財務(wù)報表分析（全英文）知到章節(jié)答案智慧樹2023年北京第二外國語學(xué)院

財務(wù)報表分析（全英文）知到章節(jié)測試答案智慧樹2023年最新北京第二外國語學(xué)院第一章測試

Thepassiveinvestorassumesthemarketisefficientandthatstocksarecorrectlypricedtoreflecttheriskinvolvedinbuyingthestock.（）

參考答案:

對

Thetermfinancialstatementrefersto…（）

參考答案:

Alltheanswersarecorrect

WhichofthefollowingisfalseregardingwhyaSWOTAnalysisisused?()

參考答案:

Toreduceopportunitiesavailabletoabusiness

__________oftheprofitabilityofthefirmoveraperiodoftimesuchasayear.()

參考答案:

Theincomestatementisasummary

Financialstatementspresentanumericalpictureofacompany'sfinancialand

operatinghealth.()

參考答案:

對

WhichofthefollowingSWOTelementsareexternalfactorsforabusiness?（）

參考答案:

OpportunitiesandThreats

The________doesnotrepresentcontinuingoperationsinanyway,butissimplya

snapshotofthetotalworthofafirmatagivenpointintime.()

參考答案:

balancesheet

Cashinflowsarisefrom_____assets,________liabilities,and___________stockholders'equity.()

參考答案:

decreasing;increasing;increasing

Whatisacreditor’sobjectiveinperformingananalysisoffinancialstatements?()

參考答案:

Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.

Themajordeviceformeasuringtheprofitabilityofafirmoveradefinedperiodoftimeis

the()

參考答案:

incomestatement.

第二章測試

Thetransactionsbetweenthetwoclaimants(debtorsandshareholders)andthefirmarethefirm's_activities.()

參考答案:

Financing

Freecashflowdoesnotaffectcommonshareholder’sequity.（）

參考答案:

對

Theprocessofcomparingvariousfinancialfactorsofacompanyoveraperiodoftimeisknownas（）

參考答案:

Intra‐firmcomparison

Ifananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashflow.()

參考答案:

對

Afirmgeneratedfreecashflow$2,348millionandpaidnetinterestof$23millionaftertax.Itpaidadividendof$14millionandissuedsharesfor$54million.Therewerenosharerepurchases.Whatdidthetreasurerdowiththeremainingcashflowandforhowmuch?（）

參考答案:

Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

Whatdrivesfreecashflow?()

參考答案:

operations

Reformulatedbalancesheetsinformanalystsaboutthefirm’sstrategyforrunningthebusiness.()

參考答案:

對

WhichofthefollowingactivitiesisNOTaninvestingactivity?（）

參考答案:

borrowingmoney

Anoperatingassetis()

參考答案:

usedtoproducegoodsorservicestoselltocustomersinoperations.

Comparisonoffinancialstatementshighlightsthetrendofthe_________ofthebusiness.()

參考答案:

Alltheanswersarecorrect

第三章測試

Lowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

參考答案:

錯

Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

參考答案:

Grossmargin

Underwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

（）

參考答案:

TheSPREADiszero,thatis,returnonnetoperatingassets(RNO

Areductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

參考答案:

對

Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

參考答案:

錯

Afirmhasareturnof11.2percentonnetoperatingassetsof$400million,ashorttermborrowingrateof4.0percentaftertaxandareturnonoperatingassetsof8.5percent.Whatisthefirm’soperatingliabilityleverage?（）

參考答案:

0.600

Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

參考答案:

對

Whichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

參考答案:

Increaseininterestrateondebt

Thefollowinginformationisfromreformulatedfinancialstatements(inmillion)

whatisthefirm’sROCEandRNOA?()

參考答案:

15.0%and13.0%

Underwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

(

)

參考答案:

Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.

第四章測試

Whatmeasurestellsyouthatafirmisano-growthfirm?()

參考答案:

Afirmhaszeroornegativeresidualearningsgrowth

Whichthefollowingitemispartofunusual(transitory)income?()

參考答案:

Gainonthedisposalofproperty

Firmscangrowearnings,butnotcreate(share)value（）

參考答案:

對

Thefollowingnumberwerecalculatedfromthefinancialstatementsforafirmfor2012and2011:

HowmuchofthechangeinROCEfrom2011to2012isduetofinancingactivities?（）

參考答案:

3.37%

Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

參考答案:

錯

Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

參考答案:

Increaseininventoryturnover

BelowisselectedinformationfromTricorp

ReturnonnetoperatingassetsforYear1is:()

參考答案:

15.4%.

RErepresentsextraprofitavailabletothecompany/shareholdersthisiswhatdrivesgrowthinacompany’s(share)value.（）

參考答案:

對

Returnonoperatingassetsisameasureofwhichofthefollowing?（）

參考答案:

Efficiency

BelowisselectedinformationfromTricorpcompany

WhichofthefollowingiscorrectconcerningchangesatTricropfromYear1toYear2?()

參考答案:

RNOADecreased,ROCEDecreased

第五章測試

Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

參考答案:

對

Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

參考答案:

Increasereceivables

Increasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

參考答案:

對

Whydoanalystscomparecashflowfromoperationswithearningstoassessthequalityoftheearnings?（）

參考答案:

null

Adecreaseinwarrantyliabilitiesincreasesnetsales.()

參考答案:

錯

IBMreporteda3percentincreaseinincomeforitsfirstquarterof2000,beatinganalysts’estimates.Butitalsoreportedadeclineinrevenue.Itsstockpricedroppedinresponsetothereport.Whichofthefollowingstatementisincorrectforthedropinstockpriceonanearningsincrease?（）

參考答案:

Theassetturnoverisexpectedtoincrease.

Lowdepreciationchargesforecastlossesinfutureincomestatements.()

參考答案:

對

Whichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

參考答案:

Decreaseinborrowings.

Accountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

參考答案:

錯

WhichofthefollowingisnotanindicatorofaccountingManipulation?（）

參考答案:

Lossonsaleofdiscontinuedbusinesssegments

第六章測試

Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

參考答案:

Themarketisundervaluingthestock.

The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

參考答案:

intrinsicvalue

FCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

參考答案:

similarforallfirms

BecausetheDDMrequiresmultipleestimates,investorsshould()

參考答案:

carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.

Apreferredstockwillpayadividendof$2.75intheupcomingyear,andeveryyearthereafter,i.e.,dividendsarenotexpectedtogrow.Yourequireareturnof10%onthisstock.UsetheconstantgrowthDDMtocalculatetheintrinsicvalueofthispreferredstock.()

參考答案:

$27.50

Attheendof2012,youforecastthatafirm’sfreecashflowfor2013willbe$430million.Ifyouforecastthatfreecashflowwillgrowat5%peryearthereafter,whatistheenterprisevalue?Usearequiredreturnof10percent.()

參考答案:

8,600million

CompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

參考答案:

thecompanyisinvestingheavily

Attheendof2012,youforecastthefollowingcashflows(inmillions)forafirmwithnetdebtof$759million:

Youforecastthatfreecashflowwillgrowatarateof4%peryearafter2015.Usearequiredreturnof10%tocalculateboththefirms’enterprisevalueandthevalueoftheequityattheendof2012?()

參考答案:

7,900million,7,141million

Valueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

參考答案:

對

Afirmthathashigherfreecashflowhaveahighervalue?（）

參考答案:

錯

第七章測試

Thefollowingareearningsanddividendforecastsmadeattheendof2012forafirmwith$20.00bookvaluepercommonshareatthattime.Thefirmhasarequiredequityreturnof10%peryear.Forecastreturnofcommonequityandresidualearningsfortheyearof2015.

（）

參考答案:

ROCEis15.71%andREis1.49

AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

參考答案:

錯

Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

參考答案:

對

ThefollowingareROCEforecastsmadeforafirmattheendof2010.

ROCEisexpectedtocontinueatthesamelevelafter2013.Thefirmreportedbookvalueofcommonequityof$3.2billionattheendof2010,with500millionsharedoutstanding.Iftherequiredequityreturnis12%,whatisthepersharevalueoftheseshares?（）

參考答案:

$6.40

ResidualearningsvaluationdoesnotworkwellforcompanieslikeCoca-cola,CiscoSystem,orNike,whichhavesubstantialassets,likebrands,R&Dassets,andentrepreneurialknow-howoffthebooks.Alowbookvaluemustgiveyoualowvaluation.()

參考答案:

錯

Afirmwithbookvalueof$15.60pershareand100percentdividendpayoutisexpectedtohaveareturnoncommonequityof15%peryearindefinitelyinthefuture.Itscostofequitycapitalis10%.Calculatetheintrinsicpricetobookratio.（）

參考答案:

1.5

WhichofthefollowingitemsarethedriversofResidualearnings?()

參考答案:

Returnoncommonequityandgrowthinbookvalue

InSeptember2008thesharesofDell,Inc,thecomputermaker,tradedat$20.50each.Initslastannualreport,Dellhadreportedbookvalueof$3,735millionwith2,060millionsharesoutstanding.Analystswereforecastingearningspershareof$1.47forfiscalyear2009and$1.77for2010Dellpaysnodividends.Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.

theBPSattheendoffiscal-year2008willbe()

參考答案:

$1.813

Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.()

參考答案:

24.84

第八章測試

Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

參考答案:

對

Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.

whatisthetrailingP/Eratio?（）

參考答案:

9.33

whatistheforwardP/Eratio?()

參考答案:

8.33

AP/Eratioforabondisalwayslessthanthatforastock.（）

參考答案:

錯

whichofthefollowingstatementiscorrect?（）

參考答案:

thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0

Thefollowingareearningsanddividendforecastsmadeattheendof2010.Thefirmhasarequiredequityreturnof10%peryear.

Forecastabnormalearningsgrowthfor2012.()

參考答案:

0.325

Forecastabnormalearningsgrowthfor2013.()

參考答案:

0.165

CalculatethenormalforwardP/Eforthisfirm.()

參考答案:

10

Firmcanincreaseitsearningsgrowthbutnotaffectthevalueofitsequity（）

參考答案:

對

Inearlyfiscalyear2009,analystswereforecasting$3.90forNike’searningspershareforthefiscalyearendingMay2009and$4.45for2010,withadividendpershareof92cents(0.92)expectedfor2009.Forecastthecum-dividendearningsgrowthratefor2010.（）

參考答案:

16.46%

第九章測試

Whichofthefollowingsituationdiversificationdosenotreducerisk？()

參考答案:

returnsonsecuritiesintheportfolioareperfectlycorrelated

Astatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

參考答案:

thestandarddeviation

Normaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

參考答案:

錯

Asetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

參考答案:

probabilitydistribution

Belowarethereformulatebalancesheetfortwofirmswithsimilarrevenues.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Notethatcashhasbeentreatedasoperatingcash.()

參考答案:

FirmB

UsingtheCAPM,?isameasureof:()

參考答案:

sharepricevolatility

Whichofthefollowingisnotameasureofrisk?()

參考答案:

correlationcoefficient

Belowarethereformulateincomestatementfortwofirmsinthesamelineofbusiness.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Reformulatetheincomestatements:

()

參考答案:

FirmA

whichofthefollowingstatementisnotcorrect?()

參考答案:

variationinreturnonnetoperatingassetsisonlydrivenbyprofit