公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB
Fundamentals of Corporate Finance, 12e (Ross)
Chapter 1 Introduction to Corporate Finance
1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?
A) Depositing cash receipts
B) Processing cost reports
C) Analyzing equipment purchases
D) Approving credit for a customer
E) Paying a vendor
2) The treasurer of a corporation generally reports directly to the:
A) board of directors.
B) chairman of the board.
C) chief executive officer.
D) president.
E) vice president of finance.
3) Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?
A) The vice president of finance reports to the chairman of the board.
B) The chief executive officer reports to the president.
C) The controller reports to the chief financial officer.
D) The treasurer reports to the president.
E) The chief operations officer reports to the vice president of production.
4) An example of a capital budgeting decision is deciding:
A) how many shares of stock to issue.
B) whether or not to purchase a new machine for the production line.
C) how to refinance a debt issue that is maturing.
D) how much inventory to keep on hand.
E) how much money should be kept in the checking account.
5) When evaluating the timing of a project's projected cash flows, a financial manager is analyzing:
A) the amount of each expected cash flow.
B) only the start-up costs that are expected to require cash resources.
C) only the date of the final cash flow related to the project.
D) the amount by which cash receipts are expected to exceed cash outflows.
E) when each cash flow is expected to occur.
6) Capital structure decisions include determining:
A) which one of two projects to accept.
B) how to allocate investment funds to multiple projects.
C) the amount of funds needed to finance customer purchases of a new product.
D) how much debt should be assumed to fund a project.
E) how much inventory will be needed to support a project.
7) The decision to issue additional shares of stock is an example of:
A) working capital management.
B) a net working capital decision.
C) capital budgeting.
D) a controller's duties.
E) a capital structure decision.
8) Which one of the following questions is a working capital management decision?
A) Should the company issue new shares of stock or borrow money?
B) Should the company update or replace its older equipment?
C) How much inventory should be on hand for immediate sale?
D) Should the company close one of its current stores?
E) How much should the company borrow to buy a new building?
9) Which one of the following is a working capital management decision?
A) What type(s) of equipment is (are) needed to complete a current project?
B) Should the firm pay cash for a purchase or use the credit offered by the supplier?
C) What amount of long-term debt is required to complete a project?
D) How many shares of stock should the firm issue to fund an acquisition?
E) Should a project should be accepted?
10) Working capital management decisions include determining:
A) the minimum level of cash to be kept in a checking account.
B) the best method of producing a product.
C) the number of employees needed to work during a particular shift.
D) when to replace obsolete equipment.
E) if a competitor should be acquired.
11) Which one of the following terms is defined as the management of a firm's long-term investments?
A) Working capital management
B) Financial allocation
C) Agency cost analysis
D) Capital budgeting
E) Capital structure
12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?
A) Working capital management
B) Cash management
C) Cost analysis
D) Capital budgeting
E) Capital structure
13) A firm's short-term assets and its short-term liabilities are referred to as the firm's:
A) working capital.
B) debt.
C) investment capital.
D) net capital.
E) capital structure.
14) Which one of the following questions is least likely to be addressed by financial managers?
A) How should a product be marketed?
B) Should customers be given 30 or 45 days to pay for their credit purchases?
C) Should the firm borrow more money?
D) Should the firm acquire new equipment?
E) How much cash should the firm keep on hand?
15) A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:
A) corporation.
B) sole proprietorship.
C) general partnership.
D) limited partnership.
E) limited liability company.
16) A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:
A) corporation.
B) sole proprietorship.
C) general partnership.
D) limited partnership.
E) limited liability company.
17) A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:
A) general partner.
B) sole proprietor.
C) limited partner.
D) corporate shareholder.
E) zero partner.
18) A business created as a distinct legal entity and treated as a legal "person" is called a(n):
A) corporation.
B) sole proprietorship.
C) general partnership.
D) limited partnership.
E) unlimited liability company.
19) Which one of the following statements concerning a sole proprietorship is correct?
A) A sole proprietorship is designed to protect the personal assets of the owner.
B) The profits of a sole proprietorship are subject to double taxation.
C) The owner of a sole proprietorship is personally responsible for all of the company's debts.
D) There are very few sole proprietorships remaining in the U.S. today.
E) A sole proprietorship is structured the same as a limited liability company.
20) Which one of the following statements concerning a sole proprietorship is correct?
A) The life of a sole proprietorship is limited.
B) A sole proprietor can generally raise large sums of capital quite easily.
C) Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation.
D) A sole proprietorship is taxed the same as a C corporation.
E) A sole proprietorship is the most regulated form of organization.
21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?
A) Only general partners
B) Only sole proprietors
C) All stockholders
D) Both limited and general partners
E) Both general partners and sole proprietors
22) The primary advantage of being a limited partner is:
A) the receipt of tax-free income.
B) the partner's active participation in the firm's activities.
C) the lack of any potential financial loss.
D) the daily control over the business affairs of the partnership.
E) the partner's maximum loss is limited to their capital investment.
23) A general partner:
A) is personally responsible for all partnership debts.
B) has no say over a firm's daily operations.
C) faces double taxation whereas a limited partner does not.
D) has a maximum loss equal to his or her equity investment.
E) receives a salary in lieu of a portion of the profits.
24) A limited partnership:
A) has an unlimited life.
B) can opt to be taxed as a corporation.
C) terminates at the death of any one limited partner.
D) has at least one partner who has unlimited liability for all of the partnership's debts.
E) consists solely of limited partners.
25) A partnership with four general partners:
A) distributes profits based on percentage of ownership.
B) has an unlimited partnership life.
C) limits the active involvement in the firm to a single partner.
D) limits each partner's personal liability to 25 percent of the partnership's total debt.
E) must distribute 25 percent of the profits to each partner.
26) One disadvantage of the corporate form of business ownership is the:
A) limited liability of its shareholders for the firm's debts.
B) double taxation of distributed profits.
C) firm's greater ability to raise capital than other forms of ownership.
D) firm's potential for an unlimited life.
E) firm's ability to issue additional shares of stock.
27) Which one of the following statements is correct?
A) The majority of firms in the U.S. are structured as corporations.
B) Corporate profits are taxable income to the shareholders when earned.
C) Corporations can have an unlimited life.
D) Shareholders are protected from all potential losses.
E) Shareholders directly elect the corporate president.
28) Which one of the following statements is correct?
A) A general partnership is legally the same as a corporation.
B) Income from both sole proprietorships and partnerships that is taxable is treated as individual income.
C) Partnerships are the most complicated type of business to form.
D) All business organizations have bylaws.
E) Only firms organized as sole proprietorships have limited lives.
29) The articles of incorporation:
A) describe the purpose of the firm and set forth the number of shares of stock that can be issued.
B) are amended periodically especially prior to corporate elections.
C) explain how corporate directors are to be elected and the length of their terms.
D) sets forth the procedures by which a firm regulates itself.
E) include only the corporation's name and intended life.
30) Corporate bylaws:
A) must be amended should a firm decide to increase the number of shares authorized.
B) cannot be amended once adopted.
C) define the name by which the firm will operate.
D) describe the intended life and purpose of the organization.
E) determine how a corporation regulates itself.
31) A limited liability company:
A) can only have a single owner.
B) is comprised of limited partners only.
C) is taxed similar to a partnership.
D) is taxed similar to a C corporation.
E) generates totally tax-free income.
32) Which business form is best suited to raising large amounts of capital?
A) Sole proprietorship
B) Limited liability company
C) Corporation
D) General partnership
E) Limited partnership
33) A ________ has all the respective rights and privileges of a legal person.
A) sole proprietorship
B) general partnership
C) limited partnership
D) corporation
E) limited liability company
34) Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants to limit his liability to his initial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and Alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt?
A) Sole proprietorship
B) Joint stock company
C) Limited partnership
D) General partnership
E) Corporation
35) Sally and Alicia are equal general partners in a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remain the only two owners of the business?
A) Sole proprietorship
B) Joint stock company
C) Limited partnership
D) Limited liability company
E) Corporation
36) The growth of both sole proprietorships and partnerships is frequently limited by the firm's:
A) double taxation.
B) bylaws.
C) inability to raise cash.
D) limited liability.
E) agency problems.
37) Corporate dividends are:
A) tax-free because the income is taxed at the personal level when earned by the firm.
B) tax-free because they are distributions of aftertax income.
C) tax-free since the corporation pays tax on that income when it is earned.
D) taxed at both the corporate and the personal level when the dividends are paid to shareholders.
E) taxable income of the recipient even though that income was previously taxed.
38) Financial managers should primarily focus on the interests of:
A) stakeholders.
B) the vice president of finance.
C) their immediate supervisor.
D) shareholders.
E) the board of directors.
39) Which one of the following best states the primary goal of financial management?
A) Maximize current dividends per share
B) Maximize the current value per share
C) Increase cash flow and avoid financial distress
D) Minimize operational costs while maximizing firm efficiency
E) Maintain steady growth while increasing current profits
40) Which one of the following best illustrates that the management of a firm is adhering to the goal of financial management?
A) An increase in the amount of the quarterly dividend
B) A decrease in the per unit production costs
C) An increase in the number of shares outstanding
D) A decrease in the net working capital
E) An increase in the market value per share
41) Financial managers should strive to maximize the current value per share of the existing
stock to:
A) guarantee the company will grow in size at the maximum possible rate.
B) increase employee salaries.
C) best represent the interests of the current shareholders.
D) increase the current dividends per share.
E) provide managers with shares of stock as part of their compensation.
42) Decisions made by financial managers should primarily focus on increasing the:
A) size of the firm.
B) growth rate of the firm.
C) gross profit per unit produced.
D) market value per share of outstanding stock.
E) total sales.
43) The Sarbanes-Oxley Act of 2002 is a governmental response to:
A) decreasing corporate profits.
B) the terrorist attacks on 9/11/2001.
C) a weakening economy.
D) deregulation of the stock exchanges.
E) management greed and abuses.
44) Which one of the following is an unintended result of the Sarbanes-Oxley Act?
A) More detailed and accurate financial reporting
B) Increased management awareness of internal controls
C) Corporations delisting from major exchanges
D) Increased responsibility for corporate officers
E) Identification of internal control weaknesses
45) A firm which opts to "go dark" in response to the Sarbanes-Oxley Act:
A) must continue to provide audited financial statements to the public.
B) must continue to provide a detailed list of internal control deficiencies on an annual basis.
C) can provide less information to its shareholders than it did prior to "going dark".
D) can continue publicly trading its stock but only on the exchange on which it was previously listed.
E) ceases to exist.
46) The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of the company's financial statements.
A) managers
B) internal auditors
C) external legal counsel
D) internal legal counsel
E) Securities and Exchange Commission agent
47) Which one of the following actions by a financial manager is most apt to create an agency problem?
A) Refusing to borrow money when doing so will create losses for the firm
B) Refusing to lower selling prices if doing so will reduce the net profits
C) Refusing to expand the company if doing so will lower the value of the equity
D) Agreeing to pay bonuses based on the market value of the company's stock rather than on its level of sales
E) Increasing current profits when doing so lowers the value of the company's equity
48) Which one of the following is least apt to help convince managers to work in the best interest of the stockholders? Assume there are no golden parachutes.
A) Compensation based on the value of the stock
B) Stock option plans
C) Threat of a company takeover
D) Threat of a proxy fight
E) Increasing managers' base salaries
49) Agency problems are most associated with:
A) sole proprietorships.
B) general partnerships.
C) limited partnerships.
D) corporations.
E) limited liability companies.
50) Which one of the following is an agency cost?
A) Accepting an investment opportunity that will add value to the firm
B) Increasing the quarterly dividend
C) Investing in a new project that creates firm value
D) Hiring outside accountants to audit the company's financial statements
E) Closing a division of the firm that is operating at a loss
51) Which one of the following is a means by which shareholders can replace company management?
A) Stock options
B) Promotion
C) Sarbanes-Oxley Act
D) Agency play
E) Proxy fight
52) Which one of the following grants an individual the right to vote on behalf of a shareholder?
A) Proxy
B) By-laws
C) Indenture agreement
D) Stock option
E) Stock audit
53) Which one of the following parties has ultimate control of a corporation?
A) Chairman of the board
B) Board of directors
C) Chief executive officer
D) Chief operating officer
E) Shareholders
54) Which of the following parties are considered stakeholders of a firm?
A) Employees and the government
B) Long-term creditors
C) Government and common stockholders
D) Common stockholders
E) Long-term creditors and common stockholders
55) Which one of the following represents a cash outflow from a corporation?
A) Issuance of new securities
B) Payment of dividends
C) New loan proceeds
D) Receipt of tax refund
E) Initial sale of common stock
56) Which one of the following is a cash flow from a corporation into the financial markets?
A) Borrowing of long-term debt
B) Payment of government taxes
C) Payment of loan interest
D) Issuance of corporate debt
E) Sale of common stock
57) Which one of the following is a primary market transaction?
A) Sale of currently outstanding stock by a dealer to an individual investor
B) Sale of a new share of stock to an individual investor
C) Stock ownership transfer from one shareholder to another shareholder
D) Gift of stock from one shareholder to another shareholder
E) Gift of stock by a shareholder to a family member
58) Shareholder A sold 500 shares of ABC stock on the New York Stock Exchange. This transaction:
A) took place in the primary market.
B) occurred in a dealer market.
C) was facilitated in the secondary market.
D) involved a proxy.
E) was a private placement.
59) Public offerings of debt and equity must be registered with the:
A) New York Board of Governors.
B) Federal Reserve.
C) NYSE Registration Office.
D) Securities and Exchange Commission.
E) Market Dealers Exchange.
60) Which one of the following statements is generally correct?
A) Private placements must be registered with the SEC.
B) All secondary markets are auction markets.
C) Dealer markets have a physical trading floor.
D) Auction markets match buy and sell orders.
E) Dealers arrange trades but never own the securities traded.
61) Which one of the following statements concerning stock exchanges is correct?
A) NASDAQ is a broker market.
B) The NYSE is a dealer market.
C) The exchange with the strictest listing requirements is NASDAQ.
D) Some large companies are listed on NASDAQ.
E) Most debt securities are traded on the NYSE.
62) Shareholder A sold shares of Maplewood Cabinets stock to Shareholder B. The stock is listed on the NYSE. This trade occurred in which one of the following?
A) Primary, dealer market
B) Secondary, dealer market
C) Primary, auction market
D) Secondary, auction market
E) Secondary, OTC market
63) Which one of the following statements is correct concerning the NYSE?
A) The publicly traded shares of a NYSE-listed firm must be worth at least $250 million.
B) The NYSE is the largest dealer market for listed securities in the United States.
C) The listing requirements for the NYSE are more stringent than those of NASDAQ.
D) Any corporation desiring to be listed on the NYSE can do so for a fee.
E) The NYSE is an OTC market functioning as both a primary and a secondary market.
公司理财原版题库Chap010
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
公司理财试题及答案
1）单选题，共20题，每题5.0分，共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为？ A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险？ A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型？ A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式？ A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于？ A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模
6 单选题 (5.0分) 以下哪种不是财务分析方法？ A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成？ A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了？ A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是？ A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式？ A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)
什么是营运资本？ A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是？ A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么？ A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容？ A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么？ A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是？
公司理财精要版计算题
可持续增长假设下列比率是固定的，可持续增长率是多少？ 总资产周转率=1.40 利润率=7.6% 权益乘数=1.50 股利支付比率=25% 计算EFN ERT公司最新财务报表如下表所示（单位：美元）。2006年的销售收入预期增长20%。利息费用将维持固定；税率和股利支付比率也将维持固定。销货成本、其他费用、流动资产和应付账款随着销售收入自发增加。 ERT公司2005年损益表 销售收入 905000 成本 710000 其他费用 12000 息前税前利润 183000 利息支付 19700 应税利润 163300 所得税(35%) 57155 净利润 106145 股利42458
留存收益增加 63687 ERT 公司资产负债表(截至2005年12月31日) 资产 负债和所有者权益 流动资产 流动负债 现金 25000 应付账款 65000 应收账款 43000 应付票据 9000 存货 76000 合计 74000 合计 144000 长期债务 156000 固定资产 所有者权益 厂房和设备净值 364000 普通股和股本溢价 21000 留存收益 257000 合计 278000 资产总计 508000 负债和所有者权益总计 508000 A. 如果该企业以完全产能运营且没有发行任何新的债务或权益，要支持20%销售收入增长率所需外部融资是多少? B. 假设该企业2005年仅以80%产能在运营。此时EFN 是多少？ C. 假设该企业希望它的负债-权益比率固定，此时的EFN 是多少？ 永久生命保险公司正在向你推荐一项保险政策，该政策规定，公司将永久性地每年向你和你的后代支付15 000美元。 a 、如果必要的投资收益率为8%时，你愿意以什么价格购买该保险？ 1. 187500 美元 2. 178500美元 3. 158700美元 4.185700美元 b 、假定该保险公司告诉你这项保险的价格为19 5000美元，请你计算利率为多少？ 1. 6.79% 2. 7.96% 3. 7.69% 4. 9.76%
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
公司理财精要版原书第12版习题库答案Ross12e_Chapter05_TB
Fundamentals of Corporate Finance, 12e (Ross) Chapter 5 Introduction to Valuation: The Time Value of Money 1) Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning at 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true? A) Barb will earn more interest in Year 1 than Andy will. B) Andy will earn more interest in Year 3 than Barb will. C) Barb will earn more interest in Year 2 than Andy. D) After five years, Andy and Barb will both have earned the same amount of interest. E) Andy will earn compound interest. 2) Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct? A) Nan will have less money when she retires than Neal. B) Neal will earn more interest on interest than Nan. C) Neal will earn more compound interest than Nan. D) If both Nan and Neal wait to age 70 to retire they will have equal amounts of savings. E) Nan will have more money than Neal at any age. 3) You are investing $100 today in a savings account. Which one of the following terms refers to the total value of this investment one year from now? A) Future value B) Present value C) Principal amount D) Discounted value E) Invested principal 4) Christina invested $3,000 five years ago and earns 2 percent annual interest. By leaving her interest earnings in her account, she increases the amount of interest she earns each year. The way she is handling her interest income is referred to as: A) simplifying. B) compounding. C) aggregating. D) accumulating. E) discounting.
罗斯公司理财题库全集
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
罗斯公司理财题库全集
Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
完整word版公司理财英文版题库8
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
公司理财精要 罗斯 第四版 附录B 公式
第2章 1. 资产负债表恒等式：资产=负债+股东权益 2. 损益表等式：收入-费用=利润 源自资产的现金流量= 流向债权人的现金流量 + 流向股东的现金流量 此处：a.源自资产的现金流量 = 经营性现金流量 - 净资本支出 - 净营运资本的变化 1) 经营性现金流量 = 息税前利润(EBIT) + 折旧 - 所得税 2) 净资本性支出 = 期末净固定资产 - 期初净固定资产 + 折旧 3) 净营运资本变化 = 期末净营运资本 - 期初净营运资本 b.流向债权人的现金流量 = 支付的利息 - 新增净借款额 c.流向股东的现金流量 = 支付的股利 - 新增净权益资本 第3章 1. 流动比率 = 流动资产/流动负债 2. 速动比率（酸性测试比率） = (流动资产 - 存货)/流动负债 3. 现金比率 = 现金/流动负债 4. 总负债比率 = (资产总额 - 权益总额)/资产总额 5. 负债-权益比率 = 负债总额/权益总额 6. 权益乘数 = 资产总额/ 权益总额 7. 利息保障倍数 = 息税前利润/利息费用 8. 现金覆盖率 = (息税前利润 + 折旧)/利息费用 9. 存货周转率(次数) = 产品销售成本/存货 10. 存货周转天数 = 365天/存货周转率 11. 应收账款周转率= 销售收入/应收账款 12. 应收账款周转天数 = 365天/应收账款周转率 13. 总资产周转率 = 销售收入/总资产 14. 销售利润率 = 净利润/销售收入 15. 资产报酬率 = 净利润/总资产 16. 权益报酬率 = 净利润/权益总额 17. 每股收益 = 净利润/流通在外的股票票数量 18. 市盈率 = 每股市价/每股收益 19. 市净率 = 每股市价/每股账面价值 20. 杜邦财务分析体系： 权益报酬率 = 资产报酬率 权益报酬率 = 销售利润率×总资产周转率×权益乘数 21. 股利支付率 = 现金股利/净利润 22. 盈余留存比率 = 留存收益增加额/净利润 23. 内部增长率 = b -1b ??资产报酬率资产报酬率 24. 可持续增长率 = b -1b ??权益报酬率权益报酬率 第4章 1.对于每一美元，投资t 个时期，每时期的收益率未r ，那么终值 = $1(1 +r)t 2.T 时期后1美元的现值（折现率为r ） PV = $1×[1/(1+r)t ] = $1/(1+r)t 3.现值和终值之间的关系： PV ×(1 + r) t = FV t PV=FV t /(1 + r) r = FV t ×[1/(1 + r) t ] 4.72规则：本金在t 年内翻一番： t r% 72 = 第5章 1. 年金现值，t 阶段，每阶段年金为C ，收益率或 者利率为r 的情况下： 年金现值=)r -1(现值系数?C = [] ? ?????+-?r r C t )1/(11= t 2r C r C r C ?++ 2. 年金终值系数 = (终值系数 - 1)/r = [(1 + r)t - 1]/ r 3. 预付年金现值 = 普通年金×(1 + r) 4. 永续年金现值 = C/r = C ×(1/r) 5. 有效年利率(EAR), m 是一年中复利次数 EAR = (1 + 名义利率/m) m - 1 第6章 1. 债券价值。假设一份债权：(1)在到期时面值为F ；(2)每期支付利息为C ；(3)到期时间为t ；(4)要求收益率为r ，那么： 债券价值 = C ×[1 - 1/(1 + r) t ]/r+F/(1 + r) t 债券价值= 券面利息的现值 + 面值的现值 2. 费雪效应：1 + R=(1 + r)×(1 + h) h 代表通货膨胀率 3. 1 + R=(1 + r)×(1 + h) R= r + h + r ×h 4. R ≈r + h 第7章 P 0当前股票价格，P 1为下期的价格，D 1是期末支付的现金股利（下一年得到的股利）。 1. P 0 = R P D ++11 1 2. P 0 = D/R 3. P 0 = g R g D -+?)1(0 = g R D -1 权益总额资产资产 销售收入销售收入净利润??
陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】
第二章财务报表分析 一、单选题 1．假定甲公司向乙公司赊销产品，并持有丙公司的债券和丁公司的股票，且向戊公司支付公司债利息。在不考虑其他条件的情况下，从甲公司的角度看，下列各项中属于本企业与债权人之间财务关系的是（）。（南京大学2011金融硕士） A．甲公司与乙公司之间的关系 B．甲公司与丙公司之间的关系 C．甲公司与丁公两之间的关系 D．甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系；甲公司为丙公司的债权人；甲公司是丁公司的股东；戊公司是甲公司的债权人。 2．杜邦财务分析体系的核心指标是（）。（浙江财经学院2011金融硕士） A．总资产报酬率 B．可持续增长率 C．ROE D．销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价，其恒
等式为：ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率（ROE）反映所有者投入资金的获利能力，反映企业筹资、投资、资产运营等活动的效率，是一个综合性最强的财务比率，所以净资产收益率是杜邦分析体系的核心指标。 3．影响企业短期偿债能力的最根本原因是（）。（浙江财经学院2011金融硕士）A．企业的资产结构 B．企业的融资结构 C．企业的权益结构 D．企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率，有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力，因此，这些指标关注企业的流动资产和流动负债，但短期偿债能力比率的大小会因行业类型而不同，影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4．市盈率是投资者用来衡量上市公司盈利能力的重要指标，关于市盈率的说法不正确的是（）。（浙江工商大学2011金融硕士） A．市盈率反映投资者对每股盈余所愿意支付的价格 B．市盈率越高表明人们对该股票的评价越高，所以进行股票投资时应该选择市盈率最高的股票 C．当每股盈余很小时，市盈率不说明任何问题 D．如果上市公司操纵利润，市盈率指标也就失去了意义
罗斯公司理财题库全集
Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.
罗斯公司理财题库全
Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.
4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above
公司理财精要版知识点归纳
第一章．公司理财导论 1.企业组织形态：单一业主制、合伙制、股份公司（所有权和管理相分离、相对容易转让 所有权、对企业债务负有限责任，使企业融资更加容易。企业寿命不受限制，但双重课税） 2.财务管理的目标：为了使现有股票的每股当前价值最大化。或使现有所有者权益的市场 价值最大化。 3.股东与管理层之间的关系成为代理关系。代理成本是股东与管理层之间的利益冲突的成 本。分直接和间接。 4.公司理财包括三个领域：资本预算、资本结构、营运资本管理 第二章． 1.在企业资本结构中利用负债成为“财务杠杆”。 2.净利润与现金股利的差额就是新增的留存收益。 ￥ 3.来自资产的现金流量=经营现金流量（OCF）-净营运资本变动-资本性支出 =EBIT+折旧-税 5.净资本性支出=期末固定资产净值-期初固定资产净值+折旧 6.流向债权人的现金流量=利息支出-新的借款净额 7.流向股东的现金流量=派发的股利-新筹集的净权益 第三章 1.现金来源：应付账款的增加、普通股本的增加、留存收益增加 ) 现金运用：应收账款增加、存货增加、应付票据的减少、长期负债的减少 2.报表的标准化：同比报表、同基年度财报 =边际利润（经营效率）X总资产周转率（资产使用效率）X权益乘数（财务杠杆） 4.为何评价财务报表： 内部：业绩评价。外部：评价供应商、短期和长期债权人和潜在投资者、信用评级机构。第四章． 1.制定财务计划的过程的两个维度：计划跨度和汇总。 【 2.一个财务计划制定的要件：销售预测、预计报表、资产需求、筹资需求、调剂、经济假设。 3.销售收入百分比法： 提纯率=再投资率=留存收益增加额/净利润=1-股利支付率 资本密集率=资产总额/销售收入 4.内部增长率=(ROAXb)/(1-ROAXb) 可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。是企业在不增加财务杠杆时所能保持的最大的增长率。（如果实际增长率超过可持续增长率，管理层要考虑的问题就是从哪里筹集资金来支持增长。如果可持续增长率始终超过实际增长率，银行家最好准备讨论投资产品，因为管理层的问题是怎样处理所有的这些富余的现金。） 5.。 6.增长率的决定因素
完整word版公司理财题库答案
单选题： 1.贴现率越大，净现值（ C ）。 [A] 越大 [B] 不变 [C] 越小 [D] 不确定 2.以企业价值最大化作为公司理财目标存在的问题有（ C ）。 [A] 没有考虑资金的时间价值 [B] 没有考虑资金的风险价值 [D] 容易引起企业的短期行为[C] 企业的价值难以评定 3.资金的时间价值相当于没有风险和没有通货膨胀下的（ A ）。 [A] 社会平均资金利润率 [B] 企业利润率 [D] 单利下的利息率[C] 复利下的利息率 4.下列关于名义利率与实际年利率的说法中，正确的是（ B ）。 [A]名义利率是不包含通货膨胀的金融机构报价利率 [B]计息期小于一年时，实际年利率大于名义利率 [C]名义利率不变时，实际年利率随着每年复利次数的增加而呈线性递减 [D]名义利率不变时，实际年利率随着期间利率的递减而呈线性递增 5.在上市公司杜邦财务分析体系中，最具有综合性的财务指标是（ B ）。 [A]营业净利率 [B]净资产收益率 [C]总资产净利率 [D]总资产周转率 6.下列各项中，不会稀释公司每股收益的是（ B ）。 [A]发行认股权证 [B]发行短期融资券 [C]发行可转换公司债券 [D]授予管理层股份期权 7.某公司按照2/20,N/60的条件从另一公司购入价值1000万的货物，由于资金调度的限制，该公司放弃了获取2%现金折扣的机会，公司为此承担的信用成本率是（D）。 [A]2.00% [B]12.00% [C]12.24% [D]18.37% 8.某企业2007年和2008年的营业净利润分别为7%和8%，资产周转率分别为2和1.5，两年的资产负债率相同，与2007年相比，2008年的净资产收益率变动趋势为（ B ）。 [A]上升 [B]下降 [C]不变 [D]无法确定 9.已知甲乙两个方案投资收益率的期望值分别为10%和12%，两个方案都存在投资风险，在比较甲乙两方案风险大小时应使用的指标是（ A ）。 [A]标准离差率 [B]标准差 [C]协方差 [D]方差 10.下列事项中，能够改变特定企业非系统风险的是( C )。 [A]汇率波动 [B]国家加入世界贸易组织 [C]竞争对手被外资并购 [D]货币政策变化 11.下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是（ D ）。 [A]产值最大化 [B]利润最大化 1 [C]每股收益最大化 [D]企业价值最大化 12.已知某公司股票的β系数为0.5，短期国债收益率为6%，市场组合收益率为10%，则该公司股票的必要收益率为（ B ）。 [A]6% [B]8% [C]10% [D]16% 13.作为整个企业预算编制的起点的是（ A ）。 [A]销售预算 [B]生产预算 [C]现金预算 [D]直接材料预算 14.与生产预算没有直接联系的预算是（ C ）。