大学MOOC CorporateFinance(浙江财经大学)1001555018 最新慕课完整章节测试答案
Module1Introduction
文章目录
Chapter1-Quiz
1、单选题：
Which of the following types of firms does NOT have limited liability?
选项：
A: sole proprietorships
B: limited partnerships
C: corporations
D: none of the above
答案: 【 sole proprietorships】
2、单选题：
What is the major way in which the roles and obligations of the owners of a limited liability company differ from the roles and obligations of limited partners in a limited partnership?
选项：
A: The owners of a limited liability company have personal obligation for debts incurred by the company.
B: There is no separation between the company and its owners in a limited liability company.
C: The owners of a limited liability company can withdraw from the company without the company being dissolved.
D: The owners of a limited liability company can take an active role in running the company.
答案: 【 The owners of a limited liability company can take an active role in running the company.】
3、单选题：
Which of the following features of a corporation is LEAST accurate?
选项：
A: The owners' identities are separate from a corporation.
B: The owners of a corporation are not liable for any obligations the corporation enters into.
C: Changes in ownership do not result in the dissolution of the corporation.
D: Earnings from a corporation are taxed only once.
答案: 【 Earnings from a corporation are taxed only once.】
4、单选题：
What is the major advantage corporations have over other business entities?
选项：
A: It is easier for a corporation to raise capital than other forms of businesses.
B: A corporation is treated as a separate legal entity for tax and legal purposes.
C: A corporation's shares can be freely traded among its shareholders.
D: All of the above are advantages that a corporation has over other business forms.
答案: 【 All of the above are advantages that a corporation has over other business forms.】
5、单选题：
A C corporation earns $8.30 per share before taxes. The corporate tax rate is 39%, the personal tax rate on dividends is 15%, and the personal tax rate on non-dividend income is 36%. What is the total amount of taxes paid if the company pays a $6.00 dividend?
选项：
A: $3.31
B: $4.96
C: $4.14
D: $5.79
答案: 【 $4.14】
6、单选题：
Which of the following is a major duty of a financial manager?I. To make investment decisionsII. To make financing decisionsIII. To manage cash flow from operating activities
选项：
A: A) I only
B: B) I and II only
C: C) I and III only
D: D) all of the above
答案: 【 D) all of the above】
7、单选题：
Which of the following is NOT a reason why a firm's financial managers must take great care when making investment decisions?
选项：
A: These investment decisions determine whether the firm will add value for its owners.
B: These investments determine the long-term directions in which the company may move.
C: These investment decisions determine the corporation's mix of debt and equity.
D: These investment decisions typically involve substantial costs which must be carefully weighed against their potential benefits.
答案: 【 These investment decisions determine the corporation's mix of debt and equity.】
8、单选题：
A typical company has many types of shareholders, from individuals holding a few shares, to large institutions that hold very large numbers of shares. How does a financial manager ensure that the priorities and concerns of such disparate stockholders are met?
选项：
A: The financial manager should seek to make investments that do not harm the interests of the stockholders.
B: The decisions taken by the financial manager should be solely influenced by the benefit to the company since, by maximizing its fitness, he or she will also maximize the benefits of that company to the shareholders.
C: The financial manager should consider the interests and concerns of large shareholders a priority so the needs of those who hold a controlling interest in the company are met.
D: In general, all shareholders will agree that they are better off if the financial manager works to maximize the value of their investment.
答案: 【 In general, all shareholders will agree that they are better off if the financial manager works to maximize the value of their investment.】
9、单选题：
A limited liability company is essentially ________.
选项：
A: a limited partnership without limited partners
B: a limited partnership without a general partner
C: just another name for a limited partnership
D: just another name for a corporation
答案: 【 a limited partnership without a general partner】
10、单选题：
What is the process of double taxation for the stockholders in a C corporation?
选项：
A: Their shares are taxed when they are both bought and sold.
B: The corporation is taxed on the profits it makes, and the owners are taxed when this profit is distributed to them.
C: The owners of a corporation are taxed when they receive dividend payments and when they make a profit from the sale of shares.
D: The corporation must pay taxes on any profits it makes, and the capital raised by the sale of shares is also subject to taxation.
答案: 【 The corporation is taxed on the profits it makes, and the owners are taxed when this profit is distributed to them.】
Chapter2-Quiz
1、单选题：
A factory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. However, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random during various stages of their manufacture. If a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. How is this factory owner seeking to solve the agency conflict problem in this case?
选项：
A: by supplying incentives so the agents act in the way principal desires
B: by ensuring that all workers co-operate to maximize the gains of their section
C: by making the agents into principals themselves
D: by maximizing the information that the principal obtains about the behavior of the agents
答案: 【 by supplying incentives so the agents act in the way principal desires】
2、单选题：
Which of the following best describes why a firm produces financial statements?
选项：
A: to use as a tool when planning future investments within a firm
B: to increase the intrinsic value of a firm
C: to provide a means for interested outside parties such as creditors to obtain information about a firm, with an overview of the short- and long-term financial condition of a business
D: to show the daily activities a firm has undertaken in the previous financial year, and what activities are planned for the near future
答案: 【 to provide a means for interested outside parties such as creditors to obtain information about a firm, with an overview of the short- and long-term financial condition of a business】
3、单选题：
The third party who checks annual financial statements to ensure that they are prepared according to Generally Accepted Accounting Principles (GAAP) and verifies that the information reported is reliable is the ________.
选项：
A: NYSE Enforcement Board
B: Accounting Standards Board
C: Securities and Exchange Commission (SEC)
D: auditor
答案: 【 auditor】
4、单选题：
The major components of stockholders' equity are ________.
选项：
A: cash, common stock, and paid-in surplus
B: common stock, paid-in surplus, and net income
C: common stock, paid-in surplus, and retained earnings
D: common stock, liabilities, and retained earnings
答案: 【 common stock, paid-in surplus, and retained earnings】
5、单选题：
A software company acquires a smaller company in order to acquire the patents that it holds. Where will the cost of this acquisition be recorded on the statement of cash flows?
选项：
A: as an outflow under operating activities
B: as an outflow under investment activities
C: as an outflow under financial activities
D: not recorded on the statement of cash flows
答案: 【 as an outflow under investment activities】
6、单选题：
A company has a share price of $22.15 and 118 million shares outstanding. Its market-to-book ratio is 4.2, its book debt-equity ratio is 3.2, and it has cash of $800 million. How much would it cost to take over this business assuming you pay its enterprise value?
选项：
A: $1.9 billion
B: $3.044 billion
C: $4.566 billion
D: $3.8 billion
答案: 【 $3.8 billion】
7、单选题：
Convex Industries has inventories of $218 million, current assets of $1.4 billion, and current liabilities of $504 million. What is its quick ratio?
选项：
A: 1.17
B: 0.94
C: 2.81
D: 2.35
答案: 【 2.35】
8、单选题：
A public company has a book value of $128 million. They have 20 million shares outstanding, with a market price of $4 per share. Which of the following statements is true regarding this company?
选项：
A: Investors may consider this firm to be a growth company.
B: Investors believe the company's assets are not likely to be profitable since its market value is worth less than its book value.
C: The firm's market value is more than its book value.
D: The value of the firm's assets is greater than their liquidation value.
答案: 【 Investors believe the company's assets are not likely to be profitable since its market value is worth less than its book value.】
9、单选题：
_____ refers to the difference between a firm's current assets and its current liabilities.
选项：
A: Operating cash flow
B: Capital spending
C: Net working capital
D: Cash flow from assets
答案: 【 Net working capital】
10、单选题：
Mario's Home Systems has sales of $2,800, cost of goods sold of $2,100, inventory of $500, and accounts receivable of $400. How many days, on average, does it take Mario's to sell its inventory?
选项：
A: 65.2 days
B: 85.2 days
C: 86.9 days
D: 96.9 days
答案: 【 86.9 days】
Module2InterestRatesandValuingCashFlows
Chapter3-Quiz
1、单选题：
Why is the personal decision a financial manager makes as to whether to buy or to rent an apartment as a personal residence most like the professional decision that manager makes as to whether her firm should try to acquire a stake in a fast growing new Internet-based company?
选项：
A: Both decisions involve the purchase of assets that are essential for the existence of the investor.
B: Both decisions involve the rental of a useful asset.
C: Both decisions have the potential to affect the firm.
D: Both decisions should be made based upon the tradeoff benefits and costs across time.
答案: 【 Both decisions should be made based upon the tradeoff benefits and costs across time.】
2、单选题：
You have a used CD store. At an estate sale, you can purchase 230 compact discs for $356.5. You believe you could sell the CDs for an average of $3.05 each. What is the net benefit of buying the CDs at the estate sale and selling them in your store?
选项：
A: $445
B: $545
C: $645
D: $345
答案: 【 $345】
3、单选题：
Which of the following best describes the valuation principle?
选项：
A: It is not possible to compare costs and benefits that occur at different points in time, in different currencies, or with different risks.
B: The value of a commodity or an asset to a firm or its investors is determined by its competitive market price. When the value of the benefits exceeds the value of the costs in terms of market prices, the decision will increase the market value of the firm.
C: The rate at which we can exchange money today for money in the future by borrowing or investing is the current market interest rate and is same across all banks.
D: If equivalent goods or securities trade simultaneously in different markets across the world, they will trade for the same price.
答案: 【 The value of a commodity or an asset to a firm or its investors is determined by its competitive market price. When the value of the benefits exceeds the value of the costs in terms of market prices, the decision will increase the market value of the firm.】
4、单选题：
"If equivalent investment opportunities trade simultaneously in different competitive markets, then they must trade for the same price in both markets."What do we call the above statement?
选项：
A: The Net Present Value rule
B: The Law of One Price
C: The Valuation Principle
D: The Time Value of Money
答案: 【 The Law of One Price】
5、单选题：
Whose cash flow is best described by the timeline shown below? Date(years)01234Cash Flows-$3,500$1,000$1,000$1,000$1,000
选项：
A: Joe, who puts down $3,500 to buy a car, and then makes annual payments of $1,000
B: Harry, who borrows $3,500, and then receives an annual payment of $1,000
C: Karen, who loans a friend $3,500, which friend then pays back the loan in four annual installments of $1,000
D: Leo, who borrows $3,500, and then pays back the loan in four annual payments of $1,000
答案: 【 Karen, who loans a friend $3,500, which friend then pays back the loan in four annual installments of $1,000】
6、单选题：
If the rate of interest (r) is 9%, then you should be indifferent about receiving $750 in one year or ________.
选项：
A: $688.07 today
B: $750 today
C: $825.68 today
D: None of the above
答案: 【 $688.07 today】
7、单选题：
An investment will pay $289,940 at the end of next year for an investment of $190,000 at the start of the year. If the market interest rate is 9% over the same period, should this investment be made?
选项：
A: No, because the investment will yield $82,840 less than putting the money in a bank.
B: Yes, because the investment will yield $66,272 more than putting the money in a bank.
C: Yes, because the investment will yield $74,556 more than putting the money in a bank.
D: Yes, because the investment will yield $82,840 more than putting the money in a bank.
答案: 【 Yes, because the investment will yield $82,840 more than putting the money in a bank.】
8、单选题：
If $432 invested today yields $450 in a year's time, what is the discount factor?
选项：
A: 0.10
B: 0.96
C: 1.96
D: 1.92
答案: 【 0.96】
9、单选题：
Samantha has holdings of 250 troy ounces of platinum, currently valued at $820 dollars per ounce. She estimates that the price of platinum will rise to $869.20 per ounce in the next year. If the interest rate is 12%, should she sell the platinum today?
选项：
A: Yes, as the difference between the present value of selling now and selling in one year is $12,300 dollars today.
B: Yes, as the difference between the present value of selling now and selling in one year is $10,982 dollars today.
C: Yes, as the difference between the present value of selling now and selling in one year is $9840 dollars today.
D: No, as the difference between the present value of selling now and selling in one year is -$8786 dollars today.
答案: 【 Yes, as the difference between the present value of selling now and selling in one year is $10,982 dollars today.】
10、单选题：
What is the present value (PV) of $90,000 received six years from now, assuming the interest rate is 5% per year?
选项：
A: $58,500.00
B: $57,085.48
C: $67,159.39
D: $117,528.93
答案: 【 $67,159.39】
Chapter4-Quiz
1、单选题：
Which of the following investments has a higher present value, assuming the same (strictly positive) interest rate applies to both investments? YearInvestment XInvestment Y1$5,000$11,0002$7,000$9,0003$9,000$7,0004$11,000$5,000
选项：
A: Investment X has a higher present value.
B: Investment Y has a higher present value.
C: Investment X and Investment Y have the same present value, since the total of the cash flows is the same for both.
D: No comparison can be made—we need to know the interest rate to calculate the present value.
答案: 【 Investment Y has a higher present value.】
2、单选题：
An investment pays you $30,000 at the end of this year, and $15,000 at the end of each of the four following years. What is the present value (PV) of this investment, given that the interest rate is 5% per year?
选项：
A: $39,614
B: $63,382
C: $79,228
D: $95,074
答案: 【 $79,228】
3、单选题：
Which of the following statements regarding perpetuities is FALSE?
选项：
A: To find the value of a perpetuity by discounting one cash flow at a time would take forever.
B: A perpetuity is a stream of equal cash flows that occurs at regular intervals and lasts forever.
C: PV of a perpetuity = r / C
D: One example of a perpetuity is the British government bond called a consol.
答案: 【 PV of a perpetuity = r / C】
4、单选题：
Which of the following is true about perpetuities?
选项：
A: All else equal, the present value of a perpetuity is higher when the periodic cash flow is higher.
B: All else equal, the present value of a perpetuity is higher when the interest rate is lower.
C: If two perpetuities have the same present value and the same interest rate, they must have the same cash flows.
D: All of the above are true statements.
答案: 【 All of the above are true statements.】
5、单选题：
An annuity is set up that will pay $1500 per year for ten years. What is the present value (PV) of this annuity given that the discount rate is 9%?
选项：
A: $5776
B: $9626
C: $11,551
D: $13,476
答案: 【 $9626】
6、单选题：
If the current rate of interest is 7%, then the future value (FV) of an investment that pays $1200 per year and lasts 18 years is closest to ________.
选项：
A: $24,479
B: $40,799
C: $48,959
D: $57,119
答案: 【 $40,799】
7、单选题：
You are borrowing money to buy a car. If you can make payments of $320 per month starting