罗斯公司理财Chap003全英文题库及答案

Chapter 03 Financial Statements Analysis and Long-Term Planning Answer Key

Multiple Choice Questions

1. One key reason a long-term financial plan is developed is because:

A. the plan determines your financial policy.

B. the plan determines your investment policy.

C. there are direct connections between achievable corporate growth and the financial policy.

D. there is unlimited growth possible in a well-developed financial plan.

E. None of the above.

Difficulty level: Easy

Topic: LONG-TERM PLANNING

Type: DEFINITIONS

2. Projected future financial statements are called:

A. plug statements.

B. pro forma statements.

C. reconciled statements.

D. aggregated statements.

E. none of the above.

Difficulty level: Easy

Topic: PRO FORMA STATEMENTS

Type: DEFINITIONS

3. The percentage of sales method:

A. requires that all accounts grow at the same rate.

B. separates accounts that vary with sales and those that do not vary with sales.

C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.

D. Both A and B.

E. Both B and C.

Difficulty level: Medium

Topic: PERCENTAGE OF SALES

Type: DEFINITIONS

4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.

A. tax reconciliation statement

B. statement of standardization

C. statement of cash flows

D. common-base year statement

E. common-size statement

Difficulty level: Easy

Topic: COMMON-SIZE STATEMENTS

Type: DEFINITIONS

5. Relationships determined from a firm's financial information and used for comparison purposes are known as:

A. financial ratios.

B. comparison statements.

C. dimensional analysis.

D. scenario analysis.

E. solvency analysis.

Difficulty level: Easy

Topic: FINANCIAL RATIOS

Type: DEFINITIONS

6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.

A. asset management

B. long-term solvency

C. short-term solvency

D. profitability

E. market value

Difficulty level: Easy

Topic: SHORT-TERM SOLVENCY RATIOS

Type: DEFINITIONS

7. The current ratio is measured as:

A. current assets minus current liabilities.

B. current assets divided by current liabilities.

C. current liabilities minus inventory, divided by current assets.

D. cash on hand divided by current liabilities.

E. current liabilities divided by current assets.

Difficulty level: Easy

Topic: CURRENT RATIO

Type: DEFINITIONS

8. The quick ratio is measured as:

A. current assets divided by current liabilities.

B. cash on hand plus current liabilities, divided by current assets.

C. current liabilities divided by current assets, plus inventory.

D. current assets minus inventory, divided by current liabilities.

E. current assets minus inventory minus current liabilities.

Difficulty level: Easy

Topic: QUICK RATIO

Type: DEFINITIONS

9. The cash ratio is measured as:

A. current assets divided by current liabilities.

B. current assets minus cash on hand, divided by current liabilities.

C. current liabilities plus current assets, divided by cash on hand.

D. cash on hand plus inventory, divided by current liabilities.

E. cash on hand divided by current liabilities.

Difficulty level: Medium

Topic: CASH RATIO

Type: DEFINITIONS

10. Ratios that measure a firm's financial leverage are known as _____ ratios.

A. asset management

B. long-term solvency

C. short-term solvency

D. profitability

E. market value

Difficulty level: Easy

Topic: LONG-TERM SOLVENCY RATIOS

Type: DEFINITIONS

11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:

A. total debt ratio.

B. equity multiplier.

C. debt-equity ratio.

D. current ratio.

E. times interest earned ratio.

Difficulty level: Easy

Topic: TOTAL DEBT RATIO

Type: DEFINITIONS

12. The debt-equity ratio is measured as total:

A. equity minus total debt.

B. equity divided by total debt.

C. debt divided by total equity.

D. debt plus total equity.

E. debt minus total assets, divided by total equity.

Difficulty level: Easy

Topic: DEBT-EQUITY RATIO

Type: DEFINITIONS

13. The equity multiplier ratio is measured as total:

A. equity divided by total assets.

B. equity plus total debt.

C. assets minus total equity, divided by total assets.

D. assets plus total equity, divided by total debt.

E. assets divided by total equity.

Difficulty level: Medium

Topic: EQUITY MULTIPLIER

Type: DEFINITIONS

14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:

A. cash coverage ratio.

B. debt-equity ratio.

C. times interest earned ratio.

D. gross margin.

E. total debt ratio.

Difficulty level: Medium

Topic: TIMES INTEREST EARNED RATIO

Type: DEFINITIONS

15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:

A. cash coverage ratio.

B. debt-equity ratio.

C. times interest earned ratio.

D. gross margin.

E. total debt ratio.

Difficulty level: Medium

Topic: CASH COVERAGE RATIO

Type: DEFINITIONS

16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.

A. asset management

B. long-term solvency

C. short-term solvency

D. profitability

E. market value

Difficulty level: Easy

Topic: ASSET MANAGEMENT RATIOS

Type: DEFINITIONS

17. The inventory turnover ratio is measured as:

A. total sales minus inventory.

B. inventory times total sales.

C. cost of goods sold divided by inventory.

D. inventory times cost of goods sold.

E. inventory plus cost of goods sold.

Difficulty level: Medium

Topic: INVENTORY TURNOVER

Type: DEFINITIONS

18. The financial ratio days' sales in inventory is measured as:

A. inventory turnover plus 365 days.

B. inventory times 365 days.

C. inventory plus cost of goods sold, divided by 365 days.

D. 365 days divided by the inventory.

E. 365 days divided by the inventory turnover.

Difficulty level: Medium

Topic: DAYS' SALES IN INVENTORY

Type: DEFINITIONS

19. The receivables turnover ratio is measured as:

A. sales plus accounts receivable.

B. sales divided by accounts receivable.

C. sales minus accounts receivable, divided by sales.

D. accounts receivable times sales.

E. accounts receivable divided by sales.

Difficulty level: Medium

Topic: RECEIVABLES TURNOVER

Type: DEFINITIONS

20. The financial ratio days' sales in receivables is measured as:

A. receivables turnover plus 365 days.

B. accounts receivable times 365 days.

C. accounts receivable plus sales, divided by 365 days.

D. 365 days divided by the receivables turnover.

E. 365 days divided by the accounts receivable.

Difficulty level: Medium

Topic: DAYS' SALES IN RECEIVABLES

Type: DEFINITIONS

21. The total asset turnover ratio is measured as:

A. sales minus total assets.

B. sales divided by total assets.

C. sales times total assets.

D. total assets divided by sales.

E. total assets plus sales.

Difficulty level: Easy

Topic: TOTAL ASSET TURNOVER

Type: DEFINITIONS

22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.

A. asset management

B. long-term solvency

C. short-term solvency

D. profitability

E. market value

Difficulty level: Easy

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

23. The financial ratio measured as net income divided by sales is known as the firm's:

A. profit margin.

B. return on assets.

C. return on equity.

D. asset turnover.

E. earnings before interest and taxes.

Difficulty level: Easy

Topic: PROFIT MARGIN

Type: DEFINITIONS

24. The financial ratio measured as net income divided by total assets is known as the firm's:

A. profit margin.

B. return on assets.

C. return on equity.

D. asset turnover.

E. earnings before interest and taxes.

Difficulty level: Easy

Topic: RETURN ON ASSETS

Type: DEFINITIONS

25. The financial ratio measured as net income divided by total equity is known as the firm's:

A. profit margin.

B. return on assets.

C. return on equity.

D. asset turnover.

E. earnings before interest and taxes.

Difficulty level: Easy

Topic: RETURN ON EQUITY

Type: DEFINITIONS

26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:

A. return on assets.

B. return on equity.

C. debt-equity ratio.

D. price-earnings ratio.

E. Du Pont identity.

Difficulty level: Easy

Topic: PRICE-EARNINGS RATIO

Type: DEFINITIONS

27. The market-to-book ratio is measured as:

A. total equity divided by total assets.

B. net income times market price per share of stock.

C. net income divided by market price per share of stock.

D. market price per share of stock divided by earnings per share.

E. market value of equity per share divided by book value of equity per share. Difficulty level: Medium

Topic: MARKET-TO-BOOK RATIO

Type: DEFINITIONS

28. The _____ breaks down return on equity into three component parts.

A. Du Pont identity

B. return on assets

C. statement of cash flows

D. asset turnover ratio

E. equity multiplier

Difficulty level: Medium

Topic: DU PONT IDENTITY

Type: DEFINITIONS

29. The External Funds Needed (EFN) equation does not measure the:

A. additional asset requirements given a change in sales.

B. additional total liabilities raised given the change in sales.

C. rate of return to shareholders given the change in sales.

D. net income expected to be earned given the change in sales.

E. None of the above.

Difficulty level: Medium

Topic: EXTERNAL FUNDS NEEDED

Type: DEFINITIONS

30. To calculate sustainable growth rate without using return on equity, the analyst needs the:

A. profit margin.

B. payout ratio.

C. debt-to-equity ratio.

D. total asset turnover.

E. All of the above.

Difficulty level: Medium

Topic: SUSTAINABLE GROWTH RATE

Type: DEFINITIONS

31. Growth can be reconciled with the goal of maximizing firm value:

A. because greater growth always adds to value.

B. because growth must be an outcome of decisions that maximize NPV.

C. because growth and wealth maximization are the same.

D. because growth of any type cannot decrease value.

E. None of the above.

Difficulty level: Medium

Topic: GROWTH

Type: DEFINITIONS

32. Sustainable growth can be determined by the:

A. profit margin, total asset turnover and the price to earnings ratio.

B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.

C. Total growth less capital gains growth.

D. Either A or B.

E. None of the above.

Difficulty level: Medium

Topic: SUSTAINABLE GROWTH

Type: DEFINITIONS

33. Which of the following will increase sustainable growth?

A. Buy back existing stock

B. Decrease debt

C. Increase profit margin

D. Increase asset requirement or asset turnover ratio

E. Increase dividend payout ratio

Difficulty level: Medium

Topic: SUSTAINABLE GROWTH

Type: DEFINITIONS

34. The main objective of long-term financial planning models is to:

A. determine the asset requirements given the investment activities of the firm.

B. plan for contingencies or uncertain events.

C. determine the external financing needs.

D. All of the above.

E. None of the above.

Difficulty level: Medium

Topic: LONG TERM PLANNING

Type: DEFINITIONS

35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.

A. income; total assets

B. liability; net income

C. asset; sales

D. liability; total assets

E. equity; sales

Difficulty level: Medium

Topic: COMMON-SIZE BALANCE SHEET

Type: DEFINITIONS

36. Which one of the following statements is correct concerning ratio analysis?

A. A single ratio is often computed differently by different individuals.

B. Ratios do not address the problem of size differences among firms.

C. Only a very limited number of ratios can be used for analytical purposes.

D. Each ratio has a specific formula that is used consistently by all analysts.

E. Ratios can not be used for comparison purposes over periods of time.

Difficulty level: Medium

Topic: RATIO ANALYSIS

Type: DEFINITIONS

37. Which of the following are liquidity ratios?

I. cash coverage ratio

II. current ratio

III. quick ratio

IV. inventory turnover

A. II and III only

B. I and II only

C. II, III, and IV only

D. I, III, and IV only

E. I, II, III, and IV

Difficulty level: Medium

Topic: LIQUIDITY RATIOS

Type: DEFINITIONS

38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?

A. accounts payable

B. cash

C. inventory

D. accounts receivable

E. fixed assets

Difficulty level: Medium

Topic: LIQUIDITY RATIOS

Type: DEFINITIONS

39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?

A. current

B. cash

C. debt-equity

D. quick

E. total debt

Difficulty level: Medium

Topic: LIQUIDITY RATIOS

Type: DEFINITIONS

40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:

A. $1 in equity.

B. $1 in total sales.

C. $1 in current assets.

D. $.53 in equity.

E. $.53 in total assets.

Difficulty level: Medium

Topic: LONG-TERM SOLVENCY RATIOS

Type: DEFINITIONS

41. The long-term debt ratio is probably of most interest to a firm's:

A. credit customers.

B. employees.

C. suppliers.

D. mortgage holder.

E. shareholders.

Difficulty level: Medium

Topic: LONG-TERM SOLVENCY RATIOS

Type: DEFINITIONS

42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.

A. .75; .75

B. .50; 1.00

C. .45; 1.75

D. .40; 2.50

E. .35; 3.00

Difficulty level: Medium

Topic: LONG-TERM SOLVENCY RATIOS

Type: DEFINITIONS

43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?

A. times interest earned ratio

B. cash coverage ratio

C. cash ratio

D. quick ratio

E. Interval measure

Difficulty level: Medium

Topic: LONG-TERM SOLVENCY RATIOS

Type: DEFINITIONS

44. The higher the inventory turnover measure, the:

A. faster a firm sells its inventory.

B. faster a firm collects payment on its sales.

C. longer it takes a firm to sell its inventory.

D. greater the amount of inventory held by a firm.

E. lesser the amount of inventory held by a firm.

Difficulty level: Medium

Topic: ASSET MANAGEMENT RATIOS

Type: DEFINITIONS

45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?

A. It takes a firm 10 days to collect payment from its customers.

B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.

C. It takes a firm 36.5 days to pay its creditors.

D. The firm has an average collection period of 36.5 days.

E. The firm has ten times more in accounts receivable than it does in cash.

Difficulty level: Medium

Topic: ASSET MANAGEMENT RATIOS

Type: DEFINITIONS

46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:

A. total assets for every $1 in cash.

B. total assets for every $1 in total debt.

C. total assets for every $1 in equity.

D. sales for every $1 in total assets.

E. long-term assets for every $1 in short-term assets.

Difficulty level: Medium

Topic: ASSET MANAGEMENT RATIOS

Type: DEFINITIONS

47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.

A. return on assets

B. return on equity

C. profit margin

D. Du Pont measure

E. total asset turnover

Difficulty level: Medium

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:

A. has no debt of any kind.

B. is using its assets as efficiently as possible.

C. has no net working capital.

D. also has a current ratio of 10.

E. has an equity multiplier of 2.

Difficulty level: Medium

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:

A. profit margin.

B. return on assets.

C. return on equity.

D. equity multiplier.

E. earnings per share.

Difficulty level: Medium

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:

A. return on equity will increase.

B. return on assets will decrease.

C. profit margin will decline.

D. equity multiplier will decrease.

E. price-earnings ratio will increase.

Difficulty level: Medium

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:

A. Joe's will have a lower profit margin.

B. Joe's will have a lower return on equity.

C. Moe's will have a higher net income.

D. Moe's will have a lower profit margin.

E. Moe's will have a higher return on assets.

Difficulty level: Medium

Topic: PROFITABILITY RATIOS

Type: DEFINITIONS

52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:

A. the price per share increased.

B. the earnings per share decreased.

C. investors are paying a higher price for each share of stock purchased.

D. investors are receiving a higher rate of return this year.

E. either the price per share, the earnings per share, or both changed.

Difficulty level: Medium

Topic: MARKET VALUE RATIOS

Type: DEFINITIONS

53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:

A. has a higher market price than one share of stock in Turner's.

B. has a higher market price per dollar of earnings than does one share of Turner's.

C. sells at a lower price per share than one share of Turner's.

D. represents a larger percentage of firm ownership than does one share of Turner's stock.

E. earns a greater profit per share than does one share of Turner's stock.

Difficulty level: Medium

Topic: MARKET VALUE RATIO

Type: DEFINITIONS

54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?

I. slow industry outlook

II. high prospect of firm growth

III. very low current earnings

IV. investors with a low opinion of the firm

A. I and II only

B. II and III only

C. II and IV only

D. I and III only

E. III and IV only

Difficulty level: Medium

Topic: MARKET VALUE RATIOS

Type: DEFINITIONS

55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:

A. cause the accountants to increase the equity of the firm by an additional $2.

B. increase the market price per share by $1.

C. increase the market price per share by $12.

D. tend to cause the market price per share to rise.

E. only affect book values but not market values.

Difficulty level: Medium

Topic: MARKET VALUE RATIOS

Type: DEFINITIONS

56. Which one of the following sets of ratios applies most directly to shareholders?

A. return on assets and profit margin

B. quick ratio and times interest earned

C. price-earnings ratio and debt-equity ratio

D. market-to-book ratio and price-earnings ratio

E. cash coverage ratio and times equity multiplier

Difficulty level: Medium

Topic: MARKET VALUE RATIOS

Type: DEFINITIONS

57. The three parts of the Du Pont identity can be generally described as:

I. operating efficiency, asset use efficiency and firm profitability.

II. financial leverage, operating efficiency and asset use efficiency.

III. the equity multiplier, the profit margin and the total asset turnover.

IV. the debt-equity ratio, the capital intensity ratio and the profit margin.

A. I and II only

B. II and III only

C. I and IV only

D. I and III only

E. III and IV only

Difficulty level: Medium

Topic: DU PONT IDENTITY

Type: DEFINITIONS

58. If a firm decreases its operating costs, all else constant, then:

A. the profit margin increases while the equity multiplier decreases.

B. the return on assets increases while the return on equity decreases.

C. the total asset turnover rate decreases while the profit margin increases.

D. both the profit margin and the equity multiplier increase.

E. both the return on assets and the return on equity increase.

Difficulty level: Medium

Topic: DU PONT IDENTITY

Type: DEFINITIONS

59. Which one of the following statements is correct?

A. Book values should always be given precedence over market values.

B. Financial statements are frequently the basis used for performance evaluations.

C. Historical information has no value when predicting the future.

D. Potential lenders place little value on financial statement information.

E. Reviewing financial information over time has very limited value.

Difficulty level: Medium

Topic: EVALUATING FINANCIAL STATEMENTS

Type: DEFINITIONS

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：

其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。

公司理财(英文版)题库2说课讲解

公司理财(英文版)题 库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.

公司理财(英文版)题库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.

罗斯公司理财题库全集

Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's 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. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. 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 risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS

罗斯公司理财Chap004全英文题库及答案

Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. 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 period 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. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS

2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS

公司理财-罗斯课后习题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 { 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。（3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市

罗斯公司理财题库cha16

Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. 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. 3. 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. 4. The tax 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 carry forward savings.

完整word版公司理财英文版题库8

CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.

公司理财罗斯课后习题答案

公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。

英文版罗斯公司理财习题答案Chap020

CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.

英文版罗斯公司理财习题答案

CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net

罗斯公司理财题库全

Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.

4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above

罗斯公司理财答案第六版(英文)

Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000

公司理财精要版原书第12版习题库答案Ross12e_Chapter11_TB

Fundamentals of Corporate Finance, 12e (Ross) Chapter 11 Project Analysis and Evaluation 1) Forecasting risk is defined as the possibility that: A) some proposed projects will be rejected. B) some proposed projects will be temporarily delayed. C) incorrect decisions will be made due to erroneous cash flow projections. D) some projects will be mutually exclusive. E) tax rates could change over the life of a project. 2) The key means of defending against forecasting risk is to: A) rely primarily on the net present value method of analysis. B) increase the discount rate assigned to a project. C) shorten the life of a project. D) identify sources of value within a project. E) ignore any potential salvage value that might be realized. 3) Steve is fairly cautious when analyzing a new project and thus he projects the most optimistic, the most realistic, and the most pessimistic outcome that can reasonably be expected. Which type of analysis is he using? A) Simulation testing B) Sensitivity analysis C) Break-even analysis D) Rationing analysis E) Scenario analysis 4) Scenario analysis is best suited to accomplishing which one of the following when analyzing a project? A) Determining how fixed costs affect NPV B) Estimating the residual value of fixed assets C) Identifying the potential range of reasonable outcomes D) Determining the minimal level of sales required to break-even on an accounting basis E) Determining the minimal level of sales required to break-even on a financial basis 5) Which one of the following will be used in the computation of the best-case analysis of a proposed project? A) Minimal number of units that are expected to be produced and sold B) The lowest expected salvage value that can be obtained for a project's fixed assets C) The most anticipated sales price per unit D) The lowest variable cost per unit that can reasonably be expected E) The highest level of fixed costs that is actually anticipated