财务管理智慧树知到期末考试答案章节答案2024年宁波工程学院VIP

财务管理智慧树知到期末考试答案+章节答案2024年宁波工程学院Astockdividendwill（）

答案:notaffectthetotalvalueofstockholders'equity.Inestimatingthemarketvalueofabond,thecouponrateshouldbeusedasthediscountrate.（）

答案:错Whatshouldbetheprimarygoaloffinancialmanagement?（）

答案:MaximizingshareholderwealthProfitsofsoleproprietorshipsaretaxedatcorporatetaxrates.（）

答案:错Acorporationis（）

答案:anentitywhichpayscorporatetax.;ownedbystockholderswhoenjoytheprivilegeoflimitedliability.;aseparatelegalentitywithunlimitedlife.;easilydivisiblebetweenowners.Agencytheoryexaminestherelationshipbetweenthe（）

答案:ownersofthefirmandthemanagersofthefirm.Theemphasisoffinancialmanagementhasbeenontherelationshipbetweenriskandreturn.（）

答案:对Followingstatementwhichdescriptionaboutthesourceofretainedearningsareincorrect（）

答案:anexcessofassetsoverliabilities.;thesaleofadditionalsharesofstocktoinvestors.;marketvaluesthatexceedbookvalues.Thevalueofcommonstockwilllikelynotdecreaseif:（）

答案:dividendsarediscountedbacktothepresent.;thegrowthrateofdividendsincreases.;theinvestmenthorizondecreases.ForpurposesofcomputingtheWACC,ifthebookvalueofequityexceedsthemarketvalueofequity,whichfollowingpracticesareincorrect（）

答案:thebookvalueofequitylessretainedearningsshouldbeused.;thebookvalueofequityshouldbeused.;themarketvalueofequitylessretainedearningsshouldbeused.Whichofthefollowingarenotfinancialasset?（）

答案:Apatent;Amachine;AfactoryWhichofthesestatementsarenotcorrect?（）

答案:Thecorporatecontrollerisprimarilyresponsibleforoverseeingafirm'scashfunctions.;Financialmanagersareconcernedonlywithfundsthatflowtoinvestors.;Thechieffinancialofficergenerallyreportsdirectlytothecorporatetreasurer.Whichofthefollowingstatementsaboutdepreciationarenotcorrect?（）

答案:Whendepreciationexpenseisincurred,cashbalancesarereduced.;Depreciationissubtractedfromcostofgoodssoldtocalculatenetincome.;Depreciationexpensedoesnotaffectnetincome.Followingstatementcannotbeareasonforcashflowsoccurringindifferentperiodsshouldbecompared（）

答案:theflowsoccurnomorethanoneyearfromeachother.;highratesofinterestcanbeearnedontheflows.;interestratesareexpectedtobestable.Assumeabondhasbeenownedbyfourdifferentinvestorsduringits20-yearhistory.Whichoneofthefollowingismostapttohavebeendifferentforeachoftheseowners?（）

答案:Couponfrequency;Couponrate;ParvalueWhichofthefollowingactionscouldimproveafirm'scurrentratioifitisnowlessthan1.0?（）

答案:Buyinginventoryoncredit;PayingaccountspayablebymeansotherthancashNPVusefulasadecisionrulewhenthefirmencounters:（）

答案:long-livedprojects.;independentprojects.;mutuallyexclusiveprojects.Whichofthefollowingstatementsarenotappropriateforpubliccompanies（）

答案:productsorservicesareavailabletotheprivate.;sharesareheldbythefederalorstategovernment.;shareholdershavenotaxliability.Followingstatementwhichdescriptionaboutafirm'sWACCareincorrect:（）

答案:isaninformationalvalueonlyandshouldneverbeusedasadiscountrate.;istheproperdiscountrateforeveryprojectthefirmundertakes.;isusedtovalueallofthefirm'sexistingprojects.Whichofthefollowingfactorsarenotfixedandthuscanchangeforaspecificperpetuity?（）

答案:Interestrate;Presentvalue;PaymentamountAccordingtothestatementofcashflows,cashflowsfromfinancingcouldbenegativeif:（）

答案:thefirmrepaidmoredebtthanitadded.;thefirmsoldportionsofitsplantandequipment.Inwhichofthefollowingassetaccountsareyoulikelytofindadifferencebetweenmarketvalueandbookvalue?（）

答案:Land;Inventory;Shareholders'equityWhichoneofthefollowingbondvalueswillnotchangewheninterestrateschange?（）

答案:Thematurityvalue;Thecouponpayment;TheexpectedcashflowsWhichofthefollowingitemsshouldbeincludedinalistingofcurrentassets?（）

答案:Inventories;Accountsreceivable;MarketablesecuritiesIftwoprojectsofferthesamepositiveNPV,followingstatementwhichdescriptionareincorrect:（）

答案:aremutuallyexclusiveprojects.;havethesamepaybackperiod.;alsohavethesameIRR.Whichofthefollowingcannotincreasethepresentvalueofanannuity,otherthingsequal?（）

答案:Increasingtheinterestrate;Decreasingtheamountofthepayment;DecreasingthenumberofpaymentsWhichofthefollowingwouldnotbeconsideredacapitalbudgetingdecision?（）

答案:Repurchasingsharesofcommonstock;Issuingdebtintheformoflong-termbonds;PlanningtoissuecommonstockratherthanissuingpreferredstockNetworkingcapitaltototalassetsandcurrentratioarebothliquidityratios.（）TrueFalse

答案:对Foragivenamount,thelowerthediscountrate,thelessthepresentvalue.（）TrueFalse

答案:错Youshouldnevercomparecashflowsoccurringatdifferenttimeswithoutfirstdiscountingthemtoacommondate.（）TrueFalse

答案:对Ifthemarketvalueofassetsishigh,thenthemarketvalueofliabilitiesmustbehighalso.（）TrueFalse

答案:错Thedividenddiscountmodelstatesthattoday'sstockpriceequalsthepresentvalueofallexpectedfuturedividends.（）TrueFalse

答案:对Marketvalueaddedisthedifferencebetweenthemarketvalueofthefirm'sequityanditsbookvalue.（）TrueFalse

答案:对Theprimarygoalofanycompanyshouldbetomaximizecurrentperiodprofits.（）TrueFalse

答案:错IfaprojecthasmultipleIRRs,thehighestoneisassumedtobecorrect.（）TrueFalse

答案:错Thepresentvalueofanannuitydueequalsthepresentvalueofanordinaryannuitytimesthediscountrate.（）TrueFalse

答案:错Depreciationchargeisacashpayment.（）TrueFalse

答案:错Interesttaxshieldsareavailabletothefirmondebtandpreferredstockbutnotoncommonequity.（）TrueFalse

答案:错Along-terminvestorwouldmorelikelybeinterestedinabond'scurrentyieldratherthanitsyieldtomaturity.（）TrueFalse

答案:错Thebalancesheetpresentsasnapshotofthefirm'sassetsandliabilitiesatoneparticularmoment.（）TrueFalse

答案:对Abond'srateofreturnisequaltoitscouponpaymentdividedbythepricepaidforthebond.（）TrueFalse

答案:错ROEisequaltoROAwhenthefirmhasnodebt.（）TrueFalse

答案:对Themorefrequentthecompounding,thehigherthefuturevalue,otherthingsequal.（）TrueFalse

答案:对Receivableturnoverratioandassetturnoverratioarebothefficiencyratios.（）TrueFalse

答案:对Shareholderswelcomehighershort-termprofitsevenwhentheydamagelong-termprofits.（）TrueFalse

答案:错Boththedividendsandinterestpaymentsthatcompaniesmaketoindividualsaresubjecttopersonaltax.（）TrueFalse

答案:对Preferredstockshouldbeignoredwhencomputingafirm'sweighted-averagecostofcapital.（）TrueFalse

答案:错Theyield-to-maturityofafirm'sbondis8.5%.Thefirmhasabetaof1.3andataxrateof34%.Themarketriskpremiumis8.4%andtherisk-freerateis3.8%.Whatisthefirm'sWACCifthefirmhasacapitalstructurethatis40%debtfinanced?（）

答案:11.08%Asthediscountrateisincreased,theNPVofaspecificprojectwill:（）

答案:decrease.Whichofthefollowingiscorrectforafullydepreciatedasset?（）

答案:Therelationshipbetweenmarketandbookvaluesisindeterminable.Corporationsthatissuefinancialsecuritiessuchasstockordebtobligationstothepublicdosoprimarilyto:（）

答案:increasetheiraccesstofunds.Whichofthefollowingistrueforafirmhavingastockpriceof$42,anexpecteddividendof$3,andasustainablegrowthrateof8%?（）

答案:Ithasarequiredreturnof15.14%.Afirmreportsanetprofitmarginof10%onsalesof$3millionwhenignoringtheeffectsoffinancing.Iftaxesare$200,000,howmuchisEBIT?（）

答案:$500,000Astockisexpectedtopaydividendsof$1.20pershareinYear1and$1.35pershareinYear2.Afterthat,thedividendisexpectedtoincreaseby2.5%annually.Whatisthecurrentvalueofthestockatadiscountrateof14.5%?（）

答案:$10.87Ifmarketvaluesofequityexceedbookvaluesofequity,then:（）

答案:profitpotentialisexpectedtobeattractive.Whenacorporationfails,themaximumthatcanbelostbyanindividualshareholderis:（）

答案:theamountoftheirinitialinvestment.Ifabondoffersacurrentyieldof5%andayieldtomaturityof5.45%,thenthe:（）

答案:bondissellingatadiscount.Howmuchmustbesavedattheendofeachyearforthenext10yearsinordertoaccumulate$50,000,ifyoucanearn9%annually?Assumeyoucontributethesameamounttoyoursavingseveryyear.（）

答案:$3,291.00WhatwillbetheapproximatepopulationoftheUnitedStates,ifitscurrentpopulationof300milliongrowsatacompoundrateof2%annuallyfor25years?（）

答案:492millionIfthebalancesheetofafirmindicatesthattotalassetsexceedcurrentliabilitiesplusshareholders'equity,thenthefirmhas:（）

答案:long-termdebt.WhatistheWACCforafirmwith50%debtand50%equitythatpays12%onitsdebt,20%onitsequity,andhasa40%taxrate?（）

答案:13.6%Whatshouldoccurwhenaproject'snetpresentvalueisdeterminedtobenegative?（）

答案:Theprojectshouldberejected.Whichoneofthefollowingequityconceptswouldyouexpecttobeleastimportanttoafinancialanalyst?（）

答案:ParvaluepershareWhatreturnonequitydoinvestorsseemtoexpectforafirmwitha$55shareprice,anexpecteddividendof$4.60,abetaof0.9,andaconstantgrowthrateof3.5%?（）

答案:11.86%Youinvested$1,200threeyearsago.Duringthethreeyears,youearnedannualratesofreturnof4.8%,9.2%,and11.6%.Whatisthevalueofthisinvestmenttoday?（）

答案:$1,532.60WhatproportionofafirmisequityfinancediftheWACCis14%,theafter-taxcostofdebtis7%,thetaxrateis35%,andtherequiredreturnonequityis18%?（）

答案:63.64%Afurniturestoreisofferingfreecreditonpurchasesover$1,000.Youobservethatabig-screentelevisioncanbepurchasedfornothingdownand$4,000dueinoneyear.Thestorenextdooroffersanidenticaltelevisionfor$3,650butdoesnotoffercreditterms.Whichstatementbelowbestdescribesthecostofthe"free"credit?（）

答案:9.59%Conversionpremiumsareinfluencedheavilybyexpectationsoffuturestockperformance.（）

答案:对Theoretically,stockoptionsaregrantedtoemployeessothattheemployeeswillmakedecisionsthatbenefittheownersorshareholders.（）

答案:对Whenacompanyhasaconvertiblebondinitscapitalstructure,（）

答案:itcanreduceitsdebt-to-equityratiobycallingthebond.Allofthefollowingaremotivationforfirmstoissuewarrants:（）

答案:Alloftheseoptionsaremotivationstoissuewarrants.;Firmsmaybeallowedtoissuedebtatalowerratewhenwarrantsareincluded;WarrantsareusedasasweetenerduringmergernegotiationsStabilityofdividendsisnotimportanttostockholders,especiallytothosethatrelyonfixedincome.（）

答案:错Afirmmayrepurchaseitsownstockinthemarketbecause（）

答案:itwillincreasethestockholders'wealth.;thefirm'sstockistemporarilydepressed.;itprovidespositiveinformationalcontent.Oneofthemajorinfluencesondividendsisthecorporategrowthrateinsalesandthesubsequentreturnonassets.（）

答案:对Amajordesireofstockholdersregardingdividendpolicyis（）

答案:dividendstability.Corporationspreferbondsoverpreferredstockforfinancingtheiroperationsbecause（）

答案:theafter-taxcostofdebtislessthanthecostofpreferredstock.Theeurois（）

答案:acommoncurrency,butcountriesthatuseitareallowedtohavetheirownmonetarypolicy.TheSarbanes-OxleyActof2002holdstheCEOandCFOlegallyaccountablefortheaccuracyoftheirfirm'sfinancialstatements.（）

答案:对Asinterestratesdecline,bondrefundingshouldbecomemorecommon.（）

答案:对Globalcapitalmarketsareinfluencedby（）

答案:interestrates.;investorconfidence.;relativeeconomicgrowth.Whichofthefollowingareadvantagesofleasing?（）

答案:Thenegativeeffectsofobsolescencemaybeeliminated.;Aleaseobligationmaybesubstantiallylessrestrictivethantheprovisionsofabondindenture.;Theremaybenodownpaymentrequirementasinapurchase.Ascorporatebondsmatureandbecomedueforpayment,it'scommonfortheborrowingcorporationtoreplacethisdebtwiththeissuanceofnewbonds.（）

答案:对Acallfeatureallows（）

答案:thecorporationtoredeemthebondbeforethematuritydate.Ifyouexpectinterestratestogoup,youshouldsellalong-termbondnow.（）

答案:对Aconversionfeatureallows（）

答案:thebondholdertoconvertthebondtocommonstock.Thepaybackmethodisverybasicbutitgivestheuseranunderstandingofwhenthecostoftheinitialprojectwillbecompletelypaidoff.（）

答案:对Thereasoncashflowisusedincapitalbudgetingisbecause（）

答案:cashratherthanincomeisusedtopurchasenewmachines.;toignorethetaxshieldprovidedfromdepreciationwouldignorethecashflowprovidedbythemachine,whichshouldbereinvestedtoreplaceoldermachines.;cashoutlaysneedtobeevaluatedintermsofthepresentvalueoftheresultantcashinflows.Athighertaxrates,depreciationis（）

答案:morebeneficial.Inmostcapitalbudgetingdecisions,theemphasisshouldbeonreportedearningsratherthancashflows.（）

答案:错Assumeaprojecthasearningsbeforedepreciationandtaxesof$15,000,depreciationof$25,000,andthatthefirmhasa30%taxbracket.Whataretheafter-taxcashflowsfortheproject?（）

答案:Apositive$18,000Thecostofdebtisequaltothecurrentbondyieldonbondsofsimilarriskclass,adjustedforthecorporatetaxrate.（）

答案:对Financialcapitaldoesnotinclude（）

答案:workingcapital.Afirm'scostoffinancing,inanoverallsense,isequaltoits（）

答案:weightedaveragecostofcapital.;requiredyieldthatinvestorsseekforvariouskindsofsecurities.;requiredrateofreturnthatinvestorsseekforvariouskindsofsecurities.Thecostofnewcommonstockisgreaterthanthecostofoutstandingcommonstock.（）

答案:对Forafirmpaying5%fornewdebt,thehigherthefirm'staxrate（）

答案:thelowertheafter-taxcostofdebt.Anissueofcommonstockisexpectedtopayadividendof$5.15attheendoftheyear.Itsgrowthrateisequalto6%.Iftherequiredrateofreturnis10%,whatisitscurrentprice?（）

答案:$128.75Therelationshipbetweenabond’ssalespriceandtheyieldtomaturity（）

答案:isaninverserelationship.A10-yearbondpays5%onafacevalueof$1,000.Ifsimilarbondsarecurrentlyyielding10%,whatisthemarketvalueofthebond?（）

答案:$693.25Theappropriatediscountrateforvaluationofbondsiscalledtheyieldtomaturity.（）

答案:对PedroGonzalezwillinvest$5,000attheendofeachyear.Iftheinterestrateis8%,whatwillthevaluebeafterthreeyears?（）

答案:$16,230Whentheinflationrateiszero,thepresentvalueof$1isidenticaltothefuturevalueof$1.（）

答案:错Fishermen’sCorp.isconsideringpurchasingaboat.Iftheboatwaspurchased,itisexpectedtoreceive$20,000attheendofthefirstyear,$40,000attheendofthesecondyear,and$60,000attheendofthethirdyearwithinitsbusiness.WhatistheboatworthtoFishermen’sCorptoday,assumean8%discountrate.（）

答案:$100,440Higherinterestratesreducethepresentvalueamount.（）

答案:对Danwouldliketosave$1,500,000bythetimeheretiresin30yearsandbelieveshecanearnanannualreturnof8%.Howmuchdoesheneedtoinvestineachofthefollowingyearstoachievehisgoal?（）

答案:$13,241Accountspayableisaspontaneoussourceoffundsthatusuallygrowsasthebusinessexpands.（）

答案:对Tradecreditisconsideredwhattypeofloan?（）

答案:whenafirmowesmoneytoasupplier.Companiestocanhedgingtoeliminateallorsomeforeigncurrencyrisk.（）

答案:对Hedgingrefersto（）

答案:atransactionthatreducesriskexposure.Bankloanstobusinessfirms（）

答案:areusuallyshort-terminnature.;arepreferredbythebankertobeself-liquidating.;mayrequirecompensatingbalances.Cashmanagementbecomesmoreimportantasthelevelofshort-terminterestratesrises.（）

答案:对Whichofthefollowingisgenerallyconsideredtobetheleastliquidofcurrentassets?（）

答案:InventorySomeoftheservicesprovidedaroundtheclockbySWIFTare（）

答案:tradefinancetransactions.;internationalpaymentsbetweenbanks.;foreignexchange.Formostfirms,theprimarymotiveforholdingcashisthetransactionmotive.（）

答案:对Inmanagingcashandmarketablesecurities,whatshouldbethemanager'sprimaryconcern?（）

答案:LiquidityandsafetyWhichofthefollowingaretrue?（）

答案:Highworkingcapitalisn’talwaysagoodthing.Itmightindicatethatthebusinesshastoomuchinventory,notinvestingitsexcesscash.;Itisthedifferencebetweenacompany’scurrentassetandcurrentliability.;Workingcapitalisameasureofacompany’sliquidity.;Acompanyhasnegativeworkingcapitalifitsratioofcurrentassetstoliabilitiesislessthanone.Propermanagementofsales,receivables,payables,andinventoryformthebasisofcashflow.（）

答案:对Whichofthefollowingisthemostliquidasset?（）

答案:CashequivalentsWhichofthefollowingisnotavalidreasonforholdingcash?（）

答案:Toearnthehighestreturnpossible.Afirmwithahighdegreeoffinancialleveragecouldfacefinancialdifficultyeventhoughitisinastableindustry.（）

答案:对Thelowerafirm’sbreak-evenpoint,theloweramountofquantityneedstobesold