大学MOOC 公司金融（CorporateFinance)(中南大学)1457950167 最新慕课完整章节测试答案
1.Introduction
文章目录
Quiz1
1、单选题：
Which type of business organization has all the respective rights and privileges of a legal person?
选项：
A: Sole proprietorship
B: Corporation
C: General partnership
D: Limited partnership
答案: 【 Corporation】
2、单选题：
The Principal-Agent Problem arises
选项：
A: because managers have little incentive to work in the interest of shareholders when this means working against their own self-interest.
B: because of the separation of ownership and control in a corporation.
C: Both A and B
D: None of the above
答案: 【 Both A and B】
3、单选题：
In the management buyout, the managers of the firm buy out the existing stockholders and make the company a private firm. Is this a way of reducing of conflict of interests between stockholders and managers?
选项：
A: Yes，managers now also become the lead stockholders in the firm.
B: Yes, managers will feel happy.
C: No，managers now also become the lead stockholders in the firm.
D: No, managers will feel happy.
答案: 【 Yes，managers now also become the lead stockholders in the firm.】
4、单选题：
In a corporation, the ultimate decisions regarding business matters are made by
选项：
A: the Board of Directors
B: debt holders
C: shareholders
D: investors
答案: 【 the Board of Directors】
5、单选题：
Which is not the advantages of a corporation?
选项：
A: Easy transfer of ownership
B: Limited life
C: Easy to get financing
D: Entitled to sign contracts
答案: 【 Limited life】
6、单选题：
Which of the following statements is false?
选项：
A: In bankruptcy, management is given the opportunity to reorganize the firm and renegotiatewith debt holders.
B: Because a corporation is a separate legal entity, when it fails to repay its debts, the people wholent to the firm, the debt holders are entitled to seize the assets of the corporation incompensation for the default.
C: As long as the corporation can satisfy the claims of the debt holders, ownership remains in thehands of the equity holders.
D: If the corporation fails to satisfy debt holdersʹ claims, debt holders may lose control of the firm.
答案: 【 If the corporation fails to satisfy debt holdersʹ claims, debt holders may lose control of the firm.】
7、单选题：
Which of the following assumptions would you need for stock maximization to be the “right” objective for a business to adopt?
选项：
A: There are no social costs
B: Managers act in the best interests of stockholders
C: Lenders to the firm are fully protected from expropriation
D: All of the above
答案: 【 All of the above】
8、单选题：
Which one is not the character a good goal should possess?
选项：
A: The goal should be very clear.
B: The goal should be measurable.
C: The goal should not bring costs to other businesses or groups.
D: The goal should be easily changeable and adjustable.
答案: 【 The goal should be easily changeable and adjustable.】
9、单选题：
Which one is not the assumption on which the maximization of stock price is based?
选项：
A: The manager can control the issuing amount of bonds
B: The manager does not consider his own interests.
C: The creditor is completely protected in order to avoid wealth being exploited by shareholders.
D: Business managers will not use their own unique information to mislead financial markets.
答案: 【 The manager can control the issuing amount of bonds】
10、单选题：
If shareholders are unhappy with a CEOʹs performance, they are most likely to
选项：
A: buy more shares in an effort to gain control of the firm.
B: file a shareholder resolution.
C: replace the CEO through a grassroots shareholder uprising.
D: sell their shares.
答案: 【 sell their shares.】
11、单选题：
The distinguishing feature of a corporation is that:
选项：
A: their is no legal difference between the corporation and its owners.
B: it is a legally defined, artificial being, separate from its owners.
C: it spreads liability for its corporate obligations to all shareholders.
D: provides limited liability only to small shareholders.
答案: 【 it is a legally defined, artificial being, separate from its owners.】
12、单选题：
You own 100 shares of a "C" corporation. The corporation earns $5.00 per share before taxes. Once the corporation has paid any corporate taxes that are due, it will distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax rate is 40% and your personal tax rate on (both dividend and non-dividend) income is 30%, then how much money is left for you after all taxes have been paid?
选项：
A: $210
B: $300
C: $350
D: $500
答案: 【 $210】
13、单选题：
You are a shareholder in a "C" corporation. This corporation earns $4 per share before taxes. After it has paid taxes, it will distribute the remainder of its earnings to you as a dividend. The dividend is income to you, so you will then pay taxes on these earnings. The corporate tax rate is 35% and your tax rate on dividend income is 15%. The effective tax rate on your share of the corporations earnings is closest to:
选项：
A: 15%
B: 35%
C: 45%
D: 50%
答案: 【 45%】
14、单选题：
If shareholders are unhappy with a CEO's performance, they are most likely to:
选项：
A: buy more shares in an effort to gain control of the firm.
B: file a shareholder resolution.
C: replace the CEO through a grassroots shareholder uprising.
D: sell their shares.
答案: 【 sell their shares.】
15、单选题：
A ________ is when a rich individual or organization purchases a large fraction of the stock of a poorly performing firm and in doing so gets enough votes to replace the board of directors and the CEO.
选项：
A: shareholder proposal
B: leveraged buyout
C: shareholder action
D: hostile takeover
答案: 【 hostile takeover】
16、单选题：
Which of the following statements is FALSE?
选项：
A: In bankruptcy, management is given the opportunity to reorganize the firm and renegotiate with debt holders.
B: Because a corporation is a separate legal entity, when it fails to repay its debts, the people who lent to the firm, the debt holders are entitled to seize the assets of the corporation in compensation for the default.
C: As long as the corporation can satisfy the claims of the debt holders, ownership remains in the hands of the equity holders.
D: If the corporation fails to satisfy debt holders' claims, debt holders may lose control of the firm.
答案: 【 If the corporation fails to satisfy debt holders' claims, debt holders may lose control of the firm.】
17、单选题：
Do corporate decisions that increase the value of the firm's equity benefit society as a whole?
选项：
A: Yes, as long as the value of the firm's equity increases, society is better off.
B: Yes, as long as the increase in the value of the firm's equity does not come at the expense of others.
C: No, any gain in the value of the firm's equity is always less than the cost to society.
D: No, any gains in the value of the firm's equity are perfectly offset by societal costs.
答案: 【 Yes, as long as the increase in the value of the firm's equity does not come at the expense of others.】
18、单选题：
An agency problem can be alleviated by:
选项：
A: requiring all firms to be sole proprietorships.
B: compensating managers in such a way that acting in the best interest of shareholders is also in the best interest of managers.
C: asking managers to take on more risk than they are comfortable taking.
D: A and B.
答案: 【 A and B.】
19、单选题：
You overhear your manager saying that she plans to book an Ocean-view room on her upcoming trip to Miami for a meeting. You know that the interior rooms are much less expensive, but that your manager is traveling at the Company's expense. This use of additional funds comes about as a result of:
选项：
A: an agency problem.
B: an adverse selection problem.
C: a moral hazard.
D: a publicity problem.
答案: 【 an agency problem.】
20、单选题：
The Principal-Agent Problem arises:
选项：
A: because managers have little incentive to work in the interest of shareholders when this means working against their own self-interest.
B: because of the separation of ownership and control in a corporation.
C: Both A and B
D: None of the above
答案: 【 Both A and B】
2.IntroductiontoFinancialStatementAnalysis
Quiz2
1、单选题：
On the balance sheet, current maturities of long-term debt appears:
选项：
A: in the Stockholders' Equity section.
B: in the Operating Expenses section.
C: in the Current Assets section.
D: in the Current Liabilities section.
答案: 【 in the Current Liabilities section.】
2、单选题：
Dustin's Donuts experienced a decrease in the value of the trademark of a company it acquired two years ago. This reduction in value results in:
选项：
A: an impairment charge.
B: depreciation expense.
C: an operating expense.
D: goodwill.
答案: 【 an impairment charge.】
3、单选题：
Which of the following statements regarding the income statement is INCORRECT?
选项：
A: The income statement shows the earnings and expenses at a given point in time.
B: The income statement shows the flow of earnings and expenses generated by the firm between two dates.
C: The last or "bottom" line of the income statement shows the firm's net income.
D: The first line of an income statement lists the revenues from the sales of products or services.
答案: 【 The income statement shows the earnings and expenses at a given point in time.】
4、单选题：
Which of the following is NOT an operating expense?
选项：
A: Interest expense
B: Depreciation and amortization
C: Selling, general and administrative expenses
D: Research and development
答案: 【 Interest expense】
5、单选题：
Gross profit is calculated as:
选项：
A: Total sales - cost of sales - selling, general and administrative expenses - depreciation and amortization
B: Total sales - cost of sales - selling, general and administrative expenses
C: Total sales - cost of sales
D: None of the above
答案: 【 Total sales - cost of sales】
6、单选题：
Which of the following is NOT a section on the cash flow statement?
选项：
A: Income generating activities
B: Investing activities
C: Operating activities
D: Financing activities
答案: 【 Income generating activities】
7、单选题：
Which of the following statements regarding net income transferred to retained earnings is correct?
选项：
A: Net income = net income transferred to retained earnings - dividends
B: Net income transferred to retain earnings = net income + dividends
C: Net income = net income transferred to retain earnings + dividends
D: Net income transferred to retain earnings - net income = dividends
答案: 【 Net income = net income transferred to retain earnings + dividends】
8、单选题：
Which of the following is NOT a reason why cash flow may not equal net income?
选项：
A: Amortization is added in when calculating net income.
B: Changes in inventory will change cash flows but not income.
C: Capital expenditures are not recorded on the income statement.
D: Depreciation is deducted when calculating net income.
答案: 【 Amortization is added in when calculating net income.】
9、单选题：
Which of the following adjustments to net income is NOT correct if you are trying to calculate cash flow from operating activities?
选项：
A: Add increases in accounts payable
B: Add back depreciation
C: Add increases in accounts receivable
D: Deduct increases in inventory
答案: 【 Add increases in accounts receivable】
10、单选题：
Which of the following adjustments is NOT correct if you are trying to calculate cash flow from financing activities?
选项：
A: Add dividends paid
B: Add any increase in long term borrowing
C: Add any increase in short-term borrowing
D: Add proceeds from the sale of stock
答案: 【 Add dividends paid】
11、单选题：
Use the following information for ECE incorporated: Assets $200 million Shareholder Equity $100 million Sales $300 million Net Income $15 million Interest Expense $2 millionIECE's Return on Assets (ROA) is:
选项：
A: 5.0%
B: 8.5%
C: 7.5%
D: 15.0%
答案: 【 8.5%】
12、单选题：
Use the information for the question(s) below. In November 2009, Perrigo Co. (PRGO) had a share price of $39.20. They had 91.33 million shares outstanding, a market-to-book ratio of 3.76. In addition, PRGO had $845.01 million in outstanding debt, $163.82 million in net income, and cash of $257.09 million. Perrigo's price-earnings ratio (P/E) is closest to:
选项：
A: 15.96
B: 21.85
C: 29.77
D: 35.64
答案: 【 21.85】
13、单选题：
Use the following information for ECE incorporated: Assets $200 million Shareholder Equity $100 million Sales $300 million Net Income $15 million Interest Expense $2 million If ECE reported $15 million in net income, then ECE's Return on Equity (ROE) is:
选项：
A: 5.0%
B: 7.5%
C: 10.0%
D: 15.0%
答案: 【 15.0%】
14、单选题：
The firm's asset turnover measures:
选项：
A: the value of assets held per dollar of shareholder equity.
B: the return the firm has earned on its past investments.
C: the firm's ability to sell a product for more than the cost of producing it.
D: how efficiently the firm is utilizing its assets to generate sales.
答案: 【 how efficiently the firm is utilizing its assets to generate sales.】
15、单选题：
If Firm A and Firm B are in the same industry and use the same production method, and Firm A's asset turnover is higher than that of Firm B, then all else equal we can conclude:
选项：
A: Firm A is more efficient than Firm B.
B: Firm A has a lower dollar amount of assets than Firm B.
C: Firm A has higher sales than Firm B.
D: Firm A has a lower ROE than Firm B.
答案: 【 Firm A is more efficient than Firm B.】
16、单选题：
The firm's equity multiplier measures:
选项：
A: the value of assets held per dollar of shareholder equity.
B: the return the firm has earned on its past investments.
C: the firm's ability to sell a product for more than the cost of producing it.
D: how efficiently the firm is utilizing its assets to generate sales.
答案: 【 the value of assets held per dollar of shareholder equity.】
17、单选题：
If Alex Corporation takes out a bank loan to purchase a machine used in production and everything else stays the same, its equity multiplier will ________, and its ROE will ________.
选项：
A: increase; increase
B: decrease; decrease
C: increase; decrease
D: decrease; increase
答案: 【 increase; increase】
18、单选题：
The DuPont Identity expresses the firm's ROE in terms of:
选项：
A: profitability, asset efficiency, and leverage.
B: valuation, leverage, and interest coverage.
C: profitability, margins, and valuation.
D: equity, assets, and liabilities.
答案: 【 profitability, asset efficiency, and leverage.】
19、单选题：
Suppose Novak Company experienced a reduction in its ROE over the last year. This fall could be attributed to:
选项：
A: an increase in net profit margin.
B: a decrease in asset turnover.
C: an increase in leverage.
D: a decrease in Equity.
答案: 【 a decrease in asset turnover.】
20、单选题：
If Moon Corporation has an increase in sales, which of the following would result in no change in its EBIT margin?
选项：
A: A proportional increase in its net income
B: A proportional decrease in its EBIT
C: A proportional increase in its EBIT
D: An increase in its operating expenses
答案: 【 A proportional increase in its EBIT】
21、填空题：
What is the role of an auditor in financial statement analysis?
答案: 【 1. To ensure that the annual financial statements are prepared accurately.
2. To ensure that the annual financial statements are prepared according to GAAP.
3. To verify that the information used in preparing the annual financial statements is reliable.】
22、填空题：
Use the following information for ECE incorporated: Assets $200 million Shareholder Equity $100 million Sales $300 million Net Income $15 million Interest Expense $2 millionIf ECE's stock is currently trading at $24.00 and ECE has 25 million shares outstanding, then ECE's market-to-book ratio is closest to:
答案: 【 6.0】
23、填空题：
Use the information for the question(s) below. In November 2009, Perrigo Co. (PRGO) had a share price of $39.20. They had 91.33 million shares outstanding, a market-to-book ratio of 3.76. In addition, PRGO had $845.01 million in outstanding debt, $163.82 million in net income, and cash of $257.09 million. Perrigo's market capitalization is closest to:
答案: 【 $3,580.14 million】
24、填空题：
Use the information for the question(s) below. In November 2009, Perrigo Co. (PRGO) had a share price of $39.20. They had 91.33 million shares outstanding, a market-to-book ratio of 3.76. In addition, PRGO had $845.01 million in outstanding debt, $163.82 million in net income, and cash of $257.09 million.Perrigo's book value of equity is closest to:
答案: 【 $952.16 million】
25、填空题：
Use the information for the question(s) below. In November 2009, Perrigo Co. (PRGO) had a share price of $39.20. They had 91.33 million shares outstanding, a market-to-book ratio of 3.76. In addition, PRGO had $845.01 million in outstanding debt, $163.82 million in net income, and cash of $257.09 million.Perrigo's enterprise value is closest to:
答案: 【 $4,168.06 million】
26、填空题：
Use the information for the question(s) below. In November 2009, Perrigo Co. (PRGO) had a share price of $39.20. They had 91.33 million shares outstanding, a market-to-book ratio of 3.76. In addition, PRGO had $845.01 million in outstanding debt, $163.82 million in net income, and cash of $257.09 million. Perrigo's earnings per share (EPS) is closest to:
答案: 【 $1.79】
27、填空题：
Use the tables for the question(s) below. Consider the following financial information: Luther CorporationConsolidated Balance SheetDecember 31, 2009 and 2008 (in $ millions) Assets20092008 Liabilities and Stockholders' Equity20092008Current Assets Current Liabilities Cash63.658.5 Accounts payable87.673.5Accounts receivable55.539.6 Notes payable/short-term debt10.59.6Inventories45.942.9 Current maturities of long-term debt39.936.9Other current assets6.03.0 Other current liabilities6.012.0 Total current assets171.0144.0 Total current liabilities144.0132.0 Long-Term Assets Long-Term Liabilities Land66.662.1 Long-term debt239.7168.9 Buildings109.591.5 Capital lease obligations------ Equipment119.199.6 Total Debt239.7168.9 Less accumulated depreciation(56.1)(52.5) Deferred taxes22.822.2Net property, plant, and equipment239.1200.7 Other long-term liabilities------Goodwill60.0-- Total long-term liabilities262.5 Other long-term assets63.042.0 Total liabilities406.5323.1 Total long-term assets362.1242.7 Stockholders' Equity126.663.6 Total Assets533.1386.7 Total liabilities and Stockholders' Equity533.1386.7 Luther CorporationConsolidated Income StatementYear ended December 31 (in $ millions) 20092008Total sales610.1578.3Cost of sales(500.2)(481.9)Gross profit109.996.4Selling, general, andadministrative expenses(40.5)(39.0)Research and development(24.6)(22.8)Depreciation and amortization(3.6)(3.3)Operating income41.231.3Other income------Earnings before interest and taxes (EBIT)41.231.3Interest income (expense)(25.1)(15.8)Pre-tax income16.115.5Taxes(5.5)(5.3)Net income10.610.2Dividends Paid 5.15.0Price per Share$16$15Shares outstanding (millions)10.28.0Stock options outstanding (millions)0.30.2 Stockholders’ Equity126.663.6Total Liabilities and Stockholders’ Equity533.1386.7 For the year ending December 31, 2009 Luther's