答案:share price volatility
7.Which of the following is not a measure of risk? ( )答案:correlation
coefficient
8.Below are the reformulate income statement for two firms in the same line of
business. Amounts are in millions of dollars. Which firm look more risky for
shareholders? Reformulate the income statements: ( )答案:Firm A
9.which of the following statement is not correct? ( )答案:variation in return on
net operating assets is only driven by profit margins
10.Financing risk is driven by_____ ( )答案:All the answers are correct.
第十章
1.___________ is the extra required return that a lender demands to compensate
for the risk that the borrower will default. ( )答案:Default premium
2.Which of the following statement is not the objective in reformulating
financial statement for credit analysis？( )答案:groups assets and liabilities
in such a way as to evaluate the firm’s underlying profitability.
3.______ is the error of forecasting that a firm will not default when in fact it
does. ( )答案:A Type I error
4.which of the following is the Off-balance sheet financing? ( )答案:All the
answers are correct
5.which of the following statement is not correct? ( )答案:Pro forma analysis
forecasts is not useful for credit analysis.
6.The following numbers are extracted from the financial statements for a firm
for 2011 and 2012. Amounts are in millions of dollars. At the end of 2011, the firm’s 80 million shares traded at $25 each, but by the end of 2012 they
traded at $15.Calculate Z-score for 2011 ( )答案:2.68
7.Calculate Z-score for 2011 ( )答案:1.09
8.After analyzing the default risk for a five-year bond with a maturity value of
$1,000 and an 8percent annual coupon, an analyst estimates the required
return for the bond at 7percent per year. The bond has just been issued at a
price of $1,000. What is the value of the bond at a 7 percent required return?
( )答案:1040.98
9.What is the yield-to-maturity with a market price of $1,000? ( )答案:8%
10.What is the expected return of buying the bond at a price of $1,000? ( )答案:8%。