现代财务管理题库 值得参考

2014-2015二现代财务管理期末机考题库（C7）一、 单选题1. ( )isadebtissuethatissecuredbyspecificphysicalassetsoftheissuingcompany. AA Mortgage bond B Debenture C Income bond D Subordinated debenture2. ( )isanunsecureddebtissue.Thequalityofthedebtissuedependsonthegeneralcredit-worthinessoftheissuingcompany. BA Mortgage bond B Debenture C Income bond D Subordinated debenture3. ( )is abondthatpromisestopayinterestonlyiftheissuingfirmearnssufficientincome,otherwisenointerestobligationexists. CA Mortgage bond B Debenture C Income bond D Subordinated debenture4. ( )isanunsecureddebtissuethatis“junior”toothertypesofdebt,including bank loans,and may even be junior to all of a firms other debt. DA Mortgage bond B Debenture C Income bond D Subordinated debenture5. The relationship between a bonds price and the yield to maturity DA. changes at a constant level for each percentage change of yield to maturity.B. is an inverse relationshipC. is an linear relationshipD. a and b .6. For a firm paying 7% for new debt, the higher the firms tax rate BA. the higher the after-tax cost of debt.B. the lower the after-tax cost of debt.C. After-tax cost is unchanged.D. not enough information to judge.7. A bond will sell ( )if the required rate of return is greater than the coupon rate. AA. at a discount B. at par value C. at a premium D. none of above 8. A bond will sell ( ) if the required rate of return is equal to the coupon rate. BA. at a discount B. at par value C. at a premium D. none of above 9. A bond will sell ( ) if the required rate of return is less than the coupon rate. CA. at a discount B. at par value C. at a premium D. none of above 10. which is the rate of return expected to be earned if a bond is purchased at a given price and held until maturity? ( ) AA. The yield-to-maturity B. The coupon or current yieldC. the value of a bond D. the price of a bond11. which of the following is equal to the annual interest payment divided by the current price? ( ) BA. The yield-to-maturity B. The coupon or current yieldC. the value of a bond D. the price of a bond12. ( )takes into account interest returns as well as any capital gains (or losses) over the remaining life of the bond. A,nA. yield-to-maturity B. The coupon or current yieldC. the value of a bond D. the price of a bond13. ( ) considers only the interest returns and ignores any capital gains (or losses). BA. The yield-to-maturity B. The coupon or current yieldC. the value of a bond D. the price of a bond14. The current yield will be ( ) than the yield to maturity when the current price of the bond is equal to its par, or maturity, value. D Agreater B. less C. lower D. equal to15. When the current price of the bond( )its par, or maturity, value, there will be capital gain when the bond matures. BAis greater than B.is less than C. is equal to D. isnt equal to 16. When the current price of the bond ( ) its par, or maturity, value, there will be capital loss when the bond matures. AAis greater than B.is less than C. is equal to D. isnt equal to 17When the current price of the bond ( ) its par, or maturity, value, there will be no capital gain (or loss) when the bond matures. CA is greater than B.is less than C. is equal to D. isnt equal to 18. Determine the value of a $1,000 Canadian Pacific Limited perpetual 4 percent debenture (bond) at the required rates of 4 percent. ( ) BA. 40 B. 1000 C.800 D.666.6719. Determine the value of a $1,000 Canadian Pacific Limited perpetual 4 percent debenture (bond) at the required rates of 5 percent. ( ) CA. 40 B. 1000 C.800 D.666.6720. Determine the value of a $1,000 Canadian Pacific Limited perpetual 4 percent debenture (bond) at the required rates of 6 percent. ( ) DA. 40 B. 1000 C.800 D.666.6721. Consider Bordens 83/4 percent bonds that mature on April 15,2016. Assume that the interest on these bonds is paid and compounded annually. Determine the value of a $1,000 denomination Borden bond as of April 15,2004,to an investor who holds the bond until maturity and whose required rate of return is 7 percent. ( )AA. 1139 B. 983 C.854 D.1057已知：(P/A,0.07,12)=7.943，(P/F,0.07,12) =0.444，(P/A,0.09,12)=7.161，(P/F,0.09,12) =0.356，(P/A,0.11,12)=6.492，(P/F,0.11,12) =0.28622. Consider Bordens 83/4 percent bonds that mature on April 15,2016. Assume that the interest on these bonds is paid and compounded annually. Determine the value of a $1,000 denomination Borden bond as of April 15,2004,to an investor who holds the bond until maturity and whose required rate of return is 9 percent. ( )BB. 1139 B. 983 C.854 D.1057已知：(P/A,0.07,12)=7.943，(P/F,0.07,12) =0.444，(P/A,0.09,12)=7.161，(P/F,0.09,12) =0.356，(P/A,0.11,12)=6.492，(P/F,0.11,12) =0.28623. Consider Bordens 83/4 percent bonds that mature on April 15,2016. Assume that the interest on these bonds is paid and compounded annually. Determine the value of a $1,000 denomination Borden bond as of April 15,2004,to an investor who holds the bond until maturity and whose required rate of return is11 percent. ( )CA. 1139 B. 983 C.854 D.1057已知：(P/A,0.07,12)=7.943，(P/F,0.07,12) =0.444，(P/A,0.09,12)=7.161，(P/F,0.09,12) =0.356，(P/A,0.11,12)=6.492，(P/F,0.11,12) =0.28624. Consider Bordens 83/4 percent bonds that mature on April 15,2016. Assume that the interest on these bonds is paid and compounded semiannually. Determine the value of a $1,000 denomination Borden bond as of April 15,2004,to an investor who holds the bond until maturity and whose required rate of return is 8 percent annually. ( )D 难A1139 B. 983 C.854 D.1057已知：(P/A,0.04,24)=15.247，(P/F,0.04,24) =0.39，Note:Thissolutionassumesthat8percentisthenominalreturnrequirement,nottheeffectivereturnrequirement.25.Creative Financing,Inc.,is planning to offer a $1,000 par value 15-year maturity bond with a coupon interest rate that changes every five years. The coupon rate for the first five years is 10 percent, 10.75 percent for the next five years, and 11.5 percent for the final five years. If you require an 11 percent rate of return on a bond of this quality and maturity, what is the maximum price you would pay for the bond?(Assume interest is paid annually at the end of each year ) ( )A 难A. 964 B.987 C.1018 D. 1093已知：（PA,0.11,5）=3.696,（PA,0.11,10）=5.889, （PA,0.11,15）=7.191,（PF,0.11,15）=0.20926.Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 6% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( ) D难A. 6% B.3% C. 12% D. (1+6%/2)2-1 27. is an option to purchase shares of a companys common stock at a specified price during a given time period. A中A. A warrant B. A preferred stock C. A common stock D.A Mortgage bond28. ( )is a bond issued without a finite maturity date. B 易A. A warrant B. A perpetual bond C. A debenture bond D.A Mortgage bond29. ( )have no interest payment over their life, the only payment is the principal payment at maturity. 对易A. The zero coupon bonds B. The perpetual bonds C. The debenture bonds D. The Mortgage bonds30.SupposethatPaceEnterprisesissuesazero-couponbondhavinga10-yearmaturityanda$1000facevalue.Iftheinvestorsrequiredreturnis12%,thenthevalueofthebondis$()D,yA.1000 B.1120 C.880 D.1000/(1+12%)1031.Whenthemarketrequiredrateofreturnismorethanthestatedcouponrate,thepriceofthebondwillbe()A，yA.lessthanitsfacevalueB.morethanitsfacevalueC.equaltoitsfacevalueD.uncertain14.If32.themarketinterestraterisesandthecouponrateofabondisfixed,themarketpriceofthebondwill()B,yA.riseB.godownC.notvaryD.uncertain二、 多选题1. In applying the capitalization of cash flow method of valuation to a physical or financial asset, thevariableswhichmustbeknown(orestimated)are ( ) ABCA. theexpectedcashreturnsduringeachperiod B. therequiredrateofreturn(discountrate)C. theholdingperiodoftheasset.D. the tax rateE. the book value of the asset2. From the issuing firms perspective, the major advantages of long-term debt include the following: ( ) ABCA. Its relatively low after-tax costB. The increased EPS possible through financial leverageC. The ability of the firms owners to maintain greater control over the firmD. No fixed-dividend obligation existsE. Its higher cost compared with common stock3. From the issuing firms perspective, the major disadvantages of long-term debt include the following: ( ) CDA. Its relatively low after-tax costB. The increased EPS possible through financial leverageC. the increased financial risk of the firm resulting from the use of debtD. the restrictions placed on the firm by the lender E. Its higher cost compared with common stock4.The primary difference between the book value and the market value can be described as （ ） ABCABookvalueisafunctionofthehistoricalacquisitioncostoftheassetBmarketvalueisafunctionoftheexpectedfuturereturnsoftheasset.CMarketvaluemaybegreaterthanorlessthanbookvaluedependingonthechangesthatoccurovertimeinthemarketcapitalizationrateandassetsexpectedfuturereturns.DMarketvalueis always greaterthanbookvalueE. Marketvalueis alwayslessthanbookvalue5. In what ways is preferred stock similar to long-term debt? ( )ABCA. dividends on preferred stock, like interest on debt, usually remain constant over time. B. both securities have a fixed claim on the assets of the firm in the event of bankruptcy. C. both preferred stock and long-term debt have fixed income. D. Preferred stock is part of stockholders equity. E. holders of preferred stock receive returns in the form of dividends rather than interest. 6. In what ways is preferred stock similar to common stock? ( )DEA. dividends on preferred stock, like interest on debt, usually remain constant over time. B. both securities have a fixed claim on the assets of the firm in the event of bankruptcy. C. both preferred stock and long-term debt have fixed income. D. Preferred stock is part of stockholders equity. E. holders of preferred stock receive returns in the form of dividends rather than interest. 7. In applying the capitalization of cash flow method of valuation to a physical or financial asset, thevariableswhichneednt to beknown(orestimated)are ( ) DEA. theexpectedcashreturnsduringeachperiod B. therequiredrateofreturn(discountrate)C. theholdingperiodoftheasset.D. the tax rateE. the book value of the asset8. When the current price of the bond( )its par, or maturity, value, there will be capital gain (or loss) when the bond matures. ABDAis greater than B.is less than C. equal to D. isnt equal to E. none of above9. Long-term debt usually has the following features: ( )ABCDA. The indenture, or the contract between the issuing company and the debtholdersB. The trustee, who represent the debtholders in dealing with the companyC. The call feature, which gives the issuing company the option to retire the debt prior to maturityD. The sinking fund requirement, which, in practice, means the company must gradually reduce the outstanding balance of the debt issue over its lifeE. No fixed-interest obligation exists10. Preferred stock usually has the following features: ( )ABCDE 难A. The selling price, or issue price, is the per-share price at which the shares are sold to the public.B. The par value is an arbitrary value assigned to the stock by the issuing company.C. Most preferred stock is cumulative; that is ,dividends on common stock cannot be paid as long as any past or present preferred dividends remain unpaid.D. Virtually all preferred stock is nonparticipating; that is, preferred stock does not share in any increased earnings of the firm E. Some preferred stock is perpetual, whereas other preferred stock is gradually retired by the firm.11. Debt issues are rated according to their relative degree of risk by various financial companies. When rating a firms securities, these agencies often consider the following factors: ABCDE中A. Earning stabilityB. Coverage ratiosC. The relative amount of debt in the firms capital structrueD. The degree of subordinationE. Past experience12. which of the following statements are correct? CE，nA. In estimating the market value of a bond, the coupon rate should be used as the discount rate. B. The yield to maturity is equal to the interest payment of a bond. C. When the interest rate on a bond and its yield to maturity are equal, the bond will trade at par value. D. If you expect interest rates to go up, you should buy a long-term bond now. E. The longer the maturity of a bond, the greater the impact on price to changes in market rates. 13. which of the following statements are not correct? ABD，nA. In estimating the market value of a bond, the coupon rate should be used as the discount rate. B. The yield to maturity is equal to the interest payment of a bond. C. When the interest rate on a bond and its yield to maturity are equal, the bond will trade at par value. D. If you expect interest rates to go up, you should buy a long-term bond now. E. The longer the maturity of a bond, the greater the impact on price to changes in market rates. 14. which of the following statements are correct? CDE，zA. Debenture isadebtissuethatissecuredbyspecificphysicalassetsoftheissuingcompany. B. Mortgagebondisanunsecureddebtissue. C. Subordinateddebenture-anunsecureddebtissuethatis“junior”toothertypesofdebt.D. Incomebondisabondthatpromisestopayinterestonlyiftheissuingfirmearnssufficientincome,otherwisenointerestobligationexists. E. Incomebondiscreatedinreorganizationsfollowingbankruptcyandnormallyisissuedinexchangeforjuniororsubordinatedissues.15. Which of the following statements are not correct? AB,zA.Debenture is a debt issue that is secured by specific physical assets of the issuing company. B.Mortgage bond is an unsecured debt issue. C.Subordinated debenture - an unsecured debt issue that is “junior” to other types of debt. D. Income bond is a bond that promises to pay interest only if the issuing firm earns sufficient income, otherwise no interest obligation exists. E.Income bond is created in reorganizations following bankruptcy and normally is issued in exchange for junior or subordinated issues. 16. which of the following statements are correct? CD,zA. A bond will sell at par value if the required rate of return is greater than the coupon rate. B. A bond will sell at a discount if the required rate of return is equal to the coupon rate. C. A bond will sell at a discount if the required rate of return is greater than the coupon rate. D. A bond will sell at par value if the required rate of return is equal to the coupon rate. E. None of the above17. which of the following statements are not correct? ABE,zA. A bond will sell at par value if the required rate of return is greater than the coupon rate. BA bond will sell at a discount if the required rate of return is equal to the coupon rate. CA bond will sell at a discount if the required rate of return is greater than the coupon rate. DA bond will sell at par value if the required rate of return is equal to the coupon rate. EA bond will sell at par value if the required rate of return is less than the coupon rate. 18.Which of the following statements are correct? CD，nA. The current yield will be greater than he yield to maturity when the current price of the bond is equal to its par, or maturity, value. B. When the current price of the bond is equal to its par, or maturity, value, there will be capital gain (or loss) when the bond matures. C. When the current price of the bond isnt equal to its par, or maturity, value, there will be capital gain (or loss) when the bond matures. D. When the current price of the bond is equal to its par, or maturity, value, there will be no capital gain (or loss) when the bond matures. E. When the current price of the bond isnt equal to its par, or maturity, value, there will be no capital gain (or loss) when the bond matures. 19. Which of the following statements are not correct? ABE，nA. The current yield will be greater than he yield to maturity when the current price of the bond is equal to its par, or maturity, value. B.When the current price of the bond is equal to its par, or maturity, value, there will be capital gain (or loss) when the bond matures. C.When the current price of the bond isnt equal to its par, or maturity, value, there will be capital gain (or loss) when the bond matures. D.When the current price of the bond is equal to its par, or maturity, value, there will be no capital gain (or loss) when the bond matures. E.When the current price of the bond isnt equal to its par, or maturity, value, there will be