【MOOC】Corporate Finance-北京理工大学 中国大学慕课MOOC答案

【MOOC】CorporateFinance-北京理工大学中国大学慕课MOOC答案1.1WhatisCorporateFinance?1、【单选题】Wecanusethe（）toanswerthequestion:Whatlongterminvestmentsshouldthefirmchoose?本题答案：【TheCapitalBudgetingDecision】1.2FormsofBusinessOrganization1、【单选题】Thebusinessorganizationownedbyonepersoniscalled()本题答案：【SoleProprietorship】1.3TheImportanceofCashFlows1、【判断题】CashFlowisequaltoAccountingIncome.本题答案：【错误】1.4TheGoalofFinancialManagement1、【单选题】Fromtheaspectoftheshareholder,thegoaloffinancialmanagementisto()本题答案：【maximizethecurrentvaluepershareoftheexistingstock】1.5TheAgencyProblemandControloftheCorporation1、【判断题】Incentivescan’tbeusedtoalignmanagementandstockholder.本题答案：【错误】1.IntroductiononCorporateFinance单元测验1、【单选题】Theagencyproblemistheconflictofinterestbetweenprincipaland()本题答案：【Stakeholder】2、【单选题】Whichofthefollowingmeasurescanmanagemanagers?本题答案：【Alloftheabove】3、【多选题】Thethreeformsofbusinessorganizationare()本题答案：【Soleproprietorship#Partnership#Thecorporation】4、【判断题】Fixedassetscanbedividedintotangibleassetsandintangibleassets.本题答案：【正确】5、【判断题】Corporatefinanceisthestudyoftherelationshipbetweenbusinessdecisions本题答案：【正确】2.1TheBalanceSheet1、【单选题】Whatistheassetequalto？本题答案：【liabilities+equity】2.2BalanceSheetAnalysis1、【单选题】Whichofthefollowingistrue?本题答案：【Currentassetsarethemostliquid.】2.3TheIncomeStatement1、【多选题】Whichofthefollowingistrue?本题答案：【TheIncomeStatementisatableofmeasuringfinancialperformanceoveraspecificperiodoftime.#Theaccountingdefinitionofincomeis:Revenue–Expenses≡Income.#Thenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.】2.4IncomeStatementAnalysis1、【多选题】Whichofthefollowingistrue?本题答案：【ThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.#Somenoncashaccountsincludeaccountreceivable,accountpayableanddeferredtaxes,noneofwhichrepresentacashflow.#Intheshortrunsomecostsarefixedandothersvariable;Inthelongrunallcostsarevariable.】2.5Taxes1、【判断题】Thepercentagepaidonthenextdollarearnedismarginaltaxrates.本题答案：【正确】2.6TheStatementofCashFlows1、【单选题】Whichofthefollowingstatementsaboutthecashflowstatementiswrong?本题答案：【Accountingcashflowandfinancialcashflowareequal.】2.7IntegratedReport1、【单选题】Whichofthefollowingiswrong?本题答案：【Integratedreportisaformofcommunication,whichinitselfisnotmeaningful.】2.FinancialStatementsandCashFlow1、【单选题】Whatarenotthethreecomponentsofthestatementofcashflows?本题答案：【Cashflowfromdepreciatingactivities】2、【单选题】Whichofthefollowingiswrong?本题答案：【TheBalanceSheetistheadditionofcashflowsfromoperations,investing,andfinancing.】3、【多选题】Whatistheassetequalto?本题答案：【Assets=Liabilities+Shareholders’equity#Assets=Currentasserts+netfixedassets#Assets=Currentliabilities+Long-termdebt+Shareholders’equity】4、【判断题】Bookvalueisalwaysequaltomarketvalue.本题答案：【错误】5、【判断题】Cashflowreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.本题答案：【正确】3.1Common-SizeStatements1、【判断题】Inordertomakemeaningfulcomparisonsofcompaniesofdifferentsizefinancialprofessionalsusetwokeyechniques:Common-SizeStatementsandFinancialRatios.本题答案：【正确】3.2RatioAnalysis——liquidityRatiosandLeverageRatios1、【单选题】WhatistheQuickRatioequalto？本题答案：【(CA–Inventory)/CL】3.3RatioAnalysis——TurnoverRatios1、【判断题】Days’SalesinInventory=InventoryTurnover/365本题答案：【错误】3.4ProfitabilityRatiosandMarketValueRatios1、【多选题】Whichofthefollowingistrue?本题答案：【ProfitMargin=NetIncome/Sales#ReturnonAssets(ROA)=NetIncome/TotalAssets#ReturnonEquity(ROE)=NetIncome/TotalEquity#EBITDAMargin=EBITDA/Sales】3.5TheDuPontIdentity1、【多选题】Whichofthefollowingistrue?本题答案：【Profitmarginisameasureofthefirm’soperatingefficiency–howwellitcontrolscosts.#Totalassetturnoverisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.#TheDuPontIdentityholdsthatROEisactuallyafunctionof3measures:OperatingEfficiency(ProfitMargin)AssetUseEfficiency(TotalAssetTurnover)FinancialLeverage(EquityMultiplier)#Equitymultiplierisameasureofthefirm’sfinancialleverage.】3.FinancialStatementsAnalysis1、【单选题】（）cancomputeallaccountsasapercentoftotalassets.本题答案：【Common-SizeBalanceSheets】2、【单选题】（）cancomputealllineitemsasapercentofsales.本题答案：【Common-SizeIncomeStatements】3、【多选题】Whichofthefollowingistrue?本题答案：【EquityMultiplier=TA/TE#EquityMultiplier=1+D/E#TotalDebtRatio=(TA–TE)/TA】4、【判断题】Time-TrendAnalysisisusedtoseehowthefirm’sperformanceischangingthroughtime.本题答案：【正确】5、【判断题】PeerGroupAnalysiscomparestosimilarcompaniesorwithinindustries.本题答案：【正确】4.1TheOne-PeriodCase1、【判断题】Intheone-periodcase,theformulaforFVcanbewrittenas:FV=Co×(1+r).本题答案：【正确】4.2TheMultiperiodCase1、【单选题】Supposeastockcurrentlypaysadividendof$1.20,whichisexpectedtogrowat30%peryearforthenextfouryears.Whatwillthedividendbeinfouryears?本题答案：【3.43】4.3CompoundingPeriods1、【单选题】Ifarateisexpressedannually,butcompoundedmorefrequently,thentheeffectiverateishigherthanthestatedrate.Thisconceptiscalled（）本题答案：【EAR】4.4Simplifications1、【单选题】WhatisthevalueofaBritishconsolbondthatpromisestopay$20everyyearforever?Theinterestrateis5-percent.本题答案：【400】4.DiscountedCashFlowValuation1、【单选题】Supposeaninvestmentthatpromisestopay$5,000inoneyearisofferedforsalefor$4500.Yourinterestrateis10%.WhatistheNPVinthissituation?本题答案：【45.45】2、【单选题】Howmuchwouldaninvestorhavetosetasidetodayinordertohave$20,000fouryearsfromnowifthecurrentrateis10%?本题答案：【13,660.27】3、【单选题】Ifyouinvest$50for4yearsat10%compoundedsemi-annually,yourinvestmentwillgrowto()本题答案：【73.87】4、【单选题】Astreamofcashflowsthatgrowsataconstantrateforeveriscalled()本题答案：【GrowingPerpetuity】5、【判断题】Therearefourvariables,WhicharePV,FV,T,R.Ifyouhaveanythreeyoucansolveforthefourth.本题答案：【正确】5.1NPV1、【单选题】Foraproject,theestimatedcashflowisasfollowsYear0:C0=-165,000;Year1:NCF1=63,120;Year2:NCF2=70,800；Year3:NCF3=91,080；Therequiredrateofreturnonthisriskyassetis12%WhatistheNPVofthisproject?本题答案：【12,627.42】5.2IRR1、【单选题】WhichofthefollowingiswrongaboutIRR?本题答案：【WeusuallyselectalternativewiththelowestIRR】5.3IRR21、【判断题】NPVandIRRwillgenerallygivethesamedecision,buttherewillbeexceptionsinnon-conventionalcashflowsandmutuallyexclusiveprojects.本题答案：【正确】5.4PI1、【判断题】TheMinimumAcceptanceCriteriaisifPI1,wewillacceptit.AndweusuallyselectalternativewiththehighestPI.本题答案：【正确】5.5PPandDPP1、【多选题】WhichofthefollowingistrueaboutPP?本题答案：【ThePaybackPeriodMethodignoresthetimevalueofmoney.#ThePaybackPeriodMethodignorescashflowsafterthepaybackperiod.#AprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPV.#ThePaybackPeriodMethodhasquickcashrecovery.】5.6AARandsummary1、【判断题】ARRisanattractiveapproachthatisoftenusedwithoutmajordrawbacks.本题答案：【错误】5.InvestmentRules1、【单选题】()=TotalPVoffutureprojectCF’s-theInitialInvestment;()=TotalPVoffuturecashflows/Initialinvestment;()=Averagenetincome/Averagebookvalueofinvestment;()=thediscountratethatsetsNPVtozero.本题答案：【NPV;PI;AAR;IRR】2、【单选题】Asoftwarecompanyplanstoinvest2000millionyuaninthedevelopmentofaproductinearly2006andisexpectedtostartmakingaprofitin2007,withannualproductsalesasshowninthetable.Accordingtothedatainthetable,thepaybackperiodfortheproductis()yearsandthediscountedpaybackperiodis()years.(Tip:Discountrateis0.1)yearinvestmentearnings20062000-2007-9902008-12102009-11982010-1277本题答案：【1.8;2.1】3、【多选题】WhichofthefollowingistrueaboutNPV?本题答案：【NPVusesallrelevantcashflowsoftheproject.#NPVdiscountsthecashflowsproperly.#ReinvestmentassumptionisthattheNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.#NPV=TotalPVoffutureprojectCF’slesstheInitialInvestment.】4、【多选题】WhichofthefollowingistrueaboutAAR?本题答案：【Ignoresthetimevalueofmoney.#Usesanarbitrarybenchmarkcutoffrate.#Basedonbookvalues,notcashflowsandmarketvalues.#Theaccountinginformationisusuallyavailable.】5、【判断题】TheMinimumAcceptanceCriteriaforinvestingtypeprojectisifIRRislessthanthediscountratewewillacceptit.AndtheMinimumAcceptanceCriteriaforfinancingtypeprojectisifIRRisgreaterthanthediscountratewewillacceptit.本题答案：【错误】6.1Bondvaluation11、【多选题】Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe（）.本题答案：【Par(face)value#Couponrate#Couponpayment#MaturityDate】6.2Bondvaluation21、【判断题】Thesensitivityofinterestrateriskdirectlydependsontwothings:thetimetomaturityandthecouponrate.本题答案：【正确】6.3GovernmentandCorporateBonds1、【单选题】Coupondebtwithoriginalmaturitybetweenoneandtenyearsiscalled（）本题答案：【T-notes】6.4InflationandInterestRates1、【单选题】Ifwerequirea12%realreturnandweexpectinflationtobe10%,whatisthenominalrate?本题答案：【23.2%】6.BondValuation1、【单选题】Thevalueofa3-yearzero-couponbondwitha$100parvalueand5%interestrateis().本题答案：【86.38】2、【多选题】Informationneededforvaluingpurediscountbondsis（）本题答案：【Timetomaturity#Facevalue#Discountrate】3、【判断题】Interestratesareinverselyrelatedtopresent(i.e,bond)values.本题答案：【正确】4、【判断题】Governmentbondshasgreaterdefaultriskrelativetocorporatebonds.本题答案：【错误】5、【判断题】Thelong-maturitybondwillhavemuchlessvolatilitywithrespecttochangesinthediscountrate.本题答案：【错误】7.1ThePresentValueofCommonStocks1、【单选题】StockA'sdividendisexpectedtogrowby8%.Eachsharehasjustreceivedadividendof$3.24(annually).Atamarketdiscountrateof15%,whatisthevalueofthecommonstock?本题答案：【$49.99】7.2EstimatesofParameters1、【单选题】Supposeacompanyhasaretentionratioof75%andearnsanROEof11%.WhatistheGrowthRate,g=()?本题答案：【8.25%】7.3SomeFeaturesofCommonandPreferredStocks1、【判断题】Preferredstockgenerallydoesnotcarryvotingrights.Butcommonstockgenerallycarriesvotingrights.本题答案：【正确】7.StockValuation1、【单选题】StockB'sdividendgrowthratiowas16%inthefirstthreeyearsand8%inthefollowingyear.Eachsharehasjustreceivedadividendof$3.24(annually).Themarketdiscountrateis15%.Whatisthevalueofcommonstock?本题答案：【$61.22】2、【单选题】Acompany'sdividendof10yuanpershare,dividendsaregrowingatarateof4%andthecurrentpriceis15yuanpershare,Ris()?本题答案：【73.33%】3、【多选题】Whichofthefollowingisright?本题答案：【Commonstocksharesproportionallyindeclareddividends.#Commonstocksharesproportionallyinremainingassetsduringliquidation.#Preferredstockdividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.#Mostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.】4、【判断题】Thevalueofafirmonlydependsuponitsgrowthrate,andhasnothingtodowithitsdiscountrate.本题答案：【错误】5、【判断题】Thediscountratecanbebrokenintotwoparts:thedividendyieldandthegrowthrate(individends)orthecapitalgainsyield.本题答案：【正确】8.1Return1、【多选题】PercentageReturn=()本题答案：【dollarreturn/beginningmarketvalue#(dividend+changeinmarketvalue)/beginningmarketvalue#dividendyield+capitalgainsyield】8.2Return21、【单选题】Supposethatthecurrentrateforone-yearTreasurybillsis5%.Theaveragereturnonsmallcompanycommonstocksfortheperiod1926through2019was13.6%.Whatistheexpectedreturnonthemarketofsmall-companystocks?本题答案：【18.6%】8.3Risk1、【单选题】Considerthefollowingtworiskyassets.Thereisa1/3chanceofeachstateoftheeconomy,andtheonlyassetsareastockfundandabondfund.RateofReturnScenarioProbabilityStockFundBondFundRecession33.3%-7%17%Normal33.3%12%7%Boom33.3%28%-3%Stockfund:ExpectedReturnis____;Varianceis____;StandardDeviationis____()①11.00%②7.00%③3.240%④14.31%⑤2.047%⑥0.667%⑦8.16%本题答案：【①⑤④】8.4Risk21、【判断题】Thereisaminimumlevelofriskthatcannotbediversifiedaway,andthatistheunsystematicportion.本题答案：【错误】8.5CAPM1、【单选题】Iftherisk-freereturnis4.4%andtheaverageA-shareyieldis12.41%,whatistheexpectedreturnonthesethreestocks?security?InvestmentweightPingAnBank（000001）0.4540%Newandinto（002001）1.0230%Trident（300001）1.2330%本题答案：【11.25%】8.RiskandReturn1、【单选题】Webought50sharesofacertainstockoneyearagotodayat$50pershare.Overthelastyear,wereceived$200individends($4pershare).Attheendoftheyear,thestocksellsfor$60pershare.Thepercentagegainfortheyearis:()本题答案：【28%】2、【单选题】SupposeyouareconsideringbuyingsharesinMooreOilandyouexpecttoreceiveadividendof$2pershareinayear'stime,andyouthinkyoucansellat$14pershareatthattime.Ifyouaskfora20%yield,whatisthemaximumpriceyouarewillingtopayforthisstock?本题答案：【13.33】3、【多选题】Whichofthefollowingisright?本题答案：【Systematicriskistheriskfactorsthataffectalargenumberofassets.#Unsystematicriskistheriskfactorsthataffectalimitednumberofassets.#Systematicriskisknownasnon-diversifiableriskormarketrisk.#Unsystematicriskisknownasuniqueriskandasset-specificrisk.】4、【多选题】Whichofthefollowingisright?本题答案：【Effectivediversificationofportfoliosspreadsnon-systematicrisk,withonlysystematicrisks.#Thebetacoefficientmeasuresthelevelofsystematicrisk.#Thecapitalassetpricingmodeldefinestherelationshipbetweenrisk(systematicrisk)andexpectedreturn.#Thetotalriskfordiversifiedportfolioisessentiallyequivalenttothesystematicrisk.】5、【判断题】Investmentsdon’tofferreturnsonaconsistentbasis.Andthemostrewardinginvestmentshavethemostvolatilereturns.Theleastrewardinginvestmentshavetheleastvolatilereturns.本题答案：【正确】9.1RisingCapital1、【判断题】PrivateissuerequiresESCregistration.本题答案：【错误】9.2Underwriters1、【单选题】IntheUniformPriceAuction,thepricepersharethatallsuccessfulbidderspayis().本题答案：【thesame】9.3IPOsandUnderpricing1、【多选题】MostCommonMotivationsforIPOare()本题答案：【CreatePublicSharesforUseinAcquisitions#EstablishMarketValueoftheFirm#EnhanceReputationofFirm#DiversifyOwnershipandOwnerWealth】9.Financing1、【单选题】1.Whatstageisgroundmoneyandseedmoneyusuallybelongtointheventurecapital?本题答案：【Thefirststage】2、【多选题】MostCommonReasonsforUnderpricingare()本题答案：【CompensateInvestorsforIPORisk#IncreasePost-issueTradingVolume】3、【多选题】TheCostofIssuingSecuritiesinclude()本题答案：【SpreadandOtherdirectexpense#IndirectexpensesandAbnormalreturn#Underpricing#GreenShoeoption】4、【判断题】VentureCapitalistheprivatefinancingfornew,highriskbusinessesinexchangeforstock.本题答案：【正确】5、【判断题】GreenShoeProvisioncanalsobecalled“OverallotmentOption”本题答案：【正确】10.1CashDividend1、【单选题】TypesofDividendsare()本题答案：【Aboveofall】10.2RepurchaseofStockandStockDividend1、【多选题】Thewaystorepurchaseofstockare()本题答案：【Openmarketpurchases#Atenderoffer#Atargetedrepurchase】10.DividendsandPayoutPolicy1、【单选题】Thedatethatthe