公司金融（财务管理）智慧树知到课后章节答案2023年下外交学院

公司金融（财务管理）智慧树知到课后章节答案2023年下外交学院外交学院

绪论单元测试

WhatarenotthemostcommontypeoffirmintheUnitedStatesandtheworld?

A:

partnerships

B:corporationsC:

soleproprietorships

D:limitedpartnerships

答案:

partnerships

;corporations;limitedpartnerships

第一章测试

Stockmarketsprovideliquidityforafirm'sshares.

A:错B:对

答案:对

Raisingnewcapitalbyissuingbondsisanexampleofacommercialbankingactivity.

A:对B:错

答案:错

Financialdecisionsrequirethatyouweighalternativesinstrictlymonetaryterms.

A:错B:对

答案:错

Corporationshavecometodominatethebusinessworldthroughtheirabilitytoraiselargeamountsofcapitalbysaleofownershipsharestoanonymousoutsideinvestors.

A:错B:对

答案:对

WhichofthefollowingbestdescribeswhytheValuationPrincipleisakeyconceptinmakingfinancialdecisions?

A:Itshowshowtomakethecostsandbenefitsofadecisioncomparablesothatwecanweighthemproperly.

B:Itallowsfixedassetsandliquidassetstobevaluedcorrectly.C:Itgivesagoodindicationofthenetworthofaperson,item,orcompanyandcanbeusedtoestimateanychangesinthatnetworth.

D:Itshowshowtoassignmonetaryvaluetointangiblessuchasgoodhealthandwell-being.

答案:Itshowshowtomakethecostsandbenefitsofadecisioncomparablesothatwecanweighthemproperly.

Whichofthefollowingistypicallythemajorfactorinlimitingthegrowthofsoleproprietorships?

A:

Itisextremelydifficulttotransfercontrolofsuchfirmstoanewownerifthepresentownerdiesorwishestosellthefirm.

B:Investorshaveagreatdealofcontrolovertheday-to-dayrunningofsuchfirms,leadingtoconfusionwhenconflictsindirectionarise.

C:Theorganizationalstructureofsuchfirmstendstobecomeextremelycomplicatedovertime.

D:Theamountofmoneythatcanberaisedbysuchfirmsislimitedbythefactthatthesingleownermustmakegoodonalldebts.

答案:Theamountofmoneythatcanberaisedbysuchfirmsislimitedbythefactthatthesingleownermustmakegoodonalldebts.

Acompanythatproducesracingmotorbikeshasseveralmodelsthatsellwellwithinthemotorcycleracingcommunityandwhichareveryprofitableforthecompany.Despitehavingaprofitableproduct,whymustthiscompanytakecaretoensurethatithassufficientcashonhandtomeetitsobligations?

A:Profitsfromthesalesofpopularmodelswillbelostwhenreturnedtotheshareholdersintheformofdividends.

B:Newmodelswillrequirealotofmoneytodevelopandbringtomarketbeforetheygenerateanyrevenue.

C:Equitymustberaisedtofinancethedevelopmentofnewmodelstoreplacetheexistingmodels.

D:Thecompanywillhavebuiltupdebtswhichmustberepaidinordertobringthecurrentmodelstomarket.

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:thedifferenceinpriceavailableforanimmediatesaleofastockandtheimmediatepurchaseofthestock

B:allofthecostsandfeesthatastockexchangechargesinordertoprocessatransaction

C:thedifferenceinthesellingpriceofastockbetweendifferentexchanges

D:theriseorfallinthevalueofastockbetweenthetimeitisacquiredbyaninvestorandsoldbythatinvestor

答案:thedifferenceinpriceavailableforanimmediatesaleofastockandtheimmediatepurchaseofthestock

IntheUnitedStates,publiclytradedcompaniescanchoosewhetherornottheywishtoreleaseperiodicfinancialstatements.

A:对B:错

答案:错

第二章测试

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:错B:对

答案:对

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

A:$35,000,sincethisisthevalueofthecarthatyoureallywanttobuy.

B:$52,000,sincetheCadillaccouldbeboughtforthisprice.

C:$87,000,sincetheCadillaccouldbesoldforthisprice.

D:

$35,000,sincethisisthedifferencebetweenpurchaseandresalepriceoftheCadillac.

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:

Tradethe10,000bblWTIcrudewiththeotherrefinerandrefinethe10,150bblofANScrude.

B:Donothing;refinethe10,000bblofWTIcrude.

C:Tradethe10,000bblWTIcrudewiththeotherrefinerandthensellthe10,150bblofANScrude.

D:

Sell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.

答案:

Sell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.

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

A:Yes,thecostsare$2500lessthanthebenefits.

B:

No,thecostsandthebenefitsarethesame.

C:No,thecostsare$1500morethanthebenefits.

D:Yes,thecostsare$2000lessthanthebenefits.

答案:Yes,thecostsare$2000lessthanthebenefits.

Whichofthefollowingbestexplainswhymarketpricesareusefultoafinancialmanagerwhenperformingacost-benefitanalysis?

A:Theycanbeusedtodeterminehowmuchanassetcanbesoldfor

B:

Theycanbeusedtoconvertdifferentservicesandcommoditiesintoequivalentcashvalueswhichcanbecompared.

C:Theycanbeevaluatedtodeterminewhetherthemarketinwhichthemanagerexchangesgoodsandservicesofferstruevalue.

D:

Theyallowallcommoditiesandservicestobeassignedafixedandunchangingvalue

答案:

Theycanbeusedtoconvertdifferentservicesandcommoditiesintoequivalentcashvalueswhichcanbecompared.

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

A:No,noarbitrageopportunityexists.

B:Yes,buyonNASDAQandsellonNYSE,make$25.

C:

Yes,buyonNASDAQandsellonNYSE,make$250.

D:Yes,buyonNYSEandsellonNASDAQ,make$25.

答案:Yes,buyonNASDAQandsellonNYSE,make$25.

Thepresentvalue(PV)ofastreamofcashflowsisjustthesumofthepresentvaluesofeachindividualcashflow.

A:对B:错

答案:对

第三章测试

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:对B:错

答案:对

Thepresentvalue(PV)ofaninvestmentis________.

A:ThedifferencebetweenthecostoftheinvestmentandthebenefitoftheinvestmentindollarstodayB:Thepresentvalue(PV)ofaninvestmentis________.C:Theamountyouneedtoinvestatthecurrentinterestratetore-createthecashflowfromtheinvestmentD:Theamountbywhichthecashflowofaninvestmentexceedsorfallsshortofthecashflowgeneratedbythesameamountofmoneyinvestedatmarketrate

答案:Thepresentvalue(PV)ofaninvestmentis________.

WhichofthefollowingisNOTalimitationofthepaybackrule?

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

答案:Itisdifficulttocalculate.

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

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

答案:$950,349

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

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

答案:20%

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

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

答案:$0

Firmsshouldusethemostaccelerateddepreciationschemeallowable.

A:对B:错

答案:对

第四章测试

Rationalinvestorsmaybewillingtochooseaninvestmentthathasadditionalriskbutdoesnotofferadditionalreward.

A:对B:错

答案:错

Onaverage,stockshavedeliveredhigherreturnsthanbondsinthelongrun.

A:对B:错

答案:对

Weshouldusethearithmeticaveragereturnwhenwearetryingtoestimateaninvestment'sexpectedreturnoverafuturehorizonbasedonitspastperformance.

A:错B:对

答案:对

Independentriskscanbediversifiedbyholdingalargenumberofuncorrelatedassetswithindependentrisks.

A:对B:错

答案:对

Rationalinvestors________fluctuationsinthevalueoftheirinvestments.

A:areinfavorofB:areaversetoC:areindifferenttoD:prefer

答案:areaverseto

Independentriskismorecloselyrelatedto_______

A:unsystematicriskB:commonriskC:systematicriskD:diversificationrisk

答案:unsystematicrisk

Astockpricesgavearealizedreturnof15%,15%,-15%,and-15%overfoursuccessivequarters.WhatistheannualrealizedreturnforAfortheyear?

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

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

答案:95%

Themarketorequityriskpremiumcanbeestimatedbycomputingthehistoricalaverageexcessreturnonthemarketportfolio.

A:错B:对

答案:对

第五章测试

Themainadvantagesforafirmingoingpublicaregreaterliquidityandbetteraccesstocapital.

A:错B:对

答案:对

Equityinvestorsinaprivatecompanyusuallyplantorealizeareturnontheirinvestmentbysellingtheirstockwhenthatcompanyisacquiredbyanotherfirmorsoldtothepublicinapublicoffering.

A:对B:错

答案:对

Becausethecapitalinvestmentfromangelinvestorsisoftenlargerelativetotheamountofcapitalalreadyinplaceatthefirm,theytypicallyreceiveasizableequityshareinthebusinessinreturnfortheirfunds.

A:对B:错

答案:对

TheannouncementofanSEOusuallyraisesastock'sprice.

A:错B:对

答案:错

Whichofthefollowingbestdescribesalimitedpartnershipthatspecializesinraisingmoneytoinvestintheprivateequityofyoungfirms?

A:familyinvestorsB:venturecapitalfirmsC:corporateinvestorsD:institutionalinvestors

答案:venturecapitalfirms

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

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

答案:60.0%

WhichofthefollowingisanactivitytypicallytakenbyanunderwriterduringanIPOofacompany?

A:helpingthecompanywithallnecessaryfilingsB:marketingtheIPOC:determiningtheofferpriceD:alloftheabove

答案:alloftheabove

WhichofthefollowingstatementsisFALSE?

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

答案:TheSECrequiresthatcompaniespreparearegistrationstatement,alegaldocumentthatprovidesfinancialandotherinformationaboutthecompanytoinvestors,priortoanIPO.CompanymanagersworkcloselywiththeunderwriterstopreparethisregistrationstatementandsubmitittotheSEC.

Thechiefadvantageofdebtfinancingoverfinancingthroughraisingequitycapitalisthattheformerdoesnotdilutethecurrentowner'sshareofthebusiness.

A:错B:对

答案:对

Abondthatmakespaymentsinacertaincurrencycontainstheriskofholdingthatcurrencyandsoispricedaccordingtotheyieldsofsimilarbondsinthatcurrency.

A:错B:对

答案:对

第六章测试

Financialmanagersprefertochoosethesamedebtlevelnomatterwhichindustrytheyoperatein.

A:对B:错

答案:对

Eveniftwofirmsoperateinthesameindustry,theymaypreferdifferentchoicesofdebt-equityratios.

A:错B:对

答案:对

Aproject'snetpresentvalue(NPV)representsthevaluetothenewinvestorsofafirmcreatedbytheproject.

A:对B:错

答案:错

Thepresenceoffinancialdistresscostscanexplainwhyfirmschoosedebtlevelsthataretoolowtoexploittheinteresttaxshield.

A:对B:错

答案:对

Therelativeproportionsofdebt,equity,andothersecuritiesthatafirmhasoutstandingconstituteits________.

A:capitalstructureB:retainedearningsC: