《公司理财》选择题题库.pdf

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1、吾日三省乎吾身。为人谋而不忠乎？与朋友交而不信乎？传不习乎？论语百学须先立志。朱熹公司理财选择题题库 Multiple Choice Questions:Chapter 1 CONTROLLER c 1.The person generally directly responsible for overseeing the tax management,cost accounting,financial accounting,and information system functions is the:a.treasurer.b.director.c.controller.d.chairma

2、n of the board.e.chief executive officer.TREASURER a 2.The person generally directly responsible for overseeing the cash and credit functions,financial planning,and capital expenditures is the:a.treasurer.b.director.c.controller.d.chairman of the board.e.chief operations officer.CAPITAL BUDGETING d

3、3.The process of planning and managing a firms long-term investments is called:a.working capital management.b.financial depreciation.c.agency cost analysis.d.capital budgeting.e.capital structure.CAPITAL STRUCTURE e 4.The mixture of debt and equity used by a firm to finance its operations is called:

4、a.working capital management.b.financial depreciation.c.cost analysis.d.capital budgeting.e.capital structure.WORKING CAPITAL MANAGEMENT a 5.The management of a firms short-term assets and liabilities is called:a.working capital management.b.debt management.c.equity management.d.capital budgeting.e.

5、capital structure.SOLE PROPRIETORSHIP b 6.A business owned by a single individual is called a:a.corporation.b.sole proprietorship.c.general partnership.d.limited partnership.e.limited liability company.GENERAL PARTNERSHIP c 7.A business formed by two or more individuals who each have unlimited liabi

6、lity for business debts is called a:a.corporation.b.sole proprietorship.c.general partnership.d.limited partnership.e.limited liability company.CORPORATION a 9.A business created as a distinct legal entity composed of one or more individuals or entities is called a:a.corporation.b.sole proprietorshi

7、p.c.general partnership.d.limited partnership.忍一句，息一怒，饶一着，退一步。增广贤文以家为家，以乡为乡，以国为国，以天下为天下。管子牧民 e.unlimited liability company.LIMITED LIABILITY COMPANY a 12.A business entity operated and taxed like a partnership,but with limited liability for the owners,is called a:a.limited liability company.b.genera

8、l partnership.c.limited proprietorship.d.sole proprietorship.e.corporation.FINANCIAL MANAGEMENT GOAL b 13.The primary goal of financial management is to:a.maximize current dividends per share of the existing stock.b.maximize the current value per share of the existing stock.c.avoid financial distres

9、s.d.minimize operational costs and maximize firm efficiency.e.maintain steady growth in both sales and net earnings.CHAPTER 4 Discounted Cash Flow Valuation ANNUITY a 1.An annuity stream of cash flow payments is a set of:a.level cash flows occurring each time period for a fixed length of time.b.leve

10、l cash flows occurring each time period forever.c.increasing cash flows occurring each time period for a fixed length of time.d.increasing cash flows occurring each time period forever.e.arbitrary cash flows occurring each time period for no more than 10 years.ANNUITIES DUE e 2.Annuities where the p

11、ayments occur at the end of each time period are called _,whereas _ refer to annuity streams with payments occurring at the beginning of each time period.a.ordinary annuities;early annuities b.late annuities;straight annuities c.straight annuities;late annuities d.annuities due;ordinary annuities e.

12、ordinary annuities;annuities due PERPETUITY c 3.An annuity stream where the payments occur forever is called a(n):a.annuity due.b.indemnity.c.perpetuity.d.amortized cash flow stream.e.amortization table.STATED INTEREST RATES a 4.The interest rate expressed in terms of the interest payment made each

13、period is called the _ rate.a.stated annual interest pound annual interest c.effective annual interest d.periodic interest e.daily interest EFFECTIVE ANNUAL RATE c 5.The interest rate expressed as if it were compounded once per year is called the _ rate.a.stated interest pound interest 古之立大事者，不惟有超世之

14、才，亦必有坚忍不拔之志。苏轼古之立大事者，不惟有超世之才，亦必有坚忍不拔之志。苏轼 c.effective annual d.periodic interest e.daily interest ANNUAL PERCENTAGE RATE b 6.The interest rate charged per period multiplied by the number of periods per year is called the _ rate.a.effective annual b.annual percentage c.periodic interest pound interes

15、t e.daily interest CHAPTER 5 Interest Rate and Bond Valuation COUPON a 1.The stated interest payment,in dollars,made on a bond each period is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.FACE VALUE b 2.The principal amount of a bond that is repaid at the end of

16、 the loan term is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.MATURITY c 3.The specified date on which the principal amount of a bond is repaid is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.YIELD TO MATURITY d 4.The rat

17、e of return required by investors in the market for owning a bond is called the:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.COUPON RATE e 5.The annual coupon of a bond divided by its face value is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon r

18、ate.PAR BONDS a 6.A bond with a face value of$1,000 that sells for$1,000 in the market is called a _ bond.a.par value b.discount c.premium d.zero coupon e.floating rate DISCOUNT BONDS b 7.A bond with a face value of$1,000 that sells for less than$1,000 in the market is called a _ bond.a.par 云路鹏程九万里，

19、雪窗萤火二十年。王实甫万两黄金容易得，知心一个也难求。曹雪芹 b.discount c.premium d.zero coupon e.floating rate PREMIUM BONDS c 8.A bond with a face value of$1,000 that sells for more than$1,000 in the market is called a _ bond.a.par b.discount c.premium d.zero coupon e.floating rateCHAPTER 6 Stock Valuation GROWING PERPETUITY a

20、 1.An asset characterized by cash flows that increase at a constant rate forever is called a:a.growing perpetuity.b.growing mon annuity.d.perpetuity due.e.preferred stock.DIVIDEND GROWTH MODEL b 2.The stock valuation model that determines the current stock price by dividing the next annual dividend

21、amount by the excess of the discount rate less the dividend growth rate is called the _ model.a.zero growth b.dividend growth c.capital pricing d.earnings capitalization e.discounted dividend DIVIDEND YIELD c 3.Next years annual dividend divided by the current stock price is called the:a.yield to ma

22、turity.b.total yield.c.dividend yield.d.capital gains yield.e.earnings yield.CAPITAL GAINS YIELD d 4.The rate at which a stocks price is expected to appreciate(or depreciate)is called the _ yield.a.current b.total c.dividend d.capital gains e.earnings PREFERRED STOCK d 5.A form of equity which recei

23、ves preferential treatment in the payment of dividends is called _ stock.a.dual class b.cumulative c.deferred d.preferred mon PREFERRED STOCK e 6.A _ is a form of equity security that has a stated liquidating value.a.bond b.debenture c.proxy mon stock e.preferred stock Difficulty level:Medium COMMON

24、 STOCK 人不知而不愠，不亦君子乎？论语志不强者智不达，言不信者行不果。墨翟e 7.A form of equity which receives no preferential treatment in either the payment of dividends or in bankruptcy distributions is called _ stock.a.dual class b.cumulative c.deferred d.preferred mon DIVIDENDS c 12.Payments made by a corporation to its sharehol

25、ders,in the form of either cash,stock or payments in kind,are called:a.retained income.c.dividends.d.redistributions.e.infused equity.PRIMARY MARKET e 13.The market in which new securities are originally sold to investors is called the _ market.a.dealer b.auction c.over-the-counter d.secondary e.pri

26、mary SECONDARY MARKET d 14.The market in which previously issued securities are traded among investors is called the _ market.a.dealer b.auction c.over-the-counter d.secondary e.primary CHAPTER 10 Risk and Return Lessons from Market History RISK PREMIUM a 1.The excess return required from a risky as

27、set over that required from a risk-free asset is called the:a.risk premium.b.geometric premium.c.excess return.d.average return.e.variance.VARIANCE b 2.The average squared difference between the actual return and the average return is called the:a.volatility return.b.variance.c.standard deviation.d.

28、risk premium.e.excess return.STANDARD DEVIATION c 3.The standard deviation for a set of stock returns can be calculated as the:a.positive square root of the average return.b.average squared difference between the actual return and the average return.c.positive square root of the variance.d.average r

29、eturn divided by N minus one,where N is the number of returns.e.variance squared.GEOMETRIC AVERAGE RETURN d 5.The average compound return earned per year over a multi-year period is called the _ average return.a.arithmetic 云路鹏程九万里，雪窗萤火二十年。王实甫天行健，君子以自强不息。地势坤，君子以厚德载物。易经 b.standard c.variant d.geometri

30、c e.real Difficulty level:Medium ARITHMETIC AVERAGE RETURN a 6.The return earned in an average year over a multi-year period is called the _ average return.a.arithmetic b.standard c.variant d.geometric e.real RISK PREMIUM c 7.The excess return you earn by moving from a relatively risk-free investmen

31、t 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 RETURN e 8.The capital gains yield plus the dividend yield on a security is called the:a.variance of returns.b.geometric return.c.average period return

32、.d.current yield.e.total return.CHAPTER 11 Return and Risk:The Capital Asset Pricing Model(CAPM)PORTFOLIOS a 1.A portfolio is:a.a group of assets,such as stocks and bonds,held as a collective unit by an investor.b.the expected return on a risky asset.c.the expected return on a collection of risky as

33、sets.d.the variance of returns for a risky asset.e.the standard deviation of returns for a collection of risky assets.PORTFOLIO WEIGHTS b 2.The percentage of a portfolios total value invested in a particular asset is called that assets:a.portfolio return.b.portfolio weight.c.portfolio risk.d.rate of

34、 return.e.investment value.SYSTEMATIC RISK c 3.Risk that affects a large number of assets,each to a greater or lesser degree,is called _ risk.a.idiosyncratic b.diversifiable c.systematic d.asset-specific e.total UNSYSTEMATIC RISK d 4.Risk that affects at most a small number of assets is called _ ris

35、k.a.portfolio b.undiversifiable c.market d.unsystematic e.total SYSTEMATIC RISK PRINCIPLE 志不强者智不达，言不信者行不果。墨翟先天下之忧而忧，后天下之乐而乐。范仲淹b 6.The _ tells us that the expected return on a risky asset depends only on that assets nondiversifiable risk.a.Efficient Markets Hypothesis(EMH)b.systematic risk principle

36、 c.Open Markets Theorem d.Law of One Price e.principle of diversification BETA COEFFICIENT a 7.The amount of systematic risk present in a particular risky asset,relative to the systematic risk present in an average risky asset,is called the particular assets:a.beta coefficient.b.reward-to-risk ratio

37、.c.total risk.d.diversifiable risk.e.Treynor index.SECURITY MARKET LINE d 8.The linear relation between an assets expected 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,an

38、d Capital Budgeting WACC e 1.The weighted average of the firms 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

39、of capital(WACC).CAPM b 2.If the CAPM is used to estimate the cost of equity capital,the expected excess market return is equal to the a.return on the stock minus the risk-free rate.b.difference between the return on the market and the risk-free rate.c.beta times the market risk premium.d.beta times

40、 the risk-free rate.e.market rate of return.CHARACTERISTIC LINE c 3.The best fit line of pairwise plot of the returns of the security against the market index returns is called the a.Security Market Line.b.Capital Market Line.c.characteristic line.d.risk line.e.None of the above.CHAPTER 14 Capital S

41、tructure:Basic Concepts MM PROPOSITION I b 2.The proposition that the value of the firm is independent 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 II 大丈夫处世，不能立功建业，

42、几与草木同腐乎？罗贯中天行健，君子以自强不息。地势坤，君子以厚德载物。易经c 3.The proposition that the cost of equity is a positive linear function of 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.Difficulty level:Medium INT

43、EREST TAX SHIELD a 4.The tax savings of the firm derived from the deductibility 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 DEFINITION d 8.The firms capital structure refers to a.th

44、e 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 the firms assets.e.how much cash the firm holds.CHAPTER 15 Capital Structure:Limits to the Use of Debt DIRECT BANKRUPTCY COSTS c 1.The explicit costs

45、,such as the legal expenses,associated with corporate default are classified as _ costs.a.flotation b.beta conversion c.direct bankruptcy d.indirect bankruptcy e.unlevered INDIRECT BANKRUPTCY COSTS c 2.The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _ cos

46、ts.a.flotation b.direct bankruptcy c.indirect bankruptcy d.financial solvency e.capital structure FINANCIAL DISTRESS COSTS e 3.The explicit and implicit costs associated with corporate default are referred to as the _ costs of a firm.a.flotation b.default beta c.direct bankruptcy d.indirect bankrupt

47、cy e.financial distress BANKRUPTCY b 6.The legal proceeding for liquidating or reorganizing a firm operating in default is called a:a.tender offer.b.bankruptcy.c.merger.d.takeover.e.proxy fight.ACCOUNTING INSOLVENCY d 8.A firm that has negative net worth is said to be:a.experiencing a business failu

48、re.b.in legal bankruptcy.c.experiencing technical insolvency.d.experiencing accounting insolvency.e.in Chapter 11 bankruptcy reorganization.志不强者智不达，言不信者行不果。墨翟常将有日思无日，莫待无时思有时。增广贤文 CAPITAL STRUCTURE d 10.The value of a firm is maximized when the:a.cost of equity is maximized.b tax rate is zero.c.lever

49、ed cost of capital is maximized.d.weighted average cost of capital is minimized.e.debt-equity ratio is minimized.CAPITAL STRUCTURE e 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 max

50、imized 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 of capital.CHAPTER 16 Dividend and Other Payouts I.DEFINITIONS DIVIDENDS a 1.Payments made out of a firms