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公司理财原版题库Chap021

公司理财原版题库Chap021
公司理财原版题库Chap021

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.

Answer: C Difficulty: Easy Page: 593

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.

Answer: B Difficulty: Easy Page: 593

3. Which of the following would not be a characteristic of a financial lease?

A) They are not usually fully amortized.

B) They usually require the lessor to maintain and insure 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.

Answer: A Difficulty: Medium Page: 595

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

Answer: D Difficulty: Easy Page: 594

5. Which of the following is not a financial lease?

A) A leveraged lease

B) An operating lease

C) A sale-and-leaseback

D) Both A and B.

E) None of the above.

Answer: B Difficulty: Easy Page: 595

6. If the lessor borrows much of the purchase price of a leased asset, the lease is called

A) a leveraged lease.

B) a sale-and-leaseback.

C) a capital lease.

D) a nonrecourse lease.

E) None of the above.

Answer: A Difficulty: Easy Page: 595

7. An operating lease's primary characteristics are

A) fully amortized, lessee maintain equipment and there is not cancellation clause.

B) not fully amortized, lessor maintains equipment and there is a cancellation clause.

C) fully amortized, lessor maintain equipment and there is a cancellation clause.

D) not fully amortized, lessor maintains equipment and there is not cancellation clause.

E) fully amortized, lessee maintain equipment and lessee can acquire assets at end of lease for fair

market value.

Answer: B Difficulty: Medium Page: 594

8. The city of Oakland sold city hall and some other buildings and used the proceeds to improve its

financial position. The city then leased the buildings back in order to continue to use these facilities.

This is an example of

A) an operating lease.

B) a short-term lease.

C) a sale and leaseback.

D) a fully amortized lease.

E) None of the above.

Answer: C Difficulty: Easy Page: 595

9. A financial lease has which as its primary characteristics

A) is fully amortized, lessee maintains equipment and there is no renewal clause and no

cancellation clause.

B) is not fully amortized, lessor maintains equipment and there is a renewal clause but no

cancellation clause.

C) is fully amortized, lessor maintains equipment and there is a renewal clause and a no

cancellation clause.

D) is not fully amortized, lessor maintains equipment and there is a renewal clause.

E) is fully amortized, lessee maintains equipment and there is a renewal clause and a no

cancellation clause.

Answer: E Difficulty: Easy Page: 595

10. An advantage of leasing is that the lessor does not own the asset and can cancel

A) only financial leases.

B) only operating leases.

C) only capital leases.

D) any kind of leases anytime.

E) None of the above.

Answer: B Difficulty: Easy Page: 594

11. A leveraged lease typically involves a non-recourse loan in which

A) the lessee's payments go directly to the lender in case of default.

B) the lessor is not obligated in case of default.

C) the third party lenders have a first lien on the assets.

D) All of the above.

E) None of the above.

Answer: D Difficulty: Medium Page: 595

12. For accounting purposes, which of the following conditions would automatically cause a lease to

be a capital lease?

A) The lessee can purchase the asset below fair market value at the end of the lease.

B) The lease transfers ownership of the asset to the lessee by the end of the lease.

C) The lease term is more than 75% of the asset's economic life.

D) The present value of the lease payments is more than 90% of the asset's market value at lease

inception.

E) All of the above would lead to the lease being considered a capital lease.

Answer: E Difficulty: Medium Page: 596-597

13. Capital leases would show up on the balance sheet of the firm in which manner for a six year

machinery lease worth $700,000?

A) Capital leases do not have to be put on the balance sheet only financial leases do.

B) Asset – Machinery $700,000; Liabilities – Long Term debt $700,000 because of debt

displacement.

C) Asset – Assets under Capital Lease $700,000; Liabilities – Obligations under Capital Lease

$700,000.

D) Assets – Assets under Capital Lease $700,000; Liabilities – Long Term Debt $700,000 because

of debt displacement.

E) None of the above.

Answer: C Difficulty: Easy Page: 596

14. Prior to FAS 13, "Accounting for Leases", lease activity was only reported in financial footnotes.

This off-balance-sheet-financing made firms with

A) capital leases appear financially stronger than firms that used debt to purchase the asset.

B) operating leases appear financially stronger than firms that used debt to purchase the asset.

C) lease of any type appears financially stronger than firms that used debt to purchase the asset.

D) All of the above.

E) None of the above.

Answer: A Difficulty: Hard Page: 596

15. Which of the following is not an implication of FASB 13, Accounting for Leases?

A) FASB 13 requires that the PV of the lease payments appear on the right hand side of the

balance sheet.

B) FASB 13 requires that the present value of the asset appear on the left hand side of the balance

sheet.

C) FASB 13 allows for off-balance-sheet-financing for operating leases.

D) All of the above.

E) None of the above.

Answer: C Difficulty: Medium Page: 596

16. The reason the IRS is most concerned about lease contracts is

A) firms that lease generally pay no taxes.

B) that leasing usually leads to bankruptcy.

C) that leases can be set up solely to avoid taxes.

D) because leasing leads to off-balance-sheet-financing.

E) All of the above.

Answer: C Difficulty: Easy Page: 597

17. A lease with high payments early in its life which then decline to termination would

A) provide greater cashflow to the lessee in the beginning years.

B) be evidence of tax avoidance and not acceptable to the IRS.

C) be qualified as a capital lease under FAS 13.

D) provide a lower residual value and thus ensure a bargain-purchase price option.

E) All of the above.

Answer: B Difficulty: Medium Page: 597-598

18. If a lease is for 35 years, it is regarded as a

A) financial lease.

B) operating lease.

C) capital lease.

D) conditional sale.

E) sale and leaseback.

Answer: D Difficulty: Medium Page: 597

19. In valuing the lease versus purchase option, the relevant cash flows are the

A) tax shield from depreciation.

B) investment outlay for the equipment.

C) reduction in operating costs that are not affected buy leasing.

D) All of the above are irrelevant.

E) None of the above are irrelevant.

Answer: D Difficulty: Medium Page: 598-599

20. The appropriate discount rate for valuing a financial lease is

A) the firm's after-tax weighted average cost of capital.

B) the after-tax required return on assets of risks similar to the leased asset.

C) the after-tax cost of secured borrowing.

D) Either A or B.

E) All of the above.

Answer: C Difficulty: Easy Page: 600-601

21. The WACC is not used in the lease versus purchase decision because

A) the WACC was used in the decision to acquire the asset, this is only a financing decision.

B) the WACC is used only when a lease alone is considered and not a lease versus purchase.

C) the WACC does not include the lease cost of capital and therefore should not be used.

D) tax rates of the lessor may be different than the lessee and therefore the WACC is incorrect.

E) when a bank arranges a lease they do not consider the lessee's cost of capital.

Answer: A Difficulty: Hard Page: 602

22. Firms that use financial leases must consider their debt-to-equity ratios as inadequate measures of

financial leverage because

A) lenders are concerned about the firm's total liabilities and related cash flow.

B) debt displacement occurs with leasing.

C) less future debt can be raised for a growing firm when a lease is used.

D) All of the above.

E) None of the above.

Answer: D Difficulty: Medium Page: 603

23. ______ would be evidence the lease is being used to avoid taxes and not a legitimate business

purpose.

A) Early balloon payments

B) Late balloon payments

C) Capitalizing a lease

D) Transfer of lease payments to a second owner

E) None of the above.

Answer: A Difficulty: Medium Page: 597

24. Debt displacement is associated with leases because

A) all assets not purchased with equity use debt financing.

B) debt is always a cheaper source of financing and preferred to equity financing.

C) FAS 13 and the IRS mandate debt displacement.

D) lease financing is all debt and causes an imbalance in the optimal debt to equity ratio which

reduces future debt financing.

E) None of the above.

Answer: D Difficulty: Hard Page: 603

25. A lease is likely to be most beneficial to both parties when

A) the lessor's tax rate is lower than the lessee's.

B) the lessor's tax rate is higher than the lessee's.

C) the lessor's tax rate is equal to the lessee's.

D) a lease cannot be beneficial to both parties.

E) a lease always has zero NPV, so both parties always break even.

Answer: B Difficulty: Hard Page: 607

26. The price or lease payment that the lessee sets as their bound is known as

A) the present value of the tax shields.

B) the reservation payment, L MIN.

C) the present value of operating savings.

D) the reservation payment, L MAX.

E) None of the above.

Answer: D Difficulty: Medium Page: 608-609

Use the following to answer questions 27-31:

Your firm is considering leasing a new computer. The lease lasts for 9 years. The lease calls for 10 payments of $1,000 per year with the first payment occurring immediately. The computer would cost $7,650 to buy and would be straight-line depreciated to a zero salvage over 9 years. The actual salvage value is negligible because of technological obsolescence. The firm can borrow at a rate of 8%. The corporate tax rate is 30%.

27. What is the after-tax cash flow from leasing relative to the after-tax cash flow from purchasing in

years 1-9?

A) $- 255

B) $- 955

C) $-1,295

D) $-1,850

E) None of the above.

Answer: B Difficulty: Medium Page: 599

Rationale:

$-1,000(1 - .30) -($7,650/9)(.30) = $-700 - $255 = $-955

28. What is the after-tax cash flow from leasing relative to the after-tax cash flow from purchasing in

year 0?

A) $-4,865

B) $- 700

C) $6,950

D) $7,650

E) None of the above.

Answer: C Difficulty: Medium Page: 599

Rationale:

$-700 - $-7,650 = $6,950

29. What is the NPV of the lease relative to the purchase?

A) $-1,039.78

B) $ 339.78

C) $ 360.22

D) $6,610.22

E) None of the above.

Answer: B Difficulty: Medium Page: 599

Rationale:

NPV = $6,950 - $955PVIFA.056,9 = $6,950-$6,610.22 = $339.78

30. What would the after-tax cash flow in year 9 be if the asset had a residual value of $500 (ignoring

any possible risk differences)?

A) $- 605

B) $- 955

C) $-1,455

D) $-1,305

E) None of the above.

Answer: D Difficulty: Hard Page: 599

Rationale:

Residual + CF9 = CF9 - RV(1-T C) = $-955 - $500(1-.3) = $-955-$350 = $-1,305

31. This lease would be classified as a(n)

A) operating lease because the asset will be obsolete.

B) operating lease because there is not amortization.

C) leveraged lease because it is being financed.

D) capital lease because the lease life is greater than 75% of the economic life.

E) sale and leaseback because the company gets full use of the asset.

Answer: D Difficulty: Easy Page: 597

Use the following to answer questions 32-37:

Your firm is considering leasing a new robotic milling control system. The lease lasts for 5 years. The lease calls for 6 payments of $300,000 per year with the first payment occurring at lease inception. The black box would cost $1,050,000 to buy and would be straight-line depreciated to a zero salvage. The actual salvage value is zero. The firm can borrow at 8%, and the corporate tax rate is 34%.

32. What is the appropriate discount rate for valuing the lease?

A) 2.72%

B) 5.28%

C) 8.00%

D) 12.12%

E) None of the above.

Answer: B Difficulty: Medium Page: 601

Rationale:

After-tax discount rate A.T. = .08(1-.34) = .0528 = 5.28%

33. What is the after-tax cash flow from leasing in year 0?

A) $300,000

B) $495,000

C) $852,000

D) $948,000

E) None of the above.

Answer: C Difficulty: Medium Page: 599

Rationale:

$1,050,000 - $300,000(1-.34) = $1,050,000 - $198,000 = $852,000

34. What is the after-tax cash flow in years 1 through 5?

A) $-126,600

B) $-198,000

C) $-269,400

D) $-287,250

E) None of the above.

Answer: C Difficulty: Medium Page: 599

Rationale:

CF1 = $-300,000(1-.34) - .34($1,050,000/5) = $-198,000 - $71,400 = $-269,400

35. What is the NPV of the lease?

A) $-111,690

B) $-295,040

C) $-305,388

D) $-309,690

E) None of the above.

Answer: C Difficulty: Medium Page: 602

Rationale:

NPV = $852,000 $269,400(PVIFA.0528,5 ) = $852,000 $269,400(4.2962) = $852,000 - $1,157,388 = $-305,388

36. What is the maximum lease payment that you would be willing to make?

A) $170,655

B) $175,000

C) $187,842

D) $210,307

E) None of the above.

Answer: D Difficulty: Medium Page: 608-609

Rationale:

L MAX = $1,050,000/PVIFAD.08,6 = $1,050,000/4.9927 = $210,307

37. What is the minimum lease payment that the lessor would be willing to accept?

A) $161,000

B) $176,995

C) $217,645

D) $237,083

E) None of the above.

Answer: C Difficulty: Medium Page: 609

Rationale:

0 = $-1,050,000 + (.34)($198,000)(4.2962) + .66(L MIN + 4.2962 L MIN)

0 = $-1,050,000 + $289,220 + 3.4955 L MIN

L MIN = $760,680 / 3.4955 = $217,645

38. Which of the following is probably not a good reason for leasing instead of buying?

A) Taxes may be reduced by leasing.

B) Leasing may reduce transactions costs.

C) Leasing may provide a beneficial reduction of uncertainty.

D) All of the above are good reasons.

E) All of the above are not good reasons.

Answer: D Difficulty: Medium Page: 607

39. Which of the following is probably a good reason for leasing instead of buying?

A) Leasing provides 100% financing.

B) Leasing preserves capital.

C) Leasing may increase EPS relative to buying.

D) All of the above are good reasons.

E) None of the above is a good reason.

Answer: E Difficulty: Medium Page: 607

40. Some assets are leased more than others because

A) the value of the asset under a lease is not highly affected by term of use or maintenance

decisions.

B) a lease may be used to fool clients into "buying" high priced assets above market value.

C) leasing allows sellers to attract clients with low prices as the basis for setting the contract.

D) Both A and B.

E) Both A and C.

Answer: E Difficulty: Medium Page: 611

41. To meet IRS guidelines for leasing, the lease should

A) limit the lessee's right to issue debt or pay dividends while the lease is operative.

B) not limit the lessee's right to issue debt or pay dividends while the lease is operative.

C) pay a very high return to the lessor.

D) transfer ownership of the asset at the end of the lease at below fair market value.

E) be over 30 years.

Answer: B Difficulty: Medium Page: 597

Essay Questions

42. Sardinas Sardines has assets valued at $10 million and equity of $10 million. The firm recently

leased new equipment worth $1 million. Present the balance sheet under two conditions; the lease is judged to be an operating lease, and the lease is judged to be a capital lease.

Difficulty: Easy Page: 596

Answer:

Operating: Assets $10 Million Capital = $10 Million

Capital: Assets $10 Million Obligations = $1 Million

Assets

$1 Million Capital = $10 Million

Under

Lease.

Use the following to answer questions 43-44:

The Blank Button Company is considering the purchase of a new machine for $30,000. The machine is expected to save the firm $12,500 per year in operating costs over a 5 year period, and can be depreciated on a straight-line basis to a zero salvage value over its life. Alternatively, the firm can lease the machine for $6,500 per year for 5 years, with the first payment due in 1 year. The firm's tax rate is 34%, and its cost of debt is 10%.

43. Calculate the NPV of the lease versus the purchase decision.

Difficulty: Medium Page: 602

Answer:

NPV of Lease Versus Buy: $-30,000 - ($10,290-$3,960) A5,.066 = $3,765.39

Prefer to Lease as the NPV of Lease Versus Buy is positive.

44. Calculate the reservation payment of the lessee.

Difficulty: Medium Page: 609

Answer:

LMAX = $30,000/ A5,.1= $30,000/3.79 = $7,913.89

45. The Plastic Iron Company has decided to acquire a new electronic milling machine. Plastic Iron

can purchase the machine for $87,000 which has an expected life of 8 years and will be depreciated using 7 class MACRS rates of .1428, .2449, .1749, .125, .0892, .0892, .0892 and any remainder in year 8. Miller Leasing has offered to lease the machine to Plastic Iron for $14,000 a year for 8 years.

Plastic Iron has an 18.64% cost of equity, 12% cost of debt, a 1:1 D/E ratio and faces a 34%

marginal tax rate. Should they lease or buy? Show all work.

Difficulty: Hard Page: 599

Answer:

Year 1 2 3 4 5 6 7 8 AT Lease

Payment $-9,240.00 $-9,240.00 $-9,240.00 $-9,240.00 $-9,240.00 $-9,240.00 $-9,240.00 $-9,240.00

T C Depr. -4,224.02 -7,244.14 -5,173.54 -3,697.50 -2,638.54 -2,638.58 -2,638.54 -1,325.18

-13,464.02 -16,484.14 -14,413.54 -12,937.50 -11,878.54 -11,878.54 -11,878.54 -10,565.18 Kd AT = .12(1-.34) = .12(.66) = .0792 = 7.92%

Yes, the asset should be leased.

NPV =$87,000 – ($13,464.02/1.0792) – ($16,484.14/1.07922) – ($14,413.54/1.07923) –

($12,937.50/1.07924) – ($11,878.54/1.07925) – ($11,878.54/1.07926) – ($11,878.54/1.07927) –($10,565.18/1.07928) = $87,000 – $75,976.79 = $11,023.33

公司理财原版题库Chap010

Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40

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.

公司理财试题及答案

1)单选题,共20题,每题5.0分,共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为? A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险? A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型? A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式? A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于? A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模

6 单选题 (5.0分) 以下哪种不是财务分析方法? A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成? A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了? A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是? A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式? A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)

什么是营运资本? A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是? A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么? A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容? A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么? A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是?

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 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.

公司理财题库

一、公司理财基本技能 单选题 1、有甲、乙两台设备可供选用,甲设备的年使用费比乙设备低2000元,但价格高于乙设备8000元。若资本成本为10%,甲设备的使用期应长于(D)年,选用甲设备才是有利的 A、4 B、5 C、4.6 D、5.4 2、(F/A,10%,11)=18.531普通年金现值系数的倒数称为(D) A、复利现值系数 B、普通年金终值系数 C、偿债基金系数 D、资本回收系数 3、关于风险报酬正确的表述是(D ) A、风险报酬是必要投资报酬 B、风险报酬是投资者的风险态度 C、风险报酬是无风险报酬加通胀贴补 D、风险报酬率=风险报酬斜率×风险程度 4、以资本利润率最大化作为公司理财目标,存在的缺陷是(D ) A、不能反映资本的获利水平 B、不能用于不同资本规模的企业间比较 C、不能用于同一企业的不同期间比较 D、没有考虑风险因素与时间价值 5、(F./A,10%,9)=13.579 已知,则10年、10%的即付年金终值系数为(A )。 A、17.531 B、15.937 C、14.579 D、12.579 6、下列风险因素中,( D)可以引起实质性风险 A、偷工减料引起产品事故 B、新产品设计错误 C、信用考核不严谨而出现贷款拖欠 D、食物质量对人体的危害 7、我国企业应采用的较为合理的财务目标是( C) A、利润最大化 B、每股利润最大化 C、企业价值最大化 D、资本利润率最大化 8、当一年内复利m次时,其名义利率r与实际利率i之间的关系是(A) A、 i=(1+r/m)m-1 B、 i=(1+r/m)-1

C、i=(1+r/m)-m-1 D、i=1-(1+r/m) 9、某公司向银行借款100万元,借款期限2年,借款利率6%,每半年付息1次,该笔借款的实际利率为(A ) A、6.09% B、6% C、6.21% D、5.80% 10、企业投资可以分为广义投资和狭义投资,狭义的投资仅指(D) A、固定资产投资 B、证券投资 C、对内投资 D、对外投资 12、企业财务管理是企业经济管理工作的一个组成部分,区别于其他经济管理工作的特点在于它是一种(C) A、劳动要素的管理 B、物资设备的管理 C、资金的管理 D、使用价值的管理 13、x.y方案的标准离差是1.5,方案的标准离差是1.4,如两方案的期望值相同,则两方案的风险关系为(A) A、x>y B、x

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.

公司理财期末考试题(C卷)

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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

201620171公司理财复习题

一、单项选择题 1、公司价值是指公司全部资产的市场价值,其表达式是(b )。 A.公司资产未来预期报酬率的现值 B.公司资产未来预期现金流量现值的合计 C.公司资产未来预期报酬的合计 D.公司资产未来预期现金流量的合计 2、下列不属于年金形式的是( b )。 A.折旧 B.债券本金 C.租金 D.保险金 3、若债券每半年复利一次,其有效利率( a )。 A.大于名义利率 B.小于名义利率 C.是名义利率的两倍 D. 是名义利率的50% 4、投资组合有效边界以外的投资组合与有效边界上的组合相比,下列结论不正确的是(d )。 A.相同的标准差和较低的预期收益率 B.相同的预期收益率和较高的标准差 C.较低的预期收益率和较高的标准差 D.较低的标准差和较高的预期收益率 5、假设市场投资组合的收益率和方差分别为12%和0.25,无风险收益率为8%,P股票收益率的方差是0.16,与市场投资组合收益率的相关系数为0.4,则该股票的必要收益率为( b )。 A.9.02% B.9.28% C.10.28% D.10.56% 6、若某种证券的β系数为0.8,则下列关于证券的风险说法正确的是( c )。 A.无任何风险 B.无市场风险 C.与金融市场所有证券平均风险相同 D.比金融市场所有证券平均风险高一倍 7、对预期收益率不同的方案的风险程度进行对比应用的指标是( d )。 A.期望值 B.平方差 C.标准差 D.标准离差率 8、下列关于风险分散的论述证券的是( a )。 A.当两种证券为负相关时,相关系数越大,分散风险的效应越小 B.当两种证券为正相关时,相关系数越大,分散风险的效应越大 C.证券组合的风险低于各种证券风险的平均值 D.证券组合的风险高于单个证券的最高风险 9、债券资本成本一般要低于普通股资本成本,主要原因是( d )。 A.债券的融资费用少 B.债券的发行量小 C.债券的利息是固定的 D.债券风险较低,且利息具有抵税效应 10、一般来说,无法通过多样化投资予以分散的风险是( a )。 A.系统风险 B.非系统风险 C.总风险 D.公司特有风险 11、当两种证券完全负相关时,它们的相关系数是( c )。 A.0 B.1 C.-1 D.不确定 12、某项永久性奖学金,每年计划颁发100,000元奖金。若年复利率为8.5%,该奖学金的本金应为( d )。 A.1,234,470.59元 B.205,000.59元 C.2,176,470.45元 D.1,176,470.59元 13、某公司计划投资一项目,初始投资额为60万元,税法规定的折旧年限为12年,按直线

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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.

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.

公司理财复习题

单选 1、资金时间价值通常() A 包括风险和物价变动因素 B不包括风险和物价变动因素 C包括风险因素但不包括物价变动因素 D包括物价变动因素但不包括风险因素 2、若希望在3年后取得500元,利率为10%,则单利情况下现在应存入银行() A 384.6 B 650 C 375.7 D 665.5 3、某项存款利率为6%,每半年复利一次,其实际利率为() A3% B6.09% C6% D6.6% 4、在普通年金终值系数的基础上,期数加1、系数减1所得到的结果,在数值上等于() A普通年金现值系数B先付年金现值系数 C普通年金终值系数D先付年金终值系数 5、下列项目中,不属于投资项目的现金流出量的是() A固定资产投资 B营运成本 C垫支流动资金 D固定资产折旧 6、某投资项目的年营业收入为500万元,年经营成本为300万元,年折旧费用为10万元,所得税税率为33%,则该投资方案的年经营现金流量为()万元 A127.3 B200 C137.3 D144 7、在新设立的股份有限公司申请发行股票时,发起人认购的股本数额不少于公司拟发行股本的() A 25% B 10% C 35% D 15% 8、债券筹资的特点之一是() A 资金成本高 B 财务风险小 C 筹资数额无限 D 可利用财务杠杆 9、以下关于优先股的说法正确的是() A 优先股是一种具有双重性质的证券,它虽属自有资金,但却兼有债券性质。 B 始发股票和新股发行具体条件、目的、发行价格不尽相同,股东的权利、义务也不一致。 C 股份有限公司申请其股票上市的必备条件之一是:公司股本总额不少于人民币3000元。 D 新设立股份有限公司申请公开发行股票,向社会公众发行的部分不少于公司拟发行的股本总额的20%。 10、下列筹资方式按一般情况而言,企业所承担的财务风险由大到小排列为() A 筹资租赁、发行股票、发行债券 B 筹资租赁、发行债券、发行股票 C发行债券、筹资租赁、发行股票 D发行债券、发行股票、筹资租赁 11、以下观点正确的是() A 收益债券是指在企业不盈利时,可暂不支付利息,而到获利时支付累积利息的债券。 B 公司法对发债企业的基本要求是公司的净资产额不低于5000万元。 C 在债券面值与票面利率一定的情况下,市场利率越高,则债券的发行价格越低在市场利率大于票面利率的情况下,债券的发行价格大于其面值。 D 累积优先股、可转换优先股、参加优先股均对股东有利,而可赎回优先股则对股份公司有利。 12、股份有限公司申请其股票上市时,向社会公开发行股份需达到公司股份总数的()以上 A 15% B 20% C 25% D 30% 13、原有企业改组设立股份有限公司公开发行股票时,要求其发行前一年末净资产在总资产中所占比例不低于() A 25% B 20% C 30% D 40% 14、投资的风险与投资的收益之间是()关系 A正向变化 B 反向变化 C 有时正向,有时反向 D没有 15、有一种债券面值2000元,票面利率为6%,每年支付一次利率,5年到期,同等风险投资的必要报酬率为10%,则该债券的价格在()元时才可以投资 A 1600.57 B 696.75 C 1966.75 D 1696.75 16、某债券面值1500元,期限为3年,票面利率为10%,单利计息,市场利率为8%,到期一次还本付息,

陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】

第二章财务报表分析 一、单选题 1.假定甲公司向乙公司赊销产品,并持有丙公司的债券和丁公司的股票,且向戊公司支付公司债利息。在不考虑其他条件的情况下,从甲公司的角度看,下列各项中属于本企业与债权人之间财务关系的是()。(南京大学2011金融硕士) A.甲公司与乙公司之间的关系 B.甲公司与丙公司之间的关系 C.甲公司与丁公两之间的关系 D.甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系;甲公司为丙公司的债权人;甲公司是丁公司的股东;戊公司是甲公司的债权人。 2.杜邦财务分析体系的核心指标是()。(浙江财经学院2011金融硕士) A.总资产报酬率 B.可持续增长率 C.ROE D.销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价,其恒

等式为:ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率(ROE)反映所有者投入资金的获利能力,反映企业筹资、投资、资产运营等活动的效率,是一个综合性最强的财务比率,所以净资产收益率是杜邦分析体系的核心指标。 3.影响企业短期偿债能力的最根本原因是()。(浙江财经学院2011金融硕士)A.企业的资产结构 B.企业的融资结构 C.企业的权益结构 D.企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率,有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力,因此,这些指标关注企业的流动资产和流动负债,但短期偿债能力比率的大小会因行业类型而不同,影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4.市盈率是投资者用来衡量上市公司盈利能力的重要指标,关于市盈率的说法不正确的是()。(浙江工商大学2011金融硕士) A.市盈率反映投资者对每股盈余所愿意支付的价格 B.市盈率越高表明人们对该股票的评价越高,所以进行股票投资时应该选择市盈率最高的股票 C.当每股盈余很小时,市盈率不说明任何问题 D.如果上市公司操纵利润,市盈率指标也就失去了意义

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.

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