公司理财 习题库 Chap019

公司理财练习题一、选择题1. 公司理财的主要目标是：A. 增加股东财富B. 提高公司规模C. 降低成本D. 提升品牌形象2. 在资本预算中，净现值（NPV）为正意味着：A. 项目亏损B. 项目盈利C. 项目盈亏平衡D. 项目风险高3. 以下哪项不是公司财务杠杆的表现形式？A. 债务融资B. 股权融资C. 优先股融资D. 资产出售4. 根据现代投资组合理论，投资组合的预期收益与：A. 个别资产的风险成正比B. 个别资产的回报率成正比C. 投资组合的风险成正比D. 个别资产的波动性成正比5. 以下哪个是衡量公司流动性的指标？A. 资产负债率B. 流动比率C. 股东权益比率D. 收益增长率二、判断题6. 公司的财务杠杆可以增加股东的收益，但同时也会增加公司的财务风险。

（）7. 一个项目的内部收益率（IRR）低于公司的资本成本时，该项目被认为是不可接受的。

（）8. 公司的现金流量表主要反映公司的经营活动、投资活动和筹资活动。

（）9. 股票的贝塔系数越高，其风险越低。

（）10. 公司的财务报表分析可以揭示公司的财务状况和经营成果。

（）三、简答题11. 简述公司进行资本结构调整的原因及其可能的影响。

12. 解释什么是资本成本，并说明它在公司投资决策中的作用。

13. 描述现金流量表中经营活动、投资活动和筹资活动的区别及其重要性。

四、计算题14. 假设一家公司计划投资一个项目，初始投资为100万元，预计未来五年的净现金流量分别为20万元、25万元、30万元、35万元和40万元。

如果公司的资本成本为10%，请计算该项目的净现值（NPV）。

15. 一家公司的总资产为5000万元，总负债为3000万元，股东权益为2000万元。

如果公司的营业收入为1000万元，利息费用为100万元，所得税为150万元，请计算公司的财务杠杆比率和权益收益率。

五、案例分析题16. 某公司正在考虑发行债券来融资，债券的票面利率为6%，期限为10年，每年支付一次利息。

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》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第三章 财务管理价值观念三、计算题3．甲银行可提供2年期定期存款服务，名义年利率为4%，该存款每季计息一次；乙银行同样可提供2年期定期存款服务，名义年利率为3.9%，该存款每月计息一次。

王先生手上有现金100万元，请问他应选择哪一家银行储蓄？4．王先生打算为其刚出生的儿子储蓄大学教育经费，假设王先生的儿子将在16岁上大学。

目前大学学杂费一年需要10万元，且每年以5%增加。

若王先生打算从明年开始，连续16年，每年存一笔固定金额的钱。

若年利率为8%，试问王先生每年应存多少钱？6．甲公司从某租赁公司租入一设备，设备价款及各项费用合计500万元，合同期为8年，合同规定甲公司每年年末支付租金，合同期满后，该设备归甲公司所有，设备净残值为0，现市场利率为6%。

请问：（1）甲公司每期支付的租金为多少？（2）如果合同规定甲公司须于每年年初支付租金，那么甲公司每期支付的租金应为多少？3.解：甲银行的实际利率为：4)4%41()1(+=+甲i%06.4=甲i乙银行的实际利率为：12)12%9.31()1(+=+乙i%97.3= i甲银行的实际利率高，所以应该选择甲银行。

4.解：)16%8/()16%5/(10，，，，A F A P F =⨯ A ⋅=⨯324.301829.210（万元）39.1=A 6.解： （1）)8%,6,/(500A P A ⨯=（万元）52.80=A （2）[]1)7%,6,/(500+⨯=A P A （万元）82.74=A第四章 有价证券估价三、计算题1．某债券面值为1000元，票面利率为12%，期限为5年，某公司对此债券进行投资，要求获得15%的报酬率，则该债券价格为多少时才能进行投资？2．有一面值为1000元的债券，票面利率为8%，每年支付一次利息，2000年5月1日发行，2005年4月30日到期。

现在是2003年4月1日，假设投资的必要报酬率为10%，问该债券的价值是多少？3．股票市场预期A 公司的股票股利将在未来三年内高速增长，增长率达15%，以后转为正常增长，增长率为10%，已知A 公司最近支付的股利为每股3元，投资者要求的最低报酬率为12%。

《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。

公司理财习题答案第十九章Chapter 19: Issuing Equity Securities to the Public19.1 a. A general cash offer is a public issue of a security that is sold to all interestedinvestors. A general cash offer is not restricted to current stockholders.b. A rights offer is an issuance that gives the current stockholders the opportunity tomaintain a proportionate ownership of the company. The shares are offered to thecurrent shareholders before they are offered to the general public.c. A registration statement is the filing with the SEC, which discloses all pertinentinformation concerning the corporation that wants to make a public offering.d. A prospectus is the legal document that must be given to every investor whocontemplates purchasing registered securities in a public offering. The prospectusdescribes the details of the company and the particular issue.e. An initial public offering (IPO) is the original sale of a company’s securities to thepublic. An IPO is also called an unseasoned issue.f. A seasoned new issue is a new issue of stock after the company’s securities havepreviously been publicly traded.g. Shelf registration is an SEC procedure, which allows a firm to file a masterregistration statement summarizing the planned financing for a two year period.The firm files short forms whenever it wishes to sell any of the approved masterregistration securities during the two year period.19.2 a. The Securities Exchange Act of 1933 regulates the trading of new, unseasonedsecurities.b. The Securities Exchange Act of 1934 regulates the trading of seasoned securities.This act regulates trading in what is called the secondary market.19.3 Competitive offer and negotiated offer are two methods to select investment bankers forunderwriting. Under the competitive offers, the issuing firm can award its securities to the underwriter with the highest bid, which in turn implies the lowest cost. On the other hand, in negotiated deals, underwriter gains much information about the issuing firm throughnegotiation, which helps increase the possibility of a successful offering.19.4 a. Firm commitment underwriting is an underwriting in which an investment bankingfirm commits to buy the entire issue. It will then sell the shares to the public. Theinvestment banking firm assumes all financial responsibility for any unsold shares.b. A syndicate is a group of investment banking companies that agree to cooperate in ajoint venture to underwrite an offering of securities.c. The spread is the difference between the underwriter’s buying price and the offeringprice. The spread is a fee for the services of the underwriting syndicate.d. Best efforts underwriting is an offering in which the underwriter agrees to distributeas much of the offering as possible. Any unsold portions of the offering are returnedto the issuing firm.19.5 a. The risk in a firm commitment underwriting is borne by the underwriter(s). Thesyndicate agrees to purchase all of an offering. Then they sell as much of it aspossible. Any unsold shares remain the responsibility of the underwriter(s). Therisk that the security’s price may become unfavorable also lies with theunderwriter(s).b. The issuing firm bears the risk in a best efforts underwriting. The underwriter(s)agrees to make its best effort to sell the securities for the firm. Any unsoldsecurities are the responsibility of the firm.19.6 In general, the new price per share after the offering is:P = (market value + proceeds from offering) / total number of sharesi. At $40 P = ($400,000 + ($40 x 5,000)) / 15,000 =$40ii. At $20 P = ($400,000 + ($20 x 5,000)) / 15,000 = $33.33iii. At $10 P = ($400,000 + ($10 x 5,000)) / 15,000 = $3019.7 The poor performance result should not surprise the professor. Since he subscribed to everyinitial public offering, he was bound to get fewer superior performers and more poorperformers. Financial analysts studied the companies and separated the bad prospects from the good ones. The analysts invested in only the good prospects. These issues becameoversubscribed. Since these good prospects were oversubscribed, the professor received a limited amount of stock from them. The poor prospects were probably under-subscribed, so he received as much of their stock as he desired. The result was that his performance was below average because the weight on the poor performers in his portfolio was greater than the weight on the superio r performers. This result is called the winner’s curse. The professor “won” the shares, but his bane was that the shares he “won” were poorperformers.19.8 There are two possible reasons for stock price drops on the announcement of a new equityissue:i. M anagement may attempt to issue new shares of stock when the stock is over-valued, that is, the intrinsic value is lower than the market price. The price drop isthe result of the downward adjustment of the overvaluation.ii. W ith the increase of financial distress possibility, the firm is more likely to raise capital through equity than debt. The market price drops because it interprets theequity issue announcement as bad news.19.9 The costs of new issues include underwriter’s spread, direct and indirect expenses, negativeabnormal returns associated with the equity offer announcement, under-pricing, and green-shoe option.19.10 a. $12,000,000/$15 = 800,000b. 2,400,000/800,000 = 3c. The shareholders must remit $15 and three rights for each share of new stock theywish to purchase.19.11 a. In general, the ex-rights price isP = (Market value + Proceeds from offering) / Total number of sharesP = ($25 x 100,000 + $20 x 10,000) / (100,000 + 10,000) = $24.55b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $0.45 (=$25 - $24.55).Alternative solution:The value of a right can also be computed as:(Ex-rights price - Subscription price) / Number of rights required to buy a share ofstockValue of a right = ($24.55 - $20) / 10 = $0.45c. The market value of the firm after the issue is the number of shares times the ex-rights price.Value = 110,000 x $24.55 $2,700,000 (Note that the exact ex-rights price is$24.5454.)公司理财习题答案第十九章d. The most important reason to offer rights is to reduce issuance costs. Also, rightsofferings do not dilute ownership and they provide shareholders with moreflexibility. Shareholders can either exercise or sell their rights.19.12 The value of a right = $50 - $45 = $5The number of new shares = $5,000,000 / $25 = 200,000The number of rights / share = ($45 - $25) / $5 = 4The number of old shares = 200,000 x 4 = 800,00019.13 a. Assume you hold three shares of the company’s stock. The value of your holdingsbefore you exercise your rights is 3 x $45 = $135. When you exercise, you mustremit the three rights you receive for owning three shares, and ten dollars. You haveincreased your equity investment by $10. The value of your holdings is $135 + $10= $145. After exercise, you own four shares of stock. Thus, the price per share ofyour stock is $145 / 4 = $36.25.b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $8.75 (=$45 - $36.25).c. The price drop will occur on the ex-rights date. Although the ex-rights date isneither the expiration date nor the date on which the rights are first exercisable, it isthe day that the price will drop. If you purchase the stock before the ex-rights date,you will receive the rights. If you purchase the stock on or after the ex-rights date,you will not receive the rights. Since rights have value, the stockholder receivingthe rights must pay for them. The stock price drop on the ex-rights day is similar tothe stock price drop on an ex-dividend day.19.14 a. Stock price (ex-right) = (13+2) / (1+0.5) = $10Subscription price = 2 / 0.5 = $4Right’s price = 13-10 = $3= (10-4) / 2 = $3b. Stock price (ex-right) = (13+2) / (1+0.25) = $12Subscription price = 2 / 0.25 = $8Right’s price = 13-12 = $1= (12-8) / 4 = $1c. The stockholders’ wealth is the same between the two arrangements.19.15 If the interest of management is to increase the wealth of the current shareholders, a rightsoffering may be preferable because issuing costs as a percentage of capital raised is lower for rights offerings. Management does not have to worry about underpricing becauseshareholders get the rights, which are worth something. Rights offerings also preventexisting shareholders from losing proportionate ownership control. Finally, whether the shareholders exercise or sell their rights, they are the only beneficiaries.19.16 Reasons for shelf registration include:i. Flexibility in raising money only when necessary without incurring additional issuancecosts.ii. As Bhagat, Marr and Thompson showed, shelf registration is less costly than conventional underwritten issues.iii. Issuance of securities is greatly simplified.19.17 Suppliers of venture capital can include:i. Wealthy families / individuals.ii. Investment funds provided by a number of private partnerships and corporations.iii. Venture capital subsidiaries established by large industrial or financial corporations.iv. “Angels” in an informal venture capital market.19.18 The proceeds from IPO are used to:i. exchange inside equity ownership for outside equity ownershipii. finance the present and future operations of the IPO firms.19.19 Basic empirical regularities in IPOs include:i. underpricing of the offer price,ii. best-efforts offerings are generally used for small IPOs and firm-commitment offerings are generally used for large IPOs,iii. the underwriter price stabilization of the after market and,iv. that issuing costs are higher in negotiated deals than in competitive ones.。

《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，可増派年度屮期股利。

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--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，不断涌入木地市场，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 FI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：(-)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，冃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牛力量，在市场上崭露头角，市场潜力巨大。

(-)华旗公司目前经营状况公司目前的主要能力主要用于三大类产品，其中40%的生产能力用于生产传统产品——碳酸饮料和果味饮料；50%的生产能力用于生产第二大类产品——矿泉水和瓶装纯净水，是公司目前利润的主要来源。

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.。

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。

项目一财务管理总体认知一、单项选择题1．下列各项企业财务管理目标中,能够同时考虑资金(de)时间价值和投资风险因素(de)是( D ).A．产值最大化 B．利润最大化C．每股收益最大化 D．企业价值最大化2．企业筹资活动(de)最终结果是( D ).A.银行借款B.发行债券C.发行股票D.资金流入7．相对于每股收益最大化目标而言,企业价值最大化目标(de)不足之处是( D ).A．没有考虑资金(de)时间价值 B．没有考虑投资(de)风险价值C．不能反映企业潜在(de)获利能力 D．某些情况下确定比较困难9．下列法律法规同时影响企业筹资、投资和收益分配(de)是( A ).A．公司法 B．金融法C．税法 D．企业财务通则10．在市场经济条件下,财务管理(de)核心是（ B ）.A.财务预测B.财务决策C.财务控制D.财务分析二、多项选择题2．企业财务管理(de)基本内容包括( ACD ).A. 筹资决策 B．技术决策C．投资决策 D．盈利分配决策3．财务管理(de)环境包括( ABCD ).A．技术环境 B．经济环境C．金融环境 D．法律环境4．以下项目中属于“利润最大化”目标存在(de)问题有( ABCD ).A．没有考虑利润实现时间和资金时间价值B．没有考虑风险问题C．没有反映创造(de)利润与投入(de)资本之间(de)关系D．可能导致企业短期财务决策倾向,影响企业长远发展5．以股东财富最大化作为财务管理目标存在(de)问题有( ABC ).A．通常只适用于上市公司B．股价不能完全准确反映企业财务管理状况C．对其他相关者(de)利益重视不够D．没有考虑风险因素6．下列财务管理(de)目标当中,考虑了风险因素(de)有( BCD ).A．利润最大化 B．股东财富最大化C．企业价值最大化 D．相关者利益最大化7．在分配活动中,企业财务管理(de)核心任务是( BC ).A. 确定筹资结构B. 确定分配规模C．确定分配方式 D. 确定投资方向8．利润最大化目标和每股利润最大化目标存在(de)共同缺陷有( ABD ).A．没有考虑货币时间价值 B．没有考虑风险因素C．没有考虑利润与资本(de)关系 D. 容易导致短期行为11．下列属于货币市场工具(de)有( BD ).A．股票 B．短期国库券C．债券 D．回购协议项目二财务管理价值观念培养一、单项选择题2．一定时期内每期期初等额收付(de)系列款项是( A ).A．即付年金 B．永续年金C．递延年金 D．普通年金4．年内复利m次时,其名义利率r与实际利率i之间(de)关系是( A ).A．i＝(1+r／m)m-1 B. i＝(1+r／m)-1C．i＝(1+r／m)-m -1 D. i＝l-(1+r／m)-m5．甲某拟存入一笔资金以备3年后使用.假定银行3年期存款年利率为5％,甲某3年后需用(de)资金总额为34 500元,则在单利计息情况下,目前需存入(de)资金为( A )元.A．30 000 B．29 803．04C．32 857．14 D．31 5006．如果某人5年后想拥有50 000元,在年利率为5％、单利计息(de)情况下,他现在必须存入银行(de)款项是( B )元.A．50 000 B．40 000C．39 176．3l D．47 5007．如果某人现有退休金200 000元,准备存入银行.在银行年复利率为4％(de)情况下,其10年后可以从银行取得( B )元.[（F/P,4%,10）=]A．240 000 B．C．220 000 D．150 0008．某企业向银行借款200万元,年利率8％,半年复利一次,则该项借款(de)实际利率是( D ).A. 7％B. 8％C. ％D. 10%9．某人将8 000元存人银行,银行(de)年利率为10％,按复利计算,则5年后此人可从银行取出( D )元.[（F/P,10%,5）=]A．9 220 B．10000C．10 950 D．1288410．某企业拟建立一项基金,每年初投入100 000元,若年利率为10％,5年后该项基金本利和将为( A )元.[(F／A,10％,6)=]A．671 600 B．564 100C．871 600 D．610 50012．关于标准离差和标准离差率,下列表述正确(de)是( D ).A．标准离差是各种可能报酬率偏离预期报酬率(de)平均值B．如果以标准离差评价方案(de)风险程度,标准离差越小,投资方案(de)风险越大C．标准离差率即风险报酬率D．对比期望报酬率不同(de)各个投资项目(de)风险程度,应用标准离差率二多项选择题2．考虑风险因素后,影响投资报酬率变动(de)因素有( ABD )A．无风险报酬率 B．风险报酬系数C．投资年限 D．标准离差率6．在复利计息方式下,影响复利息大小(de)因素主要包括(ABCD ).A. 计息频率B. 资金额C．期限 D．利率8．可以用来衡量风险大小(de)指标有( CD ).A. 无风险报酬率 B．期望值C．标准差 D．标准离差率11．A项目(de)确定报酬率为10％.B项目(de)报酬率有两种可能：一是有50％(de)可能性获得30％(de)报酬率,二是有50％(de)可能性亏损10％.则下列说法正确(de)有( ABD ).A. B项目(de)期望报酬率为10％B．A项目风险小于B项目C．投资者绝不可能选择B项目D. 投资B项目获得(de)实际报酬可能大大超过A项目12．风险收益率(de)大小,取决于(BD ).A. 风险(de)原因 B．风险报酬系数C．风险能否发生 D．标准离差率四、计算分析题1.丙公司现有A、B两个投资项目,它们(de)投资报酬情况与市场销售状况密切相关,有关资料见下表：要求：(1)计算A项目(de)期望值、标准差和标准离差率；(2)计算B项目(de)期望值和标准差和标准离差率；(3)假定丙公司规定,任何投资项目(de)期望报酬率都必须在10％以上,且标准离差率不得超过1,请问丙公司应该选择投资哪一个项目答案：(1)计算A项目(de)期望值和标准差A项目(de)期望值＝30％×30％+50％×10％+20％×(-15％)＝11％A项目(de)标准差＝[30％×(30％-11％)2+50％×(10％-11％)2 +20％×(-15％-11％)2]1/2＝15. 62％A项目(de)标准离差率=1．42(2)计算B项目(de)期望值和标准差B项目(de)期望值＝30％×20％+50％×10％+20％×5％＝12％B项目(de)标准差＝[30％×(20％-12％)2+50％×(10％-12％)2+20％×(5％-12％)2]1/2＝5．58％B项目(de)标准离差率＝5．58％／12％＝0．465(3)根据丙公司设定(de)项目选择标准,尽管A项目(de)期望报酬率满足丙公司(de)要求,但标准离差率太高,风险太大,不符合要求,不宜选取；B项目(de)期望报酬率和标准离差率均符合丙公司设定(de)投资标准,丙公司应该选取B项目.解析：本题(de)主要考点是各种风险衡量方法(de)计算,以及通过比较风险和收益做出决策.项目三一、单项选择题1．下列权利中,不属于普通股东权利(de)是( D ).A．公司管理权 B．分享盈余权C．优先认股权 D．优先分配剩余财产权2．相对于股票筹资而言,银行借款(de)缺点是( D ).A．筹资速度慢 B．筹资成本高C．借款弹性差 D．财务风险大3．相对于普通股股东而言,优先股股东所拥有(de)优先权是( D ).A．优先表决权 B．优先购股权C．优先查账权 D．优先分配股利权8．相对于负债融资方式而言,采用吸收直接投资方式筹措资金(de)优点是( B ).A．有利于降低资金成本 B．有利于降低财务风险C．有利于集中企业控制权 D．有利于发挥财务杠杆作用11．按照资金来源渠道不同,可将筹资分为( C ).A．直接筹资和间接筹资 B．内源筹资和外源筹资C．权益筹资和负债筹资 D．短期筹资和长期筹资12．在下列各项中,能够增加企业自有资金(de)筹资方式是( A ).A．吸收直接投资 B．发行公司债券C．利用商业信用 D．留存收益转增资本13．某企业按年利率％向银行借款100万元,银行要求保留10％(de)补偿性余额,则该项借款(de)实际利率为( B ).A．4．95％ B．6％C．5．4％ D．9．5％四、计算分析题1．某企业于2009年1月5日以每张1 020元(de)价格购买B企业发行(de)利随本清(de)企业债券.该债券(de)面值为l 000元,期限为3年,票面年利率为l0％,不计复利.购买时市场年利率为8％.不考虑所得税.要求：(1)利用债券估价模型评价A企业购买此债券是否合算(2)如果A企业于2010年1月5日将该债券以l l30元(de)市价出售,计算该债券(de)投资收益(1)债券估价P=(1 000+1 000×10%×3)/(1+8%)3=1 031．98(元)由于其投资价值(1 031．98元)大于购买价格(1 020元),故购买此债券合算.(2)计算债券投资收益率K=(1 130—1 020)／1 020×100％=10．78％3．某公司向银行借入短期借款10 000元,支付银行贷款利息(de)方式同银行协商后(de)结果是：(1)如采用收款法,则利息率为l4％；(2)如采用贴现法,利息率为12％；(3)如采用补偿性余额,利息率降为l0％,银行要求(de)补偿性余额比例为20％.要求：如果你是该公司财务经理,你选择哪种支付方式说明理由.答案：(1)本题采取收款法实际利率为l4％.(2)采取贴现法实际利率为：12％／(1—12％)=13．64％(3)采取补偿性余额实际利率为：10％／(1—20％)=12．5％因为三者比较,采取补偿性余额实际利率最低,所以,选择补偿性余额支付方式.4．某公司2009年1月1日发行面值为1 000元,利率为12％,期限为2年,每年年末付息到期还本(de)债券要求：该债券(de)价值为多少答案：该债券价值=1 000×10％×(P／A,12％,2)+1 000×(P／F,12％,2)=100×1．6901+1 000×0．7972=966．21(元)项目四资本成本和资本结构决策一、单项选择题1．某公司发行债券,票面利率为8％,偿还期限5年,发行费率5％,所得税税率为25％,则债券资金成本为( C ).A．10% B．6．32％C．6．91％ D．7％2．一般而言,企业资金成本最高(de)筹资方式是( C ).A. 发行债券B. 长期借款C．发行普通股 D．发行优先股3．在个别资金成本(de)计算中,不必考虑筹资费用影响因素(de)是( C ).A. 长期借款成本B．债券成本C．留存收益成本D. 普通股成本4．A公司平价发行债券,票面利率为10％,所得税税率为40％,筹资费用率为10％,则其资金成本为( D ).A.6％ B．10％C．5．4％ D．6．67％7．某公司(de)经营杠杆系数为1．8,财务杠杆系数为1．5,则该公司销售额每增长1倍,就会造成每股利润增加( D ).A. 1．2倍 B．15倍C．0．3倍 D．2．7倍8. 下列各项中,不影响经营杠杆系数(de)是(D ).A．产品销售数量B．产品销售价格C. 固定成本D．利息费用11．财务杠杆说明( A ).A．增加息税前利润对每股利润(de)影响B．增加销售收入对每股利润(de)影响C．扩大销售对息税前利润(de)影响D．企业(de)融资能力12．某企业销售收入为500万元,变动成本率为65％,固定成本为80万元,其中利息15万元.则经营杠杆系数为( C ).A．1．33 B．1．84C．1．59 D．1．2513. 在其他条件不变(de)情况下,借入资金(de)比例越大,财务风险( A ).A. 越大 B．不变C．越小 D．逐年上升二、多项选择题1．下列属于用资费用(de)有( AC ).A．向股东支付(de)股利B．向银行支付(de)手续费C．向银行支付(de)借款利息D．向证券经纪商支付(de)佣金2．个别资金成本主要包括( ABC ).A．债券成本B．普通股成本C．留存收益成本D．资金(de)边际成本4．计算个别资金成本时必须考虑所得税因素(de)是( CD ).A. 优先股资金成本B. 普通股资金成本C．债券成本D．银行借款成本5．债务比例( ),财务杠杆系数（）,财务风险（ AB ）.A. 越高,越大,越高B．越低,越小,越低C．越高,越小,越高D．越低,越大,越低6．影响企业边际贡献大小(de)因素有( BCD ).A．固定成本B．销售单价C．单位变动成本D．产销量7. 下列对财务杠杆(de)论述,正确(de)有( BC ).A．财务杠杆系数越高,每股利润增长越快B．财务杠杆效应是指利用负债筹资给企业自有资金带来(de)额外收益C．财务杠杆系数越大,财务风险越大D．财务杠杆与财务风险无关9. 下列各项中,影响财务杠杆系数(de)因素有( ACD ) .A．产品边际贡献总额B．所得税税率C. 固定成本D．财务费用10．已知某企业经营杠杆系数等于2,预计息税前利润增长10％,每股利润增长30％.下列说法正确(de)有( ABC ).A．产销业务量增长5％B．财务杠杆系数等于3C. 复合杠杆系数等于6D. 资产负债率大于50％11．某企业经营杠杆系数为2,财务杠杆系数为3,则下列说法正确(de)有( ABCD ).A．如果销售量增加10％,息税前利润将增加20％B. 如果息税前利润增加20％,每股利润将增加60％C. 如果销售量增加10％,每股利润将增加60％D. 如果每股利润增加30％,销售量需增加5％四、计算分析题2. 万通公司年销售额为1 000万元,变动成本率60％,息税前利润为250万元,全部资本500万元,负债比率40％,负债平均利率10％.要求：(1)计算万通公司(de)经营杠杆系数、财务杠杆系数和复合杠杆系数.答案(1)经营杠杆系数(DOL)＝M／EBIT=400／250＝1．6财务杠杆系数(DFL)＝EBIT／(EBIT-I)＝250／(250-20)＝1．09复合杠杆系数(DTL)＝DOLXDFL＝1．6×1．09＝1．74(2)息税前利润增长幅度＝×10％＝16％每股利润增长幅度=1．74×10％＝17．40％项目五项目投资管理一、单项选择题1．在长期投资决策中,一般属于经营期现金流出项目(de)有( A ).A．经营成本 B．开办费投资C．固定资产投资 D．无形资产投资2．从项目投资(de)角度看,将企业为使项目完全达到设计生产能力、开展正常经营投入(de)全部现实资金称为( C ).A．投资总额 B．现金流量C．原始总投资 D．项目总投3．在其他条件不变(de)情况下,若企业提高折现率,数字大小不会因此受到影响(de)指标是( D ).A．净现值 B．获利指数C．净现值率 D．内部收益率5．下列各项中,不会对投资项目内部收益率指标产生影响(de)因素是(D ).A．原始投资 B．现金流量C．项目计算期 D．设定折现率6. 内部收益率是一种能使投资方案(de)净现值( B )(de)折现率.A．大于零 B．等于零C．小于零 D．大于等于零7．通过净现值判别项目是否可行(de)准则是( A ).A．NPV>0 B．NPV=0C．NPV<0 D．NPV≤08．原始投资额是反映项目( A ) (de)价值指标.A．所需现实资金 B. 投资总体规模C．所需潜在资金 D. 固定资产规模10．投资利润率与投资回收期(de)相同点是( B ).A．两个指标中(de)“投资”,均是原始投资额B．均没有考虑资金时间价值C．都需要使用现金流量D. 都需要使用利润指标11．一般地,流动资金回收发生于( C ).A．建设起点 B．投产时点C．项目终结点 D. 经营期(de)任一时点14. 某投资项目(de)年营业收入为100万元,年总成本为60万元,其中折旧为10万元,所得税率为33％,则该方案每年(de)经营现金净流量为( C )万元.A．40 B．50 C．36．8 D．2615．某投资项目(de)投资总额为100万元,项目每年产生(de)税后利润为10万元,每年(de)折旧额为10万元,则静态投资回收期为( C )年.A．12．5 B．8．33 C．5 D. 2516．投资利润率(de)分母是( D ).A．建设投资 B．原始投资C．固定资产原值 D．投资总额17．投资回收期是指回收( B )所需(de)全部时间.A．建设投资 B．原始总投资C．固定资产原值 D．投资总额二、多项选择题2．完整(de)工业投资项目(de)现金流入主要包括(ABCD ).A．息税前利润 B．固定资产折旧C．回收流动资金 D．回收固定资产变现净值3．净现值法(de)优点有( ABD ).A．考虑了投资风险 B．考虑了资金时间价值C．可以动态上反映项目(de)实际收益率 D．考虑了项目计算期(de)全部净现金流量4．净现值法与现值指数法(de)共同之处在于( CD ).A．都是相对数指标B．都没有考虑货币时间价值因素C．都不能反映投资方案(de)实际投资收益率D．都必须按预定(de)贴现率折算现金流量(de)现值5．下列各项中,属于从长期投资决策静态评价指标(de)是( BD ).A．获利指数 B．投资回收期C．内部收益率 D．投资利润率6．评价投资方案(de)回收期指标(de)主要特点是( ACD ).A．不能反映时间价值 B．不能衡量企业(de)投资风险C．没有考虑回收期后(de)现金流量 D．不能衡量投资方案投资报酬率(de)高低7．下列项目中投资评价指标中,属于动态指标(de)是(ABD ).A．现值指数 B．净现值率C．投资利润率 D．内部收益率四、计算分析题1．已知一公司拟于2009年初用自有资金购置设备一台,需一次性投资l00万元.经测算,该设备使用寿命为5年,税法亦准许按5年计提折旧,设备投入运营后每年可新增息税前利润20万元.假定,该设备按直线法折旧,预计(de)净残值率为5％,不考虑设备(de)建设期和公司所得税.要求：(1)计算使用期内各年净现金流量；(2)计算该设备(de)静态投资回收期；(3)计算该投资项目(de)投资利润率；(4)如果以10％作为折现率,计算其净现值.答案：(1)该设备各年净现金流量测算NCF.=-100万元=20+(100-5)／5=39(万元)NCF1-4=20+(100-5)／5+5=44(万元)NCF5(2)静态投资回收期=100／39=2．56(年)(3)该设备投资利润率=20／100 × 100％=20％(4)该投资项目(de)净现值=39 × 3．7908+100 × 5％×0．6209—100 =147．8412+3．1045—100=50．95(万元)2．某公司准备购入一台设备以扩充生产能力,现有甲、乙两个方案可以选择.甲方案需要投资50 000元,使用寿命5年,采用直线法计提折旧,5年后设备无残值,5年中每年销售收入为20 000元,付现成本6 000元；乙方案需要投资60 000元,采用直线法计提折旧,使用寿命也是5年,5年后设备残值5 000元,每年销售收入25 000元,付现成本第一年6 000元,以后每年增加l 000元,另外,乙方案需要垫付营运资金l0 000元.假设企业适用(de)所得税为30％,平均资金成本为10％.要求：(1)计算两个方案(de)现金流量；(2)计算两个方案(de)净现值；(3)计算两个方案(de)现值指数；(4)计算两个方案(de)投资回收期；(5)根据计算结论选择哪个投资方案.答案：(1)甲方案：初始投资额50 000元每年现金流量NCF=(20 000—6 000—10 000)×(1—25％)+10 000=13 0001-5乙方案：初始投资额60 000元,垫付营运资金l0 000元,共计70 000元；=-70 000元NCF=(25 000—6 000)×(1—25％)+ 11 000×25％=17 000(元) NCFlNCF=(25 000—7 000)×(1—25％)+ 11 000×25％=16 250(元)2=(25 000—8 000)×(1—25％)+ 11 000×25％=15 500(元)NCF3=(25 000—9 000)×(1—25％)+ 11 000×25％=14 750(元)NCF4NCF=(25 000—10 000)×(1—25％)+ 11 000×25％+15 000=29 000(元)5(2)净现值：甲方案：l3 000 × 3．7908—50 000=(元)乙方案：l7 000×0．9091+16 250×0．8264+15 500 × 0．7513+14 750 × 0．6830+29 000×0．6209—70 000=-1 (元)(3)现值指数：甲方案：l3 000 × 3．7908／50 000=0. 99乙方案：(l6 600×0．9091+15 900×0．8264+15 200 × 0．7513+14 500 × 0．6830+28 800×0．6209)／70 000=0．98(4)投资回收期：甲方案：50 000／13 000=3．85(年)乙方案：4+(70 000—17 000—16 250—15 500—14 750)／29 000=4．22(年) (5)根据计算,选择甲方案.项目六营运资金管理一、单项选择题1．下列各项中,不属于流动负债(de)特点包括( D ).A．速度快 B．弹性大C．风险大 D．具有波动性2．下列项目中,不属于现金持有动机中交易动机(de)是( B ).A．支付工资 B．购买股票C．缴纳所得税 D．派发现金股利3．企业应持有(de)现金总额通常小于交易动机、预防动机和投机动机所需要(de)现金余额之和,其原因是( D ).A．现金(de)存在形式在不断变化 B．现金与有价证券可以互相转换C．现金在不同时点上可以灵活使用 D．各种动机所需要(de)现金可以调节使用4．与现金持有量没有明显比例关系(de)成本是( C ).A．机会成本 B．资金成本C．管理成本 D．短缺成本5．企业在进行现金支出管理时,可利用(de)现金浮游量是指( C ).A．企业账户所记存款余额B．银行账户所记企业存款余额C．企业账户与银行账户所记存款余额之差D．企业实际现金余额超过最佳现金持有量之差6．企业为满足交易动机而持有现金,所需考虑(de)主要因素是( A ).A．企业销售水平(de)高低 B．企业临时举债能力(de)大小C．企业对待风险(de)态度 D．金融市场投机机会(de)多少7．下列有关现金管理(de)成本中,属于固定成本性质(de)是( A ).A．现金管理成本 B．现金短缺成本C．占用现金(de)机会成本 D．转换成本中(de)委托买卖佣金8．某公司每年(360天)现金需求额为400万元,每次转换(de)交易成本为20万元,银行(de)存款利率为10％,则该公司目标现金持有量为（ C ）.A．200万元 B．300万元C．400万元 D．500万元12．在下列费用中,属于应收账款机会成本(de)是( D ).A．转换费用 B．坏账损失C．收账费用 D．投资于应收账款而丧失(de)再投资收益17．下列各项中,属于现金支出管理方法(de)是( B ).A．银行业务集中法 B．合理运用“浮游量”C．账龄分析法 D．邮政信箱法19．下列各项中,属于应收账款机会成本(de)是( D ).A．收账费用 B．坏账损失C．客户资信调查费 D．应收账款占用资金(de)应计利息20．下列属于缺货成本(de)是( D ).A．存货(de)保险费用 B．存货残损霉变损失C．储存存货发生(de)仓储费用 D．产品供应中断导致延误发货(de)信誉损失22．在确定经济进货批量基本模式下(de)进货批量时,应考虑(de)成本是( D ).A．进货成本 B．订货成本C．储存成本 D．进货费用和储存成本23．采用ABC控制法时,A类存货应符合(de)条件是( A ).A．品种数占总品种数(de)l0％,价值占总价值(de)70％B．品种数占总品种数(de)70％,价值占总价值(de)10％C．品种数占总品种数(de)70％,价值占总价值(de)30％D．品种数占总品种数(de)30％,价值占总价值(de)70％26．企业向银行短期借款,借款利率为10％,补偿性余额为l2％,则实际贷款利率为( C ).A．7．8％ B．10％C．％ D．14％二、多项选择题1．流动资产与固定资产投资相比,特点包括( BCD ).A．弹性大 B．流动性强C．具有并存性 D．具有波动性2．企业为维持预防动机所需要(de)现金余额主要取决因素有( ABD ).A．企业临时(de)举债能力 B．企业愿意承担(de)风险程度C．企业在金融市场上(de)投资机会 D．企业对现金流量预测(de)可靠程度5．用存货模式分析确定最佳现金持有量时,要考虑(de)成本费用项目有( CD ).A．现金管理费用 B．现金短缺成本C．持有现金(de)机会成本 D．现金与有价证券(de)转换成本6．企业在确定为应付紧急情况而持有现金(de)数额时,需考虑(de)因素有( BD ).A．企业销售水平(de)高低 B．企业临时举债能力(de)强弱C．金融市场投资机会(de)多少 D．企业现金流量预测(de)可靠程度8．应收账款(de)成本包括( ABD ).A．机会成本 B．坏账成本C．财务成本 D．管理成本11．影响应收账款机会成本(de)因素有( ABCD ).A．应收账款周转天数 B．变动成本率C．赊销收入净额 D．资金成本率14．赊销在企业生产经营中所发挥(de)作用有( BC ).A．增加现金 B．减少存货C．促进销售 D．减少借款15．存货(de)功能主要包括( ABCD ).A．防止停工待料 B．适应市场变化C．降低进货成本 D．维持均衡生产16．流动负债主要来源有( ABD ).A．短期借款 B．商业信用C．发行债券 D．应付账项四、计算分析题1. 某企业现金收支状况比较稳定,全年(de)现金需要量为900 000元,每次转换有价证券(de)固定成本为450元,有价证券(de)年利率为10%.要求：（1）计算最佳现金持有量.（2）计算最低现金持有成本.（3）计算最佳现金持有量(de)全年转换成本.（4）计算最佳现金持有量(de)机会成本.（5）计算有价证券(de)转换次数和转换间隔期.答案（1）最佳现金持有量=(2×900000×450/10%)1/2＝90000(元)（2）最低现金持有成本=(2×900000×450×10%)1/2＝9000(元)（3）最佳现金持有量(de)全年转换成本=(900000/90000) ×450=4500(元)(4) 最佳现金持有量(de)机会成本=(90000/2) ×10%=4500(元)(5) 有价证券(de)转换次数=(900000/90000)=10（次）有价证券(de)转换间隔期=360/10=30（天）3. 方华公司预计年耗用某材料80 000公斤,单价20元／公斤,单位储存成本10元,平均每次进货费用为40元,该材料不允许缺货.要求：(1)计算该材料(de)经济订货量；(2)计算与经济订货批量有关(de)存货总成本；(3)计算经济订货批量(de)平均占用资金；(4)计算年度最佳进货批次答案(1)经济订货批量＝1040800002⨯⨯=800(公斤)(2)与经济订货批量有关(de)存货总成本=8 000(元)(3)资金平均占用额＝800／2×20=8 000(元)(4)全年最佳进货次数＝80 000／800=100(次)项目七一、单项选择题1．下列各项中,不属于收益与分配管理(de)内容是(D ).A．收人管理 B．成本管理C．利润分配管理 D．筹资决策管理5．公司采用固定股利政策发放股利(de)优点主要表现为( B ).A．降低资金成本 B．维持股价稳定c．提高支付能力 D．实现资本保全7．一般而言,适应于采用固定股利政策(de)公司是( C ).A．负债率较高(de)公司 B．盈利波动较大(de)公司C．盈利稳定或处于成长期(de)公司 D．盈利较高但投资机会较多(de)公司9．某公司目标资金结构为自有资金与借人资金之比为6：4,该公司下一年度计划投资1 200万元,今年年末实现(de)净利润为3 000万元.按照剩余股利政策,该公司可用于分配股利(de)金额是( D ).A．1500 B．1720C．2200 D．228016．下列各项中,能使股票交易价格产生下降(de)日期可能是( A ).A．除息日 B．股权登记日C．股利宣告日 D．股利支付日二、多项选择题5．下列各项中,属于公司发放股票股利优点(de)有( ABCD ).A．有利于吸引投资者B．促进公司股票(de)交易和流通C．可以降低公司股票(de)市场价格D．可以传递公司未来发展前景良好(de)信息10．下列各项中,属于揭示投资中心特点(de)表述包括( BCD ).A．属于最高管理层 B．承担最大(de)责任C．具有投资决策权 D．所处在责任层次最高11．下列关于除息日表述正确(de)有( AD ).A．在除息日前,股利权从属于股票B．在除息日前,股利权不从属于股票C．在除息日前,持有股票者不享有领取股利(de)权利D．从除息日开始,新购入股票(de)投资者不能分享最近一期股利13．采用固定股利支付率政策(de)原因有( CD ).A．使公司增强财务弹性 B．促进股票价格(de)稳定与上扬C．体现投资风险与投资收益(de)对等 D．保持股利与盈利之间(de)一定比例关系16．固定或稳定增长(de)股利政策(de)优点包括( ABD ).A．有利于稳定股价 B．有利于吸引投资者C．有利于改善企业资本结构 D．有利于树立公司良好(de)形象17．收益与分配管理(de)意义包括( ABCD ).A．收益分配是企业优化资本结构(de)重要措施B．收益分配是国家建设资金(de)重要来源C．收益分配是企业再生产(de)条件D．收益分配体现了企业所有者、经营者和劳动者之间(de)利益关系项目八财务分析与考核一、单项选择题1．短期债权人在进行企业财务分析时,最为关心(de)是( B ).A．企业获利能力 B．企业支付能力C．企业社会贡献能力 D．企业资产营运能力2．如果企业速动比率很小,下列结论成立(de)是( C ).A．企业资产流动性很强 B．企业短期偿债能力很强C．企业短期偿债风险很大 D．企业流动资产占用过多4．最关心企业偿债能力(de)是( B ).A．所有者B．债权人C．经营决策者D. 政府经济管理机构7．对权益乘数描述正确(de)是( B ).A．资产负债率越高,权益乘数越低B．资产负债率越高,权益乘数越高C．权益乘数高,说明企业(de)负债程度比较低。

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。