公司理财习题库 Chap014

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公司理财习题库 Chap004

Multiple Choice Questions1. Which one of the following is not an objective of a stock mutual fund?A) Maximization of capital gains.B) growthC) growth and incomeD) income and securityE) None of the above.Answer: E Difficulty: EasyRationale: All of the above (A - D) may be objectives of different types of mutual funds.2. Which one of the following statements regarding open-end mutual funds is false?A) The funds redeem shares at net asset value.B) The funds offer investors professional management.C) The funds offer investors a guaranteed rate of return.D) B and C.E) A and B.Answer: C Difficulty: ModerateRationale: No investment offers a guaranteed rate of return.3. Which one of the following statements regarding closed-end mutual funds is false?A) The funds invest in large volumes of several securities.B) The funds redeem shares at their net asset value.C) The funds offer investors professional management.D) A and B.E) None of the above.Answer: B Difficulty: ModerateRationale: Closed-end funds are sold at the prevailing market price.4. Which of the following functions do mutual fund companies perform for theirinvestors?A) Record keeping and administrationB) Diversification and divisibilityC) Professional managementD) Lower transaction costsE) All of the above.Answer: E Difficulty: EasyRationale: Mutual funds are attractive to investors because they offer all of the listed services.5. Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of$17,000,000. There were 24,300,000 shares in the fund at year-end. What was Multiple Mutual's Net Asset Value?A) $18.11B) $18.81C) $69.96D) $7.00E) $181.07Answer: A Difficulty: ModerateRationale: (457,000,000 - 17,000,000) / 24,300,000 = $18.116. Diversified Portfolios had year-end assets of $279,000,000 and liabilities of$43,000,000. If Diversified's NAV was $42.13, how many shares must have been held in the fund?A) 43,000,000B) 6,488,372C) 5,601,709D) 1,182,203E) None of the above.Answer: C Difficulty: ModerateRationale: ($279,000,000 43,000,000) / $42.13 = 5,601,708.996.7. Most actively managed mutual funds, when compared to a market index such as theWilshire 5000,A) beat the market return in all years.B) beat the market return in most years.C) exceed the return on index funds.D) do not outperform the marketE) None of the above is a correct statement.Answer: D Difficulty: EasyRationale: Most actively managed mutual funds fail to equal the return earned by index funds, possibly due to higher transactions costs.8. Pools of money invested in a portfolio that is fixed for the life of the fund are calledA) closed-end funds.B) open-end funds.C) unit investment trusts.D) REITS.E) redeemable trust certificates.Answer: C Difficulty: EasyRationale: Unit investment trusts are funds that invest in a portfolio, often fixed-income securities, and hold it to maturity.9. Investors in closed-end funds who wish to liquidate their positions mustA) sell their shares through a broker.B) sell their shares to the issuer at a discount to Net Asset Value.C) sell their shares to the issuer at a premium to Net Asset Value.D) sell their shares to the issuer for Net Asset Value.E) hold their shares to maturity.Answer: A Difficulty: ModerateRationale: Closed-end fund shares are sold on organized exchanges through a broker.10. Closed end funds are frequently issued at a ______ to NAV and subsequently trade at a__________ to NAV.A) discount, discountB) discount, premiumC) premium, premiumD) premium, discountE) No consistent relationship has been observed.Answer: D Difficulty: ModerateRationale: Closed-end funds are typically issued at a premium to Net Asset Value and subsequently trade at a discount.11. At issue, offering prices of open-end funds will often beA) less than NAV due to loads and commissions.B) greater than NAV due to loads and commissions.C) less than NAV due to limited demand.D) greater than NAV due to excess demand.E) less than or greater than NAV with no apparent pattern.Answer: B Difficulty: DifficultRationale: Open-end funds are redeemable on demand at NAV so they should never sell for less than NAV. However, loads and commissions can increase the price aboveNAV.12. Which of the following statements about Real Estate Investment Trusts is true?A) REITS invest in real estate or loans secured by real estate.B) REITS raise capital by borrowing from banks and issuing mortgages.C) REITS are similar to open-end funds, with shares redeemable at NAV.D) All of the above are true.E) Both A and B are true.Answer: E Difficulty: ModerateRationale: Real Estate Investment Trusts invest in real estate or real-estate-secured loans. They may raise capital from banks and by issuing mortgages. They are similar to closed-end funds and shares are typically exchange traded.13. In 2001 the proportion of mutual funds specializing in common stocks wasA) 21.7%B) 28.0%C) 49.0%D) 73.4%E) 63.5%Answer: C Difficulty: ModerateRationale: See Table 4.1, page 114.14. Management fees and other expenses of mutual funds may includeA) front-end loads.B) back-end loads.C) 12b-1 charges.D) A and B only.E) A, B and C.Answer: E Difficulty: EasyRationale: All of the listed expenses may be included in the cost of owning a mutual fund.15. The Profitability Fund had NAV per share of $17.50 on January 1, 2003. On December31 of the same year the fund's NAV was $19.47. Income distributions were $0.75 andthe fund had capital gain distributions of $1.00. Without considering taxes andtransactions costs, what rate of return did an investor receive on the Profitability fund last year?A) 11.26%B) 15.54%C) 16.97%D) 21.26%E) 9.83%Answer: D Difficulty: ModerateRationale: R = ($19.47 - 17.50 + .75 + 1.00) / $17.50 = 21.26%16. Investors' Choice Fund had NAV per share of $37.25 on January 1, 2003. On December31 of the same year the fund's rate of return for the year was 17.3%. Incomedistributions were $1.14 and the fund had capital gain distributions of $1.35. Without considering taxes and transactions costs, what ending NAV would you calculate for Investors' Choice?A) $41.20B) $33.88C) $43.69D) $42.03E) $46.62Answer: A Difficulty: ModerateRationale: .173 = (P - $37.25 + 1.14 + 1.35) / $37.25; P = $41.2017. Which of the following is not an advantage of mutual funds?A) They offer a variety of investment styles.B) They offer small investors the benefits of diversification.C) They treat income as "passed through" to the investor for tax purposes.D) A, B and C are all advantages of mutual funds.E) Neither A nor B nor C are advantages of mutual funds.Answer: C Difficulty: EasyRationale: A disadvantage of mutual funds is that investment income is passed through for tax purposes and investors may therefore lose the ability to engage in taxmanagement.18. Which of the following would increase the net asset value of a mutual fund share,assuming all other things remain unchanged?A) an increase in the number of fund shares outstandingB) an increase in the fund's accounts payableC) a change in the fund's managementD) an increase in the value of one of the fund's stocksE) a decrease in the fund's 12b-1 feeAnswer: D Difficulty: Easy19. Which of the following characteristics apply to unit investment trusts?I)Most are invested in fixed-income portfolios.II)They are actively managed portfolios.III)The sponsor pools securities, then sells public shares in the trust.IV)The portfolio is fixed for the life of the fund.A) I and IVB) I and IIC) I, III, and IVD) I, II, and IIIE) I, II, III, and IVAnswer: C Difficulty: Moderate20. Jargon Rapid Growth is a mutual fund that has traditionally accepted funds from newinvestors and issued new shares at net asset value. Jeremy Jargon manages the fund himself and has become concerned that its level of assets has become too high for his management abilities. He issues a statement that Jargon will no longer accept funds from new investors, but will continue to accept additional investments from current shareholders. Which of the following is true about Jargon Rapid Growth fund?A) Jargon used to be an open-end fund but has now become a closed-end fund.B) Jargon has always been an open-end fund and will remain an open-end fund.C) Jargon has always been a closed-end fund and will remain a closed-end fund.D) Jargon is an open-end fund but would change to a closed-end fund if it wouldn'taccept additional funds from current investors.E) Jargon is violating SEC policy by refusing to accept new investors.Answer: B Difficulty: Moderate21. As of December 31, 2001, which class of mutual funds had the largest amount of assetsinvested?A) stock fundsB) bond fundsC) mixed asset classes such as asset allocation fundsD) money market fundsE) global fundsAnswer: A Difficulty: EasyRationale: See Table 4.1, page 114.22. Commingled funds areA) amounts invested in equity and fixed-income mutual funds.B) funds that may be purchased at intervals of 3, 6, or 12 month intervals at thediscretion of management.C) amounts invested in domestic and global equities.D) closed-end funds that may be repurchased only once every two years at thediscretion of mutual fund management.E) partnerships of investors that pool their funds, which are then managed for a fee.Answer: E Difficulty: Easy23. Which of the following is true regarding equity mutual funds:I)They invest primarily in stock.II)They may hold fixed-income securities as well as stock.III)Most hold money market securities as well as stock.IV)Two types of equity funds are income funds and growth funds.A) I and IVB) I, III, and IVC) I, II, and IVD) I, II, and IIIE) I, II, III, and IVAnswer: E Difficulty: Moderate24. Arrangements such as Charles Schwab's “OneSource” program and Fidelity's“FundsNetwork” are examples ofA) integrated investing.B) financial supermarkets.C) electronic trading networks.D) on-line brokerage firms.E) new programs allowed by the SEC but frowned upon by the organized exchanges.Answer: B Difficulty: Moderate25. The fee that mutual funds use to help pay for advertising and promotional literature iscalled aA) front-end load fee.B) back-end load fee.C) operating expense fee.D) 12b-1 fee.E) structured fee.Answer: D Difficulty: Easy26. Patty O'Furniture purchased 100 shares of Green Isle mutual fund at a net asset value of$42 per share. During the year Patty received dividend income distributions of $2.00 per share and capital gains distributions of $4.30 per share. At the end of the year the shares had a net asset value of $40 per share. What was Patty's rate of return on this investment?A) 5.43%B) 10.24%C) 7.19%D) 12.44%E) 9.18%Answer: B Difficulty: ModerateRationale: R = ($40-42+2+4.3)/$42 = 10.238%27. Assume that you purchased 200 shares of Super Performing mutual fund at a net assetvalue of $21 per share. During the year you received dividend income distributions of $1.50 per share and capital gains distributions of $2.85 per share. At the end of the year the shares had a net asset value of $23 per share. What was your rate of return on this investment?A) 30.24%B) 25.37%C) 27.19%D) 22.44%E) 29.18%Answer: A Difficulty: ModerateRationale: R = ($23-21+1.5+2.85)/$21 = 30.238%28. Assume that you purchased shares of High Flying mutual fund at a net asset value of$12.50 per share. During the year you received dividend income distributions of $0.78 per share and capital gains distributions of $1.67 per share. At the end of the year the shares had a net asset value of $13.87 per share. What was your rate of return on this investment?A) 29.43%B) 30.56%C) 31.19%D) 32.44%E) 29.18%Answer: B Difficulty: ModerateRationale: R = ($13.87-12.50+0.78+1.67)/$12.50 = 30.56%29. Assume that you purchased shares of a mutual fund at a net asset value of $14.50 pershare. During the year you received dividend income distributions of $0.27 per share and capital gains distributions of $0.65 per share. At the end of the year the shares had a net asset value of $13.74 per share. What was your rate of return on this investment?A) 2.91%B) 3.07%C) 1.10%D) 1.78%E) 1.18%Answer: C Difficulty: ModerateRationale: R = ($13.74-14.50+0.27+0.65)/$14.50 = 1.103%30. Assume that you purchased shares of a mutual fund at a net asset value of $10.00 pershare. During the year you received dividend income distributions of $0.05 per share and capital gains distributions of $0.06 per share. At the end of the year the shares had a net asset value of $8.16 per share. What was your rate of return on this investment?A) -18.24%B) -16.1%C) 16.10%D) -17.3%E) 17.3%Answer: D Difficulty: ModerateRationale: R = ($8.16-10.00+0.05+0.06)/$10.00 = -17.3%31. A mutual fund had year-end assets of $560,000,000 and liabilities of $26,000,000.There were 23,850,000 shares in the fund at year end. What was the mutual fund's Net Asset Value?A) $22.87B) $22.39C) $22.24D) $17.61E) $19.25Answer: B Difficulty: ModerateRationale: (560,000,000 - 26,000,000) / 23,850,000 = $22.38932. A mutual fund had year-end assets of $250,000,000 and liabilities of $4,000,000. Therewere 3,750,000 shares in the fund at year-end. What was the mutual fund's Net Asset Value?A) $92.53B) $67.39C) $63.24D) $65.60E) $17.46Answer: D Difficulty: ModerateRationale: (250,000,000 - 4,000,000) / 3,750,000 = $65.6033. A mutual fund had year-end assets of $700,000,000 and liabilities of $7,000,000. Therewere 40,150,000 shares in the fund at year-end. What was the mutual fund's Net Asset Value?A) $9.63B) $57.71C) $16.42D) $17.87E) $17.26Answer: E Difficulty: ModerateRationale: (700,000,000 - 7,000,000) / 40,150,000 = $17.2634. A mutual fund had year-end assets of $465,000,000 and liabilities of $37,000,000. Ifthe fund NAV was $56.12, how many shares must have been held in the fund?A) 4,300,000B) 6,488,372C) 8,601,709D) 7,626,515E) None of the above.Answer: D Difficulty: ModerateRationale: ($465,000,000 37,000,000) / $56.12 = 7,626,515.35. A mutual fund had year-end assets of $521,000,000 and liabilities of $63,000,000. Ifthe fund NAV was $26.12, how many shares must have been held in the fund?A) 17,534,456B) 16,488,372C) 18,601,742D) 17,542,515E) None of the above.Answer: A Difficulty: ModerateRationale: ($521,000,000 63,000,000) / $26.12 = 17,534,456.36. A mutual fund had year-end assets of $327,000,000 and liabilities of $46,000,000. Ifthe fund NAV was $30.48, how many shares must have been held in the fund?A) 11,354,751B) 8,412,642C) 10,165,476D) 9,165,414E) 9,219,160Answer: E Difficulty: ModerateRationale: ($327,000,000 46,000,000) / $30.48 = 9,219,160.37. A mutual fund had NAV per share of $19.00 on January 1, 2003. On December 31 ofthe same year the fund's NAV was $19.14. Income distributions were $0.57 and the fund had capital gain distributions of $1.12. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?A) 11.26%B) 10.54%C) 7.97%D) 8.26%E) 9.63%Answer: E Difficulty: ModerateRationale: R = ($19.14 - 19.00 + .57 + 1.12) / $19.00 = 9.63%38. A mutual fund had NAV per share of $26.25 on January 1, 2003. On December 31 ofthe same year the fund's rate of return for the year was 16.4%. Income distributions were $1.27 and the fund had capital gain distributions of $1.85. Without considering taxes and transactions costs, what ending NAV would you calculate?A) $27.44B) $33.88C) $24.69D) $42.03E) $16.62Answer: A Difficulty: ModerateRationale: .164 = (P - $26.25 + 1.27 + 1.85) / $26.25; P = $27.43539. A mutual fund had NAV per share of $16.75 on January 1, 2003. On December 31 ofthe same year the fund's rate of return for the year was 26.6%. Income distributions were $1.79 and the fund had capital gain distributions of $2.80. Without considering taxes and transactions costs, what ending NAV would you calculate?A) $17.44B) $13.28C) $14.96D) $17.25E) $16.62Answer: E Difficulty: ModerateRationale: .266 = (P - $16.75 + 1.79 + 2.80) / $16.75; P = $16.61540. A mutual fund had NAV per share of $36.15 on January 1, 2003. On December 31 ofthe same year the fund's rate of return for the year was 14.0%. Income distributions were $1.16 and the fund had capital gain distributions of $2.12. Without considering taxes and transactions costs, what ending NAV would you calculate?A) $37.93B) $34.52C) $44.69D) $47.25E) $36.28Answer: A Difficulty: ModerateRationale: .14 = (P - $36.15 + 1.16 + 2.12) / $36.15; P = $37.93141. Differences between hedge funds and mutual funds are thatA) hedge funds are not registered as mutual funds and are not subject to SECregulation.B) hedge funds are typically open only to wealthy or institutional investors.C) hedge funds managers can pursue strategies not available to mutual funds such asshort selling, heavy use of derivatives, and leverage.D) hedge funds attempt to exploit temporary misalignments in security valuations.E) all of the aboveAnswer: E Difficulty: Moderate42. Of the following types of mutual funds, an investor that wishes to invest in a diversifiedportfolio of stocks worldwide (including the U.S.) should chooseA) international funds.B) global funds.C) regional funds.D) emerging market funds.E) none of the above.Answer: B Difficulty: Moderate43. Of the following types of mutual funds, an investor that wishes to invest in a diversifiedportfolio of foreign stocks (excluding the U.S.) should chooseA) International fundsB) Global fundsC) Regional fundsD) Emerging market fundsE) None of the aboveAnswer: A Difficulty: Moderate44. Of the following types of EFTs, an investor that wishes to invest in a diversifiedportfolio that tracks the S&P 500 should chooseA) SPY.B) DIA.C) QQQ.D) IWM.E) VTI.Answer: A Difficulty: Moderate45. Of the following types of EFTs, an investor that wishes to invest in a diversifiedportfolio that tracks the Dow Jones Industrials should chooseA) SPY.B) DIA.C) QQQ.D) IWM.E) VTI.Answer: B Difficulty: Moderate46. Of the following types of EFTs, an investor that wishes to invest in a diversifiedportfolio that tracks the Nasdaq 100 should chooseA) SPY.B) DIA.C) QQQ.D) IWM.E) VTI.Answer: C Difficulty: Moderate47. Of the following types of EFTs, an investor that wishes to invest in a diversifiedportfolio that tracks the Russell 2000 should chooseA) SPY.B) DIA.C) QQQ.D) IWM.E) VTI.Answer: D Difficulty: Moderate48. Of the following types of EFTs, an investor that wishes to invest in a diversifiedportfolio that tracks the Wilshire 5000 should chooseA) SPY.B) DIA.C) QQQ.D) IWM.E) VTI.Answer: E Difficulty: Moderate49. A mutual funds had average daily assets of $3.0 billion in 2003. The fund sold $600million worth of stock and purchased $700 million worth of stock during the year. The funds turnover ratio is ___.A) 27.5%B) 12%C) 15%D) 25%E) 20%Answer: E Difficulty: ModerateRationale: 600,000,000 / 3,000,000,000 = 20%50. A mutual funds had average daily assets of $2.0 billion on 2003. The fund sold $500million worth of stock and purchased $600 million worth of stock during the year. The funds turnover ratio is ___.A) 27.5%B) 12%C) 15%D) 25%E) 20%Answer: D Difficulty: ModerateRationale: 500,000,000 / 2,000,000,000 = 25%51. A mutual funds had average daily assets of $4.0 billion on 2003. The fund sold $1.5billion worth of stock and purchased $1.6 billion worth of stock during the year. The funds turnover ratio is ___.A) 37.5%B) 22%C) 15%D) 45%E) 20%Answer: A Difficulty: ModerateRationale: 1,500,000,000 / 4,000,000,000 = 37.5%52. You purchased shares of a mutual fund at a price of $20 per share at the beginning of theyear and paid a front-end load of 5.75%. If the securities in which the find invested increased in value by 11% during the year, and the funds expense ratio was 1.25%, your return if you sold the fund at the end of the year would be ___.A) 4.33B) 3.44C) 2.45D) 6.87E) None of the aboveAnswer: B Difficulty: DifficultRationale: / $20 = 3.44%53. You purchased shares of a mutual fund at a price of $12 per share at the beginning of theyear and paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the funds expense ratio was 1.5%, your return if you sold the fund at the end of the year would be ___.A) 4.75B) 3.54C) 2.65D) 2.39E) None of the aboveAnswer: D Difficulty: DifficultRationale: [$17*.95*(1.12 - .01)] - $17 / $12 = 2.39%54. You purchased shares of a mutual fund at a price of $17 per share at the beginning of theyear and paid a front-end load of 5.0%. If the securities in which the find investedincreased in value by 12% during the year, and the funds expense ratio was 1.0%, your return if you sold the fund at the end of the year would be ___.A) 4.75B) 5.45C) 5.65D) 4.39E) None of the aboveAnswer: B Difficulty: DifficultRationale: / $17 = 5.45%Short Answer Questions55. List and describe the more important types of mutual funds according to theirinvestment policy and use.Answer: Some of the more important fund types, classified by investment policy, are: Money Market Funds - These funds invest in money market securities. They usually offer check-writing features and NAV is fixed at $1 per share, so that there are no tax implications associated with redemption of shares. They provide low risk, relativelylow return and high liquidity.Equity Funds - These funds invest primarily in stock, although they may hold othertypes of securities at the manager's discretion. They may also hold some money market securities to provide liquidity for share redemption. Typical objectives are capital gain, growth, growth and income, income, and income and security.Fixed-Income Funds - These funds specialize in fixed-income securities such ascorporate bonds, Treasury bonds, mortgage-backed securities or municipal bonds.These funds may specialize by maturity or credit risk as well.Balanced and Income Funds - These funds may substitute for an investor's entireportfolio. They hold a mix of fixed-income and equity securities. Income funds try to maintain safety of principal but achieve liberal current income, while balanced fundsseek to minimize risk.Asset Allocation Funds - These funds also hold both stocks and bonds, but vary the proportions in accord with the portfolio manager's forecast of the relative performance of each sector. These funds are engaged in market timing and are therefore higher risk.Index Funds - These funds try to match the performance of a broad market index. They buy shares in securities included in a particular index in proportion to the security'srepresentation in that index. Index funds are a low-cost way for small investors topursue a passive investment strategy.Specialized Sector Funds - These funds concentrate on a particular industry orindustries. Held alone, they are not well diversified and may be higher risk.The question is designed to test the student's knowledge of the various types of funds available and their suitability for different needs.Difficulty: Moderate56. Discuss the taxation of mutual fund income.Answer: Investment returns of mutual funds are granted "pass-through status" under the U.S. tax code, meaning that taxes are paid only by the investor in the mutual fund, not by the fund itself. The income is treated as passed through to the investor as long as all income is distributed to shareholders.Investors will pay taxes at the appropriate rate depending on the type of income. One drawback is that investors cannot time the sale of securities for maximum tax advantage, unless the funds are held in tax-deferred retirement accounts.The purpose of the question is to determine whether students understand the taxdifferences of owning mutual funds as compared to individual investments.Difficulty: Difficult57. What is an Exchange-traded fund? Give two examples of specific ETFs. What aresome advantages they have over ordinary open-end mutual funds? What are somedisadvantages?Answer: ETFs allow investors to trade index portfolios. Some examples are spiders (SPDR), which track the S&P500 index, diamonds (DIA), which track the Dow Jones Industrial Average, and qubes (QQQ), which track the NASDAQ 100 index. Other examples are listed in Table 4-3, page 117. (It is anticipated that there may soon be ETFs that track actively managed funds as well ad the current ones that track indexes.) Advantages -1.ETFs may be bought and sold during the trading day at prices that reflect the currentvalue of the underlying index. This is different from ordinary open-end mutualfunds, which are bought or sold only at the end of the day NAV.2.ETFs can be sold short.3.ETFs can be purchased on margin.4.ETFs may have tax advantages. Managers are not forced to sell securities from aportfolio to meet redemption demands, as they would be with open-end funds.Small investors simply sell their ETF shares to other traders without affecting thecomposition of the underlying portfolio. Institutional investors who want to selltheir shares receive shares of stock in the underlying portfolio.5.ETFs may be cheaper to buy than mutual funds because they are purchased frombrokers. The fund doesn't have to incur the costs of marketing itself, so the investor incurs lower management fees.Disadvantages -1.ETF prices can differ from NAV by small amounts because of the way they trade.This can lead to arbitrage opportunities for large traders.2.ETFs must be purchased from brokers for a fee. This makes them more expensivethan mutual funds that can be purchased at NAV.Difficulty: DifficultChapter 4 Mutual Funds and Other Investment Companies58. Discuss the consistency of mutual fund performance results, as studied by Goetzmannand Ibbotson (1994) and Malkiel (1995).Answer: Goetzmann and Ibbotson found that, of mutual funds that performed in the top half of their categories during an initial pe riod, 62% remained “winners” during thesubsequent two-year period. The other 38% became “losers”. Of the funds thatperformed in the bottom half of their categories during the initial period, 63.4%remained “losers” in the subsequent two-year period, wh ile 36.6% became “winners”.If performance were purely random, the percentages would be 50%. If performancewere due entirely to the skill of the managers, all winners should remain winners and all losers should remain losers. The results of the study indicate that there seems to besome skill involved in fund performance trends.Malkiel broke his study into two time periods. For the 1970s he found results similar to Goetzmann and Ibbotson. For the 1980s his percentages were much closer to 50%,which indicates that performance seemed to be more random during this period.Malkiel used one-year returns rather than two-year returns.Difficulty: Moderate88 Bodie, Investments, Sixth Edition。

公司理财-习题库

公司理财-习题库-C h a p012(总20页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--CHAPTER 12Some Lessons from Capital Market History I. DEFINITIONSRISK PREMIUMa 1. The excess return required from a risky asset over that required from a risk-freeasset is called the:a. risk premium.b. geometric premium.c. excess return.d. average return.e. variance.VARIANCEb 2. The average squared difference between the actual return and the average returnis called the:a. volatility return.b. variance.c. standard deviation.d. risk premium.e. excess return.STANDARD DEVIATIONc 3. The standard deviation for a set of stock returns can be calculated as the:a. positive square root of the average return.b. average squared difference between the actual return and the average return.c. positive square root of the variance.d. average return divided by N minus one, where N is the number of returns.e. variance squared.NORMAL DISTRIBUTIONd 4. A symmetric, bell-shaped frequency distribution that is completely defined by itsmean and standard deviation is the _____ distribution.a. gammab. Poissonc. bi-modald. normale. uniformGEOMETRIC AVERAGE RETURNd 5. The average compound return earned per year over a multi-year period is calledthe _____ average return.a. arithmeticb. standardc. variantd. geometrice. realARITHMETIC AVERAGE RETURNa 6. The return earned in an average year over a multi-year period is called the _____average return.a. arithmeticb. standardc. variantd. geometrice. realEFFICIENT CAPITAL MARKETe 7. An efficient capital market is one in which:a. brokerage commissions are zero.b. taxes are irrelevant.c. securities always offer a positive rate of return to investors.d. security prices are guaranteed by the . Securities and Exchange Commission to befair.e. security prices reflect available information.EFFICIENT MARKETS HYPOTHESISa 8. The notion that actual capital markets, such as the NYSE, are fairly priced is calledthe:a. Efficient Markets Hypothesis (EMH).b. Law of One Price.c. Open Markets Theorem.d. Laissez-Faire Axiom.e. Monopoly Pricing Theorem.STRONG FORM EFFICIENCYb 9. The hypothesis that market prices reflect all available information of every kind iscalled _____ form efficiency.a. openb. strongc. semi-strongd. weake. stableSEMI STRONG FORM EFFICIENCYc 10. The hypothesis that market prices reflect all publicly-available information iscalled _____ form efficiency.a. openb. strongc. semi-strongd. weake. stableWEAK FORM EFFICIENCYd 11. The hypothesis that market prices reflect all historical information is called _____form efficiency.a. openb. strongc. semi-strongd. weake. stableII. CONCEPTSTOTAL RETURNd 12. The total percentage return on an equity investment is computed using theformula ______, where P1 is the purchase cost, P2 represents the sale proceeds, andd is the dividend income.a. (P2 – P1) ? (P2 + d)b. (P1– P2) ? (P2 + d)c. (P1– P2– d) ? P1d. (P2– P1 + d) ? P1e. (P2– P1 + d) ? P2DIVIDEND YIELDa 13. The dividend yield is equal to _____, where P1 is the purchase cost, P2 representsthe sale proceeds, and d is the dividend income.a. d ? P1b. d ? P1c. d ? P2d. d ? P2e. d ? (P1 + P2)DIVIDEND YIELDc14. The Zolo Co. just declared that they are increasing their annual dividend from $ per share to $ per share. If the stock price remains constant, then:a. the capital gains yield will decrease.b. the capital gains yield will increase.c. the dividend yield will increase.d. the dividend yield will also remain constant.e. neither the capital gains yield nor the dividend yield will change.CAPITAL GAINb15. The dollar amount of the capital gain on an investment is computed as _____, where P1 is the purchase cost, P2 represents the sale proceeds, and d is thedividend income.a. P1– P2b. P2– P1c. P2 ? P1d. P1– P2 + de. P2– P1– dTOTAL RETURNe 16. The capital gains yield plus the dividend yield on a security is called the:a. variance of returns.b. geometric return.c. average period return.d. summation of returns.e. total return.REAL RETURNc17. The real rate of return on a stock is approximately equal to the nominal rate of return:a. multiplied by (1 + inflation rate).b. plus the inflation rate.c. minus the inflation rate.d. divided by (1 + inflation rate).e. divided by (1- inflation rate).REAL RETURNc18. As long as the inflation rate is positive, the real rate of return on a security investmentwill be ____ the nominal rate of return.a. greater thanb. equal toc. less thand. greater than or equal toe. unrelated toHISTORICAL RECORDd 19. A portfolio of large company stocks would contain which one of the followingtypes of securitiesa. stock of the firms which represent the smallest 20 percent of the companies listedon the NYSEb. . Treasury billsc. long-term corporate bondsd. stocks of firms included in the S&P 500 indexe. long-term government bondsHISTORICAL RECORDd20. Based on the period of 1926 through 2003, _____ have tended to outperform other securities over the long-term.a. . Treasury billsb. large company stocksc. long-term corporate bondsd. small company stockse. long-term government bondsHISTORICAL RECORDa 21. Which one of the following types of securities has tended to produce the lowestreal rate of return for the period 1926 through 2003a. . Treasury billsb. long-term government bondsc. small company stocksd. large company stockse. long-term corporate bondsHISTORICAL RECORDd 22. On average, for the period 1926 through 2003:a. the real rate of return on . Treasury bills has been negative.b. small company stocks have underperformed large company stocks.c. long-term government bonds have produced higher returns than long-termcorporate bonds.d. the risk premium on long-term corporate bonds has exceeded the risk premiumon long-term government bonds.e. the risk premium on large company stocks has exceeded the risk premium onsmall company stocks.HISTORICAL RECORDe 23. Over the period of 1926 through 2003, the annual rate of return on _____ hasbeen more volatile than the annual rate of return on_____:a. large company stocks; small company stocks.b. long-term government bonds; long-term corporate bonds.c. . Treasury bills; long-term government bonds.d. long-term corporate bonds; small company stocks.e. large company stocks; long-term corporate bonds.HISTORICAL RECORDd 24. During the period of 1926 through 2003 the annual rate of inflation:a. was always positive.b. was only negative during the 3 years of the Great Depression.c. never exceeded 10 percent.d. fluctuated significantly from one year to the next.e. tended to be negative during the years of World War II.HISTORICAL RECORDe 25. Based on the period of 1926 through 2003 the annual rate of inflation rangedfrom _____ percent to _____ percent.a. -5; 6b. -5; 9c. -7; 6d. -7; 15e. -10; 18b 26. $1 invested in . Treasury bills in 1926 would have increased in value to ____ by2003.a. $10b. $17c. $30d. $43e. $60HISTORICAL RECORDd 27. Which one of the following is a correct ranking of securities based on theirvolatility over the period of 1926 to 2003 Rank from highest to lowest.a. large company stocks, . Treasury bills, long-term government bondsb. small company stocks, long-term corporate bonds, large company stocksc. small company stocks, long-term government bonds, long-term corporate bondsd. large company stocks, long-term corporate bonds, long-term government bondse. long-term government bonds, long-term corporate bonds, . Treasury billsHISTORICAL RECORDd 28. $1 invested in small company stocks in 1926 would have increased in value to_____ by 2003.a. $60b. $2,284c. $4,092d. $10,953e. $13,185HISTORICAL RECORDd 29. The highest rate of annual inflation between 1926 and 2003 was_____ percent.a. 7b. 10c. 13d. 18e. 22HISTORICAL RECORDe 30. The annual return on long-term government bonds has ranged between _____percent and _____ percent during the period 1926 to 2003.a. -2; 8b. -4; 6c. -5; 10d. -6; 29e. -7; 44e 31. Over the period of 1926 to 2003, small company stocks had an average return of_____ percent.a.b.c.d.e.HISTORICAL AVERAGE RETURNSc 32. Over the period of 1926 to 2003, the average rate of inflation was _____ percent.a.b.c.d.e.HISTORICAL AVERAGE RETURNSc 33. The average annual return on long-term corporate bonds for the period of 1926to 2003 was _____ percent.a.b.c.d.e.AVERAGE RETURNSb 34. The average annual return on small company stocks was about _____ percentgreater than the average annual return on large-company stocks over the periodof 1926 to 2003.a. 3b. 5c. 7d. 9e. 11RISK PREMIUMa 35. The average risk premium on . Treasury bills over the period of 1926 to 2003 was_____ percent.a.b.c.d.e.RISK PREMIUMa 36. Which one of the following is a correct statement concerning risk premiuma. The greater the volatility of returns, the greater the risk premium.b. The lower the volatility of returns, the greater the risk premium.c. The lower the average rate of return, the greater the risk premium.d. The risk premium is not correlated to the average rate of return.e. The risk premium is not affected by the volatility of returns.RISK PREMIUMc 37. The risk premium is computed by ______ the average return for the investment.a. subtracting the inflation rate fromb. adding the inflation rate toc. subtracting the average return on the . Treasury bill fromd. adding the average return on the . Treasury bill toe. subtracting the average return on long-term government bonds fromRISK PREMIUMc 38. The excess return you earn by moving from a relatively risk-free investment to arisky investment is called the:a. geometric average return.b. inflation premium.c. risk premium.d. time premium.e. arithmetic average return.RISK PREMIUMb39. To convince investors to accept greater volatility in the annual rate of return on an investment, you must:a. decrease the risk premium.b. increase the risk premium.c. decrease the expected rate of return.d. decrease the risk-free rate of return.e. increase the risk-free rate of return.FREQUENCY DISTRIBUTIONa 40. Which one of the following takes the shape of a bell curvea. frequency distributionb. variancec. risk premium graphd. standard deviatione. deviation of returnsVARIANCEe41. Which of the following statements are correct concerning the variance of the annual returns on an investmentI. The larger the variance, the more the actual returns tend to differ from theaverage return.II. The larger the variance, the larger the standard deviation.III. The larger the variance, the greater the risk of the investment.IV. The larger the variance, the higher the expected return.a. I and III onlyb. II, III, and IV onlyc. I, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVVARIANCEa42. The variance of returns is computed by dividing the sum of the:a. squared deviations by the number of returns minus one.b. average returns by the number of returns minus one.c. average returns by the number of returns plus one.d. squared deviations by the average rate of return.e. squared deviations by the number of returns plus one.STANDARD DEVIATIONb 43. Which of the following statements concerning the standard deviation are correctI. The greater the standard deviation, the lower the risk.II. The standard deviation is a measure of volatility.III. The higher the standard deviation, the less certain the rate of return in any one given year.IV. The higher the standard deviation, the higher the expected return.a. I and III onlyb. II, III, and IV onlyc. I, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVSTANDARD DEVIATIONa 44. The standard deviation on small company stocks:I. is greater than the standard deviation on large company stocks.II. is less than the standard deviation on large company stocks.III. had an average value of about 33 percent for the period 1926 to 2003.IV. had an average value of about 20 percent for the period 1926 to 2003.a. I and III onlyb. I and II onlyc. II and III onlyd. II and IV onlye. I and IV onlyARITHMETIC VS. GEOMETRIC AVERAGESb 45. Estimates using the arithmetic average will probably tend to _____ values over thelong-term while estimates using the geometric average will probably tend to_____ values over the short-term.a. overestimate; overestimateb. overestimate; underestimatec. underestimate; overestimated. underestimate; underestimatee. accurately; accuratelyMARKET EFFICIENCYd 46. In an efficient market, the price of a security will:a. always rise immediately upon the release of new information with no further priceadjustments related to that information.b. react to new information over a two-day period after which time no further priceadjustments related to that information will occur.c. rise sharply when new information is first released and then decline to a newstable level by the following day.d. react immediately to new information with no further price adjustments related tothat information.e. be slow to react for the first few hours after new information is released allowingtime for that information to be reviewed and analyzed.MARKET EFFICIENCYc 47. If the financial markets are efficient, then investors should expect theirinvestments in those markets to:a. earn extraordinary returns on a routine basis.b. generally have positive net present values.c. generally have zero net present values.d. produce arbitrage opportunities on a routine basis.e. produce negative returns on a routine basis.MARKET EFFICIENCYd 48. Which one of the following statements is correct concerning market efficiencya. Real asset markets are more efficient than financial markets.b. If a market is efficient, arbitrage opportunities should be common.c. In an efficient market, some market participants will have an advantage overothers.d. A firm will generally receive a fair price when it sells shares of stock.e. New information will gradually be reflected in a stock’s price to avoid any suddenchange in the price of the stock.MARKET EFFICIENCYc 49. Financial markets fluctuate daily because they:a. are inefficient.b. slowly react to new information.c. are continually reacting to new information.d. offer tremendous arbitrage opportunities.e. only reflect historical information.MARKET EFFICIENCYd 50. Insider trading does not offer any advantages if the financial markets are:a. weak form efficient.b. semiweak-form efficient.c. semistrong-form efficient.d. strong-form efficient.e. inefficient.MARKET EFFICIENCYe 51. According to theory, studying historical prices in order to identify mispricedstocks will not work in markets that are _____ efficient.I. weak-formII. semistrong-formIII. strong-forma. I onlyb. II onlyc. I and II onlyd. II and III onlye. I, II, and IIIMARKET EFFICIENCYe 52. Which of the following tend to reinforce the argument that the financial marketsare efficientI. Information spreads rapidly in today’s world.II. There is tremendous competition in the financial markets.III. Market prices continually fluctuate.IV. Market prices react suddenly to unexpected news announcements.a. I and III onlyb. II and IV onlyc. I, II, and III onlyd. II, III, and IV onlye. I, II, III, and IVMARKET EFFICIENCYa 53. If you excel in analyzing the future outlook of firms, you would prefer that thefinancial markets be ____ form efficient so that you can have an advantage in themarketplace.a. weakb. semiweakc. semistrongd. stronge. perfectMARKET EFFICIENCYc54. Your best friend works in the finance office of the Delta Corporation. You are aware that this friend trades Delta stock based on information he overhears in theoffice. You know that this information is not known to the general public. Yourfriend continually brags to you about the profits he earns trading Delta stock.Based on this information, you would tend to argue that the financial markets areat best _____ form efficient.a. weakb. semiweakc. semistrongd. stronge. perfectMARKET EFFICIENCYc55. The . Securities and Exchange Commission periodically charges individuals for insider trading and claims those individuals have made unfair profits. Based onthis fact, you would tend to argue that the financial markets are at best _____ formefficient.a. weakb. semiweakc. semistrongd. stronge. perfectMARKET EFFICIENCYb56. Individuals that continually monitor the financial markets seeking mispriced securities:a. tend to make substantial profits on a daily basis.b. tend to make the markets more efficient.c. are never able to find a security that is temporarily mispriced.d. are always quite successful using only well-known public information as theirbasis of evaluation.e. are always quite successful using only historical price information as their basis ofevaluation.III. PROBLEMSDOLLAR RETURNSb 57. One year ago, you purchased a stock at a price of $. The stock pays quarterlydividends of $.40 per share. Today, the stock is worth $ per share. What is thetotal amount of your dividend income to date from this investmenta. $.40b. $c. $d. $e. $DOLLAR RETURNSd 58. Six months ago, you purchased 100 shares of stock in ABC Co. at a price of $ ashare. ABC stock pays a quarterly dividend of $.10 a share. Today, you sold all ofyour shares for $ per share. What is the total amount of your capital gains on thisinvestmenta. $b. $c. $d. $e. $DOLLAR RETURNSd 59. A year ago, you purchased 300 shares of IXC Technologies, Inc. stock at a price of$ per share. The stock pays an annual dividend of $.10 per share. Today, you soldall of your shares for $ per share. What is your total dollar return on thisinvestmenta. $5,703b. $5,733c. $5,753d. $5,763e. $5,853DIVIDEND YIELDb 60. You purchased 200 shares of stock at a price of $ per share. Over the last year,you have received total dividend income of $322. What is the dividend yielda. percentb. percentc. percentd. percente. percentDIVIDEND YIELDd 61. Winslow, Inc. stock is currently selling for $40 a share. The stock has a dividendyield of percent. How much dividend income will you receive per year if youpurchase 500 shares of this stocka. $152b. $190c. $329d. $760e. $1,053DIVIDEND YIELDc 62. One year ago, you purchased a stock at a price of $32 a share. Today, you soldthe stock and realized a total return of 25 percent. Your capital gain was $6 ashare. What was your dividend yield on this stocka. percentb. percentc. percentd. percente. percentCAPITAL GAINa 63. You just sold 200 shares of Langley, Inc. stock at a price of $ a share. Last yearyou paid $ a share to buy this stock. Over the course of the year, you receiveddividends totaling $ per share. What is your capital gain on this investmenta. -$550b. -$222c. -$3d. $550e. $878CAPITAL GAINb 64. You purchased 300 shares of Deltona, Inc. stock for $ a share. You have receiveda total of $630 in dividends and $14,040 in proceeds from selling the shares.What is your capital gains yield on this stocka. percentb. percentc. percentd. percente. percentCAPITAL GAINd65. Today, you sold 200 shares of SLG, Inc. stock.. Your total return on these shares is percent. You purchased the shares one year ago at a price of $ a share. You havereceived a total of $280 in dividends over the course of the year. What is yourcapital gains yield on this investmenta. percentb. percentc. percentd. percente. percentTOTAL RETURNd66. Six months ago, you purchased 1,200 shares of ABC stock for $ a share. You have received dividend payments equal to $.60 a share. Today, you sold all of yourshares for $ a share. What is your total dollar return on this investmenta. $720b. $1,200c. $1,440d. $1,920e. $3,840TOTAL RETURNc67. Eight months ago, you purchased 400 shares of Winston, Inc. stock at a price of $a share. The company pays quarterly dividends of $.50 a share. Today, you sold all ofyour shares for $ a share. What is your total percentage return on thisinvestmenta. percentb. percentc. percentd. percente. percentREAL RETURNb68. Last year, you purchased a stock at a price of $ a share. Over the course of the year, you received $ in dividends and inflation averaged percent. Today, yousold your shares for $ a share. What is your approximate real rate of return onthis investmenta. percentb. percentc. percentd. percente. percentREAL RETURNe 69. Seven months ago, you purchased a stock at a price of $ a share. Today, you soldthose shares for $ a share. During the past seven months, you have receiveddividends totaling $ a share while inflation has averaged percent. What is yourapproximate real rate of return on this investmenta. percentb. percentc. percentd. percente. percentSTANDARD DEVIATIONd 70. A stock had returns of 8 percent, -2 percent, 4 percent, and 16 percent over thepast four years. What is the standard deviation of this stock for the past four yearsa. percentb. percentc. percentd. percente. percentRETURN DISTRIBUTIONSa 71. A stock has an expected rate of return of percent and a standard deviation ofpercent. Which one of the following best describes the probability that this stockwill lose 11 percent or more in any one given yeara. less than percentb. less than percentc. less than percentd. less than percente. less than 5 percentRETURN DISTRIBUTIONSd 72. A stock has returns of 3 percent, 18 percent, -24 percent, and 16 percent for thepast four years. Based on this information, what is the 95 percent probabilityrange for any one given yeara. to percentb. to percentc. to percentd. to percente. to percentRETURN DISTRIBUTIONSc 73. A stock had returns of 8 percent, 14 percent, and 2 percent for the past threeyears. Based on these returns, what is the probability that this stock will earn atleast 20 percent in any one given yeara. percentb. percentc. percentd. percente. percentRETURN DISTRIBUTIONSc 74. A stock had returns of 11 percent, 1 percent, 9 percent, 15 percent, and -6percent for the past five years. Based on these returns, what is the approximateprobability that this stock will earn at least 23 percent in any one given yeara. percentb. percentc. percentd. percente. percentRETURN DISTRIBUTIONSc 75. A stock had returns of 8 percent, 39 percent, 11 percent, and -24 percent for thepast four years. Which one of the following best describes the probability that thisstock will NOT lose more than 43 percent in any one given yeara. percentb. percentc. percentd. percente. percentRETURN DISTRIBUTIONSb76. Over the past five years, a stock produced returns of 14 percent, 22 percent, -16 percent, 2 percent, and 10 percent. What is the probability that an investor in thisstock will NOT lose more than 8 percent nor earn more than 21 percent in anyone given yeara. 34 percentb. 68 percentc. 95 percentd. 99 percente. 100 percentARITHMETIC AVERAGEb 77. What are the arithmetic and geometric average returns for a stock with annualreturns of 4 percent, 9 percent, -6 percent, and 18 percenta. percent; percentb. percent; percentc. percent; percentd. percent; percente. percent; percentARITHMETIC VS. GEOMETRIC AVERAGESc 78. What are the arithmetic and geometric average returns for a stock with annualreturns of 21 percent, 8 percent, -32 percent, 41 percent, and 5 percenta. percent; percentb. percent; percentc. percent; percentd. percent; percente. percent; percentGEOMETRIC AVERAGEb79. A stock had returns of 6 percent, 13 percent, -11 percent, and 17 percent over the past four years. What is the geometric average return for this time perioda. percentb. percentc. percentd. percente. percentGEOMETRIC AVERAGEb 80. A stock had the following prices and dividends. What is the geometric averagereturn on this stockYear Price Dividend1 $ ?2 $ $.233 $ $.244 $ $.25a. percentb. percentc. percentd. percente. percentIV. ESSAYSEFFICIENT MARKETS81. Define the three forms of market efficiency.The student should present a straightforward discussion of weak (all past prices are in the current price), semi-strong (all public information is in the current price), andstrong form (all information is in the current price) market efficiency.HISTORICAL RETURNS82. What securities have offered the highest average annual returns over the last severaldecades Can we conclude that return and risk are related in real lifeThe purpose of this question is to check student understanding of the capital market historydiscussion of the chapter, as well as to reiterate the concept of the risk-return trade-off. Thesecurities categories discussed in the chapter are listed below in descending order of historical returns (and risk):1. small company stocks2. large company stocks3. long-term corporate bonds4. long-term government bonds5. . Treasury billsBy learning this hierarchy, and given that they are familiar with the attributes of each security, students should be left with little doubt that the maxim “The greater the risk, thegreater the return” is an apt description of financial markets.LESSONS83. What are the lessons learned from capital market history What evidence is there to suggestthese lessons are correctFirst, there is a reward for bearing risk, and second, the greater the risk, the greater the reward. As evidence, the students should provide a brief discussion of the historical rates ofreturn and standard deviation of returns of the various asset classes discussed in the text.。

公司理财》试题及答案

公司理财》试题及答案公司理财》试题及答案第一章公司理财概述单项选择题：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。

XXX：1.为什么以股东财富最大化作为公司理财目标？答：以股东财富最大化作为公司理财目标，考虑到了货币时间价值和风险价值，体现了对公司资产保值增值的要求，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？答：公司理财的具体内容包括筹资决策、投资决策和股利分配决策。

第二章财务报表分析单项选择题：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。

公司理财习试题库Chap01

. . .. . ... .专业 . .CHAPTER 11 Project Analysis and EvaluationI. 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 one variableis changed is called _____ analysis.a. forecastingb. scenarioc. sensitivityd. simulatione. break-evenSIMULATION ANALYSISd 4. An analysis which bines scenario analysis with sensitivity analysis is called _____analysis.a. forecastingb. scenarioc. sensitivityCHAPTER 11d. simulatione. break-evenBREAK-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-runregardless of the quantity of outputproduced.c. reflect the change in a variable when one more unit of output is produced.d. are subtracted from fixed costs to pute 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 pute 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. arethe 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.- - -可修编-CHAPTER 11MARGINAL 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 ine 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. operational-b. leveragedc. accountingd. cashe. financialOPERATING 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.- - -可修编-CHAPTER 11CAPITAL RATIONINGe 20. When firms do not have sufficient available financing to invest in all of the positivenetpresent value projects they have identified, _____ is (are) said to exist.a. excess financingb. contingency optionsc. strategic optionsd. managerial optionse. capital rationingII. 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 pany is conducting:a. forecasting research.b. sensitivity analysis.c. break-even analysis.d. scenario analysis.e. petitive analysis.SCENARIO ANALYSISb 23. Conducting scenario analysis helps managers see the:a. impact of an individual variable on the oute of a project.b. potential range of outes 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 petition 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.SCENARIO 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 a natural disaster occurs.b. Scenario analysis assures a firm that the actual results of a project will lie within therange of returns as puted 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 ofoutes 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.- - -可修编-CHAPTER 11SENSITIVITY ANALYSISb 28. Sensitivity analysis helps you determine the:a. range of possible outes 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 outes 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 oute 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 outes 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.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 puting the resulting change in thecurrent value of a project.d. assigning either the best or the worst possible value to each variable and paring 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 oute 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 puter 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 salariesVARIABLE 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.- - -可修编-CHAPTER 11III. 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 workersMARGINAL COSTe 41. Management wants to offer a “Thank You” 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 capacity of 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.- - -可修编-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.ACCOUNTING BREAK-EVENa 45. Which of the following statements are correct concerning the accounting break-evenpoint?I. The net ine 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 pleted 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.- - -可修编-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 pute the sales quantity needed for the:a. degree of operating leverage to equal zero.b. net ine 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 than purchase 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 couldlower 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 theirpany 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 practice known 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 pany. 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.- - -可修编-The Adept Co. is analyzing a proposed project. The pany 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 pany bases their sensitivity analysis on the base casescenario.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 pany 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. $18,500SENSITIVITY ANALYSISb 62. The pany 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 pany 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 tax rateis 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 ine under the worst case scenario?a. -$566.02b. -$422.40- - -可修编-c. -$278.78d. $3,554.50e. $5,385.60SENSITIVITY ANALYSISd 66. What is the operating cash flowfor a sensitivity analysis using total fixed costs of $32,000?a. $14,520b. $16,520c. $22,000d. $44,520e. $52,000SENSITIVITY ANALYSISd 67. What is the contribution margin for a sensitivity analysis using a variable cost per unit of $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 units over 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 variable 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 puted their fixed costs to be $.60 for every pound of meat- - -可修编-they sell given an average daily sales level of 500 pounds. They charge $3.89 per poundof top-grade ground beef. The variable cost per pound is $2.99. What is the contributionmargin per pound of ground beef sold?a. $.30b. $.60c. $.90d. $2.99e. $3.89CONTRIBUTION MARGINe 74. Ralph and Emma’s is considering a project with total sales of $17,500, total variablecosts of $9,800, total fixed costs of $3,500, and estimated production of 400 units. The depreciation expense is $2,400 a year. What is the contribution margin per unit?a. $4.50b. $10.50c. $14.14d. $19.09e. $19.25ACCOUNTING BREAK-EVENa 75. You are considering a new project. The project has projected depreciation of $720,fixed costs of $6,000, and total sales of $11,760. The variable cost per unit is$4.20. What is the accounting break-even level of production?a. 1,200 unitsb. 1,334 unitsc. 1,372 unitsd. 1,889 unitse. 1,910 unitsACCOUNTING BREAK-EVENb 76.The accounting break-even production quantity for a project is 5,425 units. The fixedcosts are $31,600 and the contribution margin is $6. What is the projecteddepreciation expense?a. $700b. $950c. $1,025d. $1,053e. $1,100。

罗斯《公司理财》英文习题答案DOCchap014

公司理财习题答案第十四章Chapter 14: Long-Term Financing: An Introduction14.1 a. C om m on Stock A ccountPar V alue$135,430$267,715 shares ==b. Net capital from the sale of shares = Common Stock + Capital SurplusNet capital = $135,430 + $203,145 = $338,575Therefore, the average price is $338,575 / 67,715 = $5 per shareAlternate solution:Average price = Par value + Average capital surplus= $2 + $203,145 / 67,715= $5 per sharec. Book value = Assets - Liabilities = Equity= Common stock + Capital surplus + Retained earnings= $2,708,600Therefore, book value per share is $2,708,600 / 67,715= $40.14.2 a. Common stock = (Shares outstanding ) x (Par value)= 500 x $1= $500Total = $150,500b.Common stock (1500 shares outstanding, $1 par) $1,500Capital surplus* 79,000Retained earnings 100,000Total $180,500* Capital Surplus = Old surplus + Surplus on sale= $50,000 + ($30 - $1) x 1,000=$79,00014.3 a. Shareholders’ equityCommon stock ($5 par value; authorized 500,000shares; issued and outstanding 325,000 shares)$1,625,000 Capital in excess of par* 195,000Retained earnings** 3,794,600Total $5,614,600*Capital surplus = 12% of Common Stock= (0.12) ($1,625,000)= $195,000**Retained earnings = Old retained earnings + Net income - Dividends= $3,545,000 + $260,000 - ($260,000)(0.04)= 3,794,600b. Shareholders’ equity$1,750,000Common stock ($5 par value; authorized 500,000shares; issued and outstanding 350,000 shares)Capital in excess of par* 170,000Retained earnings 3,794,600Total $5,714,600*Capital surplus is reduced by the below par sale, i.e. $195,000 - ($1)(25,000) =$170,00014.4 a. Under straight voting, one share equals one vote. Thus, to ensure the election of onedirector you must hold a majority of the shares. Since two million shares areoutstanding, you must hold more than 1,000,000 shares to have a majority of votes.b. Cumulative voting is often more easily understood through a story. Remember thatyour goal is to elect one board member of the seven who will be chosen today.Suppose the firm has 28 shares outstanding. You own 4 of the shares and one otherperson owns the remaining 24 shares. Under cumulative voting, the total number ofvotes equals the number of shares times the number of directors being elected,(28)(7) = 196. Therefore, you have 28 votes and the other stockholder has 168 votes.Also, suppose the other shareholder does not wish to have your favorite candidateon the board. If that is true, the best you can do to try to ensure electing onemember is to place all of your votes on your favorite candidate. To keep yourcandidate off the board, the other shareholder must have enough votes to elect allseven members who will be chosen. If the other shareholder splits her votes evenlyacross her seven favorite candidates, then eight people, your one favorite and herseven favorites, will all have the same number of votes. There will be a tie! If shedoes not split her votes evenly (for example 29 28 28 28 28 28 27) then yourcandidate will win a seat. To avoid a tie and assure your candidate of victory, youmust have 29 votes which means you must own more than 4 shares.Notice what happened. If seven board members will be elected and you want to becertain that one of your favorite candidates will win, you must have more than one-eighth of the shares. That is, the percentage of the shares you must have to win ismore than1.(The num ber of m em bers being elected The num ber you w ant to select)Also notice that the number of shares you need does not change if more than oneperson owns the remaining shares. If several people owned the remaining 168shares they could form a coalition and vote together.Thus, in the Unicorn election, you will need more than 1/(7+1) = 12.5% of theshares to elect one board member. You will need more than (2,000,000) (0.125) =250,000 shares.Cumulative voting can be viewed more rigorously. Use the facts from the Unicornelection. Under cumulative voting, the total number of votes equals the number of公司理财习题答案第十四章shares times the number of directors being elected, 2,000,000 x 7 = 14,000,000. Let x be the number of shares you need. The number of shares necessary is7x14,000,0007x7x250,000.>-==>> You will need more than 250,000 shares.14.5 She can be certain to have one of her candidate friends be elected under the cumulativevoting rule. The lowest percentage of shares she needs to own to elect at least one out of 6candidates is higher than 1/7 = 14.3%. Her current ownership of 17.3% is more thanenough to ensure one seat. If the voting rule is staggered as described in the question, shewould need to own more than 1/4=25% of the shares to elect one out of the three candidatesfor certain. In this case, she will not have enough shares.14.6 a. You currently own 120 shares or 28.57% of the outstanding shares. You need to control 1/3 of the votes, which requires 140 shares. You need just over 20 additionalshares to elect yourself to the board.b. You need just over 25% of the shares, which is 250,000 shares. At $5 a share it willcost you $2,500,000 to guarantee yourself a seat on the board.14.7 The differences between preferred stock and debt are:a. The dividends of preferred stock cannot be deducted as interest expenses whendetermining taxable corporate income. From the individual investor’s point of view,preferred dividends are ordinary income for tax purposes. From corporate investors,80% of the amount they receive as dividends from preferred stock are exempt fromincome taxes.b. In liquidation, the seniority of preferred stock follows that of the debt and leads thatof the common stock.c. There is no legal obligation for firms to pay out preferred dividends as opposed tothe obligated payment of interest on bonds. Therefore, firms cannot be forced intodefault if a preferred stock dividend is not paid in a given year. Preferred dividendscan be cumulative or non-cumulative, and they can also be deferred indefinitely.14.8 Some firms can benefit from issuing preferred stock. The reasons can be:a. Public utilities can pass the tax disadvantage of issuing preferred stock on to theircustomers, so there is substantial amount of straight preferred stock issued byutilities.b. Firms reporting losses to the IRS already don’t have positive income for taxdeduction, so they are not affected by the tax disadvantage of dividend vs. interestpayment. They may be willing to issue preferred stock.c. Firms that issue preferred stock can avoid the threat of bankruptcy that exists withdebt financing because preferred dividends are not legal obligation as interestpayment on corporate debt.14.9 a. The return on non-convertible preferred stock is lower than the return on corporatebond for two reasons:i. Corporate investors receive 80% tax deductibility on dividends if they hold thestock. Therefore, they are willing to pay more for the stock; that lowers its return.ii. Issuing corporations are willing and able to offer higher returns on debt since theinterest on the debt reduces their tax liabilities. Preferred dividends are paid outof net income, hence they provide no tax shield.b. Corporate investors are the primary holders of preferred stock since, unlikeindividual investors, they can deduct 80% of the dividend when computing their taxliability. Therefore, they are willing to accept the lower return which the stockgenerates.14.10 The following table summarizes the main difference between debt and equity.Debt EquityRepayment is an obligation of the firm Yes NoGrants ownership of the firm No YesProvides a tax shield Yes NoLiquidation will result if not paid Yes NoCompanies often issue hybrid securities because of the potential tax shield and thebankruptcy advantage. If the IRS accepts the security as debt, the firm can use it as a tax shield. If the security maintains the bankruptcy and ownership advantages of equity, the firm has the best of both worlds.14.11 The trends in long-term financing in the United States were presented in the text. If CableCompany follows the trends, it will probably use 80% internal financing, net income of the project plus depreciation less dividends, and 20% external financing, long term debt and equity.。

《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》习题参考答案

《公司理财》习题参考答案第1章公司理财导论★案例分析1．股东之间的利益（1）作为内部股东，其利益与外部股东未必一致。

（2）内部股东拥有信息优势。

他们可能运用这种信息优势做出有利于自己但伤害外部股东利益的行为，例如延期发布预亏信息。

2．企业组织的经营目标（1）相同点：公司理财学教授与市场营销学教授从各自的职业特征出发，表述了企业的经营目标。

不同点：公司理财学教授表达的是企业经营的最终目标，市场营销学教授表达的是实现企业经营最终目标的手段。

手段与目标本身并不一致。

也就是说，顾客满意了，企业价值未必最大化。

（2）如果公司理财学教授与市场营销学教授分别代表企业的财务部门与营销部门，可以通过“顾客给企业带来利润率”这个指标来协调其认识差异。

企业为什么要最大限度地满足顾客要求呢？其目的在于，通过最大限度地满足顾客要求来实现企业价值最大化。

然而，并不是所有满意的顾客都能够为企业创造价值。

对于这种顾客，企业为什么要最大限度地满足其要求呢？通过“顾客给企业带来利润率”这个指标来协调企业的财务部门与营销部门的认识差异的实践意义在于，它能够使企业财务部门与营销部门“讲同一种语言”。

财务部门具有营销理念，营销部门具有财务理念，从而构建“和谐企业”，引导企业走上“创造价值”的轨道上来。

3．会计学观念与公司理财观念（1）Toms公司不能得到价值补偿。

（2）会计学与公司理财学的差异在于会计学关注利润，而公司理财学关注现金流量。

4．整合四流，创造一流（1）企业组织应该设置预算管理委员会来沟通、协调及有效整合企业组织的物流、资金流、信息流和人力资源。

（2）某些企业组织的财务总监或会计人员委派制只解决了会计的监督职能，没有解决会计的辅助管理决策乃至战略制定职能。

（3）企业组织的财务经理人（包括会计经理人）主要体现企业组织的经营权范畴。

第2章公司理财环境★案例分析1．利率市场化（1）如果利率市场化，那么，资金的供求关系会影响利率，从而影响金融市场。

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》选择题题库

公司理财选择题题库Multiple Choice Questions:Chapter 1 CONTROLLERc 1. The person generally directly responsible foroverseeing the tax management, cost accounting,financial accounting, and information systemfunctions is the:a. treasurer.b. director.c. controller.d. chairman of the board.e. chief executive officer.TREASURERa 2. The person generally directly responsible foroverseeing the cash and credit functions,financial planning, and capital expenditures isthe:a. treasurer.b. director.c. controller.d. chairman of the board.e. chief operations officer.CAPITAL BUDGETINGd 3. The process of planning and managing a firm’slong-term investments is called:a. working capital management.b. financial depreciation.c. agency cost analysis.d. capital budgeting.e. capital structure.finance its operations is called:a. working capital management.b. financial depreciation.c. cost analysis.d. capital budgeting.e. capital structure.WORKING CAPITAL MANAGEMENTa 5. The management of a firm’s short-term assetsand liabilities is called:a. working capital management.b. debt management.c. equity management.d. capital budgeting.e. capital structure.called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. limited liability company. GENERAL PARTNERSHIPc 7. A business formed by two or more individualswho each have unlimited liability for businessdebts is called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. limited liability company.CORPORATIONa 9. A business created as a distinct legal entitycomposed of one or more individuals or entitiesis called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. unlimited liability company.LIMITED LIABILITY COMPANYa 12. A business entity operated and taxed like apartnership, but with limited liability for theowners, is called a:a. limited liability company.b. general partnership.c. limited proprietorship.d. sole proprietorship.e. corporation.a. maximize current dividends per share of theexisting stock.b. maximize the current value per share of theexisting stock.c. avoid financial distress.d. minimize operational costs and maximize firmefficiency.e. maintain steady growth in both sales and netearnings.CHAPTER 4Discounted Cash Flow Valuation ANNUITYa 1. An annuity stream of cash flow payments is aset of:a. level cash flows occurring each time period for afixed length of time.b. level cash flows occurring each time periodforever.c. increasing cash flows occurring each time periodfor a fixed length of time.d. increasing cash flows occurring each time periodforever.e. arbitrary cash flows occurring each time periodfor no more than 10 years.ANNUITIES DUEe 2. Annuities where the payments occur at the endof each time period are called _____ , whereas_____ refer to annuity streams with paymentsoccurring at the beginning of each time period.a. ordinary annuities; early annuitiesb. late annuities; straight annuitiesc. straight annuities; late annuitiesd. annuities due; ordinary annuitiese. ordinary annuities; annuities due PERPETUITYc 3. An annuity stream where the payments occurforever is called a(n):a. annuity due.b. indemnity.c. perpetuity.d. amortized cash flow stream.e. amortization table.STATED INTEREST RATESa 4. The interest rate expressed in terms of theinterest payment made each period is called the_____ rate.a. stated annual interestb. compound annual interestc. effective annual interestd. periodic intereste. daily interestcompounded once per year is called the _____rate.a. stated interestb. compound interestc. effective annuald. periodic intereste. daily interestANNUAL PERCENTAGE RATEb 6. The interest rate charged per period multipliedby the number of periods per year is called the_____ rate.a. effective annualb. annual percentagec. periodic interestd. compound intereste. daily interestCHAPTER 5Interest Rate and Bond Valuation COUPONa 1. The stated interest payment, in dollars, made ona bond each period is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.FACE VALUEb 2. The principal amount of a bond that is repaid atthe end of the loan term is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate. MATURITYc 3. The specified date on which the principalamount of a bond is repaid is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e.coupon rate.market for owning a bond is called the:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.COUPON RATEe 5. The annual coupon of a bond divided by its facevalue is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.PAR BONDSa 6. A bond with a face value of $1,000 that sells for$1,000 in the market is called a _____ bond.a. par valueb. discountc. premiumd. zero coupone. floating rateDISCOUNT BONDSb 7. A bond with a face value of $1,000 that sells forless than $1,000 in the market is called a _____bond.a. parb. discountc. premiumd. zero coupone.floating ratemore than $1,000 in the market is called a _____bond.a. parb. discountc. premiumd. zero coupone. floating rate CHAPTER 6Stock Valuation GROWING PERPETUITYa 1. An asset characterized by cash flows thatincrease at a constant rate forever is called a:a. growing perpetuity.b. growing annuity.c. common annuity.d. perpetuity due.e. preferred stock.DIVIDEND GROWTH MODELb 2. The stock valuation model that determines thecurrent stock price by dividing the next annualdividend amount by the excess of the discountrate less the dividend growth rate is called the_____ model.a. zero growthb. dividend growthc. capital pricingd. earnings capitalizatione. discounted dividendDIVIDEND YIELDc 3. Next year’s annual dividend divided by thecurrent stock price is called the:a. yield to maturity.b. total yield.c. dividend yield.d. capital gains yield.e. earnings yield.appreciate (or depreciate) is called the _____yield.a. currentb. totalc. dividendd. capital gainse. earningsPREFERRED STOCKd 5. A form of equity which receives preferentialtreatment in the payment of dividends is called_____ stock.a. dual classb. cumulativec. deferredd. preferrede. commonPREFERRED STOCKe 6. A _____ is a form of equity security that has astated liquidating value.a. bondb. debenturec. proxyd. common stocke. preferred stockDifficulty level: MediumCOMMON STOCKe 7. A form of equity which receives no preferentialtreatment in either the payment of dividends orin bankruptcy distributions is called _____stock.a. dual classb. cumulativec. deferredd. preferrede. commonDIVIDENDSc 12. Payments made by a corporation to itsshareholders, in the form of either cash, stock orpayments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.PRIMARY MARKETe 13. The market in which new securities areoriginally sold to investors is called the _____market.a. dealerb. auctionc. over-the-counterd. secondarye. primarySECONDARY MARKETd 14. The market in which previously issued securitiesare traded among investors is called the _____market.a. dealerb. auctionc. over-the-counterd. secondarye. primaryCHAPTER 10 Risk and Return Lessons from Market History RISK PREMIUMa 1. The excess return required from a risky assetover that required from a risk-free asset is calledthe:a. risk premium.b. geometric premium.c. excess return.d. average return.e. variance.VARIANCEb 2. The average squared difference between theactual return and the average return is called the:a. volatility return.b. variance.c. standard deviation.d. risk premium.e. excess return.STANDARD DEVIATIONc 3. The standard deviation for a set of stock returnscan be calculated as the:a. positive square root of the average return.b. average squared difference between the actualreturn and the average return.c. positive square root of the variance.d. average return divided by N minus one, where Nis the number of returns.e. variance squared.GEOMETRIC AVERAGE RETURNd 5. The average compound return earned per yearover a multi-year period is called the _____ average return.a. arithmeticb. standardc. variantd. geometrice. real Difficulty level: MediumARITHMETIC AVERAGE RETURNa 6. The return earned in an average year over amulti-year period is called the _____ average return.a. arithmeticb. standardc. variantd. geometrice. real RISK PREMIUMc 7. The excess return you earn by moving from arelatively risk-free investment to a risky investment is called the:a. geometric average return.b. inflation premium.c. risk premium.d. time premium.e. arithmetic average return.TOTAL RETURNe 8. The capital gains yield plus the dividend yieldon a security is called the:a. variance of returns.b. geometric return.c. average period return.d. current yield.e. total return.(CAPM)a b. the expected return on a risky asset. c. the expected return on a collection of riskyassets.d. the variance of returns for a risky asset.e. the standard deviation of returns for a collectionof risky assets.PORTFOLIO WEIGHTSb 2. The percentage of a portfolio’s total valueinvested in a particular asset is called thatasset’s:a. portfolio return.b. portfolio weight.c. portfolio risk.d. rate of return.e. investment value. to a greater or lesser degree, is called _____ risk.a. idiosyncraticb. diversifiablec. systematicd. asset-specifice. totalUNSYSTEMATIC RISKd 4. Risk that affects at most a small number ofassets is called _____ risk.a. portfoliob. undiversifiablec. marketd. unsystematice. totalSYSTEMATIC RISK PRINCIPLEb 6. The _____ tells us that the expected return on arisky asset depends only on that asset’s nondiversifiable risk.a. Efficient Markets Hypothesis (EMH)b. systematic risk principlec. Open Markets Theoremd. Law of One Pricee. principle of diversificationBETA COEFFICIENTa 7. The amount of systematic risk present in aparticular risky asset, relative to the systematic risk present in an average risky asset, is calledthe particular asset’s:a. beta coefficient.b. reward-to-risk ratio.c. total risk.d. diversifiable risk.e. Treynor index. return and its beta coefficient is the:a. reward-to-risk ratio.b. portfolio weight.c. portfolio risk.d. security market line. e. market risk premium.CHAPTER 12Risk, Cost of Capital, and Capital BudgetingWACCe 1. The weighted average of the firm’s costs of equity, preferred stock, and after tax debt is the: a. reward to risk ratio for the firm. b. expected capital gains yield for the stock. c. expected capital gains yield for the firm. d. portfolio beta for the firm. e. weighted average cost of capital (WACC). CAPM b 2. If the CAPM is used to estimate the cost ofequity capital, the expected excess marketreturn is equal to thea. return on the stock minus the risk-free rate.b. difference between the return on the market andthe risk-free rate.c. beta times the market risk premium.d. beta times the risk-free rate.e. market rate of return.CHARACTERISTIC LINEc 3. The best fit line of pairwise plot of the returnsof the security against the market index returnsis called thea. Security Market Line.b. Capital Market Line.c. characteristic line.d. risk line.e. None of the above.CHAPTER 14Capital Structure: Basic Concepts MM PROPOSITION Ib 2. The proposition that the value of the firm isindependent of its capital structure is called:a. the capital asset pricing model.b. MM Proposition I.c. MM Proposition II.d. the law of one price.e. the efficient markets hypothesis.MM PROPOSITION IIc 3. The proposition that the cost of equity is apositive linear function of capital structure iscalled:a. the capital asset pricing model.b. MM Proposition I.c. MM Proposition II.d. the law of one price.e. the efficient markets hypothesis.Difficulty level: MediumINTEREST TAX SHIELDa 4. The tax savings of the firm derived from thedeductibility of interest expense is called the:a. interest tax shield.b. depreciable basis.c. financing umbrella.d. current yield.e. tax-loss carryforward savings.CAPITAL STRUCTURE DEFINITIONd 8. The firm's capital structure refers toa. the way a firm invests its assets.b. the amount of capital in the firm.c. the amount of dividends a firm pays.d. the mix of debt and equity used to finance thefirm's assets.e. how much cash the firm holds.CHAPTER 15 Capital Structure: Limits to the Use of Debt DIRECT BANKRUPTCY COSTSc 1. The explicit costs, such as the legal expenses,associated with corporate default are classifiedas _____ costs.a. flotationb. beta conversionc. direct bankruptcyd. indirect bankruptcye. unleveredINDIRECT BANKRUPTCY COSTSc 2. The costs of avoiding a bankruptcy filing by afinancially distressed firm are classified as_____ costs.a. flotationb. direct bankruptcyc. indirect bankruptcyd. financial solvencye. capital structurecorporate default are referred to as the _____costs of a firm.a. flotationb. default betac. direct bankruptcyd. indirect bankruptcye. financial distressBANKRUPTCYb 6. The legal proceeding for liquidating orreorganizing a firm operating in default is calleda:a. tender offer.b. bankruptcy.c. merger.d. takeover.e. proxy fight.ACCOUNTING INSOLVENCYd 8. A firm that has negative net worth is said to be:a. experiencing a business failure.b. in legal bankruptcy.c. experiencing technical insolvency.d. experiencing accounting insolvency.e. in Chapter 11 bankruptcy reorganization. CAPITAL STRUCTUREd 10. The value of a firm is maximized when the:a. cost of equity is maximized.b tax rate is zero.c. levered cost of capital is maximized.d. weighted average cost of capital is minimized.e. debt-equity ratio is minimized.CAPITAL STRUCTUREe 11. The optimal capital structure has been achieved when the:a. debt-equity ratio is equal to 1.b. weight of equity is equal to the weight of debt.c. cost of equity is maximized given a pre-tax cost of debt.d. debt-equity ratio is such that the cost of debt exceeds the cost of equity.e. debt-equity ratio selected results in the lowest possible weighed average cost ofcapital.Dividend and Other Payouts I. DEFINITIONSDIVIDENDSa 1. Paym ents made out of a firm’s earnings to itsowners in the form of cash or stock are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.DISTRIBUTIONSb 2. Payments made by a firm to its owners fromsources other than current or accumulatedearnings are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.REGULAR CASH DIVIDENDSc 3. A cash payment made by a firm to its owners inthe normal course of business is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.LIQUIDATING DIVIDENDSa 4. A cash payment made by a firm to its ownerswhen some of the firm’s assets are sold of f iscalled a:a. liquidating dividend.b. regular cash dividend.c. special dividend.d. extra cash dividend.e. share repurchase.SHARE REPURCHASEe 12. A _____ is an alternative method to cashdividends which is used to pay out a firm’searnings to shareholders.a. mergerb. tender offerc. payment-in-kindd. stock splite. share repurchaseSTOCK DIVIDENDSa 13. A payment made by a firm to its owners in theform of new shares of stock is called a _____dividend.a. stockb. normalc. speciald. extrae. liquidatingSTOCK SPLITSb 14. An increase in a firm’s number of sharesoutstanding without any change in owners’equity is called a:a. special dividend.b. stock split.c. share repurchase.d. tender offer.e. liquidating dividend.。

(完整版)公司理财习题及答案

C ．分工理论．投资组合理论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（）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6 ．下列关于“有价值创意原则”的表述中，错误的是（习题一A ．自利行为原则D ．期权原则B ．比较优势原则C . 引导原则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、人益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。

【精品】公司理财习题库Chap024

【关键字】精品CHAPTER 24Option Valuation I. DEFINITIONSPROTECTIVE PUTc 1. The purchase of both a stock and a put option on the stock to limit the downside riskassociated with the stock is a strategy called the:a. put-call parity relation.b. covered call.c. protective put.d. straddle.e.strangle.PUT-CALL PARITYa 2. The relationship between the prices of the underlying stock, a call option, a put option,and a riskless asset is referred to as the _____ relationship.a. put-call parityb. covered callc. protective putd. straddlee. strangleOPTION DELTAd 3. The effect on an option’s value of a small change in the value of the underlying asset iscalled the option:a. theta.b. vega.c. rho.d. delta.e. gamma.OPTION THETAa 4. The sensitivity of an option’s value to a change in the option’s time to expiration iscalled the option:a. theta.b. vega.c. rho.d. delta.e. gamma.OPTION VEGAb 5. The sensitivity of an option’s value to a change in the standard deviation of the returnon the underlying asset is called the option:a. theta.b. vega.c. rho.d. delta.e. gamma.OPTION RHOc 6. The sensitivity of an option’s value to a change in the risk-free rate is called the option:a. theta.b. vega.c. rho.d. delta.e. gamma.IMPLIED STANDARD DEVIATIONe 7. An estimate of the future standard deviation of the return on an asset obtained from theBlack-Scholes Option Pricing Model is called a(n):a. residual error.b. asset mean return.c. derived case volatility (DCV).d. forecast rho.e. implied standard deviation (ISD).II. CONCEPTSPUT OPTIONd 8. An option that grants the right, but not the obligation, to sell shares of the underlyingasset on a particular date at a specified price is called:a. either an American or a European option.b. an American call.c. an American put.d. a European put.e. a European call.PUT OPTIONc 9. Which one of the following provides the option of selling a stock anytime during theoption period at a specified price even if the market price of the stock declines to zero?a. American callb. European callc. American putd. European pute. either an American or a European putPROTECTIVE PUTc10. The primary purpose of a protective put is to:a. increase the maximum potential return on a stock.b. offset an equivalent call option.c. limit the downside risk of stock ownership.d. lock in a risk-free rate of return on an individual stock.e. increase the upside potential return on a stock.PROTECTIVE PUTc 11. Which one of the following acts like an insurance policy should the price of a stockyou own suddenly decrease in value?a. purchase of a European call optionb. sale of an American put optionc. protective putd. protective calle. sale of an American call combined with the purchase of a European callPUT-CALL PARITYe 12. Given an exercise price E, time to maturity T and European put-call parity, thepresent value of the strike price E plus the call option is equal to:a. the current market value of the stock.b. the present value of the stock minus a put option.c. a put option minus the market value of the share of stock.d. the value of a U.S. Treasury bill.e. the share of stock plus the put option.PUT-CALL PARITYc 13. You can realize the same value as that derived from stock ownership if you:a. sell a put option and invest at the risk-free rate of return.b.buy a call option and write a put option on a stock and also lend out funds at the risk-free rate.c. sell a put and buy a call on a stock as well as invest at the risk-free rate of return.d. lend out funds at the risk-free rate of return and sell a put option on the stock.e.borrow funds at the risk-free rate of return and invest the proceeds in equivalentamounts of put and call options.PUT-CALL PARITYd 14. Under European put-call parity, the present value of the strike price is equivalent to:a. the current value of the stock minus the call premium.b. the market value of the stock plus the put premium.c.the present value of a government coupon bond with a face value equal to the strikeprice.d. a U.S. Treasury bill with a face value equal to the strike price.e. a risk-free security with a face value equal to the strike price and a coupon rate equalto the risk-free rate of return.CONTINUOUS COMPOUNDINGe 15. Assume that you want to have $1,000 five years from now. The annual percentage rateapplicable to this investment is 6 percent. Which one of the following methods ofcompounding interest will allow you to deposit the least amount possible today?a. annualb. dailyc. quarterlyd. monthlye. continuousCALL OPTIONa 16. The buyer of a European call option has the:a. right but not the obligation to buy a stock at a specified price on a specified date.b.right but not the obligation to buy a stock at a specified price during a specified periodof time.c. obligation to buy a stock on a specified date but only at the specified price.d.obligation to buy a stock sometime during a specified period of time at the specifiedprice.e.obligation to buy a stock at the lower of the exercise price or the market price on theexpiration date.CALL OPTION PRICINGe 17. In the Black-Scholes option pricing formula, N(d1) is the probability that astandardized, normally distributed random variable is:a. less than or equal to N(d2).b. less than one.c. equal to one.d. equal to d1.e. less than or equal to d1.PUT OPTION PRICINGb 18. To compute the value of a put using the Black-Scholes option pricing model, you:a. first have to apply the put-call parity relationship.b. first have to compute the value of the put as if it is a call.c. compute the value of an equivalent call and then subtract that value from one.pute the value of an equivalent call and then subtract that value from the marketprice of the stock.e. compute the value of an equivalent call and then multiply that value by e-RT.PUT OPTION PRICINGe 19. Which one of the following statements is correct?a. The price of an American put is equal to the stock price minus the exercise priceaccording to the Black-Scholes option pricing model.b. The value of a European put is greater than the value of a comparable American put.c. The value of a put is equal to one minus the value of an equivalent call.d.The value of a put minus the value of a comparable call is equal to the value of thestock minus the exercise price.e.The value of an American put will equal or exceed the value of a European put. BLACK-SCHOLES MODELb 20. The Black-Scholes Option Pricing Model can be used for:a. American options but not European options.b. European options but not American options.c. call options but not put options.d put options but not call options.e. both zero coupon bonds and coupon bonds.BLACK-SCHOLES MODELd 21. Which of the following variables are included in the Black-Scholes call option pricingformula?I. stock priceII. stock betaIII. exercise priceIV. standard deviation of the return on a stocka. I and III onlyb. I, II, and IV onlyc. II, III, and IV onlyd. I, III, and IV onlye. I, II, III, and IVOPTION DELTAa 22. The value of a call option delta is:a. between zero and one.b. less than or equal to one.c. greater than zero.d. greater than or equal to zero.e. less than or equal to one.OPTION THETAc 23. Which of the following statements are correct?I. Vega measures the sensitivity of an option’s value to the passage of time.II. Theta measures the sensitivity of an option’s value to the passage of time.III. Call options tend to be more sensitive to the passage of time than are put options.IV. An increase in time increases the value of a call option.a. I and III onlyb. II and IV onlyc. II, III, and IV onlyd. I, III, and IV onlye. I, II, III, and IVOPTION VEGAd 24. Which of the following statements are correct?I.As the standard deviation of the returns on a stock increase, the value of a put optiondecreases.II.The value of a call option decreases as the standard deviation of the returns on the underlying stock increase.III.The sensitivity of an option’s value to the volatility of the underlying asset is referred to as an option’s vega.IV.Any change in the volatility of the underlying asset can have a significant impact on the value of an option.a. I and III onlyb. II and IV onlyc. I and II onlyd. III and IV onlye. I, II, and III onlyOPTION RHOe 25. The effect that an increase in interest rates has on the value of an option is:a.more significant than the effect created by a change in the volatility of the underlyingasset.b. negative if the option is a call option.c. referred to as the option delta.d. expressed in terms of theta.e. negative if the option is a put.IMPLIED STANDARD DEVIATIONa 26. Of the various factors that are included in the Black-Scholes option pricing model, theone that can not be directly observed is the:a. standard deviation.b. risk-free rate.c. life of the option.d. strike price.e. stock price.IMPLIED STANDARD DEVIATIONc 27. The implied standard deviation is derived by:a. averaging the standard deviations of the returns over the past year.b. taking the square root of the directly observed variances in the return on the stock.c. using the Black-Scholes option pricing model and the market value of the option.d. taking the square root of the option value and subtracting that amount from one.e. taking the square root of the expiration value of an option.IMPLIED STANDARD DEVIATIONb 28. The implied standard deviation used in the Black-Scholes option pricing model is:a. based on historical performance.b. a prediction of the volatility of the return on the underlying asset over the life of theoption.c. a measure of the time decay of an option.d. an estimate of the future value of an option given a strike price E.e. a measure of the historical intrinsic value of an option.OPTION VALUEb 29. The value of an option is equal to the:a. intrinsic value minus the time premium.b. time premium plus the intrinsic value.c. implied standard deviation plus the intrinsic value.d. summation of the intrinsic value, the time premium and the implied standard deviation.e. summation of delta, theta, vega, and rho.EQUITY VALUE OF A FIRMb 30. For the equity of a firm to be considered a call option on the firm’s assets, the firmmust:a. be in default.b. be leveraged.c. pay dividends.d. have a negative cash flow from operations.e. have a negative cash flow from assets.EQUITY VALUE OF A FIRMd 31. If you consider the equity of a firm to be an option on the firm’s assets then the act ofpaying off debt is comparable to _____ on the assets of the firm.a. purchasing a put optionb. purchasing a call optionc. exercising an in-the-money put optiond. exercising an in-the-money call optione. selling a call optionEQUITY VALUE OF A FIRMa 32. For every positive net present value project that a firm undertakes, the equity in thefirm will increase the most if the delta of the call option on the firm’s assets is:a. equal to one.b. between zero and one.c. equal to zero.d. between zero and minus one.e. equal to minus one.VALUE OF A FIRM’S DEBTe 33. The value of the risky debt of a firm is equal to the value of:a. a call option plus the value of a risk-free bond.b. a risk-free bond plus a put option.c. the equity of the firm minus a put.d. the equity of the firm plus a call option.e. a risk-free bond minus a put option.OPTIONS AND MERGERSc 34. Pure financial mergers:a. are beneficial to stockholders.b. are beneficial to both stockholders and bondholders.c. are detrimental to stockholders.d. add value to both the total assets and the total equity of a firm.e. reduce both the total assets and the total equity of a firm.OPTIONS AND MERGERSc 35. A purely financial merger:a. increases the risk that the firm will default on its debt obligations.b. has no effect on the riskiness of the firm’s debt.c. reduces the value of the option to go bankrupt.d. has no effect on the equity value of a firm.e. reduces the risk level of the firm and increases the value of the firm’s equity. OPTIONS AND CAPITAL BUDGETINGa 36. Shareholders in a leveraged firm might wish to accept a negative net present valueproject if:a. it increases the standard deviation of the returns on the firm’s ass ets.b. it lowers the variance of the returns on the firm’s assets.c. it lowers the risk level of the firm.d. it diversifies the cash flows of the firm.e. it decreases the risk that a firm will default on its debt.III. PROBLEMSPROTECTIVE PUT STRATEGYc37. You recently purchased a share of ABC stock at a cost of $23. Assume that you simultaneously purchased a put on one share of ABC stock at a cost of $1 and a strikeprice of $20. The put was for a period of one year. How much profit will you earn ifthe stock is worth $32 at the end of the one-year period?a. $6b. $7c. $8d. $9e. $10PROTECTIVE PUT STRATEGYc 38. Today you purchased one share of XYZ stock at a market price of $42 along with a puton that one share of stock. The put is for one year, has a strike price of $40 and has anoption premium of $.50. What is the maximum amount you can lose over the next year?a. -$3.50b. -$3.00c. -$2.50d. -$2.00e. -$1.50RISK-FREE ASSET PLUS CALLd 39. Today, you are buying a one-year call on JKL stock with a strike price of $40 alongwith a one-year risk-free asset which pays 6 percent interest. The cost of the call is$2.40 and the amount invested in the risk-free asset is $37.74. How much profit willyou earn if the stock has a market price of $44 one year from now?a. -$0.14b. $1.60c. $3.20d. $3.86e. $4.00RISK-FREE ASSET PLUS CALLd 40. Today, you are buying a one-year call on SLO stock with a strike price of $50 alongwith a one-year risk-free asset that pays 4 percent interest. The cost of the call is $3.20and the amount invested in the risk-free asset is $48.08. What is the most you can loseover the next year?a. -$3.33b. -$3.20c. -$3.08d. -$1.28e. -$0.72PUT-CALL PARITYd 41. Tru-U stock is selling for $36 a share. A 3-month call on Tru-U stock with a strikeprice of $40 is priced at $1. Risk-free assets are currently returning 0.25 percent permonth. What is the price of a 3-month put on Tru-U stock with a strike price of $40?a. $2.98b. $3.00c. $4.03d. $4.70e. $4.90PUT-CALL PARITYe 42. HCI, Inc. stock has a current market price of $40 a share. The one-year call on HCIstock with a strike price of $40 is priced at $2 while the one-year put with a strike priceof $40 is priced at $1. What is the risk-free rate of return?a. 2.39 percentb. 2.44 percentc. 2.49 percentd. 2.52 percente. 2.56 percentPUT-CALL PARITYd 43. GS, Inc. stock is selling for $28 a share. A 3-month call on GS stock with a strike priceof $30 is priced at $1.50. Risk-free assets are currently returning 0.3 percent per month.What is the price of a 3-month put on GS stock with a strike price of $30?a. $.50b. $2.02c. $2.73d. $3.23e. $4.02PUT-CALL PARITYc 44. J&L, Inc. stock has a current market price of $55 a share. The one-year call on J&Lstock with a strike price of $55 is priced at $2.50 while the one-year put with a strikeprice of $55 is priced at $1. What is the risk-free rate of return?a. 2.71 percentb. 2.76 percentc. 2.80 percentd. 2.84 percente. 2.87 percentCONTINUOUS COMPOUNDINGd 45. If you invest $5,000 today at 8 percent , compounded continuously, how much will youhave in four years?a. $6,802b. $6,809c. $6,818d. $6,886e. $6,889CONTINUOUS COMPOUNDINGb 46. Tom invested $3,600 in an account today at 12 percent compounded continuously.How much will he have in his account if he leaves his money invested for five years?a. $6,542b. $6,560c. $6,567d. $6,606e. $6,632CONTINUOUSLY COMPOUNDED R f RATEb 47. The stock of Rock Land, Inc. is selling for $60 a share. The six-month 55 call on RockLand stock is selling for $7 while the six-month 55 put is priced at $1. What is thecontinuously compounded risk-free rate of return?a. 3.33 percentb. 3.67 percentc. 4.09 percentd. 4.83 percente. 9.17 percentCONTINUOUSLY COMPOUNDED R f RATEe 48. The stock of Dyblo, Inc. has a current market value of $28 a share. The 3-month callwith a strike price of $25 is selling for $4 while the 3-month put with a strike price of$25 is priced at $.50. What is the continuously compounded risk-free rate of return?a. 6.14 percentb. 6.98 percentc. 7.33 percentd. 7.49 percente. 8.08 percentBLACK-SCHOLES OPTION PRICING MODELb 49. What is the value of d2 given the following information on a stock?Stock price $63Exercise price $60Time to expiration .50Risk-free rate 6%Standard deviation 20%d1.627841a. .3133b. .4864c. .5460d. .6867e. .7349BLACK-SCHOLES OPTION PRICING MODELb 50. Given the following information, what is the value of d2 as it is used in the Black-Scholes Option Pricing Model?Stock price $42Time to expiration .25Risk-free rate .055Standard deviation .50d1.375161a. .021608b. .125161c. .175608d. .200161e. .250161BLACK-SCHOLES OPTION PRICING MODELc 51. What is the value of a 9-month call with a strike price of $45 given the Black-ScholesOption Pricing Model and the following information?Stock price $48Exercise price $45Time to expiration .75Risk-free rate .05N(d1) .718891N(d2) .641713a. $2.03b. $4.86c. $6.69d. $8.81e. $9.27BLACK-SCHOLES OPTION PRICING MODELa 52. What is the value of a 3-month put with a strike price of $40 given the Black-ScholesOption Pricing Model and the following information?Stock price $42Exercise price $40Time to expiration .25Risk-free rate .055N(d1) .646229N(d2) .5498023-month 40 call $5.449884a. $2.90b. $3.35c. $3.75d. $4.00e. $4.35CALL OPTION DELTAe 53. A stock is currently selling for $36 a share. The risk-free rate is 5 percent and thestandard deviation is 20 percent. What is the value of d1 of a 3-month call option with astrike price of $35?a. .3398b. .3402c. .3888d. .4232e. .4567PUT OPTION DELTAa 54. KLN stock is currently priced at $54 a share. The standard deviation is 10 percent,N(d1) is .920226 and U.S. Treasury bills are yielding 4 percent. What is the delta of a6-month put option with an exercise price of $50?a. -.0798b. -.0813c. -.0824d. -.0839e. -.0856MARKET VALUE OF EQUITYb 55. Assume that the delta of a call option on a firm’s assets is .792. This means that a$50,000 project will increase the value of equity by:a. $27,902.b. $39,600.c. $43,820.d. $63,131.e. $89,600.MARKET VALUE OF EQUITYa 56. The current market value of the assets of Bigelow, Inc. is $86 million, with a standarddeviation of 15 percent per year. The firm has zero-coupon bonds outstanding with atotal face value of $45 million. These bonds mature in 2 years. The risk-free rate is 4percent per year compounded continuously. What is the value of d1?a. 3.54b. 3.62c. 3.68d. 3.71e. 3.75MARKET VALUE OF EQUITYd 57. The current market value of the assets of J&J’s, Inc. is $62 million. The firm has zerocoupon bonds outstanding with a total face value of $36 million. The bonds maturefive years from now. N(d1) is equal to .86 and N(d2) is equal to .77. The risk-free rateis 6 percent compounded continuously. What is the market value of the firm’s equity?a. $26.83 millionb. $28.11 millionc. $30.05 milliond. $32.78 millione. $34.18 millionMARKET VALUE OF DEBTa 58. The current market value of the assets of Ditto Inc. is $63.26 million. The market valueof the equity is $42.18 million. What is the market value of the firm’s debt?a. $21.08 millionb. $42.16 millionc. $52.72 milliond. $77.78 millione. $105.44 millionMARKET VALUE OF DEBTc 59. The current market value of the assets of ABC, Inc. is $86 million. The market valueof the equity is $43.28 million. What is the market value of the firm’s debt?a. cannot be determined from the information givenb. $21.36 millionc. $42.72 milliond. $64.08 millione. $129.28 millionIV. ESSAYSOPTION MODEL OF THE FIRM60. Explain the interpretation of equity ownership as being equivalent to owning a call optionon the assets of the firm.Equity is equal to asset minus liabilities. This relationship reflects the residual ownership feature of equity. Because of the limited liability feature of equity ownership in acorporation, the equity must always be non-negative in value, even if the debts of the firm exceed the value of the assets and the firm is in technical (if not outright) bankruptcy. Thus, the equity = max(A – D,0), which is akin to a call option on the assets of the firm with a strike price equal to the face value of the firm’s debt.OPTION MODEL OF THE FIRM61. Explain how option pricing theory can be used to argue that acquisitive firms pursuingconglomerate mergers are not acting in the shareholders’ best interest.Because equity can be viewed as a call option on the assets of the firm, the Black-Scholes option pricing model tells us that equity value will increase if the standard deviation of the firm’s assets increases. To the extent that conglomerate mergers create a more diversified business model for the acquiring firm, the standard deviation of the assets will actuallydecrease, which is counter to the shareholders’ interest in maximizing the value of the firm.The shareholders would prefer that managers seek out maximum risk in their businessactivities.此文档是由网络收集并进行重新排版整理.word可编辑版本！。

企业理财习题库Chap

CHAPTER 25Mergers and Acquisitions I. DEFINITIONSMERGERa 1. The complete absorption of one company by another, wherein the acquiring firmretains its identity and the acquired firm ceases to exist as a separate entity, is called a:a. merger.b. consolidation.c. tender offer.d. spinoff.e. divestiture.CONSOLIDATIONb 2. A merger in which an entirely new firm is created and both the acquired and acquiringfirms cease to exist is called a:a. divestiture.b. consolidation.c. tender offer.d. spinoff.e. conglomeration.TENDER OFFERc 3. A public offer by one firm to directly buy the shares of another firm is called a:a. merger.b. consolidation.c. tender offer.d. spinoff.e. divestiture.HORIZONTAL ACQUISITIONd 4. The acquisition of a firm in the same industry as the bidder is called a _____acquisition.a. conglomerateb. forwardc. backwardd. horizontale. verticalVERTICAL ACQUISITIONe 5. The acquisition of a firm involved with a different production process stage than thebidder is called a _____ acquisition.a. conglomerateb. forwardc. backwardd. horizontale. verticalCONGLOMERATE ACQUISITIONa 6. The acquisition of a firm whose business is not related to that of the bidder is called a_____ acquisition.a. conglomerateb. forwardc. backwardd. horizontale. verticalPROXY CONTESTb 7. An attempt to gain control of a firm by soliciting a sufficient number of stockholdervotes to replace the current board of directors is called a:a. tender offer.b. proxy contest.c. going-private transaction.d. leveraged buyout.e. consolidation.GOING-PRIVATE TRANSACTIONc 8. A business deal in which all publicly owned stock in a firm is replaced with completeequity ownership by a private group is called a:a. tender offer.b. proxy contest.c. going-private transaction.d. leveraged buyout.e. consolidation.LEVERAGED BUYOUTd 9. Going-private transactions in which a large percentage of the money used to buy theoutstanding stock is borrowed is called a:a. tender offer.b. proxy contest.c. merger.d. leveraged buyout.e. consolidation.STRATEGIC ALLIANCEe10. An agreement between firms to cooperate in pursuit of a joint goal is called a:a. consolidation.b. merged alliance.c. joint venture.d. takeover project.e. strategic alliance.JOINT VENTUREc11. An agreement between firms to create a separate, co-owned entity established to pursue a joint goal is called a:a. consolidation.b. strategic alliance.c. joint venture.d. merged alliance.e. takeover project.SYNERGYe 12. The positive incremental net gain associated with the combination of two firmsthrough a merger or acquisition is called:a. the agency conflict.b. goodwill.c. the merger cost.d. the consolidation effect.e. synergy.SUPERMAJORITY AMENDMENTa 13. A change in the corporate charter making it more difficult for the firm to be acquiredby increasing the percentage of shareholders that must approve a merger offer is calleda:a. supermajority amendment.b. standstill agreement.c. greenmail provision.d. poison pill amendment.e. white knight provision.STANDSTILL AGREEMENTb 14. A contract wherein the bidding firm agrees to limit its holdings in the target firm iscalled a:a. supermajority amendment.b. standstill agreement.c. greenmail provision.d. poison pill amendment.e. white knight provision.GREENMAILc 15. The payments made by a firm to repurchase shares of its outstanding stock from anindividual investor in an attempt to eliminate a potential unfriendly takeover attemptare referred to as:a. a golden parachute.b. standstill payments.c. greenmail.d. a poison pill.e. a white knight.POISON PILLSd 16. A financial device designed to make unfriendly takeover attempts financiallyunappealing, if not impossible, is called:a. a golden parachute.b. a standstill agreement.c. greenmail.d. a poison pill.e. a white knight.SHARE RIGHTS PLANSe 17. Corporate charter provisions allowing existing stockholders to purchase stock at somefixed price in the event of a hostile outside takeover attempt are called:a. pac-man defenses.b. shark repellent plans.c. golden parachute provisions.d. greenmail provisions.e. share rights plans.GOLDEN PARACHUTESa 18. Generous compensation packages paid to a firm’s top management in the event of atakeover are referred to as:a. golden parachutes.b. poison puts.c. white knights.d. shark repellents.e. bear hugs.POISON PUTSb 19. Corporate charter provisions that force the firm to buy back its securities at a set andusually quite high price are called:a. golden parachutes.b. poison puts.c. white knights.d. shark repellents.e. bear hugs.WHITE KNIGHTSc 20. A friendly suitor that a target firm turns to as an alternative to a hostile bidder is calleda:a. golden suitor.b. poison put.c. white knight.d. shark repellent.e. crown jewel.SHARK REPELLENTd 21. Any tactic employed by a target firm to discourage unwanted merger offers is referredto as a:a. golden parachute.b. poison put.c. white knight.d. shark repellent.e. bear hug.EQUITY CARVE-OUTb22. The sale of stock in a wholly owned subsidiary via an initial public offering is referred to as a(n):a. split-up.b. equity carve-out.c. countertender offer.d. white knight transaction.e. lockup transaction.SPIN-OFFd23. The distribution of shares in a subsidiary to existing parent company stockholders is called a(n):a. lockup transaction.b. bear hug.c. equity carve-out.d. spin-off.e. split-up.II. CONCEPTSACQUISITIONSa 24. Which of the following statements concerning acquisitions are correct?I. Being acquired by another firm is an effective method of replacing seniormanagement.II. The net present value of an acquisition should have no bearing on whether or not the acquisition occurs.III. Acquisitions are often relatively complex from an accounting and tax point of view.IV. The value of a strategic fit is easy to estimate using discounted cash flow analysis.a. I and III onlyb. II and IV onlyc. I and IV onlyd. I, III, and IV onlye. I, II, III, and IVMERGERb 25. In a merger the:a. legal status of both the acquiring firm and the target firm is terminated.b. acquiring firm retains its name and legal status.c. acquiring firm acquires the assets but not the liabilities of the target firm.d. stockholders of the target firm have little, if any, say as to whether or not the mergeroccurs.e. target firm continues to exist as a subsidiary of the acquiring firm.ACQUISITION OF STOCKe 26. An acquisition of a firm through the purchase of shares of the outstanding stock:I. is frequently more expensive than if the two firms had just merged.II. can be accomplished without the involvement of the target fir m’s board of directors.III. can be accomplished without having the shareholders vote on the acquisition.IV. may be dependent upon the maximum amount of shares made available for sale to the acquiring firm.a. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVVERTICAL ACQUISITIONd 27. When a building supply store acquires a lumber mill they are doing a ______acquisition.a. horizontalb. longitudinalc. conglomerated. verticale. complementary resourcesSTOCK ACQUISITIONc 28. If Microsoft were to acquire U.S. Airways, the acquisition would be classified as a_____ acquisition.a. horizontalb. longitudinalc. conglomerated. verticale. complementary resourcesTAKEOVERSa 29. Assume that both firm A and firm B formally agree to each put up $10 million toform firm C. The operations of firm C are restricted to conducting research anddevelopment activities for the benefit of firms A and B. Firm C is a _____ of firms Aand B.a. joint ventureb. going-private transactionc. conglomerated. subsidiarye. leveraged buyoutTAKEOVERSe 30. Which of the following activities are commonly associated with takeovers?I. the acquisition of assetsII. proxy contestsIII. management buyoutsIV. leveraged buyoutsa. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. I, II, and IV onlye. I, II, III, and IVTAXES AND ACQUISITIONSc 31. In a tax-free acquisition, the shareholders of the target firm:a. receive income that is considered to be tax-exempt.b. gift their shares to a tax-exempt organization and therefore have no taxable gain.c. are viewed as having exchanged their shares.d. sell their shares to a qualifying entity thereby avoiding both income and capital gainstaxes.e. sell their shares at cost thereby avoiding the capital gains tax.PURCHASE ACCOUNTING METHODd 32. The purchase accounting method requires that:a. the excess of the purchase price over the fair market value of the target firm berecorded as a one-time expense on the income statement of the acquiring firm.b. goodwill be amortized on a yearly basis.c. the equity of the acquiring firm be reduced by the excess of the purchase price over thefair market value of the target firm.d. the assets of the target firm be recorded at their fair market value on the balance sheetof the acquiring firm.e. the excess amount paid for the target firm be recorded as a tangible asset on the booksof the acquiring firm.PURCHASE ACCOUNTING METHODb 33. Goodwill created by an acquisition:a. affects the cash flows of the acquiring firm on an annual basis for a period of years.b. must be reviewed each year to determine its current value to the firm.c. reduces the taxable income of the firm as it is expensed.d. has no effect on the reported earnings of a firm when it is expensed.e. is recorded in an amount equal to the fair market value of the assets of the targetfirm.POOLING OF INTERESTSd 34. The pooling of interests method of accounting:I. creates an account called goodwill which is recorded on the balance sheet of themerged firm.II. consists of simply combining the balance sheets of the acquiring and the target firms.III. is no longer permitted by FASB.IV. acknowledges the excess of the purchase price over the fair market value and records this amount on the balance sheet of the acquiring firm.a. I and III onlyb. I and IV onlyc. II and IV onlyd. II and III onlye. I, II, and IV onlyINCREMENTAL CASH FLOWSc 35. The incremental cash flows of a merger can relate to changes in which of thefollowing?I. revenuesII. number of authorized shares of stockIII. taxesIV. capital requirementsa. I and II onlyb. II, III, and IV onlyc. I, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVSYNERGYe 36. Which one of the following statements illustrates a synergistic effect of a merger?a. The revenue of the combined firm is equal to the revenue of the acquiring firm plus therevenue of the target firm.b. The costs of the combined firm exceeds the costs of the acquiring firm plus the costs ofthe target firm.c. The tax liability of the combined firm is greater than the summation of the taxliabilities of each separate firm.d. The depreciation expense of the combined firm is equivalent to the depreciationexpense of the acquiring firm plus the depreciation expense of the target firm.e. The capital requirements of the combined firm are less than the summation of thecapital requirements of each separate firm.SYNERGYd 37. A potential merger that has synergy:a. should be rejected due to the projected negative cash flows.b. should be rejected because synergy destroys firm value.c. has a net present value of zero and thus returns the minimal required rate of return.d. creates value and therefore should be pursued.e. reduces the anticipated net income of the acquiring firm.SYNERGYd 38. A proposed acquisition may create synergy by:I. increasing the market power of the combined firm.II. improving the distribution network of the acquiring firm.III. providing the combined firm with a strategic advantage.IV. reducing the utilization of the acquiring firm’s assets.a. I and III onlyb. II and III onlyc. I and IV onlyd. I, II, and III onlye. I, II, III, and IVACQUISITION GAINSc 39. Which of the following represent potential tax gains from an acquisition?I. a reduction in the level of debtII. an increase in surplus fundsIII. the use of net operating lossesIV. an increased use of leveragea. I and IV onlyb. II and III onlyc. III and IV onlyd. I and III onlye. II, III, and IV onlyACQUISTION CONSIDERATIONSc 40. When evaluating an acquisition you should:a. concentrate on book values and ignore market values.b. focus on the total cash flows of the merged firm.c. apply the rate of return that is relevant to the incremental cash flows.d. ignore any one-time acquisition fees or transaction costs.e. ignore any potential changes in management.ACQUISITIONS AND EARNINGS PER SHAREb 41. If an acquisition does not create value, then the:a. earnings per share of the acquiring firm must be the same both before and after theacquisition.b. earnings per share can change but the stock price of the acquiring firm should remainconstant.c. price per share of the acquiring firm should increase because of the growth of the firm.d. earnings per share will most likely increase while the price-earnings ratio remainsconstant.e. price-earnings ratio should remain constant regardless of any changes in the earningsper share.ACQUISITION EFFECTSc 42. Which one of the following statements is correct?a. Acquiring firms tend to avoid firms with large net operating losses when they areseeking a target firm to acquire.b. If an acquisition increases the debt level of a firm the tax liability of the firmtends to increase as a result.c. If either an increase or a decrease in the level of production causes the average cost perunit to increase the firm is currently operating at its optimal size.d. Firms can always benefit from economies of scale if they increase the size of their firmthrough acquisitions.e. If a firm uses its surplus cash to acquire another firm the shareholders of theacquiring firm immediately incur a tax liability related to the transaction. COMPLEMENTARY RESOURCESb 43. Which one of the following combinations of firms would benefit the most through theuse of complementary resources?a. a ski resort and a travel trailer sales outletb. a golf resort and a ski resortc. a hotel and a home improvement centerd. a swimming pool distributor and a kitchen designere. a fast food restaurant and a dry cleanerCOMPLEMENTARY RESOURCESa 44. Which one of the following is most likely a good candidate for an acquisition thatcould benefit from the use of complementary resources?a. a sports arena that is home only to an indoor hockey teamb. a hotel in a busy downtown business district of a major cityc. a day care center located near a major route into the main business district of a largecityd. an amusement park located in a centralized Florida locatione. a fast food restaurant located near a major transportation hubINEFFICIENT MANAGEMENTa 45. The shareholders of a target firm benefit the most when:a. an acquiring firm has the better management team and replaces the target firm’smanagers.b. the management of the target firm is more efficient than the management of theacquiring firm which replaces them.c. the management of both the acquiring firm and the target firm are as equivalent aspossible.d. their current management team is kept in place even though the managers of theacquiring firm are more suited to manage the target firm’s situation.e. their management team is technologically knowledgeable yet ineffective.ACQUISITION GAINSc 46. Which of the following represent potential gains from an acquisition?I. the replacement of ineffective managersII. lower costs per unit producedIII. an increase in firm size so that diseconomies of scale are realizedIV. spreading of overhead costsa. II and III onlyb. I and IV onlyc. I, II, and IV onlyd. I, III, and IV onlye. I, II, III, and IVEFFECTS OF ACQUISITIONSd 47. Which one of the following statements is correct?a. A firm must realize some synergy as a result of a merger if the earnings per shareof the acquiring firm increase.b. Any diversification achieved through a merger is valued by investors.c. Any increase in earnings per share due to a merger provides financial reasoning for anincrease in the stock price per share.d. Firms with surplus cash need to justify an acquisition as having a business purposeother than the avoidance of a dividend distribution.e. Diversification is one of the greatest benefits derived from an acquisition.COST OF AN ACQUISITIONa 48. The value of a target firm to the acquiring firm is equal to:a. the value of the target firm as a separate entity plus the incremental value derived fromthe acquisition.b. the purchase cost of the target firm.c. the value of the merged firm minus the value of the target firm as a separate entity.d. the purchase cost plus the incremental value derived from the acquisition.e. the incremental value derived from the acquisition.CASH VERSUS STOCK ACQUISITIONc 49. Which one of the following statements is correct?a. If an acquisition is made with cash then the cost of that acquisition is dependent uponthe acquisition gains.b. Acquisitions made by exchanging shares of stock are normally taxable transactions.c. The management of an acquiring firm may put itself at risk of losing control of thefirm if they do acquisitions using shares of stock.d. The stockholders of the acquiring firm will be better off when an acquisition results inlosses if the acquisition was made with cash rather than with stock.e. Acquisitions based on legitimate business purposes are not taxable transactionsregardless of the means of financing used.DEFENSIVE TACTICSb 50. The primary purpose of a flip-in provision is to:a. increase the number of shares outstanding while also increasing the value per share.b. dilute a corporate raider’s ownership position thereby in creasing the cost of a takeover.c. reduce the market value of each share of stock.d. give the existing corporate directors the sole right to remove a poison pill.e. provide additional compensation to any senior manager who loses their job as a resultof a corporate takeover.DEFENSIVE TACTICSc 51. If a firm wants to take over another firm but feels the attempt to do so will be viewedas unfriendly they could decide to take a _____ approach to the acquisition.a. crown jewelb. shark repellentc. bear hugd. countertender offere. lockupACQUISITION EFFECTS ON STOCKHOLDERSd 52. Which of the following have been suggested as reasons why the stockholders inacquiring firms may not benefit to any significant degree from an acquisition?I. th e price paid for the target firm might equal that firm’s total valueII. management may have priorities other than the interest of the stockholdersIII. the target firms tend to be much larger than the acquiring firmsIV. the merger benefits may have been underestimateda. I and III onlyb. II and IV onlyc. III and IV onlyd. I and II onlye. I and IV onlyDIVESTITURES AND RESTRUCTURINGSe 53. Which of the following are reasons why a firm may want to divest itself of some of itsassets?I. to raise cashII. to get rid of unprofitable operationsIII. to get rid of some assets received in an acquisitionIV. to cash in on some profitable operationsa. I and II onlyb. I, II, and III onlyc. I, III, and IV onlyd. II, III, and IV onlye. I, II, III, and IVDIVESTITURES AND RESTRUCTURINGSa 54. Which one of the following statements is correct?a. A spin-off frequently follows an equity carve-out.b. A split-up frequently follows a spin-off.c. An equity carve-out is a specific type of acquisition.d. A spin-off involves an initial public offering.e. A divestiture means that the original firm ceases to exist.III. PROBLEMSGOODWILLb55. Turner, Inc. has $4.2 million in net working capital. The firm has fixed assets with a book value of $48.6 million and a market value of $53.4 million. Martin & Sons isbuying Turner, Inc. for $60 million in cash. The acquisition will be recorded using thepurchase accounting method. What is the amount of goodwill that Martin & Sons willrecord on their balance sheet as a result of this acquisition?a. $0b. $2.4 millionc. $6.6 milliond. $7.2 millione. $11.4 millionMERGER PREMIUMa 56. Rudy’s, Inc. and Blackstone, Inc. are all-equity firms. Rudy’s has 1,500 sharesoutstanding at a market price of $22 a share. Blackstone has 2,500 shares outstandingat a price of $38 a share. Blackstone is acquiring Rudy’s for $36,000 in cash. What isthe merger premium per share?a. $2.00b. $4.25c. $6.50d. $8.00e. $14.00MERGER PREMIUMb 57. Jennifer’s B outique has 2,100 shares outstanding at a market price per share of $26.Sally’s has 3,000 shares outstanding at a market price of $41 a share. Neither firm hasany debt. Sally’s is acquiring Jennifer’s for $58,000 in cash. What is the mergerpremium per share?a. $1.43b. $1.62c. $1.81d. $2.04e. $2.07VALUE OF FIRM B TO Ac 58. Jennifer’s Boutique has 2,100 shares outstanding at a market price per share of $26.Sally’s has 3,000 shares outstanding at a market price of $41 a share. Neither firm ha sany debt. Sally’s is acquiring Jennifer’s for $58,000 in cash. The incremental value ofthe acquisition is $2,500. What is the value of Jennifer’s Boutique to Sally’s?a. $26,000b. $27,600c. $57,100d. $58,200e. $60,500VALUE OF FIRM B TO Ad 59. Rudy’s, Inc. and Blackstone, Inc. are all-equity firms. Rudy’s has 1,500 sharesoutstanding at a market price of $22 a share. Blackstone has 2,500 shares outstandingat a price of $38 a share. Blackstone is acquiring Rudy’s for $36,000 in cash. Theincre mental value of the acquisition is $3,500. What is the value of Rudy’s Inc. toBlackstone?a. $30,000b. $32,500c. $33,000d. $36,500e. $39,500CASH ACQUISITIONb 60. ABC and XYZ are all-equity firms. ABC has 1,750 shares outstanding at a marketprice of $20 a share. XYZ has 2,500 shares outstanding at a price of $28 a share. XYZis acquiring ABC for $36,000 in cash. The incremental value of the acquisition is$3,000. What is the net present value of acquiring ABC to XYZ?a. $1,000b. $2,000c. $3,000d. $4,000e. $5,000CASH ACQUISITIONd 61. Firm A is acquiring Firm B for $40,000 in cash. Firm A has 2,500 shares of stockoutstanding at a market value of $18 a share. Firm B has 1,500 shares of stockoutstanding at a market price of $25 a share. Neither firm has any debt. The net presentvalue of the acquisition is $2,500. What is the value of Firm A after the acquisition?a. $40,000b. $42,500c. $45,000d. $47,500e. $50,000c 62. Firm A is acquiring Firm B for $25,000 in cash. Firm A has 2,000 shares of stockoutstanding at a market value of $21 a share. Firm B has 1,200 shares of stockoutstanding at a market price of $17 a share. Neither firm has any debt. The net presentvalue of the acquisition is $1,500. What is the price per share of Firm A after theacquisition?a. $21.00b. $21.25c. $21.75d. $22.00e. $22.50CASH ACQUISITIONa 63. Alto and Solo are all-equity firms. Alto has 2,400 shares outstanding at a market priceof $24 a share. Solo has 4,000 shares outstanding at a price of $17 a share. Solo isacquiring Alto for $63,000 in cash. The incremental value of the acquisition is $5,500.What is the net present value of acquiring Alto to Solo?a. $100b. $400c. $1,200d. $2,400e. $5,500CASH ACQUISITIONc 64. Principal, Inc. is acquiring Secondary Companies for $29,000 in cash. Principal has2,500 shares of stock outstanding at a market price of $30 a share. Secondary has1,600 shares of stock outstanding at a market price of $15 a share. Neither firm has anydebt. The net present value of the acquisition is $4,500. What is the price per share ofPrincipal after the acquisition?a. $30.00b. $30.70c. $31.80d. $32.10e. $32.50STOCK ACQUISITIONc 65. Winslow Co. has agreed to be acquired by Ferrier, Inc. for $25,000 worth of Ferrierstock. Ferrier currently has 1,500 shares of stock outstanding at a price of $21 a share.Winslow has 1,000 shares outstanding at a price of $22. The incremental value of theacquisition is $4,000. What is the merger premium per share?a. $1b. $2c. $3d. $4e. $5c 66. Winslow Co. has agreed to be acquired by Ferrier, Inc. for $25,000 worth of Ferrierstock. Ferrier currently has 1,500 shares of stock outstanding at a price of $21 a share.Winslow has 1,000 shares outstanding at a price of $22. The incremental value of theacquisition is $4,000. What is the value of Winslow Co. to Ferrier, Inc.?a. $24,000b. $25,000c. $26,000d. $28,000e. $29,000STOCK ACQUISITIONe 67. Brite Industries has agreed to merge with Nu-Day, Inc. for $20,000 worth of Nu-Daystock. Brite has 1,200 shares of stock outstanding at a price of $15 a share. Nu-Day has2,000 shares outstanding with a market value of $19 a share. The incremental value ofthe acquisition is $3,500. What is the value of Nu-Day after the merger?a. $53,000b. $54,250c. $56,000d. $57,750e. $59,500STOCK ACQUISITIONa 68. Goodday & Sons is being acquired by Baker, Inc. for $19,000 worth of Baker stock.Baker has 1,500 shares of stock outstanding at a price of $25 a share. Goodday has1,000 shares outstanding with a market value of $16 a share. The incremental value ofthe acquisition is $2,000. How many new shares of stock will be issued to completethis acquisition?a. 760.0 sharesb. 840.0 sharesc. 960.0 sharesd. 1,187.5 sharese. 1,312.5 sharesSTOCK ACQUISITIONe 69. Holiday & Sons is being acquired by Miller’s, Inc. for $20,000 worth of Miller’s stock.Miller has 1,300 shares of stock outstanding at a price of $20 a share. Holiday has1,000 shares outstanding with a market value of $18 a share. The incremental value ofthe acquisition is $2,000. What is the total number of shares in the new firm?a. 1,000 sharesb. 1,300 sharesc. 1,500 sharesd. 2,000 sharese. 2,300 shares。

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。

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。

《公司理财》选择题题库

公司理财选择题题库Multiple Choice Questions:Chapter 1 CONTROLLERc 1. The person generally directly responsible foroverseeing the tax management, cost accounting,financial accounting, and information systemfunctions is the:a. treasurer.b. director.c. controller.d. chairman of the board.e. chief executive officer.TREASURERa 2. The person generally directly responsible foroverseeing the cash and credit functions,financial planning, and capital expenditures isthe:a. treasurer.b. director.c. controller.d. chairman of the board.e. chief operations officer.CAPITAL BUDGETINGd 3. The process of planning and managing a firm’slong-term investments is called:a. working capital management.b. financial depreciation.c. agency cost analysis.d. capital budgeting.e. capital structure.finance its operations is called:a. working capital management.b. financial depreciation.c. cost analysis.d. capital budgeting.e. capital structure.WORKING CAPITAL MANAGEMENTa 5. The management of a firm’s short-term assetsand liabilities is called:a. working capital management.b. debt management.c. equity management.d. capital budgeting.e. capital structure.called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. limited liability company. c 7. A business formed by two or more individualswho each have unlimited liability for businessdebts is called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. limited liability company.CORPORATIONa 9. A business created as a distinct legal entitycomposed of one or more individuals or entitiesis called a:a. corporation.b. sole proprietorship.c. general partnership.d. limited partnership.e. unlimited liability company.LIMITED LIABILITY COMPANYa 12. A business entity operated and taxed like apartnership, but with limited liability for theowners, is called a:a. limited liability company.b. general partnership.c. limited proprietorship.d. sole proprietorship.e. corporation.a. maximize current dividends per share of theexisting stock.b. maximize the current value per share of theexisting stock.c. avoid financial distress.d. minimize operational costs and maximize firmefficiency.e. maintain steady growth in both sales and netearnings.CHAPTER 4Discounted Cash Flow Valuation ANNUITYa 1. An annuity stream of cash flow payments is aset of:a. level cash flows occurring each time period for afixed length of time.b. level cash flows occurring each time periodforever.c. increasing cash flows occurring each time periodfor a fixed length of time.d. increasing cash flows occurring each time periodforever.e. arbitrary cash flows occurring each time periodfor no more than 10 years.ANNUITIES DUEe 2. Annuities where the payments occur at the endof each time period are called _____ , whereas_____ refer to annuity streams with payments—b. late annuities; straight annuitiesc. straight annuities; late annuitiesd. annuities due; ordinary annuitiese. ordinary annuities; annuities due PERPETUITYc 3. An annuity stream where the payments occurforever is called a(n):a. annuity due.b. indemnity.c. perpetuity.d. amortized cash flow stream.e. amortization table.STATED INTEREST RATESa 4. The interest rate expressed in terms of theinterest payment made each period is called the_____ rate.a. stated annual interestb. compound annual interestc. effective annual interestd. periodic intereste. daily interestcompounded once per year is called the _____rate.a. stated interestb. compound interestc. effective annuald. periodic intereste. daily interestANNUAL PERCENTAGE RATEb 6. The interest rate charged per period multipliedby the number of periods per year is called the_____ rate.a. effective annualb. annual percentagec. periodic interestd. compound intereste. daily interestCHAPTER 5Interest Rate and Bond Valuation COUPONa 1. The stated interest payment, in dollars, made ona bond each period is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.FACE VALUEb 2. The principal amount of a bond that is repaid atthe end of the loan term is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.MATURITYc 3. The specified date on which the principalamount of a bond is repaid is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e.coupon rate.market for owning a bond is called the:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.COUPON RATEe 5. The annual coupon of a bond divided by its facevalue is called the bond’s:a. coupon.b. face value.c. maturity.d. yield to maturity.e. coupon rate.PAR BONDSa 6. A bond with a face value of $1,000 that sells for$1,000 in the market is called a _____ bond.a. par valueb. discountc. premiumd. zero coupone. floating rateDISCOUNT BONDSb 7. A bond with a face value of $1,000 that sells forless than $1,000 in the market is called a _____bond.a. parb. discountc. premiumd. zero coupone.floating ratemore than $1,000 in the market is called a _____bond.a. parb. discountc. premiumd. zero coupone. floating rate CHAPTER 6—Stock Valuation GROWING PERPETUITYa 1. An asset characterized by cash flows thatincrease at a constant rate forever is called a:a. growing perpetuity.b. growing annuity.c. common annuity.d. perpetuity due.e. preferred stock.DIVIDEND GROWTH MODELb 2. The stock valuation model that determines thecurrent stock price by dividing the next annualdividend amount by the excess of the discountrate less the dividend growth rate is called the_____ model.a. zero growthb. dividend growthc. capital pricingd. earnings capitalizatione. discounted dividendDIVIDEND YIELDc 3. Next year’s annual dividend divided by thecurrent stock price is called the:a. yield to maturity.b. total yield.c. dividend yield.d. capital gains yield.e. earnings yield.appreciate (or depreciate) is called the _____yield.a. currentb. totalc. dividendd. capital gainse. earningsPREFERRED STOCKd 5. A form of equity which receives preferentialtreatment in the payment of dividends is called_____ stock.a. dual classb. cumulativec. deferredd. preferrede. commonPREFERRED STOCKe 6. A _____ is a form of equity security that has astated liquidating value.a. bondb. debenturec. proxyd. common stocke. preferred stockDifficulty level: MediumCOMMON STOCKe 7. A form of equity which receives no preferentialtreatment in either the payment of dividends orin bankruptcy distributions is called _____stock.a. dual classb. cumulativec. deferredd. preferrede. commonDIVIDENDSc 12. Payments made by a corporation to itsshareholders, in the form of either cash, stock orpayments in kind, are called:a. retained earnings.b. net income.c. dividends.d. redistributions.e. infused equity.PRIMARY MARKETe 13. The market in which new securities areoriginally sold to investors is called the _____market.a. dealerb. auctionc. over-the-counterd. secondarye. primarySECONDARY MARKETd 14. The market in which previously issued securitiesare traded among investors is called the _____market.a. dealerb. auctionc. over-the-counterd. secondarye. primaryCHAPTER 10 Risk and Return Lessons from Market History RISK PREMIUMa 1. The excess return required from a risky assetover that required from a risk-free asset is calledthe:a. risk premium.b. geometric premium.c. excess return.d. average return.e. variance.VARIANCEb 2. The average squared difference between theactual return and the average return is called the:a. volatility return.d. risk premium.e. excess return.STANDARD DEVIATIONc 3. The standard deviation for a set of stock returnscan be calculated as the:a. positive square root of the average return.b. average squared difference between the actualreturn and the average return.c. positive square root of the variance.d. average return divided by N minus one, where Nis the number of returns.e. variance squared.GEOMETRIC AVERAGE RETURNd 5. The average compound return earned per yearover a multi-year period is called the _____ average return.a. arithmeticb. standardc. variantd. geometrice. real Difficulty level: MediumARITHMETIC AVERAGE RETURNa 6. The return earned in an average year over amulti-year period is called the _____ average return.a. arithmeticb. standardc. variantd. geometrice. real RISK PREMIUMc 7. The excess return you earn by moving from arelatively risk-free investment to a risky investment is called the:a. geometric average return.b. inflation premium.c. risk premium.d. time premium.e. arithmetic average return.TOTAL RETURNe 8. The capital gains yield plus the dividend yieldon a security is called the:a. variance of returns.b. geometric return.c. average period return.d. current yield.e. total return.(CAPM)a b. the expected return on a risky asset.c. the expected return on a collection of risky assets.d. the variance of returns for a risky asset.e.the standard deviation of returns for a collection of risky assets.PORTFOLIO WEIGHTSb 2. The percentage of a portfolio’s total valueinvested in a particular asset is called that asset’s:a. portfolio return.b. portfolio weight.c. portfolio risk.d. rate of return.e. investment value. to a greater or lesser degree, is called _____ risk.a. idiosyncraticb. diversifiablec. systematicd. asset-specifice. totalUNSYSTEMATIC RISKd 4. Risk that affects at most a small number ofassets is called _____ risk.a. portfoliob. undiversifiablec. marketd. unsystematice. totalSYSTEMATIC RISK PRINCIPLEb 6. The _____ tells us that the expected return on arisky asset depends only on that asset’s nondiversifiable risk.a. Efficient Markets Hypothesis (EMH)b. systematic risk principlec. Open Markets Theoremd. Law of One Pricee. principle of diversificationBETA COEFFICIENTa 7. The amount of systematic risk present in aparticular risky asset, relative to the systematic risk present in an average risky asset, is called the particular asset’s:a. beta coefficient.b. reward-to-risk ratio.c. total risk.d. diversifiable risk.e. Treynor index.return and its beta coefficient is the:a. reward-to-risk ratio.b. portfolio weight.c. portfolio risk.d. security market line.e. market risk premium.CHAPTER 12 Risk, Cost of Capital, and Capital Budgeting WACCe 1. The weighted average of the firm’s costs of equity, preferred stock, and after tax debt isthe:a. reward to risk ratio for the firm.b. expected capital gains yield for the stock.c. expected capital gains yield for the firm.d. portfolio beta for the firm.e. weighted average cost of capital (WACC). CAPMb 2. If the CAPM is used to estimate the cost ofequity capital, the expected excess marketreturn is equal to thea. return on the stock minus the risk-free rate.b. difference between the return on the market andthe risk-free rate.c. beta times the market risk premium.d. beta times the risk-free rate.e. market rate of return.CHARACTERISTIC LINEc 3. The best fit line of pairwise plot of the returnsof the security against the market index returnsis called thea. Security Market Line.b. Capital Market Line.c. characteristic line.d. risk line.e. None of the above.CHAPTER 14Capital Structure: Basic Concepts MM PROPOSITION Ib 2. The proposition that the value of the firm isindependent of its capital structure is called:a. the capital asset pricing model.b. MM Proposition I.c. MM Proposition II.d. the law of one price.e. the efficient markets hypothesis.MM PROPOSITION IIc 3. The proposition that the cost of equity is apositive linear function of capital structure iscalled:a. the capital asset pricing model.b. MM Proposition I.c. MM Proposition II.d. the law of one price. INTEREST TAX SHIELDa 4. The tax savings of the firm derived from thedeductibility of interest expense is called the:a. interest tax shield.b. depreciable basis.c. financing umbrella.d. current yield.e. tax-loss carryforward savings.CAPITAL STRUCTURE DEFINITIONd 8. The firm's capital structure refers toa. the way a firm invests its assets.b. the amount of capital in the firm.c. the amount of dividends a firm pays.d. the mix of debt and equity used to finance thefirm's assets.e. how much cash the firm holds.CHAPTER 15 Capital Structure: Limits to the Use of Debt DIRECT BANKRUPTCY COSTSc 1. The explicit costs, such as the legal expenses,associated with corporate default are classifiedas _____ costs.a. flotationb. beta conversionc. direct bankruptcyd. indirect bankruptcye. unleveredINDIRECT BANKRUPTCY COSTSc 2. The costs of avoiding a bankruptcy filing by afinancially distressed firm are classified as_____ costs.a. flotationb. direct bankruptcyc. indirect bankruptcyd.financial solvencye. capital structurecorporate default are referred to as the _____costs of a firm.a. flotationb. default betac. direct bankruptcyd. indirect bankruptcye. financial distressBANKRUPTCYb 6. The legal proceeding for liquidating orreorganizing a firm operating in default is calleda:a. tender offer.b. bankruptcy.—c. merger.d. takeover.e. proxy fight.ACCOUNTING INSOLVENCYd 8. A firm that has negative net worth is said to be:a. experiencing a business failure.b. in legal bankruptcy.c. experiencing technical insolvency.d. experiencing accounting insolvency.e. in Chapter 11 bankruptcy reorganization. CAPITAL STRUCTUREd 10. The value of a firm is maximized when the:a. cost of equity is maximized.b tax rate is zero.c. levered cost of capital is maximized.d. weighted average cost of capital is minimized.e. debt-equity ratio is minimized.CAPITAL STRUCTUREe 11. The optimal capital structure has been achieved when the:a. debt-equity ratio is equal to 1.b. weight of equity is equal to the weight of debt.c. cost of equity is maximized given a pre-tax cost of debt.d. debt-equity ratio is such that the cost of debt exceeds the cost of equity.e. debt-equity ratio selected results in the lowest possible weighed average cost ofcapital.Dividend and Other Payouts I. DEFINITIONSDIVIDENDSa 1. Payments made out of a firm’s earnings to itsowners in the form of cash or stock are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.DISTRIBUTIONSb 2. Payments made by a firm to its owners fromsources other than current or accumulatedearnings are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.REGULAR CASH DIVIDENDS c 3. A cash payment made by a firm to its owners inthe normal course of business is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.LIQUIDATING DIVIDENDSa 4. A cash payment made by a firm to its ownerswhen some of the firm’s asset s are sold off iscalled a:a. liquidating dividend.b. regular cash dividend.c. special dividend.d. extra cash dividend.e. share repurchase.SHARE REPURCHASEe 12. A _____ is an alternative method to cashdividends which is used to pay out a fir m’searnings to shareholders.a. mergerb. tender offerc. payment-in-kindd. stock splite. share repurchaseSTOCK DIVIDENDSa 13. A payment made by a firm to its owners in theform of new shares of stock is called a _____dividend.a. stockb. normalc. speciald. extrae. liquidatingSTOCK SPLITSb 14. An increase in a firm’s number of sharesoutstanding without any change in owners’equity is called a:a. special dividend.b. stock split.c. share repurchase.d. tender offer.e. liquidating dividend.。

《公司理财》习题及标准答案

《公司理财》习题及答案————————————————————————————————作者：————————————————————————————————日期：《公司理财》习题答案第一章公司理财概论案例：华旗股份公司基本财务状况华旗股份有限公司，其前身是华旗饮料厂，创办于20世纪80年代，当时是当地最大的饮料企业，生产的“华旗汽水”是当地的名牌产品，市场占有率较高。

2003年改组为华旗股份有限公司，总股本2 500万股。

公司章程中规定，公司净利润按以下顺序分配：（1）弥补上一年度亏损；（2）提取10%的法定公积金；（3）提取15%任意公积金；（4）支付股东股利。

公司实行同股同权的分配政策。

公司董事会在每年会计年度结束后提出分配预案，报股东大会批准实施。

除股东大会另有决议外，股利每年派发一次，在每个会计年度结束后六个月内，按股东持股比例进行分配。

当董事会认为必要时，在提请股东大会讨论通过后，可增派年度中期股利。

随着市场经济的不断深化，我国饮品市场发展越来越迅猛，全球市场一体化趋势在饮品市场尤为突出，一些国内外知名饮品，如可口可乐、百事可乐、汇源等，不断涌入本地市场，饮品行业竞争日益激烈。

华旗公司的市场占有率不断降低，经营业绩也随之不断下降，公司管理层对此忧心忡忡，认为应该对华旗公司各个方面进行重新定位，其中包括股利政策。

华旗公司于2015年1月15日召开董事会会议，要求公司的总会计师对公司目前财务状况做出分析，同时提出新的财务政策方案，以供董事会讨论。

总会计师为此召集有关人员进行了深入细致的调查，获得了以下有关资料：（一）我国饮品行业状况近几年我国饮品行业发展迅速，在国民经济各行业中走在了前列，目前市场竞争非常激烈，但市场并没有饱和。

从资料看，欧洲每年人均各类饮品消费量为200公斤，我国每年人均消费各种饮料还不到10公斤。

可见，我国饮品仍有着巨大的市场潜力。

果味饮料、碳酸饮料市场日趋畏缩，绿色无污染保健饮品、纯果汁饮品、植物蛋白饮品，以及茶饮品，正在成为饮品家族的新生力量，在市场上崭露头角，市场潜力巨大。

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CHAPTER 14Options and Corporate Finance I. DEFINITIONSOPTIONSa 1. A financial contract that gives its owner the right, but not the obligation, to buy or sella specified asset at an agreed-upon price on or before a given future date is calleda(n) _____ contract.a. optionb. futuresc. forwardd. swape. straddleOPTION EXERCISEb 2. The act where an owner of an option buys or sells the underlying asset, as is their right,is called ______ the option.a. strikingb. exercisingc. openingd. splittinge. stranglingSTRIKE PRICEc 3. The fixed price in an option contract at which the owner can buy or sell the underlyingasset is called the option’s:a. opening price.b. intrinsic value.c. strike price.d. market price.e. time value.EXPIRATION DATEd 4. The last day on which an owner of an option can elect to exercise is the _____ date.a. ex-paymentb. ex-optionc. openingd. expiratione. intrinsicCHAPTER 14AMERICAN OPTIONSe 5. An option that may be exercised at any time up its expiration date is called a(n) _____option.a. futuresb. Asianc. Bermudand. Europeane. AmericanEUROPEAN OPTIONSa 6. An option that may be exercised only on the expiration date is called a(n) _____option.a. Europeanb. Americanc. Bermudand. futurese. AsianCALL OPTIONb 7. A _____ is a derivative security that gives the owner the right, but not the obligation,to buy an asset at a fixed price for a specified period of time.a. futures contractb. call optionc. put optiond. swape. forward contractPUT OPTIONc 8. A _____ is a derivative security that gives the owner the right, but not the obligation,to sell an asset at a fixed price for a specified period of time.a. futures contractb. call optionc. put optiond. swape. forward contractARBITRAGEd 9. A trading opportunity that offers a riskless profit is called a(n):a. put option.b. call option.c. market equilibrium.d. arbitrage.e. cross-hedge.CHAPTER 14 INTRINSIC VALUEe 10. The value of an optio n if it were to immediately expire, that is, it’s lower pricingbound, is called an option’s _____ value.a. strikeb. marketc. volatilityd. timee. intrinsicTIME VALUEa 11. The time value of an option is equal to the:a. option’s market pric e minus its intrinsic value.b. option’s intrinsic value minus its market price.c. risk-free interest rate in the economy.d. net present value of the option’s cash flows.e. net present value of the option’s cash flows, discounted at the risk-free interest rate. EMPLOYEE STOCK OPTIONc12. An employee stock option gives an employee the right to _____ shares of stock in the company at a _____ price for a fixed period of time.a. sell; fixedb. sell; variablec. buy; fixedd. buy; variablee. either buy or sell; fixedREAL OPTIONd 13. An option based on an underlying asset such as a building or land is called a _____option.a. financialb. liquidc. fixedd. reale. tangibleSTRATEGIC OPTIONSb 14. Options for future, related business products or strategies are referred to as _____options.a. financialb. strategicc. expansiond. reale. managerialCHAPTER 14WARRANTSb 15. A security that gives the holder the right, but not the obligation, to purchase shares ofstock in a firm for a fixed price over a specified period of time is called a(n):a. convertible bond.b. warrant.c. initial public offering.d. seasoned equity offering.e. forward sale of equity.CONVERTIBLE BONDSc 16. A bond that can be exchanged for a fixed number of shares of stock in a firm over aspecified period of time is called a _____ bond.a. securedb. warrantedc. convertibled. junke. callableCONVERSION PRICEd 17. The dollar amount of a convertible bond’s par value that is exchangeable for one shareof stock is the bond’s:a. conversion premium.b. straight bond value.c. conversion value.d. conversion price.e. conversion ratio.CONVERSION RATIOe 18. The number of shares of stock received for each convertible bond converted into stockis called the:a. conversion premium.b. straight bond value.c. conversion value.d. conversion price.e. conversion ratio.CONVERSION PREMIUMa 19. The difference between the conversion price of a convertible bond and the currentstock price, divided by the current stock price, is called the:a. conversion premium.b. straight bond value.c. conversion value.d. conversion price.e. conversion ratio.CHAPTER 14 STRAIGHT BOND VALUEb 20. The value a convertible bond would have if it could not be converted into commonstock is called the:a. conversion premium.b. straight bond value.c. conversion value.d. conversion price.e. conversion ratio.CONVERSION VALUEc 21. The value a convertible bond would have if it were to be immediately converted intocommon stock is called the:a. conversion premium.b. straight bond value.c. conversion value.d. conversion price.e. conversion ratio.II. CONCEPTSAMERICAN OPTIONSe22. Which one of the following statements correctly describes your situation as the owner of an American call option?a. You are obligated to buy at a set price at any time up to and including the expirationdate.b. You have the right to sell at a set price at any time up to and including the expirationdate.c. You have the right to buy at a set price only on the expiration date.d. You are obligated to sell at a set price if the option is exercised.e. You have the right to buy at a set price at any time up to and including the expirationdate.AMERICAN OPTIONSc 23. Jeff opted to exercise his August option on August 10 and received $2,500 in exchangefor his shares. Jeff must have owned a (an):a. warrant.b. American call.c. American put.d. European call.e. European put.CHAPTER 14AMERICAN OPTIONSc 24. Mary opted to exercise her option that expired in February on February 1st and paid$3,000 to acquire 100 shares of stock. Mary probably owned one of which two of thefollowing?I. a warrantII. an American callIII. a European callIV. a puta. I and IV onlyb. II and III onlyc. I and II onlyd. I and III onlye. I and IV onlyEUROPEAN OPTIONSa 25. Jillian owns an option which gives her the right to purchase shares of WAN stock at aprice of $20 a share. Currently, WAN stock is selling for $24.50. Jillian would like toprofit on this stock but is not permitted to exercise her option for another two weeks.Which of the following statements apply to this situation?I. Jillian must own a European call option.II. Jillian must own an American put option.III. Jillian should sell her option today if she feels the price of WAN stock will decline significantly over the next two weeks.IV. Jillian cannot profit today from the price increase in WAN stock.a. I and III onlyb. II and IV onlyc. I and IV onlyd. II and III onlye. I, III, and IV onlyEUROPEAN OPTIONSe 26. The difference between an American call and a European call is that the Americancall:a. has a fixed exercise price while the European exercise price can vary within a smallrange.b. is a right to buy while a European call is an obligation to buy.c. has an expiration date while the European call does not.d. is written on 100 shares of the underlying security while the European call covers1,000 shares.e. can be exercised at any time up to the expiration date while the European call can onlybe exercised on the expiration date.CALL EXPIRATION VALUEd 27. If a call has a positive intrinsic value at expiration the call is said to be:a. funded.b. unfunded.c. at the money.d. in the money.e. out of the money.CHAPTER 14 PUT EXPIRATION VALUEe 28. A 35 put option on ABC stock expires today. The current price of ABC stock is $36.The put is:a. funded.b. unfunded.c. at the money.d. in the money.e. out of the money.CALL UPPER BOUNDd 29. The maximum value of a call option is equal to:a. the strike price minus the initial cost of the option.b. the exercise price plus the price of the underlying stock.c. the strike price.d. the price of the underlying stock.e. the purchase price.CALL LOWER BOUNDb 30. The low er bound on a call’s value is either the:a. strike price or zero, whichever is greater.b. stock price minus the exercise price or zero, whichever is greater.c. strike price or the stock price, whichever is lower.d. strike price or zero, whichever is lower.e. stock price minus the exercise price or zero, whichever is lower.CALL LOWER BOUNDe 31. The lower bound of a call option:a. can be a negative value regardless of the stock or exercise prices.b. can be a negative value but only when the exercise price exceeds the stock price.c. can be a negative value but only when the stock price exceeds the exercise price.d. must be greater than zero.e. can be equal to zero.CALL INTRINSIC VALUEe 32. The intrinsic value of a call is:I. the value of the call if it were about to expire.II. equal to the lower bound of a call’s value.III. another name for the market price of a call.IV. always equal to zero if the call is currently out of the money.a. I and III onlyb. II and IV onlyc. I and II onlyd. II, III, and IV onlye. I, II, and IV onlyCHAPTER 14PUT INTRINSIC VALUEd 33. The intrinsic value of a put is equal to the:a. lesser of the strike price or the stock price.b. lesser of the stock price minus the exercise price or zero.c. lesser of the stock price or zero.d. greater of the strike price minus the stock price or zero.e. greater of the stock price minus the exercise price or zero.FACTORS AFFECTING OPTION VALUESc 34. Which of the following statements are correct concerning option values?I. The value of a call increases as the price of the underlying stock increases.II. The value of a call decreases as the exercise price increases.III. The value of a put increases as the price of the underlying stock increases.IV. The value of a put decreases as the exercise price increases.a. I and III onlyb. II and IV onlyc. I and II onlyd. II and III onlye. I, II, and IV onlyFACTORS AFFECTING OPTION VALUESe 35. The value of a call increases when:I. the time to expiration increases.II. the stock price increases.III. the risk-free rate of return increases.IV. the volatility of the price of the underlying stock increases.a. I and III onlyb. II, III, and IV onlyc. I, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVFACTORS AFFECTING OPTION VALUESd 36. Which one of the following will cause the value of a call to decrease?a. lowering the exercise priceb. increasing the time to expirationc. increasing the risk-free rated. lowering the risk level of the underlying securitye. increasing the stock priceCHAPTER 14 FACTORS AFFECTING OPTION VALUESc 37. Assume that you own both a May 40 put and a May 40 call on ABC stock. Which oneof the following statements is correct concerning your option positions? Ignore taxesand transaction costs.a. An increase in the stock price will increase the value of your put and decrease thevalue of your call.b. Both a May 45 put and a May 45 call will have higher values than your May 40options.c. The time premium on both your put and call are less than the time premiums onequivalent June options.d. A decrease in the stock price will decrease the value of both of your options.e. You cannot profit on your position as your profits on one option will be offset bylosses on the other option.FACTORS AFFECTING OPTION VALUESc 38. You own both a May 20 call and a May 20 put. If the call finishes in the money, thenthe put will:a. also finish in the money.b. finish at the money.c. finish out of the money.d. either finish at the money or in the money.e. either finish at the money or out of the money.EMPLOYEE STOCK OPTIONc 39. Which of the following statements are correct concerning employee stock options(ESOs)?I. ESOs grant the employee the right to buy company stock at a fixed price.II. ESOs generally have a shorter life than call options.III. Employees may lose their ESOs if they leave their job.IV. ESOs are sometimes used as a substitute for cash wages.a. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. II, III, and IV onlye. I, II, III, and IVEMPLOYEE STOCK OPTONa 40. Employee stock options are designed to:a. align employee goals with shareholder goals.b. give the company a large tax deduction based on the substantial up-front cost to theemployer.c. reward employees who leave the firm.d. utilize excess cash held by the firm.e. be traded on the open market.CHAPTER 14EMPLOYEE STOCK OPTIONb 41. Employee stock options:a. usually have a positive intrinsic value when they are issued.b. are frequently granted on a regular basis such as quarterly or annually.c. are generally in the money when they are issued.d. are frequently repriced when they are in the money.e. are considered to be “underwater” when they have a positive intrinsic value.EQUITY AS A CALL OPTIONe 42. You own stock in a firm that has a pure discount loan due in six months. The loan hasa face value of $50,000. The assets of the firm are currently worth $62,000. Thestockholders in this firm basically own a _____ option on the assets of the firm with astrike price of:a. put; $62,000.b. put; $50,000.c. warrant; $62,000.d. call; $62,000.e. call; $50,000.REAL OPTIONSe 43. You are shopping for a new home. You find House A that you like but you want tocontinue looking at other houses for one more week. To avoid having someone elsecome along and buy House A while you are looking at other houses, you decide toplace a $1,000 deposit on House A. This deposit will apply to the purchase price if youbuy House A. If you do not buy House A, you will lose your $1,000. Essentially, youhave a _____ on House A.a. financial putb. financial callc. warrantd. real pute. real callINVESTMENT TIMING DECISIONb 44. The investment timing decision relates to:a. how long the cash flows last once a project is implemented.b. the decision as to when a project should be started.c. how frequently the cash flows of a project occur.d. how frequently the interest on the debt incurred to finance a project is compounded.e. the decision to either finance a project over time or pay out the initial cost in cash.e 45. The option to wait:I. may be of minimal value if the project relates to a rapidly changing technology.II. is partially dependent upon the discount rate applied to the project being evaluated.III. is defined as the situation where operations are shut down for a period of time.IV. has a value equal to the net present value of the project if it is started today versus the net present value if it is started at some later date.a. I and III onlyb. II and IV onlyc. I and II onlyd. II, III, and IV onlye. I, II, and IV onlyMANAGERIAL OPTIONSe 46. Which one of the following statements is correct?a. Having the ability to temporarily cease operations is referred to as the option toabandon.b. Strategic options are relatively easy to evaluate using discounted cash flow analysis.c. Ignoring the option to expand causes the net present value of a project to beoverestimated.d. The option to abandon a project has no real financial value.e. Ignoring the option to abandon causes the net present value of a project to beunderestimated.STRATEGIC OPTIONSa 47. Which one of the following is an example of a strategic option?a. opening a new store with a totally new retail design concept to determine if the planwill be well received by consumersb. halting production for one week due to slower than expected salesc. stopping a five-year project after six months due to a lack of consumer demandd. deciding to only open 5 new retail outlets instead of the 10 outlets that were plannede. deciding to change the manufacturing process half way through a project CONTINGENCY PLANNINGc 48. As part of your project analysis, you also review various actions that managementcould take if a project encounters certain situations after it is implemented. Thisadditional analysis is referred to as _____ planning.a. expansionb. abandonmentc. contingencyd. strategice. suspensionb 49. Last month you introduced a new product to the market. Consumer demand has beenoverwhelming and appears that strong demand will exist over the long-term. Given thissituation, management should consider the option to:a. suspend.b. expand.c. abandon.d. contract.e. withdraw.OPTION TO EXPANDc 50. Including the option to expand in your project analysis will tend to:a. extend the duration of a project but not affect the project’s net present value.b. increase the cash flows of a project but decrease the project’s net present value.c. increase the net present value of a project.d. decrease the net present value of a project.e. have no effect on eithe r a project’s cash flows or its net present value.WARRANTSe 51. Warrants are generally:a. issued in connection with publicly traded bonds.b. traded directly between individuals rather than on an exchange.c. structured similar to long-term put options.d. issued by individuals.e. separated from the security they were originally attached to and then traded. WARRANTSd 52. Which of the following statements are correct concerning warrants?I. Warrants are similar to put options.II. Warrants are similar to call options.III. When a warrant is exercised the firm is not involved in the transaction.IV. When a warrant is exercised the number of shares of stock outstanding increase.a. I onlyb. II onlyc. I and III onlyd. II and IV onlye. I and IV onlyWARRANTSa 53. When warrants are exercised, the:a. earnings per share decrease.b. earnings per share remain constant.c. total equity in a firm remains constant.d. total equity in a firm decreases.e. number of bonds outstanding increases.CONVERTIBLE BONDSd 54. Which of the following statements are correct concerning convertible bonds?I. New shares of stock are issued when a convertible bond is converted.II. A convertible bond is similar to a bond with a put option.III. A convertible bond should never be worth less than its straight bond value.IV. A convertible bond can be described as having upside potential with downside protection.a. I and III onlyb. II and IV onlyc. I, II, and III onlyd. I, III, and IV onlye. II, III, and IV onlyCONVERTIBLE BONDSa 55. The conversion value of a convertible bond is computed as the:a. conversion ratio multiplied by the price of the stock.b. conversion ratio multiplied by the conversion price.c. face value of the bond plus the conversion premium.d. face value of the bond multiplied by (1 + conversion premium).e. face value of the bond multiplied by (1 + conversion price).CONVERTIBLE BONDSe 56. The maximum value of a convertible bond is theoretically:a. equal to the conversion value minus the straight bond value.b. equal to the face value of the bond multiplied by (1 + conversion price).c. limited to the maximum straight bond value.d. limited by the face value of the bond.e. unlimited.III. PROBLEMSOPTION QUOTESe 57. What is the cost of five November 25 call option contracts on KNF stock given thefollowing price quotes?KNJ (KNJ) Underlying stock price: 30.86Call PutExpiration Strike Last LastAug 25 6.15 .05Nov 25 6.60 .10Aug 35 .10 4.60Nov 35 .70 5.10a. $615b. $660c. $2,500d. $3,075e. $3,300OPTION QUOTESc 58. What is the value of one November 35 put contract?KNJ (KNJ) Underlying stock price: 30.86Call PutExpiration Strike Last LastAug 25 6.15 .05Nov 25 6.60 .10Aug 35 .10 4.60Nov 35 .70 5.10a. $70b. $460c. $510d. $4,600e. $5,100OPTION QUOTESb 59. What is the intrinsic value of the August 25 call?KNJ (KNJ) Underlying stock price: 30.86Call PutExpiration Strike Last LastAug 25 6.15 .05Nov 25 6.60 .10Aug 35 .10 4.60Nov 35 .70 5.10a. $.10b. $5.86c. $6.15d. $10.00e. $25.00CALL PAYOFFc 60. You purchased six TJH call option contracts with a strike price of $40 when theoption was quoted at $1.30. The option expires today when the value of TJH stock is$41.90. Ignoring trading costs and taxes, what is your total profit or loss on yourinvestment?a. $60b. $320c. $360d. $420e. $540CALL PAYOFFd 61. You sold (wrote) three TXA call option contracts with a strike price of $35 when theoption was quoted at $2.60. The option expires today when the value of TXA stock is$33.70. Ignoring trading costs and taxes, what is your total profit or loss on yourinvestment?a. $0b. $260c. $390d. $780e. $1,170CALL PAYOFFc 62. You purchased four WXO 30 call option contracts at a quoted price of $.34. What isyour net gain or loss on this investment if the price of WXO is $33.60 on the optionexpiration date?a. -$1,576b. -$136c. $1,304d. $1,440e. $1,576CALL PAYOFFb 63. You wrote ten call option contracts on JIG stock with a strike price of $40 and anoption price of $.40. What is your net gain or loss on this investment if the price of JIGis $46.05 on the option expiration date?a. -$6,450b. -$5,650c. $400d. $5,650e. $6,450CALL AND PUT PAYOFFSb 64. The market price of ABC stock has been very volatile and you think this volatility willcontinue for a few weeks. Thus, you decide to purchase a one-month call optioncontract on ABC stock with a strike price of $25 and an option price of $1.30. Youalso purchase a one-month put option on ABC stock with a strike price of $25 and anoption price of $.50. What will be your total profit or loss on these option positions ifthe stock price is $24.60 on the day the options expire?a. -$180b. -$140c. -$100d. $0e. $180CALL AND PUT PAYOFFSb 65. Several rumors concerning Wyslow, Inc. stock have started circulating. These rumorsare causing the market price of the stock to be quite volatile. Given this situation, youdecide to buy both a one-month put and a call option on this stock with an exerciseprice of $15. You purchased the call at a quoted price of $.20 and the put at a price of$2.10. What will be your total profit or loss on these option positions if the stock priceis $4 on the day the options expire?a. -$230b. $870c. $890d. $910e. $1,310PUT PAYOFFb 66. Three months ago, you purchased a put option on WXX stock with a strike price of$60 and an option price of $.60. The option expires today when the value of WXXstock is $62.50. Ignoring trading costs and taxes, what is your total profit or loss onyour investment?a. -$310b. -$60c. $0d. $60e. $190PUT PAYOFFd 67. You sold ten put option contracts on PLT stock with an exercise price of $32.50 andan option price of $1.10. Today, the option expires and the underlying stock is sellingfor $34.30 a share. Ignoring trading costs and taxes, what is your total profit or loss onthis investment?a. -$2,900b. -$1,100c. $700d. $1,100e. $2,900PUT PAYOFFb 68. You sold a put contract on EDF stock at an option price of $.40. The option had anexercise price of $20. The option was exercised. Today, EDF stock is selling for $19 ashare. What is your total profit or loss on all of your transactions related to EDF stockassuming that you close out your positions in this stock today? Ignore transaction costsand taxes.a. -$140b. -$60c. $40d. $60e. $140INTRINSIC VALUEd 69. You own two call option contracts on ABC stock with a strike price of $15. When youpurchased the shares the option price was $1.20 and the stock price was $15.90. Whatis the total intrinsic value of these options if ABC stock is currently selling for $14.50a share?a. -$280b. -$180c. -$100d. $0e. $100INTRINSIC VALUEe 70. You own five put option contracts on XYZ stock with an exercise price of $25. Whatis the total intrinsic value of these contracts if XYZ stock is currently selling for$24.50 a share?a. -$250b. -$50c. $0d. $50e. $250INTRINSIC VALUEe 71. Last week, you purchased a call option on Denver, Inc. stock at an option price of$1.05. The stock price last week was $28.10. The strike price is $27.50. What is theintrinsic value per share if Denver, Inc. stock is currently priced at $29.03?a. -$1.05b. $0c. $.48d. $.93e. $1.53INTRINSIC VALUEd 72. Three weeks ago, you purchased a July 45 put option on RPJ stock at an option priceof $3.20. The market price of RPJ stock three weeks ago was $42.70. Today, RPJ stockis selling at $44.75 a share and the July 45 put is priced at $.80. What is the intrinsicvalue of your put contract?a. -$295b. -$210c. $0d. $25e. $110d 73. You own a call option on Jasper Co. stock that expires in one year. The exercise priceis $42.50. The current price of the stock is $56.00 and the risk-free rate of return is 3.5percent. Assume that the option will finish in the money. What is the current value ofthe call option?a. $13.04b. $13.50c. $13.97d. $14.94e. $15.46CALL OPTION VALUEe 74. You currently own a one-year call option on Way-One, Inc. stock. The current stockprice is $26.50 and the risk-free rate of return is 4 percent. Your option has a strikeprice of $20 and you assume that it will finish in the money. What is the current valueof your call option?a. $6.25b. $6.50c. $6.76d. $7.13e. $7.27CALL OPTION VALUEe 75. The common stock of Mercury Motors is selling for $43.90 a share. U.S. Treasury billsare currently yielding 4.5 percent. What is the current value of a one-year call optionon Mercury Motors stock if the exercise price is $37.50 and you assume the option willfinish in the money?a. $6.12b. $6.40c. $6.69d. $7.67e. $8.01CALL OPTION VALUEd 76. The common stock of Winsson, Inc. is currently priced at $52.50 a share. One yearfrom now, the stock price is expected to be either $54 or $60 a share. The risk-free rateof return is 4 percent. What is the value of one call option on Winsson stock with anexercise price of $55?a. $.39b. $.41c. $.45d. $.48e. $.51。

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