《公司理财》选择题题库

1、MultipleChoiceQuestions:Chapter1CONTROLLERc1.Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:treasurer.director.controller.chairmanoftheboard.chiefexecutiveofficer.TREASURERa2.Thepersongenerallydirectlyresponsib

2、leforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:treasurer.director.controller.chairmanoftheboard.chiefoperationsofficer.CAPITALBUDGETINGd3.Theprocessofplanningandmanagingafirmslong-terminvestmentsiscalled:workingcapitalmanagement.financialdepreciation.agencycos

3、tanalysis.capitalbudgeting.capitalstructure.CAPITALSTRUCTUREe4.Themixtureofdebtandequityusedbyafirmtofinanceitsoperationsiscalled:workingcapitalmanagement.financialdepreciation.costanalysis.capitalbudgeting.capitalstructure.WORKINGCAPITALMANAGEMENTa5.Themanagementofafirmsshort-termassetsandliabiliti

4、esiscalled:workingcapitalmanagement.debtmanagement.equitymanagement.capitalbudgeting.capitalstructure.SOLEPROPRIETORSHIPb6.Abusinessownedbyasingleindividualiscalleda:corporation.soleproprietorship.generalpartnership.limitedpartnership.limitedliabilitycompany.GENERALPARTNERSHIPc7.Abusinessformedbytwo

5、ormoreindividualswhoeachhaveunlimitedliabilityforbusinessdebtsiscalleda:corporation.soleproprietorship.generalpartnership.limitedpartnership.limitedliabilitycompany.CORPORATIONa9.Abusinesscreatedasadistinctlegalentitycomposedofoneormoreindividualsorentitiesiscalleda:corporation.soleproprietorship.ge

6、neralpartnership.limitedpartnership.unlimitedliabilitycompany.LIMITEDLIABILITYCOMPANYa12.Abusinessentityoperatedandtaxedlikeapartnership,butwithlimitedliabilityfortheowners,iscalleda:limitedliabilitycompany.generalpartnership.limitedproprietorship.soleproprietorship.corporation.FINANCIALMANAGEMENTGO

7、AL|b13.Theprimarygoaloffinancialmanagementisto:maximizecurrentdividendspershareoftheexistingstock.maximizethecurrentvaluepershareoftheexistingstock.avoidfinancialdistress.minimizeoperationalcostsandmaximizefirmefficiency.maintainsteadygrowthinbothsalesandnetearnings.CHAPTER4DiscountedCashFlowValuati

8、onANNUITYa1.Anannuitystreamofcashflowpaymentsisasetof:levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.levelcashflowsoccurringeachtimeperiodforever.increasingcashflowsoccurringeachtimeperiodforafixedlengthoftime.increasingcashflowsoccurringeachtimeperiodforever.arbitrarycashflowsoccurringe

9、achtimeperiodfornomorethan10years.ANNUITIESDUEe2.Annuitieswherethepaymentsoccurattheendofeachtimeperiodarecalled,whereasrefertoannuitystreamswithpaymentsoccurringatthebeginningofeachtimeperiod.ordinaryannuities;earlyannuitieslateannuities;straightannuitiesstraightannuities;lateannuitiesannuitiesdue;

10、ordinaryannuitiesordinaryannuities;annuitiesduePERPETUITYc3.Anannuitystreamwherethepaymentsoccurforeveriscalleda(n):annuitydue.indemnity.perpetuity.amortizedcashflowstream.amortizationtable.STATEDINTERESTRATESa4.Theinterestrateexpressedintermsoftheinterestpaymentmadeeachperiodiscalledtherate.stateda

11、nnualinterestcompoundannualinteresteffectiveannualinterestperiodicinterestdailyinterestEFFECTIVEANNUALRATEc5.Theinterestrateexpressedasifitwerecompoundedonceperyeariscalledtherate.statedinterestcompoundinteresteffectiveannualperiodicinterestdailyinterestANNUALPERCENTAGERATEb6.Theinterestratechargedp

12、erperiodmultipliedbythenumberofperiodsperyeariscalledtherate.effectiveannualannualpercentageperiodicinterestcompoundinterestdailyinterestCHAPTER5InterestRateandBondValuationCOUPONa1.Thestatedinterestpayment,indollars,madeonabondeachperiodiscalledthebonds:coupon.facevalue.maturity.yieldtomaturity.cou

13、ponrate.YIELDTOMATURITYd4.Therateofreturnrequiredbyinvestorsinthemarketforowningabondiscalledthe:coupon.facevalue.maturity.yieldtomaturity.couponrate.COUPONRATEe5.Theannualcouponofabonddividedbyitsfacevalueiscalledthebonds:a.coupon.coupon.facevalue.facevalue.maturity.maturity.yieldtomaturity.yieldto

14、maturity.couponrate.e.couponrate.a.para.parFACEVALUEb2.Theprincipalamountofabondthatisrepaidattheendoftheloantermiscalledthebonds:coupon.facevalue.maturity.yieldtomaturity.couponrate.MATURITYc3.Thespecifieddateonwhichtheprincipalamountofabondisrepaidiscalledthebonds:PARBONDSa6.Abondwithafacevalueof$

15、1,000thatsellsfor$1,000inthemarketiscalledabond.parvaluediscountpremiumzerocouponfloatingrateDISCOUNTBONDSb7.Abondwithafacevalueof$1,000thatsellsforlessthan$1,000inthemarketiscalledabond.DIVIDENDYIELDDIVIDENDYIELDCOMMONSTOCKCOMMONSTOCKdiscountpremiumzerocouponfloatingratePREMIUMBONDSc8.Abondwithafac

16、evalueof$1,000thatsellsformorethan$1,000inthemarketiscalledabond.pardiscountpremiumzerocouponfloatingrateCHAPTER6StockValuationGROWINGPERPETUITYa1.Anassetcharacterizedbycashflowsthatincreaseataconstantrateforeveriscalleda:monannuity.perpetuitydue.preferredstock.DIVIDENDGROWTHMODELb2.Thestockvaluatio

17、nmodelthatdeterminesthecurrentstockpricebydividingthenextannualdividendamountbytheexcessofthediscountratelessthedividendgrowthrateiscalledthemodel.zerogrowthdividendgrowthcapitalpricingearningscapitalizationdiscounteddividendc3.Nextyearsannualdividenddividedbythecurrentstockpriceiscalledthe:yieldtom

18、aturity.totalyield.dividendyield.capitalgainsyield.earningsyield.CAPITALGAINSYIELDd4.Therateatwhichastockspriceisexpectedtoappreciate(ordepreciate)iscalledtheyield.currenttotaldividendcapitalgainsearningsPREFERREDSTOCKd5.Aformofequitywhichreceivespreferentialtreatmentinthepaymentofdividendsiscalleds

19、tock.dualclasscumulativedeferredpreferredcommonPREFERREDSTOCKe6.Aisaformofequitysecuritythathasastatedliquidatingvalue.bonddebentureproxycommonstockpreferredstockDifficultylevel:Medium7.Aformofequitywhichreceivesnopreferentialtreatmentineitherthepaymentofdividendsorinbankruptcydistributionsiscalleds

20、tock.dualclasscumulativedeferredpreferredcommonDIVIDENDSc12.Paymentsmadebyacorporationtoitsshareholders,intheformofeithercash,stockorpaymentsinkind,arecalled:income.dividends.redistributions.infusedequity.PRIMARYMARKETe13.Themarketinwhichnewsecuritiesareoriginallysoldtoinvestorsiscalledthemarket.dea

21、lerauctionover-the-countersecondaryprimarySECONDARYMARKETd14.Themarketinwhichpreviouslyissuedsecuritiesaretradedamonginvestorsiscalledthemarket.dealerauctionover-the-countersecondaryprimaryCHAPTER10RiskandReturnLessonsfromMarketHistoryRISKPREMIUMa1.Theexcessreturnrequiredfromariskyassetoverthatrequi

22、redfromarisk-freeassetiscalledthe:riskpremium.geometricpremium.excessreturn.averagereturn.variance.VARIANCEb2.Theaveragesquareddifferencebetweentheactualreturnandtheaveragereturniscalledthe:volatilityreturn.variance.standarddeviation.riskpremium.excessreturn.STANDARDDEVIATIONc3.Thestandarddeviationf

23、orasetofstockreturnscanbecalculatedasthe:positivesquarerootoftheaveragereturn.averagesquareddifferencebetweentheactualreturnandtheaveragereturn.positivesquarerootofthevariance.averagereturndividedbyNminusone,whereNisthenumberofreturns.variancesquared.GEOMETRICAVERAGERETURNd5.Theaveragecompoundreturn

24、earnedperyearoveramulti-yearperiodiscalledtheaveragereturn.arithmeticstandardvariantgeometricrealDifficultylevel:MediumARITHMETICAVERAGERETURNa6.Thereturnearnedinanaverageyearoveramulti-yearperiodiscalledtheaveragereturn.arithmeticstandardvariantgeometricrealRISKPREMIUMc7.Theexcessreturnyouearnbymov

25、ingfromarelativelyrisk-freeinvestmenttoariskyinvestmentiscalledthe:geometricaveragereturn.inflationpremium.riskpremium.timepremium.arithmeticaveragereturn.TOTALRETURNe8.Thecapitalgainsyieldplusthedividendyieldonasecurityiscalledthe:varianceofreturns.geometricreturn.averageperiodreturn.currentyield.t

26、otalreturn.CHAPTER11ReturnandRisk:TheCapitalAssetPricingModel(CAPM)PORTFOLIOSa1.Aportfoliois:a-1agroupofassets,suchasstocksandbonds,heldasacollectiveunitbyaninvestor.theexpectedreturnonariskyasset.theexpectedreturnonacollectionofriskyassets.thevarianceofreturnsforariskyasset.thestandarddeviationofre

27、turnsforacollectionofriskyassets.PORTFOLIOWEIGHTSb2.Thepercentageofaportfoliostotalvalueinvestedinaparticularassetiscalledthatassets:portfolioreturn.portfolioweight.portfoliorisk.rateofreturn.investmentvalue.SYSTEMATICRISKc3.Riskthataffectsalargenumberofassets,eachtoagreaterorlesserdegree,iscalledri

28、sk.idiosyncraticdiversifiablesystematicasset-specifictotalUNSYSTEMATICRISKd4.Riskthataffectsatmostasmallnumberofassetsiscalledrisk.portfolioundiversifiablemarketunsystematicSYSTEMATICRISKPRINCIPLEtotalSYSTEMATICRISKPRINCIPLEb6.Thetellsusthattheexpectedreturnonariskyassetdependsonlyonthatassetsnondiv

29、ersifiablerisk.EfficientMarketsHypothesis(EMH)systematicriskprincipleOpenMarketsTheoremLawofOnePriceprincipleofdiversificationBETACOEFFICIENTa7.Theamountofsystematicriskpresentinaparticularriskyasset,relativetothesystematicriskpresentinanaverageriskyasset,iscalledtheparticularassets:betacoefficient.

30、reward-to-riskratio.totalrisk.diversifiablerisk.Treynorindex.SECURITYMARKETLINEd8.Thelinearrelationbetweenanassetsexpectedreturnanditsbetacoefficientisthe:reward-to-riskratio.portfolioweight.portfoliorisk.securitymarketline.marketriskpremium.CHAPTER12Risk,CostofCapital,andCapitalBudgetingWACCe1.Thew

31、eightedaverageofthefirmscostsofequity,preferredstock,andaftertaxdebtisthe:rewardtoriskratioforthefirm.expectedcapitalgainsyieldforthestock.expectedcapitalgainsyieldforthefirm.portfoliobetaforthefirm.weightedaveragecostofcapital(WACC).CAPMb2.IftheCAPMisusedtoestimatethecostofequitycapital,theexpected

32、excessmarketreturnisequaltothereturnonthestockminustherisk-freerate.differencebetweenthereturnonthemarketandtherisk-freerate.betatimesthemarketriskpremium.betatimestherisk-freerate.marketrateofreturn.CHARACTERISTICLINEc3.Thebestfitlineofpairwiseplotofthereturnsofthesecurityagainstthemarketindexretur

33、nsiscalledtheSecurityMarketLine.CapitalMarketLine.characteristicline.riskline.Noneoftheabove.CHAPTER14CapitalStructure:BasicConceptsMMPROPOSITIONIb2.Thepropositionthatthevalueofthefirmisindependentofitscapitalstructureiscalled:thecapitalassetpricingmodel.MMPropositionI.MMPropositionII.thelawofonepri

34、ce.MMPROPOSITIONIItheefficientmarketshypothesis.MMPROPOSITIONIIc3.Thepropositionthatthecostofequityisapositivelinearfunctionofcapitalstructureiscalled:thecapitalassetpricingmodel.MMPropositionI.MMPropositionII.thelawofoneprice.theefficientmarketshypothesis.Difficultylevel:MediumINTERESTTAXSHIELDa4.T

35、hetaxsavingsofthefirmderivedfromthedeductibilityofinterestexpenseiscalledthe:interesttaxshield.depreciablebasis.financingumbrella.currentyield.tax-losscarryforwardsavings.CAPITALSTRUCTUREDEFINITIONd8.Thefirmscapitalstructurereferstothewayafirminvestsitsassets.theamountofcapitalinthefirm.theamountofd

36、ividendsafirmpays.themixofdebtandequityusedtofinancethefirmsassets.howmuchcashthefirmholds.CHAPTER15CapitalStructure:LimitstotheUseofDebtDIRECTBANKRUPTCYCOSTSc1.Theexplicitcosts,suchasthelegalexpenses,associatedwithcorporatedefaultareclassifiedascosts.flotationbetaconversiondirectbankruptcyindirectb

37、ankruptcyunleveredINDIRECTBANKRUPTCYCOSTSc2.Thecostsofavoidingabankruptcyfilingbyafinanciallydistressedfirmareclassifiedascosts.flotationdirectbankruptcyindirectbankruptcyfinancialsolvencycapitalstructureFINANCIALDISTRESSCOSTSe3.Theexplicitandimplicitcostsassociatedwithcorporatedefaultarereferredtoa

38、sthecostsofafirm.flotationdefaultbetadirectbankruptcyindirectbankruptcyfinancialdistressBANKRUPTCYb6.Thelegalproceedingforliquidatingorreorganizingafirmoperatingindefaultiscalleda:xyfight.ACCOUNTINGINSOLVENCYd8.Afirmthathasnegativenetworthissaidtobe:experiencingabusinessfailure.inlegalbankruptcy.exp

39、eriencingtechnicalinsolvency.experiencingaccountinginsolvency.inChapter11bankruptcyreorganization.STOCKDIVIDENDSSTOCKDIVIDENDSCAPITALSTRUCTUREd10.Thevalueofafirmismaximizedwhenthe:costofequityismaximized.btaxrateiszero.leveredcostofcapitalismaximized.weightedaveragecostofcapitalisminimized.debt-equityratioisminimized.CAPITALSTRUCTUREe11.Theoptimalcapitalstructurehasbeenachievedwhenthe:debt-equityratioisequalto1.weightofequityisequaltotheweightofdebt.costofequityismaximizedgivenapre-taxcostofdebt.debt-equityr