财务管理（全英文）知到智慧树章节测试课后答案2024年秋北京第二外国语学院

财务管理（全英文）知到智慧树章节测试课后答案2024年秋北京第二外国语学院第一章单元测试

Inasoleproprietorship,theownerispersonallyresponsibleforallfinancialobligationsofthefirm.（）

A:对B:错

答案:对Theonlygoaloffinancialmanagementisprofitmaximization.（）

A:对B:错

答案:错Onemajordisadvantageofthesoleproprietorshipis（）

A:simplicityofdecision-makingB:unlimitedliabilityC:lowoperationalcostsD:noneoftheoption

答案:unlimitedliabilityTheappropriatefirmgoalis（）

A:socialresponsibilityB:noneoftheoptionC:profitmaximizationD:shareholderwealthmaximization

答案:shareholderwealthmaximizationTheagencyproblemwilloccurinabusinessfirmifthegoalsof（）andshareholdersdonotagree.

A:investorsB:managementC:noneoftheoptionD:thepublic

答案:management

第二章单元测试

EffectiveRateandNominalRatearealwaysthesamewitheachother.（）

A:错B:对

答案:错ThePVof$200duein3yearswiththediscountrateof10%is（）

A:75.13B:127.39C:150.2D:98.65

答案:150.2ThePVofa5-yearordinaryannuityof$200at10%is（）

A:379.1B:539.4C:758.2D:486.7

答案:758.2TheFVofalumpsumbe（）ifwecompoundmoreoften,holdingtheinterestconstant.

A:LargerB:SmallerC:EqualD:Notsure

答案:LargerEllesmereCorporationissues1million$1000parvaluebonds.Thestatedinterestrateis6%peryearandtheinterestispaidtwiceayear.Whatistherealinterestrateofthebond?（）

A:12%B:(1+6%/2)2-1C:3%D:6%

答案:(1+6%/2)2-1

第三章单元测试

Thehigherthecoefficientofvariation,thehighertheriskofanasset’sunitreturn.（）

A:对B:错

答案:对Stocksthataretotallyuncorrelatedprovidesomeoverallreductioninportfoliorisk.）（）

A:错B:对

答案:对The\"efficientfrontier\"indicates（）

A:alternativeswiththebestcombinationsofriskandreturn.B:alternativeswithneutralcombinationsofriskandreturn.C:alternativeswiththehighestreturns.D:alternativeswithnorisk.

答案:alternativeswiththebestcombinationsofriskandreturn.TheslopeofSMLwillbecome（）iftheinvestorbecomelessriskaverse.

A:biggerB:thesameC:notsureD:smaller

答案:smallerAssumeastock’sbetais1.5,riskfreerateis5%,andmarketreturnis8%.Whatistherequiredrateofreturnonthestock?（）

A:9.5%B:10.5%C:11.5%D:12.5%

答案:9.5%

第四章单元测试

Inestimatingthemarketvalueofabond,thecouponrateshouldbeusedasthediscountrate.（）

A:对B:错

答案:错Whenthecouponrateonabondequalsitsyieldtomaturity,thebondwilltradeatparvalue.（）

A:对B:错

答案:对What’sthevalueofa5-year,8%couponbondwithparvalue$100ifdiscountrateis10%?（）

A:Lessthan$100B:Morethan$100C:NotsureD:Equalto$100

答案:Lessthan$100Therelationshipbetweenabond'spriceandtheyieldtomaturity（）

A:isaninverserelationshipB:isalinearrelationshipC:isnotsureD:changesataconstantlevelforeachpercentagechangeofyieldtomaturity.

答案:isaninverserelationshipFirmsgenerallydecidetocalltheirbondswheninterestrates（）

A:remainthesameB:thereisnorelationshipbetweeninterestratesandthecallprovisionC:dropD:rise

答案:drop

第五章单元测试

Valuationofacommonstockwithnodividendgrowthpotentialistreatedinthesamemanneraspreferredstock.（）

A:对B:错

答案:对Stock’sintrinsicvalueequalsitstradingpriceinmarketequilibrium.（）

A:错B:对

答案:对Usingtheconstantdividendgrowthmodelforcommonstock,ifP0goesup（）

A:needfurtherinformation.B:theassumedrateofreturnremainsunchanged.C:theassumedrateofreturngoesup.D:theassumedrateofreturngoesdown.

答案:theassumedrateofreturngoesdown.Iftheintrinsicvalueofashareofcommonstockislessthanitsmarketvalue,whichofthefollowingisthemostreasonableconclusion?（）

A:Thestockoffersahighdividendpayoutratio.B:Themarketisundervaluingthestock.C:Thestockhasalowlevelofrisk.D:Themarketisovervaluingthestock.

答案:Themarketisovervaluingthestock.What’sthevalueofapreferredstockwithannualdividend=$5andrequiredrateofreturn10%?（）

A:200B:50C:150D:100

答案:50

第六章单元测试

Thecostofretainedearningsisequaltotherequiredrateofreturnonafirm'scommonstock.（）

A:对B:错

答案:错Afirm'scostofdebtishigherthanthecostofcommonstock.（）

A:对B:错

答案:错Thecouponrateonanissueofdebtis6%.Theyieldtomaturityonthisissueis5%.Thecorporatetaxrateis25%.Whatwouldbetheapproximateafter-taxcostofdebtforanewissueofbonds?（）

A:4.5%B:3.75%C:5%D:6%

答案:3.75%Afirm'sstockissellingfor$78.Thenextannualdividendisexpectedtobe$3.90.Thegrowthrateis3%.Whatisthecostofstocks?（）

A:3%B:5%C:noneoftheoptionD:8%

答案:8%Whichofthefollowingitemshasthehighestcost?（）

A:treasurybillB:commonstockC:preferredstockD:corporatebond

答案:commonstock

第七章单元测试

Theinternalrateofreturnmaybedefinedas:（）

A:theprojectacceptanceratesetbymanagement.B:thedifferencebetweenthemarketrateofinterestandtheNPV.C:thediscountratethatmakestheNPVcashflowsequaltozero.D:themarketrateofinterestlesstherisk-freerate.

答案:thediscountratethatmakestheNPVcashflowsequaltozero.Whichofthefollowingstatementsistrue?（）

A:stockholdersprefercorporationstomakeallinvestmentswithapositivenetincomeB:stockholdersprefercorporationstomakeinvestmentsonlywhentheprobabilityoflossisverylowC:mostcorporatechartersrequireastockholdervoteondecisionsconcerninglargeinvestmentprojects.D:stockholdersprefercorporationstomakeinvestmentswhenthenetpresentvalueispositive

答案:stockholdersprefercorporationstomakeinvestmentswhenthenetpresentvalueispositiveAfirm'scostofcapitalisthe:（）

A:costofborrowingmoneyB:costofissuingstockC:costofbondsD:overallcostoffinancingtothefirm

答案:overallcostoffinancingtothefirmThepaybackmethodhasseveraldisadvantages,amongthem:（）

A:paybackfailstochoosetheoptimumormosteconomicsolutiontoacapitalbudgetingproblem.B:noneoftheoption.C:paybackignorescashinflowsafterthepaybackperiod.D:paybackfailstochoosetheoptimumormosteconomicsolutiontoacapitalbudgetingproblem.andpaybackignorescashinflowsafterthepaybackperiod.

答案:paybackignorescashinflowsafterthepaybackperiod.ProjectsAandBbothhavenormalcashflows.Inotherwords,thereisanup-frontcostfollowedovertimebyaseriesofpositivecashflows.BothprojectshavethesameriskandaWACCequalto10percent.However,ProjectAhasahigherinternalrateofreturnthanProjectB.AssumethatchangesintheWACChavenoeffectontheprojects’cashflowlevels.Whichofthefollowingstatementsismostcorrect?（）

A:IfProjectsAandBhavethesameNPVatthecurrentWACC,ProjectBwouldhaveahigherNPViftheWACCofbothprojectswaslower.B:IfProjectAhasapositiveNPV,ProjectBmustalsohaveapositiveNPV.C:ProjectAmusthaveahighernetpresentvaluethanProjectD:IfProjectA’sWACCfalls,itsinternalrateofreturnwillincrease.

答案:IfProjectsAandBhavethesameNPVatthecurrentWACC,ProjectBwouldhaveahigherNPViftheWACCofbothprojectswaslower.

第八章单元测试

Whenestablishingtheiroptimalcapitalstructure,firmsshouldstriveto:（）

A:minimizetheamountofdebtfinancingusedB:noneoftheoptionC:minimizetheweightedaveragecostofcapitalD:maximizethemarginalcostofcapital

答案:minimizetheweightedaveragecostofcapitalWhichofthefollowingfactorswouldaffectacompany’sbusinessrisk?（）

A:Thelevelofuncertaintyregardingthedemandforitsproduct.B:Statements[Thelevelofuncertaintyregardingthedemandforitsproduct.]and[Thedegreeofoperatingleverage.]arecorrect.C:Thedegreeofoperatingleverage.D:Theamountofdebtinitscapitalstructure.E:\tAllofthestatementsoptionarecorrect.

答案:Statements[Thelevelofuncertaintyregardingthedemandforitsproduct.]and[Thedegreeofoperatingleverage.]arecorrect.Fromtheinformationbelow,selecttheoptimalcapitalstructureforMinnowEntertainmentCompany.（）

A:Debt=40%;Equity=60%;EPS=$2.95;Stockprice=$26.50.B:Debt=80%;Equity=20%;EPS=$3.42;Stockprice=$30.40.C:Debt=50%;Equity=50%;EPS=$3.05;Stockprice=$28.90.D:Debt=60%;Equity=40%;EPS=$3.18;Stockprice=$31.20.E:\tDebt=70%;Equity=30%;EPS=$3.31;Stockprice=$30.00.

答案:Debt=60%;Equity=40%;EPS=$3.18;Stockprice=$31.20.Whichofthefollowingstatementsbestdescribestheoptimalcapitalstructure?（）

A:Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.B:Statements[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.]and[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatminimizesthecompany’sWACC.]arecorrect.C:Statements[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’searningspershare.]and[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.]arecorrect.D:Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’searningspershare.E:Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatminimizesthecompany’sWACC.

答案:Statements[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatmaximizesthecompany’sstockprice.]and[Theoptimalcapitalstructureisthemixofdebt,equity,andpreferredstockthatminimizesthecompany’sWACC.]arecorrect.Whichofthefollowingislikelytoencourageacompanytousemoredebtinitscapitalstructure?（）

A:Anincreaseinthepersonaltaxrate.B:Adecreaseinthecompany’sdegreeofoperatingleverage.C:Allofthestatementsoptionarecorrect.D:Anincreaseinthecorporatetaxrate.E:Statements[Anincreaseinthecorporatetaxrate.]and[Adecreaseinthecompany’sdegreeofo