财务报表分析（全英文）智慧树知到课后章节答案2023年下北京第二外国语学院

财务报表分析（全英文）智慧树知到课后章节答案2023年下北京第二外国语学院北京第二外国语学院

第一章测试

Thepassiveinvestorassumesthemarketisefficientandthatstocksarecorrectlypricedtoreflecttheriskinvolvedinbuyingthestock.（）

A:错B:对

答案:对

Thetermfinancialstatementrefersto…（）

A:CashflowandFundFlow

B:Incomestatement

C:Balancesheet

D:Alltheanswersarecorrect

答案:Alltheanswersarecorrect

WhichofthefollowingisfalseregardingwhyaSWOTAnalysisisused?()

A:Toreduceopportunitiesavailabletoabusiness

B:Tobuildonthestrengthsofabusiness

C:Tominimizetheweaknessesofabusiness

D:Tocounteractthreatstoabusiness

答案:Toreduceopportunitiesavailabletoabusiness

__________oftheprofitabilityofthefirmoveraperiodoftimesuchasayear.()

A:Theincomestatementisasummary

B:Thatstatementofcashflowsisasummary

C:Theauditreportisasummary

D:Thebalancesheetisasummary

答案:Theincomestatementisasummary

Financialstatementspresentanumericalpictureofacompany'sfinancialand

operatinghealth.()

A:对B:错

答案:对

WhichofthefollowingSWOTelementsareexternalfactorsforabusiness?（）

A:OpportunitiesandThreats

B:StrengthsandWeaknesses

C:WeaknessesandThreats

D:StrengthsandOpportunities

答案:OpportunitiesandThreats

The________doesnotrepresentcontinuingoperationsinanyway,butissimplya

snapshotofthetotalworthofafirmatagivenpointintime.()

A:balancesheet

B:noneoftheseiscorrect

C:incomestatement

D:sourcesandusesoffundsstatement

答案:balancesheet

Cashinflowsarisefrom_____assets,________liabilities,and___________stockholders'equity.()

A:increasing;increasing;decreasing

B:increasing;decreasing;decreasing

C:decreasing;increasing;increasing

D:decreasing;increasing;decreasing

答案:decreasing;increasing;increasing

Whatisacreditor’sobjectiveinperformingananalysisoffinancialstatements?()

A:Todeterminethecompany’sfutureearningsstream.

B:Todeterminethefirm’scapitalstructure.

C:Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.

D:Todecidewhetherornotthefirmhasoperatedprofitablyinthepast.

答案:Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.

Themajordeviceformeasuringtheprofitabilityofafirmoveradefinedperiodoftimeis

the()

A:noneoftheseiscorrect

B:statementofcashflow.

C:balancesheet.

D:incomestatement.

答案:incomestatement.

第二章测试

Thetransactionsbetweenthetwoclaimants(debtorsandshareholders)andthefirmarethefirm's_activities.()

A:Financing

B:Noneoftheseiscorrect

C:Investing

D:Operating

答案:Financing

Freecashflowdoesnotaffectcommonshareholder’sequity.（）

A:对B:错

答案:对

Theprocessofcomparingvariousfinancialfactorsofacompanyoveraperiodoftimeisknownas（）

A:Intra‐firmcomparison

B:RatioAnalysis

C:Inter‐firmcomparison

D:Inter‐industrycomparison

答案:Intra‐firmcomparison

Ifananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashflow.()

A:错B:对

答案:对

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

A:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuynewshares.

B:Therewas$2,285ofcashleftoverfromthefreecashflowandthetreasurerusedittobuynewshares.

C:Therewas$2,285ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

D:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

答案:Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.

Whatdrivesfreecashflow?()

A:dividend

B:operations

C:financingactivities

D:noneoftheseiscorrect

答案:operations

Reformulatedbalancesheetsinformanalystsaboutthefirm’sstrategyforrunningthebusiness.()

A:错B:对

答案:对

WhichofthefollowingactivitiesisNOTaninvestingactivity?（）

A:collectingtheprincipalofanotereceivable

B:purchasinganinvestment

C:purchasingplantassets

D:borrowingmoney

答案:borrowingmoney

Anoperatingassetis()

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

B:noneoftheseiscorrect

C:usedtoproducegoodsorservicestoselltocustomersinoperations.

D:usedforstoringexcesscashtobereinvestedinoperations,payoffdebt,orpaydividends.

答案:usedtoproducegoodsorservicestoselltocustomersinoperations.

Comparisonoffinancialstatementshighlightsthetrendofthe_________ofthebusiness.()

A:Profitability

B:Alltheanswersarecorrect

C:Performance

D:Financialposition

答案:Alltheanswersarecorrect

第三章测试

Lowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

A:对B:错

答案:错

Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

A:Advertisingexpenseratio

B:Noneoftheseiscorrect

C:Grossmargin

D:NetBorrowingcost

答案:Grossmargin

Underwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

（）

A:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOB:equalsnetborrowingcost(NBC:Noneoftheseiscorrect

D:Operatingliabilityleverage(OLEV)iszero,thatis,thefirmhasnooperatingliabilities.

E:iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.

F:Theoperatingliabilityleveragespread(OLSPREA

答案:TheSPREADiszero,thatis,returnonnetoperatingassets(RNO

Areductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

A:对B:错

答案:对

Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

A:对B:错

答案:错

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

A:0.600

B:0.003

C:0.216

D:1.6

答案:0.600

Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

A:错B:对

答案:对

Whichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

A:Decreaseintaxrate

B:Stockdividend

C:Increaseininterestrateondebt

D:Stocksplit

答案:Increaseininterestrateondebt

Thefollowinginformationisfromreformulatedfinancialstatements(inmillion)

whatisthefirm’sROCEandRNOA?()

A:20%and16%

B:15.0%and13.0%

C:20%and13.0%

D:15%and16%

答案:15.0%and13.0%

Underwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

(

)

A:TheSPREADiszero,thatis,returnonnetoperatingassets(RNOA)equalsnetborrowingcost(NBC).B:Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.C:NoneoftheseiscorrectD:

Financialleverage(FLEV)iszero,thatis,financialassetsequalfinancialobligations.

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

第四章测试

Whatmeasurestellsyouthatafirmisano-growthfirm?()

A:Afirmhaszeroornegativeresidualearningsgrowth

B:AfirmwithincreaseROCE

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:错B:对

答案:对

Thefollowingnumberwerecalculatedfromthefinancialstatementsforafirmfor2012and2011:

HowmuchofthechangeinROCEfrom2011to2012isduetofinancingactivities?（）

A:3.37%

B:1.9%

C:3.44%

D:-1.47%

答案:3.37%

Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

A:错B:对

答案:错

Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

A:Adecreaseininterestrateondebt

B:Decreaseingrossmargin

C:Increaseindaysaccountsreceivableareoutstanding

D:Increaseininventoryturnover

答案:Increaseininventoryturnover

BelowisselectedinformationfromTricorp

ReturnonnetoperatingassetsforYear1is:()

A:30.8%.

B:14.5%.

C:15.4%.

D:16.3%.

答案:15.4%.

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

A:错B:对

答案:对

Returnonoperatingassetsisameasureofwhichofthefollowing?（）

A:Liquidity

B:Solvency

C:Efficiency

D:Profitability

答案:Efficiency

BelowisselectedinformationfromTricorpcompany

WhichofthefollowingiscorrectconcerningchangesatTricropfromYear1toYear2?()

A:RNOADecreased,ROCEDecreased

B:RNOADecreased,ROCEIncreased

C:RNOAIncreased,ROCEIncreased

D:RNOAIncreased,ROCEDecreased

答案:RNOADecreased,ROCEDecreased

第五章测试

Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

A:错B:对

答案:对

Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

A:Increasereceivables

B:Increasenetproperty,plantandequipment

C:Reducingdepreciation

D:Increasecapitalizedsoftwarecosts

答案:Increasereceivables

Increasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

A:对B:错

答案:对

Adecreaseinwarrantyliabilitiesincreasesnetsales.()

A:对B:错

答案:错

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

A:Theassetturnoverisexpectedtoincrease.

B:Themarketsawtheincreaseinearningsaslowquality.

C:Earningsincreaseondecliningrevenuesisseenaslowerqualitythanearningsincreaseonincreasingrevenues.

D:Thedeclineinrevenuemayalsohaveimplicationsforaslowingofrevenuegrowthinthefuture.

答案:Theassetturnoverisexpectedtoincrease.

Lowdepreciationchargesforecastlossesinfutureincomestatements.()

A:错B:对

答案:对

Whichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

A:One-timesourcesofincome.

B:Slowdownininventoryturnover.

C:Decreaseinborrowings.

D:Increaseinintangibleassets.

答案:Decreaseinborrowings.

Accountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

A:对B:错

答案:错

WhichofthefollowingisnotanindicatorofaccountingManipulation?（）

A:Afirmmeetsanalysts’earningsexpectations,butjustso.

B:Lossonsaleofdiscontinuedbusinesssegments

C:Adropinprofitabilityafteraperiodofgoodprofitability

D:Achangeinaccountingprinciplesorestimates

答案:Lossonsaleofdiscontinuedbusinesssegments

第六章测试

Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

A:Themarketisovervaluingthestock.

B:Thestockhasalowlevelofrisk.

C:Thestockoffersahighdividendpayoutratio.

D:Themarketisundervaluingthestock.

答案:Themarketisundervaluingthestock.

The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

A:Noneoftheseiscorrect

B:intrinsicvalue

C:dividendpayoutratio

D:marketcapitalizationrate

答案:intrinsicvalue

FCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

A:similaronlyforleveredfirms

B:similarforallfirms

C:verydifferentforallfirms

D:similaronlyforunleveredfirms

答案:similarforallfirms

BecausetheDDMrequiresmultipleestimates,investorsshould()

A:notusethismodelwithoutexpertassistance.

B:feelconfidentthatDDMestimatesarecorrect.

C:carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.

D:carefullyexamineinputstothemodel.

答案:carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.

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

A:$31.82

B:$56.25

C:$27.50

D:$0.275

答案:$27.50

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

A:4,300million

B:4,095million

C:8,600million

D:3,909million

答案:8,600million

CompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

A:negativefreecashflowisbadnewsforcompany

B:thiscompanyisnon-profitable.

C:thecompanyiswastingcashonunproductiveactivities

D:thecompanyisinvestingheavily

答案:thecompanyisinvestingheavily

Attheendof2012,youforecastthefollowingcashflows(inmillions)forafirmwithnetdebtof$759million:

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

A:6,746million,7,505million

B:7,900million,7,141million

C:6,746million,7,141million

D:7,900million,8,659million

答案:7,900million,7,141million

Valueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

A:错B:对

答案:对

Afirmthathashigherfreecashflowhaveahighervalue?（）

A:错B:对

答案:错

第七章测试

Thefollowingareearningsanddividendforecastsmadeattheendof2012forafirmwith$20.00bookvaluepercommonshareatthattime.Thefirmhasarequiredequityreturnof10%peryear.Forecastreturnofcommonequityandresidualearningsfortheyearof2015.

（）

A:ROCEis16.81%andREis1.33

B:ROCEis15.71%andREis1.33

C:ROCEis16.81%andREis1.49

D:ROCEis15.71%andREis1.49

答案:ROCEis15.71%andREis1.49

AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

A:对B:错

答案:错

Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

A:错B:对

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:3.5

B:2.0

C:0.80

D:1.5

答案:1.5

WhichofthefollowingitemsarethedriversofResidualearnings?()

A:Returnonassetanddividends

B:Returnoncommonequityandgrowthinbookvalue

C:Returnoncommonequityanddividends

D:Returnonassetandgrowthinbookvalue

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:$1.670.

D:$2.822.

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

第八章测试

Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

A:错B:对

答案:对

Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.

whatisthetrailingP/Eratio?（）

A:8.33．

B:2.12

C:9.33

D:1.12

答案:9.33

whatistheforwardP/Eratio?()

A:1.12

B:2.12

C:8.33

D:9.33

答案:8.33

AP/Eratioforabondisalwayslessthanthatforastock.（）

A:错B:对

答案:错

whichofthefollowingstatementiscorrect?（）

A:thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0

B:epsgrowthcannotbeincreasedwithinvestment

C:thenormalforwardP/EandthenormaltrailingP/Ealwaysequal.

D:Abondcandeliverabnormalearningsgrowth

答案:thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0

Thefollowingareearningsanddividendforecastsmadeattheendof2010.Thefirmhasarequiredequityreturnof10%peryear.

Forecastabnormalearningsgrowthfor2012.()

A:0.136

B:0.231

C:0.165

D:0.325

答案:0.325

Forecastabnormalearningsgrowthfor2013.()

A:0.138

B:0.211

C:0.165

D:0.145

答案:0.165

CalculatethenormalforwardP/Eforthisfirm.()

A:10

B:12

C:20

D:30

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:15.20%

B:14.10%

C:16.52%

D:16.46%

答案:16.46%

第九章测试

Whichofthefollowingsituationdiversificationdosenotreducerisk？()

A:returnsonsecuritiesintheportfolioareperfectlycorrelated

B:Withanumberofsecuritiesinaportfolio,returnsonthesecuritiestendtooff-seteachother.

C:investingininvestmentsthatspandifferentfinancialinstruments

D:allocatinginvestmentsamongvariousindustries,andothercategories.

答案:returnsonsecuritiesintheportfolioareperfectlycorrelated

Astatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

A:theexpectedreturn

B:aprobabilitydistribution

C:coefficientofvariation

D:thestandarddeviation

答案:thestandarddeviation

Normaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

A:对B:错

答案:错

Asetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

A:theexpectedreturn

B:coefficientofvariation

C:thestandarddeviation

D:probabilitydistribution

答案:probabilitydistribution

Belowarethereformulatebalancesheetfortwofirmswithsimilarrevenues.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Notethatcashhasbeentreatedasoperatingcash.()

A:FirmA

B:FirmB

答案:FirmB

UsingtheCAPM,ßisameasureof:()

A:costvolatility

B:sharepricevolatility

C:profitvolatility

D:dividendvolatility

答案:sharepricevolatility

Whichofthefollowingisnotameasureofrisk?()

A:standarddeviation

B:expectedvalue

C:correlationcoefficient

D:coefficientofvariation

答案:correlationcoefficient

Belowarethereformulateincomestatementfortwofirmsinthesamelineofbusiness.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?

Reformulatetheincomestatements:

()

A:FirmA

B:FirmB

答案:FirmA

whichofthefollowingstatementisnotcorrect?()

A:thepotentialvariationinreturnonnetoperatingassetsgeneratesoperatingrisk

B:variationinreturnonnetoperatingassetsisonlydrivenbyprofitmargins

C:Airlinearesaidtohavehighoperatingrisk

D:operatingliabilityleverageincreaseoperatingrisk

答案:variationinreturnonnetoperatingassetsisonlydrivenbyprofitmargins

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