《公司理财》选择题题库(共7页)

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1、精选优质文档-倾情为你奉上公司理财选择题题库Multiple Choice Questions:Chapter 1CONTROLLERc1.The person generally directly responsible for overseeing the tax management, cost accounting, financial accounting, and information system functions is the:a.treasurer.b.director.c.controller.d.chairman of the board.e.chief execut

2、ive officer.TREASURERa2.The person generally directly responsible for overseeing the cash and credit functions, financial planning, and capital expenditures is the:a.treasurer.b.director.c.controller.d.chairman of the board.e.chief operations officer.CAPITAL BUDGETINGd3.The process of planning and m

3、anaging a firms long-term investments is called:a.working capital management.b.financial depreciation.c.agency cost analysis.d.capital budgeting.e.capital structure.CAPITAL STRUCTUREe4.The mixture of debt and equity used by a firm to finance its operations is called:a.working capital management.b.fi

4、nancial depreciation.c.cost analysis.d.capital budgeting.e.capital structure.WORKING CAPITAL MANAGEMENTa5.The management of a firms short-term assets and liabilities is called:a.working capital management.b.debt management.c.equity management.d.capital budgeting.e.capital structure.SOLE PROPRIETORSH

5、IPb6.A business owned by a single individual is called a:a.corporation.b.sole proprietorship.c.general partnership.d.limited partnership.e.limited liability company.GENERAL PARTNERSHIPc7.A business formed by two or more individuals who each have unlimited liability for business debts is called a:a.c

6、orporation.b.sole proprietorship.c.general partnership.d.limited partnership.e.limited liability company.CORPORATIONa9.A business created as a distinct legal entity composed of one or more individuals or entities is called a:a.corporation.b.sole proprietorship.c.general partnership.d.limited partner

7、ship.e.unlimited liability company.LIMITED LIABILITY COMPANYa12.A business entity operated and taxed like a partnership, but with limited liability for the owners, is called a:a.limited liability company.b.general partnership.c.limited proprietorship.d.sole proprietorship.e.corporation.FINANCIAL MAN

8、AGEMENT GOALb13.The primary goal of financial management is to:a.maximize current dividends per share of the existing stock.b.maximize the current value per share of the existing stock.c.avoid financial distress.d.minimize operational costs and maximize firm efficiency.e.maintain steady growth in bo

9、th sales and net earnings.CHAPTER 4Discounted Cash Flow ValuationANNUITYa1.An annuity stream of cash flow payments is a set of:a.level cash flows occurring each time period for a fixed length of time.b.level cash flows occurring each time period forever.c.increasing cash flows occurring each time pe

10、riod for a fixed length of time.d.increasing cash flows occurring each time period forever.e.arbitrary cash flows occurring each time period for no more than 10 years.ANNUITIES DUEe2.Annuities where the payments occur at the end of each time period are called _ , whereas _ refer to annuity streams w

11、ith payments occurring at the beginning of each time period.a.ordinary annuities; early annuitiesb.late annuities; straight annuitiesc.straight annuities; late annuitiesd.annuities due; ordinary annuitiese.ordinary annuities; annuities duePERPETUITYc3.An annuity stream where the payments occur forev

12、er is called a(n):a.annuity due.b.indemnity.c.perpetuity.d.amortized cash flow stream.e.amortization table.STATED INTEREST RATESa4.The interest rate expressed in terms of the interest payment made each period is called the _ rate.a.stated annual pound annual interestc.effective annual interestd.peri

13、odic intereste.daily interestEFFECTIVE ANNUAL RATEc5.The interest rate expressed as if it were compounded once per year is called the _ rate.a.stated pound interestc.effective annuald.periodic intereste.daily interestANNUAL PERCENTAGE RATEb6.The interest rate charged per period multiplied by the num

14、ber of periods per year is called the _ rate.a.effective annualb.annual percentagec.periodic pound intereste.daily interestCHAPTER 5Interest Rate and Bond ValuationCOUPONa1.The stated interest payment, in dollars, made on a bond each period is called the bonds:a.coupon.b.face value.c.maturity.d.yiel

15、d to maturity.e.coupon rate.FACE VALUEb2.The principal amount of a bond that is repaid at the end of the loan term is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.MATURITYc3.The specified date on which the principal amount of a bond is repaid is called the bond

16、s:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.YIELD TO MATURITYd4.The rate of return required by investors in the market for owning a bond is called the:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.COUPON RATEe5.The annual coupon of a bond divided by its

17、face value is called the bonds:a.coupon.b.face value.c.maturity.d.yield to maturity.e.coupon rate.PAR BONDSa6.A bond with a face value of $1,000 that sells for $1,000 in the market is called a _ bond.a.par valueb.discountc.premiumd.zero coupone.floating rateDISCOUNT BONDSb7.A bond with a face value

18、of $1,000 that sells for less than $1,000 in the market is called a _ bond.a.parb.discountc.premiumd.zero coupone.floating ratePREMIUM BONDSc8.A bond with a face value of $1,000 that sells for more than $1,000 in the market is called a _ bond.a.parb.discountc.premiumd.zero coupone.floating rateCHAPT

19、ER 6Stock ValuationGROWING PERPETUITYa1.An asset characterized by cash flows that increase at a constant rate forever is called a:a.growing perpetuity.b.growing mon annuity.d.perpetuity due.e.preferred stock.DIVIDEND GROWTH MODELb2.The stock valuation model that determines the current stock price by

20、 dividing the next annual dividend amount by the excess of the discount rate less the dividend growth rate is called the _ model.a.zero growthb.dividend growthc.capital pricingd.earnings capitalizatione.discounted dividendDIVIDEND YIELDc3.Next years annual dividend divided by the current stock price

21、 is called the:a.yield to maturity.b.total yield.c.dividend yield.d.capital gains yield.e.earnings yield.CAPITAL GAINS YIELDd4.The rate at which a stocks price is expected to appreciate (or depreciate) is called the _ yield.a.currentb.totalc.dividendd.capital gainse.earningsPREFERRED STOCKd5.A form

22、of equity which receives preferential treatment in the payment of dividends is called _ stock.a.dual monPREFERRED STOCKe6.A _ is a form of equity security that has a stated liquidating mon stocke.preferred stockDifficulty level: MediumCOMMON STOCKe7.A form of equity which receives no preferential tr

23、eatment in either the payment of dividends or in bankruptcy distributions is called _ stock.a.dual monDIVIDENDSc12.Payments made by a corporation to its shareholders, in the form of either cash, stock or payments in kind, are called:a.retained income.c.dividends.d.redistributions.e.infused equity.P

24、RIMARY MARKETe13.The market in which new securities are originally sold to investors is called the _ market.a.dealerb.auctionc.over-the-counterd.secondarye.primarySECONDARY MARKETd14.The market in which previously issued securities are traded among investors is called the _ market.a.dealerb.auctionc

25、.over-the-counterd.secondarye.primaryCHAPTER 10Risk and Return Lessons from Market HistoryRISK PREMIUMa1.The excess return required from a risky asset over that required from a risk-free asset is called the:a.risk premium.b.geometric premium.c.excess return.d.average return.e.variance.VARIANCEb2.The

26、 average squared difference between the actual return and the average return is called the:a.volatility return.b.variance.c.standard deviation.d.risk premium.e.excess return.STANDARD DEVIATIONc3.The standard deviation for a set of stock returns can be calculated as the:a.positive square root of the

27、average return.b.average squared difference between the actual return and the average return.c.positive square root of the variance.d.average return divided by N minus one, where N is the number of returns.e.variance squared.GEOMETRIC AVERAGE RETURNd5.The average compound return earned per year over

28、 a multi-year period is called the _ average return.a.arithmeticb.standardc.variantd.geometrice.realDifficulty level: MediumARITHMETIC AVERAGE RETURNa6.The return earned in an average year over a multi-year period is called the _ average return.a.arithmeticb.standardc.variantd.geometrice.realRISK PR

29、EMIUMc7.The excess return you earn by moving from a relatively risk-free investment to a risky investment is called the:a.geometric average return.b.inflation premium.c.risk premium.d.time premium.e.arithmetic average return.TOTAL RETURNe8.The capital gains yield plus the dividend yield on a securit

30、y is called the:a.variance of returns.b.geometric return.c.average period return.d.current yield.e.total return.CHAPTER 11Return and Risk: The Capital Asset Pricing Model (CAPM)PORTFOLIOSa1.A portfolio is:a.a group of assets, such as stocks and bonds, held as a collective unit by an investor.b.the e

31、xpected return on a risky asset.c.the expected return on a collection of risky assets.d.the variance of returns for a risky asset.e.the standard deviation of returns for a collection of risky assets.PORTFOLIO WEIGHTSb2.The percentage of a portfolios total value invested in a particular asset is call

32、ed that assets:a.portfolio return.b.portfolio weight.c.portfolio risk.d.rate of return.e.investment value.SYSTEMATIC RISKc3.Risk that affects a large number of assets, each to a greater or lesser degree, is called _ risk.a.idiosyncraticb.diversifiablec.systematicd.asset-specifice.totalUNSYSTEMATIC R

33、ISKd4.Risk that affects at most a small number of assets is called _ risk.a.portfoliob.undiversifiablec.marketd.unsystematice.totalSYSTEMATIC RISK PRINCIPLEb6.The _ tells us that the expected return on a risky asset depends only on that assets nondiversifiable risk.a.Efficient Markets Hypothesis (EM

34、H)b.systematic risk principlec.Open Markets Theoremd.Law of One Pricee.principle of diversificationBETA COEFFICIENTa7.The amount of systematic risk present in a particular risky asset, relative to the systematic risk present in an average risky asset, is called the particular assets:a.beta coefficie

35、nt.b.reward-to-risk ratio.c.total risk.d.diversifiable risk.e.Treynor index.SECURITY MARKET LINEd8.The linear relation between an assets expected return and its beta coefficient is the:a.reward-to-risk ratio.b.portfolio weight.c.portfolio risk.d.security market line.e.market risk premium.CHAPTER 12R

36、isk, Cost of Capital, and Capital BudgetingWACCe1.The weighted average of the firms costs of equity, preferred stock, and after tax debt is the:a.reward to risk ratio for the firm.b.expected capital gains yield for the stock.c.expected capital gains yield for the firm.d.portfolio beta for the firm.e

37、.weighted average cost of capital (WACC).CAPMb2.If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the a.return on the stock minus the risk-free rate. b.difference between the return on the market and the risk-free rate. c.beta times the market

38、risk premium. d.beta times the risk-free rate. e.market rate of return. CHARACTERISTIC LINEc3.The best fit line of pairwise plot of the returns of the security against the market index returns is called the a.Security Market Line. b.Capital Market Line. c.characteristic line. d.risk line. e.None of

39、the above. CHAPTER 14Capital Structure: Basic ConceptsMM PROPOSITION Ib2.The proposition that the value of the firm is independent of its capital structure is called:a.the capital asset pricing model.b.MM Proposition I.c.MM Proposition II.d.the law of one price.e.the efficient markets hypothesis.MM

40、PROPOSITION IIc3.The proposition that the cost of equity is a positive linear function of capital structure is called:a.the capital asset pricing model.b.MM Proposition I.c.MM Proposition II.d.the law of one price.e.the efficient markets hypothesis.Difficulty level: MediumINTEREST TAX SHIELDa4.The t

41、ax savings of the firm derived from the deductibility of interest expense is called the:a.interest tax shield.b.depreciable basis.c.financing umbrella.d.current yield.e.tax-loss carryforward savings.CAPITAL STRUCTURE DEFINITIONd8.The firms capital structure refers to a.the way a firm invests its ass

42、ets. b.the amount of capital in the firm. c.the amount of dividends a firm pays. d.the mix of debt and equity used to finance the firms assets. e.how much cash the firm holds. CHAPTER 15Capital Structure: Limits to the Use of DebtDIRECT BANKRUPTCY COSTSc1.The explicit costs, such as the legal expens

43、es, associated with corporate default are classified as _ costs.a.flotationb.beta conversionc.direct bankruptcyd.indirect bankruptcye.unleveredINDIRECT BANKRUPTCY COSTSc2.The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _ costs.a.flotationb.direct bankrupt

44、cyc.indirect bankruptcyd.financial solvencye.capital structureFINANCIAL DISTRESS COSTSe3.The explicit and implicit costs associated with corporate default are referred to as the _ costs of a firm.a.flotation b.default betac.direct bankruptcyd.indirect bankruptcye.financial distressBANKRUPTCYb6.The l

45、egal proceeding for liquidating or reorganizing a firm operating in default is called a:a.tender offer.b.bankruptcy.c.merger.d.takeover.e.proxy fight.ACCOUNTING INSOLVENCYd8.A firm that has negative net worth is said to be:a.experiencing a business failure.b.in legal bankruptcy.c.experiencing techni

46、cal insolvency.d.experiencing accounting insolvency.e.in Chapter 11 bankruptcy reorganization.CAPITAL STRUCTUREd10.The value of a firm is maximized when the:a.cost of equity is maximized.btax rate is zero.c.levered cost of capital is maximized.d.weighted average cost of capital is minimized.e.debt-e

47、quity ratio is minimized.CAPITAL STRUCTUREe11.The optimal capital structure has been achieved when the:a.debt-equity ratio is equal to 1.b.weight of equity is equal to the weight of debt.c.cost of equity is maximized given a pre-tax cost of debt.d.debt-equity ratio is such that the cost of debt exce

48、eds the cost of equity.e.debt-equity ratio selected results in the lowest possible weighed average cost of capital.CHAPTER 16Dividend and Other PayoutsI.DEFINITIONSDIVIDENDSa1.Payments made out of a firms earnings to its owners in the form of cash or stock are called:a.dividends.b.distributions.c.sh

49、are repurchases.d.payments-in-kind.e.stock splits.DISTRIBUTIONSb2.Payments made by a firm to its owners from sources other than current or accumulated earnings are called:a.dividends.b.distributions.c.share repurchases.d.payments-in-kind.e.stock splits.REGULAR CASH DIVIDENDSc3.A cash payment made by

50、 a firm to its owners in the normal course of business is called a:a.share repurchase.b.liquidating dividend.c.regular cash dividend.d.special dividend.e.extra cash dividend.LIQUIDATING DIVIDENDSa4.A cash payment made by a firm to its owners when some of the firms assets are sold off is called a:a.l

51、iquidating dividend.b.regular cash dividend.c.special dividend.d.extra cash dividend.e.share repurchase.SHARE REPURCHASEe12.A _ is an alternative method to cash dividends which is used to pay out a firms earnings to shareholders.a.mergerb.tender offerc.payment-in-kindd.stock splite.share repurchaseS

52、TOCK DIVIDENDSa13.A payment made by a firm to its owners in the form of new shares of stock is called a _ dividend.a.stockb.normalc.speciald.extrae.liquidatingSTOCK SPLITSb14.An increase in a firms number of shares outstanding without any change in owners equity is called a:a.special dividend.b.stock split.c.share repurchase.d.tender offer.e.liquidating dividend.专心-专注-专业