财务管理选择题

Chapter1:TheRoleofFinancialManagementJustclickonthebuttonnexttoeachanswerandyou'llgetimmediatefeedback.Note:YourbrowsermustsupportJavaScriptinordertousethisquiz.1."Shareholderwealth"inafirm财富isrepresentedby:股东公司thenumberofpeopleemployedinthefirm.thebookvalueofthefirm'sassetslessthebookvalueofitsliabilities.theamountofsalarypaidtoitsemployees.themarketpricepershareofthefirm'scommonstock每股普通股票.2.3.Thelong-runobjective目标offinancialmanagementisto:maximizeearningspershare.maximizethevalueofthefirm'scommonstock.maximizereturnoninvestment.maximizemarketshare.Whataretheearningspershare(EPS)foracompanythatearned每股利润$100,000lastyearinafter-taxprofits,has200,000commonshares收益and$1.2millioninretainedearningoutstandingatthe普通股yearend?未尝贷款未分配利润$100,000$6.00$0.50$100，000/200,000=0.50$6.504.principal,whileA(n)wouldbeanexampleofa首要的agenta(n)wouldbeanexampleofanshareholder;manager代理人.manager;owneraccountant;bondholdershareholder;bondholder5.Themarketpriceofashareofcommonstockisdetermined是由…决定:theboardofdirectorsofthefirm.thestockexchangeonwhichthestockislisted.thepresidentofthecompany.individualsbuyingandsellingthestock.个体6.Thefocalpointoffinancialmanagementinafirmis:焦点thenumberandtypesofproductsorservicesprovidedbythefirm.theminimizationoftheamountoftaxespaidbythefirm.thecreationofvalueforshareholders.thedollarsprofitsearnedbythefirm.7.Thedecisionfunctionoffinancialmanagementcanbe财务管理的决策功能brokendownintothe分解成decisions.financingandinvestmentinvestment,financing融资,andassetmanagement资产管理financinganddividendcapitalbudgeting,cashmanagement,andcreditmanagement8.Thecontroller'sresponsibilitiesareprimarily主要财务主管innature本质上,whilethetreasurer'sresponsibilitiesare地primarilyrelatedto会计.operational;financialmanagementfinancialmanagement;accountingaccounting;financialmanagementfinancialmanagement;operations9.IntheUS,theauditing审计,qualitycontrol质量控制,ethics道德标准,anddisclosurestandardsforpubliccompaniesandtheirauditorsaswellashasbeengiventhepowertoadopt通过披露标准审计员investigateanddisciplinethoseinvolved相关的.审查惩罚AmericanInstituteofCertifiedPublicAccountants(AICPA)FinancialAccountingStandardsBoard(FASB)PublicCompanyAccountingOversight监督Board(PCAOB)美国公众公司会计监督委员会SecuritiesandExchangeCommission(SEC)Acompany'sis(are)potentially潜在地themosteffectiveinstrument工具ofgoodcorporategovernance.管理法人的commonstockshareholdersboardofdirectors董事会topexecutiveofficersTheSarbanes-OxleyActof2002(SOX)waslargely萨班斯奥克斯利法案主要地aresponseto:aseriesofcorporatescandalsinvolving涉及Enron,WorldCom,GlobalCrossing,Tycoandnumerousothers一系列的企业丑闻,环球安然、世通,泰科和无数的人.adramaticriseintheUStradedeficit.chargesofexcessivecompensationtotopcorporateexecutives.risingcomplaintsbyinvestorsandsecurityanalystsoverthefinancialaccountingforstockoptions.ThefollowingitemisNEWtothe13thedition.___________referstomeetingtheneedsofthepresent满足。。。的需要withoutcompromisingtheabilityoffuturegenerationstomeettheirownneeds可持续发展是指满足目前的需要不损害子孙后代的利益来满足自己的需要.CorporateSocialResponsibility(CSR)Sustainability持续性ConvergenceGreenEconomicsChapter2:TheBusiness,Tax,andFinancialEnvironmentsJustclickonthebuttonnexttoeachanswerandyou'llgetimmediatefeedback.Note:YourbrowsermustsupportJavaScriptinordertousethisquiz.1.Whichofthefollowingenjoyslimitedliability有限责任?Ageneralpartnership普通合伙企业.Acorporation公司；法人.Asoleproprietorship独资企业.Noneoftheabove.2.MichaelCohnisa"member"(atypeofowner)ofamarinesupplybusiness海洋供应业务.Michael'sbusinessisasoleproprietorship.acorporation.alimitedliabilitycompany股份有限公司.ageneralpartnership.3.TheCountingHouse账房,Inc股份有限公司（incorporated）.,purchased5-yearpropertyclassequipmentfor$60,000.ItusestheMACRS财产类设备加速成本回methodofdepreciation折旧法的优化.Whatistaxdepreciationforthe收制secondyearoftheasset'slife?$12,000$19,200$60,000*0.32=$19,200$20,000$24,0004.Acorporationinwhichyouareashareholderhasjustgonebankrupt破产.Itsliabilitiesarefarinexcessofitsassets它的负债了其资产.Youwillbecalledon被迫而…topay:aproportionateshareofbondholderclaimsbasedonthenumberofcommonsharesthatyouown.aproportionalshareofallcreditorclaimsbasedonthenumberofcommonsharesthatyouown.anamountthatcould,atmost,equalwhatyouoriginallypaidforthesharesofcommonstockinthecorporation.nothing.5.A30-yearbondissued债券发行byGary'sPlaidPantsWarehouse,Inc.,in1997wouldnowtradeintheprimarymoneymarket.secondarymoneymarket.primarycapitalmarket.secondarycapitalmarket二级资本市场.6.7.Amajoradvantageofthecorporateformoforganization组织形态is:reductionofdoubletaxation.limitedownerliability.legalrestrictions.easeoforganization.Moneymarketmutualfunds货币市场共同基金enableindividualsandsmallbusinessestoinvestindirectlyinmoney-marketinstruments.areavailableonlytohighnet-worthindividuals.areinvolvedinacquiringandplacingmortgages.arealsoknownasfinancecompanies.8.Thepurposeoffinancialmarketsisto:increasethepriceofcommonstocks.lowertheyield收益onbonds.allocatesavingsefficientlycontrolinflation..储蓄有效分配9.WhichofthefollowingisNOTanexampleofafinancialintermediary金融中介机构?InternationalBusinessMachines,Inc美国国际商用机器公司.(IBM).Vanguard先锋MutualFund共同基金.ElDoradoSavingsandLoanAssociation储蓄和贷款协会的黄金国.BankofAmerica.Howarefundsallocatedefficientlyinamarketeconomy市场经济中如何有效分配资金?Themostpowerfuleconomicunitreceivesthefunds.Theeconomicunitthatiswillingtopaythehighest经济单位expectedreturn预期收益receivesthefunds.theeconomicunitthatconsidersitselfmostinneedoffundsreceivesthem.Receiptofthefundsisrotatedsothateacheconomicunitcanreceivetheminturn.Assumethata"temporary临时"additional额外的(USfederaltaxrelated)first-yearbonus红利depreciationof50percentappliesto适用于anew,$100,000pieceofequipmentpurchasedbyBellemansChocolatier,Inc.Theassethasa$10,000estimatedfinalsalvagevalue最终残值估计.Ifthisassetisfullydepreciatedfortaxpurposesoveritsusefullife使用寿命,theoverallamount总量thatBellemanswillhavedepreciatedfortaxpurposesis.缴税$90,000$100,000$135,000$150,000Chapter3:TheTimeValueofMoneyJustclickonthebuttonnexttoeachanswerandyou'llgetimmediatefeedback.Note:YourbrowsermustsupportJavaScriptinordertousethisquiz.1.Youwanttobuyanordinaryannuity普通年金thatwillpayyou$4,000ayearforthenext20years.Youexpect预期annualinterestrates年利率willbe8percentoverthattimeperiod.Themaximumpriceyouwouldbewillingtopayfortheannuityisclosestto$32,000.求PVA$39,272.$40,000.$80,000.2.Withcontinuouscompoundingat10percentfor30years,the永续复利futurevalue终值ofaninitialinvestment期初投资of$2,000isclosestto$34,898.FVA=PV(e)$40,171.$164,500.$328,282.n03.In3yearsyouaretoreceive$5,000.Iftheinterestrateweretosuddenlyincrease,thepresentvalueofthatfutureamounttoyouwouldfall.rise.remainunchanged.cannotbedeterminedwithoutmoreinformation.4.Assumethattheinterestrateisgreater大于zero.Whichofthefollowingcash-inflowstreamsshouldyouprefer?Year3Year1Year2Year4$400$300$200$100P65表3.8$100$250$200$250$300$250$400$250Anyoftheabove,sincetheyeachsumto$1,000.5.Youareconsideringinvestinginazero-couponbondthatsells零息国债for$250.Atmaturity到期in16yearsitwillberedeemed赎回for$1,000.Whatapproximate近似annualrateofgrowthdoesthisrepresent?8percent.9percent.$250（FVIF）=$1,000，（FVIF）=4i,16i,16查表的,i=9%时，FVIF=3.970约为412percent.25percent.6.Toincreaseagivenpresentvalue,thediscounte现率shouldbeadjustedupward.downward下降.True.Fred..For$1,000youcanpurchasea5-yearordinaryannuitythatwillpayyouayearlypayment年费of$263.80for5years.Thecompoundannualinterestrateimpliedbythisarrangementisclosestto复合年利率8percent.9percent.10percent.11percent.8.Youareconsideringborrowing$10,000for3yearsatanannualinterestrateof6%.Theloanagreement贷款协议callsfor3equalpayments,tobepaidattheendofeachofthenext3years.(Paymentsincludebothprincipalandinterest本利.)Theannualpaymentthatwillfullypayoff(amortize分期付款)theloanisclosestto付清$2,674.$2,890.$3,741.$4,020.9.Whenn=1,thisinterestfactorequalsoneforanypositiverateofinterest.PVIFFVIFPVIFAFVIFAFVIFA=（1+i）-1/In=1，FVIFA=1nNoneoftheabove(youcan'tfoolme!)(1+i)nPVIFFVIFPVIFAFVIFAYoucanusetoroughlyestimate粗略估计howmanyyearsagivensumofmoneymustearnatagivencompoundannualinterestrate复合年利率inordertodoublethatinitialamount.Rule415theRuleof72theRuleof78Rule144Inatypical典型的loanamortizationschedule摊销表,thedollaramountofinterest年利息paideachperiod.increaseswitheachpaymentdecreaseswitheachpaymentP65表3.8remainsconstantwitheachpaymentInatypicalloanamortizationschedule,thetotaldollaramountofmoneypaideachperiod分期偿还总额.increaseswitheachpaymentdecreaseswitheachpaymentremainsconstantwitheachpaymentP65表3.8不变的Chapter4:TheValuationofLong-TermSecuritiesJustclickonthebuttonnexttoeachanswerandyou'llgetimmediatefeedback.Note:YourbrowsermustsupportJavaScriptinordertousethisquiz.1.What'sthevaluetoyouofa$1,000face-valuebondwithan票面价值8%couponrate票面利率whenyourrequiredrateofreturnis15预期收益率percent?Morethanitsfacevalue.Lessthanitsfacevalue.$1,000.True.2.Iftheintrinsicvalueofastockisgreaterthanitsmarket内在价值value,whichofthefollowingisareasonableconclusion合理的理论?Thestockhasalowlevelofrisk.Thestockoffersahighdividendpayoutratio.Themarketisundervaluing低估thestock.Themarketisovervaluingthestock.3.Whenthemarket'srequiredrateofreturnforaparticularbondismuchlessthanitscouponrate票面利息,thebondissellingat:apremium保险费.adiscount.cannotbedeterminedwithoutmoreinformation.facevalue.4.Ifaninvestormayhavetosellabondpriorto在。。。之前maturity到期andinterestrateshaverisensincethebondwaspurchased,theinvestorisexposedto面临erestraterisk.aperpetuity.anindefinitematurity.5.VirgoAirlineswillpaya$4dividend股息nextyearonitscommonstock,whichiscurrentlysellingat$100pershare.Whatisthemarket'srequiredreturnonthisinvestmentifthedividendisexpectedtogrowat5%forever?4percent.5percent.7percent.9percent.6.Ifabondsellsatahighpremium,thenwhichofthefollowingrelationshipsholdtrue?(PrepresentsthepriceofabondandYTM到0期收益率isthebond'syieldtomaturity.)P<parandYTM>thecouponrate.0P>parandYTM>thecouponrate.0P>parandYTM<thecouponrate.0P<parandYTM<thecouponrate.07.8.Interestratesandbondpricesmoveinthesamedirection.moveinoppositedirections反向.sometimesmoveinthesamedirection,sometimesinoppositedirections.havenorelationshipwitheachother(i.e.,theyareindependent).Intheformulak=(D/P)+g,whatdoesgrepresent?0e1theexpectedpriceappreciation增值yieldfromacommonstock.theexpecteddividendyield股息fromacommonstock.thedividendyieldfromapreferredstock.theinterestpaymentfromabond.9.IntheUnitedStates,mostbondspayinterestayear,whilemanyEuropeanbondspayinterestonce;twiceayear.twice;onceonce;oncetwice;twiceTheexpectedrateofreturnonabondifboughtatitscurrentmarketpriceandheldtomaturity.yieldtomaturitycurrentyieldcouponyieldcapitalgainsyieldChapter5:RiskandReturnJustclickonthebuttonnexttoeachanswerandyou'llgetimmediatefeedback.Note:YourbrowsermustsupportJavaScriptinordertousethisquiz.1.Thistypeofriskisavoidablethroughproperdiversification分散投资.portfoliorisksystematicriskunsystematicrisk非系统风险totalrisk2.Astatisticalmeasure统计量具ofthedegreetowhichtwovariables变量(e.g.,securities'returns有价证券收益)movetogether.coefficientofvariationvariancecovariance协方差certaintyequivalent.An"aggressive"commonstockwouldhavea"beta"equaltozero.greaterthanone.equaltoone.lessthanone.4.Alinethatdescribestherelationshipbetweenanindividualsecurity'sreturns证券收益andreturnsonthemarketportfolio证券投资组合.characteristicline特性线securitymarketlinecapitalmarketlinebeta5.Accordingtothecapital-assetpricingmodel(CAPM),asecurity'sexpected(required)returnisequaltotherisk-freerateplusapremium红利equaltothesecurity'sbeta.basedontheunsystematicriskofthesecurity.basedonthetotalriskofthesecurity.basedonthesystematicriskofthesecurity.6.Therisk-freesecurityhasabetaequalto,whilethemarketportfolio'sbetaisequaltoone;morethanone..one;lessthanone.zero;one.lessthanzero;morethanzero.7.Carriehasa"certaintyequivalent资本回收保证量"toariskygamble's投机expected