大学MOOC 公司理财（英）(广东外语外贸大学)1003368002 最新慕课完整章节测试答案

Quiz 1

1、单选题：
​Which of the following would be considered a capital budgeting decision?‎
选项：
A: Planning to issue common stock rather than issuing preferred stock
B: Deciding to expand into a new line of products, at a cost of $5 million
C: Repurchasing shares of common stock
D: Issuing debt in the form of long-term bonds
答案: 【 Deciding to expand into a new line of products, at a cost of $5 million】

2、单选题：
‌An example of a firm's financing decision would be: ‎
选项：
A: acquiring a competitive firm.
B: determining how much to pay for a specific asset.
C: issuing 10-year versus 20-year bonds.
D: deciding whether or not to increase the price of its products.
答案: 【 issuing 10-year versus 20-year bonds.】

3、单选题：
‍The term "capital structure" refers to: ‌
选项：
A: the manner in which a firm obtains its long-term sources of funding.
B: the length of time needed to repay debt.
C: whether the firm invests in capital budgeting projects.
D: which specific assets the firm should invest in.
答案: 【 the manner in which a firm obtains its long-term sources of funding.】

4、单选题：
‎ One common reason for partnerships to convert to a corporate form of organization is that the partnership: ‏
选项：
A: faces rapidly growing financing requirements.
B: wishes to avoid double taxation of profits.
C: has issued all of its allotted shares.
D: agreement expires after ten 10 years.
答案: 【 faces rapidly growing financing requirements.】

5、单选题：
‏ A board of directors is elected as a representative of the corporation's:‌
选项：
A: top management.
B: stakeholders.
C: shareholders.
D: customers.
答案: 【 shareholders.】

6、单选题：
‏The primary goal of corporate management should be to: ‌
选项：
A: maximize the number of shareholders.
B: maximize the firm's profits.
C: minimize the firm's costs.
D: maximize the shareholders' wealth.
答案: 【 maximize the shareholders' wealth.】

7、单选题：
​Ethical decision making in business:‌
选项：
A: reduces the firm's profits.
B: requires adherence to implied rules as well as written rules.
C: is not in the best interests of shareholders.
D: is less important than good capital budgeting decisions.
答案: 【 requires adherence to implied rules as well as written rules.】

8、单选题：
‎ A company can pay for its expansion in all the following ways except: ‎‎‎
选项：
A: by using the earnings generated from its sale of obsolete equipment.
B: by persuading the director's mother to make a personal loan to the company.
C: by purchasing bonds in the secondary market.
D: by selling stock certificates for a new subsidiary.
答案: 【 by purchasing bonds in the secondary market.】

9、单选题：
‏Liquidity is important to a mutual fund because: ‍
选项：
A: a fund that is less liquid will attract more investors.
B: the fund's shareholders may want to redeem their shares at any time.
C: the fund's managers need liquidity to trade actively.
D: the fund needs to distribute payouts to its shareholders and managers periodically.
答案: 【 the fund's shareholders may want to redeem their shares at any time.】

10、单选题：
‎A primary market would be utilized when: ‌
选项：
A: investors buy or sell existing securities.
B: shares of common stock are exchanged.
C: securities are initially issued.
D: a commission must be paid on the transaction.
答案: 【 securities are initially issued.】

11、单选题：
‍Short-term financing decisions commonly occur in the:‎‍‎
选项：
A:  primary markets.
B: secondary markets.
C: capital markets.
D: money markets.
答案: 【 money markets.】

12、单选题：
‏The opportunity cost of capital: ​‏​
选项：
A: A. is the interest rate that the firm pays on a loan from a financial institution.
B: B. is the maximum acceptable rate of return on a project.
C: C. is the minimum acceptable rate of return on a project.
D: D. is always less than 10%.
答案: 【 C. is the minimum acceptable rate of return on a project.】

13、单选题：
‏A balance sheet portrays the value of a firm's assets and liabilities: ​‏​
选项：
A: over an annual period.
B: over any stated period of time.
C: at any stated point in time.
D: only at the end of the calendar year.
答案: 【 at any stated point in time.】

14、单选题：
‎Which of the following assets is likely to be considered the most liquid? ‌‎‌
选项：
A: Marketable securities
B: Net fixed assets
C: Accounts payable
D: Inventories
答案: 【 Marketable securities】

15、单选题：
‍Retained earnings result from: ‎
选项：
A: the sale of additional shares of stock to investors.
B: income not paid to shareholders.
C: an excess of assets over liabilities.
D: market values that exceed book values.
答案: 【 income not paid to shareholders.】

16、单选题：
‏What happens to the market value of a firm's equity as the book value of the firm's equity increases? ‌‏‌
选项：
A: It increases by the same amount.
B: It decreases by the same amount.
C: It remains constant.
D: There is no set relationship to determine this outcome.
答案: 【 There is no set relationship to determine this outcome.】

17、单选题：
‍What is the book value per share for a firm with 2 million shares outstanding at a price of $50, a market-to-book ratio of .75, and a dividend payout ratio of 50%? ‍‍‍
选项：
A: $33.33
B: $37.50
C: $62.50
D: $66.67
答案: 【 $66.67】

18、单选题：
‎Average daily expenses are $50.8 million. Average accounts payable are $3,743.5 million. The average number of days that it takes the company to pay its bills (the average payment delay) is therefore: ‎‎‎
选项：
A: 63.7 days.
B: 73.7 days.
C: 83.7 days.
D: 93.7 days.
答案: 【 73.7 days.】

19、单选题：
‏Which of the following will allow your firm to achieve its targeted 16% ROA with an asset turnover of 2.5? ‏‏‏
选项：
A: A leverage ratio of .0667
B: A P/E ratio of 14
C: A profit margin of 15%
D: A profit margin of 6.4%
答案: 【 A profit margin of 6.4%】

20、单选题：
‎Net Corp. has an ROE of 30% and would like to see earnings grow at a 18% annual rate. What percentage of earnings can it afford to pay out as dividends? ‍‎‍
选项：
A: 13.33%
B: 25.00%
C: 40.00%
D: 75.00%
答案: 【 40.00%】

Quiz 8

1、单选题：
Most firms' capital investment proposals originate from‍
选项：
A: senior management.
B: planning staff in the corporate finance department.
C: the board of directors.
D: divisional management.
答案: 【 divisional management.】

2、单选题：
You obtain the following data for year 1: Revenue = $43; variable costs = $30; depreciation = $3; tax rate = 30 percent. Calculate the operating cash flow for the project for year 1.‌
选项：
A: $7
B: $10
C: $13
D: $16
答案: 【 $10】

3、单选题：
 A project has an initial investment of 100. You have come up with the following estimates of the project's cash flows (there are no taxes):‏ ‏ ‏‎ ‏Pessimistic‏Most Likely‏Optimistic‏‎Revenues‏15‏20‏25‏‎Costs‏10‏8‏5‏ ‏Suppose the cash flows are perpetuities and the cost of capital is 10 percent. Conduct a sensitivity analysis of the project’s NPV to variations in revenues. (Answers appear in order: [Pessimistic, Most Likely, Optimistic].)‏
选项：
A: -30, +20, +70.
B: -100, -50, +80.
C: -50, +50, +70.
D: +5, +11, +18.
答案: 【 -30, +20, +70.】

4、单选题：
 A project has the following cash flows: C0 = -100,000; C1 = 50,000; C2 = 150,000; C3 = 100,000. If the discount rate changes from 12 percent to 15 percent, what is the change in the NPV of the project (approximately)?‏
选项：
A: 12,750 increase
B:  12,750 decrease
C: 14,240 increase
D: 14,240 decrease
答案: 【  12,750 decrease】

5、单选题：
You are given the following data for year 1: Revenues = 100; fixed costs = 30; total variable costs = 50; depreciation = $10; tax rate = 30 percent. Calculate the after-tax cash flow for the project for year 1.‍
选项：
A: $17
B: $13
C: $10
D: $7
答案: 【 $17】

6、单选题：
A project requires an initial investment in equipment of $90,000 and then requires an initial investment in working capital of $10,000 (at t = 0). You expect the project to produce sales revenue of $120,000 per year for three years. You estimate manufacturing costs at 60 percent of revenues. (Assume all revenues and costs occur at year-end [i.e., t = 1, t = 2, and t = 3]). The equipment depreciates using straight-line depreciation over three years. At the end of the project, the firm can sell the equipment for $10,000 and also recover the investment in net working capital. The corporate tax rate is 30 percent and the cost of capital is 15 percent. Cash flows from the project are​
选项：
A: CF0: -90,000; CF1: 12,600; CF2: 12,600; CF3: 29,600.
B: CF0: -100,000; CF1: 42,600; CF2: 42,600; CF3: 59,600.
C: CF0: -100,000; CF1: 42,600; CF2: 42,600; CF3: 42,600.
D: CF0: -100,000; CF1: 42,600; CF2: 42,600; CF3: 49,600.
答案: 【 CF0: -100,000; CF1: 42,600; CF2: 42,600; CF3: 59,600.】

7、单选题：
A project requires an initial investment in equipment of $90,000 and then requires an initial investment in working capital of $10,000 (at t = 0). You expect the project to produce sales revenue of $120,000 per year for three years. You estimate manufacturing costs at 60 percent of revenues. (Assume all revenues and costs occur at year-end [i.e., t = 1, t = 2, and t = 3]). The equipment depreciates using straight-line depreciation over three years. At the end of the project, the firm can sell the equipment for $10,000 and also recover the investment in net working capital. The corporate tax rate is 30 percent and the cost of capital is 15 percent. Calculate the NPV of the project.‎
选项：
A: $3,840
B: $8,443
C: $-2,735
D: $7,342
答案: 【 $8,443】

8、单选题：
​The following are drawbacks of sensitivity analysis except‎
选项：
A: it can provide ambiguous results.
B:  the underlying variables are likely interrelated.
C: it can help identify the project's most important variables.
D: All of these statements are drawbacks of sensitivity analysis.
答案: 【 it can help identify the project's most important variables.】

9、单选题：
‌Which of the following statements most appropriately describes scenario analysis?‎
选项：
A:  It looks at the project by changing one variable at a time.
B: It provides the break-even level of sales for the project.
C:  It looks at different but consistent combinations of variables.
D: Each of these statements describes scenario analysis correctly.