公司金融知到智慧树章节测试课后答案2024年秋首都经济贸易大学

公司金融知到智慧树章节测试课后答案2024年秋首都经济贸易大学第一章单元测试

TheBluebirdCompanyhasa$10,000liabilityitmustpaythreeyearsfromtoday.

Thecompanyisopeningasavingsaccountsothattheentireamountwillbeavailablewhenthisdebtneedstobepaid.Theplanistomakeaninitialdeposittodayandthendepositanadditional$2,500ayearforthenextthreeyears,startingoneyearfromtoday.Theaccountpaysa3%rateofreturn.HowmuchdoestheBluebirdCompanyneedtodeposittoday?（）

A:$2,079.89

B:$1,867.74

C:$4,276.34

D:$3,108.09

答案:$2,079.89

Suzetteisgoingtoreceive$10,000todayastheresultofaninsurancesettlement.Inaddition,shewillreceive$15,000oneyearfromtodayand$25,000twoyearsfromtoday.Sheplansonsavingallofthismoneyandinvestingitforherretirement.IfSuzettecanearnanaverageof11%onherinvestments,howmuchwillshehaveinheraccountifsheretires25yearsfromtoday?（）

A:$595,098.67

B:$536,124.93

C:$546,072.91

D:$541,414.14

答案:$595,098.67

Youareinvesting$100todayinasavingsaccountatyourlocalbank.Whichoneofthefollowingtermsreferstothevalueofthisinvestmentoneyearfromnow?（）

A:presentvalue

B:principalamounts

C:futurevalue

D:discountedvalue

答案:futurevalue

Sarainvested$500sixyearsagoat5percentinterest.Shespendsherearningsassoonassheearnsanyinterestsosheonlyreceivesinterestonherinitial$500investment.WhichtypeofinterestisSaraearning?

A:freeinterestB:complexinterestC:interestoninterestD:simpleinterest

答案:simpleinterestShelleywonalotteryandwillreceive$1,000ayearforthenexttenyears.Thevalueofherwinningstodaydiscountedatherdiscountrateiscalledwhichoneofthefollowing?（）

A:singleamount

B:presentvalue

C:futurevalue

D:simpleamount

答案:presentvalue

Whichoneofthefollowingwillproducethehighestpresentvalueinterestfactor?（）

A:6percentinterestfortenyears

B:6percentinterestforeightyears

C:6percentinterestforfiveyears

D:8percentinterestforfiveyears

答案:6percentinterestforfiveyears

Whichoneofthefollowingtermsisdefinedasaconflictofinterestbetweenthecorporateshareholdersandthecorporatemanagers?（）

A:articlesofincorporation

B:bylaws

C:corporatebreakdown

D:agencyproblem

答案:agencyproblem

Whichoneofthefollowingisacapitalbudgetingdecision?（）

A:decidingwhetherornottopurchaseanewmachinefortheproductionline

B:decidinghowtorefinanceadebtissuethatismaturing

C:determininghowmanysharesofstocktoissue

D:determininghowmuchinventorytokeeponhand

答案:decidingwhetherornottopurchaseanewmachinefortheproductionline

Whichofthefollowingquestionsareaddressedbyfinancialmanagers?（）

A:Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

B:Shouldthefirmacquirenewequipment?

C:Howshouldaproductbemarketed?

D:Shouldthefirmborrowmoremoney?

答案:Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

；Shouldthefirmacquirenewequipment?

；Shouldthefirmborrowmoremoney?

Whichofthefollowingshouldafinancialmanagerconsiderwhenanalyzingacapitalbudgetingproject?()

A:dependabilityoffuturecashflows

B:timingofallprojectedcashflows

C:projectstartupcosts

D:dollaramountofeachprojectedcashflow

答案:dependabilityoffuturecashflows

；timingofallprojectedcashflows

；projectstartupcosts

；dollaramountofeachprojectedcashflow

第二章单元测试

Theformulawhichbreaksdownthereturnonequityintothreecomponentpartsisreferredtoaswhichoneofthefollowing?()

A:SICformula

B:DuPontidentity

C:profitabilitydeterminant

D:equityequation

答案:DuPontidentity

Afirmuses2008asthebaseyearforitsfinancialstatements.Thecommon-size,base-yearstatementfor2009hasaninventoryvalueof1.08.Thisisinterpretedtomeanthatthe2009inventoryisequalto108percentofwhichoneofthefollowing?()

A:2008totalassets

B:2008inventoryexpressedasapercentof2008totalassets

C:2009totalassets

D:2008inventory

答案:2008inventoryexpressedasapercentof2008totalassets

Ifafirmhasadebt-equityratioof1.0,thenitstotaldebtratiomustbewhichoneofthefollowing?()

A:0.0

B:1.0

C:1.5

D:0.5

答案:0.5

Whichoneofthefollowingwilldecreaseifafirmcandecreaseitsoperatingcosts,allelseconstant?()

A:returnonequity

B:profitmargin

C:returnonassets

D:price-earningsratio

答案:price-earningsratio

Duringtheyear,KitchenSupplyincreaseditsaccountsreceivableby$130,decreaseditsinventoryby$75,anddecreaseditsaccountspayableby$40.Howdidthesethreeaccountsaffectthefirm'scashflowsfortheyear?()

A:$95sourceofcash

B:$165useofcash

C:$245useofcash

D:$95useofcash

答案:$95useofcash

Afirmgeneratednetincomeof$878.Thedepreciationexpensewas$47anddividendswerepaidintheamountof$25.Accountspayablesdecreasedby$13,accountsreceivablesincreasedby$22,inventorydecreasedby$14,andnetfixedassetsdecreasedby$8.Therewasnointerestexpense.Whatwasthenetcashflowfromoperatingactivity?()

A:$922

B:$902

C:$904

D:$876

答案:$904

TheBikeShoppaid$2,310ininterestand$1,850individendslastyear.Thetimesinterestearnedratiois2.2andthedepreciationexpenseis$460.Whatisthevalueofthecashcoverageratio?()

A:2.40

B:2.21

C:1.67

D:1.80

答案:2.40

CanineSupplyhassalesof$2,200,totalassetsof$1,400,andadebt-equityratioof0.3.Itsreturnonequityis15percent.Whatisthenetincome?()

A:$156.67

B:$138.16

C:$152.09

D:$141.41

E:$161.54

答案:$161.54

Whichoneofthefollowingtermsisappliedtothefinancialplanningmethodwhichusestheprojectedsaleslevelasthebasisfordeterminingchangesinbalancesheetandincomestatementaccountvalues?()

A:common-sizemethod

B:percentageofsalesmethod

C:salesdilutionmethod

D:salesreconciliationmethod

答案:percentageofsalesmethod

Financialplanning:()

A:considersmultipleoptionsandscenariosforthenexttwotofiveyears.

B:isaprocessthatfirmsemployonlywhenmajorchangestoafirm'soperationsareanticipated.

C:focusessolelyontheshort-termoutlookforafirm.

D:isaprocessthatfirmsundergoonceeveryfiveyears.

答案:considersmultipleoptionsandscenariosforthenexttwotofiveyears.

Afirmiscurrentlyoperatingatfullcapacity.Networkingcapital,costs,andallassetsvarydirectlywithsales.Thefirmdoesnotwishtoobtainanyadditionalequityfinancing.Thedividendpayoutratioisconstantat40percent.Ifthefirmhasapositiveexternalfinancingneed,thatneedwillbemetby:()

A:retainedearnings.

B:accountspayable.

C:fixedassets.

D:long-termdebt.

答案:long-termdebt.

Whichoneofthefollowingwillcausethesustainablegrowthratetoequaltointernalgrowthrate?()

A:equitymultiplierof1.0

B:debt-equityratioof1.0

C:retentionratiobetween0.0and1.0

D:dividendpayoutratiogreaterthan1.0

答案:equitymultiplierof1.0

Afirmhasaretentionratioof45percentandasustainablegrowthrateof6.2percent.Thecapitalintensityratiois1.2andthedebt-equityratiois0.64.Whatistheprofitmargin?()

A:7.67percent

B:14.63percent

C:9.47percent

D:6.28percent

答案:14.63percent

TheSoccerShoppehasa7percentreturnonassetsanda25percentpayoutratio.Whatisitsinternalgrowthrate?()

A:3.72percent

B:5.54percent

C:4.08percent

D:4.49percent

答案:5.54percent

Anincreaseinwhichofthefollowingwillincreasethereturnonequity,allelseconstant?()

A:depreciation

B:sales

C:totalequity

D:netincome

答案:sales

；netincome

第三章单元测试

AcceptingpositiveNPVprojectsbenefitsthestockholdersbecause:（）。

A:itisthemosteasilyunderstoodvaluationprocess.

B:thepresentvalueoftheexpectedcashflowsareequaltothecost.

C:thepresentvalueoftheexpectedcashflowsaregreaterthanthecost.

D:itisthemosteasilycalculated.

答案:thepresentvalueoftheexpectedcashflowsaregreaterthanthecost.

Thepaybackperiodrule:（）。

A:discountscashflows.

B:ignoresinitialcost.

C:alwaysusesallpossiblecashflowsinitscalculation.

D:Thecashflowafterthepaybackperiodisignored.

答案:Thecashflowafterthepaybackperiodisignored.AprojectwillhavemorethanoneIRRif:（）。

A:thecashflowpatternexhibitsmorethanonesignchange.

B:theIRRispositive.

C:theNPViszero.

D:theIRRisnegative.

答案:thecashflowpatternexhibitsmorethanonesignchange.

Whatisthenetpresentvalueofaprojectwiththefollowingcashflowsandarequiredreturnof12%?

A:$177.62B:$204.36C:-$177.62D:-$287.22

答案:-$177.62Thelengthoftimerequiredforaproject'sdiscountedcashflowstoequaltheinitialcostoftheprojectiscalledthe:

（）

A:internalrateofreturnB:discountedpaybackperiodC:paybackperiodD:netpresentvalue

答案:discountedpaybackperiod

第四章单元测试

JamestownLtd.currentlyproducesboatsailsandisconsideringexpandingitsoperationstoincludeawningsforhomesandtraveltrailers.Thecompanyownslandbesideitscurrentmanufacturingfacilitythatcouldbeusedfortheexpansion.Thecompanyboughtthislandtenyearsagoatacostof$250,000.Today,thelandisvaluedat$425,000.Thegradingandexcavationworknecessarytobuildonthelandwillcost$15,000.Thecompanycurrentlyownssomeunusedequipmentvaluedat$60,000.Thisequipmentcouldbeusedforproducingawningsif$5,000isspentforequipmentmodifications.Otherequipmentcosting$780,000willalsoberequired.Whatistheamountoftheinitialcashflowforthisexpansionproject?（）。

A:$1,110,000

B:$1,285,000

C:$800,000

D:$1,050,000

答案:$1,285,000

WalksSoftly,Inc.sellscustomizedshoes.Currently,itsells10,000pairsofshoesannuallyatanaveragepriceof$68apair.Itisconsideringaddingalower-pricedlineofshoeswhichsellfor$49apair.WalksSoftlyestimatesitcansell5,000pairsofthelower-pricedshoesbutwillsell1,000lesspairsofthehigher-pricedshoesbydoingso.Whatistheamountofthesalesthatshouldbeusedwhenevaluatingtheadditionofthelower-pricedshoes?（）。

A:$789,000

B:$177,000

C:$313,000

D:$245,000

答案:$177,000

Jamie'sMotorHomeSalescurrentlysells1,000ClassAmotorhomes,2,500ClassCmotorhomes,and4,000pop-uptrailerseachyear.Jamieisconsideringaddingamid-rangecamperandexpectsthatifshedoessoshecansell1,500ofthem.However,ifthenewcamperisadded,JamieexpectsthatherClassAsaleswilldeclineto950unitswhiletheClassCcampersdeclineto2,200.Thesalesofpop-upswillnotbeaffected.ClassAmotorhomessellforanaverageof$125,000each.ClassChomesarepricedat$39,500andthepop-upssellfor$5,000each.Thenewmid-rangecamperwillsellfor$47,900.Whatistheerosioncost?（）。

A:$93,150,000

B:$18,100,000

C:$6,250,000

D:$53,750,000

答案:$18,100,000

Ernie'sElectricalisevaluatingaprojectwhichwillincreasesalesby$50,000andcostsby$30,000.Theprojectwillcost$150,000andwillbedepreciatedstraight-linetoazerobookvalueoverthe10yearlifeoftheproject.Theapplicabletaxrateis34%.Whatistheoperatingcashflowforthisproject?（）。

A:$8,300

B:$3,300

C:$5,000

D:$18,300

答案:$18,300

Ben'sBorderCaféisconsideringaprojectwhichwillproducesalesof$16,000andincreasecashexpensesby$10,000.Iftheprojectisimplemented,taxeswillincreasefrom$23,000to$24,500anddepreciationwillincreasefrom$4,000to$5,500.Whatistheamountoftheoperatingcashflowusingthetop-downapproach?（）。

A:$7,500

B:$6,000

C:$4,500

D:$4,000

答案:$4,500

Scenarioanalysisisdefinedasthe:()

A:determinationofchangesinNPVestimateswhenwhat-ifquestionsareposed.

B:separationofaproject'ssunkcostsfromitsopportunitycosts.

C:determinationoftheinitialcashoutlayrequiredtoimplementaproject.

D:isolationoftheeffectthatasinglevariablehasontheNPVofaproject.

答案:determinationofchangesinNPVestimateswhenwhat-ifquestionsareposed.

Ananalysisofthechangeinaproject'sNPVwhenasinglevariableischangediscalled_____analysis.()

A:forecasting

B:simulation

C:sensitivity

D:scenario

答案:sensitivity

Ananalysiswhichcombinesscenarioanalysiswithsensitivityanalysisiscalled_____analysis.()

A:forecasting

B:combined

C:complex

D:simulation

答案:simulation

Bydefinition,whichoneofthefollowingmustequalzeroattheaccountingbreak-evenpoint?()

A:contributionmargin

B:netincome

C:netpresentvalue

D:internalrateofreturn

答案:netincome

Bydefinition,whichoneofthefollowingmustequalzeroatthecashbreak-evenpoint?()

A:operatingcashflow

B:netincome

C:netpresentvalue

D:internalrateofreturn

答案:operatingcashflow

WhichoneofthefollowingisdefinedasthesaleslevelthatcorrespondstoazeroNPV?()

A:cashbreak-even

B:financialbreak-even

C:accountingbreak-even

D:marginalbreak-even

答案:financialbreak-even

followingchangesthatsheisconsideringwillhelpthatprojectproduceapositiveNPVinstead?Considereachchangeindependently.（）

A:decreasethelaborhoursneededtoproduceoneunit

B:increasethequantitysold

C:increasethesalesprice

D:decreasethefixedleasingcostforequipment

答案:decreasethelaborhoursneededtoproduceoneunit

；increasethequantitysold

；increasethesalesprice

；decreasethefixedleasingcostforequipment

第五章单元测试

Maryjustpurchasedabondwhichpays$60ayearininterest.Whatisthis$60called?（）

A:callpremium

B:facevalue

C:discount

D:coupon

答案:coupon

Thecurrentyieldisdefinedastheannualinterestonabonddividedbywhichoneofthefollowing?()

A:dirtyprice

B:facevalue

C:coupon

D:marketprice

答案:marketprice

Thespecifieddateonwhichtheprincipalamountofabondispayableisreferredtoaswhichoneofthefollowing?()

A:maturity

B:dirtydate

C:coupondate

D:yielddate

答案:maturity

Abondisquotedatapriceof$989.Thispriceisreferredtoaswhichoneofthefollowing?()

A:dirtyprice

B:callprice

C:cleanprice

D:facevalue

答案:cleanprice

TheWalthersCompanyhasasemi-annualcouponbondoutstanding.Anincreaseinthemarketrateofinterestwillhavewhichoneofthefollowingeffectsonthisbond?（）

A:increasethemarketprice

B:increasethecouponrate

C:decreasethemarketprice

D:decreasethecouponrate

答案:decreasethemarketprice

ThecommonstockofEddie'sEngines,Inc.sellsfor$25.71ashare.Thestockisexpectedtopay$1.80persharenextmonthwhentheannualdividendisdistributed.Eddie'shasestablishedapatternofincreasingitsdividendsby4%annuallyandexpectstocontinuedoingso.Whatisthemarketrateofreturnonthisstock?（）。

A:11%

B:13%

C:7%

D:9%

答案:11%

SharesofcommonstockoftheSamsonCo.offeranexpectedtotalreturnof12%.Thedividendisincreasingataconstant8%peryear.Thedividendyieldmustbe:（）。

A:-4%.

B:4%.

C:8%.

D:12%.

答案:8%.

Wilbert'sClothingStoresjustpaida$1.20annualdividend.Thecompanyhasapolicywherebythedividendincreasesby2.5%annually.Youwouldliketopurchase100sharesofstockinthisfirmbutrealizethatyouwillnothavethefundstodosoforanotherthreeyears.Ifyoudesirea10%rateofreturn,howmuchshouldyouexpecttopayfor100shareswhenyoucanaffordtobuythisstock?Ignoretradingcosts.（）。

A:$1,723

B:$1,681

C:$1,766

D:$1,640

答案:$1,766

Lastweek,RailwayCaboosespaiditsannualdividendof$1.20pershare.Thecompanyhasbeenreducingthedividendsby10%eachyear.Howmuchareyouwillingtopaytopurchasestockinthiscompanyifyourrequiredrateofreturnis14%?（）。

A:$15.60

B:$7.71

C:$4.50

D:$10.80

答案:$4.50

WhichofthefollowingamountsisclosesttowhatshouldbepaidforOverlandcommonstock?Overlandhasjustpaidadividendof$2.25.Thesedividendsareexpectedtogrowatarateof5%intheforeseeablefuture.Therequiredrateofreturnis11%.（）。

A:$39.38

B:$20.45

C:$21.48

D:$37.50

答案:$39.38

Abondhasamarketpricethatexceedsitsfacevalue.Whichofthefollowingfeaturescurrentlyapplytothisbond?()

A:premiumprice

B:yield-to-maturitythatislessthanthecouponrate

C:yield-to-maturitythatexceedsthecouponrate

D:discountedprice

答案:premiumprice

；yield-to-maturitythatislessthanthecouponrate

Whichofthefollowingrelationshipsapplytoaparvaluebond?（）

A:marketprice=facevalue

B:marketprice=callprice

C:couponrate＜yield-to-maturity

D:currentyield=yield-to-maturity

答案:marketprice=facevalue

；currentyield=yield-to-maturity

第六章单元测试

根据CAPM模型，贝塔值为1.0，阿尔法值为0的资产组合预期收益率为：（）

A:β(rM—rf)

B:无风险利率rf

C:市场预期收益率rM

D:在rM和rf之间

答案:市场预期收益率rM

某个证券的市场风险贝塔，等于（）。

A:该证券收益与市场收益的协方差除以市场收益的方差

B:该证券收益的方差除以市场收益的方差

C:该证券收益与市场收益的协方差除以市场收益的标准差

D:该证券收益的方差除以它与市场收益的协方差

答案:该证券收益与市场收益的协方差除以市场收益的方差

证券市场线是（）。

A:表示出了期望收益与贝塔关系的线

B:与所有风险资产有效边界相切的线

C:对充分分散化的资产组合，描述期望收益与贝塔的关系

D:也叫资本市场线

答案:表示出了期望收益与贝塔关系的线

你投资了600美元于证券A，其贝塔值为1.2；投资400美元于证券B，其贝塔值为-0.20。资产组合的贝塔值为()。

A:1.00

B:0.64

C:1.40

D:0.36

答案:0.64

有两个模型，其中描述了所有资产都遵循的期望收益率-贝塔值之间的关系，则提出这个关系仅有少量证券不遵守，其余大多数仍是成立的。（）

A:APT，OPM

B:CAPM，APT

C:CAPM，OPM

D:APT，CAPM

答案:CAPM，APT

套利定价理论中，一个充分分散风险的资产组合，组成证券数目越多，非系统风险就越接近()。

A:-1

B:0

C:1

D:无穷大

答案:0

考虑多因素APT模型。因素组合1和因素组合2的风险溢价分别为5%和3%。无风险利率为10%。股票A的期望收益率为19%，对因素1的贝塔值为0.8。那么股票A对因素2的贝塔值为()。

A:1.5

B:2.00

C:1.67

D:1.33

答案:1.67

哪个模型没有说明如何确定因素资产组合的风险溢价？()

A:CAPM和多因素APT

B:CAPM

C:多因素APT

D:CAPM和多因素APT都不是

答案:多因素APT

与CAPM模型相比，套利定价理论：()

A:指明数量并确定那些能够决定期望收益率的特定因素。

B:不要求关于市场资产组合的限制性假定

C:使用以微观变量为基础的风险溢价。

D:要求市场均衡。

答案:不要求关于市场资产组合的限制性假定

关于资本市场线，哪种说法不正确？（）

A:资本市场线也叫作证券市场线

B:资本市场线是可达到的最好的市场配置线

C:资本市场线通过无风险利率和市场资产组合两个点

D:资本市场线斜率总为正

答案:资本市场线也叫作证券市场线

第七章单元测试

AgroupofindividualsgottogetherandpurchasedalloftheoutstandingsharesofcommonstockofMoutaiInc.Whatisthereturnthattheseindividualsrequireonthisinvestmentcalled?(）

A:dividendyield

B:costofcapital

C:costofequity

D:capitalgainsyield

答案:costofequity

TextileMillsborrowsmoneyatarateof13.5percent.Thisinterestrateisreferredtoasthe:()

A:compoundrate.

B:costofdebt.

C:capitalgainsyield.

D:currentyield.

答案:costofdebt.

Theaverageofafirm'scostofequityandaftertaxcostofdebtthatisweightedbasedonthefirm'scapitalstructureiscalledthe:（）

A:structuredcostofcapital.

B:weightedaveragecostofcapital.

C:weightedcapitalgainsrate.

D:rewardtoriskratio.

答案:weightedaveragecostofcapital.

Thecostofequityforafirm:（）

A:equalstherisk-freerateplusthemarketriskpremium.

B:tendstoremainstaticforfirmswithincreasinglevelsofrisk.

C:increasesastheunsystematicriskofthefirmincreases.

D:ignoresthefirm'sriskswhenthatcostisbasedonthedividendgrowthmodel.

答案:ignoresthefirm'sriskswhenthatcostisbasedonthedividendgrowthmodel.

Afirm'soverallcostofequityis:（）

A:unaffectedbychangesinthemarketriskpremium.

B:isgenerallylessthatthefirm'sWACCgivenaleveragedfirm.

C:highlydependentuponthegrowthrateandrisklevelofthefirm.

D:generallylessthanthefirm'saftertaxcostofdebt.

答案:highlydependentuponthegrowthrateandrisklevelofthefirm.

Thedividendgrowthmodelcanbeusedtocomputethecostofequityforafirminwhichofthefollowingsituations?()

A:firmsthatpayadecreasingdividend

B:firmsthatpayaconstantdividend

C:firmsthatpayanincreasingdividend

D:firmsthathavea100percentretentionratio

答案:firmsthatpayadecreasingdividend

；firmsthatpayaconstantdividend

；firmsthatpayanincreasingdividend

；firmsthathavea100percentretentionratio

IfafirmusesitsWACCasthediscountrateforalloftheprojectsitundertakesthenthefirmwilltendto:（）

A:rejectsomepositivenetpresentvalueprojects.

B:increaseitsoveralllevelofriskovertime.

C:acceptsomenegativenetpresentvalueprojects.

D:favorhighriskprojectsoverlowriskprojects.

答案:rejectsomepositivenetpresentvalueprojects.

；increaseitsoveralllevelofriskovertime.

；acceptsomenegativenetpresentvalueprojects.

；favorhighriskprojectsoverlowriskprojects.

第八章单元测试

下列哪一个理论认为公司的价值与公司的资本结构无关？

A:MM定理命题IIB:资本资产定价模型C:MM定理命题ID:有效市场假说

答案:MM定理命题I融资优序理论认为，当企业存在融资需求时，首先选择下列哪种融资方式。

A:内源融资B:股权融资C:其他都不正确D:债务融资

答案:内源融资下列哪个理论可以解释为什么有的企业选择舍弃债务抵税收益而保持较低的负债水平？

A:其他都不对B:代理理论C:融资有序理论D:财务困境下的权衡理论

答案:财务困境下的权衡理论在考虑企业所得税情况的下MM定理研究了债务利息抵税对企业价值的影响。

A:错B:对

答案:对通常情况下，资本结构指的是短期债务资本和权