公司理財(cái)選擇題題庫(kù)

企業(yè)理財(cái)選擇題題庫(kù)MultipleChoiceQuestions:Chapter1CONTROLLERc1.Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:treasurer.director.controller.chairmanoftheboard.chiefexecutiveofficer.TREASURERa2.Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:treasurer.director.controller.chairmanoftheboard.chiefoperationsofficer.CAPITALBUDGETING3.Theprocessofplanningandmanagingafirm’slong-terminvestmentsiscalled:workingcapitalmanagement.financialdepreciation.agencycostanalysis.capitalbudgeting.capitalstructure.CAPITALSTRUCTUREe4.Themixtureofdebtandequityusedbyafirmtofinanceitsoperationsiscalled:workingcapitalmanagement.financialdepreciation.costanalysis.capitalbudgeting.capitalstructure.WORKINGCAPITALMANAGEMENTa5.Themanagementofafirm’sshort-termassetsandliabilitiesiscalled:workingcapitalmanagement.debtmanagement.equitymanagement.capitalbudgeting.capitalstructure.SOLEPROPRIETORSHIPb6.Abusinessownedbyasingleindividualiscalleda:corporation.

soleproprietorship.generalpartnership.limitedpartnership.limitedliabilitycompany.GENERALPARTNERSHIP7.Abusinessformedbytwoormoreindividualswhoeachhaveunlimitedliabilityforbusinessdebtsiscalleda:corporation.soleproprietorship.generalpartnership.limitedpartnership.limitedliabilitycompany.CORPORATIONa9.Abusinesscreatedasadistinctlegalentitycomposedofoneormoreindividualsorentitiesiscalleda:corporation.soleproprietorship.generalpartnership.limitedpartnership.unlimitedliabilitycompany.LIMITEDLIABILITYCOMPANYa12.Abusinessentityoperatedandtaxedlikeapartnership,butwithlimitedliabilityfortheowners,iscalleda:limitedliabilitycompany.generalpartnership.limitedproprietorship.soleproprietorship.corporation.FINANCIALMANAGEMENTGOAL13.Theprimarygoaloffinancialmanagementisto:maximizecurrentdividendspershareoftheexistingstock.maximizethecurrentvaluepershareoftheexistingstock.avoidfinancialdistress.minimizeoperationalcostsandmaximizefirmefficiency.maintainsteadygrowthinbothsalesandnetearnings.CHAPTER4DiscountedCashFlowValuationANNUITYa1.Anannuitystreamofcashflowpaymentsisasetof:levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.levelcashflowsoccurringeachtimeperiodforever.increasingcashflowsoccurringeachtimeperiodforafixedlengthoftime.increasingcashflowsoccurringeachtimeperiodforever.arbitrarycashflowsoccurringeachtimeperiodfornomorethan10years.ANNUITIESDUEe2.Annuitieswherethepaymentsoccurattheendofeachtimeperiodarecalled_____,whereas_____refertoannuitystreamswithpaymentsoccurringatthebeginningofeachtimeperiod.a.ordinaryannuities;earlyannuitiesb.lateannuities;straightannuitiesc.straightannuities;lateannuitiesd.annuitiesdue;ordinaryannuitiese.ordinaryannuities;annuitiesduePERPETUITYc3.Anannuitystreamwherethepaymentsoccurforeveriscalleda(n):annuitydue.indemnity.perpetuity.amortizedcashflowstream.amortizationtable.STATEDINTERESTRATESa4.Theinterestrateexpressedintermsoftheinterestpaymentmadeeachperiodiscalledthe_____rate.statedannualinterestcompoundannualinteresteffectiveannualinterestperiodicinterestdailyinterestEFFECTIVEANNUALRATEc5.Theinterestrateexpressedasifitwerecompoundedonceperyeariscalledthe_____rate.statedinterestcompoundinteresteffectiveannualperiodicinterestdailyinterestANNUALPERCENTAGERATE6.Theinterestratechargedperperiodmultipliedbythenumberofperiodsperyeariscalledthe_____rate.effectiveannualannualpercentageperiodicinterestcompoundinterestdailyinterest

CHAPTER5InterestRateandBondValuationCOUPON1.Thestatedinterestpayment,indollars,madeonabondeachperiodiscalledthebond’s:coupon.facevalue.maturity.yieldtomaturity.couponrate.FACEVALUE2.Theprincipalamountofabondthatisrepaidattheendoftheloantermiscalledthebond’s:coupon.facevalue.maturity.yieldtomaturity.couponrate.MATURITYc3.Thespecifieddateonwhichtheprincipalamountofabondisrepaidiscalledthebond’s:coupon.facevalue.maturity.yieldtomaturity.couponrate.YIELDTOMATURITYd4.Therateofreturnrequiredbyinvestorsinthemarketforowningabondiscalledthe:a.coupon.b.facevalue.c.maturity.d.yieldtomaturity.e.couponrate.COUPONRATEe5.Theannualcouponofabonddividedbyitsfacevalueiscalledthebond’s:coupon.facevalue.maturity.yieldtomaturity.couponrate.PARBONDS6.Abondwithafacevalueof$1,000thatsellsfor$1,000inthemarketiscalleda_____bond.parvaluediscountpremiumzerocouponfloatingrateDISCOUNTBONDS7.Abondwithafacevalueof$1,000thatsellsforlessthan$1,000inthemarketiscalleda_____bond.pardiscountpremiumzerocouponfloatingratePREMIUMBONDS8.Abondwithafacevalueof$1,000thatsellsformorethan$1,000inthemarketiscalleda_____bond.pardiscountpremiumzerocoupone.floatingrateCHAPTER6StockValuationGROWINGPERPETUITYa1.Anassetcharacterizedbycashflowsthatincreaseataconstantrateforeveriscalleda:monannuity.perpetuitydue.preferredstock.DIVIDENDGROWTHMODELb2.Thestockvaluationmodelthatdeterminesthecurrentstockpricebydividingthenextannualdividendamountbytheexcessofthediscountratelessthedividendgrowthrateiscalledthe_____model.a.zerogrowthb.dividendgrowthc.capitalpricingd.earningscapitalizatione.discounteddividendDIVIDENDYIELDc3.Nextyear’sannualdividenddividedbythecurrentstockpriceiscalledthe:yieldtomaturity.totalyield.dividendyield.capitalgainsyield.earningsyield.CAPITALGAINSYIELD

d4.Therateatwhichastock’spriceisexpectedtoappreciate(ordepreciate)iscalledthe_____yield.a.currentb.totalc.dividendd.capitalgainse.earningsPREFERREDSTOCK5.Aformofequitywhichreceivespreferentialtreatmentinthepaymentofdividendsiscalled_____stock.dualclasscumulativedeferredpreferredcommonPREFERREDSTOCK6.A_____isaformofequitysecuritythathasastatedliquidatingvalue.bonddebentureproxycommonstockpreferredstockDifficultylevel:MediumCOMMONSTOCK7.Aformofequitywhichreceivesnopreferentialtreatmentineitherthepaymentofdividendsorinbankruptcydistributionsiscalled_____stock.dualclasscumulativedeferredpreferredcommonDIVIDENDSc12.Paymentsmadebyacorporationtoitsshareholders,intheformofeithercash,stockorpaymentsinkind,arecalled:income.dividends.redistributions.infusedequity.PRIMARYMARKETe13.Themarketinwhichnewsecuritiesareoriginallysoldtoinvestorsiscalledthe_____market.a.dealerb.auctionc.over-the-countersecondaryprimarySECONDARYMARKETd14.Themarketinwhichpreviouslyissuedsecuritiesaretradedamonginvestorsiscalledthe_____market.dealerauctionover-the-countersecondaryprimaryCHAPTER10RiskandReturnLessonsfromMarketHistoryRISKPREMIUMa1.Theexcessreturnrequiredfromariskyassetoverthatrequiredfromarisk-freeassetiscalledthe:a.riskpremium.b.geometricpremium.c.excessreturn.d.averagereturn.e.variance.VARIANCE2.Theaveragesquareddifferencebetweentheactualreturnandtheaveragereturniscalledthe:volatilityreturn.variance.standarddeviation.riskpremium.excessreturn.STANDARDDEVIATIONc3.Thestandarddeviationforasetofstockreturnscanbecalculatedasthe:positivesquarerootoftheaveragereturn.averagesquareddifferencebetweentheactualreturnandtheaveragereturn.positivesquarerootofthevariance.averagereturndividedbyNminusone,whereNisthenumberofreturns.variancesquared.GEOMETRICAVERAGERETURN5.Theaveragecompoundreturnearnedperyearoveramulti-yearperiodiscalledthe_____averagereturn.arithmeticstandardvariantgeometricreal

ARITHMETICAVERAGERETURNa6.Thereturnearnedinanaverageyearoveramulti-yearperiodiscalledthe_____averagereturn.arithmeticstandardvariantgeometricrealRISKPREMIUMc7.Theexcessreturnyouearnbymovingfromarelativelyrisk-freeinvestmenttoariskyinvestmentiscalledthe:a.geometricaveragereturn.b.inflationpremium.c.riskpremium.d.timepremium.e.arithmeticaveragereturn.TOTALRETURNe8.Thecapitalgainsyieldplusthedividendyieldonasecurityiscalledthe:varianceofreturns.geometricreturn.averageperiodreturn.currentyield.totalreturn.CHAPTER11ReturnandRisk:TheCapitalAssetPricingModel(CAPM)PORTFOLIOSa1.Aportfoliois:a.agroupofassets,suchasstocksandbonds,heldasacollectiveunitbyaninvestor.theexpectedreturnonariskyasset.theexpectedreturnonacollectionofriskyassets.d.thevarianceofreturnsforariskyasset.thestandarddeviationofreturnsforacollectionofriskyassets.PORTFOLIOWEIGHTSb2.Thepercentageofaportfolio’stotalvalueinvestedinaparticularassetiscalledthatasset’s:portfolioreturn.portfolioweight.portfoliorisk.rateofreturn.investmentvalue.SYSTEMATICRISKDifficultylevel:Mediumc3.Riskthataffectsalargenumberofassets,eachtoagreaterorlesserdegree,iscalled_____risk.a.idiosyncraticb.diversifiablec.systematicd.asset-specifice.totalUNSYSTEMATICRISK4.Riskthataffectsatmostasmallnumberofassetsiscalled_____risk.portfolioundiversifiablemarketunsystematictotalSYSTEMATICRISKPRINCIPLEb6.The_____tellsusthattheexpectedreturnonariskyassetdependsonlyonthatasset’snondiversifiablerisk.a.EfficientMarketsHypothesis(EMH)b.systematicriskprinciplec.OpenMarketsTheoremd.LawofOnePricee.principleofdiversificationBETACOEFFICIENTa7.Theamountofsystematicriskpresentinaparticularriskyasset,relativetothesystematicriskpresentinanaverageriskyasset,iscalledtheparticularasset’s:a.betacoefficient.b.reward-to-riskratio.c.totalrisk.d.diversifiablerisk.e.Treynorindex.SECURITYMARKETLINEd8.Thelinearrelationbetweenanasset’sexpectedreturnanditsbetacoefficientisthe:reward-to-riskratio.portfolioweight.portfoliorisk.securitymarketline.marketriskpremium.CHAPTER12Risk,CostofCapital,andCapitalBudgetingWACCe1.Theweightedaverageofthefirm’scostsofequity,preferredstock,andaftertaxdebtisthe:rewardtoriskratioforthefirm.

expectedcapitalgainsyieldforthestock.c.expectedcapitalgainsyieldforthefirm.portfoliobetaforthefirm.weightedaveragecostofcapital(WACC).CAPMb2.IftheCAPMisusedtoestimatethecostofequitycapital,theexpectedexcessmarketreturnisequaltothereturnonthestockminustherisk-freerate.differencebetweenthereturnonthemarketandtherisk-freerate.betatimesthemarketriskpremium.betatimestherisk-freerate.marketrateofreturn.CHARACTERISTICLINEc3.ThebestfitlineofpairwiseplotofthereturnsofthesecurityagainstthemarketindexreturnsiscalledtheSecurityMarketLine.CapitalMarketLine.characteristicline.riskline.Noneoftheabove.CHAPTER14CapitalStructure:BasicConceptsMMPROPOSITIONIb2.Thepropositionthatthevalueofthefirmisindependentofitscapitalstructureiscalled:thecapitalassetpricingmodel.MMPropositionI.MMPropositionII.thelawofoneprice.theefficientmarketshypothesis.MMPROPOSITIONIIc3.Thepropositionthatthecostofequityisapositivelinearfunctionofcapitalstructureiscalled:thecapitalassetpricingmodel.MMPropositionI.MMPropositionII.thelawofoneprice.theefficientmarketshypothesis.Difficultylevel:MediumINTERESTTAXSHIELDa4.Thetaxsavingsofthefirmderivedfromthedeductibilityofinterestexpenseiscalledthe:interesttaxshield.depreciablebasis.financingumbrella.currentyield.tax-losscarryforwardsavings.CAPITALSTRUCTUREDEFINITION8.Thefirm'scapitalstructurereferstothewayafirminvestsitsassets.theamountofcapitalinthefirm.theamountofdividendsafirmpays.d.themixofdebtandequityusedtofinancethefirm'sassets.howmuchcashthefirmholds.CHAPTER15CapitalStructure:LimitstotheUseofDebtDIRECTBANKRUPTCYCOSTS1.Theexplicitcosts,suchasthelegalexpenses,associatedwithcorporatedefaultareclassifiedas_____costs.flotationbetaconversiondirectbankruptcyindirectbankruptcyunleveredINDIRECTBANKRUPTCYCOSTSc2.Thecostsofavoidingabankruptcyfilingbyafinanciallydistressedfirmareclassifiedas_____costs.flotationdirectbankruptcyindirectbankruptcyfinancialsolvencycapitalstructureFINANCIALDISTRESSCOSTS3.Theexplicitandimplicitcostsassociatedwithcorporatedefaultarereferredtoasthe_____costsofafirm.flotationdefaultbetadirectbankruptcyindirectbankruptcyfinancialdistressBANKRUPTCY6.Thelegalproceedingforliquidatingorreorganizingafirmoperatingindefaultiscalleda:xyfight.ACCOUNTINGINSOLVENCYd8.Afirmthathasnegativenetworthissaidtobe:

experiencingabusinessfailure.inlegalbankruptcy.experiencingtechnicalinsolvency.experiencingaccountinginsolvency.inChapter11bankruptcyreorganization.CAPITALSTRUCTUREd10.Thevalueofafirmismaximizedwhenthe:costofequityismaximized.btaxrateiszero.leveredcostofcapitalismaximized.weightedaveragecostofcapitalisminimized.debt-equityratioisminimized.CAPITALSTRUCTURE11.Theoptimalcapitalstructurehasbeenachievedwhenthe:debt-equityratioisequalto1.weightofequityisequaltotheweightofdebt.costofequityismaximizedgivenapre-taxcostofdebt.d.debt-equityratioissuchthatthecos