财务管理基础英文版选择题

1、第一章1 CoRRECTWhiCh Of the following are microecOnomic VariableS that help define and explain the discipli ne of finan ce? DA) risk and retur nB) CaPitaI StrUCtUreC) in flatio nD) all of the aboveFeedback: All of the above are releva nt in expla ining finance.2 CORRECTOne Primary macroecOnomic VariabI

2、e that helps define and explain the discipline of finance? CA) CaPitaI StrUCtUreB) in flatio nC) tech noIogyD) riskFeedback: TeChnoIogy is Very important in explaining the field of finance.3 CORRECTThe money markets deal With. BA) SeCUritieS With a life of more than One yearB) ShOrt-term SeCUritieSC

3、) SeCUritieS SUCh as com mon stockD) none of the aboveFeedback: The money markets are ConCerned With ShOrt-term SeCUrities, those With a life less tha n One year.4 CORRECTThe ability of a firm to ConVertan asset to CaSh is called A.A) IiqUidityB) solve ncyC) returnD) marketabilityFeedback: LiqUidity

4、 also means how close an asset is to cash.5 CORRECTEarly in the history of finan ce, an importa nt issue was: AA) IiqUidityB) tech noIogyC) CaPitaI StrUCtUreD) financing optiOnSFeedback: Maintaining IiqUidity WaS a major ConCern historically.6 INCoRRECTTheCis the most com mon form of bus in ess orga

5、 ni Zati On in the U.S.A) corporati OnB) Part nershipC) sole PrOPrietOrShiPD) none of the aboveFeedback: There are more sole PrOPrietOrShiPS tha n any Other form of bus in ess orga ni Zati on.7 CORRECTTheChas more sales in dollars tha n any Other form of bus in essorga ni Zati on.A) sole PrOPrietOrS

6、hiPB) Part nershipC) corporati OnD) none of the aboveFeedback: The corporation is the most important in terms of dollars.8 CORRECTOne major disadva ntage of the sole PrOPrietOrShiP isB.A) SimPIiCity of decisi On-mak ingB) UnIimited liabilityC) low OPerati Onal costsD) none of the aboveFeedback: The

7、OWnerS of a sole PrOPrietOrShiP are PerS On ally liable.9 CORRECTThe appropriate firm goal in a CaPitaIiSt SOCiety isB.A) PrOfit maximizati onB) Shareholder WeaIth maximizati OnC) social resp On SibiIityD) none of the aboveFeedback: The goal is to maximize the WeaIth of shareholders.10 CORRECTThe ag

8、e ncy problem will occur in a bus in ess firm if the goals ofCandShareholders do not agree.A) in VeStOrSB) the PUbliCC) man ageme ntD) none Of the above第二章Feedback: The goals of man ageme nt may be differe nt from those of shareholders.The accoUnting Statements that a firm is required to file includ

9、e all but One of these. BA) Bala nce SheetB) Stateme nt of Acco UntS ReCeiVabIeC) In come Stateme ntD) Stateme nt of CaSh FlowsFeedback: The required Stateme nts in clude the in come Stateme nt, bala nce Sheet and Stateme nt of Cha nges in CaSh flows. The Stateme nt of Cha nges in owners equity (or

10、reta ined earnings) is also required by Generally ACCePted AccoUnting PrinCiPIeS but is not COVered in this text.2 CoRRECTTheAshows the firm's OPerati ng results over a PeriOd of time.A) In come Stateme ntB) Stateme nt of CaSh FlowsC) Bala nce SheetD) None of the aboveFeedback: The In come State

11、me nt represe nts a mov ing PiCtUre of a firm's revenues and expenses.3 CORRECTAll of the followi ng except One are tax-deductible expe nses. CA) in terest expe nseB) depreciati OnC) com mon stock divide ndsD) in come taxesFeedback: Com mon stock divide nds are n Ot tax deductible to a firm.4 CO

12、RRECTAll of the followi ng are non-OPerat ing expe nses exceptB.A) in terest expe nseB) cost of goods soldC) Preferred stock divide ndsD) taxesFeedback: The cost of goods sold is an OPerat ing expe nse.5 CORRECTWQrd资料Bon dholders receiveCfrom the bus in ess firm.A) Preferred divide nd Payme ntsB) co

13、m mon stock Payme ntsC) in terest Payme ntsD) royaltiesFeedback: Bon dholders are typically Paid in terest semi-a nnu ally.6 CoRRECTThe ratio of net in come to com mon ShareS OUtSta nding is calledBA) PriCe/ear nings ratioB) earnings Per ShareC) divide nds Per ShareD) none of the aboveFeedback: ThiS

14、 is called the earnings Per Share (EPS).7 CORRECTUsually, firms With high PriCe/ear nings ratios areAfirms.A) growthB) decli ningC) matureD) none of the aboveFeedback: A high p/e ratio indicates a firm With strong growth PrOSPeCtS8 CORRECTOne of the Iimitati OnS of theCis that it is based On histori

15、cal costs.A) in come Stateme ntB) Stateme nt of CaSh flowsC) bala nce SheetD) none of the aboveFeedback: The bala nce Sheet USeS historical costs.9 INCORRECTA SOUrCe of funds is a: DA) decrease in a CUrre nt assetB) decrease in a CUrre nt liabilityC) in CreaSe in a CUrre nt liabilityD) a and C above

16、Feedback: A decrease in CUrre nt assets is equivale nt to an in CreaSe in CUrre nt liabilities.10 INCORRECTShOrt-term financing for a bus in ess firm in eludes:BA) bondsB) acco UntS PayabIeC) StOCkholder's equityD) mortgagesFeedback: The other three an SWerS represe nt Ion g-term financing.第三章Tr

17、end an alysis allows a firm to COmPare its PerfOrma nce to: DA) other firms in the in dustryB) other time PeriOdS Within the firmC) other in dustriesD) all of the aboveFeedback: Trend an alysis gives an an alyst a Ion g-term perspective. AS a SeCUrity an alyst and a portfolio man ager With OPPe nhei

18、mer Capital, DiCk GIaSebrook spoke to a SeniorFinanCe Managers ' Meeting at the Boeing Company On May 4, 1999. He Said it is Onething to COmPare a firm 'performance against COmPetitOrS Within the Same industry. BUt inVeStOrS are not Iimited to SPeCifiC industries. In fact, investors Seek to

19、diversify their inVeStments across many differe nt in dustries. So man ageme nt should also COmPare PerfOrma nce to any well run compa ny-both in and OUtSide of their in dustry.2Ratio an alysis allows a firm to COmPare its PerfOrma nce to: DA) other firms in the in dustryB) other time PeriOdS Within

20、 the firmC) other in dustriesD) all of the aboveFeedback: Trend an alysis gives an an alyst a Ion g-term perspective. AS a SeCUrity an alyst and a portfolio man ager With OPPe nheimer CaPitaI, DiCk GIaSebrook spoke to a SeniorFinanCe Managers ' Meeting at the Boeing Company On May 4, 1999. He Sa

21、id it is Onething to COmPare a firm 'performance against COmPetitOrS Within the Same industry. BUt inVeStOrS are not Iimited to SPeCifiC industries. In fact, investors Seek to diversify their inVeStments across many differe nt in dustries. So man ageme nt should also COmPare PerfOrma nce to any

22、well run compa ny-both in and OUtSide of their in dustry.3Usually, a firm's SUPPIierS are most in terested in itsDratios.A) PrOfitabiIityB) debtC) asset UtiIiZati OnD) IiqUidityFeedback: The SUPPIierS are most in terested in gett ing paid, as show n by the IiqUidity of thefirm.4 CoRRECTDwould be

23、 most in terested in a firm's debt UtiliZati On ratios.A) bon dholdersB) stockholdersC) ShOrt-term CreditOrSD) Both A and BFeedback: Debt is in dicated by a firm issu ing bonds but is also a function Of the debt to equity relationship or the degree of financial leverage. Both bond holders and st

24、ockholders are in terested in this relati On ShiP although frof oppos ing VieWPO in ts.5 CORRECTTheCratio in dicates the return firm shareholders are earning.A) retur n On assetsB) retur n On in VeStme ntC) retur n On equityD) net PrOfit marginFeedback: The shareholders represe nt equity, or OWn ers

25、hip in the firm.6 CORRECTWhiCh of the following is an example of a PrOfitabiIity ratio? CA) QUiCk ratioB) AVerage collect ion PeriOdC) RetUr n On equityD) TimeS in terest earnedFeedback: ThiS is the on Iy PrOfitabiIity ratio that is listed. All PrOfitabiIity ratios have net in come in the denomin at

26、or.7Total asset turno Ver will in dicate if there is a problem With theCratio.A) debt to assetsB) times in terest earnedC) fixed asset turnoverD) CUrre ntFeedback: FiXed asset turnover is Part of total asset turno ver.7 CORRECTAll of the following are asset UtiIiZation ratios except: DA) average col

27、lect ion PeriOdB) inven tory turnoverWQrd资料C) receivables turnoverD) retur n On assetsFeedback: RetUrn on assets is a PrOfitabiIity ratio. Any ratio With n et in come in the denomin ator is a PrOfitabiIity ratio.8 CoRRECTIf a firm's debt ratio is 55%, this meansC_ of the firm's assets are fi

28、nan Ced by equityfinancing.A) 55%B) 50%C) 45%D) not eno Ugh in formatio n to an SWer questi OnFeedback: The equity Portion plus the debt porti On must add UP to 100%.9 CORRECTAll of the following Can PreSent problems for ratio analysis except: DA) in flatio nB) inven tory acco Un ti ng methodsC) dis

29、i nflatio nD) all of the aboveFeedback: TheSe all may CaUSe problems.第四章PIanning for future growth is called: CA) CaPitaI budgeti ngB) work ing CaPitaI man ageme ntC) finan cial forecast ingD) none of the aboveFeedback: ThiS involves looking ahead to the future.2 INCORRECTWhiCh One of the following

30、is NOT a tool of financial forecasting? BA) CaSh budgetB) CaPitaI budgetC) pro forma bala nce SheetD) pro forma in come Stateme ntFeedback: The other three are all tools USed by an an alyst.3 CORRECTThe first SteP in develop ing a pro forma in come Stateme nt is to: AA) build a sales forecastB) dete

31、rm ine the ProdUCt ion SChedUleC) determ ine cost of goods soldD) none of the aboveFeedback: A sales forecast beg ins the process.4 INCoRRECTPro forma Stateme nts are _BStateme nts.A) actualB) PrOjeCtedC) a PreViOUS year'sD) none of the aboveFeedback: Pro forma Stateme nts are based On estimates

32、 or PrOjeCt ions.5 INCORRECTAll of the followi ng compose cost of goods sold exceptDA) raw materialB) laborC) OVerheadD) all of the above are Part of cost of goods soldFeedback: The cost of good sold in volves all three of these items.6 INCORRECTFinan cial man agers USe theBto pla n for mon thly fin

33、ancing n eeds.A) CaPitaI budgetB) CaSh budgetC) pro forma in come Stateme ntD) none of the aboveFeedback: The CaSh budget allows for pla nning CaSh n eeds.7 INCORRECTThe Payme nts that a firm collects from its CUStOmerS are calledCA) CaSh disburseme ntsB) CaSh OUtflOWSC) CaSh receiptsD) none of the

34、aboveFeedback: CaSh receipts represe nt CaSh Coming into the firm.8 INCORRECTEXamPIeS of CaSh disburseme nts are all butBWord资料A) Payme nt for materials PUrChaSedB) collect ion Of acco UntS receivableC) Payme nt of divide ndsD) Payme nt of taxesFeedback: The collect ion Of acco UntS receivable is an

35、 example of a CaSh receipt, not a CaSh disburseme nt.9 CoRRECTIn develop ing the pro forma bala nce sheet, We get com mon stock from A.A) the firm's PreViOUS bala nce SheetB) the firm's CaSh budgetC) the firm's in come Stateme ntD) none of the aboveFeedback: Common stock appears On the b

36、ala nce sheet.10 INCORRECTThe PerCe nt of sales method of finan cial forecasti ng shows US the relati On ShiP betwee n Dand financing n eeds.A) Cha nges in the level of liabilitiesB) Cha nges in the level of assetsC) Cha nges in debtD) Cha nges in the level of salesFeedback: It COmPareS the relatio

37、nship betwee n bala nce Sheet items and sales.第五章An example of a Semi-VariabIe cost is: DA) rentB) raw materialC) depreciati OnD) UtiIitieSFeedback: The other three represe nt fixed or VariabIe costs.2 CORRECTAis the Point at WhiCh firm PrOfit is equal to zero.A) breakevenB) OPerati ng breakeve nC)

38、finan cial IeVerageD) comb ined breakeve nFeedback: ThiS is the Point Where the firm's reve nues equal its expe nses.3 INCoRRECTIn breakeve n an alysis, if fixed costs rise, the n the breakeve n Point willB.A) fallB) riseC) Stay the SameD) none of the aboveFeedback: ThiS implies that a Iarger qu

39、a ntity will have to be sold in order to break even.4 INCORRECTIn the breakeve n formula, PriCe - VariabIe Cost is called theC.A) breakeve n PointB) IeVerageC) Con tributio n marginD) none of the aboveFeedback: ThiS implies that a Iarger qua ntity will have to be sold in order to cover the additiOna

40、l fixed costs and still break even.5 INCORRECTWhiCh of the followi ng types of firms may OPerate With high OPerat ing leverage? BA) a doctor's OffiCeB) an auto manu facturi ng facilityC) a men tal health cli nicD) none of the above would have high OPerati ng IeVerageFeedback: ThiS implies a high

41、 break-eve n Pointand high OPerati ng expe nses.6 INCORRECTTheCis the PerCe ntage Cha nge in OPerat ing in come that results froma PerCe ntage Cha nge in sales.A) degree of finan cial IeVerageB) breakeve n PointC) degree of OPerati ng IeVerageD) degree of comb ined IeVerageFeedback: ThiS is called t

42、he degree of OPerat ing IeVerage (DOL).7 CORRECTIf in terest expe nses for a firm rise, We know that firm has take n On moreAA) finan cial IeVerageB) OPerati ng IeVerageC) fixed assetsWQrd资料D) none Of the aboveFeedback: Finan Cial IeVerage refers to in terest expe nse On debt.8 INCoRRECTTheBis the P

43、erCe ntage Cha nge in earnings Per Share that results from aPerCe ntage Cha nge in OPerati ng in come.A) degree of comb ined IeVerageB) degree of finan cial IeVerageC) breakeve n PointD) degree of OPerati ng IeVerageFeedback: ThiS is known as the degree of finan cial IeVerage (DFL).9 INCORRECTComb i

44、ned IeVerage is the PerCe ntage Cha nge in relati On ShiP betwee n sales andC.A) OPerati ng in comeB) OPerati ng IeVerageC) earnings Per ShareD) breakeve n PointFeedback: ThiS comb ines OPerat ing IeVerage and finan cial leverage.10 INCORRECTA highly IeVeraged firm isBrisky tha n its peers.A) lessB)

45、 moreC) the SameD) none of the aboveFeedback: LeVerage is equivale nt to risk, because it implies a higher level of fixed costs.第八早Work ing CaPitaI man ageme nt in volves the financing and man ageme nt of the _Cassets of the firm.A) fixedB) totalC) CUrre ntD) none of the aboveFeedback: Work ing CaPi

46、taI man ageme nt deals With the financing and man ageme nt of CUrre nt assets.2 INCoRRECTAn asset SoId at the end Of a SPeCified time Period is called aBasset.A) temporary CUrre ntB) self-liquidati ngC) CUrre ntD) Perma nent CUrre ntFeedback: A self-liquidating asset is One that will be sold after a

47、 Certain amount of time.3 CORRECTFiXed assets are usually finan Ced WithAfun ds.A) Ion g-termB) ShOrt-termC) Perma nentD) none of the aboveFeedback: FiXed assets are by defi niti On Ion g-term assets.4 INCORRECTBis usually USed to finance self-liquidati ng assets.A) Lon g-term financingB) ShOrt-term

48、 financingC) Perma nent financingD) none of the aboveFeedback: TheSe are ShOrt-term or temporary assets.5 INCORRECTShOrt-term in terest rates, in a no rmal economy, are gen erallyCtha n Ion g-termrates.A) higherB) the SameC) lowerD) none of the aboveFeedback: Lon g-term in terest rates are n OrmaIly

49、 higher tha n ShOrt-term in terest rates to compe nsate for Un Certa inty or risk.6 INCORRECTThe expectati OnS hypothesis SayS thatBin terest rates are a function Ofin terest rates.A) ShOrt-term; Ion g-termB) Ion g-term; ShOrt-termC) ShOrt-term; ShOrt-termD) none of the aboveFeedback: ThiS theory Sa

50、yS that Ion g-term in terest rates reflect the average of Short-term expected rates.7 INCoRRECTIn SUra nce compa nies would tend to in VeSt inCSeCUrities.A) ShOrt-termB) in termediate termC) Ion g-termD) not eno Ugh in formatio n to an SWerFeedback: An in SUra nce compa ny would Prefer Ion g-term Se

51、CUritieS because they are more Con SerVatiVe or safer.8 INCORRECTTheDtheory SayS that in VeStOrS must be Paid a PremiUm to hold Ion g-termSeCUrities.A) expectatio ns hypothesisB) time value theoryC) Segme ntati OnD) IiqUidity PremiUmFeedback: ThiS is the IiqUidity premium.9 INCORRECTShOrt-term finan

52、cing pla ns With high IiqUidity have: BA) high retur n and high riskB) moderate retur n and moderate riskC) low PrOfit and low riskD) none of the aboveFeedback: ThiS is known as a "middle-of-the-road" approach.10 INCORRECTLong-term financing plans With low IiqUidity have: BA) high retur n

53、and high riskB) moderate retur n and moderate riskC) low retur n and low riskD) none of the aboveFeedback: ThiS is also known as a "middle-of-the-road" approach.第七章The tranSaCtion motive for holding CaSh is for BA) a Safety CUShi OnB) daily OPerat ing requireme ntsWord资料C) ComPe nsati ng b

54、ala nce requireme ntsD) none of the aboveFeedback: ThiS is money for everyday tran SaCt ions.2 CoRRECTWhiCh of the follow ing motives for hold ing CaSh is required by the bank before loa ning mon ey? AA) compe nsati ng bala nce motiveB) tran SaCt ions motiveC) PreCaUti Onary motiveD) none of the abo

55、veFeedback: ThiS Can be Con Sidered a form of collateral.3 INCORRECTThe difference between the CaSh balance on the firm's books and the balance shown on the ban k's books is called: BA) the compe nsati ng bala nceB) floatC) a Safety CUShi OnD) none of the aboveFeedback: Float implies that it

56、 takes time for CheCkS to clear.4 CORRECTEIeCtr OniCfUndStran Sfer hasAthe USe of float.A) reducedB) in CreaSedC) had no effect OnD) none of the aboveFeedback: EIeCtrO nic funds tran Sfer (EFT) has moved CaSh more quickly and reduced float.5 INCORRECTThe most UtiIiZed marketable SeCUrity by most firms is the: DA) TreaSUry bondB) Age ncy SeCUrityC) CertifiCate of DePOSitD) TreaSUry billFeedback: TreaSUry bills (T-Bills) are Very safe, popular in VeStme nts.6 INCORRECTOf the followi ng marketable SeCUrities, WhiCh are guara nteed by the FederaI gover