公司理财试卷详解单选1. A conflict of interest between the stockholders and management of a firm is called:A. stockholders' liability.B. corporate breakdown.C. the agency problem.代理问题D. corporate activism.E. legal liability.2. Agency costs refer to:A. the total dividends paid to stockholders over the lifetime of a firm.B. the costs that result from default and bankruptcy of a firm.C. corporate income subject to double taxation.D. the costs of any conflicts of interest between stockholders and management.股东和管理层利益冲突的成本E. the total interest paid to creditors over the lifetime of the firm.3. Working capital management includes decisions concerning which of the following?I. accounts payableII. long-term debtIII. accounts receivableIV. inventoryA. I and II onlyB. I and III onlyC. II and IV onlyD. I, II, and III onlyE. I, III, and IV only4. The process of planning and managing a firm's long-term investments is called:A. working capital management.B. financial depreciation.C. agency cost analysis.D. capital budgeting.资本预算E. capital structure.4. The mixture of debt and equity used by a firm to finance its operations is called:A. working capital management.B. financial depreciation.C. cost analysis.D. capital budgeting.E. capital structure.资本结构5. The management of a firm's short-term assets and liabilities is called:A. working capital management.运营资本管理B. debt management.C. equity management.D. capital budgeting.E. capital structure.6. Which of the following are advantages of the corporate form of business ownership?I. limited liability for firm debt对公司负债承担有限责任II. double taxation双重课税（缺点）III. ability to raise capital筹集资金能力强IV. unlimited firm life 无限存期性A.I and II onlyB.III and IV onlyC.I, II, and III onlyD.II, III, and IV onlyE.I, III, and IV only7. Earnings per share is equal to: 每股收益 income divided by the total number of shares outstanding.净利润/流通在外的股数 income divided by the par value of the common stock.C.gross income multiplied by the par value of the common stock.D.operating income divided by the par value of the common stock. income divided by total shareholders' equity8. Dividends per share is equal to dividends paid: 每股股利A.divided by the par value of common stock.B.divided by the total number of shares outstanding.股利/流通在外的股数C.divided by total shareholders' equity.D.multiplied by the par value of the common stock.E.multiplied by the total number of shares outstanding.9. The current ratio is measured as:A.current assets minus current liabilities.B.current assets divided by current liabilities.C.current liabilities minus inventory, divided by current assets.D.cash on hand divided by current liabilities.E.current liabilities divided by current assets.10. An investment is acceptable if its IRR:A.is exactly equal to its net present value (NPV).B.is exactly equal to zero.C.is less than the required return.D.exceeds the required return.E.is exactly equal to 100%.11.An analysis of what happens to the estimate of net present value when only one variable is changed is called _____ analysis.A. forecastingB. scenarioC. sensitivity敏感性D. simulationE. break-even12. A bond with a 7% coupon that pays interest semi-annually and is priced at parwill have a market price of _____ and interest payments in the amount of _____ each.A. $1,007; $70B. $1,070; $35C. $1,070; $70D. $1,000; $35E. $1,000; $7013.A bond with semi-annual interest payments, all else equal, would be priced _________ than one with annual interest payments.A. higherB. lowerC. the sameD. it is impossible to tellE. either higher or the same14.The constant dividend growth model:I. assumes that dividends increase at a constant rate forever.II. can be used to compute a stock price at any point of time.III. states that the market price of a stock is only affected by the amount of the dividend.IV. considers capital gains but ignores the dividend yield.A. I onlyB. II onlyC. III and IV onlyD. I and II onlyE. I, II, and III only15.Which one of the following types of securities has tended to produce the lowest real rate of return for the period 1926 through 2008A. U.S. Treasury billsB. long-term government bondsC. small company stocksD. large company stocksE. long-term corporate bonds16. The risk premium for an individual security is computed by:A. multiplying the security's beta by the market risk premium.B. multiplying the security's beta by the risk-free rate of return.C. adding the risk-free rate to the security's expected return.D. dividing the market risk premium by the quantity (1 - beta).E. dividing the market risk premium by the beta of the security.17. Which of the following statements is true?A. A well-diversified portfolio has negligible systematic risk.B. A well-diversified portfolio has negligible unsystematic risk.C. An individual security has negligible systematic risk.D. An individual security has negligible unsystematic risk.E. Both A and D.18. The beta of a firm is more likely to be high under what two c onditions?A. High cyclical business activity and low operating leverageB. High cyclical business activity and high operating leverageC. Low cyclical business activity and low financial leverageD. Low cyclical business activity and low operating leverageE. None of the above.19. Preferred stock may exist because:A.losses before income taxes prevent a company from enjoying the tax advantages of debt interest while there is no tax advantage for preferred dividends.B.an advantage exists for the firm; preferred shareholders can not force the company into bankruptcy because of unpaid dividends.C.corporations get a 70% tax exemption on preferred dividends received.D.All of the above.E.None of the above.20. Which of the following would be indicative of inefficient marketA. Overreaction and reversionB. Delayed responseC. Immediate and accurate responseD. Both A and B.E. Both A and C.21. MM Proposition I with no tax supports the argument that:A.business risk determines the return on assets.B.the cost of equity rises as leverage rises.C.it is completely irrelevant how a firm arranges its finances.D. a firm should borrow money to the point where the tax benefit from debt is equal to the cost of the increased probability of financial distress.E.financial risk is determined by the debt-equity ratio.22. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because:A.debt is more risky than equity.B.bankruptcy is a disadvantage to debt.C.firms will incur large agency costs of short term debt by issuing long term debt.D.Both A and B.E.Both B and C25. A financial lease has the following as its primary characteristics:A.is fully amortized, lessee maintains equipment and there is no renewal clause and no cancellation clause.B.is not fully amortized, lessor maintains equipment and there is a renewal clause but no cancellation clause.C.is fully amortized, lessor maintains equipment and there is a renewal clause and a no cancellation clause.D.is not fully amortized, lessor maintains equipment and there is a renewal clause.E.is fully amortized, lessee maintains equipment and there is a renewal clause and a no cancellation clause.26. 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.27.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 only28. 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 IV29. An in-the-money put option is one that:A.has an exercise price greater than the underlying stock price.B.has an exercise price less than the underlying stock price.C.has an exercise price equal to the underlying stock price.D.should not be exercised at expiration.E.should not be exercised at any time.30. Options are granted to top corporate executives because:A.executives will make better business decisions in line with benefiting the shareholders.B.executive pay is at risk and linked to firm performance.C.options are tax-efficient and taxed only when they are exercised.D.All of the above.E.None of the above多选1. Preferred stock may be desirable to issue for which of following reason(s)? (第15章)A. If there is no taxable income, preferred stock does not impose a tax penalty(罚款).B. The failure to pay preferred dividends, cumulative(累积的) or noncumulative, will not cause bankruptcy.C. Preferred dividends are not tax deductible and therefore will not provide a tax shield hill will reduce net income.D. Both B and C2. Which of the following are factors that favor a high dividend policy? (第19章)A. stockholders desire for current incomeB. tendency for higher stock prices for high dividend paying firms.C. investor dislike of uncertainlyD. high percentage of tax-expense institutional stockholders3. Underpricing can possibly be explained by: (第20章)A. oversubscription(超额认购) of an issueB. strong demand by investorsC. under subscription of an issueD. both B and C4. Which of the following are uses of cash? (第8章)A. marketable securities are soldB. the amount of inventory an hand in increasedC. the firm takes out a long-term bank loanD. payment are paid on accounts payable5. To collect on the accounts receivable due to the firm, a firm can:A. send a delinquency letter of past due status to the customerB. make personal contest by telephoneC. employ a collection agencyD. take legal action against the customer as necessary6. Financial distress can involve which of the following: (第30章)A. asset restructuring(资产重组)B. financial restructuring(财务重组)C. liquidation(清算)D. raise cash(集资)7. Which of the following activities are commonly associated with takeovers(收购)? (第25章)A. the acquisition of assetsB. proxy(代理人) contestsC. managements buyouts(管理层收购)D. leveraged buyouts(杠杆收购)8. Which of the following are reasons why a firm may want to divest itself of some its assets?A. to raise cashB. to get rid of unprofitable operationC. to get rid of some assets received in an acquisitionD. to cash in on some profitable operation填空题0.The forecast of cash receipts and disbursements for the next planning period is called a Cash budget.1.The process of planning and maneging a firm's inverstments in fixed assets is called Capital budgeting.2.The mixfure of debt and quity used by a firm to finance its: operations is called: Capital structure.1.The management of a firm's short-term assets and liabilities call Working capital management.4.A business created as a distinct legal entity composed of one or more individuals or entities is called a corporation.5.The financial statement showing a firm's accounting value on a particular date is the Balance sheet. working capital refers to the difference between a firm's current assets and is current liability.7.An annuity stream where the payments occur forever is called a perpetuity.8.The difference between the present value of an investment and its cost is the net present value.9.The discount rate that makes the net present values of an inverstment exactlly equal to zero is called the internal rate of return.10. The interest rate charged per period multiplied by the number of period per year is called the annual percentage rate.11. the first public equity issue that is made by a company is referred to as initial public offering.简答题一、在以下情况下公司提供商业信用可能是有优势的：1. 如果销售企业相对于其他潜在的贷款人具有成本优势；2. 如果销售企业具有垄断力量；3. 如果销售企业可通过提供信用而减少税收；4. 如果销售企业的产品质量难以确定5. 如果销售企业打算建立长期的战略关系；6. 如果在信用管理中存在规模经济，企业的规模也可能是重要因素。
