搜档网
当前位置:搜档网 › 罗斯公司理财Chap002全英文题库及答案

罗斯公司理财Chap002全英文题库及答案

罗斯公司理财Chap002全英文题库及答案
罗斯公司理财Chap002全英文题库及答案

Chapter 02 Financial Statements and Cash Flow Answer Key

Multiple Choice Questions

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

Topic: BALANCE SHEET

Type: DEFINITIONS

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

Topic: CURRENT ASSETS

Type: DEFINITIONS

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

Topic: LONG-TERM DEBT

Type: DEFINITIONS

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

Topic: NET WORKING CAPITAL

Type: DEFINITIONS

5. A(n) ____ asset is one which can be quickly converted into cash without significant loss in value.

A. current

B. fixed

C. intangible

D. liquid

E. long-term

Difficulty level: Easy

Topic: LIQUID ASSETS

Type: DEFINITIONS

6. The financial statement summarizing a firm's accounting performance over a period of time is the:

A. income statement.

B. balance sheet.

C. statement of cash flows.

D. tax reconciliation statement.

E. shareholders' equity sheet.

Difficulty level: Easy

Topic: INCOME STATEMENT

Type: DEFINITIONS

7. Noncash items refer to:

A. the credit sales of a firm.

B. the accounts payable of a firm.

C. the costs incurred for the purchase of intangible fixed assets.

D. expenses charged against revenues that do not directly affect cash flow.

E. all accounts on the balance sheet other than cash on hand.

Difficulty level: Easy

Topic: NONCASH ITEMS

Type: DEFINITIONS

8. Your _____ tax rate is the amount of tax payable on the next taxable dollar you earn.

A. deductible

B. residual

C. total

D. average

E. marginal

Difficulty level: Easy

Topic: MARGINAL TAX RATES

Type: DEFINITIONS

9. Your _____ tax rate is the total taxes you pay divided by your taxable income.

A. deductible

B. residual

C. total

D. average

E. marginal

Difficulty level: Easy

Topic: AVERAGE TAX RATES

Type: DEFINITIONS

10. _____ refers to the cash flow that results from the firm's ongoing, normal business activities.

A. Cash flow from operating activities

B. Capital spending

C. Net working capital

D. Cash flow from assets

E. Cash flow to creditors

Difficulty level: Medium

Topic: CASH FLOW FROM OPERATING ACTIVITIES

Type: DEFINITIONS

11. _____ refers to the changes in net capital assets.

A. Operating cash flow

B. Cash flow from investing

C. Net working capital

D. Cash flow from assets

E. Cash flow to creditors

Difficulty level: Medium

Topic: CASH FLOW FROM INVESTING

Type: DEFINITIONS

12. _____ refers to the difference between a firm's current assets and its current liabilities.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from assets

E. Cash flow to creditors

Difficulty level: Easy

Topic: NET WORKING CAPITAL

Type: DEFINITIONS

13. _____ is calculated by adding back noncash expenses to net income and adjusting for changes in current assets and liabilities.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from operations

E. Cash flow to creditors

Difficulty level: Medium

Topic: CASH FLOW FROM OPERATIONS

Type: DEFINITIONS

14. _____ refers to the firm's interest payments less any net new borrowing.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from shareholders

E. Cash flow to creditors

Difficulty level: Medium

Topic: CASH FLOW TO CREDITORS

Type: DEFINITIONS

15. _____ refers to the firm's dividend payments less any net new equity raised.

A. Operating cash flow

B. Capital spending

C. Net working capital

D. Cash flow from creditors

E. Cash flow to stockholders

Difficulty level: Medium

Topic: CASH FLOW TO STOCKHOLDERS

Type: DEFINITIONS

16. Earnings per share is equal to:

A. net income divided by the total number of shares outstanding.

B. net income divided by the par value of the common stock.

C. gross income multiplied by the par value of the common stock.

D. operating income divided by the par value of the common stock.

E. net income divided by total shareholders' equity.

Difficulty level: Medium

Topic: EARNINGS PER SHARE

Type: DEFINITIONS

17. Dividends per share is equal to dividends paid:

A. divided by the par value of common stock.

B. divided by the total number of shares outstanding.

C. divided by total shareholders' equity.

D. multiplied by the par value of the common stock.

E. multiplied by the total number of shares outstanding.

Difficulty level: Medium

Topic: DIVIDENDS PER SHARE

Type: DEFINITIONS

18. Which of the following are included in current assets?

I. equipment

II. inventory

III. accounts payable

IV. cash

A. II and IV only

B. I and III only

C. I, II, and IV only

D. III and IV only

E. II, III, and IV only

Difficulty level: Medium

Topic: CURRENT ASSETS

Type: CONCEPTS

19. Which of the following are included in current liabilities?

I. note payable to a supplier in eighteen months

II. debt payable to a mortgage company in nine months

III. accounts payable to suppliers

IV. loan payable to the bank in fourteen months

A. I and III only

B. II and III only

C. III and IV only

D. II, III, and IV only

E. I, II, and III only

Difficulty level: Medium

Topic: CURRENT LIABILITIES

Type: CONCEPTS

20. An increase in total assets:

A. means that net working capital is also increasing.

B. requires an investment in fixed assets.

C. means that shareholders' equity must also increase.

D. must be offset by an equal increase in liabilities and shareholders' equity.

E. can only occur when a firm has positive net income.

Difficulty level: Medium

Topic: BALANCE SHEET

Type: CONCEPTS

21. Which one of the following assets is generally the most liquid?

A. inventory

B. buildings

C. accounts receivable

D. equipment

E. patents

Difficulty level: Medium

Topic: LIQUIDITY

Type: CONCEPTS

22. Which one of the following statements concerning liquidity is correct?

A. If you sold an asset today, it was a liquid asset.

B. If you can sell an asset next year at a price equal to its actual value, the asset is highly liquid.

C. Trademarks and patents are highly liquid.

D. The less liquidity a firm has, the lower the probability the firm will encounter financial difficulties.

E. Balance sheet accounts are listed in order of decreasing liquidity.

Difficulty level: Medium

Topic: LIQUIDITY

Type: CONCEPTS

23. Liquidity is:

A. a measure of the use of debt in a firm's capital structure.

B. equal to current assets minus current liabilities.

C. equal to the market value of a firm's total assets minus its current liabilities.

D. valuable to a firm even though liquid assets tend to be less profitable to own.

E. generally associated with intangible assets.

Difficulty level: Medium

Topic: LIQUIDITY

Type: CONCEPTS

24. Which of the following accounts are included in shareholders' equity?

I. interest paid

II. retained earnings

III. capital surplus

IV. long-term debt

A. I and II only

B. II and IV only

C. I and IV only

D. II and III only

E. I and III only

Difficulty level: Medium

Topic: SHAREHOLDERS' EQUITY

Type: CONCEPTS

25. Book value:

A. is equivalent to market value for firms with fixed assets.

B. is based on historical cost.

C. generally tends to exceed market value when fixed assets are included.

D. is more of a financial than an accounting valuation.

E. is adjusted to market value whenever the market value exceeds the stated book value. Difficulty level: Medium

Topic: BOOK VALUE

Type: CONCEPTS

26. When making financial decisions related to assets, you should:

A. always consider market values.

B. place more emphasis on book values than on market values.

C. rely primarily on the value of assets as shown on the balance sheet.

D. place primary emphasis on historical costs.

E. only consider market values if they are less than book values.

Difficulty level: Medium

Topic: MARKET VALUE

Type: CONCEPTS

27. As seen on an income statement:

A. interest is deducted from income and increases the total taxes incurred.

B. the tax rate is applied to the earnings before interest and taxes when the firm has both depreciation and interest expenses.

C. depreciation is shown as an expense but does not affect the taxes payable.

D. depreciation reduces both the pretax income and the net income.

E. interest expense is added to earnings before interest and taxes to get pretax income. Difficulty level: Medium

Topic: INCOME STATEMENT

Type: CONCEPTS

28. The earnings per share will:

A. increase as net income increases.

B. increase as the number of shares outstanding increase.

C. decrease as the total revenue of the firm increases.

D. increase as the tax rate increases.

E. decrease as the costs decrease.

Difficulty level: Medium

Topic: EARNINGS PER SHARE

Type: CONCEPTS

29. Dividends per share:

A. increase as the net income increases as long as the number of shares outstanding remains constant.

B. decrease as the number of shares outstanding decrease, all else constant.

C. are inversely related to the earnings per share.

D. are based upon the dividend requirements established by Generally Accepted Accounting Procedures.

E. are equal to the amount of net income distributed to shareholders divided by the number of shares outstanding.

Difficulty level: Medium

Topic: DIVIDENDS PER SHARE

Type: CONCEPTS

30. Earnings per share

A. will increase if net income increases and number of shares remains constant.

B. will increase if net income decreases and number of shares remains constant.

C. is number of shares divided by net income.

D. is the amount of money that goes into retained earnings on a per share basis.

E. None of the above.

Difficulty level: Medium

Topic: EARNINGS PER SHARE

Type: CONCEPTS

31. According to Generally Accepted Accounting Principles, costs are:

A. recorded as incurred.

B. recorded when paid.

C. matched with revenues.

D. matched with production levels.

E. expensed as management desires.

Difficulty level: Medium

Topic: MATCHING PRINCIPLE

Type: CONCEPTS

32. Depreciation:

A. is a noncash expense that is recorded on the income statement.

B. increases the net fixed assets as shown on the balance sheet.

C. reduces both the net fixed assets and the costs of a firm.

D. is a non-cash expense which increases the net operating income.

E. decreases net fixed assets, net income, and operating cash flows.

Difficulty level: Medium

Topic: NONCASH ITEMS

Type: CONCEPTS

33. When you are making a financial decision, the most relevant tax rate is the _____ rate.

A. average

B. fixed

C. marginal

D. total

E. variable

Difficulty level: Medium

Topic: MARGINAL TAX RATE

Type: CONCEPTS

34. An increase in which one of the following will cause the operating cash flow to increase?

A. depreciation

B. changes in the amount of net fixed capital

C. net working capital

D. taxes

E. costs

Difficulty level: Medium

Topic: OPERATING CASH FLOW

Type: CONCEPTS

35. A firm starts its year with a positive net working capital. During the year, the firm acquires more short-term debt than it does short-term assets. This means that:

A. the ending net working capital will be negative.

B. both accounts receivable and inventory decreased during the year.

C. the beginning current assets were less than the beginning current liabilities.

D. accounts payable increased and inventory decreased during the year.

E. the ending net working capital can be positive, negative, or equal to zero.

Difficulty level: Medium

Topic: CHANGE IN NET WORKING CAPITAL

Type: CONCEPTS

36. The cash flow to creditors includes the cash:

A. received by the firm when payments are paid to suppliers.

B. outflow of the firm when new debt is acquired.

C. outflow when interest is paid on outstanding debt.

D. inflow when accounts payable decreases.

E. received when long-term debt is paid off.

Difficulty level: Medium

Topic: CASH FLOW TO CREDITORS

Type: CONCEPTS

37. Cash flow to stockholders must be positive when:

A. the dividends paid exceed the net new equity raised.

B. the net sale of common stock exceeds the amount of dividends paid.

C. no income is distributed but new shares of stock are sold.

D. both the cash flow to assets and the cash flow to creditors are negative.

E. both the cash flow to assets and the cash flow to creditors are positive. Difficulty level: Medium

Topic: CASH FLOW TO STOCKHOLDERS

Type: CONCEPTS

38. Which equality is the basis for the balance sheet?

A. Fixed Assets = Stockholder's Equity + Current Assets

B. Assets = Liabilities + Stockholder's Equity

C. Assets = Current Long-Term Debt + Retained Earnings

D. Fixed Assets = Liabilities + Stockholder's Equity

E. None of the above

Difficulty level: Medium

Topic: BALANCE SHEET

Type: CONCEPTS

39. Assets are listed on the balance sheet in order of:

A. decreasing liquidity.

B. decreasing size.

C. increasing size.

D. relative life.

E. None of the above.

Difficulty level: Medium

Topic: BALANCE SHEET

Type: CONCEPTS

40. Debt is a contractual obligation that:

A. requires the payout of residual flows to the holders of these instruments.

B. requires a repayment of a stated amount and interest over the period.

C. allows the bondholders to sue the firm if it defaults.

D. Both A and B.

E. Both B and C.

Difficulty level: Medium

Topic: DEBT

Type: CONCEPTS

41. The carrying value or book value of assets:

A. is determined under GAAP and is based on the cost of the asset.

B. represents the true market value according to GAAP.

C. is always the best measure of the company's value to an investor.

D. is always higher than the replacement cost of the assets.

E. None of the above.

Difficulty level: Medium

Topic: CARRYING VALUE

Type: CONCEPTS

42. Under GAAP, a firm's assets are reported at:

A. market value.

B. liquidation value.

C. intrinsic value.

D. cost.

E. None of the above.

Difficulty level: Medium

Topic: GAAP

Type: CONCEPTS

43. Which of the following statements concerning the income statement is true?

A. It measures performance over a specific period of time.

B. It determines after-tax income of the firm.

C. It includes deferred taxes.

D. It treats interest as an expense.

E. All of the above.

Difficulty level: Medium

Topic: INCOME STATEMENT

Type: CONCEPTS

44. According to generally accepted accounting principles (GAAP), revenue is recognized as income when:

A. a contract is signed to perform a service or deliver a good.

B. the transaction is complete and the goods or services are delivered.

C. payment is requested.

D. income taxes are paid.

E. All of the above.

Difficulty level: Medium

Topic: GAAP INCOME RECOGNITION

Type: CONCEPTS

45. Which of the following is not included in the computation of operating cash flow?

A. Earnings before interest and taxes

B. Interest paid

C. Depreciation

D. Current taxes

E. All of the above are included

Difficulty level: Medium

Topic: OPERATING CASH FLOW

Type: CONCEPTS

46. Net capital spending is equal to:

A. net additions to net working capital.

B. the net change in fixed assets.

C. net income plus depreciation.

D. total cash flow to stockholders less interest and dividends paid.

E. the change in total assets.

Difficulty level: Medium

Topic: NET CAPITAL SPENDING

Type: CONCEPTS

47. Cash flow to stockholders is defined as:

A. interest payments.

B. repurchases of equity less cash dividends paid plus new equity sold.

C. cash flow from financing less cash flow to creditors.

D. cash dividends plus repurchases of equity minus new equity financing.

E. None of the above.

Difficulty level: Medium

Topic: CASH FLOW TO STOCKHOLDERS

Type: CONCEPTS

48. Free cash flow is:

A. without cost to the firm.

B. net income plus taxes.

C. an increase in net working capital.

D. cash that the firm is free to distribute to creditors and stockholders.

E. None of the above.

Difficulty level: Medium

Topic: FREE CASH FLOW

Type: CONCEPTS

49. The cash flow of the firm must be equal to:

A. cash flow to stockholders minus cash flow to debtholders.

B. cash flow to debtholders minus cash flow to stockholders.

C. cash flow to governments plus cash flow to stockholders.

D. cash flow to stockholders plus cash flow to debtholders.

E. None of the above.

Difficulty level: Medium

Topic: CASH FLOW

Type: CONCEPTS

50. Which of the following are all components of the statement of cash flows?

A. Cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities

B. Cash flow from operating activities, cash flow from investing activities, and cash flow from divesting activities

C. Cash flow from internal activities, cash flow from external activities, and cash flow from financing activities

D. Cash flow from brokering activities, cash flow from profitable activities, and cash flow from non-profitable activities

E. None of the above.

Difficulty level: Medium

Topic: STATEMENT OF CASH FLOWS

Type: CONCEPTS

51. One of the reasons why cash flow analysis is popular is because:

A. cash flows are more subjective than net income.

B. cash flows are hard to understand.

C. it is easy to manipulate, or spin the cash flows.

D. it is difficult to manipulate, or spin the cash flows.

E. None of the above.

Difficulty level: Medium

Topic: CASH FLOW MANAGEMENT

Type: CONCEPTS

52. A firm has $300 in inventory, $600 in fixed assets, $200 in accounts receivable, $100 in accounts payable, and $50 in cash. What is the amount of the current assets?

A. $500

B. $550

C. $600

D. $1,150

E. $1,200

Current assets = $300 + $200 + $50 = $550

Difficulty level: Medium

Topic: CURRENT ASSETS

Type: PROBLEMS

53. Total assets are $900, fixed assets are $600, long-term debt is $500, and short-term debt is $200. What is the amount of net working capital?

A. $0

B. $100

C. $200

D. $300

E. $400

Net working capital = $900 - $600 - $200 = $100

Difficulty level: Medium

Topic: NET WORKING CAPITAL

Type: PROBLEMS

54. Brad's Company has equipment with a book value of $500 that could be sold today at a 50% discount. Its inventory is valued at $400 and could be sold to a competitor for that amount. The firm has $50 in cash and customers owe it $300. What is the accounting value of its liquid assets?

A. $50

B. $350

C. $700

D. $750

E. $1,000

Liquid assets = $400 + $50 + $300 = $750

Difficulty level: Medium

Topic: LIQUIDITY

Type: PROBLEMS

55. Martha's Enterprises spent $2,400 to purchase equipment three years ago. This equipment is currently valued at $1,800 on today's balance sheet but could actually be sold for $2,000. Net working capital is $200 and long-term debt is $800. Assuming the equipment is the firm's only fixed asset, what is the book value of shareholders' equity?

A. $200

B. $800

C. $1,200

D. $1,400

E. The answer cannot be determined from the information provided

Book value of shareholders' equity = $1,800 + $200 - $800 = $1,200

Difficulty level: Medium

Topic: BOOK VALUE

Type: PROBLEMS

56. Art's Boutique has sales of $640,000 and costs of $480,000. Interest expense is $40,000 and depreciation is $60,000. The tax rate is 34%. What is the net income?

A. $20,400

B. $39,600

C. $50,400

D. $79,600

E. $99,600

Taxable income = $640,000 - $480,000 - $40,000 - $60,000 = $60,000; Tax = .34($60,000) = $20,400; Net income = $60,000 - $20,400 = $39,600

Difficulty level: Medium

Topic: NET INCOME

Type: PROBLEMS

57. Given the tax rates as shown, what is the average tax rate for a firm with taxable income of $126,500?

A. 21.38%

B. 23.88%

C. 25.76%

D. 34.64%

E. 39.00%

Tax = .15($50,000) + .25($25,000) + .34($25,000) + .39($126,500 - $100,000) = $32,585; Average tax rate = $32,585 $126,500 = .2576 = 25.76%

Difficulty level: Medium

Topic: MARGINAL TAX RATE

Type: PROBLEMS

南开秋学期公司理财在线作业答案

南开秋学期《公司理财》在线作业答案 13秋学期《公司理财》在线作业 一、单选题 1. 公司的实收资本是指()。 A. 法律上的资本金 B. 财务上的资本金 C. 授权资本 D. 折衷资本 正确答案:B 2. 项目分析得出的最终结果的准确性取决于()测算的准确性。 A. 项目预算 B. 投资支出 C. 现金流量 D. 资本预算 正确答案:C 3. 剩余股利政策的理论依据是( )。 A. 信号理论 B. MM理论 C. 税差理论 D. "一鸟在手"理论 正确答案:B 4. 复利终值的计算公式是()。 A. F=P?(1+i) B. F=P?(FVIF,k,n) C. F=P?(PVIFA,k,n) D. F=P?(FVIF,k,,n+1) 正确答案:B 5. 某公司与银行商定的周转信贷额为3500万元,承诺费率为0.5%,借款公司年度内使用了2800万元,余额800万元。那么, 借款公司应向银行支付承诺费()。 A. 3(万元) B. 3.5(万元) C. 4(万元) D. 4.5(万元) 正确答案:C

6. 某股票拟进行现金分红,方案为每10股派息2.5元,个人所得税率为20%,该股票股权登记日的收盘价为10元,则该股票的除权价应该是()。 A. 7.50元 B. 9.75元 C. 9.80元 D. 7.80元 正确答案:B 7. 在财务管理实务中一般把()作为无风险报酬率。 A. 定期存款报酬率 B. 投资报酬率 C. 预期报酬率 D. 短期国库券报酬率 正确答案:D 8. 影响企业价值的两个基本因素是() A. 时间和利润 B. 利润和成本 C. 风险和报酬 D. 风险和贴现率 正确答案:C 9. ( )被称为普通年金。 A. 先付年金 B. 后付年金 C. 延期年金 D. 永续年金 正确答案:B 10. 法定盈余公积金可用于弥补亏损,或者转增资本金。但转增资本金时,公司的法定盈余公积金一般不得低于注册资本的( )。 A. 25% B. 50% C. 10% D. 35% 正确答案:A 11. 某公司向银行借款500万元,年利率8%,银行要求维持贷款限额10%的补偿性余额,则该项借款的实际利率是()。 A. 8.70% B. 8.89% C. 10.87% D. 11.11% 正确答案:B

公司理财 习题库 Chap002

Multiple Choice Questions 1. Which of the following is not a characteristic of a money market instrument? A) liquidity B) marketability C) long maturity D) liquidity premium E) C and D Answer: E Difficulty: Easy Rationale: Money market instruments are short-term instruments with high liquidity and marketability; they do not have long maturities nor pay liquidity premiums. 2. Which one of the following is not a money market instrument? A) a Treasury bill B) a negotiable certificate of deposit C) commercial paper D) a Treasury bond E) a Eurodollar account Answer: D Difficulty: Easy Rationale: Money market instruments are instruments with maturities of one year or less, which applies to all of the above except Treasury bonds. See Table 2.1, page 33. 3. T-bills are financial instruments initially sold by ________ to raise funds. A) commercial banks B) the U. S. government C) state and local governments D) agencies of the federal government E) B and D Answer: B Difficulty: Easy Rationale: Only the U. S. government sells T-bills in the primary market.

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。

东财网校《公司理财》课程作业及答案1

东财网校《公司理财》课程作业及答案 1、一般来说,企业的负债率不应超过(50% ) 2、如果某公司出现财务危机,股东将可动用资本用于高风险的项目,做孤注一掷的赌博,如果投资结果加 重了财务危机的程度,这种情况可视为(风险转移) 3、股东—经营者可以通过先许诺选择风险较小的项目以出售债券,而后却选择风险较大的项目,将财富 从债权人手里转移到股权持有者手中,这种现象称为(资产替代效应) 4、将每年发放的每股股利固定在某一特定水平上,并在较长时期内不变,只有公司认为未来盈余显著增长 时才将股利维持更高的水平,从而提高股利发放额,这种股利政策是(固定股利或稳定增长股利) 5、能够使得经营杠杆系数呈反方向变化的影响因素是(销售量、单价) 6、不属于某种股利支付方式,但其所产生的效果与发放股票股利十分相似的方式是指(股票分割) 7、由于股利比资本利得具有相对的确定性,因此公司应维持较高的股利支付率,这种观点属于(“一鸟在 手”理论) 8、罗斯完全保留了MM理论的全部假设,仅仅放松了关于充分占有信息的假设,认为投资者只知道对经营 者采取的措施有(激励、监督) 9、产生财务杠杆是由于企业存在(优先股股利、债务利息) 10、如果公司持有较多的流动资产,则公司的(盈利能力弱、风险小、债务的偿付能力强) 11、最为普遍使用的股利支付方式有(现金支付、股票支付) 12、如果公司当年亏损,但为维持其股票信誉,规定(可以用盈余公积金发放股利、留存的盈余公积金不 得低于注册资本的25%) 13、影响股利政策的因素有(法律因素、契约型因素、公司因素、股东因素) 14、现金股利和股票回购具有相似之处,表现为(公司需支付一定数量的现金、公司减少了资产) 15、在不考虑所得税和财务危机成本的条件下,公司价值不受资本结构的影响,即经营风险相同但资本结构 不同的企业,其(总价值相等) 16、每股收益变动率相当于产销量变动率的倍数是指(总杠杆系数) 17、经营杠杆产生的原因是由于企业存在(固定经营成本) 18、当一项独立的长期投资方案的净现值大于0时,则可以说明(该方案的现金流入现值总和大于该方案 的现金流出现值总和、该方案的获利指数一定大于1、该方案可以接受,应该投资、该方案内部收益率大于投资者要求的最低报酬率) 19、下列各项中,属于现金流出项目的有(建设投资、经营成本、所得税支出) 20、净现值法的优点有(使用了现金净流量指标、考虑了货币时间价值的影响、考虑了整个项目计算期内

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.

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

东财《公司理财》在线作业二1答案

东财《公司理财》在线作业二-0010 试卷总分:100 得分:0 一、单选题(共15 道试题,共60 分) 1.用来衡量企业运用投资者投入资本获得收益能力的财务比率是: A.净资产收益率 B.总资产收益率 C.销售利润率 D.盈利现金比率 正确答案:A 2.某企业计划投资30万元建设一生产线,预计该生产线投产后可为企业每年创造2万元的净利润,年折旧额为3万元,则投资回收期为: A.5年 B.6年 C.10年 D.15年 正确答案:B 3.对于股东来讲,可以使其得到更多的现金股利,这种股利发放方式应为: A.现金股利 B.股票股利 C.股票股利加现金股利 D.负债股利 正确答案:C 4.当资产负债率大于以下哪个数值时,表明企业已资不抵债,视为达到破产的警戒线: A.50% B.0 C.100% D.200% 正确答案:C 5.在国际筹资计价货币的选择中,借款的计价货币与投资项目的收益货币应: A.保持一致 B.一致或不一致均可 C.不一致 D.二者没有联系 正确答案:A

6.在计算投资项目的未来现金流量时,报废设备的预计净残值为8 000元,按税法规定计算的净残值为10 000元,所得税税率为40%,则设备报废引起的预计现金流入量为: A.7 200 B.8 800 C.9 200 D.10 800 正确答案:B 7.以下关于风险的论述,错误的是: A.风险越大,投资者要求的收益率越高 B.风险程度只能用标准差或方差来表示 C.标准差不能用于比较不同方案之间的风险程度 D.预期利润率由无风险利润率和风险补偿率组成 正确答案:B 8.商业信用筹资最大的优点是: A.期限较短 B.成本较低 C.容易获得 D.金额不固定 正确答案:C 9.下列指标中,属于上市公司特有指标的是: A.权益比率 B.流动比率 C.总资产周转率 D.股利发放率 正确答案:D 10.某投资项目的原始投资额为200万元,建设期为1年,投产后1—6年每年现金净流量为40万元,第7—10年每年现金净流量为30万元,则该项目包括建设期的投资回收期为: A.5年 B.6年 C.7年 D.8年 正确答案:B 11.货币时间价值是: A.货币经过投资后所增加的价值

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

Chap002金融机构管理课后题答案

Chapter Two The Financial Services Industry: Depository Institutions Chapter Outline Introduction Commercial Banks ?Size, Structure, and Composition of the Industry ?Balance Sheet and Recent Trends ?Other Fee-Generating Activities ?Regulation ?Industry Performance Savings Institutions ?Savings Associations (SAs) ?Savings Banks ?Recent Performance of Savings Associations and Savings Banks Credit Unions ?Size, Structure, and Composition of the Industry and Recent Trends ?Balance Sheets ?Regulation ?Industry Performance Global Issues: Japan, China, and Germany Summary Appendix 2A: Financial Statement Analysis Using a Return on Equity (ROE) Framework Appendix 2B: Depository Institutions and Their Regulators Appendix 3B: Technology in Commercial Banking

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.

公司理财习题库Chap012

CHAPTER 12 Some Lessons from Capital Market History I. DEFINITIONS RISK PREMIUM a 1. 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. VARIANCE b 2. The 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 DEVIATION c 3. The standar d deviation for a set of stock returns can b e calculated as the: a. positive square root of the 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. NORMAL DISTRIBUTION d 4. A symmetric, bell-shaped frequency distribution that is completely defined by its mean and standard deviation is the _____ distribution. a. gamma

公司理财作业二答案.doc

公司理财作业(二)答案 1、将在5年后收到8500美元。你计划以8.25%的利率将其进行投资,直到你有了12500美元。那麽你一共要等多少年?答案:8500*(1+0.0825)n=12500 得n介于4与5之间,用内差法,n=(1.4706/1.4864)+4=4.99年 5+4.99=9.99年所以大概一共要等10年。 2、假设你计划购买一辆价格为35000美元的新车,首期支付5000美元,余下的车款在今后10年内每年年末等额支付,年利率为13%,复利计算。每年支付多少?如果按月等额支付,每月应付多少? 答案:如果按照每年支付:35000-5000=30000元 查年金现值表,得系数为5.43315 年金=30000/5.43315=5528.69元

如果按照每个月支付: 现值为30000元,每个月的利率为0.13/12=0.0108 通过计算得到年金现值系数为67.08037 年金=30000/67.08037=447.86元 3、假设有两家银行可向你提供贷款。一家银行的利率为12%,按月计息;另一家银行的利率为12.2% ,按半年计息。哪家银行的利率条件更为有吸引力? 对于第一家银行: 实际年利息=(1+0.12/12)12-1=12.68% 对于第二家银行: 实际年利息=(1+0.122/2)2-1=12.57% 相比较, 第二家的实际年利率低,所以第二家的利率条件更有吸引力 4、计算期望报酬率和标准差 有两只股票L和U,预计下一年景气情况和各种情况下两只股票的预计报酬

率如下表: 经济情况和股票报酬率 经济状况发生 概率 状况发生时的 报酬率 股票L 股票U 萧条0.50 -20.00% 30.00% 景气0.50 70.00% 10.00% 要求:(1)计算两只股票的期望报酬率和标准差; (2)如果无风险利率为8%,则 两只股票的期望风险溢酬 各为多少? (3)两只股票报酬率的标准差系数各为多少? 期望报酬率标准差 股票L 股票U 股票L 股票U 25.00% 20.00% 45.00% 10.00% 风险溢酬 股票L 股票U

Principles of Corporate Finance 英文第十版习题解答Chap002

CHAPTER 2 How to Calculate Present Values Answers to Problem Sets 1. If the discount factor is .507, then .507*1.126 = $1 2. 125/139 = .899 3. PV = 374/(1.09)9 = 172.20 4. PV = 432/1.15 + 137/(1.152) + 797/(1.153) = 376 + 104 + 524 = $1,003 5. FV = 100*1.158 = $305.90 6. NPV = -1,548 + 138/.09 = -14.67 (cost today plus the present value of the perpetuity) 7. PV = 4/(.14-.04) = $40 8. a. PV = 1/.10 = $10 b. Since the perpetuity will be worth $10 in year 7, and since that is roughly double the present value, the approximate PV equals $5. PV = (1 / .10)/(1.10)7 = 10/2= $5 (approximately) c. A perpetuity paying $1 starting now would be worth $10, whereas a perpetuity starting in year 8 would be worth roughly $5. The difference between these cash flows is therefore approximately $5. PV = 10 – 5= $5 (approximately) d. PV = C/(r-g) = 10,000/(.10-.05) = $200,000. 9. a. PV = 10,000/(1.055) = $7,835.26 (assuming the cost of the car does not appreciate over those five years). b. You need to set aside (12,000 × 6-year annuity factor) = 12,000 × 4.623 =

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。

公司理财罗斯课后习题答案.doc

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场决定的。这同样适用于运动员和演员。首席执行官薪酬大幅度增长的一个主要原因是

[南开大学]20秋学期[1709-2009]《公司理财》在线作业答案

[南开大学]20秋学期《公司理财》在线作业特别提醒:本试卷为南开课程辅导资料,请确认是否是您需要的资料在下载!! 一、单选题 (共 20 道试题,共 40 分) 1.财务管理的最优目标是() [A.]总价值最大化 [B.]利润最大化 [C.]股东财富最大化 [D.]企业价值最大化 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:D 2.某公司准备增发普通股,每股发行价格15元,发行费用3 元,预定第一年分派现金股利每股1.5元,以后每年股利增长2.5%。其资本成本率测算为:() [A.]12% [B.]14% [C.]13% [D.]15% 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:D 3.()是公司选择筹资方式的依据。 [A.]加权资本成本率 [B.]综合资本成本率 [C.]边际资本成本率 [D.]个别资本成本率 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:D 4.当累计的法定盈余公积金达到注册资本的( )时,可不再提取。 [A.]25% [B.]50% [C.]10% [D.]35% 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:B 5.法定盈余公积金可用于弥补亏损,或者转增资本金。但转增资本金时,公司的法定盈余公积金一般不得低于注册资本的( )。 [A.]25% [B.]50% [C.]10% [D.]35% 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答

【参考答案】:A 6.普通年金现值的计算公式是()。 [A.]P=F×(PVIF, k,n) [B.]P=F×(FVIF, k,n) [C.]P=A?(FVIFA,k,n) [D.]P=A?((PVIFA,k,n) 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:C 7.剩余股利政策的理论依据是( )。 [A.]信号理论 [B.]MM理论 [C.]税差理论 [D.]"一鸟在手"理论 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:B 8.甲公司是一家投资咨询公司,假设该公司组织10名证券分析师对乙公司的股票价格进行预测,其中4位分析师预测这只股票每股收益为0 .70元,6位预测为0.60元。该股票的每股收益期望值为:()。 [A.]0 .65 [B.]0 .64 [C.]0.66 [D.]0 .63 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:B 9.某公司向银行借款500万元,年利率8%,银行要求维持贷款限额10%的补偿性余额,则该项借款的实际利率是()。 [A.]8.70% [B.]8.89% [C.]10.87% [D.]11.11% 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:B 10.计算资本预算项目价值时,首先要测算()。 [A.]增量现金流入量 [B.]增量现金流出量 [C.]增量现金净流量 [D.]增量现金流量 提示:本试题难度中等,请复习南开课程相关知识,完成相应作答 【参考答案】:D

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

相关主题