罗斯公司理财Chap002全英文试题库及答案
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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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:
https://www.sodocs.net/doc/72841617.html, income divided by the total number of shares outstanding.
https://www.sodocs.net/doc/72841617.html, 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.
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, 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
https://www.sodocs.net/doc/72841617.html, capital spending is equal to:
https://www.sodocs.net/doc/72841617.html, additions to net working capital.
B.the net change in fixed assets.
https://www.sodocs.net/doc/72841617.html, 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.
https://www.sodocs.net/doc/72841617.html, 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
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.
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.
《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 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.
公司理财作业答案
公司理财作业（二）答案 、将在5年后收到8500美元。你计划1 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 元=30000/5.43315=5528.69年金．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 状况发生时的发生经济报酬率概率状况U股票股票L 萧条30.00%0.50-20.00% 景气10.00%0.5070.00%
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.
罗斯公司理财第九版第六章课后答案对应版
第六章：投资决策 1.机会成本是指进行一项投资时放弃另一项投资所承担的成本。选择投资和放弃投资之间的收益差是可能获取收益的成本。 2. （1）新的投资项目所来的公司其他产品的销售下滑属于副效应中的侵蚀效应，应被归为增量现金流。 （2）投入建造的机器和厂房属于新生产线的成本，应被归为增量现金流。（3）过去3 年发生的和新项目相关的研发费用属于沉没成本，不应被归为增量现金流。 （4）尽管折旧不是现金支出，对现金流量产生直接影响，但它会减少公司的净收入，并且减低公司的税收，因此应被归为增量现金流。 （5）公司发不发放股利与投不投资某一项目的决定无关，因此不应被归为增量现金流。 （6）厂房和机器设备的销售收入是一笔现金流入，因此应被归为增量现金流。（7）需要支付的员工薪水与医疗保险费用应被包括在项目成本里，因此应被归为增量现金流。 3. 第一项因为会产生机会成本，所以会产生增量现金流；第二项因为会产生副效应中的侵蚀效应，所以会会产生增量现金流；第三项属于沉没成本，不会 产生增量现金流。 4. 为了避免税收，公司可能会选择MACRS，因为该折旧法在早期有更大的折旧额，这样可以减免赋税，并且没有任何现金流方面的影响。但需要注意的是直线折旧法与MACRS 的选择只是时间价值的问题，两者的折旧是相等的，只是时间不同。 5. 这只是一个简单的假设。因为流动负债可以全部付清，流动资产却不可能全部以现金支付，存货也不可能全部售完。 6. 这个说法是可以接受的。因为某一个项目可以用权益来融资，另一个项目可以用债务来融资，而公司的总资本结构不会发生变化。根据MM 定理，融资成本与项目的增量现金流量分析无关。 7. ECA 方法在分析具有不同生命周期的互斥项目的情况下比较适应，这是因为ECA 方法可以使得互斥项目具有相同的生命周期，这样就可以进行比较。ECA 方法在假设项目现金流相同这一点与现实生活不符，它忽略了通货膨胀率以及不断变更的经济环境。 8. 折旧是非付现费用，但它可以在收入项目中减免赋税，这样折旧将使得实际现金流出的赋税减少一定额度，并以此影响项目现金流，因此，折旧减免赋税的效应应该被归为总的增量税后现金流。 9. 应考虑两个方面：第一个是侵蚀效应，新书是否会使得现有的教材销售额下降？第二个是竞争，是否其他出版商会进入市场并出版类似书籍？如果是的话，侵蚀效应将会降低。出版商的主要需要考虑出版新书带来的协同效应是否大于侵蚀效应，如果大于，则应该出版新书，反之，则放弃。 10. 当然应该考虑，是否会对保时捷的品牌效应产生破坏是公司应该考虑到的。如果品牌效应被破坏，汽车销量将受到一定影响。 11. 保时捷可能有更低的边际成本或是好的市场营销。当然，也有可能是一个决策失误。 12. 保时捷将会意识到随着越来越多产品投入市场，竞争越来越激烈，过高的利润会减少。
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
罗斯《公司理财》英文习题答案DOCchap012
公司理财习题答案 第十二章 Chapter 12: Risk, Return, and Capital Budgeting 12.1 Cost of equity R S = 5 + 0.95 (9) = 13.55% NPV of the project = -$1.2 million + $340,.00011355 1 5 t t =∑ = -$20,016.52 Do not undertake the project. 12.2 a. R D = (-0.05 + 0.05 + 0.08 + 0.15 + 0.10) / 5 = 0.066 R M = (-0.12 + 0.01 + 0.06 + 0.10 + 0.05) / 5 = 0.02 b. D R - D R M R -R M (M R -M R )2 (D R -R D )(M R -R M ) -0.116 -0.14 0.0196 0.01624 -0.016 -0.01 0.0001 0.00016 0.014 0.04 0.0016 0.00056 0.084 0.08 0.0064 0.00672 0.034 0.03 0.0009 0.00102 0.0286 0.02470 Beta of Douglas = 0.02470 / 0.0286 = 0.864 12.3 R S = 6% + 1.15 ? 10% = 17.5% R B = 6% + 0.3 ? 10% = 9% a. Cost of equity = R S = 17.5% b. B / S = 0.25 B / (B + S) = 0.2 S / (B + S) = 0.8 WACC = 0.8 ? 17.5% + 0.2 ? 9% (1 - 0.35) = 15.17% 12.4 C σ = ()21 04225.0 = 0.065 M σ = ()21 01467 .0 = 0.0383 Beta of ceramics craftsman = CM ρC σ M σ / M σ2 = CM ρC σ/ M σ = (0.675) (0.065) / 0.0383 = 1.146 12.5 a. To compute the beta of Mercantile Manufacturing’s stock, you need the product of the deviations of Mercantile’s returns from their mean and the deviations of the market’s returns from their mean. You also need the squares of the deviations of the market’s returns from their mean.
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 =
公司理财作业答案
公司理财作业答案 第02章 21. 计算现金流量 Cusic产业公司2005年的经营成果如下：销售收入= 22 800美元；产品销售成本= 16 050美元；折旧费= 4 050美元；利息费用= 1 830美元；支付的股利= 1 300美元。年初的固定资产净值为13 650美元，流动资产为4 800美元，流动负债为2 700美元。年末的固定资产净值为16 800美元，流动资产为5 930美元，流动负债为3 150美元。2009年的税率为34%。 a. 2009年的净利润是多少？ b. 2009年的经营现金流量是多少？ c. 2009年来自资产的现金流量是多少？这可能吗？加以说明。 d. 如果该年没有发行新债，流向债权人的现金流量是多少？流向股东的现金流量是多少？解释本题中a和b答案的正负号。 答案：a.2009年的净利润=（22800-16050-4050-1830）*（1-34%） =870*66% =574.2（美元） b.2009年的经营现金流量=22800-16050-4050+4050-870*34% =6454.2（美元） c.2009年的净资本性支出=16800-13650+4050 =7200（美元） 2009年的净营运资本变动=（5930-3150）-（4800-2700） =680（美元） 2009年来自资产的现金流量=6454.2-7200-680 =-1425.8（美元）
该年的资产现金流量为负值，这种情况是可能出现的。从题目可知该公司年初的固定资产净值为13650美元，而年末的固定资产净值达到16800美元，现金流量为负值主要是因为固定资产投资所致。 d.因为本年没有增添新的借款，所以 流向债权人的现金流量=1830-0=1830（美元）又根据现金流量恒等式， 流向股东的现金流量=来自资产的现金流量-流向债权人的现 金流量 =-1425.8-1830 =-3255.8（美元） 可以推出，新筹集的净权益=1300-（-3255.8）=4555.8（美元） a答案中的正号表示本公司在2009年盈利574.2美元； b答案中的正号表示有6454.2美元的现金流入本公司。 第03章 Just Dew It公司2008年和2009年的资产负债表（单位：美元）