公司金融智慧树知到课后章节答案2023年下首都经济贸易大学

公司金融智慧树知到课后章节答案2023年下首都经济贸易大学首都经济贸易大学

第一章测试

TheBluebirdCompanyhasa$10,000liabilityitmustpaythreeyearsfromtoday.

Thecompanyisopeningasavingsaccountsothattheentireamountwillbeavailablewhenthisdebtneedstobepaid.Theplanistomakeaninitialdeposittodayandthendepositanadditional$2,500ayearforthenextthreeyears,startingoneyearfromtoday.Theaccountpaysa3%rateofreturn.HowmuchdoestheBluebirdCompanyneedtodeposittoday?（）

A:$4,276.34

B:$3,108.09

C:$2,079.89

D:$1,867.74

答案:$2,079.89

Suzetteisgoingtoreceive$10,000todayastheresultofaninsurancesettlement.Inaddition,shewillreceive$15,000oneyearfromtodayand$25,000twoyearsfromtoday.Sheplansonsavingallofthismoneyandinvestingitforherretirement.IfSuzettecanearnanaverageof11%onherinvestments,howmuchwillshehaveinheraccountifsheretires25yearsfromtoday?（）

A:$595,098.67

B:$536,124.93

C:$541,414.14

D:$546,072.91

答案:$595,098.67

Youareinvesting$100todayinasavingsaccountatyourlocalbank.Whichoneofthefollowingtermsreferstothevalueofthisinvestmentoneyearfromnow?（）

A:principalamounts

B:futurevalue

C:presentvalue

D:discountedvalue

答案:futurevalue

Sarainvested$500sixyearsagoat5percentinterest.Shespendsherearningsassoonassheearnsanyinterestsosheonlyreceivesinterestonherinitial$500investment.WhichtypeofinterestisSaraearning?

A:interestoninterestB:freeinterestC:complexinterestD:simpleinterest

答案:simpleinterest

Shelleywonalotteryandwillreceive$1,000ayearforthenexttenyears.Thevalueofherwinningstodaydiscountedatherdiscountrateiscalledwhichoneofthefollowing?（）

A:singleamount

B:simpleamount

C:presentvalue

D:futurevalue

答案:presentvalue

Whichoneofthefollowingwillproducethehighestpresentvalueinterestfactor?（）

A:6percentinterestfortenyears

B:8percentinterestforfiveyears

C:6percentinterestforfiveyears

D:6percentinterestforeightyears

答案:6percentinterestforfiveyears

Whichoneofthefollowingtermsisdefinedasaconflictofinterestbetweenthecorporateshareholdersandthecorporatemanagers?（）

A:articlesofincorporation

B:agencyproblem

C:bylaws

D:corporatebreakdown

答案:agencyproblem

Whichoneofthefollowingisacapitalbudgetingdecision?（）

A:determininghowmanysharesofstocktoissue

B:decidingwhetherornottopurchaseanewmachinefortheproductionline

C:decidinghowtorefinanceadebtissuethatismaturing

D:determininghowmuchinventorytokeeponhand

答案:decidingwhetherornottopurchaseanewmachinefortheproductionline

Whichofthefollowingquestionsareaddressedbyfinancialmanagers?（）

A:Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

B:Shouldthefirmborrowmoremoney?

C:Shouldthefirmacquirenewequipment?

D:Howshouldaproductbemarketed?

答案:Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

;Shouldthefirmborrowmoremoney?

;Shouldthefirmacquirenewequipment?

Whichofthefollowingshouldafinancialmanagerconsiderwhenanalyzingacapitalbudgetingproject?()

A:timingofallprojectedcashflows

B:dollaramountofeachprojectedcashflow

C:projectstartupcosts

D:dependabilityoffuturecashflows

答案:timingofallprojectedcashflows

;dollaramountofeachprojectedcashflow

;projectstartupcosts

;dependabilityoffuturecashflows

第二章测试

Theformulawhichbreaksdownthereturnonequityintothreecomponentpartsisreferredtoaswhichoneofthefollowing?()

A:profitabilitydeterminant

B:DuPontidentity

C:equityequation

D:SICformula

答案:DuPontidentity

Afirmuses2008asthebaseyearforitsfinancialstatements.Thecommon-size,base-yearstatementfor2009hasaninventoryvalueof1.08.Thisisinterpretedtomeanthatthe2009inventoryisequalto108percentofwhichoneofthefollowing?()

A:2008inventory

B:2008totalassets

C:2009totalassets

D:2008inventoryexpressedasapercentof2008totalassets

答案:2008inventoryexpressedasapercentof2008totalassets

Ifafirmhasadebt-equityratioof1.0,thenitstotaldebtratiomustbewhichoneofthefollowing?()

A:1.0

B:0.5

C:1.5

D:0.0

答案:0.5

Whichoneofthefollowingwilldecreaseifafirmcandecreaseitsoperatingcosts,allelseconstant?()

A:returnonassets

B:profitmargin

C:returnonequity

D:price-earningsratio

答案:price-earningsratio

Duringtheyear,KitchenSupplyincreaseditsaccountsreceivableby$130,decreaseditsinventoryby$75,anddecreaseditsaccountspayableby$40.Howdidthesethreeaccountsaffectthefirm'scashflowsfortheyear?()

A:$165useofcash

B:$95sourceofcash

C:$245useofcash

D:$95useofcash

答案:$95useofcash

Afirmgeneratednetincomeof$878.Thedepreciationexpensewas$47anddividendswerepaidintheamountof$25.Accountspayablesdecreasedby$13,accountsreceivablesincreasedby$22,inventorydecreasedby$14,andnetfixedassetsdecreasedby$8.Therewasnointerestexpense.Whatwasthenetcashflowfromoperatingactivity?()

A:$922

B:$902

C:$904

D:$876

答案:$904

TheBikeShoppaid$2,310ininterestand$1,850individendslastyear.Thetimesinterestearnedratiois2.2andthedepreciationexpenseis$460.Whatisthevalueofthecashcoverageratio?()

A:2.40

B:2.21

C:1.80

D:1.67

答案:2.40

CanineSupplyhassalesof$2,200,totalassetsof$1,400,andadebt-equityratioof0.3.Itsreturnonequityis15percent.Whatisthenetincome?()

A:$161.54

B:$141.41

C:$156.67

D:$138.16

E:$152.09

答案:$161.54

Whichoneofthefollowingtermsisappliedtothefinancialplanningmethodwhichusestheprojectedsaleslevelasthebasisfordeterminingchangesinbalancesheetandincomestatementaccountvalues?()

A:common-sizemethod

B:percentageofsalesmethod

C:salesreconciliationmethod

D:salesdilutionmethod

答案:percentageofsalesmethod

Afirmiscurrentlyoperatingatfullcapacity.Networkingcapital,costs,andallassetsvarydirectlywithsales.Thefirmdoesnotwishtoobtainanyadditionalequityfinancing.Thedividendpayoutratioisconstantat40percent.Ifthefirmhasapositiveexternalfinancingneed,thatneedwillbemetby:()

A:fixedassets.

B:retainedearnings.

C:accountspayable.

D:long-termdebt.

答案:long-termdebt.

Whichoneofthefollowingwillcausethesustainablegrowthratetoequaltointernalgrowthrate?()

A:retentionratiobetween0.0and1.0

B:equitymultiplierof1.0

C:debt-equityratioof1.0

D:dividendpayoutratiogreaterthan1.0

答案:equitymultiplierof1.0

Afirmhasaretentionratioof45percentandasustainablegrowthrateof6.2percent.Thecapitalintensityratiois1.2andthedebt-equityratiois0.64.Whatistheprofitmargin?()

A:7.67percent

B:6.28percent

C:14.63percent

D:9.47percent

答案:14.63percent

TheSoccerShoppehasa7percentreturnonassetsanda25percentpayoutratio.Whatisitsinternalgrowthrate?()

A:3.72percent

B:5.54percent

C:4.08percent

D:4.49percent

答案:5.54percent

Anincreaseinwhichofthefollowingwillincreasethereturnonequity,allelseconstant?()

A:netincome

B:totalequity

C:depreciation

D:sales

答案:netincome

;sales

第三章测试

AcceptingpositiveNPVprojectsbenefitsthestockholdersbecause:（）。

A:thepresentvalueoftheexpectedcashflowsaregreaterthanthecost.

B:thepresentvalueoftheexpectedcashflowsareequaltothecost.

C:itisthemosteasilycalculated.

D:itisthemosteasilyunderstoodvaluationprocess.

答案:thepresentvalueoftheexpectedcashflowsaregreaterthanthecost.

Thepaybackperiodrule:（）。

A:ignoresinitialcost.

B:alwaysusesallpossiblecashflowsinitscalculation.

C:discountscashflows.

D:Thecashflowafterthepaybackperiodisignored.

答案:Thecashflowafterthepaybackperiodisignored.

AprojectwillhavemorethanoneIRRif:（）。

A:thecashflowpatternexhibitsmorethanonesignchange.

B:theIRRisnegative.

C:theNPViszero.

D:theIRRispositive.

答案:thecashflowpatternexhibitsmorethanonesignchange.

Whatisthenetpresentvalueofaprojectwiththefollowingcashflowsandarequiredreturnof12%?

A:$204.36B:-$287.22C:-$177.62D:$177.62

答案:-$177.62

Thelengthoftimerequiredforaproject'sdiscountedcashflowstoequaltheinitialcostoftheprojectiscalledthe:

（）

A:netpresentvalueB:internalrateofreturnC:paybackperiodD:discountedpaybackperiod

答案:discountedpaybackperiod

第四章测试

JamestownLtd.currentlyproducesboatsailsandisconsideringexpandingitsoperationstoincludeawningsforhomesandtraveltrailers.Thecompanyownslandbesideitscurrentmanufacturingfacilitythatcouldbeusedfortheexpansion.Thecompanyboughtthislandtenyearsagoatacostof$250,000.Today,thelandisvaluedat$425,000.Thegradingandexcavationworknecessarytobuildonthelandwillcost$15,000.Thecompanycurrentlyownssomeunusedequipmentvaluedat$60,000.Thisequipmentcouldbeusedforproducingawningsif$5,000isspentforequipmentmodifications.Otherequipmentcosting$780,000willalsoberequired.Whatistheamountoftheinitialcashflowforthisexpansionproject?（）。

A:$1,110,000

B:$1,050,000

C:$1,285,000

D:$800,000

答案:$1,285,000

WalksSoftly,Inc.sellscustomizedshoes.Currently,itsells10,000pairsofshoesannuallyatanaveragepriceof$68apair.Itisconsideringaddingalower-pricedlineofshoeswhichsellfor$49apair.WalksSoftlyestimatesitcansell5,000pairsofthelower-pricedshoesbutwillsell1,000lesspairsofthehigher-pricedshoesbydoingso.Whatistheamountofthesalesthatshouldbeusedwhenevaluatingtheadditionofthelower-pricedshoes?（）。

A:$177,000

B:$789,000

C:$313,000

D:$245,000

答案:$177,000

Jamie'sMotorHomeSalescurrentlysells1,000ClassAmotorhomes,2,500ClassCmotorhomes,and4,000pop-uptrailerseachyear.Jamieisconsideringaddingamid-rangecamperandexpectsthatifshedoessoshecansell1,500ofthem.However,ifthenewcamperisadded,JamieexpectsthatherClassAsaleswilldeclineto950unitswhiletheClassCcampersdeclineto2,200.Thesalesofpop-upswillnotbeaffected.ClassAmotorhomessellforanaverageof$125,000each.ClassChomesarepricedat$39,500andthepop-upssellfor$5,000each.Thenewmid-rangecamperwillsellfor$47,900.Whatistheerosioncost?（）。

A:$18,100,000

B:$6,250,000

C:$93,150,000

D:$53,750,000

答案:$18,100,000

Ernie'sElectricalisevaluatingaprojectwhichwillincreasesalesby$50,000andcostsby$30,000.Theprojectwillcost$150,000andwillbedepreciatedstraight-linetoazerobookvalueoverthe10yearlifeoftheproject.Theapplicabletaxrateis34%.Whatistheoperatingcashflowforthisproject?（）。

A:$8,300

B:$3,300

C:$5,000

D:$18,300

答案:$18,300

Ben'sBorderCaféisconsideringaprojectwhichwillproducesalesof$16,000andincreasecashexpensesby$10,000.Iftheprojectisimplemented,taxeswillincreasefrom$23,000to$24,500anddepreciationwillincreasefrom$4,000to$5,500.Whatistheamountoftheoperatingcashflowusingthetop-downapproach?（）。

A:$4,500

B:$7,500

C:$6,000

D:$4,000

答案:$4,500

Ananalysisofthechangeinaproject'sNPVwhenasinglevariableischangediscalled_____analysis.()

A:scenario

B:simulation

C:forecasting

D:sensitivity

答案:sensitivity

Ananalysiswhichcombinesscenarioanalysiswithsensitivityanalysisiscalled_____analysis.()

A:forecasting

B:combined

C:complex

D:simulation

答案:simulation

Bydefinition,whichoneofthefollowingmustequalzeroattheaccountingbreak-evenpoint?()

A:netincome

B:internalrateofreturn

C:netpresentvalue

D:contributionmargin

答案:netincome

Bydefinition,whichoneofthefollowingmustequalzeroatthecashbreak-evenpoint?()

A:netincome

B:netpresentvalue

C:internalrateofreturn

D:operatingcashflow

答案:operatingcashflow

WhichoneofthefollowingisdefinedasthesaleslevelthatcorrespondstoazeroNPV?()

A:accountingbreak-even

B:financialbreak-even

C:marginalbreak-even

D:cashbreak-even

答案:financialbreak-even

followingchangesthatsheisconsideringwillhelpthatprojectproduceapositiveNPVinstead?Considereachchangeindependently.（）

A:decreasethelaborhoursneededtoproduceoneunit

B:decreasethefixedleasingcostforequipment

C:increasethesalesprice

D:increasethequantitysold

答案:decreasethelaborhoursneededtoproduceoneunit

;decreasethefixedleasingcostforequipment

;increasethesalesprice

;increasethequantitysold

第五章测试

Maryjustpurchasedabondwhichpays$60ayearininterest.Whatisthis$60called?（）

A:discount

B:callpremium

C:coupon

D:facevalue

答案:coupon

Thecurrentyieldisdefinedastheannualinterestonabonddividedbywhichoneofthefollowing?()

A:coupon

B:dirtyprice

C:marketprice

D:facevalue

答案:marketprice

Thespecifieddateonwhichtheprincipalamountofabondispayableisreferredtoaswhichoneofthefollowing?()

A:maturity

B:dirtydate

C:yielddate

D:coupondate

答案:maturity

Abondisquotedatapriceof$989.Thispriceisreferredtoaswhichoneofthefollowing?()

A:callprice

B:cleanprice

C:dirtyprice

D:facevalue

答案:cleanprice

TheWalthersCompanyhasasemi-annualcouponbondoutstanding.Anincreaseinthemarketrateofinterestwillhavewhichoneofthefollowingeffectsonthisbond?（）

A:decreasethemarketprice

B:increasethemarketprice

C:decreasethecouponrate

D:increasethecouponrate

答案:decreasethemarketprice

ThecommonstockofEddie'sEngines,Inc.sellsfor$25.71ashare.Thestockisexpectedtopay$1.80persharenextmonthwhentheannualdividendisdistributed.Eddie'shasestablishedapatternofincreasingitsdividendsby4%annuallyandexpectstocontinuedoingso.Whatisthemarketrateofreturnonthisstock?（）。

A:7%

B:9%

C:11%

D:13%

答案:11%

SharesofcommonstockoftheSamsonCo.offeranexpectedtotalreturnof12%.Thedividendisincreasingataconstant8%peryear.Thedividendyieldmustbe:（）。

A:12%.

B:-4%.

C:4%.

D:8%.

答案:8%.

Wilbert'sClothingStoresjustpaida$1.20annualdividend.Thecompanyhasapolicywherebythedividendincreasesby2.5%annually.Youwouldliketopurchase100sharesofstockinthisfirmbutrealizethatyouwillnothavethefundstodosoforanotherthreeyears.Ifyoudesirea10%rateofreturn,howmuchshouldyouexpecttopayfor100shareswhenyoucanaffordtobuythisstock?Ignoretradingcosts.（）。

A:$1,766

B:$1,640

C:$1,681

D:$1,723

答案:$1,766

Lastweek,RailwayCaboosespaiditsannualdividendof$1.20pershare.Thecompanyhasbeenreducingthedividendsby10%eachyear.Howmuchareyouwillingtopaytopurchasestockinthiscompanyifyourrequiredrateofreturnis14%?（）。

A:$7.71

B:$10.80

C:$15.60

D:$4.50

答案:$4.50

WhichofthefollowingamountsisclosesttowhatshouldbepaidforOverlandcommonstock?Overlandhasjustpaidadividendof$2.25.Thesedividendsareexpectedtogrowatarateof5%intheforeseeablefuture.Therequiredrateofreturnis11%.（）。

A:$39.38

B:$37.50

C:$21.48

D:$20.45

答案:$39.38

Abondhasamarketpricethatexceedsitsfacevalue.Whichofthefollowingfeaturescurrentlyapplytothisbond?()

A:yield-to-maturitythatexceedsthecouponrate

B:yield-to-maturitythatislessthanthecouponrate

C:discountedprice

D:premiumprice

答案:yield-to-maturitythatislessthanthecouponrate

;premiumprice

Whichofthefollowingrelationshipsapplytoaparvaluebond?（）

A:currentyield=yield-to-maturity

B:marketprice=callprice

C:marketprice=facevalue

D:couponrate＜yield-to-maturity

答案:currentyield=yield-to-maturity

;marketprice=facevalue

第六章测试

根据CAPM模型，贝塔值为1.0，阿尔法值为0的资产组合预期收益率为：（）

A:市场预期收益率rM

B:β(rM—rf)

C:在rM和rf之间

D:无风险利率rf

答案:市场预期收益率rM

某个证券的市场风险贝塔，等于（）。

A:该证券收益的方差除以它与市场收益的协方差

B:该证券收益的方差除以市场收益的方差

C:该证券收益与市场收益的协方差除以市场收益的标准差

D:该证券收益与市场收益的协方差除以市场收益的方差

答案:该证券收益与市场收益的协方差除以市场收益的方差

证券市场线是（）。

A:也叫资本市场线

B:表示出了期望收益与贝塔关系的线

C:对充分分散化的资产组合，描述期望收益与贝塔的关系

D:与所有风险资产有效边界相切的线

答案:表示出了期望收益与贝塔关系的线

你投资了600美元于证券A，其贝塔值为1.2；投资400美元于证券B，其贝塔值为-0.20。资产组合的贝塔值为()。

A:0.64

B:1.40

C:0.36

D:1.00

答案:0.64

有两个模型，其中描述了所有资产都遵循的期望收益率-贝塔值之间的关系，则提出这个关系仅有少量证券不遵守，其余大多数仍是成立的。（）

A:CAPM，OPM

B:CAPM，APT

C:APT，CAPM

D:APT，OPM

答案:CAPM，APT

套利定价理论中，一个充分分散风险的资产组合，组成证券数目越多，非系统风险就越接近()。

A:-1

B:0

C:1

D:无穷大

答案:0

考虑多因素APT模型。因素组合1和因素组合2的风险溢价分别为5%和3%。无风险利率为10%。股票A的期望收益率为19%，对因素1的贝塔值为0.8。那么股票A对因素2的贝塔值为()。

A:1.5

B:1.33

C:1.67

D:2.00

答案:1.67

哪个模型没有说明如何确定因素资产组合的风险溢价？()

A:多因素APT

B:CAPM和多因素APT

C:CAPM和多因素APT都不是

D:CAPM

答案:多因素APT

与CAPM模型相比，套利定价理论：()

A:使用以微观变量为基础的风险溢价。

B:要求市场均衡。

C:不要求关于市场资产组合的限制性假定

D:指明数量并确定那些能够决定期望收益率的特定因素。

答案:不要求关于市场资产组合的限制性假定

关于资本市场线，哪种说法不正确？（）

A:资本市场线通过无风险利率和市场资产组合两个点

B:资本市场线也叫作证券市场线

C:资本市场线斜率总为正

D:资本市场线是可达到的最好的市场配置线

答案:资本市场线也叫作证券市场线

第七章测试

AgroupofindividualsgottogetherandpurchasedalloftheoutstandingsharesofcommonstockofMoutaiInc.Whatisthereturnthattheseindividualsrequireonthisinvestmentcalled?(）

A:costofcapital

B:capitalgainsyield

C:dividendyield

D:costofequity

答案:costofequity

TextileMillsborrowsmoneyatarateof13.5percent.Thisinterestrateisreferredtoasthe:()

A:costofdebt.

B:compoundrate.

C:capitalgainsyield.

D:currentyield.

答案:costofdebt.

Theaverageofafirm'scostofequityandaftertaxcostofdebtthatisweightedbasedonthefirm'scapitalstructureiscalledthe:（）

A:structuredcostofcapital.

B:weightedaveragecostofcapital.

C:weightedcapitalgainsrate.

D:rewardtoriskratio.

答案:weightedaveragecostofcapital.

Thedividendgrowthmodelcanbeusedtocomputethecostofequityforafirminwhichofthefollowingsituations?()

A:firmsthatpayaconstantdividend

B:firmsthatpayanincreasingdividend

C:firmsthatpayadecreasingdividend

D:firmsthathavea100percentretentionratio

答案:firmsthatpayaconstantdividend

;firmsthatpayanincreasingdividend

;firmsthatpayadecreasingdividend

;firmsthathavea100percentretentionratio

IfafirmusesitsWACCasthediscountrateforalloftheprojectsitundertakesthenthefirmwilltendto:（）

A:favorhighriskprojectsoverlowriskprojects.

B:acceptsomenegativenetpresentvalueprojects.

C:rejectsomepositivenetpresentvalueprojects.

D:increaseitsoveralllevelofriskovertime.

答案:favorhighriskprojectsoverlowriskprojects.

;acceptsomenegativenetpresentvalueprojects.

;rejectsomepositivenetpresentvalueprojects.

;increaseitsoveralllevelofriskovertime.

第八章测试

下列哪一个理论认为公司的价值与公司的资本结构无关？

A:MM定理命题IIB:MM定理命题IC:资本资产定价模型D:有效市场假说

答案:MM定理命题I

融资优序理论认为，当企业存在融资需求时，首先选择下列哪种融资方式。

A:股权融资B:其他都不