公司理财原版题库Chap011
公司理财考试题目及答案
公司理财考试题目参考答案一、辨析简答题任选5小题; 每小题12分;共60分1.古人云:“车到山前必有路”;从公司理财的角度如何辩证地认识这句话呢答:车沿着路走;即使到了山前仍然可以找到出路;尽管从远处可能看不到出路在哪..从公司理财的角度而言;一方面;作为市场中的微观主体;企业要按照市场和财务的原理合理规划企业的发展之路;并坚信在这条“路”前进不止;一定能实现企业的目标;另一方面;微观企业也应认识到宏观环境的复杂多变;认真分析握宏观环境;主动适应宏观环境;唯于是;才能在企业发展的十字路口找到适合企业发展的康庄大道..2.有人认为“企业家就是在风险条件下做出合理的决策”;对此;你有何评论答:这句话道出了风险与收益的辩证关系;企业决策所面临的风险无处不在;不同的决策对应着不同的风险;不同的风险也意味着不同收益..作为市场中的逐利者;企业家决策时的目标毫无疑问是追求企业收益或者说企业价值最大化;但与此同时也面临着不同决策所包涵风险的制约;并考虑企业自身承担风险的能力..因此;企业的决策过程;就是一个在既定风险水平约束下;如何实现企业收益最大化的求解过程..3.中国的中小企业融资难是其规模问题还是所有制问题为什么答:企业规模和所有制尤其是产权结构都会成为影响中小企业融资的主要因素;但从远来看;中小企业融资难主要是规模问题..首先;所有制会影响中小企业的融资;在实务中;我们发现;产权结构清晰、责任明确的中小企业往往更易获得银行等金融机构的资金;而产权结构模糊的个体企业和集体企业则难以获得;其次;规模也会影响中小企业融资;规模较大的企业;往往能够提供更多的抵押物;并获得银行等金融机构较高的评级;因此更易从银行等金融机构获得资金支持;规模较小的企业则难以获得这样的便利..从长远来看;随着中国经济市场化改革进程的深入;企业的产权结构日前明晰;企业的规模将成为影响中小企业融资的主要因素;因此;通过互助贷款协议等方式实现企业规模的虚拟放大是破解中小企业融资难的主要途径..4.如何理解“资本结构体现了公司治理结构”呢答:资本结构包括股权和债权两个方面;公司治理结构主要体现公司权力的安排..首先;公司的股权结构影响公司的权力安排;不同的股权在股东会上拥有不同份量的投票权;进而影响董事会和监事会;以及经理层的人事和权力安排;以维护自身利益;其次;公司的债务也会影响公司的权力安排;负债是公司发展的助跑器;但与此同时;负债还本付息的压力;以及债务人对企业发展的期望;都会成为影响企业治理层和管理层决策的重要因素;进而影响公司的决策导向和权力安排..5.许多人认为中国国有企业的负债比率过高; 请从财务杠杆的角度; 评述这种说法..答:企业负债比率越高;财务杠杆越大..由于债务的利息成本可以在税前扣除;对于高盈利的企业;高财务杠杆会让企业充分享受债务所带来的节税效益;使企业快速扩张;但对于低盈利或者亏损的企业;高财务杠杆会加速企业的破产..中国国有企业的高负债比率主要有以下几个原因:一是由于垄断地位;国有企业的盈利较高;高财务杠杆能加速其扩张;二是国有企业高杠杆的风险由其出资人——国家承担;在企业风险机制尚未健全之前;企业决策者往往表现的更加激进;三是国有企业由于其规模和政策上的优势;更易获得债务资金..6.资本预算与经营预算、财务预算如何有机地融合在一起答:资本预算是对某一项目投入、产出的整体预算;进而评估项目是否可靠;经营预算和财务预算是对具体项目在某一特定时期的经营状况及其财务表现的预算..经营预算和财务预算是资本预算编制的基础;资本预算又对财务预算的编制产生影响..为将三者有机整合起来;一方面;在编制资本预算之前;应对企业的经营和财务状况进行充分的预算;并编制详实的经营预算和财务预算;也确保资本预算及其决策的科学性;另一方面;在编制财务预算时;应充分考虑资本预算和经营预算的相关数据和信息;以确保财务预算的准确性..7.营运资本净额为零时一种理想还是梦想答:营运资本净额是指企业组织的流动资产总额与流动负债总额之间的差额..营运资本为零时;企业的流动资产总额等于流动负债总额;企业的长期资产由长期负债和股东权益提供;企业的资产负债结构最为合理..在实务中;由于经营的季节性和不确定性;企业营运资本净额往往不为零;并呈现一定的波动性;但营运资本为零仍然可以成为企业追求的目标;从这个角度而言;营运资本为零是一种理想..二、讨论分析题第1、2小题每题12分; 第3小题16分;共40分1.Tomas 公司是一家小型游艇贸易商..2001年度卖出一艘价值100;000元的游艇..该游艇的成本总额为80;000元.. Tomas 公司已经支付了购买该游艇的货款80;000元;但是;在年底还没有从顾客手中收到这100;000的货款..问题:1Tomas 公司能否得到价值补偿2会计学与公司理财学有何差异答:1Tomas 公司能否得到价值补偿取决于其在100000元货款最终收回前80000元成本所发生的资金成本;以及最终收回该货款的可能性..一方面;如果在100000元货款最终收回前;80000元成本所发生的资金成本大于20000元;其价值得到了补偿;反之;不能得到补偿;另一方面;如果最终无法收回100000元货款;其价值也得不到补偿..2会计学与公司理财学的差异:①货币时间价值..会计学往往根据权责发生责确认收入和成本;而无论收入和成本是实现;而公司理财学往往根据现金流入或流出确认收入或成本;考虑了资金的时间价值;②收益和风险的均衡..会计学往往在风险出现时或出现迹象时;才考虑风险对会计确认的影响;而公司理财学在决策时即考虑风险因素;以及由此对决策的影响..2.股评专家经常告诉股民;“某只股票的价值被市场低估;具有投资价值;投资者可以介入”;可是;投资者购买了这只股票后;却被长期“套牢”;更谈不上获利..于是;投资者大骂股评专家被人收买;为“庄家”说话..问题:1股评专家说“某只股票的价值被市场低估”的依据是什么2股票内在价值与市场价格之间的关系如何如何正确看待这种关系答:1其依据是股票的内在价值;主要根据该公司过往财务报表数据、股票市场和行业相关的数据;运用股票估价模型计算而来..2两者的关系:在完全有效的市场中;股票的内在价值等于其市场价格;但在现实经济生活中;由于信息的不对称性;完全有效的市场并不存在;股票的市场价格往往围绕其内在价值上下波动..股票市场价格和内在价值的波动关系;一方面使得股票市场中大量投机的存在;甚至有些所谓“专家”利用其获取信息上的优势;为“庄家”大放厥词;干扰普通股民的判断;获取非法暴利;另一方面;我们也应看到;股票市场价格围绕内在价值上下波动;也有利于市场价格真实的反映股票的内在价值;并实现两者之间的动态平衡..3.西方公司理财的融资优先次序Pecking Order理论认为:公司首先选择的融资方式是内部融资留存收益融资;其次是债务融资;再次是优先股融资;接下来是混合证券融资如可转换债券融资;最后才是普通股融资..1中国上市公司为何热衷于配股2这种热衷于配股的行为又如何得以实现答:1配股是根据公司发展需要;依照相关程序;向原股东进一步发行、筹集资金的行为..中国上市公司热衷于配股的主要原因:一是有利于扩大公司股本规模;降低公司的资产负债率;二是配股比单纯的增发股票条件更为宽松;发行费用也较低;有利于弥补上市公司其他融资渠道受阻时的资金缺口;三是配股在正常情况下;发行的价格按发行配股公告时折价10%到25%;因此会拉低高价股票;为股票价格的后续上涨留下空间..2配股是上市公司再融资方式的一种;其实现步骤如下:①上市公司制定配股方案;并报证券监管部门审批通过后;发布配股公选;②上市公司原有股东在规定的时间内确认购买数量并缴款;③原有股东股票到账;上市公司收到股票价款..。
公司理财试题及答案解析
公司理财试题及答案解析一、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:B解析:公司理财的主要目标是股东财富最大化,即通过合理配置资源、降低成本、提高效率等方式,使股东的财富得到最大化的增长。
2. 公司理财的基本原则包括()。
A. 风险与收益相匹配B. 资金的时间价值C. 投资组合多元化D. 以上都是答案:D解析:公司理财的基本原则包括风险与收益相匹配、资金的时间价值和投资组合多元化。
这些原则有助于公司在风险可控的前提下,实现资金的有效配置和收益最大化。
3. 以下哪项不是公司理财的主要活动?()A. 投资决策B. 融资决策C. 营运资金管理D. 人力资源管理答案:D解析:公司理财的主要活动包括投资决策、融资决策和营运资金管理。
人力资源管理虽然对公司运营至关重要,但它不属于公司理财的范畴。
4. 以下哪项不是公司理财中的风险类型?()A. 市场风险B. 信用风险C. 操作风险D. 人力资源风险答案:D解析:公司理财中的风险类型包括市场风险、信用风险和操作风险。
人力资源风险虽然对公司运营有影响,但它不属于公司理财中的风险类型。
5. 以下哪项不是公司理财中的投资决策?()A. 资本预算B. 证券投资C. 营运资金管理D. 项目评估答案:C解析:公司理财中的投资决策包括资本预算、证券投资和项目评估。
营运资金管理属于公司理财中的融资决策范畴。
6. 以下哪项不是公司理财中的融资决策?()A. 股权融资B. 债务融资C. 营运资金管理D. 资本结构决策答案:C解析:公司理财中的融资决策包括股权融资、债务融资和资本结构决策。
营运资金管理属于公司理财中的投资决策范畴。
7. 以下哪项不是公司理财中的营运资金管理?()A. 现金管理B. 存货管理C. 应收账款管理D. 人力资源管理答案:D解析:公司理财中的营运资金管理包括现金管理、存货管理和应收账款管理。
(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。
(完整版)公司理财习题及答案.doc
习题一1.5.1 单项选择题1 .不能偿还到期债务是威胁企业生存的()。
A .外在原因B .内在原因C .直接原因D .间接原因2.下列属于有关竞争环境的原则的是()。
A .净增效益原则B .比较优势原则C .期权原则D .自利行为原则3.属于信号传递原则进一步运用的原则是指()A .自利行为原则B .比较优势原则C . 引导原则D .期权原则4 .从公司当局可控因素来看,影响报酬率和风险的财务活动是()。
A .筹资活动B .投资活动C .营运活动D .分配活动5 .自利行为原则的依据是()。
A .理性的经济人假设B .商业交易至少有两方、交易是“零和博弈”,以及各方都是自利的C .分工理论D .投资组合理论6 .下列关于“有价值创意原则”的表述中,错误的是()。
A .任何一项创新的优势都是暂时的B .新的创意可能会减少现有项目的价值或者使它变得毫无意义C .金融资产投资活动是“有价值创意原则”的主要应用领域D .成功的筹资很少能使企业取得非凡的获利能力7 .通货膨胀时期,企业应优先考虑的资金来源是()A .长期负债B .流动负债C .发行新股D .留存收益8.股东和经营者发生冲突的根本原因在于()。
A .具体行为目标不一致B .掌握的信息不一致C .利益动机不同D ,在企业中的地位不同9 .双方交易原则没有提到的是()。
A .每一笔交易都至少存在两方,双方都会遵循自利行为原则B .在财务决策时要正确预见对方的反映C .在财务交易时要考虑税收的影响D .在财务交易时要以“自我为中心”10.企业价值最大化目标强调的是企业的()。
A .预计获利能力B .现有生产能力C .潜在销售能力D .实际获利能力11.债权人为了防止其利益受伤害,通常采取的措施不包括()。
A .寻求立法保护B .规定资金的用途C .提前收回借款D .不允许发行新股12.理性的投资者应以公司的行为作为判断未来收益状况的依据是基于()的要求。
公司理财 习题库 Chap011
CHAPTER 11Project Analysis and Evaluation I. DEFINITIONSFORECASTING RISKa 1. The possibility that errors in projected cash flows can lead to incorrect estimates of netpresent value is called _____ risk.a. forecastingb. projectionc. scenariod. Monte Carloe. accountingSCENARIO ANALYSISb 2. An analysis of what happens to the estimate of the net present value when you considerthe best case and the worst case situations is called _____ analysis.a. forecastingb. scenarioc. sensitivityd. simulatione. break-evenSENSITIVITY ANALYSISc 3. An analysis of what happens to the estimate of net present value when only onevariable is changed is called _____ analysis.a. forecastingb. scenarioc. sensitivityd. simulatione. break-evenSIMULATION ANALYSISd 4. An analysis which combines scenario analysis with sensitivity analysis is called _____analysis.a. forecastingb. scenarioc. sensitivityd. simulatione. break-evenCHAPTER 11BREAK-EVEN ANALYSISe 5. An analysis of the relationship between the sales volume and various measures ofprofitability is called _____ analysis.a. forecastingb. scenarioc. sensitivityd. simulatione. break-evenVARIABLE COSTSa 6. Variable costs:a. change in direct relationship to the quantity of output produced.b. are constant in the short-run regardless of the quantity of output produced.c. reflect the change in a variable when one more unit of output is produced.d. are subtracted from fixed costs to compute the contribution margin.e. form the basis that is used to determine the degree of operating leverage employed by afirm.FIXED COSTSb 7. Fixed costs:a. change as the quantity of output produced changes.b. are constant over the short-run regardless of the quantity of output produced.c. reflect the change in a variable when one more unit of output is produced.d. are subtracted from sales to compute the contribution margin.e. can be ignored in scenario analysis since they are constant over the life of a project. MARGINAL COSTSc 8. Marginal costs:a. are used solely for accounting and tax purposes.b. are equal to the total costs divided by the number of units produced.c. reflect changes created by producing one more unit of output.d. are the total production expenses of a firm for some stated period of time.e. are the variable costs incurred over the entire life of a project.TOTAL COSTSd 9. Total costs:a. must equal total revenue for a project.b. are constant no matter what quantity of output is produced.c. plus the change in retained earnings must equal total revenue.d. are the summation of all the expenses of a firm for a stated period of time.e. are equal to fixed costs plus the marginal cost.AVERAGE COSTSe 10. Average total cost:a. increases in direct proportion to an increase in output.b. is constant no matter what quantity of output is produced.c. changes as a function of the next unit of output produced.d. is the summation of all the expenses of a firm for a stated period of time.e. is equal to the average fixed cost plus the average variable cost.CHAPTER 11 MARGINAL REVENUEa 11. The change in revenue that occurs when one more unit of output is sold is called the_____ revenue.a. marginalb. averagec. totald. fixede. variableCONTRIBUTION MARGINb 12. The difference between the unit sales price and the variable cost per unit is called:a. operating leverage.b. the contribution margin.c. the gross profit.d. the net profit.e. the marginal revenue.ACCOUNTING BREAK-EVENc 13. The sales level that results in a project’s net income exactly equaling zero is called the_____ break-even.a. operationalb. leveragedc. accountingd. cashe. financialCASH BREAK-EVENd 14. The sales level that results in a project’s operating cash flow exactly equaling zero iscalled the _____ break-even.a. operationalb. leveragedc. accountingd. cashe. financialFINANCIAL BREAK-EVENe 15. The sales level that results in a project’s net present value exactly equaling zero iscalled the _____ break-even.a. operationalb. leveragedc. accountingd. cashe. financialCHAPTER 11OPERATING LEVERAGEa 16. The degree to which a firm relies on fixed production costs is called its:a. operating leverage.b. financial break-even.c. contribution margin.d. cost sensitivity.e. fixed break-even.DEGREE OF OPERATING LEVERAGEb 17. The percentage change in operating cash flow relative to the percentage change inquantity sold is called the:a. marginal profit.b. degree of operating leverage.c. gross profit.d. net profit.e. financial break-even.SOFT RATIONINGc 18. The procedure of allocating a fixed amount of funds for capital spending to eachbusiness unit is called:a. marginal spending.b. average spending.c. soft rationing.d. hard rationing.e. marginal rationing.HARD RATIONINGe 19. The situation that exists when a firm has no means of financing any of its positive netpresent value projects is referred to as:a. financial stop-loss.b. contingency planning.c. marginal loss planning.d. soft rationing.e. hard rationing.CAPITAL RATIONINGe 20. When firms do not have sufficient available financing to invest in all of the positive netpresent value projects they have identified, _____ is (are) said to exist.a. excess financingb. contingency optionsc. strategic optionsd. managerial optionse. capital rationingCHAPTER 11 II. CONCEPTSFORECASTING RISKa 21. Forecasting risk emphasizes the point that the soundness of any management decisionbased on the net present value of a proposed project is highly dependent upon the:a. accuracy of the cash flow projections used in the analysis.b. the time frame in which the project is implemented.c. amount of the net present value in relation to the length of the project’s life.d. level of capital spending in relation to the dollar amount of the net present value.e. frequency and duration of the project’s cash flows.SCENARIO ANALYSISd 22. The Better Bilt Co. is fairly cautious when considering new projects and thereforeanalyzes each project using the most optimistic, the most realistic, and the mostpessimistic value for each variable. The company is conducting:a. forecasting research.b. sensitivity analysis.c. break-even analysis.d. scenario analysis.e. competitive analysis.SCENARIO ANALYSISb 23. Conducting scenario analysis helps managers see the:a. impact of an individual variable on the outcome of a project.b. potential range of outcomes from a proposed project.c. changes in long-term debt over the course of a proposed project.d. possible range of market prices for their stock over the life of a project.e. allocation distribution of funds for capital projects under conditions of hard rationing. SCENARIO ANALYSISd 24. When conducting a worst case scenario analysis, you should assume that:a. the sales quantity is at the upper end of your expectations.b. the highest sales price obtainable in the marketplace can be charged.c. no competition exists in the marketplace.d. your variable costs per unit are at the high end of the spectrum of possible prices.e. your fixed costs are constant and at the low end of your cost range.SCENARIO ANALYSISe 25. The base case values used in scenario analysis are the ones considered the most:a. optimistic.b. desired by management.c. pessimistic.d. conducive to creating a positive net present value.e. likely to occur.CHAPTER 11SCENARIO ANALYSISa 26. When you apply the highest sales price and the lowest costs in a project analysis, youare constructing:a. a best case scenario.b. a base case scenario.c. a worst case scenario.d. a sensitivity to fixed costs.e. a sensitivity to sales quantity.SCENARIO ANALYSISd 27. Which one of the following statements concerning scenario analysis of a proposedproject is correct?a. The worst case scenario determines the net present value of a project given that anatural disaster occurs.b. Scenario analysis assures a firm that the actual results of a project will lie within therange of returns as computed under the best and the worst case scenarios.c. Scenario analysis provides a clear signal to management to either accept or reject aproject.d. Scenario analysis only provides management with a glimpse of the possible range ofoutcomes that could result should a project be accepted.e. When the base case scenario results in a positive net present value, management can beassured that the proposed project will meet or exceed their expectations. SENSITIVITY ANALYSISb 28. Sensitivity analysis helps you determine the:a. range of possible outcomes given possible ranges for every variable.b. degree to which the net present value reacts to changes in a single variable.c. net present value given the best and the worst possible situations.d. degree to which a project is reliant upon the fixed costs.e. level of variable costs in relation to the fixed costs of a project.SENSITIVITY ANALYSISe 29. Assume that you graph the changes in net present value against the changes in thevalue of a single variable used in a project. The steepness of the resulting functionillustrates the:a. degree of operating leverage within the project.b. trade-off of variable versus fixed costs utilized by the project.c. range of total outcomes possible from accepting a proposed project.d. contribution margin of the project at various levels of output.e. degree of sensitivity of a project’s outcome to a single variable of the project. SENSITIVITY ANALYSISc 30. As the degree of sensitivity of a project to a single variable rises, the:a. lower the forecasting risk of the project.b. smaller the range of possible outcomes given a pre-defined range of values for theinput.c. more attention management should place on accurately forecasting the future value ofthat variable.d. lower the maximum potential value of the project.e. lower the maximum potential loss of the project.CHAPTER 11 SENSITIVITY ANALYSISc 31. Sensitivity analysis is conducted by:a. holding all variables at their base level and changing the required rate of returnassigned to a project.b. changing the value of two variables to determine their interdependency.c. changing the value of a single variable and computing the resulting change in thecurrent value of a project.d. assigning either the best or the worst possible value to each variable and comparing theresults to those achieved by the base case.e. managers after a project has been implemented to determine how each variable relatesto the level of output realized.SENSITIVITY ANALYSISd 32. To ascertain whether the accuracy of the variable cost estimate for a project will havemuch effect on the final outcome of the project, you should probably conduct _____analysis.a. leverageb. scenarioc. break-evend. sensitivitye. cash flowSIMULATIONd 33. Simulation analysis is based on assigning a _____ and analyzing the results.a. narrow range of values to a single variableb. narrow range of values to multiple variables simultaneouslyc. wide range of values to a single variabled. wide range of values to multiple variables simultaneouslye. single value to each of the variablesSIMULATIONe 34. The type of analysis that is most dependent upon the use of a computer is _____analysis.a. scenariob. break-evenc. sensitivityd. degree of operating leveragee. simulationVARIABLE COSTSd 35. Which one of the following is most likely a variable cost?a. office rentb. property taxesc. property insuranced. direct labor costse. management salariesCHAPTER 11VARIABLE COSTSa 36. Which of the following statements concerning variable costs is (are) correct?I. Variable costs minus fixed costs equal marginal costs.II. Variable costs are equal to zero when production is equal to zero.III. An increase in variable costs increases the operating cash flow.IV. Variable costs can be ascertained with certainty when evaluating a proposed project.a. II onlyb. IV onlyc. I and III onlyd. II and IV onlye. I and II onlyVARIABLE COSTSa 37. All else constant, as the variable cost per unit increases, the:a. contribution margin decreases.b. sensitivity to fixed costs decreases.c. degree of operating leverage decreases.d. operating cash flow increases.e. net profit increases.FIXED COSTSb 38. As additional equipment is purchased, the level of fixed costs tends to _____ and thedegree of operating leverage tends to _____a. remain constant; remain constant.b. rise; rise.c. rise; fall.d. fall; rise.e. fall; fall.FIXED COSTSc 39. Fixed costs:I. are variable over long periods of time.II. must be paid even if production is halted.III. are generally affected by the amount of fixed assets owned by a firm.IV. per unit remain constant over a given range of production output.a. I and III onlyb. II and IV onlyc. I, II, and III onlyd. I, II, and IV onlye. I, II, III, and IVFIXED COSTSa 40. Which one of the following is a fixed cost in the short-run?a. a lease on a copierb. the cost of a machine operatorc. the cost of raw materialsd. the cost of building maintenancee. employee benefits for shop workersCHAPTER 11 MARGINAL COSTe 41. Management wants to offer a “Thank Y ou” sale to its customers by offering to selladditional units of a product at the lowest price possible without affecting their profits.The price management charges for these one-time sale units should be set equal to the:a. average variable cost.b. average total cost.c. average total revenue.d. marginal revenue.e. marginal cost.MARGINAL COSTd 42. The president of your firm would like to offer special sale prices to your bestcustomers under the following terms:1. The prices will apply only to units purchased in excess of those normallypurchased by the customer.2. The units purchased must be paid for in cash at the time of sale.3. The total quantity sold under these terms can not exceed the excess capacityof the firm.4. The net profit of the firm should not be affected either positively ornegatively.Given these conditions, the special sale price should be set equal to the:a. average variable cost.b. average total cost minus the marginal cost.c. sensitivity value of the variable cost.d. marginal cost.e. marginal cost minus the average fixed cost per unit.CONTRIBUTION MARGINc 43. The contribution margin must increase as:a. both the sales price and variable cost per unit increase.b. the fixed cost per unit declines.c. the gap between the sales price and the variable cost per unit widens.d. sales price per unit declines.e. the sales price minus the fixed cost per unit increases.CONTRIBUTION MARGINc 44. Given a constant sales price, the larger the contribution margin, the:a. higher the variable cost per unit as a percentage of the sales price.b. higher the cash break-even point.c. lower the financial break-even point.d. lower the fixed costs as a percentage of the sales price.e. lower the gross profit per unit sold.CHAPTER 11ACCOUNTING BREAK-EVENa 45. Which of the following statements are correct concerning the accounting break-evenpoint?I. The net income is equal to zero at the accounting break-even point.II. The net present value is equal to zero at the accounting break-even point.III. The quantity sold at the accounting break-even point is equal to the total fixed costs plus depreciation divided by the contribution margin.IV. The quantity sold at the accounting break-even point is equal to the total fixed costs divided by the contribution margin.a. I and III onlyb. I and IV onlyc. II and III onlyd. II and IV onlye. I, II, and IV onlyACCOUNTING BREAK-EVENe 46. At the accounting break-even level of sales, the operating cash flow is equal to:a. the net present value.b. fixed costs plus depreciation.c. the contribution margin times the quantity produced.d. fixed costs plus depreciation divided by the contribution margin.e. the depreciation expense.ACCOUNTING BREAK-EVENb 47. All else constant, the accounting break-even level of sales will decrease when the:a. fixed costs increase.b. depreciation expense decreases.c. contribution margin decreases.d. variable costs per unit increase.e. selling price per unit decreases.CASH BREAK-EVENb 48. Blumberg Industries has just completed their analysis of a proposed project. Theresults show that if the project is accepted, the firm will lose an amount of moneywhich is exactly equal to their initial investment in the project. This means that:a. the firm should accept the project as long as they are confident of the assumptions usedin the analysis.b. the fixed costs per unit are exactly equal to the contribution margin at the projectedlevel of sales.c. sales are estimated at the financial break-even point.d. the estimated cash flow is equal to the depreciation expense.e. the project has a discounted payback period exactly equal to the life of the project.CASH BREAK-EVENb 49. Which one of the following statements is correct about a project with an estimatedinternal rate of return of negative 100 percent?a. The net present value of the cash inflows is exactly equal to the initial investment inthe project.b. The estimated sales volume is equal to the cash break-even level of sales.c. The estimated sales volume is equal to the financial break-even level of sales.d. The payback period is exactly equal to the life of the project.e. The net present value of the project is equal to zero.FINANCIAL BREAK-EVENd 50. The point where a project produces a rate of return equal to the required return isknown as the:a. point of zero operating leverage.b. cash break-even point.c. accounting break-even point.d. financial break-even point.e. internal break-even point.FINANCIAL BREAK-EVENb 51. Which of the following statements are correct concerning the financial break-evenpoint of a project?I. The present value of the cash inflows equals the amount of the initial investment.II. The payback period of the project is equal to the life of the project.III. The operating cash flow is at a level that produces a net present value of zero.IV. The project never pays back on a discounted basis.a. I and II onlyb. I and III onlyc. II and IV onlyd. III and IV onlye. I, III, and IV onlyFINANCIAL BREAK-EVENd 52. You would like to know the minimal level of sales needed for a project to be acceptedbased on net present value. You should compute the sales quantity needed for the:a. degree of operating leverage to equal zero.b. net income to equal zero.c. operating cash flow to equal zero.d. discounted payback period to equal the life of the project.e. payback period to equal the life of the project.OPERATING LEVERAGEa 53. You are considering a project that you believe is quite risky. To reduce anypotentially harmful results from accepting this project, you could:a. lower the degree of operating leverage.b. lower the contribution margin.c. increase the initial cash outlay.d. increase the fixed costs per unit while lowering the contribution margin.e. lower the operating cash flow of the project.OPERATING LEVERAGEd 54. Which of the following statements are generally correct about a project with a highdegree of operating leverage?I. The project has relatively high variable costs.II. The project is capital intensive.III. The amount of the initial cash outlay is generally relatively large in relation to the size of the project.IV. The forecasting risk of the project is high.a. I and II onlyb. III and IV onlyc. I, II, and III onlyd. II, III, and IV onlye. I, II, and IV onlyOPERATING LEVERAGEb 55. Which one of the following could lower the risk of a project by lowering the degree ofoperating leverage?a. You could hire temporary workers from an employment agency rather than hire part-time employees.b. You could use sub-contractors to produce sub-assemblies of your product rather thanpurchase new equipment to do the work in-house.c. You could lease equipment on a long-term basis rather than buy the equipment.d. You could lower the projected selling price per unit.e. You could change the production method to one which relies more on fixed costs andless on variable costs than the current proposed method of production.SOFT RATIONINGd 56. The Delta Mare Co. has received requests from each of the departments within theircompany for capital investment funds for next year. The management of Delta Maredecides to allocate the available funds based on the net present value (NPV) of eachproposal starting with the highest NPV first. Management is following a practiceknown as _____ rationing.a. net present valueb. rate of returnc. capital improvementd. softe. hardHARD RATIONINGc 57. The management of the Wish We Could Co. has numerous requests on their desksfrom division managers. These requests are seeking funds for positive net presentvalue projects with projected rates of return ranging from 8 percent to 100percent. Management determines that they must deny all funding requests due to thefinancial situation of the company. Management is apparently in a situation referred toas:a. accounting break-even.b. financial break-even.c. hard rationing.d. zero leverage.e. maximum capital intensity.III. PROBLEMSUse this information to answer questions 58 through 62.The Adept Co. is analyzing a proposed project. The company expects to sell 2,500units, give or take 10 percent. The expected variable cost per unit is $8 and the expected fixed costs are $12,500. Cost estimates are considered accurate within a plus or minus 5 percent range. The depreciation expense is $4,000. The sale price is estimated at $16 aunit, give or take 2 percent. The company bases their sensitivity analysis on the base case scenario.SCENARIO ANALYSISd 58. What is the sales revenue under the best case scenario?a. $40,000b. $43,120c. $44,000d. $44,880e. $48,400SCENARIO ANALYSISd 59. What is the contribution margin under the base case scenario?a. $2.67b. $3.00c. $7.92d. $8.00e. $8.72SCENARIO ANALYSISc 60. What is the amount of the fixed cost per unit under the worst case scenario?a. $4.55b. $5.00c. $5.83d. $6.02e. $6.55SENSITIVITY ANALYSISb 61. The company is conducting a sensitivity analysis on the sales price using a salesprice estimate of $17. Using this value, the earnings before interest and taxes will be:a. $4,000b. $6,000c. $8,500d. $10,000e. $18,500b 62. The company conducts a sensitivity analysis using a variable cost of $9. The totalvariable cost estimate will be:a. $21,375b. $22,500c. $23,625d. $24,125e. $24,750Use this information to answer questions 63 through 67.The Can-Do Co. is analyzing a proposed project. The company expects to sell 12,000units, give or take 4 percent. The expected variable cost per unit is $7 and the expectedfixed cost is $36,000. The fixed and variable cost estimates are considered accuratewithin a plus or minus 6 percent range. The depreciation expense is $30,000. The taxrate is 34 percent. The sale price is estimated at $14 a unit, give or take 5 percent. SCENARIO ANALYSISa 63. What is the earnings before interest and taxes under the base case scenario?a. $18,000b. $24,000c. $36,000d. $48,000e. $54,000SCENARIO ANALYSISc 64. What is the earnings before interest and taxes under a best case scenario?a. $22,694.40b. $24,854.40c. $37,497.60d. $52,694.40e. $67,947.60SCENARIO ANALYSISc 65. What is the net income under the worst case scenario?a. -$566.02b. -$422.40c. -$278.78d. $3,554.50e. $5,385.60SENSITIVITY ANALYSISd 66. What is the operating cash flow for a sensitivity analysis using total fixed costs of$32,000?a. $14,520b. $16,520c. $22,000d. $44,520e. $52,000d 67. What is the contribution margin for a sensitivity analysis using a variable cost per unitof $8?a. $3b. $4c. $5d. $6e. $7VARIABLE COSTc 68. A firm is reviewing a project with labor cost of $8.90 per unit, raw materials cost of$21.63 a unit, and fixed costs of $8,000 a month. Sales are projected at 10,000 unitsover the three-month life of the project. What are the total variable costs of the project?a. $216,300b. $297,300c. $305,300d. $313,300e. $329,300VARIABLE COSTd 69. A project has earnings before interest and taxes of $5,750, fixed costs of $50,000, aselling price of $13 a unit, and a sales quantity of 11,500 units. Depreciation is $7,500.What is the variable cost per unit?a. $6.75b. $7.00c. $7.25d. $7.50e. $7.75FIXED COSTb 70. At a production level of 5,600 units a project has total costs of $89,000. The variablecost per unit is $11.20. What is the amount of the total fixed costs if the productionlevel is increased to 6,100 units without increasing the total fixed assets?a. $24,126b. $26,280c. $27,090d. $27,820e. $28,626FIXED COSTe 71. A firm is considering a project with a cash break-even point of 13,500 units. Theselling price is $13 a unit and the variable cost per unit is $7. What is the projectedamount of fixed costs?a. $64,000b. $70,500c. $74,500d. $78,000e. $81,000MARGINAL COSTb 72. Ted’s Sleds produces sleds at an average variab le cost per unit of $39.18 whenproduction quantity is 1,250 units. When production increases to 1,251 units theaverage variable cost declines to $39.16. What is the minimal price that Ted’s Sledscan charge for the 1,251st sled without affecting their net profits?a. $13.89b. $14.16c. $14.21d. $14.37e. $14.44CONTRIBUTION MARGINc 73. Wilson’s Meats has computed their fixed costs to be $.60 for every pound of meatthey sell given an average daily sales level of 500 pounds. They charge $3.89 perpound of top-grade ground beef. The variable cost per pound is $2.99. What is thecontribution margin per pound of ground beef sold?a. $.30b. $.60c. $.90d. $2.99e. $3.89CONTRIBUTION MARGINe 74. Ralph and Emma’s is considering a proje ct with total sales of $17,500, total variablecosts of $9,800, total fixed costs of $3,500, and estimated production of 400 units. Thedepreciation expense is $2,400 a year. What is the contribution margin per unit?a. $4.50b. $10.50c. $14.14d. $19.09e. $19.25。
《公司理财》试题(A卷答案)
《公司理财》试题及答案(A卷)(考试时间120分钟)单位:姓名:编号:上面的表格在下面的试题中会用到,仅作参考。
一、单项选择题(10×1=10分)1. 甲、乙两方案的预计投资报酬率均为25%,甲方案标准差大于乙方案标准差,则下列说法正确的是( B )。
A. 甲方案风险大于乙方案B.甲方案风险小于乙方案C. 甲乙方案风险相同D. 甲乙方案风险不能比较2. 货币市场主要满足( B )。
A. 企业中长期投资需要B. 短期资金周转需要C. 政府弥补财政赤字需要D. 发行证券需要3. 按照现行财务制度规定, 企业专门用于职工集体福利开支的公益金, 应按照税后利润C的比例提取.A. 10%B. 20%C.5%-10%D.40%4. 能使投资方案净现值为零时的贴现率,称( C )A.现值指数B.资金成本率C.内部收益率D.投资利润率5. 法定盈余公积达到注册资本的__B__时,可以不再提取()。
A.55%B.50%C.35%D.25%6.已知某项目年收益是10万元,则10年总收益的现值为______B____。
(假定贴现率为10%)A.3.855万元B.61.45万元C.100万元7. 关于资金成本,下列叙述哪一个是正确的(A )A.资金成本等于筹资费加上使用费除以筹资总额B.一般而言,主权资金成本要高于债务资金成本C.在长期资金中,普通股资金成本不一定最高D.使用留存收益资金不必付出任何代价,故其资金成本为零8. 向债权人支付利息的经济行为属于( A )A.筹资B.投资C.分配D.都不是9. 据《公司法》规定,企业债券票面利率不得超过相同期限居民储蓄定期存款利率的(C ).A.60%B.50% C. 40% D.30 %10. 现代公司理财的目标应定位在______C_____。
()A.利润最大化B.股东财富最大化C.企业价值最大化D.产量或产值最大化二、多项选择(5×2=10分)1. 股份有限公司分派股利的形式有ACDA.现金股利B.财产股利C.股票股利D.债权股利2. 按照收付的次数和支付的时间,年金可以划分为(ABCD )等几类。
《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、单选题1、在筹资理财阶段,公司理财的重点内容是(b)。
A资金的有效使用B如何筹集所需资金C研究投资组合d国际融资II。
填空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过去把(利润最大化)作为公司的经营目标和财务目标。
3.现代公司的财务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.本公司的融资渠道主要分为两类:一类是募集(自有资金),另一类是募集(借入资金)。
3、简短回答问题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应付税款C预计负债D应付债券3。
公司最具流动性的资产是(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利息费D坏账损失5。
反映公司收入与职业比例关系的财务指标为(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.资产负债表中与财务状况计量直接相关的会计要素为(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)。
资产B收入C成本和费用D利润E所有者权益iii填写空白1、资产的实质是(经济资源)。
2.公司所有者权益金额为(资产)减去(负债)后的余额。
《公司理财》课后习题与答案
《公司理财》考试范围:第3~7章,第13章,第16~19章,其中第16章和18章为较重点章节。
书上例题比较重要,大家记得多多动手练练。
PS:书中课后例题不出,大家可以当习题练练~考试题型:1.单选题10分 2.判断题10分 3.证明题10分 4.计算分析题60分 5.论述题10分注:第13章没有答案第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值,当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平,包括避免不道德或非法的行为,股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润,使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
公司理财题库.doc
一、公司理财基本技能单选题1、有甲、乙两台设备可供选用,甲设备的年使用费比乙设备低2000元,但价格高于乙设备8000元。
若资本成本为10%,甲设备的使用期应长于(D)年,选用甲设备才是有利的A、4B、5C、4.6D、5.42、(F/A,10%,11)=18.531普通年金现值系数的倒数称为(D)A、复利现值系数B、普通年金终值系数C、偿债基金系数D、资本回收系数3、关于风险报酬正确的表述是(D )A、风险报酬是必要投资报酬B、风险报酬是投资者的风险态度C、风险报酬是无风险报酬加通胀贴补D、风险报酬率=风险报酬斜率×风险程度4、以资本利润率最大化作为公司理财目标,存在的缺陷是(D )A、不能反映资本的获利水平B、不能用于不同资本规模的企业间比较C、不能用于同一企业的不同期间比较D、没有考虑风险因素与时间价值5、(F./A,10%,9)=13.579 已知,则10年、10%的即付年金终值系数为(A )。
A、17.531B、15.937C、14.579D、12.5796、下列风险因素中,( D)可以引起实质性风险A、偷工减料引起产品事故B、新产品设计错误C、信用考核不严谨而出现贷款拖欠D、食物质量对人体的危害7、我国企业应采用的较为合理的财务目标是( C)A、利润最大化B、每股利润最大化C、企业价值最大化D、资本利润率最大化8、当一年内复利m次时,其名义利率r与实际利率i之间的关系是(A)A、 i=(1+r/m)m-1B、 i=(1+r/m)-1C、i=(1+r/m)-m-1D、i=1-(1+r/m)9、某公司向银行借款100万元,借款期限2年,借款利率6%,每半年付息1次,该笔借款的实际利率为(A )A、6.09%B、6%C、6.21%D、5.80%10、企业投资可以分为广义投资和狭义投资,狭义的投资仅指(D)A、固定资产投资B、证券投资C、对内投资D、对外投资12、企业财务管理是企业经济管理工作的一个组成部分,区别于其他经济管理工作的特点在于它是一种(C)A、劳动要素的管理B、物资设备的管理C、资金的管理D、使用价值的管理13、x.y方案的标准离差是1.5,方案的标准离差是1.4,如两方案的期望值相同,则两方案的风险关系为(A)A、x>yB、x<YC、无法确定D、x=y14、我国企业财务管理的最优目标是(D)A、总产值最大化B、利润最大化C、股东财富最大化D、企业价值最大化15、注册资本由等额股份构成并通过发行股票筹集资本的是(D )A、独资企业B、合资企业C、合伙企业D、股份有限公司16、以资本利润率最大化作为公司理财目标,存在的缺陷是( D)A、不能反映资本的获利水平B、不能用于不同资本规模的企业间比较C、不能用于同一企业的不同期间比较D、没有考虑风险因素与时间价值17、与债券信用等级有关的利率因素是(C)A、通货膨胀附加率B、到期风险附加率C、违约风险附加率D、纯粹利率18、现代企业财务管理的最优目标是( C)A、利润最大化B、风险最小化C、企业价值最大化D、资本最大化19、一项500万元的借款,借款期5年,年利率为8%,若每年半年复利一次,年实际利率会高出名义利率( C)A、4%B、0.24%C、0.16%D、0.80%20、关于风险报酬正确的表述是(D )A、风险报酬是必要投资报酬B、风险报酬是投资者的风险态度C、风险报酬是无风险报酬加通胀贴补D、风险报酬率=风险报酬斜率×风险程度21、一项投资的利率为10%,期限7年,其投资回收系数为(C )A、0.513B、4.868C、0.21D、1.6122、一定时期内每期期末等额收付的年金是(A )A、普通年金B、预付年金C、递延年金D、永续年金23、企业与政府间的财务关系体现为(B )A、债权债务关系B、强制和无偿的分配关系C、资金结算关系D、风险收益对等关系24、表示资金时间价值的利息率是(C )。
公司理财11 参考答案
公司理财11 参考答案公司理财是企业运营中至关重要的一环,它涉及到资金的管理、投资决策以及风险控制等方面。
一个良好的公司理财策略不仅可以帮助企业实现财务目标,还可以提高企业的竞争力和盈利能力。
在这篇文章中,我们将探讨一些关于公司理财的参考答案。
首先,一个成功的公司理财策略应该始终以财务目标为导向。
企业的财务目标通常包括增加利润、提高股东回报率以及维持良好的流动性等。
为了实现这些目标,公司需要制定合理的财务预算和计划,并且根据实际情况进行调整。
此外,公司还应该建立一套有效的财务指标和绩效评估体系,以便及时监控和评估财务状况。
其次,公司理财策略需要考虑到不同的投资项目和风险。
在进行投资决策时,公司应该根据项目的预期回报率、风险水平以及资金需求等因素进行综合考虑。
一般来说,高回报率的投资项目往往伴随着更高的风险,而低风险的项目往往回报率较低。
因此,公司需要在投资组合中平衡不同的投资项目,以实现风险和回报的最优化。
另外,公司理财策略还需要注重资金的有效利用和流动性管理。
公司应该合理安排资金的使用,避免出现过度投资或者资金不足的情况。
此外,公司还应该建立起良好的资金流动性管理机制,以确保随时有足够的资金来满足业务运营和投资需求。
这可以通过建立紧密的银行关系、优化账期管理以及合理的资金周转方式来实现。
此外,公司理财策略还需要考虑到税务和法律的因素。
税务规定和法律法规对公司的财务状况和投资决策有着重要的影响。
因此,公司需要与专业的税务和法律顾问合作,确保自身的财务活动符合相关的法律法规,并且最大限度地减少税务风险和成本。
最后,公司理财策略还需要注重风险管理和应急预案的制定。
企业经营中难免会面临各种风险,如市场风险、信用风险和流动性风险等。
为了应对这些风险,公司需要建立起完善的风险管理体系,并且制定相应的应急预案。
这可以通过多元化投资、保险合理使用以及建立风险控制机制来实现。
综上所述,公司理财是企业成功运营的重要组成部分。
罗斯《公司理财》英文习题答案DOCchap011
公司理财习题答案第十一章Chapter 11: An Alternative View of Risk and Return: The Arbitrage Pricing Theory 11.1 Real GNP was higher than anticipated. Since returns are positively related to the level of GNP, returns should rise based on this factor.Inflation was exactly the amount anticipated. Since there was no surprise in this announcement, it will not affect Lewis-Striden returns.Interest Rates are lower than anticipated. Since returns are negatively related to interest rates, the lower than expected rate is good news. Returns should rise due to interest rates.The President’s death is bad news. Although the president was expected to retire, his retirement would not be effective for six months. During that period he would still contribute to the firm. His untimely death mean that thosecontributions would not be made. Since he was generally considered an asset to the firm, his death will cause returns to fall.The poor research results are also bad news. Since Lewis-Striden must continue to test the drug as early as expected. The delay will affect expected future earnings, and thus it will dampen returns now.The research breakthrough is positive news for Lewis Striden. Since it was unexpected, it will cause returns to rise.The competitor’s announcement is also unexpected, but it is not a welcome surprise. this announcement will lower the returns on Lewis-Striden.Systematic risk is risk that cannot be diversified away through formation of a portfolio. Generally, systematic risk factors are those factors that affect a large number of firms in the market. Note those factors do not have to equally affect the firms. The systematic factors in the list are real GNP, inflation and interest rates.Unsystematic risk is the type of risk that can be diversified away throughportfolio formation. Unsystematic risk factors are specific to the firm or industry. Surprises in these factors will affect the returns of the firm in which you are interested, but they will have no effect on the returns of firms in a different industry and perhaps little effect on other firms in the same industry. For Lewis- Striden, the unsystematic risk factors are the president’s ability to contribute to the firm, the research results and the competitor.11.2 a. Systematic Risk = 0.042(4,480– 4,416) –1.4(4.3%– 3.1%)– 0.67(11.8% –9.5%) = –0.53% b. Unsystematic Risk = – 2.6%c. Total Return = 9.5% – 0.53% – 2.6% = 6.37%11.3 ()()()11.81%1.440.3710.0Return Total c.1.44%=23-270.36=Return ic Unsystemat b.0.372%=14.0%15.2%1.903.5%-4.8%2.04=Risk Systematic a.=++=--11.4 a. Stock A:()()R R R R R A A A m m Am A =+-+=+-+βεε105%12142%...Stock B:()()R R R R R B B m m Bm B=+-+=+-+βεε130%098142%...Stock C:()R R R R R C C C m m Cm C=+-+=+-+βεε157%137142%)..(.b.()[]()[]()[]()()()()()()[]()()CB A m cB A m c m B m A m CB A P 25.045.030.0%2.14R 1435.1%925.1225.045.030.0%2.14R 37.125.098.045.02.130.0%7.1525.0%1345.0%5.1030.0%2.14R 37.1%7.1525.0%2.14R 98.0%0.1345.0%2.14R 2.1%5.1030.0R 25.0R 45.0R 30.0R ε+ε+ε+-+=ε+ε+ε+-+++++=ε+-++ε+-++ε+-+=++= c.i.()R R R A B C =+-==+-==+-=105%1215%142%)1113%09815%142%)137%157%13715%142%168%..(..46%.(......ii.R P =+-=12925%1143515%142%)138398%..(..11.5 a.Since five stocks have the same expected returns and the same betas, the portfolio also has the same expected return and beta.()R F F E E E E E p =+++++++110084169151212345...b.公司理财习题答案第十一章R F F E N E N E NAs N s are fini F F p N =++++++→∞→=++1100841690110084169121212......,...,1Nbut E te,Thus, R j p11.6To determine which investment investor would prefer, you must compute the variance of portfolios created by many stocks from either market. Note, because you know that diversification is good, it is reasonable to assume that once an investor chose the market in which he or she will invest, he or she will buy many stocks in that market. Known:E EF ====001002 and and for all i.i σσεε..Assume: The weight of each stock is 1/N; that is, X N i =1/for all i.If a portfolio is composed of N stocks each forming 1/N proportion of the portfolio, thereturn on the portfolio is 1/N times the sum of the returns on the N stocks. Recall that thereturn on each stock is 0.1+βF+ε.()()()()()()[]()()()()()()()[]()[]()[]()()[]()()()()()j i 2j i 22j i i 2222222222P P P P iP ,0.04Corr 0.01,Cov s =isvariance the ,N as limit In the ,Cov 1/N 1s 1/N s )(1/N 1/N F 2F E 1/N F E 0.10.1/N F 0.1E R E R E R Var 0.101/N 00.1E 1/N F E 0.11/N F 0.1E R E 1/N F 0.1F 0.1(1/N)R 1/N R εε+β=εε+β∞⇒εε-+ε+β=ε∑+εβ+β=ε+β=-ε+β+=-==+β+=ε+β+=ε∑+β+=ε+β+=ε+β+==∑∑∑∑∑∑∑∑()()()()()()Thus,F R f E R E R Var R Corr Var R Corr ii ip P p i j PijR 1i =++=++===+=+010*********002250040002500412212111222.........,,εεεεεεa.()()()()Corr Corr Var R Var R i j i j p pεεεε112212000225000225,,..====Since Var ()()R p 1 Var R 2p 〉, a risk averse investor will prefer to invest in the second market.b.Corr ()()εεεε112090i j j ,.,== and Corr 2i()()Var R Var R pp120058500025==..Since Var ()()risk a ,R V ar R 2p p 1〉averse investor will prefer to invest in the second market.c.()()()()Corr Var R Var R i j j p pεεεε112120050022500225,,...==== and Corr 2i Since ()()Var R Var R p p12=, a risk averse investor will be indifferentbetween investing in the two market.d. Indifference implies that the variances of the portfolio in the two marketsare equal.()()()()()()Var R Var R Corr Corr Corr Corr p pijij ijij1211222211002250040002500405=+=+=+..,..,,,.εεεεεεεε公司理财习题答案第十一章This is exactly the relationship used in part c.11.7()()()()()()()()()()()() 2.7225%1.211.5s 1.7424%1.211.2s 0.5929%1.210.7s R Var R Var 0/N Var ,N As i.b.22.30%0.22304.9725/100s 4.9725%2.251.211.5s 17.84%0.17843.1824/100s 3.1824%1.441.211.2s 12.62%1.5929/100s 1.5929%1.001.210.7s Var R Var R Var a.22C 22B 22A m 2i i j C 22C B 2B 2A 2A 2i m 2i j ======β=∴→ε∞→===⇒=+====⇒=+===⇒=+=∴ε+β=ii. APT Model: ()R R R R i F m F i =+-β%25.14)5.1)(3.36.10(3.3R %06.12)2.1)(3.36.10(3.3R %41.8)7.0)(3.36.10(3.3R C B A =-+==-+==-+= APT Model shows that assets A & B are accurately priced but asset C is overpriced. Thus, rational investors will not hold asset C.iii. If short selling is allowed, all rational investors will sell short asset C so that the price of asset C will decrease until no arbitrage opportunity exists. In other words, price of asset C should decrease until the returnbecome 14.25%.11.8 a. Let X= the proportion of security of one in the portfolio and (1-X) = theproportion of security two in the portfolio.()()[]()()[]t 222t 121t 2t 212t 111t 1t2t 1pt F F R E x 1F F R E x R X 1XR R β+β+-++β+=-+=The condition that the return of the portfolio does not depend on F 1implies:()05.0)X 1(X 0X 1X 2111=-+=β-+βThus, P=(-1,2); i.e. sell short security one and buy security two.()()()()()()5.2225.11%20%202%201R E 2p p =+-=β=+-=b. Follow the same logic as in part a, we have()()3X 05.1X 1X 0X 1X 4131==-+=β-+βWhere X is the proportion of security three in the portfolio. Thus, sell short security four and buy security three.()()()()()()075.025.03%10%102%103R E 2p p =-=β=-+=this is a risk free portfolio!c. The portfolio in part b provides a risk free return of 10% which is higher than the 5% return provided by the risk free security. To take advantage of this opportunity, borrow at the risk free rate of 5% and invest the funds in a portfolio built by selling short security four and buying security three with weights (3,-2).d. Assuming that the risk free security will not change. The price of security four ( that everyone is trying to sell short) will decrease and the price of security three ( that everyone is trying to buy ) will increase. Hence the return of security four will increase and the return of security three will decrease.The alternative is that the prices of securities three and four will remain the same, and the price of the risk-free security drops until its return is 10%.Finally, a combined movement of all security prices is also possible. The prices of security four and the risk-free security will decrease and the price of security four will increase until the opportunity disappears.E ()R j20%10% 5%()ββ1210i =2.5。
公司理财试题及答案
公司理财试题及答案一、单项选择题(每题2分,共10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. 销售收入最大化答案:C2. 以下哪项不是公司理财的基本原则?()A. 风险与收益权衡原则B. 分散投资原则C. 资本成本原则D. 利润最大化原则答案:D3. 公司财务杠杆的计算不包括以下哪项?()A. 财务杠杆系数B. 权益乘数C. 资产负债率D. 流动比率答案:D4. 以下哪项不是公司理财中的资本预算方法?()A. 净现值法B. 内部收益率法C. 投资回收期法D. 盈亏平衡点法答案:D5. 在公司理财中,以下哪项不是资本结构决策的影响因素?()A. 公司所得税B. 财务风险C. 公司规模D. 通货膨胀率答案:D二、多项选择题(每题3分,共15分)1. 公司理财中,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. 公司财务杠杆D. 通货膨胀率答案:A, B, C2. 以下哪些是公司理财中的风险管理工具?()A. 期货合约B. 期权合约C. 保险D. 股票答案:A, B, C3. 公司理财中,以下哪些是资本预算的步骤?()A. 确定投资项目的现金流量B. 计算项目的净现值C. 进行项目风险评估D. 确定项目的折现率答案:A, B, C, D4. 以下哪些是公司理财中常用的财务比率分析?()A. 流动比率B. 资产负债率C. 净资产收益率D. 市盈率答案:A, B, C5. 公司理财中,以下哪些是影响公司资本结构的因素?()A. 公司所得税B. 公司规模C. 行业特性D. 通货膨胀率答案:A, B, C三、判断题(每题2分,共10分)1. 公司理财的目标是股东财富最大化。
()答案:正确2. 公司理财中,财务杠杆越高,公司的财务风险越大。
()答案:正确3. 在公司理财中,资本成本是指公司为获得资金所支付的成本。
()答案:正确4. 公司理财中,通货膨胀率的提高会降低公司的资本成本。
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活动的内容?()A. 投资决策B. 融资决策C. 人力资源管理D. 股利政策答案:C3. 资本成本是指()。
A. 公司为筹集资金所支付的费用B. 公司为使用资金所支付的费用C. 公司为偿还债务所支付的费用D. 公司为支付股利所支付的费用答案:B4. 以下哪项不是财务杠杆的作用?()A. 增加财务风险B. 降低财务风险C. 提高收益D. 降低收益答案:B5. 以下哪项是公司进行长期投资决策时考虑的主要因素?()A. 投资回报率B. 投资成本C. 投资期限D. 投资风险答案:A6. 以下哪项不是公司融资的主要方式?()A. 发行股票B. 发行债券C. 银行贷款D. 租赁资产答案:D7. 以下哪项不是公司理财中的风险管理工具?()A. 期货合约B. 期权合约C. 保险D. 股票回购答案:D8. 以下哪项不是公司理财中现金流管理的目的?()A. 确保现金流的稳定性B. 提高现金流的预测准确性C. 降低现金流的波动性D. 增加公司的债务水平答案:D9. 以下哪项不是公司理财中资本结构决策的影响因素?()A. 公司的财务状况B. 公司的盈利能力C. 公司的行业地位D. 公司的税收政策答案:C10. 以下哪项不是公司理财中股利政策的类型?()A. 固定股利政策B. 剩余股利政策C. 股票回购政策D. 零股利政策答案:C二、多项选择题(每题3分,共15分)1. 以下哪些是公司理财中常用的财务分析工具?()A. 财务比率分析B. 现金流量分析C. 经济增加值分析D. 盈亏平衡分析答案:ABCD2. 以下哪些因素会影响公司的资本成本?()A. 利率水平B. 公司信用等级C. 市场风险偏好D. 通货膨胀率答案:ABCD3. 以下哪些是公司进行投资决策时需要考虑的风险因素?()A. 市场风险B. 信用风险C. 流动性风险D. 操作风险答案:ABCD4. 以下哪些是公司理财中常见的融资方式?()A. 发行股票B. 发行债券C. 银行贷款D. 内部融资答案:ABCD5. 以下哪些是公司理财中现金流管理的策略?()A. 现金持有策略B. 应收账款管理C. 应付账款管理D. 现金流量预测答案:ABCD三、简答题(每题5分,共20分)1. 简述公司理财的基本原则。
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、选择题1. 公司理财的主要目标是()A. 最大化利润B. 最大化股东财富C. 最大化市场份额D. 最大化销售收入答案:B2. 以下哪项不是公司理财的基本原则?()A. 风险与回报权衡原则B. 市场效率原则C. 资本结构无关原则D. 利润最大化原则答案:D#### 二、判断题1. 公司的财务杠杆越高,其财务风险越大。
()答案:√2. 股票回购可以提高公司的每股收益。
()答案:√#### 三、简答题1. 简述公司理财中的资本结构理论。
答案:资本结构理论是关于公司如何决定其债务与权益融资比例的理论。
主要理论包括:- 传统理论:认为公司应选择使加权平均资本成本最低的资本结构。
- 现代资本结构理论:包括莫迪利亚尼-米勒定理,指出在没有税收和破产成本的情况下,公司的资本结构不影响其总价值。
- 权衡理论:认为公司在决定资本结构时,需要权衡债务融资的税收优势和破产成本。
2. 什么是现金流量表,它在公司理财中的作用是什么?答案:现金流量表是一份财务报表,记录了公司在一定时期内现金和现金等价物的流入和流出情况。
它的作用包括:- 显示公司的流动性状况,即短期内偿还债务的能力。
- 反映公司的经营、投资和融资活动对现金流的影响。
- 帮助投资者和管理层评估公司的长期财务健康状况。
#### 四、计算题1. 某公司计划进行一项投资,初始投资额为500万元,预期该项目的年现金流量为100万元,项目期限为5年。
假设公司的资本成本为10%,请计算该项目的净现值(NPV)。
答案:净现值(NPV)计算公式为:\[ NPV = \sum_{t=1}^{n} \frac{CF_t}{(1+WACC)^t} - I_0 \] 其中,\( CF_t \) 是第t年的现金流量,\( WACC \) 是加权平均资本成本,\( I_0 \) 是初始投资额。
根据题目数据,计算如下:\[ NPV = \frac{100}{(1+0.1)^1} + \frac{100}{(1+0.1)^2} +\frac{100}{(1+0.1)^3} + \frac{100}{(1+0.1)^4} +\frac{100}{(1+0.1)^5} - 500 \]\[ NPV = 90.909 + 82.645 + 75.133 + 68.355 + 62.289 - 500 \]\[ NPV = 379.371 - 500 = -120.629 \]该项目的净现值为负,表明按当前的资本成本,该项目不具有投资价值。
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Chapter 11 An Alternative View of Risk and Return: The Arbitrage Pricing Theory Multiple Choice Questions1. Both the APT and the CAPM imply a positive relationship between expected return and risk. TheAPT views riskA) very similarly to the CAPM via the beta of the security.B) in terms of individual intersecurity correlation versus the beta of the CAPM.C) via the industry wide or marketwide factors creating correlation between securities.D) the standardized deviation of the covariance.E) None of the above.Answer: C Difficulty: Easy Page: 2972. In the equation R = R + U, the three symbols stand for:A) average return, expected return, and unexpected return.B) required return, expected return, and unbiased return.C) actual total return, expected return, and unexpected return.D) required return, expected return, and unbiased risk.E) risk, expected return, and unsystematic risk.Answer: C Difficulty: Easy Page: 2983. Which of the following is true about the impact on market price of a security when a companymakes an announcement and the market has discounted the news?A) The price will change a great deal; even though the impact is primarily in the future, the futurevalue is discounted to the present.B) The price will change little, if at all, since the impact is primarily in the future.C) The price will change little, if at all, since the market considers this information unimportant.D) The price will change little, if at all, since the market considers this information untrue.E) The price will change little, if at all, since the market has already included this information inthe security's price.Answer: E Difficulty: Easy Page: 2984. Shareholders discount many corporate announcements because of their prior expectations. If anannouncement causes the price to change it will mostly be driven byA) the expected part of the announcement.B) market inefficiency.C) the unexpected part of the announcement.D) the systematic risk.E) None of the above.Answer: C Difficulty: Medium Page: 2995. The unexpected return on a security, U, is made up ofA) market risk and systematic risk.B) systematic risk and idiosyncratic risk.C) idiosyncratic risk and unsystematic risk.D) expected return and market risk.E) expected return and idiosyncratic risk.Answer: B Difficulty: Medium Page: 3006. Systematic risk is defined asA) a risk that specifically affects an asset or small group of assets.B) any risk that affects a large number of assets.C) any risk that has a huge impact on the return of a security.D) the random component of return.E) None of the above.Answer: B Difficulty: Easy Page: 2997. A company owning gold mines will probably have a _____ inflation beta because an ___ increasein inflation is usually associated with an increase in gold prices.A) negative; anticipatedB) positive; anticipatedC) negative; unanticipatedD) positive; unanticipatedE) None of the above.Answer: D Difficulty: Medium Page: 3018. If company A, a medical research company, makes a new product discovery and their stock rises5% this will haveA) no effect on Company B's, a newspaper, stock price because it is a systematic risk element.B) no effect on Company B's, a newspaper, stock price because it is an unsystematic risk element.C) a large effect on Company B's, a newspaper, stock price because it is a systematic risk element.D) a large effect on Company B's, a newspaper, stock price because it is an unsystematic riskelement.E) None of the above.Answer: B Difficulty: Easy Page: 2999. The term Corr(åR , åT ) = 0 tells us thatA) all error terms of company R and T are 0.B) the unsystematic risk of companies R and T is unrelated or uncorrelated.C) the correlation between the returns of companies R and T is -1.D) the systematic risk companies R and T is unrelated.E) None of the above.Answer: B Difficulty: Medium Page: 30010. What would not be true about a GNP beta?A) If a stock's βGNP = 1.5, the stock will experience a 1.5% increase for every 1% surpriseincrease in GNP.B) If a stock's βGNP = -1.5, the stock will experience a 1.5% decrease for every 1% surpriseincrease in GNP.C) It is a measure of risk.D) It measures the impact of systematic risk associated with GNP.E) None of the above.Answer: E Difficulty: Medium Page: 301-30211. The systematic response coefficient for productivity, βP, would produce an unexpected change inany security return of __ βP if the expected rate of productivity was 1.5% and the actual rate was2.25%.A) 0.75%B) -0.75%C) 2.25%D) -2.25%E) 1.5%Answer: A Difficulty: Medium Page: 302Rationale:R i = βP F P = βP(2.25- 1.5)= 0.75 βP12. If the expected rate of inflation was 3% and the actual rate was 6.2%; the systematic responsecoefficient from inflation, βI , would result in a change in any security return of ___βI .A) 9.2B) 3.2C) -3.2D) 3.0E) 6.2Answer: B Difficulty: Easy Page: 30213. A factor is a variable thatA) affects the returns of risky assets in a systematic fashion.B) affects the returns of risky assets in an unsystematic fashion.C) correlates with risky asset returns in a unsystematic fashion.D) does not correlate with the returns of risky assets in an systematic fashion.E) None of the above.Answer: A Difficulty: Easy Page: 30214. In a portfolio of risk y assets, the response to a factor, F i , can be determined byA) summing the weighted βi s and multiplying by the factor F i.B) summing the F i s.C) adding the average weighted expected returns.D) Summing the weighted random errors.E) All of the above.Answer: A Difficulty: Medium Page: 30515. In the one factor (APT) model, the characteristic line to estimate βi passes through the origin,unlike the estimate used in the CAPM becauseA) the relationship is between the actual return on a security and the market index.B) the relationship measures the change in the security return over time versus the change in themarket return.C) the relationship measures the change in excess return on a security versus GNP.D) the relationship measures the change in excess return on a security versus the return on thefactor about its mean of zero.E) Cannot be determined without actual data.Answer: D Difficulty: Hard Page: 30416. The betas along with the factors in the APT adjust the expected return forA) calculation errors.B) unsystematic risks.C) spurious correlations of factors.D) differences between actual and expected levels of factors.E) All of the above.Answer: D Difficulty: Hard Page: 30317. The single factor APT model that resembles the market model uses____________ as the singlefactor.A) arbitrage feesB) GNPC) the inflation rateD) the market returnE) the risk-free returnAnswer: D Difficulty: Easy Page: 30318. Assume that the single factor APT model applies and a portfolio exists such that 2/3 of the funds areinvested in Security Q and the rest in the risk-free asset. Security Q has a beta of 1.5. The portfolio has a beta ofA) 0.00B) 0.50C) 0.75D) 1.00E) 1.50Answer: D Difficulty: Medium Page: 305Rationale:2/3(1.5) + 1/3(0) = 1.0 + 0 = 1.019. For a diversified portfolio including a large number of stocks, theA) weighted average expected return goes to zero.B) weighted average of the betas goes to zero.C) weighted average of the unsystematic risk goes to zero.D) return of the portfolio goes to zero.E) return on the portfolio equals the risk-free rate.Answer: C Difficulty: Easy Page: 30620. Which of the following statements is true?A) A well-diversified portfolio has negligible systematic risk.B) A well-diversified portfolio has negligible unsystematic risk.C) An individual security has negligible systematic risk.D) An individual security has negligible unsystematic risk.E) Both A and D.Answer: B Difficulty: Easy Page: 30621. The acronym APT stands forA) Arbitrage Pricing Techniques.B) Absolute Profit Theory.C) Arbitrage Pricing Theory.D) Asset Puting Theory.E) Assured Price Techniques.Answer: C Difficulty: Easy Page: 29722. The acronym CAPM stands forA) Capital Asset Pricing Model.B) Certain Arbitrage Pressure Model.C) Current Arbitrage Prices Model.D) Cumulative Asset Price Model.E) None of the above.Answer: A Difficulty: Easy Page: 29723. Assuming that the single factor APT model applies, the beta for the market portfolio isA) zero.B) one.C) the average of the risk free beta and the beta for the highest risk security.D) impossible to calculate without collecting sample data.E) None of the above.Answer: B Difficulty: Easy Page: 30624. Suppose the JumpStart Corporation's common stock has a beta of 0.8. If the risk-free rate is 4%and the expected market return is 9%, the expected return for JumpStart's common isA) 3.2%.B) 4.0%.C) 7.2%.D) 8.0%.E) 9.0%.Answer: D Difficulty: Easy Page: 309Rationale:4 + 0.8(9 - 4) = 8.0%25. Suppose the MiniCD Corporation's common stock has a return of 12%. Assume the risk-free rate is4%, the expected market return is 9%, and no unsystematic influence affected Mini's return. The beta for MiniCD isA) 0.89.B) 1.60.C) 2.40.D) 3.00.E) It is impossible to calculate beta without the inflation rate.Answer: D Difficulty: Medium Page: 309Rationale:12 = 4 + β (9 - 4) 8 = 5ββ= 8/5 = 1.6026. A security that has a beta of zero will have an expected return ofA) zero.B) the market risk premium.C) the risk free rate.D) less than the risk free rate but not negative.E) less than the risk free rate which can be negative.Answer: C Difficulty: Medium Page: 30927. In normal market conditions if a security has a negative beta,A) the security always has a positive return.B) the security has an expected return above the risk-free return.C) the security has an expected return less than the risk-free rate.D) the security has an expected return equal to the market portfolio.E) Both A and B.Answer: C Difficulty: Medium Page: 30928. A criticism of the CAPM is that itA) ignores the return on the market portfolio.B) ignores the risk-free return.C) requires a single measure of systematic risk.D) utilizes too many factors.E) None of the above.Answer: C Difficulty: Easy Page: 31029. To estimate the cost of equity capital for a firm using the CAPM, it is necessary to haveA) company financial leverage, beta, and the market risk premium.B) company financial leverage, beta, and the risk-free rate.C) beta, company financial leverage, and the industry beta.D) beta, company financial leverage, and the market risk premium.E) beta, the risk-free rate, and the market risk premium.Answer: E Difficulty: Easy Page: 30930. An advantage of the APT over CAPM isA) APT can handle multiple factors.B) if the factors can be properly identified, the APT may have more explanation / predictivepower for returns.C) the APT forces unsystematic risk to be negative to offset systematic risk; thus making the totalportfolio risk free, allowing for an arbitrage opportunity for the astute investor.D) Both A and B.E) All of the above.Answer: D Difficulty: Easy Page: 31031. Parametric or empirical models rely onA) security betas explaining systematic factor relationships.B) finding regularities and relations in past market data.C) there being no true explanations of pricing relationships.D) always being able to find the exception to the rule.E) None of the aboveAnswer: B Difficulty: Hard Page: 31232. An empirical determined relationship would be described by which of the following equationsA) R = + β1F1 = β2F2 + ... + βK F K + _B) Ri = K P/E(P/E)i + K M/B(M/B)i + K SIZE(SIZE)IC) R= R f + β(R m - R f)D) All of the above.E) None of the above.Answer: B Difficulty: Medium Page: 31233. A growth stock portfolio and a value portfolio might be characterizedA) each by their P/E relative to the index P/E; high P/E for growth and lower for value.B) as earning a high rate of return for a growth security and a low rate of return for value securityirrespective of risk.C) low unsystematic risk and high systematic risk respectively.D) moderate systematic risk and zero systematic risk respectively.E) None of the above.Answer: A Difficulty: Medium Page: 31334. Style portfolios are characterized byA) their stock attributes; P/Es less than the market P/E are value funds.B) their systematic factors, higher systematic factors are benchmark portfolios.C) their stock attributes; higher stock attribute factors are benchmark portfolios.D) their systematic factors, P/Es greater than the market are value portfolios.E) There is no difference between systematic factors and stock attributes.Answer: A Difficulty: Medium Page: 31335. The most realistic APT model would likely includeA) multiple factors.B) only one factorC) a factor to measure inflationD) Both A and C.E) Both B and C.Answer: D Difficulty: Medium Page: 31036. Which of the following statements is/are true?A) Both APT and CAPM argue that expected excess return must be proportional to the beta(s).B) APT and CAPM are the only approaches to measure expected returns in risky assets.C) Both CAPM and APT are risk-based models.D) Both A and B.E) Both A and C.Answer: E Difficulty: Medium Page: 311-31237. Three factors likely to occur in the APT model areA) unemployment, inflation, and current rates.B) inflation, GNP, and interest rates.C) current rates, inflation and change in housing prices.D) unemployment, college tuition, and GNP.E) This cannot be determined or even estimated.Answer: B Difficulty: Medium Page: 302; 314Essay Questions38. If the expected return on the stock is 6%, and no unexpected news concerning the stock surfaces,calculate the stock's total return.Difficulty: Medium Page: 305Answer:R = 6% + 1.8(.01--.01) + 0.7(-.02-.025%) + 1(.02-.035%) + 0 = .049539. Calculate the stock's total return if the company announces that an important patent filing has beengranted sooner than expected and will earn the company 5% more in return.Difficulty: Easy Page: 304-305Answer:R = 4.95% + 5% = 9.95%.40. Calculate the stock's total return if the company announces that they had an industrial accident andthe operating facilities will closed down for some time thus resulting in a loss by the company of 7% in return.Difficulty: Easy Page: 304-305Answer:R = 4.95% - 7% = -2.05%.41. What would the stock's total return be if the actual growth in each of the facts was equal to growthexpected? Assume no unexpected news on the patent.Difficulty: Easy Page: 304-305Answer:R = 6%, or the expected return on the stock.42. An investor is considering the three stocks given below:Stock Expected BetaReturnA 6.0% -0.10B 13.3% 2.10C 9.2% 0.75Market Portfolio 10.0% 1.00T-Bills 7.0% 0.00Calculate the expected return and beta of a portfolio equally weighted between stocks B and C.Demonstrate that holding stock A actually reduces risk by comparing the risk of a portfolio equally weighted between stock B and T-Bills with a portfolio equally weighted between stock B and A.Difficulty: Medium Page: 307-308Answer:Stock B and C: Rp = .5(13.3%) + .5(9.2%) = 11.25%Stock B and C: β p = .5(2.1) + .5(0.75) = 1.425Stock B and T-bills: βB&TBILL = .5(2.1) + .5(0) = 1.05Stock's B and A: βB&A = .5(2.1) + .5(-0.1) = 1.0043. Explain the conceptual differences in the theoretical development of the CAPM and APT.Difficulty: Medium Page: 310-311Answer:CAPM depends on the efficient set and incorporate R f to get separation principle. The APT adds factors until there is no, or virtually no, correlation between unsystematic risks of securities. Both show unsystematic risk approaches zero and systematic risks remain.44. You have a 3 factor model to explain returns. Explain what a factor represents in the context of theAPT? Each factor is multiplied by a beta. What do these represent and how do they relate to the actual return?Difficulty: Hard Page: 289-290Answer:A factor is a variable that explains some of the return. It measures the unexpected change in someunderlying "economic" data. A beta measures systematic risk of a security to a factor. It measure security response to a factor change and it explains how actual return varies from the expected return by the magnitude of β times the value of the factor.。