財務(wù)管理（全英文）智慧樹知到期末考試答案章節(jié)答案2024年北京第二外國語學(xué)院

財務(wù)管理（全英文）智慧樹知到期末考試答案+章節(jié)答案2024年北京第二外國語學(xué)院Thefirm’sfinancialriskmayhavebothmarketriskanddiversifiableriskcomponents.（）

答案:錯Thepaybackperiodmethodignoresthetimevalueofmoney.（）

答案:對Sharerepurchasesaretaxedlessfavorablythandividends;thisexplainswhycompaniestypicallypaydividendsandavoidsharerepurchases.（）

答案:對Increasingacompany’sdebtratiowilltypicallyreducethemarginalcostsofbothdebtandequityfinancing;however,itstillmayraisethecompany’sWACC.（）

答案:錯Thecalculationofthecostofcapitaldependsuponhistoricalcostsoffunds.（）

答案:對Retainedearningsrepresentaninternalsourceoffundsthatisraisedwithoutthepaymentofinterest,orcosttothefirm’sshareholders.（）

答案:錯Thebird-in-the-handtheoryarguesthatinvestorspreferdividendsbecausedividendsaretaxedmorefavorablythancapitalgains.（）

答案:錯Theinternalrateofreturnisnottherateofreturnoftheproject.（）

答案:錯Sincedebtfinancingraisesthefirm’sfinancialrisk,increasingacompany’sdebtratiowillalwaysincreasethecompany’sWACC.（）

答案:錯Thelongerthematurityofabond,thegreatertheimpactonpricetochangesinmarketrates.（）

答案:對Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.（）

答案:對Signalingtheorysuggestsfirmsshouldinnormaltimesmaintainreserveborrowingcapacitythatcanbeusedifanespeciallygoodinvestmentopportunitycomesalong.（）

答案:對Stockrepurchasesincreasethenumberofoutstandingshares.（）

答案:錯Projectsthataretotallyuncorrelatedprovidesomeoverallreductioninportfoliorisk.（）

答案:對theinterestrateswillaffecttheinternalrateofreturn.（）

答案:錯Theexpectedreturnofaportfolioissimplyaweightedaverageoftheexpectedreturnofthesecuritiescomprisingthatportfolio.（）

答案:對Whichinvestmenthastheleastofrisk?（）

答案:Standarddeviation=$700,Expectedreturn=$500Commonstockthathasnogrowthindividendsisvaluedasifitwere（）

答案:preferredstockEfficientportfoliosareportfoliosthat

答案:offerthehighestrateofreturnforthesameamountofriskThePVofa5-yearannuitydueof$200at10%is（）

答案:834.02A10yearbondpays8%annualinterestwithparvalue$1000.Ifsimilarbondsarecurrentlyyielding6%annually,whatisthemarketvalueofthebond?（）

答案:$1588.81Zerocouponbonds（）

答案:bandcoptionIfyouknowthatyourfirmisfacingrelativelypoorprospectsbutneedsnewcapital,andyouknowthatinvestorsdonothavethisinformation,signalingtheorywouldpredictthatyouwould（）

答案:\tIssueequitytosharetheburdenofdecreasedequityreturnsbetweenoldandnewshareholders.Timevalueofmoneyisanimportantfinanceconceptbecause（）

答案:alloftheoptionBoththefutureandpresentvalueofasumofmoneyarebasedon（）

答案:bothaandbOnecharacteristicofpreferredstockisthat（）

答案:alloftheoptionAlowprice/earningsratiousuallymeansthatafirm（）

答案:isamaturefirmStandarddeviationmeasures（）risk.

答案:unsystematicAstockdividendwill（）

答案:decreasethecommonstockaccount.Astimetomaturitydrawsnear,abond'svalueapproaches（）

答案:parThefuturevalueofanannuityis（）

答案:morethaneachannuitypaymentIfyouhave$1000andyouplantosaveitfor4yearswithaninterestrateof10%,whatisthefuturevalueofyoursavings?（）

答案:$1464.00Theaftertaxcostofdebtwillalwaysbelow（）

答案:alltheoption..SacramentoPaperisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of12percent,whileProjectBhasanIRRof14percent.Thetwoprojectshavethesamerisk,andwhenthecostofcapitalis7percenttheprojectshavethesamenetpresentvalue(NPV).Assumeeachprojecthasaninitialcashoutflowfollowedbyaseriesofinflows.Giventhisinformation,whichofthefollowingstatementsismostcorrect?（）

答案:Allofthestatementsoptionarecorrect.A（）isalong-termseniorbondwithoutcollateral.

答案:debentureWhenestablishingtheiroptimalcapitalstructure,firmsshouldstriveto（）

答案:minimizetheweightedaveragecostofcapitalIfyouwinthelotteryandyouchoosetohaveyourproceedsdistributedtoyouoveratwenty-yeartimeperiod,withthefirstpaymentcomingtoyouoneyearfromtoday,whichcalculationwouldyouusetocalculatetheworthofthoseproceedstoyoutoday?（）

答案:presentvalueofanannuityThePVofaperpetuityof$200at10%is（）

答案:2000Theprincipalvalueofabondiscalledthe（）

答案:theparvalueTheoverallcostoffinancingforthefirmiscalledthe（）

答案:weightedaveragecostofcapitalThecoefficientofvariation（）canbedefinedasthe

答案:standarddeviationdividedbythemean(expectedvalue).Amajordisadvantageofthecorporateformoforganizationisthe（）.

答案:doubletaxationofdividendsThepresentvalueofadollartobereceivedinthefutureis（）

答案:lessthanadollarThemostexpensivesourceoffinancingforafirmis（）

答案:newcommonstockThefuturevalueofadollarthatyouinvesttodayis（）

答案:morethanadollarInvaluingafinancialasset,youusethesevariables（）

答案:alloftheoptionWhichofthefollowingstatementsbestdescribesthetheoriesofinvestors’preferencesfordividends?（）

答案:\tTheclienteleeffectsuggeststhatcompaniesshouldfollowastabledividendpolicy.Ahighprice/earningsratiousuallyindicatesthatafirmisa（）

答案:growthstockAstocksplitinvolvesareductioninthefirm'sretainedearningsaccount.（）

答案:錯Whichofthefollowingbalancesheetaccountswillbeaffectedbyastockdividendbutnotbyastocksplit?（）

答案:retainedearningsAfirmmayrepurchaseitsownstockbecause:（）

答案:alloftheoption（）haveaclaimtotheresidualincomeofthefirm.

答案:CommonStockholdersThepurposeofastocksplitisusuallyto:（）

答案:bringdownthestockpriceintoalowertradingrange.Whichofthefollowingislikelytoencourageacompanytousemoredebtinitscapitalstructure?（）

答案:\tStatementsaandcarecorrect.Fromtheinformationbelow,selecttheoptimalcapitalstructureforMinnowEntertainmentCompany.（）

答案:\tDebt=60%;Equity=40%;EPS=$3.18;Stockprice=$31.20.Whichofthefollowingstatementsbestdescribestheoptimalcapitalstructure?（）

答案:\tStatementsbandcarecorrect.Whichofthefollowingfactorswouldaffectacompany’sbusinessrisk?（）

答案:\tStatementsaandbarecorrect.Whenestablishingtheiroptimalcapitalstructure,firmsshouldstriveto:（）

答案:minimizetheweightedaveragecostofcapitalAfirm'scostofcapitalisthe:（）

答案:overallcostoffinancingtothefirmProjectsAandBbothhavenormalcashflows.Inotherwords,thereisanup-frontcostfollowedovertimebyaseriesofpositivecashflows.BothprojectshavethesameriskandaWACCequalto10percent.However,ProjectAhasahigherinternalrateofreturnthanProjectB.AssumethatchangesintheWACChavenoeffectontheprojects’cashflowlevels.Whichofthefollowingstatementsismostcorrect?（）

答案:\tIfProjectsAandBhavethesameNPVatthecurrentWACC,ProjectBwouldhaveahigherNPViftheWACCofbothprojectswaslower.Thepaybackmethodhasseveraldisadvantages,amongthem:（）

答案:paybackignorescashinflowsafterthepaybackperiod.Theinternalrateofreturnmaybedefinedas:（）

答案:thediscountratethatmakestheNPVcashflowsequaltozero.Thecouponrateonanissueofdebtis6%.Theyieldtomaturityonthisissueis5%.Thecorporatetaxrateis25%.Whatwouldbetheapproximateafter-taxcostofdebtforanewissueofbonds?（）

答案:3.75%Afirm'sstockissellingfor$78.Thenextannualdividendisexpectedtobe$3.90.Thegrowthrateis3%.Whatisthecostofstocks?（）

答案:8%Thecostofretainedearningsisequaltotherequiredrateofreturnonafirm'scommonstock.（）

答案:錯Whichofthefollowingitemshasthehighestcost?（）

答案:commonstockAfirm'scostofdebtishigherthanthecostofcommonstock.（）

答案:錯Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusion?（）

答案:Themarketisovervaluingthestock.Valuationofacommonstockwithnodividendgrowthpotentialistreatedinthesamemanneraspreferredstock.（）

答案:對What’sthevalueofapreferredstockwithannualdividend=$5andrequiredrateofreturn10%?（）

答案:50Stock’sintrinsicvalueequalsitstradingpriceinmarketequilibrium.（）

答案:對Usingtheconstantdividendgrowthmodelforcommonstock,ifP0goesup（）

答案:theassumedrateofreturngoesdown.Whenthecouponrateonabondequalsitsyieldtomaturity,thebondwilltradeatparvalue.（）

答案:對Therelationshipbetweenabond'spriceandtheyieldtomaturity（）

答案:isaninverserelationshipWhat’sthevalueofa5-year,8%couponbondwithparvalue$100ifdiscountrateis10%?（）

答案:Lessthan$100Inestimatingthemarketvalueofabond,thecouponrateshouldbeusedasthediscountrate.（）

答案:錯Firmsgenerallydecidetocalltheirbondswheninterestrates（）

答案:dropTheslopeofSMLwillbecome（）iftheinvestorbecomelessriskaverse.

答案:smallerStocksthataretotallyuncorrelatedprovidesomeoverallreductioninportfoliorisk.）（）

答案:對The\"efficientfrontier\"indicates（）

答案:alternativeswiththebestcombinationsofriskandreturn.Assumeastock’sbetais1.5,riskfreerateis5%,andmarketreturnis8%.Whatistherequiredrateofreturnonthest