财务报表分析（全英文）知到智慧树章节测试课后答案2024年秋北京第二外国语学院

财务报表分析（全英文）知到智慧树章节测试课后答案2024年秋北京第二外国语学院第一章单元测试

Thepassiveinvestorassumesthemarketisefficientandthatstocksarecorrectlypricedtoreflecttheriskinvolvedinbuyingthestock.（）

A:对B:错

答案:对Thetermfinancialstatementrefersto…（）

A:CashflowandFundFlow

B:Alltheanswersarecorrect

C:Incomestatement

D:Balancesheet

答案:Alltheanswersarecorrect

WhichofthefollowingisfalseregardingwhyaSWOTAnalysisisused?()

A:Tocounteractthreatstoabusiness

B:Toreduceopportunitiesavailabletoabusiness

C:Tobuildonthestrengthsofabusiness

D:Tominimizetheweaknessesofabusiness

答案:Toreduceopportunitiesavailabletoabusiness

__________oftheprofitabilityofthefirmoveraperiodoftimesuchasayear.()

A:Thebalancesheetisasummary

B:Theauditreportisasummary

C:Theincomestatementisasummary

D:Thatstatementofcashflowsisasummary

答案:Theincomestatementisasummary

Financialstatementspresentanumericalpictureofacompany'sfinancialand

operatinghealth.()

A:对B:错

答案:对WhichofthefollowingSWOTelementsareexternalfactorsforabusiness?（）

A:WeaknessesandThreats

B:StrengthsandWeaknesses

C:OpportunitiesandThreats

D:StrengthsandOpportunities

答案:OpportunitiesandThreats

The________doesnotrepresentcontinuingoperationsinanyway,butissimplya

snapshotofthetotalworthofafirmatagivenpointintime.()

A:noneoftheseiscorrect

B:sourcesandusesoffundsstatement

C:balancesheet

D:incomestatement

答案:balancesheet

Cashinflowsarisefrom_____assets,________liabilities,and___________stockholders'equity.()

A:decreasing;increasing;increasing

B:increasing;increasing;decreasing

C:increasing;decreasing;decreasing

D:decreasing;increasing;decreasing

答案:decreasing;increasing;increasing

Whatisacreditor’sobjectiveinperformingananalysisoffinancialstatements?()

A:Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.

B:Todecidewhetherornotthefirmhasoperatedprofitablyinthepast.

C:Todeterminethecompany’sfutureearningsstream.

D:Todeterminethefirm’scapitalstructure.

答案:Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.

Themajordeviceformeasuringtheprofitabilityofafirmoveradefinedperiodoftimeis

the()

A:statementofcashflow.

B:noneoftheseiscorrect

C:incomestatement.

D:balancesheet.

答案:incomestatement.

第二章单元测试

Thetransactionsbetweenthetwoclaimants(debtorsandshareholders)andthefirmarethefirm's_activities.()

A:Financing

B:Investing

C:Operating

D:Noneoftheseiscorrect

答案:Financing

Freecashflowdoesnotaffectcommonshareholder’sequity.（）

A:对B:错

答案:对Theprocessofcomparingvariousfinancialfactorsofacompanyoveraperiodoftimeisknownas（）

A:Inter‐industrycomparison

B:RatioAnalysis

C:Inter‐firmcomparison

D:Intra‐firmcomparison

答案:Intra‐firmcomparison

Ifananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashflow.()

A:错B:对

答案:对Afirmgeneratedfreecashflow$2,348millionandpaidnetinterestof$23millionaftertax.Itpaidadividendof$14millionandissuedsharesfor$54million.Therewerenosharerepurchases.Whatdidthetreasurerdowiththeremainingcashflowandforhowmuch?（）

A:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

B:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuynewshares.

C:Therewas$2,285ofcashleftoverfromthefreecashflowandthetreasurerusedittobuynewshares.

D:Therewas$2,285ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

答案:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

Whatdrivesfreecashflow?()

A:noneoftheseiscorrect

B:dividend

C:financingactivities

D:operations

答案:operations

Reformulatedbalancesheetsinformanalystsaboutthefirm’sstrategyforrunningthebusiness.()

A:错B:对

答案:对WhichofthefollowingactivitiesisNOTaninvestingactivity?（）

A:purchasingplantassets

B:borrowingmoney

C:collectingtheprincipalofanotereceivable

D:purchasinganinvestment

答案:borrowingmoney

Anoperatingassetis()

A:noneoftheseiscorrect

B:usedtoproducegoodsorservicestoselltocustomersinoperations.

C:anon-physicalassetwhosevalueisderivedfromacontractualclaim,suchasbankdeposits,bonds,andstocks.

D:usedforstoringexcesscashtobereinvestedinoperations,payoffdebt,orpaydividends.

答案:usedtoproducegoodsorservicestoselltocustomersinoperations.

Comparisonoffinancialstatementshighlightsthetrendofthe_________ofthebusiness.()

A:Alltheanswersarecorrect

B:Performance

C:Financialposition

D:Profitability

答案:Alltheanswersarecorrect

第三章单元测试

Lowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

A:对B:错

答案:错Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

A:Advertisingexpenseratio

B:Grossmargin

C:Noneoftheseiscorrect

D:NetBorrowingcost

答案:Grossmargin

Underwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

（）

A:iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.

B:Theoperatingliabilityleveragespread(OLSPREAC:Noneoftheseiscorrect

D:equalsnetborrowingcost(NBE:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOF:Operatingliabilityleverage(OLEV)iszero,thatis,thefirmhasnooperatingliabilities.

答案:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOAreductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

A:错B:对

答案:对Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

A:错B:对

答案:错Afirmhasareturnof11.2percentonnetoperatingassetsof$400million,ashorttermborrowingrateof4.0percentaftertaxandareturnonoperatingassetsof8.5percent.Whatisthefirm’soperatingliabilityleverage?（）

A:0.003

B:1.6

C:0.600

D:0.216

答案:0.600

Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

A:对B:错

答案:对Whichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

A:Decreaseintaxrate

B:Stockdividend

C:Stocksplit

D:Increaseininterestrateondebt

答案:Increaseininterestrateondebt

Thefollowinginformationisfromreformulatedfinancialstatements(inmillion)

whatisthefirm’sROCEandRNOA?()

A:20%and13.0%

B:20%and16%

C:15.0%and13.0%

D:15%and16%

答案:15.0%and13.0%

Underwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

(

)

A:NoneoftheseiscorrectB:

Financialleverage(FLEV)iszero,thatis,financialassetsequalfinancialobligations.C:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOA)equalsnetborrowingcost(NBC).D:Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.

答案:Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.

第四章单元测试

Whatmeasurestellsyouthatafirmisano-growthfirm?()

A:AfirmwithincreaseROCE

B:Afirmhaszeroornegativeresidualearningsgrowth

C:Afirmhaspositiveresidualearningsgrowth

D:Noneoftheseiscorrect

答案:Afirmhaszeroornegativeresidualearningsgrowth

Whichthefollowingitemispartofunusual(transitory)income?()

A:Gainonthedisposalofproperty

B:Expectedreturnonpensionplanassets

C:Researchanddevelopmentexpenses

D:Depreciationexpense

答案:Gainonthedisposalofproperty

Firmscangrowearnings,butnotcreate(share)value（）

A:对B:错

答案:对Thefollowingnumberwerecalculatedfromthefinancialstatementsforafirmfor2012and2011:

HowmuchofthechangeinROCEfrom2011to2012isduetofinancingactivities?（）

A:-1.47%

B:3.44%

C:3.37%

D:1.9%

答案:3.37%

Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

A:对B:错

答案:错Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

A:Increaseindaysaccountsreceivableareoutstanding

B:Adecreaseininterestrateondebt

C:Increaseininventoryturnover

D:Decreaseingrossmargin

答案:Increaseininventoryturnover

BelowisselectedinformationfromTricorp

ReturnonnetoperatingassetsforYear1is:()

A:15.4%.

B:16.3%.

C:30.8%.

D:14.5%.

答案:15.4%.

RErepresentsextraprofitavailabletothecompany/shareholdersthisiswhatdrivesgrowthinacompany’s(share)value.（）

A:错B:对

答案:对Returnonoperatingassetsisameasureofwhichofthefollowing?（）

A:Efficiency

B:Liquidity

C:Profitability

D:Solvency

答案:Efficiency

BelowisselectedinformationfromTricorpcompany

WhichofthefollowingiscorrectconcerningchangesatTricropfromYear1toYear2?()

A:RNOAIncreased,ROCEDecreased

B:RNOADecreased,ROCEIncreased

C:RNOADecreased,ROCEDecreased

D:RNOAIncreased,ROCEIncreased

答案:RNOADecreased,ROCEDecreased

第五章单元测试

Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

A:错B:对

答案:对Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

A:Reducingdepreciation

B:Increasenetproperty,plantandequipment

C:Increasecapitalizedsoftwarecosts

D:Increasereceivables

答案:Increasereceivables

Increasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

A:错B:对

答案:对Whydoanalystscomparecashflowfromoperationswithearningstoassessthequalityoftheearnings?（）

A:Thecashflowsfromoperationsaregenerallyconsideredthemostimportantbecausetheydealwithcashthatitisgeneratedbybusinessesprimaryactivities.

B:Thedifferencebetweenearningsandcashflowfromoperationsisexplainedbytheaccruals,andtheaccrualsarethe“soft”partofearningsthatcanbemanipulated.

C:Cashisthemostliquidassetandcanbeusedimmediatelytoperformeconomicactions.

D:Cashflowfromoperatingactivitiesisanimportantbenchmarktodeterminethefinancialsuccessofacompany'scorebusinessactivities.

答案:Thedifferencebetweenearningsandcashflowfromoperationsisexplainedbytheaccruals,andtheaccrualsarethe“soft”partofearningsthatcanbemanipulated.

Adecreaseinwarrantyliabilitiesincreasesnetsales.()

A:对B:错

答案:错IBMreporteda3percentincreaseinincomeforitsfirstquarterof2000,beatinganalysts’estimates.Butitalsoreportedadeclineinrevenue.Itsstockpricedroppedinresponsetothereport.Whichofthefollowingstatementisincorrectforthedropinstockpriceonanearningsincrease?（）

A:Themarketsawtheincreaseinearningsaslowquality.

B:Earningsincreaseondecliningrevenuesisseenaslowerqualitythanearningsincreaseonincreasingrevenues.

C:Thedeclineinrevenuemayalsohaveimplicationsforaslowingofrevenuegrowthinthefuture.

D:Theassetturnoverisexpectedtoincrease.

答案:Theassetturnoverisexpectedtoincrease.

Lowdepreciationchargesforecastlossesinfutureincomestatements.()

A:错B:对

答案:对Whichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

A:Increaseinintangibleassets.

B:Slowdownininventoryturnover.

C:Decreaseinborrowings.

D:One-timesourcesofincome.

答案:Decreaseinborrowings.

Accountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

A:错B:对

答案:错WhichofthefollowingisnotanindicatorofaccountingManipulation?（）

A:Lossonsaleofdiscontinuedbusinesssegments

B:Adropinprofitabilityafteraperiodofgoodprofitability

C:Achangeinaccountingprinciplesorestimates

D:Afirmmeetsanalysts’earningsexpectations,butjustso.

答案:Lossonsaleofdiscontinuedbusinesssegments

第六章单元测试

Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

A:Thestockoffersahighdividendpayoutratio.

B:Themarketisundervaluingthestock.

C:Themarketisovervaluingthestock.

D:Thestockhasalowlevelofrisk.

答案:Themarketisundervaluingthestock.

The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

A:dividendpayoutratio

B:intrinsicvalue

C:Noneoftheseiscorrect

D:marketcapitalizationrate

答案:intrinsicvalue

FCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

A:verydifferentforallfirms

B:similarforallfirms

C:similaronlyforleveredfirms

D:similaronlyforunleveredfirms

答案:similarforallfirms

BecausetheDDMrequiresmultipleestimates,investorsshould()

A:carefullyexamineinputstothemodel.

B:carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.

C:feelconfidentthatDDMestimatesarecorrect.

D:notusethismodelwithoutexpertassistance.

答案:carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.

Apreferredstockwillpayadividendof$2.75intheupcomingyear,andeveryyearthereafter,i.e.,dividendsarenotexpectedtogrow.Yourequireareturnof10%onthisstock.UsetheconstantgrowthDDMtocalculatetheintrinsicvalueofthispreferredstock.()

A:$56.25

B:$0.275

C:$31.82

D:$27.50

答案:$27.50

Attheendof2012,youforecastthatafirm’sfreecashflowfor2013willbe$430million.Ifyouforecastthatfreecashflowwillgrowat5%peryearthereafter,whatistheenterprisevalue?Usearequiredreturnof10percent.()

A:3,909million

B:4,300million

C:4,095million

D:8,600million

答案:8,600million

CompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

A:negativefreecashflowisbadnewsforcompany

B:thecompanyisinvestingheavily

C:thiscompanyisnon-profitable.

D:thecompanyiswastingcashonunproductiveactivities

答案:thecompanyisinvestingheavily

Attheendof2012,youforecastthefollowingcashflows(inmillions)forafirmwithnetdebtof$759million:

Youforecastthatfreecashflowwillgrowatarateof4%peryearafter2015.Usearequiredreturnof10%tocalculateboththefirms’enterprisevalueandthevalueoftheequityattheendof2012?()

A:6,746million,7,505million

B:6,746million,7,141million

C:7,900million,7,141million

D:7,900million,8,659million

答案:7,900million,7,141million

Valueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

A:对B:错

答案:对Afirmthathashigherfreecashflowhaveahighervalue?（）

A:对B:错

答案:错

第七章单元测试

Thefollowingareearningsanddividendforecastsmadeattheendof2012forafirmwith$20.00bookvaluepercommonshareatthattime.Thefirmhasarequiredequityreturnof10%peryear.Forecastreturnofcommonequityandresidualearningsfortheyearof2015.

（）

A:ROCEis16.81%andREis1.49

B:ROCEis15.71%andREis1.49

C:ROCEis16.81%andREis1.33

D:ROCEis15.71%andREis1.33

答案:ROCEis15.71%andREis1.49

AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

A:错B:对

答案:错Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

A:对B:错

答案:对ThefollowingareROCEforecastsmadeforafirmattheendof2010.

ROCEisexpectedtocontinueatthesamelevelafter2013.Thefirmreportedbookvalueofcommonequityof$3.2billionattheendof2010,with500millionsharedoutstanding.Iftherequiredequityreturnis12%,whatisthepersharevalueoftheseshares?（）

A:$6.40

B:$6.20

C:$7.40

D:$7.20

答案:$6.40

ResidualearningsvaluationdoesnotworkwellforcompanieslikeCoca-cola,CiscoSystem,orNike,whichhavesubstantialassets,likebrands,R&Dassets,andentrepreneurialknow-howoffthebooks.Alowbookvaluemustgiveyoualowvaluation.()

A:错B:对

答案:错Afirmwithbookvalueof$15.60pershareand100percentdividendpayoutisexpectedtohaveareturnoncommonequityof15%peryearindefinitelyinthefuture.Itscostofequitycapitalis10%.Calculatetheintrinsicpricetobookratio.（）

A:2.0

B:3.5

C:0.80

D:1.5

答案:1.5

WhichofthefollowingitemsarethedriversofResidualearnings?()

A:Returnonassetandgrowthinbookvalue

B:Returnoncommonequityandgrowthinbookvalue

C:Returnonassetanddividends

D:Returnoncommonequityanddividends

答案:Returnoncommonequityandgrowthinbookvalue

InSeptember2008thesharesofDell,Inc,thecomputermaker,tradedat$20.50each.Initslastannualreport,Dellhadreportedbookvalueof$3,735millionwith2,060millionsharesoutstanding.Analystswereforecastingearningspershareof$1.47forfiscalyear2009and$1.77for2010Dellpaysnodividends.Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.

theBPSattheendoffiscal-year2008willbe()

A:$2.121

B:$1.813

C:$2.822.

D:$1.670.

答案:$1.813

Calculatetheper-sharevalueofDellin2008basedontheanalysts'forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.()

A:24.84

B:22.25

C:24.66

D:30.18

答案:24.84

第八章单元测试

Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

A:错B:对

答案:对Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.

whatisthetrailingP/Eratio?（）

A:1.12

B:9.33

C:8.33．

D:2.12

答案:9.33

whatistheforwardP/Eratio?()

A:2.12

B:1.12

C:9.33

D:8.33

答案:8.33

AP/Eratioforabondisalwayslessthanthatforastock.（）

A:错B:对

答案:错whichofthefollowingstatementiscorrect?（）

A:thenormalforwardP/EandthenormaltrailingP/Ealwaysequal.

B:thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0

C:Abondcandeliverabnormalearningsgrowth

D:epsgrowthcannotbeincreasedwithinvestment

答案:thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0

Thefollowingareearningsanddividendforecastsmadeattheendof2010.Thefirmhasarequiredequityreturnof10%peryear.

Forecastabnormalearningsgrowthfor2012.()

A:0.325

B:0.136

C:0.231

D:0.165

答案:0.325

Forecastabnormalearningsgrowthfor2013.()

A:0.145

B:0.165

C:0.211

D:0.138

答案:0.165

CalculatethenormalforwardP/Eforthisfirm.()

A:30

B:10

C:12

D:20

答案:10

Firmcanincreaseitsearningsgrowthbutnotaffectthevalueofitsequity（）

A:对B:错

答案:对Inearlyfiscalyear2009,analystswereforecasting$3.90forNike’searningspershareforthefiscalyearendingMay2009and$4.45for2010,withadividendpershareof92cents(0.92)expectedfor2009.Forecastthecum-dividendearningsgrowthratefor2010.（）

A:16.46%

B:15.20%

C:14.10%

D:16.52%

答案:16.46%

第九章单元测试

Whichofthefollowingsituationdiversificationdosenotreducerisk？()

A:Withanumberofsecuritiesinaportfolio,returnsonthesecuritiestendtooff-seteachother.

B:returnsonsecuritiesintheportfolioareperfectlycorrelated

C:allocatinginvestmentsamongvariousindustries,andothercategories.

D:investingininvestmentsthatspandifferentfinancialinstruments

答案:returnsonsecuritiesintheportfolioareperfectlycorrelated

Astatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

A:aprobabilitydistribution

B:thestandarddeviation

C:theexpectedreturn

D:coefficientofvariation

答案:thestandarddeviation

Normaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

A:对B:错

答案:错Asetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

A:thestandarddeviation

B:probabilitydistribution

C:coefficientofvariation

D:theexpectedreturn

答案:probabilitydistribution

Belowarethereformulatebalancesheetfortwofirmswithsimilarrevenues.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Notethatcashhasbeentreatedasoperatingcash.()

A:FirmB

B:FirmA

答案:FirmB

UsingtheCAPM,ßisameasureof:()

A:profitvolatility

B:costvolatility

C:dividendvolatility

D:sharepricevolatility

答案:sharepricevolatility

Whichofthefollowingisnotameasureofrisk?()

A:expectedvalue

B:standarddeviation

C:correlationcoefficient

D:coefficientofvariation

答案:correlationcoefficient

Belowarethereformulateincomestatementfortwofirmsinthesamelineofbusiness.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Reformulatetheincomestatements:

()

A:FirmB

B:FirmA

答案:FirmA

whichofthefollowingstatementisnotcorrect?()

A:variationinreturnonnetoperatingassetsisonlydrivenbyprofitmargins

B:operatingliabilityleverageincreaseoperatingrisk

C:thepotentialvariationinreturnonnetoperatingassetsgeneratesoperatingrisk

D:Airlinearesaidtohavehighoperatingrisk

答案:variationinreturnonnetoperatingassetsisonlydrivenbyprofitmargins

Financingriskisdrivenby_____()

A:RNOArelativetothenetborrowingcost

B:variationinthespread

C:financialleverage

D:Alltheanswersarecorrect.

答案:Alltheanswersarecorrect.

第十章单元测试

___________istheextrarequiredreturnthatalenderdemandstocompensatefortheriskthattheborrowerwilldefault.()

A:Defaultrisk

B:Defaultpremium

C:Priceofcredit

D:Riskpremium

答案:Defaultpremium

Whichofthefollowing