公司财务智慧树知到期末考试答案章节答案2024年北京第二外国语学院

公司财务智慧树知到期末考试答案+章节答案2024年北京第二外国语学院Assumingaprojecthasnormalcashflows,theNPVwillbepositiveiftheIRRislessthanthecostofcapital.（）

答案:错Anincreaseinafirm’sexpectedgrowthratewouldnormallycausethefirm’srequiredrateofreturntopossiblyincrease,possiblydecrease,orpossiblyremainunchangeD.()

答案:对StockChasabetaof1.2,whileStockDhasabetaof1.6.Assumethatthestockmarketisefficient.TherequiredratesofreturnofthetwostocksshouldbethesamE。（）

答案:错A15-yearmortgagewillhavelargermonthlypaymentsthana30-yearmortgageofthesameamountandsameinterestrate.（）

答案:对Itscorporatetaxratedeclinesislikelytoencourageafirmtoincreaseitsdebtratioinitscapitalstructure?(）

答案:错YouareconsideringtwoTreasurybonds.BondAhasa9percentannualcoupon,andBondBhasa6percentannualcoupon.Bothbondshaveayieldtomaturityof7percent.Assumethattheyieldtomaturityisexpectedtoremainat7percent.Iftheyieldtomaturityremainsat7percent,thepriceofbothbondswillincreaseby7percentperyear.（）

答案:错Whencompany-specificriskhasbeendiversifiedtheinherentriskthatremainsismarketrisk,whichisconstantforallsecuritiesinthemarket.（）

答案:错AnincreaseinthecorporatetaxratEikelytoencourageacompanytoincreaseitsdebtratio?（）

答案:对Whichofthefollowingworktoreduceagencyconflictsbetweenstockholdersandbondholders?（）

答案:Includingrestrictivecovenantsinthecompany’sbondcontract.Inrecentyears,bothexpectedinflationandthemarketriskpremium(k–k)havedeclineD.Assumethatallstockshavepositivebetas.Whichofthefollowingislikelytohaveoccurredasaresultofthesechanges?()

答案:Therequiredreturnsonallstockshavefallen,butthedeclinehasbeengreaterforstockswithhigherbetas.Youhavetheopportunitytobuyaperpetuitythatpays$1,000annually.Yourrequiredrateofreturnonthisinvestmentis15percent.Youshouldbeessentiallyindifferenttobuyingornotbuyingtheinvestmentifitwereofferedatapriceof().

答案:$6,666.67A10-yearbondpaysanannualcoupon.

Thebondhasayieldtomaturityof8percent.

Thebondcurrentlytradesatapremium--itspriceisabovetheparvalueof$1,000.

Whichofthefollowingstatementsismostcorrect?()

答案:Iftheyieldtomaturityremainsat8percent,thenthebond’spricewilldeclineoverthenextyear.Whichofthefollowingstatementsis?()

答案:Theslopeofthesecuritymarketlineismeasuredbybeta.InapplyingtheCAPMtoestimatethecostofequitycapital,whichofthefollowingelementsisnotsubjecttodisputeorcontroversy?

答案:Alloftheabovearesubjecttodispute.Otherthingsheldconstant,ifabondindenturecontainsacallprovision,theyieldtomaturitythatwouldexistwithoutsuchacallprovisionwillgenerallybe()theYTMwithacallprovision.

答案:Lowerthan.Whichofthefollowingstatementsbestdescribestheoptimalcapitalstructure?()

答案:Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.Whichofthefollowingstatementsistrue?（）

答案:Soleproprietorshipsdonothavetopaycorporatetax.Iftheafter-taxcostofequityfinancingexceedstheafter-taxcostofdebtfinancing,firmsarealwaysabletoreducetheirWACCbyincreasingtheamountofdebtintheircapitalstructurE.（）

答案:错Amajordisadvantageofthepaybackperiodisthatitisuselessasariskindicator.(）

答案:错Adecreaseinafirm’swillingnesstopaydividendsislikelytoresultfromanincreaseinitsProfitableinvestmentopportunities.（）

答案:对Oneoftheadvantagesofcommonstockfinancingisthatafirm’sdebtratiowilldecreasE.（）

答案:对Iftwoconstantgrowthstockshavethesamerequiredrateofreturnandthesameprice,Thetwostockshavethesameper-sharedividenD.（）

答案:错StockAhasarequiredreturnof10percent.Itsdividendisexpectedtogrowataconstantrateof7percentperyear.StockBhasarequiredreturnof12percent.Itsdividendisexpectedtogrowataconstantrateof9percentperyear.StockAhasapriceof$25pershare,whileStockBhasapriceof$40persharE.Ifthestockmarketwereefficient,thesetwostocksshouldhavethesamepricE.（）

答案:错Ifabondissellingforapremium,thisimpliesthatthebond’syieldtomaturityexceedsitscouponratE（）

答案:错A10-yearTreasurybondhasan8percentcoupon.An8-yearTreasurybondhasa10percentcoupon.Bothbondshavethesameyieldtomaturity.Iftheyieldstomaturityofbothbondsincreasebythesameamount,Thepricesofbothbondswillincreasebythesameamount。（）

答案:错Thethreatofatakeovercanreducetheagencyproblembetweenbondholdersandstockholders.（）

答案:错Iftheexpectedrateofreturnonastockexceedstherequiredrate,Thestockisagoodbuy.（）

答案:对Oneoftheadvantagestothefirmoffinancingwithpreferredstockisthat70percentofthedividendspaidoutaretaxdeductiblE.（）

答案:对Businessriskisconcernedwiththeoperationsofthefirm.Changesinrequiredreturnsduetofinancingdecisionsisnotassociatedwith(ornotapartof)businessrisk。（）

答案:对Supposesomeoneofferedyouthechoiceoftwoequallyriskyannuities,eachpaying$10,000peryearforfiveyears.Oneisanordinary(ordeferred)annuity,theotherisanannuityduE.Thepresentvalueoftheordinaryannuitymustexceedthepresentvalueoftheannuitydue,butthefuturevalueofanordinaryannuitymaybelessthanthefuturevalueoftheannuityduE.（）

答案:错Thelevelofuncertaintyregardingthedemandforitsproductwouldaffectacompany’sbusinessrisk.（）

答案:对Restrictionsareincludedincreditagreementstoprotectbondholdersfromtheagencyproblemthatexistsbetweenbondholdersandstockholders.（）

答案:对Whichofthefollowingstatementsismostcorrect?()

答案:Noneofthestatementsaboveiscorrect.Thepreemptiverightisimportanttoshareholdersbecauseit().

答案:Protectsthecurrentshareholdersagainstdilutionofownershipinterests.AninvestorisconsideringbuyingoneoftwobondsissuedbyCarsonCityAirlines.

BondAhasa7percentannualcoupon,whereasBondBhasa9percentannualcoupon.

Bothbondshave10yearstomaturity,facevaluesof$1,000,andyieldstomaturityof8percent.

Assumethattheyieldtomaturityforbothofthebondswillremainconstantoverthenext10years.

Whichofthefollowingstatementsismostcorrect?()

答案:Oneyearfromnow,BondA’spricewillbehigherthanitistoday.YouobservethefollowinginformationregardingCompanyXandCompanyY:·companyXhasahigherexpectedmeanreturnthanCompanyY.·companyXhasalowerstandarddeviationthanCompanyY.·companyXhasahigherbetathanCompanyY.Giventhisinformation,()ismostcorrect？

答案:CompanyXhasalowercoefficientofvariationthanCompanyY.Asageneralrule,thecapitalstructurethat().

答案:Maximizesthepricepershareofcommonstockalsominimizestheweightedaveragecostofcapital.Whichofthefollowingfactorsinthediscountedcashflow(DCF)approachtoestimatingthecostofcommonequityistheleastdifficulttoestimate?()

答案:Dividendyield,D/P.Whichofthefollowingstatementsismostcorrect?（）

答案:Statementsaandbarecorrect.ProjectXandProjectYeachhavenormalcashflows(anup-frontcostfollowedbyaseriesofpositivecashflows)andthesamelevelofrisk.ProjectXhasanIRRequalto12percent,andProjectYhasanIRRequalto14percent.IftheWACCforbothprojectsequals9percent,ProjectXhasahighernetpresentvaluethanProjectY.Whichofthefollowingstatementsismostcorrect?()

答案:Statementsaandcarecorrect.Overthepast75years,wehaveobservedthatinvestmentswithhigheraverageannualreturnsalsotendtohavethehigheststandarddeviationsintheirannualreturns.Thisobservationsupportsthenotionthatthereisapositivecorrelationbetweenriskandreturn.Whichofthefollowinglistscorrectlyranksinvestmentsfromhavingthehighestreturnsandrisktothosewiththelowestreturnsandrisk?（）

答案:Small-companystocks,large-companystocks,long-termcorporatebonds,long-termgovernmentbonds,U.S.Treasurybills.TheJonesCompanyhasdecidedtoundertakealargeproject.Consequently,thereisaneedforadditionalfunds.Thefinancialmanagerplanstoissuepreferredstockwithaperpetualannualdividendof$5pershareandaparvalueof$30.Iftherequiredreturnonthisstockiscurrently20percent,whatshouldbethestock’smarketvalue?()

答案:$25ProjectX’sIRRis19percent.ProjectY’sIRRis17percent.Bothprojectshavethesamerisk,andbothprojectshavenormalcashflows(anup-frontcostfollowedbyaseriesofpositivecashflows).Ifthecostofcapitalis10percent,ProjectYhasahigherNPVthanProjectX.Giventhisinformation,whichofthefollowingstatementsismostcorrect?()

答案:Thecrossoverratebetweenthetwoprojects(thatis,thepointwherethetwoprojectshavethesameNPV)isgreaterthan10percent.Intherealworld,wefindthatdividends().

答案:Usuallyexhibitgreaterstabilitythanearnings.Whichofthefollowingstatementsiscorrect?()

答案:OneproblemwiththeCAPMapproachinestimatingthecostofequitycapitalisthatifafirm’sstockholdersare,infact,notwelldiversified,betamaybeapoormeasureofthefirm’strueinvestmentrisk.Yourfamilyrecentlyobtaineda30-year(360-month)$100,000fixed-ratemortgagE.

Whichofthefollowingstatementsismostcorrect?

(Ignorealltaxesandtransactionscosts.)()

答案:Theproportionofthemonthlypaymentthatgoestowardsrepaymentofprincipalwillbehigher10yearsfromnowthanitwillbethisyear.ProjectJhasthesameinternalrateofreturnasProjectK.

Whichofthefollowingstatementsismostcorrect?()

答案:Noneofthestatementsaboveiscorrect.Youhavedeterminedtheprofitabilityofaplannedprojectbyfindingthepresentvalueofallthecashflowsfromthatproject.

Whichofthefollowingwouldcausetheprojecttolookmoreappealingintermsofthepresentvalueofthosecashflows?()

答案:Thediscountratedecreases.Theprimarygoalofapublicly-ownedfirminterestedinservingitsstockholdersshouldbeto（）

答案:MaximizethestockpricepersharE.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()

答案:Commonstock.Whichofthefollowingwouldnothaveaninfluenceontheoptimaldividendpolicy?()

答案:Allofthestatementsabovecanhaveaneffectondividendpolicy.Whichofthefollowingstatementsaboutthecostofcapitalisincorrect?()

答案:Ifacompany’staxrateincreases,then,allelseequal,itsweightedaveragecostofcapitalwillincrease.Acapitalinvestment’sinternalrateofreturn().

答案:Statementscanddarecorrect.Whichofthefollowingactionsarelikelytoreduceagencyconflictsbetweenstockholdersandmanagers?()

答案:Increasingthethreatofcorporatetakeover.Whichofthefollowingstatementsismostcorrect?()

答案:Allofthestatementsabovearecorrect.第九章1.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()

答案:Noneofthestatementsaboveiscorrect.Ifafirmadheresstrictlytotheresidualdividendpolicy,thenifitsoptimalcapitalbudgetrequirestheuseofallearningsforthatyear(alongwithnewdebtaccordingtotheoptimaldebt/totalassetsratio),thefirmshouldpay()

答案:Nodividendstocommonstockholders.Astocksplitwillcauseachangeinthetotaldollaramountsshowninwhichofthefollowingbalancesheetaccounts?()

答案:Commonstock.Whichofthefollowingstatementsaboutcapitalstructuretheoryismostcorrect?()

答案:Statementsaandcarecorrect.Asageneralrule,thecapitalstructurethat()

答案:Maximizesthepricepershareofcommonstockalsominimizestheweightedaveragecostofcapital.ProjectXhasaninternalrateofreturnof20percent.ProjectYhasaninternalrateofreturnof15percent.Bothprojectshaveapositivenetpresentvalue.Whichofthefollowingstatementsismostcorrect?()

答案:Noneofthestatementsaboveiscorrect.Assumethatyouarecomparingtwomutuallyexclusiveprojects.Whichofthefollowingstatementsismostcorrect?()

答案:Therewillbeameaningful(asopposedtoirrelevant)conflictonlyiftheprojects’NPVprofilescross,andeventhen,onlyifthecostofcapitalistotheleftof(orlowerthan)thediscountrateatwhichthecrossoveroccurs.Acapitalinvestment’sinternalrateofreturn()

答案:Statementscanddarecorrect.ProjectJhasthesameinternalrateofreturnasProjectK.Whichofthefollowingstatementsismostcorrect?()

答案:Noneofthestatementsaboveiscorrect.Whichofthefollowingstatementsisincorrect?()

答案:Assumingaprojecthasnormalcashflows,theNPVwillbepositiveiftheIRRislessthanthecostofcapital.InapplyingtheCAPMtoestimatethecostofequitycapital,whichofthefollowingelementsisnotsubjecttodisputeorcontroversy?()

答案:AlloftheabovearesubjecttodisputeAllisonEnginesCorporationhasestablishedatargetcapitalstructureof40percentdebtand60percentcommonequity.Thecurrentmarketpriceofthefirm’sstockisP0=$28;itslastdividendwasD0=$2.20,anditsexpecteddividendgrowthrateis6percent.WhatwillAllison’smarginalcostofretainedearnings,ks,be?()

答案:9.7%Whichofthefollowingstatementsisfalse?()

答案:Goingpublicestablishesatruemarketvalueforthefirmandensuresthataliquidmarketwillalwaysexistforthefirm’sshares.Iftwoconstantgrowthstockshavethesamerequiredrateofreturnandthesameprice,whichofthefollowingstatementsismostcorrect?()

答案:Thestockwiththehigherdividendyieldwillhavealowerdividendgrowthrate.Stocksaandbhavethesameprice,butStockahasahigherrequiredrateofreturnthanStockbWhichofthefollowingstatementsismostcorrect?()

答案:IfStockahasalowerdividendyieldthanStockB,itsexpectedcapitalgainsyieldmustbehigherthanStockb’s.BondAhasa9percentannualcoupon,whileBondBhasa7percentannualcoupon.Bothbondshavethesamematurity,afacevalueof$1,000,andan8percentyieldtomaturity.Whichofthefollowingstatementsismostcorrect?()

答案:Noneofthestatementsaboveiscorrect.YouareconsideringtwoTreasurybonds.BondAhasa9percentannualcoupon,andBondBhasa6percentannualcoupon.Bothbondshaveayieldtomaturityof7percent.Assumethattheyieldtomaturityisexpectedtoremainat7percent.Whichofthefollowingstatementsismostcorrect?()

答案:Iftheyieldtomaturityremainsat7percent,thepriceofBondAwilldecreaseovertime,butthepriceofBondBwillincreaseovertime.A10-yearbondpaysanannualcoupon.Thebondhasayieldtomaturityof8percent.Thebondcurrentlytradesatapremium--itspriceisabovetheparvalueof$1,000.Whichofthefollowingstatementsismostcorrect?()

答案:Iftheyieldtomaturityremainsat8percent,thenthebond’spricewilldeclineoverthenextyear.Iftheyieldtomaturitydecreased1percentagepoint,whichofthefollowingbondswouldhavethelargestpercentageincreaseinvalue?()

答案:A10-yearzerocouponbond.Youhavetheopportunitytobuyaperpetuitythatpays$1,000annually.Yourrequiredrateofreturnonthisinvestmentis15percent.Youshouldbeessentiallyindifferenttobuyingornotbuyingtheinvestmentifitwereofferedatapriceof()

答案:$6,666.67Yourbankaccountpaysanominalinterestrateof6percent,butinterestiscompoundeddaily(ona365-daybasis).Yourplanistodeposit$500intheaccounttoday.Youalsoplantodeposit$1,000intheaccountattheendofeachofthenextthreeyears.Howmuchwillyouhaveintheaccountattheendofthreeyears,aftermakingyourfinaldeposit?()

答案:$3,788Ifa5-yearordinaryannuityhasapresentvalueof$1,000,andiftheinterestr