2014-2015上公司金融期末考试

公司理财试卷详解单选1.Aconflictofinterestbetweenthestockholdersandmanagementofafirmiscalled:A.stockholders'liability.B.corporatebreakdown.C.theagencyproblem.代理问题D.corporateactivism.E.legalliability.2.Agencycostsreferto:A.thetotaldividendspaidtostockholdersoverthelifetimeofafirm.B.thecoststhatresultfromdefaultandbankruptcyofafirm.C.corporateincomesubjecttodoubletaxation.D.thecostsofanyconflictsofinterestbetweenstockholdersandmanagement.股东和管理层利益冲突的成本E.thetotalinterestpaidtocreditorsoverthelifetimeofthefirm.3.Workingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?I.accountspayableII.long-termdebtIII.accountsreceivableIV.inventoryA.IandIIonlyB.IandIIIonlyC.IIandIVonlyD.I,II,andIIIonlyE.I,III,andIVonly4.Theprocessofplanningandmanagingafirm'slong-terminvestmentsiscalled:A.workingcapitalmanagement.B.financialdepreciation.C.agencycostanalysis.D.capitalbudgeting.资本预算E.capitalstructure.4.Themixtureofdebtandequityusedbyafirmtofinanceitsoperationsiscalled:A.workingcapitalmanagement.B.financialdepreciation.C.costanalysis.D.capitalbudgeting.E.capitalstructure.资本结构5.Themanagementofafirm'sshort-termassetsandliabilitiesiscalled:A.workingcapitalmanagement.运营资本管理B.debtmanagement.C.equitymanagement.D.capitalbudgeting.E.capitalstructure.6.Whichofthefollowingareadvantagesofthecorporateformofbusinessownership?I.limitedliabilityforfirmdebt对公司负债承担有限责任II.doubletaxation双重课税（缺点）III.abilitytoraisecapital筹集资金能力强IV.unlimitedfirmlife无限存期性A.IandIIonlyB.IIIandIVonlyC.I,II,andIIIonlyD.II,III,andIVonlyE.I,III,andIVonly7.Earningspershareisequalto:每股收益A.netincomedividedbythetotalnumberofsharesoutstanding.净利润/流通在外的股数B.netincomedividedbytheparvalueofthecommonstock.C.grossincomemultipliedbytheparvalueofthecommonstock.D.operatingincomedividedbytheparvalueofthecommonstock.E.netincomedividedbytotalshareholders'equity8.Dividendspershareisequaltodividendspaid:每股股利A.dividedbytheparvalueofcommonstock.B.dividedbythetotalnumberofsharesoutstanding.股利/流通在外的股数C.dividedbytotalshareholders'equity.D.multipliedbytheparvalueofthecommonstock.E.multipliedbythetotalnumberofsharesoutstanding.9.Thecurrentratioismeasuredas:A.currentassetsminuscurrentliabilities.B.currentassetsdividedbycurrentliabilities.C.currentliabilitiesminusinventory,dividedbycurrentassets.D.cashonhanddividedbycurrentliabilities.E.currentliabilitiesdividedbycurrentassets.10.AninvestmentisacceptableifitsIRR:A.isexactlyequaltoitsnetpresentvalue(NPV).B.isexactlyequaltozero.C.islessthantherequiredreturn.D.exceedstherequiredreturn.E.isexactlyequalto100%.11.Ananalysisofwhathappenstotheestimateofnetpresentvaluewhenonlyonevariableischangediscalled_____analysis.A.forecastingB.scenarioC.sensitivity敏感性D.simulationE.break-even12.Abondwitha7%couponthatpaysinterestsemi-annuallyandispricedatparwillhaveamarketpriceof_____andinterestpaymentsintheamountof_____each.A.$1,007;$70B.$1,070;$35C.$1,070;$70D.$1,000;$35E.$1,000;$7013.Abondwithsemi-annualinterestpayments,allelseequal,wouldbepriced_________thanonewithannualinterestpayments.A.higherB.lowerC.thesameD.itisimpossibletotellE.eitherhigherorthesame14.Theconstantdividendgrowthmodel:I.assumesthatdividendsincreaseataconstantrateforever.II.canbeusedtocomputeastockpriceatanypointoftime.III.statesthatthemarketpriceofastockisonlyaffectedbytheamountofthedividend.IV.considerscapitalgainsbutignoresthedividendyield.A.IonlyB.IIonlyC.IIIandIVonlyD.IandIIonlyE.I,II,andIIIonly15.Whichoneofthefollowingtypesofsecuritieshastendedtoproducethelowestrealrateofreturnfortheperiod1926through2008A.U.S.TreasurybillsB.long-termgovernmentbondsC.smallcompanystocksD.largecompanystocksE.long-termcorporatebonds16.Theriskpremiumforanindividualsecurityiscomputedby:A.multiplyingthesecurity'sbetabythemarketriskpremium.B.multiplyingthesecurity'sbetabytherisk-freerateofreturn.C.addingtherisk-freeratetothesecurity'sexpectedreturn.D.dividingthemarketriskpremiumbythequantity(1-beta).E.dividingthemarketriskpremiumbythebetaofthesecurity.17.Whichofthefollowingstatementsistrue?A.Awell-diversifiedportfoliohasnegligiblesystematicrisk.B.Awell-diversifiedportfoliohasnegligibleunsystematicrisk.C.Anindividualsecurityhasnegligiblesystematicrisk.D.Anindividualsecurityhasnegligibleunsystematicrisk.E.BothAandD.18.Thebetaofafirmismorelikelytobehighunderwhattwoconditions?A.HighcyclicalbusinessactivityandlowoperatingleverageB.HighcyclicalbusinessactivityandhighoperatingleverageC.LowcyclicalbusinessactivityandlowfinancialleverageD.LowcyclicalbusinessactivityandlowoperatingleverageE.Noneoftheabove.19.Preferredstockmayexistbecause:A.lossesbeforeincometaxespreventacompanyfromenjoyingthetaxadvantagesofdebtinterestwhilethereisnotaxadvantageforpreferreddividends.B.anadvantageexistsforthefirm;preferredshareholderscannotforcethecompanyintobankruptcybecauseofunpaiddividends.C.corporationsgeta70%taxexemptiononpreferreddividendsreceived.D.Alloftheabove.E.Noneoftheabove.20.WhichofthefollowingwouldbeindicativeofinefficientmarketA.OverreactionandreversionB.DelayedresponseC.ImmediateandaccurateresponseD.BothAandB.E.BothAandC.21.MMPro