公司理财原版题库Chap025
Chapter 25
Derivatives and Hedging Risk Multiple Choice Questions
1. A derivative is a financial instrument whose value is determined by
A) regulatory body such as the FTC.
B) a primitive or underlying asset.
C) hedging a risk
D) hedging a speculation.
E) None of the above.
Answer: B Page: 696-697
2. Derivatives can be used to either hedge or speculate. These actions
A) increase risk in both cases.
B) decrease risk in both cases.
C) spread or minimize risk in both cases.
D) offsets risk by hedging and increase risk by speculating.
E) offset risks by speculating and increase risk by hedging.
Answer: D Difficulty: Medium Page: 697
3. A forward contract is described by
A) agreeing today to buy a product at a later date at a price to be set in the future.
B) agreeing today to buy a product today at its current price.
C) agreeing today to buy a product at a later date at a price set today.
D) agreeing today to buy a product if and only if its price rises above the exercise price today at its
current price
E) None of the above.
Answer: C Difficulty: Easy Page: 697
4. The buyer of a forward contract
A) will be taking delivery of the good(s) today at today's price.
B) will be making delivery of the good(s) at a later date at that date's price.
C) will be making delivery of the good(s) today at today's price.
D) will be taking delivery of the good(s) at a later date at pre-specified price.
E) Both A or D.
Answer: D Difficulty: Medium Page: 697
5. The main difference between a forward contract and a cash transaction is
A) only the cash transaction creates an obligation to perform.
B) a forward is performed at a later date while the cash transaction is performed immediately.
C) only one involves a deliverable instrument.
D) neither allows for hedging.
E) None of the above.
Answer: B Difficulty: Medium Page: 698
6. Futures contracts contrast with forward contracts by
A) trading on an organized exchange.
B) marking to the market on a daily basis.
C) allowing the seller to deliver any day over the delivery month.
D) All of the above.
E) None of the above.
Answer: D Difficulty: Easy Page: 699
7. You have taken a short position in a futures contract on corn at $2.60 per bushel. Over the next 5
days the contract settled at 2.52, 2.57, 2.62, 2.68, 2.70. You then decide to reverse your position in the futures market on the fifth day at close. What is the net amount you receive at the end of 5 days?
A) $0.00
B) $2.60
C) $2.70
D) $2.80
E) Must know the number of contracts
Answer: B Difficulty: Medium Page: 699-701
Rationale:
Contract nets to you the original price. The net position is based on daily marking to the market.
The net change is $ Close Change = $2.70 -$.10 = $2.60
8. You have taken a short position in a futures contract on corn at $2.60 per bushel. Over the next 5
days the contract settled at 2.52, 2.57, 2.62, 2.68, 2.70. Before you can reverse your position in the futures market on the fifth day you are notified to accept delivery. What will you receive on delivery and what is the net amount you receive in total?
A) $2.60; $-0.10
B) $2.60; $0.10
C) $2.60; $2.70
D) $2.70; $-0.10
E) $2.70; $2.60
Answer: E Difficulty: Medium Page: 699-701
Rationale:
Delivery is made at the settle price of $2.70. The net position is based on daily marking to the market. The difference of -.10 = (.08 + -.05 + -.05 + -.06 + - .02), which is a loss versus the last settle price.
9. If you bought a futures contract for $2.60 per bushel and the contract ended at $2.70 after several
days of trading of $2.52, $2.57, $2.62, $2.68, and $2.70. What would the mark to market sequence be?
A) -.08, .05, .05, .06, .02
B) .08, -.05, -.05, -.06, -.02
C) .08, .03, -.02, -.06, -.10
D) -.08, -.03, .02, .06, .10
E) .10
Answer: A Difficulty: Medium Page: 698-701
Rationale:
Daily marking to the market from prior day settle.
($2.52 $2.60; $2.57 $2.52; $2.62 $2.57; $2.68 $2.62; $2.70 $2.68)
= ($-.08; $.05; $.05; $.06; $.02)
10. Suppose you agree to purchase one-ounce of gold for $382 any time over the next month. The
current price of gold is $380. The spot price of gold then falls to $377 the next day. If the
agreement is represented by a futures contract marking to market on a daily basis as the price
changes, what is your cash flow at the end of the business on the next day?
A) $ 0
B) $ 3
C) $ 5
D) $-3
E) $-5
Answer: D Difficulty: Medium Page: 698-701
Rationale:
? Futures Position = ? Spot = $377 - $380 = $-3
11. On March 1, you contract to take delivery of 1 ounce of gold for $415. The agreement is good for
any day up to April 1. Throughout March, the price of gold hit a low of $385 and hit a high of $435.
The price settled on March 31 at $420, and on April 1st you settle your futures agreement at that price. Your net cash flow is
A) $-30.
B) $-20.
C) $-15.
D) $ 5.
E) $20.
Answer: D Difficulty: Medium Page: 698-701
Rationale:
NCF = $420 - $415 = $5
12. A futures contract on gold states that buyers and sellers agree to make or take delivery of an ounce
of gold for $400 per ounce. The contract expires in 3 months. The current price of gold is $350 per ounce. If the price of gold rises and continues to rise every day over the 3 month period, then when the contract is settled, the buyer will _____ and the seller will _____.
A) lose; gain
B) gain; lose
C) gain; break even
D) gain; gain
E) lose; lose
Answer: B Difficulty: Easy Page: 698-701
13. A potential disadvantage of forward contracts versus futures contracts is
A) the extra liquidity required to cover the potential outflows that occur prior to delivery and
caused by marking to market.
B) the incentive for a particular party to default.
C) that the buyers and sellers don't know each other and never meet.
D) All of the above.
E) Both A and C.
Answer: B Difficulty: Easy Page: 701
14. A farmer with wheat in the fields and who uses the futures market to protect a profit is an example
of
A) a long hedge.
B) a short hedge.
C) selling futures to guard against a potential loss.
D) Both A and C.
E) Both B and C.
Answer: E Difficulty: Medium Page: 703-704
15. A miller who needs wheat to mill to flour uses the futures market to protect a profit by
A) a long hedge to take delivery.
B) a short hedge to deliver.
C) buying futures to guard against a potential loss.
D) Both A and C.
E) Both B and C.
Answer: D Difficulty: Medium Page: 705
16. A chocolate company which uses the futures market to lock in the price of cocoa to protect a profit
is an example of
A) a long hedge.
B) a short hedge.
C) purchasing futures to guard against a potential loss.
D) Both A and C.
E) Both B and C.
Answer: D Difficulty: Medium Page: 705
17. If the producer of a product has entered into a fixed price sale agreement for that output, the
producer faces
A) a nice steady profit because the output price is fixed.
B) an uncertain profit if the input prices are volatile. This risk can be reduced by a short hedge.
C) an uncertain profit if the input prices are volatile. This risk can be reduced by a long hedge.
D) a modest profit if the input prices are stable. This risk can be reduced by a long hedge.
E) a modest profit if the input prices are stable. This risk can be reduced by a short hedge.
Answer: C Difficulty: Medium Page: 705
18. You hold a forward contract to take delivery of U.S. Treasury bonds in 9 months. If the entire term
structure of interest rates shifts down over the 9-month period, the value of the forward contract will have _____ on the date of delivery.
A) risen
B) fallen
C) not changed
D) either risen or fallen, depending on the maturity of the T-bond
E) collapsed
Answer: A Difficulty: Medium Page: 708
19. MRGM's failure in hedging their forward position for oil delivery was contributed to by
A) a mismatch between maturity of the forward and the futures.
B) the entire term structure of oil prices not moving together.
C) contract settlements occurring at different dates causing liquidity problems.
D) All of the above.
E) None of the above.
Answer: D Difficulty: Hard Page: 705-706
20. Two key features of futures contracts that make them more in demand than forward contracts are
A) futures are traded on exchanges and must be marked to the market.
B) futures contracts allow flexibility in delivery dates and provide a liquid market for netting
positions.
C) futures are marked to the market and allow delivery flexibility.
D) futures are traded in liquid markets and are marked to the market.
E) None of the above.
Answer: B Difficulty: Medium Page: 699
21. If rates in the market fall between now and one month from now, the mortgage banker
A) loses as the mortgages are sold at a discount.
B) gains as the mortgages are sold at a discount.
C) loses as the mortgages are sold at a premium.
D) gains as the mortgages are sold at a premium.
E) neither gains nor loses.
Answer: D Difficulty: Hard Page: 709-710
22. To protect against interest rate risk, the mortgage banker should
A) buy futures, as this position will hedge loses if rates rise.
B) sell futures, as this position will hedge losses if rates rise.
C) sell futures, as this position will add to his gains if rates rise.
D) buy futures, as this position will add to his gains if rates rise.
E) None of the above.
Answer: B Difficulty: Hard Page: 710
23. A bank has a $50 million mortgage bond risk position which it hedges in the Treasury bond futures
markets at the Chicago Board of Trade. Approximately how many contracts are needed to be held in the hedge?
A) 5
B) 50
C) 500
D) 5000
E) 50000
Answer: C Difficulty: Easy Page: 710-711
Rationale:
Portfolio Value/TB and Contract Value = $50,000,000 / $100,000 = 500
24. A mortgage banker had made loan commitments for $10 million in 3 months. How many contracts
on Treasury bonds futures must the banker write or buy?
A) Go short 10.
B) Go short 100.
C) Go long 10.
D) Go long 100.
E) None of the above.
Answer: B Difficulty: Medium Page: 710-711
Rationale: Must write/go short = $10,000,000 / $100,000 = 100
25. Futures market transactions are used to reduce risk. Risk may not be totally offset if
A) the two instruments have different maturities.
B) payoff schedules of the two instruments are different.
C) the volatility of the two instruments are different.
D) the price movements are not perfectly correlated.
E) All of the above.
Answer: E Difficulty: Easy Page: 711-712
26. Hedging in the futures markets can reduce all risk if
A) price movements in both the cash and futures markets are perfectly correlated.
B) price movements in both the cash and futures markets have zero correlation.
C) price movements in both the cash and futures markets are less than perfectly correlated.
D) the hedge is a short hedge, but not a long hedge.
E) the hedge is a long hedge, but not a short hedge.
Answer: A Difficulty: Medium Page: 712
27. Comparing long-term bonds with short-term bonds, long-term bonds are _____ volatile and
therefore experience _____ price change compared with short-term bonds for the same interest rate shift.
A) less; less
B) less; more
C) more; more
D) more; less
E) more; the same
Answer: C Difficulty: Medium Page: 711
28. When interest rates shift, the price of zero coupon bonds
A) are more volatile as compared with short-term bonds of the same maturity.
B) are less volatile as compared with short-term bonds of the same maturity.
C) are more volatile as compared with long-term bonds of the same maturity.
D) are less volatile as compared with long-term bonds of the same maturity.
E) Both A and C.
Answer: E Difficulty: Medium Page: 714
29. Duration of a pure discount bond
A) is equal to its half-life.
B) is less than a zero coupon bond.
C) is equal to the liabilities hedged.
D) equal to its maturity.
E) None of the above.
Answer: D Difficulty: Medium Page: 715
30. In percentage terms, higher coupon bonds experience a _______ price change compared with lower
coupon bonds of the same maturity given a change in yield to maturity.
A) greater
B) smaller
C) similar
D) smaller or greater
E) None of the above.
Answer: B Difficulty: Medium Page: 717
31. A bond manager who wishes to hold the bond with the greatest potential volatility would be wise to
hold
A) short-term, high-coupon bonds.
B) long-term, low-coupon bonds.
C) long-term, zero-coupon bonds.
D) short-term, zero-coupon bonds.
E) short-term, low-coupon bonds.
Answer: C Difficulty: Medium Page: 716-717
32. The duration of a 2 year annual 10% bond that is selling for par is
A) 1.00 years
B) 1.91 years
C) 2.00 years
D) 2.09 years
E) None of the above
Answer: B Difficulty: Medium Page: 716
Rationale:
D = 1[(100/1.1)]/1000 + 2[(1100/1.12)]/1000 = .09091 + 1.81818 = 1.90909 = 1.91 years
33. The duration of a 15 year zero coupon bond priced at $182.70 is
A) 2.74 years
B) 15 years
C) 17.74 years
D) cannot determine without the interest rate.
E) None of the above.
Answer: B Difficulty: Easy Page: 716
34. Duration is a measure of the
A) yield to maturity of a bond.
B) coupon yield of a bond.
C) price of a bond.
D) effective maturity of a bond.
E) All of the above.
Answer: D Difficulty: Easy Page: 716
35. A set of bonds all have the same maturity. Which one has the least percentage price changes for
given shifts in interest rates
A) zero coupon bonds.
B) high coupon bonds.
C) low coupon bonds.
D) pure discount bonds.
E) not enough information to determine.
Answer: B Difficulty: Medium Page: 714-715
36. A financial institution can hedge its interest rate risk by
A) matching the duration of its assets to the duration of its liabilities.
B) setting the duration of its assets equal to half that of the duration of its liabilities.
C) match the duration of its assets weighted by the market value of its assets with the duration of
its liabilities weighted by the market value of its liabilities.
D) setting the duration of its assets weighted by the market value of its assets to one half that of the
duration of the liabilities weighted by the market value of the liabilities.
Answer: C Difficulty: Medium Page: 717-719
37. A pure discount bond pays
A) no coupons, therefore its duration equal to its maturity.
B) discounted coupons, therefore its duration is greater than its maturity.
C) level coupons, therefore its duration is equal to its maturity.
D) declining coupons, therefore its duration is less than its maturity.
E) None of the above.
Answer: A Difficulty: Medium Page: 716
38. Duration of a coupon paying bond is
A) equal to its number of payments.
B) less than a zero coupon bond.
C) equal to the zero coupon bond.
D) equal to its maturity.
E) None of the above.
Answer: B Difficulty: Medium Page: 716-717
39. A financial institution has equity equal to one-tenth of its assets. If its asset duration is currently
equal to its liability duration, then to immunize, the firm needs to
A) decrease the duration of its assets.
B) increase the duration of its assets.
C) decrease the duration of its liabilities.
D) do nothing, i.e., keep the duration of its liabilities equal to the duration of its assets.
Answer: A Difficulty: Medium Page: 718-719
40. If a financial institution has equated the dollar effects of interest rate risk on the assets with the
dollar effects on the liabilities, it has engaged in
A) a long hedge.
B) a short hedge.
C) a protected swap.
D) immunizing interest rate risk.
E) None of the above.
Answer: D Difficulty: Hard Page: 718
41. A Savings and Loan has extremely long-term assets that are currently matched against extremely
short-term liabilities. For this S&L,
A) falling interest rates will decrease the value of its equity.
B) falling interest rates will increase the value of its equity.
C) rising interest rates will increase the value of its equity.
D) rising interest rates will decrease the value of its equity.
E) Both B and D.
Answer: E Difficulty: Medium Page: 719
42. A swap is an arrangement for two counterparties to
A) exchange cash flows over time.
B) permit fluctuation in interest rates.
C) to help exchange markets clear.
D) All of the above.
E) None of the above.
Answer: A Difficulty: Easy Page: 719
43. Firm A is paying $750,000 in interest payments a year while Firm B is paying LIBOR plus 75 basis
points on $10,000,000 loans. The current LIBOR rate is 6.5%. Firm A and B have agreed to swap interest payments. What is the net payment this year?
A) Firm A pays $750,000 to Firm B
B) Firm B pays $725,000 to Firm A
C) Firm B pays $25,000 to Firm A
D) Firm A pays $25,000 to Firm B
E) None of the above.
Answer: D Difficulty: Medium Page: 719-721
Rationale:
Firm A pays a fixed payment of $750,000 to B in exchange for the floating payment of (.065
+ .0075) 10,000,000 = 725,000. The net position is that Firm A pays $25,000 to Firm B.
44. Interest rate and currency swaps allow one party to exchange a
A) floating interest rate or currency value for a fixed value over the contract term.
B) fixed interest rate or currency value for a lower fixed value over the contract term.
C) floating interest rate or currency value for a lower floating value over the contract term.
D) a fixed interest rate position for a currency position over the contract term.
E) None of the above.
Answer: A Difficulty: Hard Page: 719-722
45. LIBOR stands for:
A) Luasanne Interest Basis Offered Rate
B) Libido Over Redline.
C) London Interbank Offered Rate.
D) London Interagency Overt Rate.
E) None of the above.
Answer: C Difficulty: Easy Page: 720
46. Exotic derivatives are complicated blends of other derivatives. Some exotics are
A) inverse floaters.
B) cap and floors.
C) futures.
D) Both A and B.
E) Both B and C.
Answer: D Difficulty: Medium Page: 722
47. An inverse floater and a super-inverse floater are more valuable to a purchaser if
A) interest rates stay the same.
B) interest rates fall.
C) interest rates rise.
D) if held for a long time.
E) None of the above.
Answer: B Difficulty: Medium Page: 722
48. If a firm purchases a cap at 10% this will
A) limit the amount of borrowing to 10% of assets.
B) pay the firm 10% on their purchase.
C) will pay the holder the LIBOR interest above 10%.
D) will pay the holder the LIBOR interest below the 10%.
E) None of the above.
Answer: C Difficulty: Hard Page: 722
49. If a firm sells a floor at 6% this will
A) will pay the holder the LIBOR interest below the 6%.
B) pay the firm 6% on their purchase.
C) will pay the holder the LIBOR interest above 6%.
D) limit the amount of borrowing to 6% of assets.
E) None of the above.
Answer: A Difficulty: Hard Page: 722
50. Which of the following is true about the user of derivatives?
A) Derivatives usually appear explicitly in the financial statements.
B) Academic surveys account for much of our knowledge of corporate derivatives use.
C) Smaller firms are more likely to use derivatives than large firms.
D) The most frequently used derivatives are commodity and equity.
E) None of the above are true.
Answer: B Difficulty: Hard Page: 723
51. Which of the following terms is not part of a forward contract?
A) Making delivery
B) Taking delivery
C) Delivery instrument
D) Cash transaction
E) None of the above.
Answer: D Difficulty: Easy Page: 697-698
Essay Questions
52. A Treasury Note with a maturity of 2 years pays interest semi-annually on a 9 percent annual
coupon rate. The $1,000 face value is returned at maturity. If the effective annual yield for all
maturities is 7 percent annually, what is the current price of the Treasury Note?
Difficulty: Medium Page: 707
Answer:
The semi-annual spot rates are (1.07.5) = 1.0344
P= 45 A3,3.44 + 10454,3.44 PV = $1,038.99
53. Calculate the duration of a 7-year $1,000 zero-coupon bond with a current price of $399.63 and a
yield to maturity of 14%.
Difficulty: Medium Page: 716-717
Answer:
Duration of a zero is always equal to its maturity = 7 years.
54. Calculate the duration of a 4-year $1,000 face value bond, which pays 8% coupons annually
throughout maturity and has a yield to maturity of 9%.
Difficulty: Medium Page: 716-717
Answer:
D = [80/(1.09 +160/(1.09)2 + 240/(1.09)3+ 4,320/(1.09)4 ] / 967.60 = 3453.78/967.60 = 3.569
years.
Use the following to answer questions 55-56:
Assets Duration Market Value
Overnight Money 0.0 $3 Million
1-year T-Bonds 0.6 $8 Million
Loans 2.20 $20 Million
Mortgages 7.50 $8 Million
Liabilities Duration Market Value
Checking Accounts 0.0 $20 Million
Short-term CD's 0.4 $4 Million
Long-term CD's 3.20 $12 Million
Equity $3 Million
55. Calculate the duration of Tiger State Bank's assets and liabilities.
Difficulty: Hard Page: 717-719
Answer:
DA = (3/39)(0) + (8/39)(.6) + (20/39)(2.2) +(8/39)(7.5) = 2.79 years
DL = (20/36)(0) + (4/36)(.4) + (12/36)(3.2) =1.111 years
56. What new asset duration will immunize the balance sheet?
Difficulty: Hard Page: 717-719
Answer:
Given D L = 1.111(see #55 above), then D A x 39 = 1.111(36) ; D A = 1.0255 years
57. Duration is defined as the weighted average time to maturity of a financial instrument. Explain
how this knowledge can help protect against interest rate risk.
Difficulty: Hard Page: 719
Answer:
Duration measures effective time to recoup your investment. Bond prices rise and fall with interest rate changes. There are two elements of risk. The first being reinvestment risk--may earn less $ when reinvesting, and the second being price. The value of the bond moves inversely with interest rates. By setting duration equal to holding horizon reinvestment and price risk offset each other.
By setting duration of assets equal to duration of liabilities, both move up and down together. 58. The futures markets are labeled as pure speculation and even gambling. Why is this an inaccurate
portrayal of the markets function?
Difficulty: Medium Page: 697-699
Answer:
There are several reasons:
The market sets (discovers) prices for assets;
Future positions are for performance at a later date, not a spot transaction;
Earnest money as margin is a performance guarantee not borrowing;
Speculators bear risk for hedgers; and
Hedgers are spreading/reducing their risk.
Therefore, the market is zero-sum game and positions can be netted easily and marking to market takes place daily.
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(英文版)题库2说课讲解
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 shareholde rs. 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.
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(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.
公司理财题库
一、公司理财基本技能 单选题 1、有甲、乙两台设备可供选用，甲设备的年使用费比乙设备低2000元，但价格高于乙设备8000元。若资本成本为10％，甲设备的使用期应长于（D）年，选用甲设备才是有利的 A、4 B、5 C、4.6 D、5.4 2、(F/A,10%,11)=18.531普通年金现值系数的倒数称为（D） A、复利现值系数 B、普通年金终值系数 C、偿债基金系数 D、资本回收系数 3、关于风险报酬正确的表述是（D ） A、风险报酬是必要投资报酬 B、风险报酬是投资者的风险态度 C、风险报酬是无风险报酬加通胀贴补 D、风险报酬率=风险报酬斜率×风险程度 4、以资本利润率最大化作为公司理财目标，存在的缺陷是（D ） A、不能反映资本的获利水平 B、不能用于不同资本规模的企业间比较 C、不能用于同一企业的不同期间比较 D、没有考虑风险因素与时间价值 5、(F./A,10%,9)=13.579 已知，则10年、10％的即付年金终值系数为（A ）。 A、17.531 B、15.937 C、14.579 D、12.579 6、下列风险因素中，（ D）可以引起实质性风险 A、偷工减料引起产品事故 B、新产品设计错误 C、信用考核不严谨而出现贷款拖欠 D、食物质量对人体的危害 7、我国企业应采用的较为合理的财务目标是（ C） A、利润最大化 B、每股利润最大化 C、企业价值最大化 D、资本利润率最大化 8、当一年内复利m次时，其名义利率r与实际利率i之间的关系是（A） A、 i=(1+r/m)m-1 B、 i=(1+r/m)-1
C、i=(1+r/m)-m-1 D、i=1-(1+r/m) 9、某公司向银行借款100万元，借款期限2年，借款利率6%，每半年付息1次，该笔借款的实际利率为（A ） A、6.09% B、6% C、6.21% D、5.80% 10、企业投资可以分为广义投资和狭义投资，狭义的投资仅指（D） A、固定资产投资 B、证券投资 C、对内投资 D、对外投资 12、企业财务管理是企业经济管理工作的一个组成部分，区别于其他经济管理工作的特点在于它是一种（C） A、劳动要素的管理 B、物资设备的管理 C、资金的管理 D、使用价值的管理 13、x.y方案的标准离差是1.5，方案的标准离差是1.4，如两方案的期望值相同，则两方案的风险关系为（A） A、x>y B、x 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. 《公司理财》期末考试题（C 卷） 一、判断题（共10分，每小题1分） 1.企业财务管理是基于企业再生产过程中客观存在的资金运动而产生的，是企业组织资金运动的一项经济管理工作。 ( ) 2.解聘是一种通过市场约束经营者的办法。 ( ) 3.终值系数和现值系数互为倒数，因此，年金终值系数与年金现值系数也互为倒数。 ( ) 4.经营性租赁和融资性租赁都是租赁，它们在会计处理上是没有区别的。 ( ) 5.留存收益是企业经营中的内部积累，这种资金不是向外界筹措的，因而它不存在资本成本。 ( ) 6.多个互斥方案比较，一般应选择净现值大的方案。 （ ） 7.营运资金就是流动资产。 （ ） 8.企业是否延长信用期限，应将延长信用期后增加的销售利润与增加的机会成本、管理成本和坏账成本进行比较。 （ ） 9.相关比率反映部分与总体的关系。 （ ） 10.采用因素分析法，可以分析引起变化的主要原因、变动性质，并可预测企业未来的发展前景。（ ） 二、单项选择题（共15分，每小题1分） 1.财务管理目标是( )。 A 现金流量最大化 B 市场份额最大化 C 预期盈利最大化 D 股价最大化 2.企业财务关系中最为重要的关系是( )。 A 股东与经营者之间的关系 B 股东与债权人之间的关系 C 股东、经营者与债权人之间的关系 D 企业与作为社会管理者的政府有关部门、社会公众之间的关系 3.边际贡献率和变动成本率( )。 A 反方向变化 B 同方向变化 C 同比例变化 D 反比例变化 4.安全边际越小，保本点就越太、利润就( )。 A 越大 B 不变 C 不一定 D 越小 5.融资性租赁实质上是由出租人提供给承租人使用固定资产的一种( )。 A 信用业务 B 买卖活动 C 租借业务 D 服务活动 6.在计算资本成本时，与所得税有关的资金来源是下述情况中的( )。 A 普通股 B 优先股 C 银行借款 D 留存收益 7.当经营杠杆系数是5，财务杠杆系数是1.1，财综合杠杆系数是( )。 A 5.5 B 6.5 C 3.9 D 7.2 8.某企业拥有一块土地，其原始成本为250万元，账面价值为180万元。现准备在这块土地上建造工厂厂房，但如果现在将这块土地出售，可获得收入220万元，则建造厂房机会成本是( )。 A 250万元 B 70万元 C 180万元 D 220万元 9.假定某项投资风险系数为1，无风险收益率为10％，市场平均收益率为20％，其必要收益率为( )。 ………………………………………………………………………………………………………………………………………………………… ………………………………………密……………………………封………………………………………线……………………………………… 班级 姓名 学号 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 Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. An annuity stream of cash flow payments is a set of: A.level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS 2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS 一、单项选择题 1、公司价值是指公司全部资产的市场价值，其表达式是（b ）。 A.公司资产未来预期报酬率的现值 B.公司资产未来预期现金流量现值的合计 C.公司资产未来预期报酬的合计 D.公司资产未来预期现金流量的合计 2、下列不属于年金形式的是（ b ）。 A.折旧 B.债券本金 C.租金 D.保险金 3、若债券每半年复利一次，其有效利率（ a ）。 A.大于名义利率 B.小于名义利率 C.是名义利率的两倍 D. 是名义利率的50% 4、投资组合有效边界以外的投资组合与有效边界上的组合相比，下列结论不正确的是（d ）。 A.相同的标准差和较低的预期收益率 B.相同的预期收益率和较高的标准差 C.较低的预期收益率和较高的标准差 D.较低的标准差和较高的预期收益率 5、假设市场投资组合的收益率和方差分别为12%和0.25，无风险收益率为8%，P股票收益率的方差是0.16，与市场投资组合收益率的相关系数为0.4，则该股票的必要收益率为（ b ）。 A.9.02% B.9.28% C.10.28% D.10.56% 6、若某种证券的β系数为0.8，则下列关于证券的风险说法正确的是（ c ）。 A.无任何风险 B.无市场风险 C.与金融市场所有证券平均风险相同 D.比金融市场所有证券平均风险高一倍 7、对预期收益率不同的方案的风险程度进行对比应用的指标是（ d ）。 A.期望值 B.平方差 C.标准差 D.标准离差率 8、下列关于风险分散的论述证券的是（ a ）。 A.当两种证券为负相关时，相关系数越大，分散风险的效应越小 B.当两种证券为正相关时，相关系数越大，分散风险的效应越大 C.证券组合的风险低于各种证券风险的平均值 D.证券组合的风险高于单个证券的最高风险 9、债券资本成本一般要低于普通股资本成本，主要原因是（ d ）。 A.债券的融资费用少 B.债券的发行量小 C.债券的利息是固定的 D.债券风险较低，且利息具有抵税效应 10、一般来说，无法通过多样化投资予以分散的风险是（ a ）。 A.系统风险 B.非系统风险 C.总风险 D.公司特有风险 11、当两种证券完全负相关时，它们的相关系数是（ c ）。 A.0 B.1 C.-1 D.不确定 12、某项永久性奖学金，每年计划颁发100,000元奖金。若年复利率为8.5%，该奖学金的本金应为（ d ）。 A.1,234,470.59元 B.205,000.59元 C.2,176,470.45元 D.1,176,470.59元 13、某公司计划投资一项目，初始投资额为60万元，税法规定的折旧年限为12年，按直线 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. 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. 单选 1、资金时间价值通常（） A 包括风险和物价变动因素 B不包括风险和物价变动因素 C包括风险因素但不包括物价变动因素 D包括物价变动因素但不包括风险因素 2、若希望在3年后取得500元，利率为10%，则单利情况下现在应存入银行（） A 384.6 B 650 C 375.7 D 665.5 3、某项存款利率为6%，每半年复利一次，其实际利率为（） Ａ3% Ｂ6.09% Ｃ6% Ｄ6.6% 4、在普通年金终值系数的基础上，期数加１、系数减１所得到的结果，在数值上等于（） Ａ普通年金现值系数Ｂ先付年金现值系数 Ｃ普通年金终值系数Ｄ先付年金终值系数 5、下列项目中，不属于投资项目的现金流出量的是（） A固定资产投资 B营运成本 C垫支流动资金 D固定资产折旧 6、某投资项目的年营业收入为500万元，年经营成本为300万元，年折旧费用为10万元，所得税税率为33%，则该投资方案的年经营现金流量为（）万元 A127.3 B200 C137.3 D144 7、在新设立的股份有限公司申请发行股票时，发起人认购的股本数额不少于公司拟发行股本的（） A 25% B 10% C 35% D 15% 8、债券筹资的特点之一是（） A 资金成本高 B 财务风险小 C 筹资数额无限 D 可利用财务杠杆 9、以下关于优先股的说法正确的是（） A 优先股是一种具有双重性质的证券，它虽属自有资金，但却兼有债券性质。 B 始发股票和新股发行具体条件、目的、发行价格不尽相同，股东的权利、义务也不一致。 C 股份有限公司申请其股票上市的必备条件之一是：公司股本总额不少于人民币3000元。 D 新设立股份有限公司申请公开发行股票，向社会公众发行的部分不少于公司拟发行的股本总额的20%。 10、下列筹资方式按一般情况而言，企业所承担的财务风险由大到小排列为（） A 筹资租赁、发行股票、发行债券 B 筹资租赁、发行债券、发行股票 C发行债券、筹资租赁、发行股票 D发行债券、发行股票、筹资租赁 11、以下观点正确的是（） A 收益债券是指在企业不盈利时，可暂不支付利息，而到获利时支付累积利息的债券。 B 公司法对发债企业的基本要求是公司的净资产额不低于5000万元。 C 在债券面值与票面利率一定的情况下，市场利率越高，则债券的发行价格越低在市场利率大于票面利率的情况下，债券的发行价格大于其面值。 D 累积优先股、可转换优先股、参加优先股均对股东有利，而可赎回优先股则对股份公司有利。 12、股份有限公司申请其股票上市时，向社会公开发行股份需达到公司股份总数的（）以上 A 15% B 20% C 25% D 30% 13、原有企业改组设立股份有限公司公开发行股票时，要求其发行前一年末净资产在总资产中所占比例不低于（） A 25% B 20% C 30% D 40% 14、投资的风险与投资的收益之间是（）关系 A正向变化 B 反向变化 C 有时正向，有时反向 D没有 15、有一种债券面值2000元，票面利率为6%，每年支付一次利率，5年到期，同等风险投资的必要报酬率为10%，则该债券的价格在（）元时才可以投资 A 1600.57 B 696.75 C 1966.75 D 1696.75 16、某债券面值1500元，期限为3年，票面利率为10%，单利计息，市场利率为8%，到期一次还本付息， 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 CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.罗斯公司理财题库全集
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