成果讲稿英文p2 unit

名师资讯英文P2 课///52（单选题）WhenfirmBmergeswithfirmCtocreatefirmBCwhathasB、AnacquisitionofC、Anacquisitionof展开答疑我要纠 收藏试题|收起解正确答案是：DAtenderofferisusedinanacquisitionbyafirmtotheshareholdersofanotherfirmtotendertheirsharesforaspecifiedprice.Answer(B)isInanacquisitionofassets,bothcompaniescontinuetooperateseparay.Answer(C)isincorrect.Inanacquisitionofassetsorstock,bothcompaniescontinuetooperateseparay.Answer(D)iscorrect.Aconsolidationisabusinesstransactioninwhichanewisorganizedtotakeoverthecombiningcompanies.Anentirelynewisformed,andneitherofthemergingcompaniessurvives.FirmBmergeswithfirmCtoformanentirelynewcalledBC,andneitherBnorCsurvives.Therefore,thisisaconsolidation.正确 笔 编辑笔53（单选题）Whenchoosingamergeroveranacquisitionofstockto plishabusinesscombination,whichofthefollowingisirrelevanttothedecision?A、DealingdirectlywithshareholdersinanacquisitionofB、AbsenceoftenderbysomeminorityshareholdersinatenderC、toanacquisitionbythetarget’smanagementusuallycausinganincreaseinthestockD、Whetherthecompaniesareinthesame展开答疑我要纠 收藏试题|收起解正确答案是：DItsupportschoosingamergeroveranacquisition.Answer(B)isincorrect.Itsupportschoosingamergeroveranacquisition.Answer(C)isincorrect.Itsupportschoosingamergeroveranacquisition.Answer(D)iscorrect.Manyfactorsinfluencewhetheratransactionshouldbeamergeroranacquisitionofstock.Whetherthecompaniesareinthesameindustryornotisusuallynotafactor.Inanacquisitionofstock,anacquiringfirmusuallymakesatenderofferdirectlytotheshareholdersofanotherfirmtoobtainacontrollinginterest.Therefore,theacquiringfirmmustdirectlydealwithshareholdersoftheotherfirm.Thereisthepossibilitythatsomeminorityshareholderswillnottendertheirshares.Managementmaybehostiletothecombination,whichusuallycausesanincreaseinthestockprice.Thisincreasewillrequiretheacquiringfirmtopaymoremoneyinitstenderoffer.Ontheotherhand,amergerismuchmorestraightforwardlegally.Itisusuallyanegotiatedarrangementbetweenasinglebidderandtheacquiredfirm.However,amergerdoesrequireaformalvoteoftheshareholdersofeachofthemergingfirms,whereasanacquisitiondoesnot.正确 笔 编辑笔54（单选题）Themergerofanoilrefinerybyachainofgasolinestationsisanexampleof.展开答疑我要纠 收藏试题|收起解正确答案是：CAconglomeratemergerinvolvesthecombinationoftwofirmsinunrelatedindustries.Answer(B)isincorrect.Awhiteknightisafirmfromwhichthetargetfirmseeksacompetitiveoffertoavoidbeingacquiredbyalessdesirablesuitor.Answer(C)isAverticalmergeristhecombinationofafirmwithoneormoreofitsrsorcustomers.Theacquiringfirmremainsinbusinessasacombinationofthetwomergedfirms.Thechainofgasolinestationsisacquiringanoilrefinery,whichisar.Therefore,thisisaverticalAnswer(D)isHorizontalmergerscombinecompaniesinthesame正确 笔 编辑笔55（单选题）AllofthefollowingstatementsaboutacquisitionofstockthroughtenderoffersistrueA、Shareholdermeetingsdonotneedtobeheld.B、Avoteisnotrequired.C、Theacquiringfirmdirectlydealswiththetargetfirm’sD、Alloftheoutstandingstockofthetargetfirmmustbe展开答疑我要纠 收藏试题|收起解正确答案是：DItisaItisatruestatemeAnswer(C)isincorrect.Itisatruestatementaboutthea Answer(D)iscorrect.Anacquisitionofstockbyacorporationdoes quireaformalvoteofthetargetfirm’sshareholders.Thus,shareholdermeetingsd edtobeheld.Atenderofferisusuallymadeinanacquisitionofstock vitationbyanindividualorcorporationtotheothercorpora rsharesforaspecifiedprice.Theacquiringfirm Minority loftarget正确 笔 编辑笔56（单选题）Whichofthefollowingisadefensivetacticagainstahostiletakeoverbytender展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isAleveragedbuyout(LBO)entailsthegoingprivate.Asmallgroupofinvestors,usuallyincludingseniormanagement,purchasesthepubliclyownedstock.Thestockisthendelistedbecauseitwillnolongerbetraded.Thus,aLBOcompeteswithahostiletenderofferasanalternative.Answer(B)isAnacquisitionisthepurchaseofallofanotherfirm’sassetsoracontrollinginterestinitsAnswer(C)isAconglomeratemergerisacombinationoftwounrelatedfirmsindifferentindustries.Answer(D)isincorrect.ASaturdaynightspecialisdirectsolicitationofshareholdersthroughadvertisementsorgeneralmailing.正确 笔 编辑笔57（单选题）ThetrusteeshipfunctioninaChapter11bankruptcyreorganizationisusuallyperformedbyC、Committeeofcreditors.展开答疑我要纠 收藏试题|收起解正确答案是：BThecourtmaysometimesappointatrusteebutdoesnotserveastrustee.Answer(B)iscorrect.InaChapter11reorganization,thecourthaslimitedpowertoappointatrustee.Instead,to plishtherehabilitativeaspirationsofareorganization,afirmseekingprotectionunderChapter11maybepermittedtooperateitsownbusinessasadebtor-in-possession.Astrongpresumptionexiststhatadebtor-in-possessionshouldbepermittedtocontinuetooperatethebusinessunlessthereisevidenceof petenceormismanagementonthepartofthedebtor.Adebtor-in-possessionhasbasicallyallthesamerightsanddutiesasatrusteebutdoesnotreceivespecialcompensationforperformingthefunction.Answer(C)isThecommitteeconsultswiththecourt,thedebtor,andthetrustee;investigatesthedebtor’saffairs;andparticipatesinformulatingthenofreorganization.Answer(D)isAnexaminermaybeappointedtoexamineallegationsoffraud,misconduct,or正确 笔 编辑笔58（单选题）AfirmisbeingliquidatedseveralmonthsafteritsChapter7bankruptcyfilingThereceiverhascompiledthefollowing Commonshares(at Preferredshares(at Secured Seniorunsecured Juniorunsecured Wage Creditfromrssince Court/trustee Basedonthisinformation,whatpercentageoftheirclaimswilljuniorcreditorsABC81%展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isBeforethejuniorcreditorsarepaid,securedbonds,court/trusteecosts,creditfromrssincefiling,wagespayable,taxesowed,andseniorcreditorsmustallbepaid(inthatorder).Afterallofthesedebtsarepaid,thefirmisleftwith$9,500($100,000–$50,000–$1,500–$2,000–$7,000–$3,000–$27,000)thatthejuniorcreditorisentitledto.Thejuniorcreditorswillreceive53%oftheirclaims($9,500÷$18,000).Pleasenotethatshareholdersarelastinlinetotheclaims.Answer(B)isThecreditfromrssincefilingclaimmustbepaidbeforetheclaimfortheunsecureddebt.Theamountof64%failstotakethatclaimintoaccount.Answer(C)isThecreditfromrssincefilingclaimandthetaxesowedmustbepaidbeforetheclaimfortheunsecureddebt.Theamountof81%failstotakebothoftheseclaimsintoAnswer(D)isThejuniorcreditorhastotalclaimsof$18,000.Becausethereisonly$9,500left,(s)hewillnotrecover100%ofhis/herclaims.笔 编辑笔59（单选题）AllofthefollowingarepotentialsourcesoftaxsavingsinanacquisitionA、Economiesofscale.B、Netoperatinglosses.D、Surplusfundsoftheacquiring展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isNetoperatinglosses(NOLs)areapotentialsourceoftaxsavingsbecauseNOLscanbeusedtooffsetanacquiringfirms’taxable e.Thecombinedfirm’scapitalstructurealsomayallowforincreaseduseofdebtfinancing,whichresultsintaxsavingsfromgreaterinterestreductions.Furthermore,acombinationmaybethebestuseofsurpluscashfromatax.Dividendsreceivedbyindividualshareholdersarefullytaxable,whereasthecapitalgainsfromacombinationarenottaxeduntilthesharesaresold.Inaddition,amountsremittedfromtheacquiredtotheacquiringfirmarenottaxable.However,economiesofscalearenotasourceoftaxsavings.Theyareeconomicsavingsfromjointoperationofcompaniesinvolvedinabusinesscombination.Answer(B)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.Answer(C)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.Answer(D)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.正确 笔 编辑笔60（单选题）WhatistheroleofgoldinthepresentinternationalmonetaryA、GoldisquotedinUnitedStatesdollarsB、AllofthemajorcurrenciesoftheworldexcepttheUnitedStatesdollarhaveafixedvalueintermsofgold.C、Goldislikeanyotherassetwhosevaluedependsuponsupplyanddemand.D、GoldisthereserveassetoftheInternationalMonetary展开答疑我要纠 收藏试题|收起解正确答案是：CAlthoughmostexchangesquotethepriceofgoldinU.S.dollars,thedollar’svalueisnotlinkedtothatofgold.Answer(B)isFloatingexchangerateshaveexistedsinceabout1973.Tyingcurrencyvaluestoagoldstandard,ineffect,fixesexchangerates.Answer(C)isGoldhasnospecialroleinthemoderninternationalmonetarysystem.Thepresentsystemisbaseduponmanagedfloatingcurrencyexchangerates.Consequently,goldistreatedasacommodity,thepriceofwhichdependsuponsupplyanddemand.Answer(D)isTheonlyreservesoftheIMFareinternational正确 笔 编辑笔61（单选题）AfirmismostlikelytobeabargainforanacquirerBtsqratioislessthanC、Therecementcostofitsassetsislessthanthevalueofthefirm’ssecurities.D、Thecombinationismoreexpensivethaninternalexpansion.展开答疑我要纠 收藏试题|收起解正确答案是：BIftheqratioofafirmtobeacquiredexceedsone,themarketvalueofthefirm’ssecuritiesexceedtherecementvalueofassets.Answer(B)isUndervaluationofthefirmtobeacquiredmayresultifthemarketfocusesonshort-termearningsratherthanlong-termprospects.Suchafirmmaybeabargainfortheacquirer.Anotheraspectofundervaluationisthatafirm’sqratio(marketvalueofthefirm’ssecurities÷recementcostofitsassets)maybelessthanone.Hence,anacquiringfirmthatwishestoaddcapacityordiversifyintonewproductlinesmaydiscoverthatacombinationislessexpensivethaninternalexpansion.Answer(C)isIfrecementcostislessthanbookvalue,internalexpansionislessexpensive.Answer(D)isincorrect.Internalexpansionmaybethebetterbargainforthe正确 笔 编辑笔62（单选题）ThecoinsuranceeffectcanbereducedbyRetirementof IssuanceofDebtbefore 展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isThecoinsuranceeffectcanbeoffsetbyissuingadditionaldebtafterthecombination,therebyincreasingthefirm’sunsystematicriskanddecreasingthevalueofdebt.Moreover,thegreaterleveragemayincreasethefirm’svalue.Anotherpossibilityistoreducedebtpriortothecombinationatthelower, binationpriceandthentoreissuethesameamountofdebtafterward.Answer(B)isDebtshouldalsobeissuedafterthecombination.Answer(C)isincorrect.Debtshouldalsoberetiredbeforethecombination.Answer(D)isincorrect.Retirementofdebtbeforeandissuanceofdebtafteracombinationarestrategiestoreducethecoinsuranceeffect.正确 笔 编辑笔63（单选题）IfthevalueoftheU.S.dollarinforeigncurrencymarketschangesfrom$175eurosto$170A、TheeurohasdepreciatedagainsttheB、ProductsimportedfromEuropetotheU.S. emoreC、U.S.touristsinEuropewillfindtheirdollarswillbuymoreEuropeanproducts.D、U.S.exportstoEuropeshoulddecrease.展开答疑我要纠 收藏试题|收起解正确答案是：BpurchasingpAnswer(B)isSinceitnowtakesfewer clinedinrelativetotheeuro;i.e.,theeuroh r.Asaresult,importsfromEuropewill emoreexpensiveandw Answer(C)isSinceadollarwillnowfetchfewereurost .touristswillfindEuropeangoodsmoreexpensive.Answer(D)isSincetheeuro 64（单选题）Afteramergerthedifferencebetweenthevalueofthecombinedentityandthesumofthevaluesoftheseparateentitiesis展开答疑我要纠 收藏试题|收起解正确答案是：DApoolingofinterestsisamethodofaccountingthatisnolongerpermittedforcombinationsinitiatedafterJune30,2001.Answer(B)isConsolidationoccurswhenanewisformedafteramerger,withneithermergingsurviving.Answer(C)isGoodwillistheexcessofthepricepaidoverthefairvalueofthenetassetsacquiredinaAnswer(D)isOperationalsynergyarisesbecausethecombinedfirmmaybeabletoincreaseitsrevenuesandreduceitscosts.Forexample,thenewfirmcreatedbyahorizontalmergermayhaveamorebalancedproductlineandastrongerdistrbutionsystem.costsmaybedecreasedbecauseofeconomiesofscaleinproduction,purchasing,andmanagement.Financialsynergymayalsoresultfromthecombination.Thecostofcapitalforbothfirmsmaybedecreasedbecausethecostofissuingbothdebtandequitysecuritiesislowerforlargerfirms.Moreover,uncorrelatedcashflowstreamswillprovideforincreasedliquidityandalowerprobabilityofbankruptcy.Stillanotherbenefitistheavailabilityofadditionalinternalcapital.Theacquiredisoftenabletoexploitnewinvestmentopportunitiesbecausetheacquiringhasexcesscash正确 笔 编辑笔65（单选题）ThesynergyofabusinesscombinationcanbedeterminedA、Calculatingthechangeinrevenueminusthechangeincost.B、Calculatingthechangeinrevenueminusthechangeintaxes.C、Usingtheriskadjusteddiscountratetodiscounttheincrementalcashflowsofthenewly-formedentity.D、Usingtheriskadjusteddiscountratetodiscountthechangeinrevenuesofthenewly-formedentity.展开答疑我要纠 收藏试题|收起解正确答案是：CDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.Answer(B)isDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.Answer(C)isSynergyequalsthevalueofthecombinedfirmminusthesumofthevaluesoftheseparatefirms.Thesevaluescanbecalculatedusingthecapitalbudgetingtechniqueofdiscountedcashflowysis.Thedifferencebetweenthecashflowsofthecombinedfirmandthesumofthecashflowsoftheseparatefirmsisdiscountedattheappropriaterate,usuallythecostofequityoftheacquiredfirm.Thecomponentsoftheincrementalcashflowsaretheincrementalrevenues,costs,taxes,andcapitalneeds.Answer(D)isDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.正确 笔 编辑笔66（单选题）A transferredownershipofoneofitsdivisionstothe ’sexistingshareholders,andtheshareholdersreceivednewstockrepresentingseparateownershiprightsinthedivision.Thatprocessisreferredtoasa展开答疑我要纠 收藏试题|收起解正确答案是：BInaliquidation,assetsaresoldpiecemeal.Answer(B)iscorrect.Aspin-offisatypeofrestructuringthatischaracterizedbyestablishinganewandseparateentityandtransferringitsnewlyissuedstocktotheshareholdersoftheoriginal.Answer(C)isInanLBO,theacquirerborrowsheavilyfromthirdpartiestofinancethetransactionandusestheacquired’sassetsascollal.Answer(D)isInamanagerialbuyout,the ethe正确 笔 编辑笔67（单选题）Whichofthefollowingdefensemaneuversinvolvestheissuanceofrightstobuysharesatanextremelyreducedpriceupontheoccurrenceofatakeover?D、Crown展开答疑我要纠 收藏试题|收起解正确答案是：CGreenmailinvolvesofferingthepotentialacquirortheopportunitytosellhis/heralreadyacquiredsharesbacktothecorporationabovethemarketvalue.Answer(B)isGoldenparachutesareprovisionspassedbyaboardofdirectorsrequiringlargepaymentstospecifiedexecutivesiftheiremploymentisterminatedbytheacquiringfirmfollowingthetakeover.Answer(C)isApoisonpillmaybeincludedinatargetcorporation’scharter,by-laws,orcontractstoreduceitsvaluetopotentialtenderofferors.Apoisonpillmaybe,forexample,arightgrantedtothetargetfirm’sshareholderstopurchasesharesofthemergedfirmresultingfromatakeover.Thebiddinglosesmoneyonitssharesbecausethisrightdilutesthevalueofitsstock.Answer(D)isAcrownjeweltransferoccurswhenthetargetcorporationsellsordisposesofoneormoreassetsthatmadeitadesirabletarget.正确 笔 编辑笔68（单选题）AssumethespotrateoftheCanadiandollaris$.90Ifthespotrateoneyearfromnowis$.85,theCanadiandollarwillhaveD、Depreciatedby5展开答疑我要纠 收藏试题|收起解正确答案是：BTheCanadiandollarwilldepreciateratherthanappreciate.Answer(B)iscorrect.Afterayear’stime,asingleCanadiandollarnowfetchesfewerU.S.dollars,indicatingalossofpurchasingpower(depreciation).Thespreadis5.56%[($.90–$.85)÷$.90].Answer(C)isTheCanadiandollarwilldepreciateratherthanappreciate,andthespreadis5.56%.Answer(D)isincorrect.Depreciationby5.88%resultsfromusing.85inthedenominatorinsteadof正确 笔 编辑笔69（单选题）AcorporationissuedapropertydividendtoitsshareholdersThedividendwasdistributedintheformof100%ofthecommonstockofasubsidiary.Thisisknownasa展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isAspin-offcreatesanew,separateentity.Itis plishedbydistributingapropertydividendintheformofstockofanothercorporationtoshareholders,whothen shareholdersofbothcorporations.Answer(B)isAstocksplitis plishedbyacorporationissuingadditionalsharesofitsownstocktoAnswer(C)isAscripdividendisonethatispayableintheformofnotespayable.Answer(D)isincorrect.Areversesplitoccurswhenacorporationreducesthenumberofitsoutstanding正确 笔 编辑笔70（单选题）BigCo,alargeconglomerate,hasadivisionthathasdevelopedanewandhighlypromisingtechnology.BigCowouldliketoretaincontrolofthisdivisionbutalsoraiseadditionalcapitaltosupportthefurtherdevelopmentofthistechnology.BigCoalsorealizesthispromisingtechnologyisdifferentthanitsusualbusinesslinesandwillrequireanewmanagementstyleandincentiveprogramtoattractandmaintaintalent.WhichoneofthefollowingwouldbestallowBigCotoachievetheseobjectives?B、SaleofthedivisiontoanotherC、Amanagementbuy-outofthedivision.D、Anequitycarve-outofthedivision.展开答疑我要纠 收藏试题|收起解正确答案是：DAspin-offisthecreationofanewentityseparatefromanotherentity,withthenewentity’ssharesbeingdistributedonaproratabasistoexistingshareholdersoftheparententity.Aspin-offisessentiallyatypeofdividendtoexistingshareholders.Answer(B)isAsaleofthedivisiontoanotherfirmwouldnotallowBigCotoretaincontrolofthedivision.ThisalternativewillnotallowBigCotoachieveitsobjectives.Answer(C)isAmanagementbuy-outofthedivisionwouldnotfittheobjectiveofwantinganewmanagementstyleandincentiveprogramtoattractandmaintaintalent.Answer(D)isAnequitycarve-outinvolvesthesaleofaportionofthefirmthroughanequityofferingsharesinthenewentitytooutsiders.ThiswouldallowBigCotoraiseadditionalcapitalaswellasbringinnewmanagementwhilestillmaintainingcontrol,asitdoesnothavetosellthewholedivisiontoachieveanequity-carveout.正确 笔 编辑笔71（单选题）FrancineistheCFOforamid-sizedcorporationbasedintheUSA.Hercorporationneedstopaya10,000Eurosin30daysformaterialsFrancine’scorporationisimportingtotheUSA.Today’sspotratefortheexchangeratebetweentheUSDollarandEurois1.2534.The30dayforwardrateis1.2313.Ignoringinterestrates,A、ThedollarisatadiscountagainsttheEurointhespotmarketandundervaluedintheforwardmarket.B、Thedollarlosespurchasingpoweroverthenext30days.C、Thedollargainspurchasingpoweroverthenext30D、ThedollarisatapremiumagainsttheEurointhespotmarketandovervaluedintheforward展开答疑我要纠 收藏试题|收起解正确答案是：CThereisnowaytoliftheratesareover-orundervalued.TheinformationFrancinehasiswhatthemarketisvaluingtheexchangeofdollarstoEurostodayandin30days.YoucanmakeanassumptiononhowthevalueofthedollarversustheEurochangesoverthenext30days,butyoucannotknowifit'sover-orundervaluedtodayorin30daysbecausethereisnotenoughinformationknown,suchasinterestrates.Answer(B)isFrancinewillpaymoredollarsfor10,000Eurostodaythanin30days.IfFrancinepaystheBritishfirmtodayusingthespotrate,shewillpay$1.2534perEuro.ButifFrancineentersintoa30dayforwardrate,shewillpay$1.2312perEuro.Itischeaperindollarstopayusingtheforwardrate,NOTthespotrate.Therefore,thepurchasingpowerofthedollarincreases,notdecreases,overthenext30days.Answer(C)isFrancinewillpayfewerdollarsfor10,000Eurosin30daysthanpayingtoday.In30days,Francinecanpay$1.2312dollarsperEuro,butifsheweretopaytodayusingthespotrate,shewouldpay$1.2535perEuro.Thebillisatafixedpriceandignoringinterestrates,itischeaperindollarsforFrancinetopaythebillin30days.Therefore,thepurchasingpowerofthedollarincreasesoverthenext30days.Answer(D)isThereisnowaytoliftheratesareover-orundervalued.TheinformationFrancinehasiswhatthemarketisvaluingtheexchangeofdollarstoEurostodayandin30days.YoucanmakeanassumptiononhowthevalueofthedollarversustheEurochangesoverthenext30days,butyoucannotknowifit'sover-andundervaluedtodayorin30daysbecausethereisnotenoughinformationknown,suchasinterest正确 笔 编辑笔72（单选题）Chapter7oftheFederalBankruptcyCodewillgrantadebtoradischargewhentheA、IsacorporationoraB、IsanentityotherthanapartnershiporcorporationthatcouldsuccessfullyreorganizeunderChapter11oftheFederalBankruptcyCode.C、IsaninsuranceD、Unjustifiablydestroyedinformationrelevanttothebankruptcy展开答疑我要纠 收藏试题|收起解正确答案是：BPartnershipsandcorporationsdonotreceiveageneraldischargeunderChapter7.Theyaresimplyliquidated.Answer(B)isAgeneraldischargeofmostdebtsisprovideda(butnotapartnershiporcorporation)underChapter7.Certainentitiesarenoteligible,includingrailroads,insurancecompanies,banks,creditunions,andsavingsandloanassociations.LiquidationanddischargeunderChapter7arenotrestrictedtocasesinwhichChapter11reorganizationwouldnotbesuccessful.Answer(C)isInsurancecompaniesareineligibletofileunderChapter7.Answer(D)isincorrect.Destroyinginformationcanresultindenialofgeneraldischarge.Onlyifitisjustified,e.g.,accidentaldestructionnotintendedtodefraudcreditors,mightitnotresultindenialof正确 笔 编辑笔73（单选题）WhichofthefollowingisindicativeofA、PaymentstocreditorsareB、Themarketvalueofthefirm’sstockhasdeclinedsubstantially.C、OperatingcashflowsofthefirmcannotmeetcurrentD、Dividendsarenotdeclaredbecauseofinadequateretained正确答案是：C|Latepaymentsareanearlysignalofpotentialinsolvency.Answer(B)isincorrect.Adecliningsharepriceisanearlysignalofpotentialinsolvency.Answer(C)iscorrect.Afirmisinsolventwhenitsdebtsexceeditsassets(stock-basedinsolvency)orwhenitscashflowsareinadequatetomeetmaturingobligations(flow-basedinsolvency).Answer(D)isEliminationofdividendsisanearlysignalofpotential正确 笔 编辑笔74（单选题）Iftheexchangeratehaschangedfrom1U.Sdollarto5foreigncurrencyunits(FCUs)toarateof1U.S.dollarto55A、TheU.S.dollarhasappreciatedby10%.B、TheU.S.dollarhasdepreciatedby10%.C、TheFCUhasappreciatedby20%.D、TheFCUhasdepreciatedby展开答疑我要纠 收藏试题|收起解正确答案是：A解 Answer(A)isAsingleU.S.dollarnowfetchesmoreFCUsthanbefore,indicatingagaininpurchasingpower(appreciation).Thespreadis10%[(5.5–5.0)÷5.0].Answer(B)isTheU.S.dollarhasappreciatedinvalue.ItwillnowpurchasemoreFCUs.Answer(C)isincorrect.TheFCUisdepreciating,notappreciating.Answer(D)isincorrect.TheFCUhasdepreciatedby正确 笔 编辑笔75（单选题）WhichofthefollowingisnotanearlysignalofpotentialfinancialC、RapidlyfallingstockD、Stagnantcash正确答案是：D

展开答疑我要纠 收藏试题|收起解Negativeearningsareanearlysignalofpotentialinsolvency.Answer(B)isincorrect.Layoffsareanearlysignalofpotentialinsolvency.Answer(C)isincorrect.Adecliningsharepriceisanearlysignalofpotentialinsolvency.Answer(D)iscorrect.Merestagnationofcashflowsdoesnotindicatepotentialinsolvency.Flow-basedinsolvencyoccurswhencashflowsareinadequate,notwhentheyaresimplynotgrowingatthedesiredrate.正确 76（单选题）InsolvencyB、LackofC、Notbeingabletopayone’sdebts.D、Lackofborrowingcapacity.正确答案是：C

收藏试题|收起解Alowcashbalancedoesnot,byitself,iAnswer(B)isincorrect.Lackofliquiditydoesnot,byitsAnswer(C)iscorrect.Afirmisinsolvent orwhencashflowsareinaAnswer(D)isAlack正确 笔 编辑笔77（单选题）WhichofthefollowingisthemostlikelyoptiontobechosenbyaninsolventA、IncreaseR&Dandcapitalexpenditures.B、Purchaseastablefirm.D、Repurchase展开答疑我要纠 收藏试题|收起解正确答案是：CThefirmismorelikelytocutcosts.Answer(B)isincorrect.Aninsolventfirmismorelikelyatakeovertarget.Answer(C)iscorrect.Aninsolventfirmmayagreetobeacquiredbyastrongerfirmoritmaysellimportantassets,slashcosts,issueadditionalsecurities,negotiatewithcreditorstorestructureitsobligations,orexchangeequityfordebt.Itmayalsochooseareorganizationinbankruptcy.Afinaloptionisbankruptcyliquidation.Answer(D)isThefirmismorelikelytoissueadditionalstocktoraise正确 笔 编辑笔78（单选题）AfirmmaybenefitfrominsolvencyinallbutwhichofthefollowingA、Beingdtofocusuponcoreoperations.B、Realigningitscapitalstructure.C、EnteringChapter11bankruptcyproceedingsandreorganizingthefirm.D、Beingdtoliquidatethebusiness.展开答疑我要纠 收藏试题|收起解正确答案是：DFocusingoncoreoperationsisapossibleadvantage.Answer(B)isincorrect.Capitalrestructuringisapossbleadvantage.Answer(C)isincorrect.ReorganizationundertheprotectionofChapter11isapossibleadvantage.Answer(D)iscorrect.Benefitsofinsolvencymayincluderestructuringofthefirm’sassetsandcapitalstructure,divestitureofnoncoreoperations,developmentofnewstrategiesandnewformsoforganization,andrelieffromcreditors’actionswhilethefirmisinaChapter11reorganization.However,beingdtoliquidateistheresultthatafirmmostwantsto正确 笔 编辑笔79（单选题）TheU.S.balanceoftradeisdecreasedA、ForeigninvestmentsintheUnitedStates.B、U.S.investmentsinforeigncountries.展开答疑我要纠 收藏试题|收起解正确答案是：DForeigninvestmentsintheUnitedStatesisafactorinthebalanceofpaymentsbutnotAnswer(B)isU.S.investmentsinforeigncountriesisafactorinthebalanceofpaymentsbutnotAnswer(C)isExportsincreasethebalanceoftrade.Answer(D)iscorrect.Thebalanceoftradeisthedifferencebetweenimportsandexportsofgoodsaloneoveragivenperiod(thebalanceofpaymentsismorecomprehensive,embracingalltransfersmadebetweentwocountries,includingcapitalmovements).Acountry’sbalanceoftradeisdecreased(worsened)byimports.正确 笔 编辑笔80（单选题）AnappreciationoftheU.S.dollaragainsttheJapaneseyenA、IncreasethetranslatedearningsofU.S.subsidiariesdomiciledinJapan.B、IncreasethecostofbuyingsforU.S.firms.C、MakeU.S.goodsmoreexpensivetoJapaneseconsumers.D、MaketravelinJapanmoreexpensiveforU.S.citizens.正确答案是：C|,theywillbeAnswer(B)isAnappreciationofthedollar tobuyAnswer(C)isWhenonecurrencyappreciates,othercurrencieslosebuyingpower.Thus,iftheappreciatesagainsttheyen, AmericangoodsAnswer(D)isThe 81（单选题）AdischargeinbankruptcyunderChapter7(liquidation)maybeobtainedbya(n) AYesYesBNoYesCYesNoNoD、NoNo展开答疑我要纠 收藏试题|收起解正确答案是：CIndividualsbutnotcorporationsandpartnershipsmayreceiveadischarge.Answer(B)isincorrect.Individualsbutnotcorporationsandpartnershipsmayreceiveadischarge.Answer(C)iscorrect.IndividualdebtorsmayreceiveadischargeunderChapter7frommostdebtsthatremainunpaidafterdistributionofthedebtor’sestate.However,corporationsandpartnershipsaremerelyliquidated.TheyarenoteligbleforaChapter7discharge.Answer(D)isIndividualsbutnotcorporationsandpartnershipsmayreceivea正确 笔 编辑笔82（单选题）AU.S. tookouta12-month,4%loanof£10,000whenthespotratewas$2to£1.Attheendoftheloanterm,thespotratewas$2.10