英文版罗斯公司理财习题答案Chap002
CHAPTER 2
ACCOUNTING STATEMENTS, TAXES AND CASH FLOW
Answers to Concepts Review and Critical Thinking Questions
1.Liquidity measures how quickly and easily an asset can be converted to cash without significant loss
in value. It’s desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. However, since liquidity also has an opportunity cost associated with it - namely that higher returns can generally be found by investing the cash into productive assets - low liquidity levels are also desirable to the firm. It’s up to the firm’s financial management staff to find a reasonable compromise between these opposing needs
2.The recognition and matching principles in financial accounting call for revenues, and the costs
associated with producing those revenues, to be “booked” when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it’s the way accountants have chosen to do it.
3.The bottom line number shows the change in the cash balance on the balance sheet. As such, it is not
a useful number for analyzing a company.
4. The major difference is the treatment of interest expense. The accounting statement of cash flows
treats interest as an operating cash flow, while the financial cash flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company’s choice of debt/equity. We will have more to say about this in a later chapter. When comparing the two cash flow statements, the financial statement of cash flows is a more appropriate measure of the company’s performance because of its treatment of interest.
5.Market values can never be negative. Imagine a share of stock selling for –$20. This would mean
that if you placed an order for 100 shares, you would get the stock along with a check for $2,000.
How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.
6.For a successful company that is rapidly expanding, for example, capital outlays will be large,
possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.
7.It’s probably not a good sign for an established company, but it would be fairly ordinary for a start-
up, so it depends.
8.For example, if a company were to become more efficient in inventory management, the amount of
inventory needed would decline. The same might be true if it becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.
9.If a company raises more money from selling stock than it pays in dividends in a particular period,
its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flow to creditors will be negative.
10.The adjustments discussed were purely accounting changes; they had no cash flow or market value
consequences unless the new accounting information caused stockholders to revalue the derivatives. Solutions to Questions and Problems
NOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.
Basic
1.To find owner’s equity, we must construct a balance sheet as follows:
Balance Sheet
CA $5,000 CL $4,500
NFA 23,000 LTD 13,000
OE ??
TA $28,000 TL & OE $28,000
We know that total liabilities and owner’s equity (TL & OE) must equal total assets of $28,000. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner’s equity, so owner’s equity is:
O E = $28,000 –13,000 – 4,500 = $10,500
N WC = CA – CL = $5,000 – 4,500 = $500
2. The income statement for the company is:
Income Statement
Sales S/.527,000
Costs 280,000
Depreciation 38,000
EBIT S/.209,000
Interest 15,000
EBT S/.194,000
Taxes (35%) 67,900
Net income S/.126,100
One equation for net income is:
Net income = Dividends + Addition to retained earnings
Rearranging, we get:
Addition to retained earnings = Net income – Dividends
Addition to retained earnings = S/.126,100 – 48,000
Addition to retained earnings = S/.78,100
3.To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for current
assets, we get:
CA = NWC + CL = $900K + 2.2M = $3.1M
The market value of current assets and fixed assets is given, so:
Book value CA = $3.1M Market value CA = $2.8M
Book value NFA = $4.0M Market value NFA = $3.2M
Book value assets = $3.1M + 4.0M = $7.1M Market value assets = $2.8M + 3.2M = $6.0M 4.Taxes = 0.15(€50K) + 0.25(€25K) + 0.34(€25K) + 0.39(€273K – 100K)
Taxes = €89,720
The average tax rate is the total tax paid divided by net income, so:
Average tax rate = €89,720 / €273,000
Average tax rate = 32.86%.
The marginal tax rate is the tax rate on the next €1 of earnings, so the marginal tax rate = 39%.
5.To calculate OCF, we first need the income statement:
Income Statement
Sales 元13,500
Costs 5,400
Depreciation 1,200
EBIT 元6,900
Interest 680
Taxable income 元6,220
Taxes (35%) 2,177
Net income 元4,043
OCF = EBIT + Depreciation – Taxes
OCF = 元6,900 + 1,200 – 2,177
OCF = 元5,923
https://www.sodocs.net/doc/c11357098.html, capital spending = NFA end– NFA beg + Depreciation
Net capital spending = ￡4,700,000 – 4,200,000 + 925,000 Net capital spending = ￡1,425,000
7.The long-term debt account will increase by $8 million, the amount of the new long-term debt issue.
Since the company sold 10 million new shares of stock with a $1 par value, the common stock account will increase by $10 million. The capital surplus account will increase by $16 million, the value of the new stock sold above its par value. Since the company had a net income of $7 million, and paid $4 million in dividends, the addition to retained earnings was $3 million, which will increase the accumulated retained earnings account. So, the new long-term debt and stockholders’ equity portion of the balance sheet will be:
Long-term debt $ 68,000,000
Total long-term debt $ 68,000,000
Shareholders equity
Preferred stock $ 18,000,000
Common stock ($1 par value) 35,000,000
Accumulated retained earnings 92,000,000
Capital surplus 65,000,000
Total equity $ 210,000,000
Total Liabilities & Equity $ 278,000,000
8.Cash flow to creditors = Interest paid – Net new borrowing
Cash flow to creditors = €340,000 – (LTD end– LTD beg)
Cash flow to creditors = €340,000 – (€3,100,000 – 2,800,000)
Cash flow to creditors = €340,000 – 300,000
Cash flow to creditors = €40,000
9. Cash flow to stockholders = Dividends paid – Net new equity
Cash flow to stockholders = €600,000 – [(Common end + APIS end) – (Common beg + APIS beg)]
Cash flow to stockholders = €600,000 – [(€855,000 + 7,600,000) – (€820,000 + 6,800,000)]
Cash flow to stockholders = €600,000 – (€7,620,000 – 8,455,000)
Cash flow to stockholders = –€235,000
Note, APIS is the additional paid-in surplus.
10. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders
= €40,000 – 235,000
= –€195,000
Cash flow from assets = –€195,000 = OCF – Change in NWC – Net capital spending
= OCF – (–€165,000) – 760,000
= –€195,000
Operating cash flow = –€195,000 – 165,000 + 760,000
= €400,000
Intermediate
11. a.The accounting statement of cash flows explains the change in cash during the year. The
accounting statement of cash flows will be:
Statement of cash flows
Operations
Net income ZW$125
Depreciation 75
Changes in other current assets (25)
Total cash flow from operations ZW$175
Investing activities
Acquisition of fixed assets ZW$(175)
Total cash flow from investing activities ZW$(175)
Financing activities
Proceeds of long-term debt ZW$90
Current liabilities 10
Dividends (65)
Total cash flow from financing activities ZW$35
Change in cash (on balance sheet) ZW$35
b.Change in NWC = NWC end– NWC beg
= (CA end– CL end) – (CA beg– CL beg)
= [(ZW$45 + 145) – 70] – [(ZW$10 + 120) – 60)
= ZW$120 – 70
= ZW$50
c.To find the cash flow generated by the firm’s assets, we need the operating cash flow, and the
capital spending. So, calculating each of these, we find:
Operating cash flow
Net income ZW$125
Depreciation 75
Operating cash flow ZW$200
Note that we can calculate OCF in this manner since there are no taxes.
Capital spending
Ending fixed assets ZW$250
Beginning fixed assets (150)
Depreciation 75
Capital spending ZW$175
Now we can calculate the cash flow generated by the firm’s assets, which is:
Cash flow from assets
Operating cash flow ZW$200
Capital spending (175)
Change in NWC (50)
Cash flow from assets ZW$(25)
Notice that the accounting statement of cash flows shows a positive cash flow, but the financial cash flows show a negative cash flow. The cash flow generated by the firm’s assets is a better number for analyzing the firm’s performance.
12.With the information provided, the cash flows from the firm are the capital spending and the change
in net working capital, so:
Cash flows from the firm
Capital spending $(3,000)
Additions to NWC (1,000)
Cash flows from the firm $(4,000)
And the cash flows to the investors of the firm are:
Cash flows to investors of the firm
Sale of short-term debt $(7,000)
Sale of long-term debt (18,000)
Sale of common stock (2,000)
Dividends paid 23,000
Cash flows to investors of the firm $(4,000)
13. a. The interest expense for the company is the amount of debt times the interest rate on the debt.
So, the income statement for the company is:
Income Statement
Sales ￡1,000,000
Cost of goods sold 300,000
Selling costs 200,000
Depreciation 100,000
EBIT ￡400,000
Interest 100,000
Taxable income ￡300,000
Taxes (35%) 105,000
Net income ￡195,000
b. And the operating cash flow is:
OCF = EBIT + Depreciation – Taxes
OCF = ￡400,000 + 100,000 – 105,000
OCF = ￡395,000
14.To find the OCF, we first calculate net income.
Income Statement
Sales Au$145,000
Costs 86,000
Depreciation 7,000
Other expenses 4,900
EBIT Au$47,100
Interest 15,000
Taxable income Au$32,100
Taxes 12,840
Net income Au$19,260
Dividends Au$8,700
Additions to RE Au$10,560
a.OCF = EBIT + Depreciation – Taxes
OCF = Au$47,100 + 7,000 – 12,840
OCF = Au$41,260
b.CFC = Interest – Net new LTD
CFC = Au$15,000 – (–Au$6,500)
CFC = Au$21,500
Note that the net new long-term debt is negative because the company repaid part of its long-
term debt.
c.CFS = Dividends – Net new equity
CFS = Au$8,700 – 6,450
CFS = Au$2,250
d.We know that CFA = CFC + CFS, so:
CFA = Au$21,500 + 2,250 = Au$23,750
CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.
Net capital spending is equal to:
Net capital spending = Increase in NFA + Depreciation
Net capital spending = Au$5,000 + 7,000
Net capital spending = Au$12,000
Now we can use:
CFA = OCF – Net capital spending – Change in NWC
Au$23,750 = Au$41,260 – 12,000 – Change in NWC.
Solving for the change in NWC gives Au$5,510, meaning the company increased its NWC by Au$5,510.
15.The solution to this question works the income statement backwards. Starting at the bottom:
Net income = Dividends + Addition to ret. earnings
Net income = $900 + 4,500
Net income = $5,400
Now, looking at the income statement:
EBT –EBT × Tax rate = Net income
Recognize that EBT × tax rate is simply the calculation for taxes. Solving this for EBT yields: EBT = NI / (1– tax rate)
EBT = $5,400 / 0.65
EBT = $8,308
Now we can calculate:
EBIT = EBT + interest
EBIT = $8,308 + 1,600
EBIT = $9,908
The last step is to use:
EBIT = Sales – Costs – Depreciation
EBIT = $29,000 – 13,000 – Depreciation
EBIT = $9,908
Solving for depreciation, we find that depreciation = $6,092.
16.The balance sheet for the company looks like this:
Balance Sheet
Cash ￥175,000 Accounts payable ￥430,000 Accounts receivable 140,000 Notes payable 180,000 Inventory 265,000 Current liabilities ￥610,000 Current assets ￥580,000 Long-term debt 1,430,000
Total liabilities ￥2,040,000 Tangible net fixed assets 2,900,000
Intangible net fixed assets 720,000 Common stock ??
Accumulated ret. earnings 1,240,000 Total assets ￥4,200,000 Total liab. & owners’ equity￥4,200,000
Total liabilities and owners’ equity is:
TL & OE = CL + LTD + Common stock
Solving for this equation for equity gives us:
Common stock = ￥4,200,000 – 1,240,000 – 2,040,000
Common stock = ￥920,000
17.The market value of shareholders’ equity cannot be zero. A negative market va lue in this case would
imply that the company would pay you to own the stock. The market value of shareholders’ equity can be stated as: Shareholders’ equity = Max [(TA – TL), 0]. So, if TA is 元4,000,000 equity is equal to 元1,000,000 and if TA is 元2,500,000 equity is equal to 元0. We should note here that the book value of shareholders’ equity can be negative.
18. a. Taxes Growth = 0.15($50K) + 0.25($25K) + 0.34($10K) = $17,150
Taxes Income = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) + 0.34($8.165M)
= $2,890,000
b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite their
different average tax rates, so both firms will pay an additional $3,400 in taxes.
19.Income Statement
Sales ?850,000
COGS 630,000
A&S expenses 120,000
Depreciation 130,000
EBIT (?30,000)
Interest 85,000
Taxable income (?115,000)
Taxes (30%) 0
https://www.sodocs.net/doc/c11357098.html, income (?115,000)
b.OCF = EBIT + Depreciation – Taxes
OCF = (?30,000) + 130,000 – 0
OCF = ?100,000
https://www.sodocs.net/doc/c11357098.html, income was negative because of the tax deductibility of depreciation and interest expense.
However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.
20. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficient
cash flow to make the dividend payments.
Change in NWC = Net capital spending = Net new equity = 0. (Given)
Cash flow from assets = OCF – Change in NWC – Net capital spending
Cash flow from assets = ?100,000 – 0 – 0 = ?100,000
Cash flow to stockholders = Dividends – Net new equity
Cash flow to stockholders = ?30,000 – 0 = ?30,000
Cash flow to creditors = Cash flow from assets – Cash flow to stockholders
Cash flow to creditors = ?100,000 – 30,000
Cash flow to creditors = ?70,000
Cash flow to creditors is also:
Cash flow to creditors = Interest – Net new LTD
So:
Net new LTD = Interest – Cash flow to creditors
Net new LTD = ?85,000 – 70,000
Net new LTD = ?15,000
21. a.The income statement is:
Income Statement
Sales $12,800
Cost of good sold 10,400
Depreciation 1,900
EBIT $ 500
Interest 450
Taxable income $ 50
Taxes (34%) 17
Net income $33
b.OCF = EBIT + Depreciation – Taxes
OCF = $500 + 1,900 – 17
OCF = $2,383
c.Change in NWC = NWC end– NWC beg
= (CA end– CL end) – (CA beg– CL beg)
= ($3,850 – 2,100) – ($3,200 – 1,800)
= $1,750 – 1,400 = $350
Net capital spending = NFA end– NFA beg + Depreciation
= $9,700 – 9,100 + 1,900
= $2,500
CFA = OCF – Change in NWC – Net capital spending
= $2,383 – 350 – 2,500
= –$467
The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $467 in funds from its stockholders and creditors to make these investments.
d.Cash flow to creditors = Interest – Net new LTD
= $450 – 0
= $450
Cash flow to stockholders = Cash flow from assets – Cash flow to creditors
= –$467 – 450
= –$917
We can also calculate the cash flow to stockholders as:
Cash flow to stockholders = Dividends – Net new equity
Solving for net new equity, we get:
Net new equity = $500 – (–917)
= $1,417
The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from operations. The firm invested $350 in new net working capital and $2,500 in new fixed assets. The firm had to raise $467 from its stakeholders to support this new investment. It accomplished this by raising $1,417 in the form of new equity. After paying out $500 of this in the form of dividends to shareholders and $450 in the form of interest to creditors, $467 was left to meet the firm’s cash flow needs for investment.
22. a.Total assets 2005 = ￥650,000 + 2,900,000 = ￥3,550,000
Total liabilities 2005 = ￥265,000 + 1,500,000 = ￥1,765,000
Owners’ equity 2005 = ￥3,550,000 – 1,765,000 = ￥1,785,000
Total assets 2006 = ￥705,000 + 3,400,000 = ￥4,105,000
Total liabilities 2006 = ￥290,000 + 1,720,000 = ￥2,010,000
Owners’ equity 2006 = ￥4,105,000 – 2,010,000 = ￥2,095,000
b.NWC 2005 = CA05 – CL05 = ￥650,000 – 265,000 = ￥385,000
NWC 2006 = CA06 – CL06 = ￥705,000 – 290,000 = ￥415,000
Change in NWC = NWC06 – NWC05 = ￥415,000 – 385,000 = ￥30,000
c.We can calculate net capital spending as:
Net capital spending = Net fixed assets 2006 – Net fixed assets 2005 + Depreciation
Net capital spending = ￥3,400,000 – 2,900,000 + 800,000
Net capital spending = ￥1,300,000
So, the company had a net capital spending cash flow of ￥1,300,000. We also know that net capital spending is:
Net capital spending = Fixed assets bought – Fixed assets sold
￥1,300,000 = ￥1,500,000 – Fixed assets sold
Fixed assets sold = ￥1,500,000 – 1,300,000 = ￥200,000
To calculate the cash flow from assets, we must first calculate the operating cash flow. The operating cash flow is calculated as follows (you can also prepare a traditional income statement):
EBIT = Sales – Costs – Depreciation
EBIT = ￥8,600,000 – 4,150,000 – 800,000
EBIT = ￥3,650,000
EBT = EBIT – Interest
EBT = ￥3,650,000 – 216,000
EBT = ￥3,434,000
Taxes = EBT ? .35
Taxes = ￥3,434,000 ? .35
Taxes = ￥1,202,000
OCF = EBIT + Depreciation – Taxes
OCF = ￥3,650,000 + 800,000 – 1,202,000
OCF = ￥3,248,000
Cash flow from assets = OCF – Change in NWC – Net capital spending.
Cash flow from assets = ￥3,248,000 – 30,000 – 1,300,000
Cash flow from assets = ￥1,918,000
https://www.sodocs.net/doc/c11357098.html, new borrowing = LTD06 – LTD05
Net new borrowing = ￥1,720,000 – 1,500,000
Net new borrowing = ￥220,000
Cash flow to creditors = Interest – Net new LTD
Cash flow to creditors = ￥216,000 – 220,000
Cash flow to creditors = –￥4,000
Net new borrowing = ￥220,000 = Debt issued – Debt retired
Debt retired = ￥300,000 – 220,000 = ￥80,000
23.
Balance sheet as of Dec. 31, 2005
Cash €2,107 Accounts payable €2,213
Accounts receivable 2,789 Notes payable 407
Inventory 4,959 Current liabilities €2,620
Current assets €9,855
Long-term debt €7,056 Net fixed assets €17,669 Owners' equity €17,848
Total assets €27,524 Total liab. & equity €27,524
Balance sheet as of Dec. 31, 2006
Cash €2,155 Accounts payable €2,146
Accounts receivable 3,142 Notes payable 382
Inventory 5,096 Current liabilities €2,528
Current assets €10,393
Long-term debt €8,232 Net fixed assets €18,091 Owners' equity €17,724
Total assets €28,484 Total liab. & equity €28,484
2005 Income Statement 2006 Income Statement Sales €4,018.00 Sales €4,312.00 COGS 1,382.00 COGS 1,569.00 Other expenses 328.00 Other expenses 274.00 Depreciation 577.00 Depreciation 578.00 EBIT €1,731.00 EBIT €1,891.00 Interest 269.00 Interest 309.00 EBT €1,462.00 EBT €1,582.00 Taxes (34%) 497.08 Taxes (34%) 537.88 Net income € 964.92 Net income €1,044.12 Dividends €490.00 Dividends €539.00 Additions to RE €474.92 Additions to RE €505.12 24.OCF = EBIT + Depreciation – Taxes
OCF = €1,891 + 578 – 537.88
OCF = €1,931.12
Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) beg
Change in NWC = (€10,393 – 2,528) – (€9,855 – 2,620)
Change in NWC = €7,865 – 7,235 = €630
Net capital spending = NFA end– NFA beg+ Depreciation
Net capital spending = €18,091 – 17,669 + 578
Net capital spending = €1,000
Cash flow from assets = OCF – Change in NWC – Net capital spending
Cash flow from assets = €1,931.12 – 630 – 1,000
Cash flow from assets = €301.12
Cash flow to creditors = Interest – Net new LTD
Net new LTD = LTD end– LTD beg
Cash flow to creditors = €309 – (€8,232 – 7,056)
Cash flow to creditors = –€867
Net new equity = Common stock end– Common stock beg
Common stock + Retained earnings = T otal owners’ equity
Net new equity = (OE – RE) end– (OE – RE) beg
Net new equity = OE end– OE beg + RE beg– RE end
RE end= RE beg+ Additions to RE04
Net new equity = OE end– OE beg+ RE beg– (RE beg + Additions to RE06)
= OE end– OE beg– Additions to RE
Net new equity = €17,724 – 17,848 – 505.12 = –€629.12
Cash flow to stockholders = Dividends – Net new equity
Cash flow to stockholders = €539 – (–€629.12)
Cash flow to stockholders = €1,168.12
As a check, cash flow from assets is €301.12.
Cash flow from assets = Cash flow from creditors + Cash flow to stockholders
Cash flow from assets = –€867 + 1,168.12
Cash flow from assets = €301.12
Challenge
25.We will begin by calculating the operating cash flow. First, we need the EBIT, which can be
calculated as:
EBIT = Net income + Current taxes + Deferred taxes + Interest
EBIT = ￡192 + 110 + 21 + 57
EBIT = ￡380
Now we can calculate the operating cash flow as:
Operating cash flow
Earnings before interest and taxes ￡380
Depreciation 105
Current taxes (110)
Operating cash flow ￡375
The cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so:
Cash flow from assets
Acquisition of fixed assets ￡198
Sale of fixed assets (25)
Capital spending ￡173
The net working capital cash flows are all found in the operations cash flow section of the accounting statement of cash flows. However, instead of calculating the net working capital cash flows as the change in net working capital, we must calculate each item individually. Doing so, we find:
Net working capital cash flow
Cash ￡140
Accounts receivable 31
Inventories (24)
Accounts payable (19)
Accrued expenses 10
Notes payable (6)
Other (2)
NWC cash flow ￡130
Except for the interest expense and notes payable, the cash flow to creditors is found in the financing activities of the accounting statement of cash flows. The interest expense from the income statement is given, so:
Cash flow to creditors
Interest ￡57
Retirement of debt 84
Debt service ￡141
Proceeds from sale of long-term debt (129)
Total ￡12
And we can find the cash flow to stockholders in the financing section of the accounting statement of cash flows. The cash flow to stockholders was:
Cash flow to stockholders
Dividends ￡94
Repurchase of stock 15
Cash to stockholders ￡109
Proceeds from new stock issue (49)
Total ￡60
https://www.sodocs.net/doc/c11357098.html, capital spending = NFA end– NFA beg + Depreciation
= (NFA end– NFA beg) + (Depreciation + AD beg) – AD beg
= (NFA end– NFA beg)+ AD end– AD beg
= (NFA end + AD end) – (NFA beg + AD beg) = FA end– FA beg
27. a.The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating the
tax advantage of low marginal rates for high income corporations.
b.Assuming a taxable income of $100,000, the taxes will be:
Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9K
Average tax rate = $113.9K / $335K = 34%
The marginal tax rate on the next dollar of income is 34 percent.
For corporate taxable income levels of $335K to $10M, average tax rates are equal to marginal tax rates.
Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667
Average tax rate = $6,416,667 / $18,333,334 = 35%
The marginal tax rate on the next dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, average tax rates are again equal to marginal tax rates.
c.Taxes = 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) + 0.34($25K) + X($100K);
X($100K) = $68K – 22.25K = $45.75K
X = $45.75K / $100K
X = 45.75%
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》习题及答案
项目一财务管理总体认知 一、单项选择题 1．下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是( D )。 A．产值最大化 B．利润最大化 C．每股收益最大化 D．企业价值最大化 2．企业筹资活动的最终结果是( D )。 A.银行借款 B.发行债券 C.发行股票 D.资金流入 7．相对于每股收益最大化目标而言，企业价值最大化目标的不足之处是( D )。 A．没有考虑资金的时间价值 B．没有考虑投资的风险价值 C．不能反映企业潜在的获利能力 D．某些情况下确定比较困难 9．下列法律法规同时影响企业筹资、投资和收益分配的是( A )。 A．公司法 B．金融法 C．税法 D．企业财务通则 10．在市场经济条件下，财务管理的核心是（ B ）。 A.财务预测 B.财务决策 C.财务控制 D.财务分析 二、多项选择题 2．企业财务管理的基本内容包括( ACD )。 A. 筹资决策 B．技术决策 C．投资决策 D．盈利分配决策 3．财务管理的环境包括( ABCD )。 A．技术环境 B．经济环境 C．金融环境 D．法律环境 4．以下项目中属于“利润最大化”目标存在的问题有( ABCD )。 A．没有考虑利润实现时间和资金时间价值 B．没有考虑风险问题 C．没有反映创造的利润与投入的资本之间的关系 D．可能导致企业短期财务决策倾向，影响企业长远发展
5．以股东财富最大化作为财务管理目标存在的问题有( ABC )。 A．通常只适用于上市公司 B．股价不能完全准确反映企业财务管理状况 C．对其他相关者的利益重视不够 D．没有考虑风险因素 6．下列财务管理的目标当中，考虑了风险因素的有( BCD )。 A．利润最大化 B．股东财富最大化 C．企业价值最大化 D．相关者利益最大化 7．在分配活动中，企业财务管理的核心任务是( BC )。 A. 确定筹资结构 B. 确定分配规模 C．确定分配方式 D. 确定投资方向 8．利润最大化目标和每股利润最大化目标存在的共同缺陷有( ABD )。 A．没有考虑货币时间价值 B．没有考虑风险因素 C．没有考虑利润与资本的关系 D. 容易导致短期行为 11．下列属于货币市场工具的有( BD )。 A．股票 B．短期国库券 C．债券 D．回购协议 项目二财务管理价值观念培养 一、单项选择题 2．一定时期内每期期初等额收付的系列款项是( A )。 A．即付年金 B．永续年金 C．递延年金 D．普通年金 4．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＝l-(1+r／m)-m 5．甲某拟存入一笔资金以备3年后使用。假定银行3年期存款年利率为5％，甲某3年后需用的资金总额为34 500元，则在单利计息情况下，目前需存入的资金为( A )元。 A．30 000 B．29 803．04 C．32 857．14 D．31 500 6．如果某人5年后想拥有50 000元，在年利率为5％、单利计息的情况下，他现在必
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.
公司理财课后习题答案
《公司理财》考试范围：第3~7章，第13章，第16~19章，其中第16章和18章为较重点章节。书上例题比较重要，大家记得多多动手练练。PS：书中课后例题不出，大家可以当习题练练~ 考试题型：1.单选题10分 2.判断题10分 3.证明题10分 4.计算分析题60分 5.论述题10分 注：第13章没有答案 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
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？
公司理财考试复习题与答案
中南大学现代远程教育课程考试复习试题及参考答案 公司理财 、名词解释 1.财务分析 2.年金 3.风险报酬 4.机会成本 5.贝他系数 6.债券 7.时间价值 8.财务杠杆 9. 信用政策10.市场风险11.经济批量12.租赁 13. 经营杠杆14. 优先股15. 资金成本16. 最优资本结构 、判断正误 1.企业价值最大化强调的是企业预期的获利能力而非实际利润() 2.企业股东、经营者、在财务管理工作中的目标是一致的，所以他们之间没有任何利害冲突() 3.对于借款企业来讲，若预测市场利率上升，应与银行签订浮动利率合同；反之，则应签订固定利率合同() 4.在终值和计息期不变的情况下，贴现率越高，则现值越小() 5.递延年金终值受递延期的影响，递延期越长，递延年金的终值越大；递延期越短，递延年金的终值越小() 6.存本取息可视为永续年金的例子() 7.在一般情况下，报酬率相同时人们会选择风险大的项目；风险相同时，会选择报酬率高的项目() 8.在期望值不同的情况下，标准离差率越大，风险越大；反之标准离差率越小，风险越小 () 9.如果一个企业的盈利能力越高，则该企业的偿债能力也一定较好() 10.产权比率高，是高风险、高报酬的财务结构；产权比率低，是低风险、低报酬的财务结构() 11. 风险和损失属于同一概念() 12.资产负债率中的负债总额不仅应包括长期负债，还应包括短期负债() 13.筹资渠道解决的是资金来源问题，筹资方式则解决通过何种方式取得资金的问题，它们之间是一一对应关系数() 14.普通股股东具有查账权，因此每位股东都可以自由查阅公司的账目() 15.一般而言而，利息保障系数越大，表明企业可以还债的可能性也越大() 16.在杠杆租赁中，出租人也是借款人() 17.现金折扣政策“ 2/10 ”表示:若在2天内付款，可以享受10%的价格优惠() 18.发行普通股筹集的资本是公司最基本的资本来源，它反映了公司的实力，可作为其他方式筹资的基础，尤其可为股东提供保障，增强公司的举债能力() 19.订货成本与企业每次订货的数量无关() 20.已获利息倍数中的“利息费用”仅指财务费用中的利息费用，而不包括计入固定资产成本中的资本化利息() 21.一般认为，补偿性余额使得其名义借款高于实际可使用款项，从而名义借款利率大于实际借款利率() 22. 优先股股东没有表决权()
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》(第二版)部分习题参考答案
【思考与练习题】部分习题参考答案 第3章 6. 该公司资产负债表为 XX公司资产负债表XX年12月31日资产期末余额负债及所有者权益期末余额 流动资产流动负债 现金及其等400 应付账款600 价物800 应交税金200 应收账款1200 流动负债合计800 流动资产合计非流动负债 非流动资产3400 应付债券700 固定资产8200 非流动负债合计700 无形资产11600 所有者权益 非流动资产合计实收资本8800 股本溢价1900 留存收益600 所有者权益合计11300 资产总计12800 资产及所有者权益合计12800 7. 公司2007年的净现金流为-25万元。 8. 各比例如下： 4. （1）1628.89 元；（2）1967.15 元；（3）2653.30 元 5. 现在要投入金额为38.55万元。 6. 8年末银行存款总值为6794.89元（前4年可作为年金处理）。 7. （1）1259.71 元；（2）1265.32 元；（3）1270.24 元；（4）1271.25 元；（5）其他条件不变的情况下，同一利息期间计息频率越高，终值越大；至琏续计算利息时达到最大值。 8. （1）每年存入银行4347.26元；（2）本年存入17824.65元。 9. 基本原理是如果净现值大于零，则可以购买；如果小于零，则不应购买。 NPV=-8718.22，小于零，故不应该购买。 第5章 8. （1）该证券的期望收益率=0.15 X 8%+0.30X 7%+0.40X 10%+0.15X 15%=9.55%
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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。
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
(完整版)公司理财习题及答案
习题一 1.5.1单项选择题 1 ．不能偿还到期债务是威胁企业生存的（）。 A ．外在原因 B ．内在原因 C ．直接原因 D ．间接原因 2．下列属于有关竞争环境的原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．自利行为原则3．属于信号传递原则进一步运用的原则是指（） A ．自利行为原则 B ．比较优势原则 C . 引导原则 D ．期权原则 4 ．从公司当局可控因素来看，影响报酬率和风险的财务活动是（）。 A ．筹资活动 B ．投资活动 C ．营运活动 D ．分配活动 5 ．自利行为原则的依据是（）。 A ．理性的经济人假设 B ．商业交易至少有两方、交易是“零和博弈”，以及各方都是自利的 C ．分工理论 D ．投资组合理论 6 ．下列关于“有价值创意原则”的表述中，错误的是（）。 A ．任何一项创新的优势都是暂时的 B ．新的创意可能会减少现有项目的价值或者使它变得毫无意义 C ．金融资产投资活动是“有价值创意原则”的主要应用领域 D ．成功的筹资很少能使企业取得非凡的获利能力 7 ．通货膨胀时期，企业应优先考虑的资金来源是（） A ．长期负债 B ．流动负债 C ．发行新股 D ．留存收益 8．股东和经营者发生冲突的根本原因在于（）。 A ．具体行为目标不一致 B ．掌握的信息不一致 C ．利益动机不同 D ，在企业中的地位不同 9 ．双方交易原则没有提到的是（）。 A ．每一笔交易都至少存在两方，双方都会遵循自利行为原则 B ．在财务决策时要正确预见对方的反映 C ．在财务交易时要考虑税收的影响 D ．在财务交易时要以“自我为中心” 10．企业价值最大化目标强调的是企业的（）。 A ．预计获利能力 B ．现有生产能力 C ．潜在销售能力 D ．实际获利能力11．债权人为了防止其利益受伤害，通常采取的措施不包括（）。 A ．寻求立法保护 B ．规定资金的用途 C ．提前收回借款 D ．不允许发行新股12．理性的投资者应以公司的行为作为判断未来收益状况的依据是基于（）的要求。 A ．资本市场有效原则 B ．比较优势原则 C ．信号传递原则 D ．引导原则13．以每股收益最大化作为财务管理目标，存在的缺陷是（）。 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 ．没有考虑风险因素和时间价值 14 ．以下不属于创造价值原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．风险—报酬权衡原则 15. 利率=（）＋通货膨胀附加率＋变现力附加率+违约风险附加率+到期风险附加率。 A ．物价指数附加率 B ．纯粹利率 C ．风险附加率 D ．政策变动风险 1.5.2多项选择题
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.
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.
公司理财复习题含答案
公司理财复习题 一、单选选择题 1、企业的管理目标的最优表达是（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 2、把若干财务比率用线性关系结合起来,以此评价企业信用水平的方法是(B ) A杜邦分析法B沃尔综合评分法C预警分析法D经营杠杆系数分析3、“5C”系统中的“信用品质”是指（ D ） A．不利经济环境对客户偿付能力的影响 B．客户偿付能力的高低 C．客户的经济实力与财务状况 D．客户履约或赖账的可能性4、投资报酬分析最主要的分析主体是( B ) A上级主管部门B投资人C长期债人D短期债权人 5、普通年金终值系数的倒数称为（ B ） A复利终值系数B偿债基金系数C普通年金现值系数D投资回收系数6、为了直接分析企业财务善和经营成果在同行中所处的地位,需要进行同业比较分析,其中行业标准产生的依据是( D ) A历史先进水平B历史平均水平C行业先进水平D行业平均水平 7、J公司2008年的主营业务收入为500 000万元，其年初资产总额为650 000万元，年末资产总额为600 000万元，则该公司的总资产周转率为( D) A。77 B。83 C。4 D。8 8、下列选项中，不属于资产负债表中长期资产的是( A ) A应付债券B固定资产C无形资产D长期投资 9、计算总资产收益率指标时，其分子是( B )。 A. 利润总额 B. 净利润 C. 息税前利润 D. 营业利润 10．在财务报表分析中，投资人是指（D）。 A 社会公众B金融机构 C 优先股东D普通股东 11．流动资产和流动负债的比值被称为（A ）。 A流动比率B速动比率C营运比率D资产负债比率12．下列各项中，（D）不是影响固定资产净值升降的直接因素。 A固定资产净残值B固定资产折旧方法 C折旧年限的变动D固定资产减值准备的计提 13、债权人在进行企业财务分析时，最为关注的是（B）。 A.获利能力 B.偿债能力 C.发展能力 D.资产运营能力 14、能够直接取得所需的先进设备和技术，从而能尽快地形成企业的生产经营能力的筹资形式是（ B ） A．股票筹资B．吸收直接投资C．债券筹资D．融资租赁 15、下列项目中，属于非交易动机的有（ D ） A支付工资B购买原材料C偿付到期债务D伺机购买质高价廉的原材料16、下列项目中属于非速动资产的有（ D ） A．应收账款净额B．其他应收款C．短期投资 D．存货 17、下列（ C）不属于固定资产投资决策要素。 A.可用资本的成本和规模 B. 项目盈利性 C. 决策者的主观意愿和能力 D. 企业承担风险的意愿和能力 18、确定一个投资方案可行的必要条件是（ B ）。
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
公司理财练习题内附答案
一、单项选择题（每小题2分） 1、下列哪个恒等式是不成立的？ C A. 资产=负债+股东权益 B. 资产-负债=股东权益 C. 资产+负债=股东权益 D. 资产-股东权益=负债 2、从税收角度考虑，以下哪项是可抵扣所得税的费用？ A A. 利息费用 B. 股利支付 C. A和B D. 以上都不对 3、现金流量表的信息来自于 C A. 损益表 B. 资产负债表 C. 资产负债表和损益表 D. 以上都不对 4、以下哪项会发生资本利得/损失，从而对公司纳税有影响？ B A.买入资产 B.出售资产 C.资产的市场价值增加 D.资产的账面价值增加 5、沉没成本是增量成本。 B A. 正确 B. 不对 6、期限越短，债券的利率风险就越大。B A. 正确 B. 不对 7、零息债券按折价出售。 A A. 正确 B. 不对 8、股东的收益率是股利收益率和资本收益率的和。 A A. 正确 B. 不对 9、期望收益率是将来各种收益可能性的加权平均数，或叫期望值。 A A. 正确 B. 不对 10、收益率的方差是指最高可能收益率与最低可能收益率之差。 B A. 正确 B. 不对 11．财务经理的行为是围绕公司目标进行的，并且代表着股东的利益。因此，财务经理在投资、筹资及利润分配中应尽可能地围绕着以下目标进行。 C Ａ．利润最大化Ｂ．效益最大化Ｃ．股票价格最大化Ｄ．以上都行 12．在企业经营中，道德问题是很重要的，这是因为不道德的行为会导致 D Ａ．中断或结束未来的机会Ｂ．使公众失去信心 Ｃ．使企业利润下降Ｄ．以上全对 13．在净现金流量分析时，以下哪个因素不应该考虑 A Ａ．沉没成本Ｂ．相关因素Ｃ．机会成本Ｄ．营运资本的回收 14. 每期末支付￥1，每期利率为r，其年金现值为：D A. B. C. D. 15. 据最新统计资料表明，我国居民手中的金融资产越来越多，这说明了居民手中持有的金融资产是 D Ａ．现金Ｂ．股票Ｃ．债券Ｄ．以上都对 16.除了，以下各方法都考虑了货币的时间价值。C A. 净现值 B. 内含报酬率 C. 回收期 D. 现值指数 17. 企业A的平均收账期为28.41天，企业B的平均收账期为48.91天，则 C A.企业B是一家付款长的客户 B.应该将平均收账期同使用的信用条件中的信用天数相比较 C.很难判断 18.为了每年年底从银行提取￥1,000，一直持续下去，如果利率为10%，每年复利一次，那么，你现在应该存多少钱？A A.￥10,000 B. ￥8,243 C. ￥6,145 D. ￥11,000 19. 大多数投资者是：A A. 规避风险的 B.对风险持中性态度的 C. 敢于冒险的 D. 以上都不对 20. 财务拮据通常伴随着 D