公司金融知到章節(jié)測試答案智慧樹2023年最新首都經(jīng)濟貿(mào)易大學(xué)第一章測試

TheBluebirdCompanyhasa$10,000liabilityitmustpaythreeyearsfromtoday.

Thecompanyisopeningasavingsaccountsothattheentireamountwillbeavailablewhenthisdebtneedstobepaid.Theplanistomakeaninitialdeposittodayandthendepositanadditional$2,500ayearforthenextthreeyears,startingoneyearfromtoday.Theaccountpaysa3%rateofreturn.HowmuchdoestheBluebirdCompanyneedtodeposittoday?（）

參考答案:

$2,079.89

Suzetteisgoingtoreceive$10,000todayastheresultofaninsurancesettlement.Inaddition,shewillreceive$15,000oneyearfromtodayand$25,000twoyearsfromtoday.Sheplansonsavingallofthismoneyandinvestingitforherretirement.IfSuzettecanearnanaverageof11%onherinvestments,howmuchwillshehaveinheraccountifsheretires25yearsfromtoday?（）

參考答案:

$595,098.67

Youareinvesting$100todayinasavingsaccountatyourlocalbank.Whichoneofthefollowingtermsreferstothevalueofthisinvestmentoneyearfromnow?（）

參考答案:

futurevalue

Sarainvested$500sixyearsagoat5percentinterest.Shespendsherearningsassoonassheearnsanyinterestsosheonlyreceivesinterestonherinitial$500investment.WhichtypeofinterestisSaraearning?

參考答案:

simpleinterest

Shelleywonalotteryandwillreceive$1,000ayearforthenexttenyears.Thevalueofherwinningstodaydiscountedatherdiscountrateiscalledwhichoneofthefollowing?（）

參考答案:

presentvalue

Whichoneofthefollowingwillproducethehighestpresentvalueinterestfactor?（）

參考答案:

6percentinterestforfiveyears

Whichoneofthefollowingtermsisdefinedasaconflictofinterestbetweenthecorporateshareholdersandthecorporatemanagers?（）

參考答案:

agencyproblem

Whichoneofthefollowingisacapitalbudgetingdecision?（）

參考答案:

decidingwhetherornottopurchaseanewmachinefortheproductionline

Whichofthefollowingquestionsareaddressedbyfinancialmanagers?（）

參考答案:

Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

;Shouldthefirmacquirenewequipment?

;Shouldthefirmborrowmoremoney?

Whichofthefollowingshouldafinancialmanagerconsiderwhenanalyzingacapitalbudgetingproject?()

參考答案:

dollaramountofeachprojectedcashflow

;dependabilityoffuturecashflows

;projectstartupcosts

;timingofallprojectedcashflows

第二章測試

Theformulawhichbreaksdownthereturnonequityintothreecomponentpartsisreferredtoaswhichoneofthefollowing?()

參考答案:

DuPontidentity

Afirmuses2008asthebaseyearforitsfinancialstatements.Thecommon-size,base-yearstatementfor2009hasaninventoryvalueof1.08.Thisisinterpretedtomeanthatthe2009inventoryisequalto108percentofwhichoneofthefollowing?()

參考答案:

2008inventoryexpressedasapercentof2008totalassets

Ifafirmhasadebt-equityratioof1.0,thenitstotaldebtratiomustbewhichoneofthefollowing?()

參考答案:

0.5

Whichoneofthefollowingwilldecreaseifafirmcandecreaseitsoperatingcosts,allelseconstant?()

參考答案:

price-earningsratio

Duringtheyear,KitchenSupplyincreaseditsaccountsreceivableby$130,decreaseditsinventoryby$75,anddecreaseditsaccountspayableby$40.Howdidthesethreeaccountsaffectthefirm'scashflowsfortheyear?()

參考答案:

$95useofcash

Afirmgeneratednetincomeof$878.Thedepreciationexpensewas$47anddividendswerepaidintheamountof$25.Accountspayablesdecreasedby$13,accountsreceivablesincreasedby$22,inventorydecreasedby$14,andnetfixedassetsdecreasedby$8.Therewasnointerestexpense.Whatwasthenetcashflowfromoperatingactivity?()

參考答案:

$904

TheBikeShoppaid$2,310ininterestand$1,850individendslastyear.Thetimesinterestearnedratiois2.2andthedepreciationexpenseis$460.Whatisthevalueofthecashcoverageratio?()

參考答案:

2.40

CanineSupplyhassalesof$2,200,totalassetsof$1,400,andadebt-equityratioof0.3.Itsreturnonequityis15percent.Whatisthenetincome?()

參考答案:

$161.54

Whichoneofthefollowingtermsisappliedtothefinancialplanningmethodwhichusestheprojectedsaleslevelasthebasisfordeterminingchangesinbalancesheetandincomestatementaccountvalues?()

參考答案:

percentageofsalesmethod

Financialplanning:()

參考答案:

null

Afirmiscurrentlyoperatingatfullcapacity.Networkingcapital,costs,andallassetsvarydirectlywithsales.Thefirmdoesnotwishtoobtainanyadditionalequityfinancing.Thedividendpayoutratioisconstantat40percent.Ifthefirmhasapositiveexternalfinancingneed,thatneedwillbemetby:()

參考答案:

long-termdebt.

Whichoneofthefollowingwillcausethesustainablegrowthratetoequaltointernalgrowthrate?()

參考答案:

equitymultiplierof1.0

Afirmhasaretentionratioof45percentandasustainablegrowthrateof6.2percent.Thecapitalintensityratiois1.2andthedebt-equityratiois0.64.Whatistheprofitmargin?()

參考答案:

14.63percent

TheSoccerShoppehasa7percentreturnonassetsanda25percentpayoutratio.Whatisitsinternalgrowthrate?()

參考答案:

5.54percent

Anincreaseinwhichofthefollowingwillincreasethereturnonequity,allelseconstant?()

參考答案:

sales

;netincome

第三章測試

AcceptingpositiveNPVprojectsbenefitsthestockholdersbecause:（）。

參考答案:

thepresentvalueoftheexpectedcashflowsaregreaterthanthecost.

Thepaybackperiodrule:（）。

參考答案:

Thecashflowafterthepaybackperiodisignored.

AprojectwillhavemorethanoneIRRif:（）。

參考答案:

thecashflowpatternexhibitsmorethanonesignchange.

Whatisthenetpresentvalueofaprojectwiththefollowingcashflowsandarequiredreturnof12%?

參考答案:

-$177.62

Thelengthoftimerequiredforaproject'sdiscountedcashflowstoequaltheinitialcostoftheprojectiscalledthe:

（）

參考答案:

discountedpaybackperiod

第四章測試

JamestownLtd.currentlyproducesboatsailsandisconsideringexpandingitsoperationstoincludeawningsforhomesandtraveltrailers.Thecompanyownslandbesideitscurrentmanufacturingfacilitythatcouldbeusedfortheexpansion.Thecompanyboughtthislandtenyearsagoatacostof$250,000.Today,thelandisvaluedat$425,000.Thegradingandexcavationworknecessarytobuildonthelandwillcost$15,000.Thecompanycurrentlyownssomeunusedequipmentvaluedat$60,000.Thisequipmentcouldbeusedforproducingawningsif$5,000isspentforequipmentmodifications.Otherequipmentcosting$780,000willalsoberequired.Whatistheamountoftheinitialcashflowforthisexpansionproject?（）。

參考答案:

$1,285,000

WalksSoftly,Inc.sellscustomizedshoes.Currently,itsells10,000pairsofshoesannuallyatanaveragepriceof$68apair.Itisconsideringaddingalower-pricedlineofshoeswhichsellfor$49apair.WalksSoftlyestimatesitcansell5,000pairsofthelower-pricedshoesbutwillsell1,000lesspairsofthehigher-pricedshoesbydoingso.Whatistheamountofthesalesthatshouldbeusedwhenevaluatingtheadditionofthelower-pricedshoes?（）。

參考答案:

$177,000

Jamie'sMotorHomeSalescurrentlysells1,000ClassAmotorhomes,2,500ClassCmotorhomes,and4,000pop-uptrailerseachyear.Jamieisconsideringaddingamid-rangecamperandexpectsthatifshedoessoshecansell1,500ofthem.However,ifthenewcamperisadded,JamieexpectsthatherClassAsaleswilldeclineto950unitswhiletheClassCcampersdeclineto2,200.Thesalesofpop-upswillnotbeaffected.ClassAmotorhomessellforanaverageof$125,000each.ClassChomesarepricedat$39,500andthepop-upssellfor$5,000each.Thenewmid-rangecamperwillsellfor$47,900.Whatistheerosioncost?（）。

參考答案:

$18,100,000

Ernie'sElectricalisevaluatingaprojectwhichwillincreasesalesby$50,000andcostsby$30,000.Theprojectwillcost$150,000andwillbedepreciatedstraight-linetoazerobookvalueoverthe10yearlifeoftheproject.Theapplicabletaxrateis34%.Whatistheoperatingcashflowforthisproject?（）。

參考答案:

$18,300

Ben'sBorderCaféisconsideringaprojectwhichwillproducesalesof$16,000andincreasecashexpensesby$10,000.Iftheprojectisimplemented,taxeswillincreasefrom$23,000to$24,500anddepreciationwillincreasefrom$4,000to$5,500.Whatistheamountoftheoperatingcashflowusingthetop-downapproach?（）。

參考答案:

$4,500

Scenarioanalysisisdefinedasthe:()

參考答案:

null

Ananalysisofthechangeinaproject'sNPVwhenasinglevariableischangediscalled_____analysis.()

參考答案:

sensitivity

Ananalysiswhichcombinesscenarioanalysiswithsensitivityanalysisiscalled_____analysis.()

參考答案:

simulation

Bydefinition,whichoneofthefollowingmustequalzeroattheaccountingbreak-evenpoint?()

參考答案:

netincome

Bydefinition,whichoneofthefollowingmustequalzeroatthecashbreak-evenpoint?()

參考答案:

operatingcashflow

WhichoneofthefollowingisdefinedasthesaleslevelthatcorrespondstoazeroNPV?()

參考答案:

financialbreak-even

followingchangesthatsheisconsideringwillhelpthatprojectproduceapositiveNPVinstead?Considereachchangeindependently.（）

參考答案:

increasethesalesprice

;decreasethelaborhoursneededtoproduceoneunit

;decreasethefixedleasingcostforequipment

;increasethequantitysold

第五章測試

Maryjustpurchasedabondwhichpays$60ayearininterest.Whatisthis$60called?（）

參考答案:

coupon

Thecurrentyieldisdefinedastheannualinterestonabonddividedbywhichoneofthefollowing?()

參考答案:

marketprice

Thespecifieddateonwhichtheprincipalamountofabondispayableisreferredtoaswhichoneofthefollowing?()

參考答案:

maturity

Abondisquotedatapriceof$989.Thispriceisreferredtoaswhichoneofthefollowing?()

參考答案:

cleanprice

TheWalthersCompanyhasasemi-annualcouponbondoutstanding.Anincreaseinthemarketrateofinterestwillhavewhichoneofthefollowingeffectsonthisbond?（）

參考答案:

decreasethemarketprice

ThecommonstockofEddie'sEngines,Inc.sellsfor$25.71ashare.Thestockisexpectedtopay$1.80persharenextmonthwhentheannualdividendisdistributed.Eddie'shasestablishedapatternofincreasingitsdividendsby4%annuallyandexpectstocontinuedoingso.Whatisthemarketrateofreturnonthisstock?（）。

參考答案:

11%

SharesofcommonstockoftheSamsonCo.offeranexpectedtotalreturnof12%.Thedividendisincreasingataconstant8%peryear.Thedividendyieldmustbe:（）。

參考答案:

8%.

Wilbert'sClothingStoresjustpaida$1.20annualdividend.Thecompanyhasapolicywherebythedividendincreasesby2.5%annually.Youwouldliketopurchase100sharesofstockinthisfirmbutrealizethatyouwillnothavethefundstodosoforanotherthreeyears.Ifyoudesirea10%rateofreturn,howmuchshouldyouexpecttopayfor100shareswhenyoucanaffordtobuythisstock?Ignoretradingcosts.（）。

參考答案:

$1,766

Lastweek,RailwayCaboosespaiditsannualdividendof$1.20pershare.Thecompanyhasbeenreducingthedividendsby10%eachyear.Howmuchareyouwillingtopaytopurchasestockinthiscompanyifyourrequiredrateofreturnis14%?（）。

參考答案:

$4.50

WhichofthefollowingamountsisclosesttowhatshouldbepaidforOverlandcommonstock?Overlandhasjustpaidadividendof$2.25.Thesedividendsareexpectedtogrowatarateof5%intheforeseeablefuture.Therequiredrateofreturnis11%.（）。

參考答案:

$39.38

Abondhasamarketpricethatexceedsitsfacevalue.Whichofthefollowingfeaturescurrentlyapplytothisbond?()

參考答案:

premiumprice

;yield-to-maturitythatislessthanthecouponrate

Whichofthefollowingrelationshipsapplytoaparvaluebond?（）

參考答案:

marketprice=facevalue

;currentyield=yield-to-maturity

第六章測試

根據(jù)CAPM模型，貝塔值為1.0，阿爾法值為0的資產(chǎn)組合預(yù)期收益率為：（）

參考答案:

市場預(yù)期收益率rM

某個證券的市場風(fēng)險貝塔，等于（）。

參考答案:

該證券收益與市場收益的協(xié)方差除以市場收益的方差

證券市場線是（）。

參考答案:

表示出了期望收益與貝塔關(guān)系的線

你投資了600美元于證券A，其貝塔值為1.2；投資400美元于證券B，其貝塔值為-0.20。資產(chǎn)組合的貝塔值為()。

參考答案:

0.64

有兩個模型，其中描述了所有資產(chǎn)都遵循的期望收益率-貝塔值之間的關(guān)系，則提出這個關(guān)系僅有少量證券不遵守，其余大多數(shù)仍是成立的。（）

參考答案:

CAPM，APT

套利定價理論中，一個充分分散風(fēng)險的資產(chǎn)組合，組成證券數(shù)目越多，非系統(tǒng)風(fēng)險就越接近()。

參考答案:

0

考慮多因素APT模型。因素組合1和因素組合2的風(fēng)險溢價分別為5%和3%。無風(fēng)險利率為10%。股票A的期望收益率為19%，對因素1的貝塔值為0.8。那么股票A對因素2的貝塔值為()。

參考答案:

1.67

哪個模型沒有說明如何確定因素資產(chǎn)組合的風(fēng)險溢價？()

參考答案:

多因素APT

與CAPM模型相比，套利定價理論：()

參考答案:

不要求關(guān)于市場資產(chǎn)組合的限制性假定

關(guān)于資本市場線，哪種說法不正確？（）

參考答案:

資本市場線也叫作證券市場線

第七章測試

AgroupofindividualsgottogetherandpurchasedalloftheoutstandingsharesofcommonstockofMoutaiInc.Whatisthereturnthattheseindividualsrequireonthisinvestmentcalled?(）

參考答案:

costofequity

TextileMillsborrowsmoneyatarateof13.5percent.Thisinterestrateisreferredtoasthe:()

參考答案:

costofdebt.

Theaverageofafirm'scostofequityandaftertaxcostofdebtthatisweightedbasedonthefirm'scapitalstructureiscalledthe:（）

參考答案:

weightedaveragecostofcapital.

Thecostofequityforafirm:（）

參考答案:

null

Afirm'soverallcostofequityis:（）

參考答案:

null

Thedividendgrowthmodelcanbeusedtocomputethecostofequityforafirminwhichofthefollowingsituations?()

參考答案:

firmsthatpayadecreasingdividend

;firmsthatpayaconstantdividend

;firmsthatpayanincreasingdividend

;firmsthathavea100percentretentionratio

IfafirmusesitsWACCasthediscountrateforalloftheprojectsitundertakesthenthefirmwilltendto:（）

參考答案:

acceptsomenegativenetpresentvalueprojects.

;increaseitsoveralllevelofriskovertime.

;favorhighriskprojectsoverlowriskprojects.

;rejectsomepositivenetpresentvalueprojects.

第八章測試

下列哪一個理論認為公司的價值與公司的資本結(jié)構(gòu)無關(guān)？

參考答案:

MM定理命題I

融資優(yōu)序理論認為，當企業(yè)存在融資需求時，首先選擇下列哪種融資方式。

參考答案:

內(nèi)源融資

下列哪個理論可以解釋為什么有的企業(yè)選擇舍棄債務(wù)抵稅收益而保持較低的負債水平？