大学MOOC EntrepreneurialFinanceandVentureCapital(中央财经大学)1461535168 最新慕课完整章节测试答案

Quiz-IntroductiontoEntrepreneurshipandVentureCapital

1、单选题：
‎Which one of the following is not a characteristic of entrepreneurship?‎
选项：
A: Entrepreneurship pursues opportunities and certain objectives.
B: Entrepreneurship could definitely create value.
C: Entrepreneurship is accompanied by risks and uncertainty.
D: Entrepreneurship is about to combine and deploy resources in an innovative way. 
答案: 【 Entrepreneurship could definitely create value.】

2、单选题：
‏Which one of the following statement about venture capital is true?‎
选项：
A: Liquidity for venture capital investment is high.
B: Venture capital would manage all its invested company themselves after investment. 
C: Venture capital has to negotiate with the entrepreneurial firm to set the price for the company.
D: It is easy for venture capital investors to sell the shares of their invested companies.
答案: 【 Venture capital has to negotiate with the entrepreneurial firm to set the price for the company.】

3、单选题：
​Which of the following is not a characteristic of entreprenurs?‌
选项：
A: Risk-taking
B: Innovative
C: Passionate
D: Bureaucratic
答案: 【 Bureaucratic】

4、单选题：
‏What does certification benefit mean?‌
选项：
A: The investment of venture capital investors could help confirm the high qulity of the venture.
B: The investment of venture capital investors could give the entrepreneurial firms a strong network.
C: The investment of venture capital could enable knowledge transfer to entrepreneurial firms. 
D: The investment of venture capital could provide credit ratings to entrepreneurial firms. 
答案: 【 The investment of venture capital investors could help confirm the high qulity of the venture.】

5、单选题：
‍Which stage in the venture's life cycle has the largest amout of investments?‍
选项：
A: Expansion stage.
B: Development stage.
C: Early growth stage.
D: Mature stage.
答案: 【 Expansion stage.】

6、单选题：
​Which of the following could NOT be the source for financial needs in the development stage?‎
选项：
A: Stock exchange.
B: Family and friends.
C: Crowdfunding.
D: Angel investors.
答案: 【 Stock exchange.】

7、多选题：
‏What are the responsibilities of entrepreneurs?‏
选项：
A: Perceive an opportunity to create value by redeploying society's resources
B: Devise a strategy for relocating and control of the necessary resources
C: Implement a plan of action to bring about the change
D: Havest the rewards that accrue from the innovation
答案: 【 Perceive an opportunity to create value by redeploying society's resources;
Devise a strategy for relocating and control of the necessary resources;
Implement a plan of action to bring about the change;
Havest the rewards that accrue from the innovation】

8、多选题：
‌Entrepreneurship could...​
选项：
A: creat new product/services, new business model or new market.
B: creat value for the society.
C: make profits for the shareholders.
D: help entrepreneur fulfill personal goals.
答案: 【 creat new product/services, new business model or new market.;
creat value for the society.;
make profits for the shareholders.;
help entrepreneur fulfill personal goals.】

9、多选题：
‏Entrepreneurial firms have important influence on...‍
选项：
A: economic growth
B: employment in a society
C: innovation in an economy
D: socio-cultural development in a society
答案: 【 economic growth;
employment in a society;
innovation in an economy】

10、多选题：
‎Entrepreneurial financing may com from...‏
选项：
A: venture capital
B: crowdfunding 
C: angel investors
D: government grants
答案: 【 venture capital;
crowdfunding ;
angel investors;
government grants】

11、多选题：
‍Who should learn about entrepreneurial financing?‏
选项：
A: (Potential) Entrepreneurs.
B: (Potential) Investors.
C: (Potential) Government officials.
D: (Potential) Professional managers.
答案: 【 (Potential) Entrepreneurs.;
(Potential) Investors.;
(Potential) Government officials.;
(Potential) Professional managers.】

12、判断题：
‏Established firms do not need entrepreneurship.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

13、判断题：
​Venture capital is a financier as well as a shareholder for its invested companies.‎
选项：
A: 正确
B: 错误
答案: 【 正确】

14、判断题：
‍Entrepreneurial firms could also get other benefits from the venture capital institutions except for financial investments.‎
选项：
A: 正确
B: 错误
答案: 【 正确】

15、判断题：
‏The financial needs of entrepreneurial firms across its venture life cycle could be quite different. ​
选项：
A: 正确
B: 错误
答案: 【 正确】

Quiz-DealStructureandContractDesign

1、单选题：
‌Which term is used to protect the value of the investors' shares in the event that the company's share price declines in future financing rounds?​
选项：
A: Preemptive rights
B: Anti-dilution provisions
C: Redemption rights
D: Drag-along rights
答案: 【 Anti-dilution provisions】

2、单选题：
‌Preemptive rights means that investors have the right to...‌
选项：
A: protect the value of their shares in the event that the company's share price declines in future financing rounds
B: purchase a portion of the shares that the venture issues in any financing round so that they can maintain their percentage ownership of the company.
C: participate in the sale on a pro-rata basis if the shareholder of the venture is selling some or all of his shares to a third party.
D: sell their shares back to the company at some point in the future if the comany has failed to provide any other liquidation options.
答案: 【 purchase a portion of the shares that the venture issues in any financing round so that they can maintain their percentage ownership of the company.】

3、单选题：
‌Which of the following is NOT a suggestion for an entrepreneur in a negotiation with venture capitalists?‌
选项：
A: Focus on key issues such as valuation, the liquidation preferences, etc.
B: If the negotiation doesn't go well with this investor, the entrepreneur should wait for another investor.
C: The entrepreneur should go to the negotiation with experts in dealing structuring and negotiation.
D: The entrepreneur should know about his or her most concerned objectives. 
答案: 【 If the negotiation doesn't go well with this investor, the entrepreneur should wait for another investor.】

4、单选题：
‎Convertible note is essentially a/an...‌
选项：
A: equity
B: debt
C: neither equity or debt
D: both equity and debt
答案: 【 debt】

5、单选题：
​Which one of the following is NOT a benefit from the outside investor to the venture and entrepreneur?‌
选项：
A: Outside investment enables the entrepreneur to invest less and increase diverfication.
B: Outside investment can increase the present value of the venture.
C: An outside investor may contribute advice and information that enhance value.
D: An outside investment is a chance for entrepreneurs to sell their shares and harvest.
答案: 【 An outside investment is a chance for entrepreneurs to sell their shares and harvest.】

6、多选题：
‌What are the commonly seen issues or terms in a term sheet?‏
选项：
A: Valuation and amount of the investment
B: The type of investment
C: The closing date
D: Provisions and investor rights
答案: 【 Valuation and amount of the investment;
The type of investment;
The closing date;
Provisions and investor rights】

7、多选题：
‎What are the types of investment on new ventures?‍
选项：
A: Common stocks
B: Preferred stocks
C: Convertible note
D: SAFE
答案: 【 Common stocks;
Preferred stocks;
Convertible note;
SAFE】

8、多选题：
‏Which of the following statments are true about common stocks?‎
选项：
A: Common stock is convertible like some other securities are.
B: Common stock has dividends.
C: Common stock is generally the easiest and simplest for of equity.
D: Common stock empower the shareholders with voting rights.
答案: 【 Common stock has dividends.;
Common stock is generally the easiest and simplest for of equity.;
Common stock empower the shareholders with voting rights.】

9、多选题：
‏Which of the following show characteristics of preferres stock?‌
选项：
A: Preferred stock is a kind of debt.
B: Preferred stock has liquidition priviledges.
C: Preferred stock may have attached rights such as anti-dilution provisions.
D: Preferred stock enpowers the stockholders with voting rights.
答案: 【 Preferred stock has liquidition priviledges.;
Preferred stock may have attached rights such as anti-dilution provisions.】

10、多选题：
‌Why investors and entrepreneurs prefer convertible note in early stage financing?​
选项：
A: It is very simple to do.
B: It defers the pricing decision to the future.
C: It may have arrangements on valuation caps.
D: It provides investors with voting rights.
答案: 【 It is very simple to do.;
It defers the pricing decision to the future.;
It may have arrangements on valuation caps.】

11、判断题：
‏A term sheet is equivalent to a contract.‌
选项：
A: 正确
B: 错误
答案: 【 错误】

12、判断题：
‌SAFE is different from convertible note because convertible note does not have interest rates while SAFE has. ‌
选项：
A: 正确
B: 错误
答案: 【 错误】

13、判断题：
‍Drag-along right means that if the board of directors and a majority of the shareholders have approved a sales of the company, minor shareholders who are dissenting or who are trying to hold out for a better deal have to go along. ‍
选项：
A: 正确
B: 错误
答案: 【 正确】

14、判断题：
​Weighted average anti-dilution provision is preferable for the entrepreneur than the full ratchet anti-dilution provision.‌
选项：
A: 正确
B: 错误
答案: 【 正确】

15、判断题：
​The convertible price of a concertible note is generally the same as the price of the next round equity investment.‍
选项：
A: 正确
B: 错误
答案: 【 错误】

Quiz-ChoiceofFinancing

1、单选题：
‏According to the pecking order theory, firm owners prefer to use (  ) first.‍
选项：
A: A. short-term debt 
B: long-term debt
C: external equity
D: internal financing
答案: 【 internal financing】

2、单选题：
Seed and start-up ventures raising immediate cash can choose all the following except ( ).‌
选项：
A: loans from friends and family
B: venture capital
C: additional investment from existing stakeholders
D: personal savings of the entrepreneur
答案: 【 venture capital】

3、单选题：
‏When the financing needs are volatile and unpredictable, the venture will seek for ( ) sources.‏
选项：
A: short-term financing
B: long-term financing
C:  equity financing
D: government programs
答案: 【 short-term financing】

4、单选题：
‏If venture reputation is important to customers and suppliers, the venture may want to avoid high levels of ( ). ‏
选项：
A: angel investors
B: strategic partner
C: debt financing
D: venture capital
答案: 【 debt financing】

5、单选题：
‏If growth is expected to be high but growth prospects are uncertain, the venture is more likely to need a high level of ( ).‌
选项：
A: stretch payables
B: accelerate collections
C: bootstrapping
D: outside financing
答案: 【 outside financing】

6、单选题：
‎For the equity financing, the positive aspects of this capital include the following except ( ).‏
选项：
A: no personal guarantees
B: no collateral is required
C: dividends are not tax-deductible
D: no regular cash payments are required
答案: 【 dividends are not tax-deductible】

7、单选题：
‎Which of the following may be a negative aspect of angel equity capital (  ).‎
选项：
A: The angels have great business experience and therefore are value-added investors
B: Angel investors can be more patient than institutional investors
C:  Angel investors may exert excessive interference
D: Angel investors can provide seed capital
答案: 【  Angel investors may exert excessive interference】

8、单选题：
‏The basic model of the financing decision process considers the following factors except (  ).‌
选项：
A: the stage of the venture
B: the industry of the venture
C: the timing of the financing need
D: the size of the financing need
答案: 【 the industry of the venture】

9、单选题：
‏Which of the following is not an example of bootstrap financing? (  )‍
选项：
A: government programs
B: loans from family and friends
C: a mortgage on the entrepreneur's home
D: credit cards
答案: 【 government programs】

10、单选题：
‎Factors an entrepreneur should consider when seeking venture capital include all the following except (  ).‍
选项：
A: the timing of the venture
B:  the industry sector that is attractive to VC firms
C: shorter-term opportunities of the venture
D: locating in a region with a large number of firms
答案: 【 shorter-term opportunities of the venture】

11、判断题：
‍Early-stage R&D ventures have mainly tangible assets, and borrowing could be feasible. ‌
选项：
A: 正确
B: 错误
答案: 【 错误】

12、判断题：
‍A venture that is generating revenue has more ability to link financing to attained revenue. ‍
选项：
A: 正确
B: 错误
答案: 【 正确】

13、判断题：
‍A business that is growing at the inflation rate is normally much more in need of adding financing and can not finance growth from its operations.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

14、判断题：
‍A venture that is growing rapidly will need to finance its current assets (e.g.cash, accounts receivable, inventory) by increasing current liabilities such as accounts payable, and wages payable.‎
选项：
A: 正确
B: 错误
答案: 【 正确】

15、判断题：
‎Profitability gives the venture the ability to take advantage of the tax deductibility of interest payments. ​
选项：
A: 正确
B: 错误
答案: 【 正确】

16、判断题：
‏The main drawback of a secured loan is that a rigid schedule of debt service may be required.‌
选项：
A: 正确
B: 错误
答案: 【 正确】

17、判断题：
‎VC investors will acquire an ownership stake, and may demand board representation but VC firms may not limit the firm’s flexibility.​
选项：
A: 正确
B: 错误
答案: 【 错误】

18、判断题：
‎Postponing payment of accounts payable usually is an expensive way to finance if it involves foregoing the discount for prompt payment.​
选项：
A: 正确
B: 错误
答案: 【 正确】

19、判断题：
​The pecking order theory assumes that firms would make financing decisions based on the principle of maximizing costs. ‏
选项：
A: 正确
B: 错误
答案: 【 错误】

20、判断题：
‎According to the growth cycle theory, firms use the same forms of financing for different stages of growth. ‌
选项：
A: 正确
B: 错误
答案: 【 错误】

21、判断题：
​The outside investor’s active involvement brings no costs to the venture.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

22、判断题：
‎Raising capital should be a continuing process for ventures.‌
选项：
A: 正确
B: 错误
答案: 【 正确】

23、判断题：
‌Providers of long-term funds may not restrict future borrowing. ‌
选项：
A: 正确
B: 错误
答案: 【 错误】

24、判断题：
‍Short-term sources with high-interest-rate can be attractive for long-term needs. ‏
选项：
A: 正确
B: 错误
答案: 【 错误】

25、判断题：
‏Seed and start-up ventures have the most limited set of options for raising immediate cash.​
选项：
A: 正确
B: 错误
答案: 【 正确】

Quiz-Harvesting

1、单选题：
‏Which of the following statement is NOT a pro of going pubic?‌
选项：
A: Going public could provide credentials to the company.
B: Going public could provide shareholders with a certain level of liquidity.
C: Going public could enable the company to use stocks as a currency for acquisitions.
D: Going public is less costly.
答案: 【 Going public is less costly.】

2、单选题：
‌Which of the following statement is NOT true about purchasing equity in acquisitions?‍
选项：
A: The buyer acquires ownership of the assets and at the same time also assumes the liabilities.
B: The buy would not ask for representations and warranties from the seller company.
C: The buyer normally hires a third party to take due diligence and assess the value.
D: The buyer could use only cash, only stocks or a combination of both in the transaction.
答案: 【 The buy would not ask for representations and warranties from the seller company.】

3、单选题：
‏Is Employee Stock Ownership Plan (ESOP) leveraged or not?‏
选项：
A: Leveraged.
B: Not leveraged.
C: Either is possible.
D: Not sure.
答案: 【 Either is possible.】

4、单选题：
‎Which of the following is not a factor considered by the enterpreneurs and investors on harvesting?‍
选项：
A: Timing.
B: Company size.
C: Ownership and control.
D: Employees.
答案: 【 Employees.】

5、单选题：
‌Which of the following statement is NOT true about ESOP?‎
选项：
A: ESOP enables employees to invest their retirement funds in equity of the company.
B: The employees would not be able to liquidate their investment, they can only get dividends.
C: ESOP could be leveraged.
D: The company normally arranges a third party to value the equity of the company.
答案: 【 The employees would not be able to liquidate their investment, they can only get dividends.】

6、多选题：
‎What are the possible alternatives in harvesting for ventures?‎
选项：
A: Going public
B: Acquisition
C: Management Buyout (MBO)
D: Employee Stock Ownership Plan (ESOP)
答案: 【 Going public;
Acquisition;
Management Buyout (MBO);
Employee Stock Ownership Plan (ESOP)】

7、多选题：
​After going public, what are the possible approaches that shareholders of the venture could use to harvest from their investments?‎
选项：
A: By using secondary sale as part of the IPO.
B: By selling stocks in the secondary market.
C: By sale in seasoned offerings.
D: By selling shares privately
答案: 【 By using secondary sale as part of the IPO.;
By selling stocks in the secondary market.;
By sale in seasoned offerings.;
By selling shares privately】

8、多选题：
If the venture chooses to go public, what approaches would the investor choose to harvest if the amount of investment is large?‍‍
选项：
A: Sale in the secondary market.
B: Sale as part of the IPO.
C: Private sale.
D: Sale in a seasoned offering.
答案: 【 Private sale.;
Sale in a seasoned offering.】

9、多选题：
‏What are the pros for acquisitions as an alternative of harvesting?‎
选项：
A: May provide a faster liquidity if the deal is by cash.
B: There may be a synergy between the acquirer company and the seller venture.
C: The entrepreneur will still has control over the venture.
D: Can provide entrepreneurs and investors of the venture with a higher price in harvesting. 
答案: 【 May provide a faster liquidity if the deal is by cash.;
There may be a synergy between the acquirer company and the seller venture.】

10、多选题：
‌Which of the statements on Management Buyout (MBO) is true?​
选项：
A: MBO is usually financed with debt.
B: MBO is feasible only if the venture is reasonabley successful.
C: The transaction by using MBO could be quite low.
D: Conflicts and differet expectations may trigger the necessity of MBO.
答案: 【 MBO is usually financed with debt.;
MBO is feasible only if the venture is reasonabley successful.;
The transaction by using MBO could be quite low.;
Conflicts and differet expectations may trigger the necessity of MBO.】

11、判断题：
​Investors would consider issues on harvesting even before they make the investment decision.‌
选项：
A: 正确
B: 错误
答案: 【 正确】

12、判断题：
‌If the venture is going public, the investors prefer to sell their shares as a part of