公司金融（财务管理）知到智慧树章节测试课后答案2024年秋外交学院

公司金融（财务管理）知到智慧树章节测试课后答案2024年秋外交学院绪论单元测试

WhatarenotthemostcommontypeoffirmintheUnitedStatesandtheworld?

A:corporationsB:limitedpartnerships

C:

soleproprietorships

D:

partnerships

答案:corporations；limitedpartnerships

；

partnerships

第一章单元测试

Stockmarketsprovideliquidityforafirm'sshares.

A:对B:错

答案:对Raisingnewcapitalbyissuingbondsisanexampleofacommercialbankingactivity.

A:错B:对

答案:错Financialdecisionsrequirethatyouweighalternativesinstrictlymonetaryterms.

A:对B:错

答案:错Corporationshavecometodominatethebusinessworldthroughtheirabilitytoraiselargeamountsofcapitalbysaleofownershipsharestoanonymousoutsideinvestors.

A:错B:对

答案:对WhichofthefollowingbestdescribeswhytheValuationPrincipleisakeyconceptinmakingfinancialdecisions?

A:Itshowshowtomakethecostsandbenefitsofadecisioncomparablesothatwecanweighthemproperly.

B:Itgivesagoodindicationofthenetworthofaperson,item,orcompanyandcanbeusedtoestimateanychangesinthatnetworth.

C:Itallowsfixedassetsandliquidassetstobevaluedcorrectly.D:Itshowshowtoassignmonetaryvaluetointangiblessuchasgoodhealthandwell-being.

答案:Itshowshowtomakethecostsandbenefitsofadecisioncomparablesothatwecanweighthemproperly.

Whichofthefollowingistypicallythemajorfactorinlimitingthegrowthofsoleproprietorships?

A:Theorganizationalstructureofsuchfirmstendstobecomeextremelycomplicatedovertime.

B:Theamountofmoneythatcanberaisedbysuchfirmsislimitedbythefactthatthesingleownermustmakegoodonalldebts.

C:Investorshaveagreatdealofcontrolovertheday-to-dayrunningofsuchfirms,leadingtoconfusionwhenconflictsindirectionarise.

D:

Itisextremelydifficulttotransfercontrolofsuchfirmstoanewownerifthepresentownerdiesorwishestosellthefirm.

答案:Theamountofmoneythatcanberaisedbysuchfirmsislimitedbythefactthatthesingleownermustmakegoodonalldebts.

Acompanythatproducesracingmotorbikeshasseveralmodelsthatsellwellwithinthemotorcycleracingcommunityandwhichareveryprofitableforthecompany.Despitehavingaprofitableproduct,whymustthiscompanytakecaretoensurethatithassufficientcashonhandtomeetitsobligations?

A:Profitsfromthesalesofpopularmodelswillbelostwhenreturnedtotheshareholdersintheformofdividends.

B:Thecompanywillhavebuiltupdebtswhichmustberepaidinordertobringthecurrentmodelstomarket.

C:Newmodelswillrequirealotofmoneytodevelopandbringtomarketbeforetheygenerateanyrevenue.

D:Equitymustberaisedtofinancethedevelopmentofnewmodelstoreplacetheexistingmodels.

答案:Newmodelswillrequirealotofmoneytodevelopandbringtomarketbeforetheygenerateanyrevenue.

Afactoryownerwantshisworkerstoproduceasmanywidgetsastheycansohepayshisworkersbasedonhowmanywidgetstheyproduce.However,inordertomakesurethattheworkersdonotrushandproducealargenumberofpoorlymadewidgets,hechecksthewidgetsatrandomduringvariousstagesoftheirmanufacture.Ifadefectisfoundinawidget,thepayoftheentiresectionofthefactoryresponsibleforthatdefectisdocked.Howisthisfactoryownerseekingtosolvetheagencyconflictprobleminthiscase?

A:

bymaximizingtheinformationthattheprincipalobtainsaboutthebehavioroftheagents

B:

byensuringthatallworkersco-operatetomaximizethegainsoftheirsection

C:bysupplyingincentivessotheagentsactinthewayprincipaldesires

D:bymakingtheagentsintoprincipalsthemselves

答案:bysupplyingincentivessotheagentsactinthewayprincipaldesires

Whatisthebid-askspread?

A:theriseorfallinthevalueofastockbetweenthetimeitisacquiredbyaninvestorandsoldbythatinvestor

B:allofthecostsandfeesthatastockexchangechargesinordertoprocessatransaction

C:thedifferenceinthesellingpriceofastockbetweendifferentexchanges

D:thedifferenceinpriceavailableforanimmediatesaleofastockandtheimmediatepurchaseofthestock

答案:thedifferenceinpriceavailableforanimmediatesaleofastockandtheimmediatepurchaseofthestock

IntheUnitedStates,publiclytradedcompaniescanchoosewhetherornottheywishtoreleaseperiodicfinancialstatements.

A:对B:错

答案:错

第二章单元测试

TheLawofOnePricestatesthatifequivalentgoodsorsecuritiesaretradedsimultaneouslyindifferentcompetitivemarkets,theywilltradeforthesamepriceineachmarket.

A:错B:对

答案:对Ingeneral,ifanactionincreasesafirm'svaluebyprovidingbenefitswithavaluegreaterthananycostsinvolved,thenthatactionisgoodforthefirm'sinvestors.

A:对B:错

答案:对Toenablecostsandbenefitstobecompared,theyaretypicallyconvertedintocashvalueatthetimethebenefitisreceived.

A:对B:错

答案:错Wheneveragoodtradesinacompetitivemarket,thepricedeterminesthevalueofthegood.

A:对B:错

答案:对Anelderlyrelativeofferstosellyoutheirused1958CadillacEldoradofor$52,000.Younotethatverysimilarcarsaresellingontheopenmarketfor$87,000.Youdon'tcareforclassiccarsandwouldratherbuyanewFordExplorerfor$35,000.WhatisthenetvalueofbuyingtheCadillac?

A:$52,000,sincetheCadillaccouldbeboughtforthisprice.

B:

$35,000,sincethisisthedifferencebetweenpurchaseandresalepriceoftheCadillac.

C:$35,000,sincethisisthevalueofthecarthatyoureallywanttobuy.

D:$87,000,sincetheCadillaccouldbesoldforthisprice.

答案:

$35,000,sincethisisthedifferencebetweenpurchaseandresalepriceoftheCadillac.

ThepriceofAlaskaNorthSlopeCrudeOil(ANS)is$71.75/bbl,andthepriceofWestTexasIntermediateCrudeOil(WTI)is$73.06/bbl.Asanoilrefiner,youareabletoproduce$76worthofunleadedgasolinefromonebarrelofAlaskaNorthSlope(ANS)crudeoil.Becauseofitslowersulfurcontent,youcanproduce$77worthofunleadedgasolinefromonebarrelofWestTexasIntermediate(WTI)crude.Anotheroilrefinerisofferingtotradeyou10,150bblofAlaskaNorthSlope(ANS)crudeoilfor10,000bblofWestTexasIntermediate(WTI)crudeoil.Assumingyoucurrentlyhave10,000bblofWTIcrude,whatshouldyoudo?

A:

Sell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.

B:Donothing;refinethe10,000bblofWTIcrude.

C:Tradethe10,000bblWTIcrudewiththeotherrefinerandthensellthe10,150bblofANScrude.

D:

Tradethe10,000bblWTIcrudewiththeotherrefinerandrefinethe10,150bblofANScrude.

答案:

Sell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.

Awholesalefoodretailerisoffered$15.60pertwo-layercartonfor5000cartonsofpeaches.Thewholesalercanbuypeachesfromtheirgrowersat$13.20percarton.Shippingcosts$2.40percarton,forthefirst1000cartons,and$1.90percartonforeverycartonoverthat.Willtakingthisopportunityincreasethevalueofthewholesalefoodretailer?

A:Yes,thecostsare$2500lessthanthebenefits.

B:Yes,thecostsare$2000lessthanthebenefits.

C:

No,thecostsandthebenefitsarethesame.

D:No,thecostsare$1500morethanthebenefits.

答案:Yes,thecostsare$2000lessthanthebenefits.

Whichofthefollowingbestexplainswhymarketpricesareusefultoafinancialmanagerwhenperformingacost-benefitanalysis?

A:

Theycanbeusedtoconvertdifferentservicesandcommoditiesintoequivalentcashvalueswhichcanbecompared.

B:

Theyallowallcommoditiesandservicestobeassignedafixedandunchangingvalue

C:Theycanbeusedtodeterminehowmuchanassetcanbesoldfor

D:Theycanbeevaluatedtodeterminewhetherthemarketinwhichthemanagerexchangesgoodsandservicesofferstruevalue.

答案:

Theycanbeusedtoconvertdifferentservicesandcommoditiesintoequivalentcashvalueswhichcanbecompared.

WalgreensCompany(NYSE:WAG)iscurrentlytradingat$48.75ontheNYSE.WalgreensCompanyisalsolistedonNASDAQandassumeitiscurrentlytradingonNASDAQat$48.50.Doesanarbitrageopportunityexistand,ifso,howwouldyouexploititandhowmuchwouldyoumakeonablocktradeof100shares?

A:Yes,buyonNYSEandsellonNASDAQ,make$25.

B:

Yes,buyonNASDAQandsellonNYSE,make$250.

C:Yes,buyonNASDAQandsellonNYSE,make$25.

D:No,noarbitrageopportunityexists.

答案:Yes,buyonNASDAQandsellonNYSE,make$25.

Thepresentvalue(PV)ofastreamofcashflowsisjustthesumofthepresentvaluesofeachindividualcashflow.

A:对B:错

答案:对

第三章单元测试

Preferenceforcashtodayversuscashinthefutureinpartdeterminesnetpresentvalue(NPV).

A:错B:对

答案:错

Netpresentvalue(NPV)isthedifferencebetweenthepresentvalue(PV)ofthebenefitsandthepresentvalue(PV)ofthecostsofaprojectorinvestment.

A:错B:对

答案:对TheNetPresentValueruleimpliesthatweshouldcompareaproject'snetpresentvalue(NPV)tozero.

A:错B:对

答案:对Whendifferentinvestmentrulesgiveconflictinganswers,thendecisionsshouldbebasedontheNetPresentValuerule,asitisthemostreliableandaccuratedecisionrule.

A:错B:对

答案:对Thepresentvalue(PV)ofaninvestmentis________.

A:ThedifferencebetweenthecostoftheinvestmentandthebenefitoftheinvestmentindollarstodayB:Theamountbywhichthecashflowofaninvestmentexceedsorfallsshortofthecashflowgeneratedbythesameamountofmoneyinvestedatmarketrate

C:Theamountyouneedtoinvestatthecurrentinterestratetore-createthecashflowfromtheinvestmentD:Thepresentvalue(PV)ofaninvestmentis________.

答案:Thepresentvalue(PV)ofaninvestmentis________.WhichofthefollowingisNOTalimitationofthepaybackrule?

A:Lacksadecisioncriterionthatiseconomicallybased.B:Itdoesnotconsiderthetimevalueofmoney.C:Itdoesnotconsidercashflowsoccurringafterthepaybackperiod.D:Itisdifficulttocalculate.

答案:Itisdifficulttocalculate.Amanufacturerofvideogamesdevelopsanewgameovertwoyears.Thiscosts$830,000peryearwithonepaymentmadeimmediatelyandtheotherattheendoftwoyears.Whenthegameisreleased,itisexpectedtomake$1.20millionperyearforthreeyearsafterthat.Whatisthenetpresentvalue(NPV)ofthisdecisionifthecostofcapitalis10%?

A:$1,520,559B:$950,349C:$1,805,663D:$1,045,384

答案:$950,349Aminingcompanyplanstomineabeachforrutile.Todosowillcost$14millionupfrontandthenproducecashflowsof$7millionperyearforfiveyears.Attheendofthesixthyearthecompanywillincurshut-downandclean-upcostsof$6million.Ifthecostofcapitalis13.0%,thenwhatistheMIRRforthisproject?

A:20%B:60%C:25%D:78%

答案:20%Afarmersowsacertaincrop.Itcosts$240,000tobuytheseed,preparetheground,andsowthecrop.Inoneyear'stimeitwillcost$93,200toharvestthecrop.Ifthecropwillbeworth$350,000,andtheinterestrateis7%,whatisthenetpresentvalue(NPV)ofthisinvestment?

A:$567,103B:$87,103C:$240,000D:$0

答案:$0Firmsshouldusethemostaccelerateddepreciationschemeallowable.

A:错B:对

答案:对

第四章单元测试

Rationalinvestorsmaybewillingtochooseaninvestmentthathasadditionalriskbutdoesnotofferadditionalreward.

A:错B:对

答案:错Onaverage,stockshavedeliveredhigherreturnsthanbondsinthelongrun.

A:对B:错

答案:对Weshouldusethearithmeticaveragereturnwhenwearetryingtoestimateaninvestment'sexpectedreturnoverafuturehorizonbasedonitspastperformance.

A:对B:错

答案:对Independentriskscanbediversifiedbyholdingalargenumberofuncorrelatedassetswithindependentrisks.

A:错B:对

答案:对Rationalinvestors________fluctuationsinthevalueoftheirinvestments.

A:areindifferenttoB:preferC:areinfavorofD:areaverseto

答案:areaversetoIndependentriskismorecloselyrelatedto_______

A:diversificationriskB:unsystematicriskC:commonriskD:systematicrisk

答案:unsystematicriskAstockpricesgavearealizedreturnof15%,15%,-15%,and-15%overfoursuccessivequarters.WhatistheannualrealizedreturnforAfortheyear?

A:0%B:-5.12%C:-4.45%D:-7.12%

答案:-4.45%FordMotorCompanyhadrealizedreturnsof20%,30%,30%,and20%overfourquarters.WhatisthequarterlystandarddeviationofreturnsforFordcalculatedfromthissample?

A:6.06%B:4.62%C:5.20%D:5.77%

答案:5.77%Theprobabilitymassbetweentwostandarddeviationsaroundthemeanforanormaldistributionis________.

A:75%B:95%C:66%D:90%

答案:95%Themarketorequityriskpremiumcanbeestimatedbycomputingthehistoricalaverageexcessreturnonthemarketportfolio.

A:错B:对

答案:对

第五章单元测试

Themainadvantagesforafirmingoingpublicaregreaterliquidityandbetteraccesstocapital.

A:对B:错

答案:对Equityinvestorsinaprivatecompanyusuallyplantorealizeareturnontheirinvestmentbysellingtheirstockwhenthatcompanyisacquiredbyanotherfirmorsoldtothepublicinapublicoffering.

A:错B:对

答案:对Becausethecapitalinvestmentfromangelinvestorsisoftenlargerelativetotheamountofcapitalalreadyinplaceatthefirm,theytypicallyreceiveasizableequityshareinthebusinessinreturnfortheirfunds.

A:错B:对

答案:对TheannouncementofanSEOusuallyraisesastock'sprice.

A:对B:错

答案:错Whichofthefollowingbestdescribesalimitedpartnershipthatspecializesinraisingmoneytoinvestintheprivateequityofyoungfirms?

A:institutionalinvestorsB:familyinvestorsC:corporateinvestorsD:venturecapitalfirms

答案:venturecapitalfirmsYoufoundedyourownfirmthreeyearsago.Youinitiallycontributed$200,000ofyourownmoneyandinreturnyoureceived3millionsharesofstock.Sincethen,youhavesoldanadditional2millionsharesofstocktoangelinvestors.Youarenowconsideringraisingcapitalfromaventurecapitalfirm.Thisventurecapitalfirmwouldinvest$5millionandwouldreceive4millionnewlyissuedsharesinreturn.Supposeyousoldthe2millionsharestotheangelinvestorfor$500,000.Whatwasyourpercentageownershipinthecompanyimmediatelyfollowingtheangelinvestor'sinvestment?

A:40.0%B:50%C:100%D:60.0%

答案:60.0%WhichofthefollowingisanactivitytypicallytakenbyanunderwriterduringanIPOofacompany?

A:helpingthecompanywithallnecessaryfilingsB:alloftheaboveC:determiningtheofferpriceD:marketingtheIPO

答案:alloftheaboveWhichofthefollowingstatementsisFALSE?

A:Theleadunderwriteristheprimarybankingfirmresponsibleformanagingthedeal.Theleadunderwriterprovidesmostoftheadviceandarrangesforagroupofotherunderwriters,calledthesyndicate,tohelpmarketandselltheissue.B:Becauseofthepotentialconflictofinterest,theunderwriterwillnotmakeamarketinthestockaftertheissue.C:TheSECrequiresthatcompaniespreparearegistrationstatement,alegaldocumentthatprovidesfinancialandotherinformationaboutthecompanytoinvestors,priortoanIPO.CompanymanagersworkcloselywiththeunderwriterstopreparethisregistrationstatementandsubmitittotheSEC.D:Inrecentyears,theinvestmentbankingfirmofWRHambrecht+CompanyhasattemptedtochangetheIPOprocessbysellingnewissuesdirectlytothepublicusinganonlineauctionIPOmechanismcalledOpenIPO.

答案:TheSECrequiresthatcompaniespreparearegistrationstatement,alegaldocumentthatprovidesfinancialandotherinformationaboutthecompanytoinvestors,priortoanIPO.CompanymanagersworkcloselywiththeunderwriterstopreparethisregistrationstatementandsubmitittotheSEC.Thechiefadvantageofdebtfinancingoverfinancingthroughraisingequitycapitalisthattheformerdoesnotdilutethecurrentowner'sshareofthebusiness.

A:错B:对

答案:对Abondthatmakespaymentsinacertaincurrencycontainstheriskofholdingthatcurrencyandsoispricedaccordingtotheyieldsofsimilarbondsinthatcurrency.

A:错B:对

答案:对

第六章单元测试

Financialmanagersprefertochoosethesamedebtlevelnomatterwhichindustrytheyoperatein.

A:对B:错

答案:对Eveniftwofirmsoperateinthesameindustry,theymaypreferdifferentchoicesofdebt-equityratios.

A:对B:错

答案:对Aproject'snetpresentvalue(NPV)representsthevaluetothenewinvestorsofafirmcreatedbytheproject.

A:对B:错

答案:错Thepresenceoffinancialdistresscostscanexplainwhyfirmschoosedebtlevelsthataretoolowtoexploittheinteresttaxshield.

A:错B:对

答案:对Therelativeproportionsofdebt,equity,andothersecuritiesthatafirmhasoutstandingconstituteits________.

A:paidoutcapitalB:retainedearningsC:ca