在線網課《公司財務（北京第二外國語學院）》單元測試考核答案

第一章單元測試1【單選題】(2分)Whichofthefollowingstatementsistrue?（）A.Oneofthebenefitsofincorporatingyourbusinessisthatyoubecomeentitledtoreceiveunlimitedliability.B.Soleproprietorshipsdonothavetopaycorporatetax.C.Allofthestatementsabovearecorrect.D.Soleproprietorshipsaresubjecttomoreregulationsthancorporations.E.Noneofthestatementsaboveiscorrect.2【單選題】(2分)Whichofthefollowingstatementsismostcorrect?（）A.Corporationsfacefewerregulationsthansoleproprietorships.B.Oneadvantageofformingacorporationisthatyouhavelimitedliability.C.Statementsbandcarecorrect.D.Onedisadvantageofbeingasoleproprietoristhatyouhavetopaycorporatetaxes,eventhoughyoudon’trealizethebenefitsofbeingacorporation.E.Noneofthestatementsaboveiscorrect.3【單選題】(2分)Whichofthefollowingcouldexplainwhyabusinessmightchoosetoorganizeasacorporationratherthanasasoleproprietorshiporapartnership?（）A.Statementscanddarecorrect.B.Corporationsenjoyunlimitedliability.C.Corporationsgenerallyfinditeasiertoraisecapital.D.Corporationsgenerallyfacefewerregulations.E.Corporationsgenerallyfacelowertaxes.4【單選題】(2分)Theprimarygoalofapublicly-ownedfirminterestedinservingitsstockholdersshouldbeto（）A.Maximizeexpectedtotalcorporateprofit.B.Maximizethestockpricepershare.C.MaximizeexpectedEPS.D.Maximizeexpectednetincome.E.Minimizethechancesoflosses.5【單選題】(2分)Whichofthefollowingstatementsismostcorrect?（）A.Statementsaandbarecorrect.B.Thethreatofatakeovercanreducetheagencyproblembetweenbondholdersandstockholders.C.Allofthestatementsabovearecorrect.D.Restrictionsareincludedincreditagreementstoprotectbondholdersfromtheagencyproblemthatexistsbetweenbondholdersandstockholders.E.Compensatingmanagerswithstockcanreducetheagencyproblembetweenstockholdersandmanagers.第二章單元測試1【單選題】(2分)Whichofthefollowingstatementsismostcorrect?(Assumethattherisk-freerateremainsconstant.（）A.NoneofthestatementsaboveiscorrectB.Ifthemarketriskpremiumincreasesby1percentagepoint,thentherequiredreturnonallstockswillriseby1percentagepoint.C.Ifthemarketriskpremiumincreasesby1percentagepoint,thentherequiredreturnwillincreaseby1percentagepointforastockthathasabetaequalto1.0.D.Ifthemarketriskpremiumincreasesby1percentagepoint,thentherequiredreturnwillincreaseforstocksthathaveabetagreaterthan1.0,butitwilldecreaseforstocksthathaveabetalessthan1.0.E.Statementsaandcarecorrect.2【單選題】(2分)Whichofthefollowingstatementsisincorrect?（）A.Higherbetastockshaveahigherrequiredreturn.B.Theslopeofthesecuritymarketlineismeasuredbybeta.C.Company-specificriskcanbediversifiedaway.D.Twosecuritieswiththesamestand-aloneriskcanhavedifferentbetas.E.Themarketriskpremiumisaffectedbyattitudesaboutrisk.3【單選題】(2分)Whichofthefollowingstatementsismostcorrect?（）A.Astock’sbetaislessrelevantasameasureofrisktoaninvestorwithawell-diversifiedportfoliothantoaninvestorwhoholdsonlythatonestock.B.Portfoliodiversificationreducesthevariabilityofthereturnsontheindividualstocksheldintheportfolio.C.Asecurity’sbetameasuresitsnondiversifiable(systematic,ormarket)riskrelativetothatofanaveragestock.D.Ifaninvestorbuysenoughstocks,heorshecan,throughdiversification,eliminatevirtuallyallofthenonmarket(orcompany-specific)riskinherentinowningstocks.Indeed,iftheportfoliocontainedallpubliclytradedstocks,itwouldberiskless.E.Therequiredreturnonafirm’scommonstockisdeterminedbyitssystematic(ormarket)risk.Ifthesystematicriskisknown,andifthatriskisexpectedtoremainconstant,thennootherinformationisrequiredtospecifythefirm’srequiredreturn.4【單選題】(2分)StockAandStockBbothhaveanexpectedreturnof10percentandastandarddeviationof25percent.StockAhasabetaof0.8andStockBhasabetaof1.2.Thecorrelationcoefficient,r,betweenthetwostocksis0.6.PortfolioPisaportfoliowith50percentinvestedinStockAand50percentinvestedinStockB.Whichofthefollowingstatementsismostcorrect?（）A.PortfolioPhasacoefficientofvariationequalto2.5B.NoneofthestatementsaboveiscorrectC.AllofthestatementsabovearecorrectD.PortfolioPhasmoremarketriskthanStockAbutlessmarketriskthanStockBE.PortfolioPhasastandarddeviationof25percentandabetaof1.05【單選題】(2分)正確答案：EWhichofthefollowingstatementsismostcorrect?（）A.Atwo-stockportfoliowillalwayshavealowerstandarddeviationthanaone-stockportfolio.B.Atwo-stockportfoliowillalwayshavealowerbetathanaone-stockportfolio.C.Ifportfoliosareformedbyrandomlyselectingstocks,a10-stockportfoliowillalwayshavealowerbetathanaone-stockportfolio.D.Allofthestatementsabovearecorrect.E.Noneofthestatementsaboveiscorrect.第三章單元測試1【單選題】(2分)Youhavetheopportunitytobuyaperpetuitythatpays$1,000annually.Yourrequiredrateofreturnonthisinvestmentis15percent.Youshouldbeessentiallyindifferenttobuyingornotbuyingtheinvestmentifitwereofferedatapriceof()A.$8,728.50B.$7,500.00C.$6,666.67D.$5,000.00E.$6,000.002【單選題】(2分)Ifa5-yearordinaryannuityhasapresentA.$263.80B.$315.38C.$300.20D.$346.87E.$240.423【單選題】(2分)In1958theaveragetuitionforoneyearatanIvyLeagueschoolwas$1,800.Thirtyyearslater,in1988,theaveragecostwas$13,700.Whatwasthegrowthrateintuitionoverthe30-yearperiod?()A.9%B.8%C.6%D.7%E.12%4【單選題】(2分)正確答案：EWhichofthefollowingsecuritieshasthelargestpresentA.Afive-yearordinaryannuitythatpaysyou$1,000eachyear.B.Aseven-yearzerocouponbondthathasafaceC.Afive-yearzerocouponbondthathasafaceD.Asecuritythatpaysyou$1,000attheendof1year,$2,000attheendof2years,and$3,000attheendof3years.E.Apreferredstockissuethatpaysan$800annualdividendinperpetuity.(Assumethatthefirstdividendisreceivedoneyearfromtoday.)5【單選題】(2分)Yourbankaccountpaysanominalinterestrateof6percent,butinterestiscompoundeddaily(ona365-daybasis).Yourplanistodeposit$500intheaccounttoday.Youalsoplantodeposit$1,000intheaccountattheendofeachofthenextthreeyears.Howmuchwillyouhaveintheaccountattheendofthreeyears,aftermakingyourfinaldeposit?()A.$3,788B.$2,591C.$3,779D.$3,164E.$3,500第四章單元測試1【單選題】(2分)A10-yearbondpaysanannualcoupon.Thebondhasayieldtomaturityof8percent.Thebondcurrentlytradesatapremium--itspriceisabovetheparA.Thebond’scurrentyieldislessthan8percent.B.Iftheyieldtomaturityremainsat8percent,thenthebond’spricewilldeclineoverthenextyear.C.Iftheyieldtomaturityremainsat8percent,thenthebond’spricewillremainthesameoverthenextyear.D.Thebond’scouponrateislessthan8percent.E.Iftheyieldtomaturityincreases,thenthebond’spricewillincrease.2【單選題】(2分)YouareconsideringtwoTreasurybonds.BondAhasa9percentannualcoupon,andBondBhasa6percentannualcoupon.Bothbondshaveayieldtomaturityof7percent.Assumethattheyieldtomaturityisexpectedtoremainat7percent.Whichofthefollowingstatementsismostcorrect?()A.Iftheyieldtomaturityremainsat7percent,thepriceofBondBwilldecreaseovertime,butthepriceofBondAwillincreaseovertime.B.Iftheyieldtomaturityremainsat7percent,thepriceofbothbondswillremainunchanged.C.Iftheyieldtomaturityremainsat7percent,thepriceofBondAwilldecreaseovertime,butthepriceofBondBwillincreaseovertime.D.Iftheyieldtomaturityremainsat7percent,thepriceofbothbondswillincreaseovertime,butthepriceofBondAwillincreasebymore.E.Iftheyieldtomaturityremainsat7percent,thepriceofbothbondswillincreaseby7percentperyear.3【單選題】(2分)Iftheyieldtomaturitydecreased1percentagepoint,whichofthefollowingbondswouldhavethelargestpercentageincreaseinA.A10-yearbondwithan8percentcoupon.B.A10-yearzerocouponbond.C.A1-yearbondwithan8percentcoupon.D.A10-yearbondwitha12percentcoupon.E.A1-yearzerocouponbond.4【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Ifratesfallafteritsissue,azerocouponbondcouldtradeforanamountaboveitsparB.Noneofthestatementsaboveiscorrect.C.Ifabondissellingforapremium,thisimpliesthatthebond’syieldtomaturityexceedsitscouponrate.D.Ifacouponbondissellingatpar,itscurrentyieldequalsitsyieldtomaturity.E.Statementsbandcarecorrect.5【單選題】(2分)BondAhasa9percentannualcoupon,whileBondBhasa7percentannualcoupon.Bothbondshavethesamematurity,afaceA.Iftheyieldtomaturityforbothbondsimmediatelydecreasesto6percent,BondA’sbondwillhavealargerpercentageincreaseinB.BondAtradesatadiscount,whereasBondBtradesatapremium.C.Allofthestatementsabovearecorrect.D.Noneofthestatementsaboveiscorrect.E.Iftheyieldtomaturityforbothbondsremainsat8percent,BondA’spriceoneyearfromnowwillbehigherthanitistoday,butBondB’spriceoneyearfromnowwillbelowerthanitistoday.第五章單元測試1【單選題】(2分)正確答案：EIftwoconstantgrowthstockshavethesamerequiredrateofreturnandthesameprice,whichofthefollowingstatementsismostcorrect?()A.Thetwostockshavethesameper-sharedividend.B.Thetwostockshavethesamedividendgrowthrate.C.Thestockwiththehigherdividendyieldwillhaveahigherdividendgrowthrate.D.Thetwostockshavethesamedividendyield.E.Thestockwiththehigherdividendyieldwillhavealowerdividendgrowthrate.2【單選題】(2分)Stocksaandbhavethesameprice,butStockahasahigherrequiredrateofreturnthanStockbWhichofthefollowingstatementsismostcorrect?()A.IfStockahasalowerdividendyieldthanStockB,itsexpectedcapitalgainsyieldmustbehigherthanStockb’s.B.StockamusthaveahigherdividendyieldthanStockb.C.StockamusthavebothahigherdividendyieldandahighercapitalgainsyieldthanStockb.D.IfStockahasahigherdividendyieldthanStockB,itsexpectedcapitalgainsyieldmustbelowerthanStockb’s.E.StockbmusthaveahigherdividendyieldthanStocka.3【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.AnimplicationofthesemistrongformoftheefficientmarketshypothesisisthatyoucannotconsistentlybenefitfromtradingoninformationreportedinTheWallStreetJournal.B.Ifastock’sbetaincreasedbutitsgrowthrateremainedthesame,thenthenewequilibriumpriceofthestockwillbehigher(assumingdividendscontinuetogrowattheconstantgrowthrate).C.Statementsaandbarecorrect.D.Allofthestatementsabovearecorrect.E.Marketefficiencysaysthattheactualrealizedreturnsonallstockswillbeequaltotheexpectedratesofreturn.4【單選題】(2分)Whichofthefollowingstatementsisfalse?()A.Whenstockinacloselyheldcorporationisofferedtothepublicforthefirsttimethetransactioniscalled“goingpublic”andthemarketforsuchstockiscalledthenewissuemarket.B.Itispossibleforafirmtogopublic,andyetnotraiseanyadditionalnewcapital.C.GoingpublicestablishesatruemarketD.Apubliclyownedcorporationissimplyacompanywhosesharesareheldbytheinvestingpublic,whichmayincludeothercorporationsandinstitutionsaswellasindividuals.E.Whenacorporation’ssharesareownedbyafewindividualswhoareassociatedwithorarethefirm’smanagement,wesaythatthefirmis“closelyheld.”5【單選題】(2分)TheJonesCompanyhasdecidedtoundertakealargeproject.Consequently,thereisaneedforadditionalfunds.Thefinancialmanagerplanstoissuepreferredstockwithaperpetualannualdividendof$5pershareandaparA.$25B.$50C.$150D.$10E.$100第六章單元測試1【單選題】(2分)Whichofthefollowingstatementsiscorrect?()A.Depreciation-generatedfundsareanadditionalsourceofcapitaland,infact,representthelargestsinglesourceoffundsforsomefirms.B.TheDCFmodelispreferredoverothermodelstoestimatethecostofequitybecauseoftheeasewithwhichafirm’sgrowthrateisobtained.C.Thebond-yield-plus-risk-premiumapproachtoestimatingthecostofequityisnotalwaysaccuratebutitsadvantagesarethatitisastandardizedandobjectivemodel.D.Noneofthestatementsaboveiscorrect.E.Althoughsomemethodsofestimatingthecostofequitycapitalencounterseveredifficulties,theCAPMisasimpleandreliablemodelthatprovidesgreataccuracyandconsistencyinestimatingthecostofequitycapital.2【單選題】(2分)InapplyingtheCAPMtoestimatethecostofequitycapital,whichofthefollowingelementsisnotsubjecttodisputeorcontroversy?()A.Thestock’sbetacoefficient,biB.Therisk-freerate,kRFC.AlloftheabovearesubjecttodisputeD.Theexpectedrateofreturnonthemarket,kME.Themarketriskpremium(RPM)3【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Theweightedaveragecostofcapitaliscalculatedonabefore-taxbasis.B.Allofthestatementsabovearecorrect.C.Theweightedaveragecostofcapitalforagivencapitalbudgetlevelisaweightedaverageofthemarginalcostofeachrelevantcapitalcomponentthatmakesupthefirm’stargetcapitalstructure.D.Statementsaandcarecorrect.E.Anincreaseintherisk-freerateisnotlikelytoincreasethemarginalcostsofbothdebtandequityfinancing.4【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Sincestockholdersdonotgenerallypaycorporatetaxes,corporationsshouldfocusonbefore-taxcashflowswhencalculatingtheweightedaveragecostofcapital(WACC).B.Allelseequal,anincreaseinflotationcostswillincreasethecostofretainedearnings.C.Statementsaandbarecorrect.D.Noneofthestatementsaboveiscorrect.E.Whencalculatingtheweightedaveragecostofcapital,firmsshouldrelyonhistoricalcostsratherthanmarginalcostsofcapital.5【單選題】(2分)正確答案：EAllisonEnginesCorporationhasestablishedatargetcapitalstructureof40percentdebtand60percentcommonequity.Thecurrentmarketpriceofthefirm’sstockisP0=$28;itslastdividendwasD0=$2.20,anditsexpecteddividendgrowthrateis6percent.WhatwillAllison’smarginalcostofretainedearnings,ks,be?()A.14.3%B.7.9%C.15.8%D.13.9%E.9.7%第七章單元測試1【單選題】(2分)正確答案：EAssumethatyouarecomparingtwomutuallyexclusiveprojects.Whichofthefollowingstatementsismostcorrect?()A.TheNPVandIRRruleswillalwaysleadtothesamedecisionunlessoneorbothoftheprojectsare“non-normal”inthesenseofhavingonlyonechangeofsigninthecashflowstream,thatis,oneormoreinitialcashoutflows(theinvestment)followedbyaseriesofcashinflows.B.Allofthestatementsabovearecorrect.C.Noneofthestatementsaboveiscorrect.D.IfaconflictexistsbetweentheNPVandtheIRR,theconflictcanalwaysbeeliminatedbydroppingtheIRRandreplacingitwiththeMIRR.E.Therewillbeameaningful(asopposedtoirrelevant)conflictonlyiftheprojects’NPVprofilescross,andeventhen,onlyifthecostofcapitalistotheleftof(orlowerthan)thediscountrateatwhichthecrossoveroccurs.2【單選題】(2分)Whichofthefollowingstatementsisincorrect?()A.NPVcanbenegativeiftheIRRispositive.B.IfthemultipleIRRproblemdoesnotexist,anyindependentprojectacceptablebytheNPVmethodwillalsobeacceptablebytheIRRmethod.C.IfIRR=k(thecostofcapital),thenNPV=0.D.Assumingaprojecthasnormalcashflows,theNPVwillbepositiveiftheIRRislessthanthecostofcapital.E.TheNPVmethodisnotaffectedbythemultipleIRRproblem.3【單選題】(2分)正確答案：EProjectJhasthesameinternalrateofreturnasProjectK.Whichofthefollowingstatementsismostcorrect?()A.Allofthestatementsabovearecorrect.B.IfthetwoprojectshavethesamerisktheywillhavethesameNPV,evenifthetwoprojectsareofdifferentsize.C.Ifthetwoprojectshavethesamesize(scale)theywillhavethesamediscountedpayback,evenifthetwoprojectshavedifferentlevelsofrisk.D.Iftheprojectshavethesamesize(scale)theywillhavethesameNPV,evenifthetwoprojectshavedifferentlevelsofrisk.E.Noneofthestatementsaboveiscorrect.4【單選題】(2分)ProjectXhasaninternalrateofreturnof20percent.ProjectYhasaninternalrateofreturnof15percent.BothprojectshaveapositivenetpresentA.Statementsbandcarecorrect.B.IfthetwoprojectshavethesameWACC,ProjectXmusthaveahighernetpresentC.ProjectXmusthaveashorterpaybackthanProjectY.D.Noneofthestatementsaboveiscorrect.E.ProjectXmusthaveahighernetpresentA.Isequaltotheannualnetcashflowsdividedbyonehalfoftheproject’scostwhenthecashflowsareanannuity.B.Mustexceedthecostofcapitalinorderforthefirmtoaccepttheinvestment.C.Changeswhenthecostofcapitalchanges.D.Statementscanddarecorrect.E.Issimilartotheyieldtomaturityonabond.第八章單元測試1【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Thecapitalstructurethatmaximizesstockpriceisgenerallythecapitalstructurethatalsomaximizesearningspershare.B.Allelseequal,anincreaseinthecorporatetaxratewouldtendtoencourageacompanytoincreaseitsdebtratio.C.Statementsaandcarecorrect.D.Statementsaandbarecorrect.E.Whenacompanyincreasesitsdebtratio,thecostsofequityanddebtcapitalbothincrease.Therefore,theweightedaveragecostofcapital(WACC)mustalsoincrease.2【單選題】(2分)Whichofthefollowingstatementsaboutcapitalstructuretheoryismostcorrect?()A.Allofthestatementsabovearecorrect.B.Statementsaandcarecorrect.C.Signalingtheorysuggestsfirmsshouldinnormaltimesmaintainreserveborrowingcapacitythatcanbeusedifanespeciallygoodinvestmentopportunitycomesalong.D.Ingeneral,anincreaseinthecorporatetaxratewouldcausefirmstouselessdebtintheircapitalstructures.E.Accordingtothe“trade-offtheory,”anincreaseinthecostsofbankruptcywouldleadfirmstoreducetheamountofdebtintheircapitalstructures.3【單選題】(2分)Asageneralrule,thecapitalstructurethat()A.MaximizesexpectedEPSalsomaximizesthepricepershareofcommonstock.B.Noneofthestatementsaboveiscorrect.C.Maximizesthepricepershareofcommonstockalsominimizestheweightedaveragecostofcapital.D.MinimizestheinterestrateondebtalsomaximizestheexpectedEPS.E.Minimizestherequiredrateonequityalsomaximizesthestockprice.4【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Noneofthestatementsaboveiscorrect.B.Firmswithahighoperatingleveragearemorelikelytorelyondebtfinancing.C.Firmswhosesalesareverysensitivetochangesinthebusinesscyclearemorelikelytorelyondebtfinancing.D.Statementsaandcarecorrect.E.Firmswithlargetaxlosscarryforwardsaremorelikelytorelyondebtfinancing.5【單選題】(2分)Whichofthefollowingstatementsismostcorrect?()A.Iftheafter-taxcostofequityfinancingexceedstheafter-taxcostofdebtfinancing,firmsarealwaysabletoreducetheirWACCbyincreasingtheamountofdebtintheircapitalstructureB.Theoptimalcapitalstructureminimizes