【答案】《ACCA财务管理F9》(西安交通大学)章节期末中国大学慕课答案

Chapter1FinancialmanagementandfinancialobjectivesQuickQuiz11.单选题：Whichofthefollowingareexamplesoffinancialobjectivesthatacompanymightchoosetopursue?

选项：

A、Provisionofgoodwagesandsalaries

B、Restrictingthelevelofgearingtobelowaspecifiedtargetlevel

C、Dealinghonestlyandfairlywithcustomersonalloccasions

D、Producingenvironmentallyfriendlyproducts

答案：【Restrictingthelevelofgearingtobelowaspecifiedtargetlevel】2.单选题：Whichisnotoneofthe'ThreeEs'ofvalueformoney?

选项：

A、Efficiency

B、Exigency

C、Economy

D、Effectiveness

答案：【Exigency】3.单选题：Inthecontextofmanagingperformanceinnotforprofitorganisations,whichofthefollowingdefinitionsisincorrect?

选项：

A、Valueformoneymeansprovidingaserviceinawaywhichiseconomical,efficientandeffective.

B、Economymeansdoingthingscheaply:notspending$2whenthesamethingcanbeboughtfor$1.

C、Efficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.

D、Effectivenessmeansdoingtherightthings:spendingfundssoastoachievetheorganisation'sobjectives.

答案：【Efficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.】4.多选题：Tickwhicharestakeholdergroupsforacompany.

选项：

A、Employees

B、Ordinaryshareholders

C、TheBoardofDirectors

D、Tradepayables(suppliers)

答案：【Employees;Ordinaryshareholders;TheBoardofDirectors;Tradepayables(suppliers)】5.多选题：Whatthreebroadtypesofdecisiondoesfinancialmanagementinvolve?A.InvestmentdecisionsB.FinancingdecisionsC.OperatingdecisionsD.Dividenddecisions

选项：

A、Investmentdecisions

B、Financingdecisions

C、Operatingdecisions

D、Dividenddecisions

答案：【Investmentdecisions;Financingdecisions;Dividenddecisions】6.单选题：Goalcongruenceisaccordancebetweentheobjectivesofagentsactingwithinanorganisation.

选项：

A、正确

B、错误

答案：【正确】7.单选题：Themainfinancialobjectivethatthetheoryofcompanyfinanceassumethatabusinessorganisationhasistomaximisethewealthofthecompany'sboarddirectorsandmanagers.

选项：

A、正确

B、错误

答案：【错误】8.单选题：Ifearningspersharefallfromoneyeartothenext,sowillthelevelofdividends.

选项：

A、正确

B、错误

答案：【错误】9.单选题：Returnoncapitalemployed=Profitafterinterestandtax/Capitalemployed

选项：

A、正确

B、错误

答案：【错误】10.单选题：Thedefinitionoffinancialmanagementisthemanagementofthefinancesofanorganisationinordertoachievethefinancialobjectivesoftheorganisation.

选项：

A、正确

B、错误

答案：【正确】Chapter2TheeconomicenvironmentforbusinessQuickQuiz21.单选题：Whatisthesituationcalledwhenthereisonlyonefirm,thesoleproducerofagood,whichhasnocloselycompetingsubstitutes?

选项：

A、Duopoly

B、Oligopoly

C、Monopoly

D、Totopoly

答案：【Monopoly】2.单选题：Whichofthefollowingfactorscannotinfluencethelevelofexchangerates?

选项：

A、Comparativeinflationrates

B、Balanceofpayments

C、Monetaryliquidity

D、Speculation

答案：【Monetaryliquidity】3.多选题：Whatarethereasonsforgovernmentinterventioninmarkets？

选项：

A、Imperfectcompetition

B、Socialcosts/externalities

C、Imperfectinformation

D、Equity

答案：【Imperfectcompetition;Socialcosts/externalities;Imperfectinformation;Equity】4.多选题：Whatarelikelytobethemainaimsofagovernment'seconomypolicy?

选项：

A、Economicgrowth

B、Controlofpriceinflation

C、Fullemployment

D、Balancebetweenimportsandexports

答案：【Economicgrowth;Controlofpriceinflation;Fullemployment;Balancebetweenimportsandexports】5.单选题：Externalitiesarepositiveeffectsonthirdpartiesresultingfromproductionandconsumptionactivities.

选项：

A、正确

B、错误

答案：【错误】6.单选题：Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.

选项：

A、正确

B、错误

答案：【正确】7.单选题：Agovernment'sfiscalpolicyisconcernedwithtaxation,borrowingandspendingandtheireffectsontheeconomy.Monetarypolicyisconcernedwithmoneyandinterestrates

选项：

A、正确

B、错误

答案：【正确】8.单选题：Ahighinterestrateattractsforeigninvestment,thusincreasingthedemandforthecurrency.Theexchangeraterisesasaresult.

选项：

A、正确

B、错误

答案：【正确】Chapter3FinancialmarketsandinstitutionsQuickQuiz31.单选题：Whichofthefollowingtypesofinvestmentcarriesthehighestlevelofrisk?

选项：

A、Companybonds

B、Preferenceshares

C、Governmentbonds

D、Ordinaryshares

答案：【Ordinaryshares】2.单选题：Whichofthefollowingisnotafinancialintermediary?

选项：

A、unittrustcompanies

B、investmenttrusts

C、venturecapitalorganisations

D、Theanswersaboveareallwrong.

答案：【Theanswersaboveareallwrong.】3.单选题：IfanIndiancompanyborrowsUSdollarsinAustralia,theloanisknownasanEurocurrencyloan.

选项：

A、正确

B、错误

答案：【正确】4.单选题：Forshort-termborrowing,acompanywillgotothecapitalmarkets.

选项：

A、正确

B、错误

答案：【错误】5.单选题：Stockexchangeisamoneymarket.

选项：

A、正确

B、错误

答案：【错误】Chapter4WorkingCapitalQuickQuiz41.单选题：Whichofthefollowingstatementsbestdefinesthecurrentratio?

选项：

A、ATheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.

B、BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.

C、CTheratioofcurrentassetsexcludinginventoryForthemajorityofbusinessesitshouldbeatleast1.

D、DTheratioofcurrentassetsexcludinginventorytocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.

答案：【BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.】2.单选题：Whichistheworkingcapitalrequirementofacompanywiththefollowingaveragefiguresoverayear?Inventory3,750Tradeaccountsreceivable1,500Cashandbankbalances500Tradeaccountspayable1,800

选项：

A、3950

B、3900

C、3980

D、4000

答案：【3950】3.单选题：1Whichofthefollowingisthemostlikelytobeasymptomofovertrading?

选项：

A、AStaticlevelsofinventoryturnover

B、BRapidincreaseinprofits

C、CIncreaseinthelevelofthecurrentratio

D、DRapidincreaseinsales

答案：【DRapidincreaseinsales】4.单选题：Thatcompanytryingtosupporttoolargeavolumeoftradewiththecapitalresourcesatitsisdisposalovertrading?

选项：

A、正确

B、错误

答案：【正确】5.单选题：Thatacompanywithexcessiveinvestmentinworkingcapitalisover-capitalisation?

选项：

A、正确

B、错误

答案：【正确】Chapter5ManagingworkingcapitalQuickQuiz51.单选题：Whichofthefollowingisadisadvantagetoacompanyofusingafactorforitsaccountsreceivable?

选项：

A、AItiseasiertofinancegrowththroughsales..

B、BManagersspendlesstimeonslowpayingaccountsreceivable.

C、CCreditcustomerspaydirecttothefactor.

D、DItiseasiertopaysupplierspromptlytoobtaindiscounts

答案：【CCreditcustomerspaydirecttothefactor.】2.单选题：Whichofthefollowingdoesnotdeterminetheamountofcreditofferedbyasupplier?

选项：

A、AThecredittermsthesupplierobtainsfromitsownsuppliers

B、BTheeasewithwhichthebuyercangoelsewhere

C、CThesupplier'stotalriskexposure

D、DThenumberofpurchasesmadebythebuyereachyear

答案：【DThenumberofpurchasesmadebythebuyereachyear】3.单选题：Ifacustomerdecidedtopassupthechanceofacashdiscountof1%inreturnforreducingtheiraveragepaymentperiodfrom70to30days,whatwouldbetheimpliedcostininterestperannum?

选项：

A、9.5%

B、9%

C、8.55

D、8%

答案：【9.5%】4.单选题：ThebasicEOQformulaforinventoryindicateswhetherbulkdiscountsshouldbetakenadvantageof.

选项：

A、正确

B、错误

答案：【错误】5.PBCouses2,500unitsofcomponentXperyear.ThecompanyhascalculatedthatthecostofplacingandprocessingapurchaseorderforcomponentXis$185,andthecostofholdingoneunitofcomponentXforayearis$25.theeconomicorderquantity(EOQ)forcomponentXis

答案：【192】Chapter6WorkingcapitalfinanceQuickQuiz61.单选题：Whichofthefollowingismostlikelytoreduceafirm'sworkingcapital?

选项：

A、AAdoptingtheMiller-Orrmodelofcashmanagement

B、BLengtheningtheperiodofcreditgiventoaccountsreceivable

C、CBuyingnewmachinery

D、DAdoptingjust-in-timeprocurementandleanmanufacturing

答案：【DAdoptingjust-in-timeprocurementandleanmanufacturing】2.单选题：Depreciationofproductionmachineryshouldbeincludedinacashflowforecast?

选项：

A、正确

B、错误

答案：【错误】3.单选题：Fundsfromtheissueofsharecapitalshouldbeincludedinacashflowforecast?

选项：

A、正确

B、错误

答案：【正确】4.单选题：Revaluationofanon-currentassetshouldbeincludedinacashflowforecast?

选项：

A、正确

B、错误

答案：【错误】5.单选题：Receiptsofdividendsfromoutsidethebusinessshouldbeincludedinacashflowforecast?

选项：

A、正确

B、错误

答案：【正确】Chapter7InvestmentdecisionQuickQuiz71.单选题：Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbetherelevantcostsofwhathashappened?

选项：

A、A$170,000

B、B$100,000

C、C$50,000

D、D$20,000

答案：【C$50,000】2.单选题：Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbethenetincome

选项：

A、A$170,000

B、B$100,000

C、C$50,000

D、D$20,000

答案：【D$20,000】3.单选题：Thereturnoncapitalemployedmethodofinvestmentappraisalusesaccountingprofitsbeforedepreciationcharges.

选项：

A、正确

B、错误

答案：【错误】4.单选题：Thefinancialbenefitsofanewinvestmentconsistoftheincreasedsalesrevenuesitgenerates.

选项：

A、正确

B、错误

答案：【错误】5.单选题：Onereasonthatcapitalexpendituremaybeincurredistomaintaintheearningcapacityofexistingnon-currentassets.

选项：

A、正确

B、错误

答案：【错误】Chapter8InvestmentappraisalusingDCFmethodsQuickQuiz81.单选题：WhatisnotthecashflowtimingconventionsusedinDCF?

选项：

A、Acashoutlaytobeincurredatthebeginningofaninvestmentprojectoccursinyear0.

B、Acashoutlay,savingorinflowwhichoccursduringthecourseofatimeperiodisassumedtooccurallatonceattheendofthetimeperiod.

C、Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.

D、Acashoutlayorreceiptthatoccursatthebeginningofatimeperiodistakentooccurattheendofthetimeperiod.

答案：【Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.】2.单选题：Foracertainproject,thenetpresentvalueatadiscountrateof15%is$3,670,andatarateof18%thenetpresentvalueisnegativeat($1,390).Whatistheinternalrateofreturnoftheproject?

选项：

A、15.7%

B、16.5%

C、16.6%

D、17.2%

答案：【17.2%】3.多选题：Whichofthefollowingitemsarenotincludedinthecashflowswhendeterminingthenetpresentvalueofaproject?

选项：

A、Thedisposalvalueofequipmentattheendofitslife

B、Depreciationchargesfortheequipment

C、Researchcostsincurredpriortotheappraisal

D、Interestpaymentsontheloantofinancetheinvestment

答案：【Depreciationchargesfortheequipment;Researchcostsincurredpriortotheappraisal;Interestpaymentsontheloantofinancetheinvestment】4.单选题：TheadvantagesoftheDCFmethodofprojectappraisaloverotherappraisalmethodsinclude:takingaccountofthetimevalueofmoney,usingallcashflowsrelatingtoaprojectandallowingforthetimingofcashflows.

选项：

A、正确

B、错误

答案：【正确】5.单选题：Theperpetuityformulaisannualcashflow/discountrate.

选项：

A、正确

B、错误

答案：【正确】Chapter9AllowingforinflationandtaxationQuickQuiz91.单选题：Acompanyisappraisinganinvestmentthatwillsaveelectricitycosts.Electricitypricesareexpectedtoriseatarateof15%perannuminfuture,althoughthegeneralinflationratewillbe10%perannum.Thenominalcostofcapitalforthecompanyis20%.Whatistheappropriatediscountratetoapplytotheforecastactualnominalcashflowsforelectricity?

选项：

A、20%

B、22%

C、26.5%

D、32%

答案：【20%】2.单选题：Thenominalcostofcapitalis11%.Theexpectedannualrateofinflationis5%.Whatistherealcostofcapital?

选项：

A、5.4%

B、5.7%

C、6%

D、16%

答案：【5.7%】3.单选题：RedCoisconsideringthepurchaseofamachinefor$2,190,000.Itwouldbesoldafterfouryearsforanestimatedrealisablevalueof$790,000.Bythistimetax-allowabledepreciationof$1,450,000wouldhavebeenclaimed.Therateoftaxis30%.Whatisthecashflowarisingasaresultoftaximplicationsonthesaleofthemachineattheendoffouryears?

选项：

A、Inflowof$15,000

B、Outflowof$50,000

C、Outflowof$459,000

D、Outflowof$15,000

答案：【Outflowof$15,000】4.单选题：Acompanywantsaminimumrealreturnof3%ayearonitsinvestments.Inflationisexpectedtobe8%ayear.Whatisthecompany'sminimumnominalcostofcapital?

选项：

A、11.24%

B、5%

C、4.6%

D、4.9%

答案：【11.24%】5.单选题：Tax-allowabledepreciationisusedtoincreasetaxableprofits,andtheconsequentreductioninataxpaymentshouldbetreatedasacashpaymentarisingfromtheacceptanceofaproject.

选项：

A、正确

B、错误

答案：【错误】6.单选题：Whentheplantiseventuallysold,thedifferencebetweenthesalespriceandthereducingbalanceamountwillbetreatedasataxableprofitifthesalespriceexceedsthereducingbalance,andasatax-allowablelossifthereducingbalanceexceedsthesalesprice.

选项：

A、正确

B、错误

答案：【正确】7.单选题：Therelationshipbetweenthenominalrateofreturn,therealrateofreturnandtherateofinflationis(1+nominalrate)=(1+realrate)´(1+inflationrate).

选项：

A、正确

B、错误

答案：【正确】Chapter10ProjectappraisalandriskQuickQuiz101.单选题：Aninvestmentprojecthasthefollowingdiscountedcashflows($’000).YearDiscountrate0%10%20%0(90)(90)(90)13027.325.023024.829.833022.517.443020.514.5305.1(12.3)Therequiredrateofreturnoninvestmentis10%perannum.Whatisthediscountedpaybackperiodoftheinvestmentproject?

选项：

A、Lessthan3years

B、3years

C、Between3yearsand4years

D、Morethan4years

答案：【Between3yearsand4years】2.多选题：Managerscanreduceriskinwhichway?

选项：

A、Setmaximumpaybackperiod

B、Usehighdiscountingrate

C、Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocess

D、Usepessimisticestimates

答案：【Setmaximumpaybackperiod;Usehighdiscountingrate;Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocess;Usepessimisticestimates】3.多选题：TheexamplesofuncertainindependentvariablesonwhichtheNPVofaprojectmaydependinclude:

选项：

A、Salesvolume

B、Costofcapital

C、Initialcost

D、Operatingcosts

答案：【Salesvolume;Costofcapital;Initialcost;Operatingcosts】4.单选题：Simulationmodelsconstructedbyassigningarangeofrandomnumberdigitstoeachpossiblevalueofeachoftheuncertainvariables.

选项：

A、正确

B、错误

答案：【正确】5.单选题：Sensitivityanalysisallowsforuncertaintyinprojectappraisalbyassessingtheprobabilityofchangesinthedecisionvariables.

选项：

A、正确

B、错误

答案：【错误】6.单选题：Expectedvaluescanhelpanaccountantevaluatetherangeofpossiblenetpresentvalueoutcomes.

选项：

A、正确

B、错误

答案：【错误】7.单选题：TheCertainty-equivalentapproachiswhereexpectedcashflowsareconvertedtorisklessequivalentamounts.

选项：

A、正确

B、错误

答案：【正确】Chapter11SpecificinvestmentdecisionsQuickQuiz111.单选题：Thenetpresentvalueofthecostsofoperatingamachineforthenextthreeyearsis$10,724atacostofcapitalof15%.Whatistheequivalentannualcostofoperatingthemachine?

选项：

A、$4697

B、$3575

C、$4111

D、$3109

答案：【$4697】2.多选题：Whyhardcapitalrationingmayoccur?

选项：

A、Raisingmoneythroughthestockmarketmaynotbepossibleifsharepricesaredepressed.

B、Therearerestrictionsonlendingduetogovernmentcontrol.

C、Lendinginstitutionsmayconsidertheorganizationtobetoorisky.

D、Thecostsassociatedwithmakingsmallissuesofcapitalmaybetoogreat.

答案：【Raisingmoneythroughthestockmarketmaynotbepossibleifsharepricesaredepressed.;Therearerestrictionsonlendingduetogovernmentcontrol.;Lendinginstitutionsmayconsidertheorganizationtobetoorisky.;Thecostsassociatedwithmakingsmallissuesofcapitalmaybetoogreat.】3.单选题：Anindivisibleprojectisaprojectthatmustbeundertakencompletelyornotatall.

选项：

A、正确

B、错误

答案：【正确】4.单选题：Thelesseeisresponsiblefortheservicingofaleasedassetinthecaseofanoperatinglease.

选项：

A、正确

B、错误

答案：【错误】5.单选题：Toranktheprojectsaccordingtotheirprofitabilityindexisthebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithdivisibleprojects?

选项：

A、正确

B、错误

答案：【正确】6.单选题：Hardcapitalrationingoccurswhenarestrictiononanorganization’sabilitytoinvestcapitalfundsiscausedbyaninternalbudgetceilingimposedbymanagement.

选项：

A、正确

B、错误

答案：【错误】7.单选题：ThebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithindivisibleprojectsistousetrialanderrorandtesttheNPVavailablefromdifferentprojectcombinations.

选项：

A、正确

B、错误

答案：【正确】Chapter12SourcesoffinanceQuickQuiz121.单选题：Acompany'sshareshaveanominalvalueof$1andamarketvalueof$3.Inarightsissue,onenewsharewouldbeissuedforeverythreesharesatapriceof$2.60.Whatisthetheoreticalex-rightsprice?

选项：

A、$3

B、$5.60

C、$2.90

D、$0.65

答案：【$2.90】2.单选题：Whichofthefollowingisleastlikelytobeareasonforseekingastockmarketflotation?

选项：

A、Improvingtheexistingowners'controloverthebusiness

B、Accesstoawiderpooloffinance

C、Enhancementofthecompany'simage

D、Transferofcapitaltootheruses

答案：【Improvingtheexistingowners'controloverthebusiness】3.单选题：Whichofthefollowingisnottrueofarightsissuebyalistedcompany?

选项：

A、Rightsissuesdonotrequireaprospectus.

B、Therightsissuespricecanbeatadiscounttomarketprice.

C、Ifshareholdersdonottakeuptherights,therightslapse.

D、Relativevotingrightsareunaffectedifshareholdersexercisetheirrights.

答案：【Ifshareholdersdonottakeuptherights,therightslapse.】4.多选题：Whyacompanymayseekastockmarketlisting?

选项：

A、accesstoawiderpooloffinance

B、improvedmarketabilityofshares;transferofcapitaltootheruses

C、enhancementofcompanyimage

D、makinggrowthbyacquisitionpossible

答案：【accesstoawiderpooloffinance;improvedmarketabilityofshares;transferofcapitaltootheruses;enhancementofcompanyimage;makinggrowthbyacquisitionpossible】5.Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatishecouponrate?

答案：【12%】6.Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatistheamountofinterestpayableperannumper$100(nominal)ofloannote?

答案：【$12】Chapter13DividendpolicyQuickQuiz131.单选题：Whichofthefollowingsourcesoffinancetocompaniesisthemostwidelyusedinpractice?

选项：

A、Bankborrowings

B、Rightsissues

C、Newshareissues

D、Retainedearnings

答案：【Retainedearnings】2.单选题：Ascripdividendis:

选项：

A、Adividendpaidatafixedpercentagerateonthenominalvalueoftheshares

B、Adividendpaidatafixedpercentagerateonthemarketvalueofthesharesonthedatethatthedividendisdeclared

C、Adividendpaymentthattakestheformofnewsharesinsteadofcash

D、Acashdividendthatisnotfixedbutisdecidedonbythedirectorsandapprovedbytheshareholders

答案：【Adividendpaymentthattakestheformofnewsharesinsteadofcash】3.单选题：Acompanyofferstopayadividendintheformofnewshareswhichareworthmorethanthecashalternativewhichisalsooffered.Thisdividendintheformofsharesiscalledanenhancedscripdividend.

选项：

A、正确

B、错误

答案：【正确】4.单选题：'Signalling'inthecontextofdividendspolicyistheuseofdividendpolicytoindicatethefutureprospectsofanenterprise.

选项：

A、正确

B、错误

答案：【正确】Chapter14GearingandcapitalstructureQuickQuiz141.多选题：Whatarethemaincharacteristicsofsmallandmedium-sizedenterprises?

选项：

A、Firmsarelikelytobeunquoted.

B、Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup.

C、Ownershipofthebusinessisrestrictedtooneindividual.

D、Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.

答案：【Firmsarelikelytobeunquoted.;Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup.;Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.】2.单选题：Thereturnsoncapitalinvestmentmustexceedtheinterestpayableontheextradebtusedtofinancetheinvestment.Thisconditionhastobefulfilledforincreasedfinancialgearingtoresultinincreasedearningspershare.

选项：

A、正确

B、错误

答案：【正确】3.单选题：BusinessangelfinancingisdirectinvestmentinSMEsbyindividualsorsmallgroupsofinvestors.

选项：

A、正确

B、错误

答案：【正确】4.()gearing=Totalcapitalemployed/Priorchargecapital

答案：【Financial】5.()gearing=Contribution/Profitbeforeinterestandtax

答案：【Operational】6.（）=Profitbeforeinterestandtax/Interest

答案：【Interestcoverageratio】7.Debtratio=

答案：【Totaldebt:Totalassets/Totaldebt/Totalassets】Chapter15ThecostofcapitalQuickQuiz151.单选题：Whichofthefollowingriskscanbeeliminatedbydiversification?

选项：

A、Inherentrisk

B、Systematicrisk

C、Marketrisk

D、Unsystematicrisk

答案：【Unsystematicrisk】2.单选题：Aportfolioconsistingentirelyofrisk-freesecuritieswillhaveabetafactorof

选项：

A、-1

B、0

C、1

D、2

答案：【0】3.单选题：Whencalculatingtheweightedaveragecostofcapital,whichofthefollowingisthepreferredmethodofweighting?

选项：

A、Bookvaluesofdebtandequity

B、Averagelevelsofthemarketvaluesofdebtandequity(ignoringreserves)overfiveyears

C、Currentmarketvaluesofdebtandequity(ignoringreserves)

D、Currentmarketvaluesofdebtandequity(plusreserves)

答案：【Currentmarketvaluesofdebtandequity(ignoringreserves)】4.单选题：Unsystematicriskismeasuredbybetafactors.

选项：

A、正确

B、错误

答案：【错误】Chapter16CapitalstructureQuickQuiz161.多选题：Whatarethemainproblemsinusinggearedandungearedbetastocalculateafirm'sequitybeta?

选项：

A、(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.

B、(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate.

C、(c)Theremaybefirm-specificcausesofdifferencesinbetavalues.

D、(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers.

答案：【(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.;(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate.;(c)Theremaybefirm-specificcausesofdifferencesinbetavalues.;(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers.】2.多选题：

选项：

A、Line1isthecostofequityinthegearedcompany.

B、Line2istheweightedaveragecostofcapital.

C、Line3isthecostofdebt..

D、Point4istheoptimallevelofgearing.

答案：【Line1isthecostofequityinthegearedcompany.;Line2istheweightedaveragecostofcapital.;Line3isthecostofdebt..;Point4istheoptimallevelofgearing.】3.单选题：TheModiglianiandMillertheoryisbasedonperfectcapitalmarketswhichdonotexistintherealworld.

选项：

A、正确

B、错误

答案：【正确】4.Assumingdebtisriskfreeba=

答案：【(Ve)/(Ve+Vd(1-T))】Chapter17BusinessvaluationsQuickQuiz171.单选题：Whichisthemostrealisticbasisforvaluinganassetthatistocontinuetobeusedinabusiness?

选项：

A、Replacementbasis.

B、Realisablebasis.

C、Historiccostadjustedfordepreciationbasis.

D、Historiccostbasis.

答案：【Replacementbasis.】2.多选题：Choosethecircumstancesinwhichthesharesofanunquotedcompanymightneedtobevalued.

选项：

A、Settinganissuepriceifthecompanyisfloatingitsshares

B、Whensharesaresold

C、Fortaxpurposes

D、Whensharesarepledgedascollateralforaloan

答案：【Settinganissuepriceifthecompanyisfloatingitsshares;Whensharesaresold;Fortaxpurposes;Whensharesarepledgedascollateralforaloan】3.单选题：Cuminterestpricesshouldalwaysbeusedincalculationsinvolvingdebt.

选项：

A、正确

B、错误

答案：【错误】4.单选题：P/Eratio=Shareprice/EPS

选项：

A、正确

B、错误

答案：【正确】5.单选题：Theroleofthechartistortechnicalanalystinstockmarketsistoidentifysharesthatareunder-orover-valuedbycalculatingthepresentvalueoftheirexpectedfutureearningsstream.

选项：

A、正确

B、错误

答案：【错误】6.单选题：TheP/Eratioareusedwhenalargeblockofshares,orawholebusiness,isbeingvalued.

选项：

A、正确

B、错误

答案：【正确】Chapter18MarketefficiencyQuickQuiz181.单选题：Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate?

选项：

A、Fundamentalanalysis

B、Operationalefficiency

C、Technicalanalysis

D、Semi-strongformefficiency

答案：【Technicalanalysis】2.单选题：WhartonFingersCohasjustmadeapublicannouncementthatitplanstolaunchanewproductontothemarketthatshouldreducethevolatilityofitsreportedannualprofits.OnthesamedaySalivaCo,afoodproductsmanufacturer,haspubliclyannouncedthatithaswithdrawnsubstantialinventoriesofitsproductfromitsretailcustomersbecauseofareportedfoodpoisoningincident.Ifneitheroftheseitemsofinformationhadbeenmadepublicbefore,whateffectshouldtheynowhaveonthecompanies'shareprices,assumingthatthestockmarkethassemi-strongformefficiency?

选项：

A、WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:Increase

B、WhartonfinersCoshareprice:DecreaseSalivaCoshareprice:Decrease

C、WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:Decrease

D、WhartonfinersCoshareprice:DecreaseSalivaCoshareprice:Increase

答案：【WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:Decrease】3.单选题：Theefficientmarkethypothesisexistsinanumberofformsthatrelatetodifferentlevelsofinformationprocessingefficiency.Inthesemi-strongformofthehypothesis,whichoneofthefollowingtypesofinformationwillnotinfluencetheshareprice?

选项：

A、Specialistinformation

B、Pastmovementsinshareprices

C、Publiclyavailablefactualinformation

D、Announcementsofmergersortakeovers

答案：【Specialistinformation】4.单选题：Whichtheoryofsharepricebehaviourdoesthefollowingstatementdescribe?'Theanalysisofexternalandinternalinfluencesontheoperationsofacompanywithaviewtoassistingininvestmentdecisions.'

选项：

A、Technicalanalysis

B、Randomwalktheory

C、Fundamentalanalysistheory

D、Chartism

答案：【Fundamentalanalysistheory】5.多选题：Whichfactorsaffectsharepricebehavior?

选项：

A、Investorspeculation

B、Marketabilityandliquidityofshares

C、Information

D、Pricinganomalies

答案：【Investorspeculation;Marketabilityandliquidityofshares;Information;Pricinganomalies】6.单选题：Randomwalktheorystatesthatpastsharepricepatternstendtoberepeated.

选项：

A、正确

B、错误

答案：【错误】7.单选题：Fundamentalanalysistheorystatesthatthevalueofashareisthediscountedpresentvalueofall.

选项：

A、正确

B、错误

答案：【正确】8.单选题：Weakformefficiency