公司理财练习题1
《公司理财》练习题40题
《公司理财》练习题40题《公司理财》练习题一、练习题：1．甲公司2022年年初对A设备投资__元，该项目2022年年初完工投产；2022年至2022年各年末预期收益分别为2022年0元、__元、__元；银行存款单利利率为12％。
要求：按单利计算2022年年初投资额的终值和2022年年初各年预期收益的现值之和。
2．乙公司2022年年初对A设备投资__元，该项目2022年年初完工投产；2022年至2022年各年末预期收益分别为2022年0元、__元、__元；银行存款复利利率为10％。
要求：按复利计算2022年年初投资额的终值和2022年年初各年预期收益的现值之和。
3．丙公司2022年和2022年年初对C设备投资均为__元，该项目2022年初完工投产；2022年至2022年各年末预期收益均为50 000元；银行存款复利利率为8％。
已知：(F／A，8％，3)＝3.2464，(P／A，8％，3)＝2.5771。
要求：按年金计算2022年年初投资额的终值和2022年年初各年预期收益的现值。
4．某人拟于明年年初借款42022年元，从明年年末开始，每年年末还本付息额均为6000元，连续10年还清。
假设预期最低借款利率为8％，问此人是否能按其计划借到款项? 已知：(P／A，7％，10)＝7.0236，(P／A，8％，10)＝6.7101。
5．某企业集团准备对外投资，现有甲、乙、丙三家公司可供选择，这三家公司的年预期收益及其概率的资料如下表所示：市场状况概率年预期收益（万元）甲公司乙公司丙公司良好一般较差0.30.50.2402055020-580-20-30要求：(1)计算三家公司的收益期望值；(2)计算各公司收益期望值的标准离差；(3)计算各公司收益期望值的标准离差率；(4)假定你是该企业集团的稳健型决策者，请依据风险与收益原理做出选择。
6．振兴公司发行5年期的债券，面值为1000元，付息期为1年，票面利率为10％。
公司理财练习题
公司理财练习题一、选择题1. 公司理财的主要目标是：A. 增加股东财富B. 提高公司规模C. 降低成本D. 提升品牌形象2. 在资本预算中，净现值（NPV）为正意味着：A. 项目亏损B. 项目盈利C. 项目盈亏平衡D. 项目风险高3. 以下哪项不是公司财务杠杆的表现形式？A. 债务融资B. 股权融资C. 优先股融资D. 资产出售4. 根据现代投资组合理论，投资组合的预期收益与：A. 个别资产的风险成正比B. 个别资产的回报率成正比C. 投资组合的风险成正比D. 个别资产的波动性成正比5. 以下哪个是衡量公司流动性的指标？A. 资产负债率B. 流动比率C. 股东权益比率D. 收益增长率二、判断题6. 公司的财务杠杆可以增加股东的收益，但同时也会增加公司的财务风险。
（）7. 一个项目的内部收益率（IRR）低于公司的资本成本时，该项目被认为是不可接受的。
（）8. 公司的现金流量表主要反映公司的经营活动、投资活动和筹资活动。
（）9. 股票的贝塔系数越高，其风险越低。
（）10. 公司的财务报表分析可以揭示公司的财务状况和经营成果。
（）三、简答题11. 简述公司进行资本结构调整的原因及其可能的影响。
12. 解释什么是资本成本，并说明它在公司投资决策中的作用。
13. 描述现金流量表中经营活动、投资活动和筹资活动的区别及其重要性。
四、计算题14. 假设一家公司计划投资一个项目，初始投资为100万元，预计未来五年的净现金流量分别为20万元、25万元、30万元、35万元和40万元。
如果公司的资本成本为10%，请计算该项目的净现值（NPV）。
15. 一家公司的总资产为5000万元，总负债为3000万元，股东权益为2000万元。
如果公司的营业收入为1000万元，利息费用为100万元，所得税为150万元，请计算公司的财务杠杆比率和权益收益率。
五、案例分析题16. 某公司正在考虑发行债券来融资，债券的票面利率为6%，期限为10年，每年支付一次利息。
公司理财基础知识练习题
公司理财基础知识练习题考试题型：一、单项选择题：15分二、多项选择题：10分三、填空题15分四、名词解释：15分五、简答题：15分六、计算题：30分第一章公司理财概述一、单项选择题1、在筹资理财阶段，公司理财的重点内容是（）。
BA有效运用资金 B如何设法筹集到所需资金 C研究投资组合 D国际融资3、现代公司理财的目标是（）。
CA获利能力最大化 B偿债能力最大化 C股东财富最大化 D追求利润最大化4、由于生产经营不断地进行而引起资金不断地循环叫作（）。
CA资金运动 B财务活动 C资金周转 D资金耗费二、多项选择题1、以利润最大化作为公司理财目标存在的缺陷有（）。
ABCDEA不能准确反映所获利润额同投入资本额的关系 B没有考虑利润发生的时间C会导致公司理财决策者的短期行为 D没有考虑货币的时间价值E没有考虑到经营风险问题2、股东财富最大化作为公司理财目标的优点有（）。
ABCDEA考虑了货币的时间价值 B考虑了风险价值C体现了对公司资产保值增值的要求 D克服公司经营上的短期行为E促使公司理财当局从长远战略角度进行财务决策3、公司的财务活动包括（）。
ABCDEA资金的筹集 B资金的运用 C资金的耗费 D资金的收回 E资金的分配4、公司理财的内容主要有（）。
ABEA筹资决策 B投资决策 C成本决策 D价格决策 E股利分配决策三、填空题1、简单地讲，公司理财就是公司如何（聚财、用财、生财）。
2、公司理财产生至今经历了筹资、（内部控制）、投资和国际理财阶段。
3、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。
4、投资理财阶段重视两项理财内容：一是研究公司（最佳资本结构）的构成；一是研究（投资组合理论）及其对公司财务决策的影响。
5、属于传统理财目标模式的是（利润最大化）目标模式。
6、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的（获利能力）和（偿债能力）。
7、对股份有限公司而言，（股票市价）可以代表股东财富。
《公司理财》模拟训练试题一套
《公司理财》模拟试题一、判断题 (本类题共10分，每小题1分。
判断下列说法是否正确，正确的在括号内划√，错误划× 。
)1、在没有风险和通货膨胀的情况下，投资报酬率就是时间价值率。
（）2、永续年金现值是年金现值与利率的倒数之积。
（）3、固定资产投资的回收时间较长，变现能力较差。
（）4、资产负债率越高，股东权益比率就越低，企业偿债能力就越强。
（）5、优先股股利是税后支付，故其成本一般高于债券成本。
（）6、投资没项目决策时需要考虑机会成本和沉没成本。
（）7、差量现金流量是指与没有做出某项决策时的企业现金流量相比的差额。
（）8、营业风险是指企业在经营活动中利用营业杠杆而导致息税前利润下降的风险。
（）9、企业通过吸收直接投资方式筹资成本不需要考虑所得税的影响。
（）10、企业在持续经营过程中，会自发地、直接地产生一些资金来源，部分地满足企业的经营需要，如预收账款、应付工资、应付债券等。
（）二、单选题 (本类题共30分，每小题2分。
多选、少选、错选、不选均不得分)1、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、债权人之间的关系D.企业与政府有关部门、社会公众之间的关系2、每年年末将100元钱存入银行，利率为10%，计算5年后的终值可用（）。
A.复利终值系数B.复利现值系数C.年金终值系数D.年金现值系数3、某校准备设立永久性奖学金，每年计划颁发36000元资金，若年复利率为12%，该校现在应向银行存入（）元本金。
A．450000 B．300000C．350000 D．3600004、进行证券组合投资的主要目的（）。
A.追求较高的投资收益B.分散投资风险C.增强投资的流动性D.追求资本稳定增长5、计分综合分析法选择财务指标时,最好选用正指标,下列不属于正指标的是（）。
A.流动比率B.股东权益比率C.营业净利率D.负债比率6、下列投资决策指标中，哪项不属于折现现金流量指标（）。
公司理财试题1
CHAPTER 1Introduction to Financial Management I. DEFINITIONSTopic: CORPORATE CONTROLLER1. The corporate officer generally responsible for tasks related to tax management, cost accounting,financial accounting, and data processing is the:A) Corporate Treasurer.B) Director.C) Corporate Controller.D) Chairman of the Board.E) Vice President of Operations.Answer: CTopic: CORPORATE TREASURER2. The corporate officer generally responsible for tasks related to cash and credit management,financial planning, and capital expenditures is the:A) Corporate Treasurer.B) Director.C) Corporate Controller.D) Chairman of the Board.E) Vice President of Operations.Answer: ATopic: CAPITAL BUDGETING3. The process of planning and managing a firm's long-term investments is called:A) Working capital management.B) Financial depreciation.C) Agency cost analysis.D) Capital budgeting.E) Capital structure.Answer: DTopic: CAPITAL STRUCTURE4. The mixture of debt and equity used by the firm to finance its operations is called:A) working capital management.B) financial depreciation.C) agency cost analysis.D) capital budgeting.E) capital structure.Answer: ETopic: WORKING CAPITAL MANAGEMENT5. The management of the firm's short-term assets and liabilities is called:A) Working capital management.B) Financial depreciation.C) Agency cost analysis.D) Capital budgeting.E) Capital structure.Answer: ATopic: SOLE PROPRIETORSHIP6. A business owned by a single individual is called a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: BTopic: PARTNERSHIP7. A business formed by two or more individuals or entities is called a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: CTopic: CORPORATION8. A business created as a distinct legal entity composed of one or more individuals or entities iscalled a(n):A) Corporation.B) Sole proprietorship.C) Partnership.D) Closed receivership.E) Open structure.Answer: ATopic: PARTNERSHIP AGREEMENT9. The division of profits and losses between the members of a partnership is formalized in the:A) Indemnity clause.B) Indenture contract.C) Statement of purpose.D) Partnership agreement.E) Group charter.Answer: DTopic: ARTICLES OF INCORPORATION10. The document that legally establishes domicile for a corporation is called the:A) Indenture contract.B) Partnership agreement.C) Amended homestead filing.D) Bylaws.E) Articles of incorporation.Answer: ETopic: BYLAWS11. The rules by which corporations govern themselves are called:A) Indenture provisions.B) Indemnity provisions.C) Partnership agreements.D) Bylaws.E) Articles of incorporation.Answer: DTopic: LIMITED LIABILITY CORPORATION12. A business entity operated and taxed like a partnership, but with the limited liability feature forowners, is called a:A) Limited liability corporation.B) General partnership.C) Cartel.D) Sole proprietorship.E) Corporation.Answer: ATopic: FINANCIAL MANAGEMENT GOAL13. The primary goal of financial management is to:A) Maximize current sales.B) Maximize the current value per share of the existing stock.C) Avoid financial distress.D) Minimize operational costs.E) Maintain steady earnings growth.Answer: BTopic: AGENCY PROBLEM14. The possibility of conflict of interest between the stockholders and management of the firm iscalled:A) The shareholders' conundrum.B) Corporate breakdown.C) The agency problem.D) Corporate activism.E) Legal liability.Answer: CTopic: AGENCY COSTS15. Agency costsA) The total dividends paid to shareholders over the lifetime of the firm.B) The costs that result from default and bankruptcy of the firm.C) Corporate income subject to double taxation.D) The costs of the conflict of interest between stockholders and management.E) The total interest paid to creditors over the lifetime of the firm.Answer: DTopic: STAKEHOLDERS16. A stakeholder is:A) Given to each stockholder when they first purchase their stock.B) A proxy vote made at a shareholders meeting.C) A founding stockholder of the firm.D) An original creditor of the firm.E) A person or entity other than a stockholder or creditor who potentially has a claim on the cashflows of the firm.Answer: ETopic: PRIMARY MARKET17. The original sale of securities by governments and corporations occurs in the:A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: ATopic: SECONDARY MARKET18. The purchase and sale of securities after the original issuance occurs in the:A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: BTopic: DEALER MARKET19. A market where dealers buy and sell securities for themselves, at their own risk, is called a(n):A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: CTopic: AUCTION MARKET20. A market where trading takes place between buyers and sellers directly is called a(n):A) Primary market.B) Secondary market.C) Dealer market.D) Auction market.E) Liquidation market.Answer: DII CONCEPTSTopic: BUSINESS ORGANIZATIONS21. Which of the following does NOT offer the protection of limited liability?A) corporationB) limited liability companyC) sole proprietorshipD) limited partnershipE) S corporationAnswer: CTopic: FINANCIAL MANAGEMENT GOAL22. The fundamental goal of financial management should be to:A) Maximize sales.B) Maximize the current value per share of the existing stock.C) Avoid financial distress.D) Maintain steady earnings growth.E) Maximize profits.Answer: BTopic: FINANCIAL MANAGER23. Which of the following does NOT address the question: "What are the duties of a financialmanager?"I. Deciding how much interest to pay the holders of the corporation's bonds.II. Deciding the mix of long-term debt and equity.III. Deciding which projects a firm should undertake.IV. Deciding how much short-term debt to use.A) I onlyB) III onlyC) II and III onlyD) II, III, and IV onlyE) I, II, III, and IVAnswer: ATopic: BUSINESS ORGANIZATIONS24. Which of the following statements is true regarding the corporate form of organization compared tothat of the sole proprietorship?A) The owners of the sole proprietorship have limited liability for the firm's debts.B) The sole proprietorship is the simplest business form to start-up.C) The corporation has a limited life.D) Dividends received by the corporation's shareholders are tax-exempt.E) It is more difficult to transfer ownership in a corporation.Answer: BTopic: AGENCY COSTS25. Which of the following is NOT a type of agency cost?A) The cost of an audit of the firm's financial statements.B) The cost of a corporate jet provided to the CEO as part of her compensation package.C) Loans provided to the firm's managers at below-market interest rates.D) The costs of financing the firm.E) The cost of providing life insurance to the firm's CFO.Answer: DTopic: AGENCY THEORY26. Commtel Partners hires Smith Brothers investment bank to negotiate the purchase of the fiber opticassets of . Identify the parties to this transaction.A) Smith is the principal and Commtel is the agent.B) Commtel is the principal and Smith is the agent.C) Lightware is the principal and Commtel is the agent.D) Smith is the agent while Lightware and Commtel together are principals.E) Commtel is the principal and Lightware is the agent.Answer: BTopic: AGENCY COSTS27. The Board of Directors of Beeline, Inc. have decided to base the salary of its financial managerentirely upon the market share of the firm. Accordingly,A) the firm may incur some agency costs since the manager will be focused on the market share ofthe firm rather than acting to maximize earnings.B) the financial manager will always act in the best interest of the shareholders since all agencycosts have been eliminated through salary incentives.C) this arrangement may be unnecessary, since the goal of the firm is to maximize earnings forshareholders, and that is most likely accomplished through larger market share.D) the manager may not act to maximize the current value of the firm's stock, resulting in agencycosts for the firm's stockholders.E) the firm will incur some agency costs if the manager acts to maximize market share.Answer: DTopic: AGENCY COSTS28. Which of the following is/are correct regarding agency costs?I. Indirect costs occur when managers, acting to minimize the risk of the firm, forego investmentsshareholders would prefer they take.II. Direct costs occur when shareholders must incur costs to monitor the manager's actions.III. Direct costs occur when managers buy assets considered necessary by the firm's owners.A) I onlyB) I and II onlyC) II onlyD) II and III onlyE) I, II, and IIIAnswer: BTopic: AGENCY THEORY29. Which of the following help ensure managers act in the best interest of owners?I. A compensation package for managers that is a flat cash salary, with no bonuses or options.II. Managers are promoted only when they have worked for the firm for at least 5 years.III. The threat that if the firm does poorly, shareholders will use a proxy fight to replace theexisting management.IV. There is a high degree of likelihood the firm will become a takeover candidate if the firm performs poorly.A) I and II onlyB) II and III onlyC) III and IV onlyD) I and III onlyE) I, II, III, and IVAnswer: CTopic: STOCK EXCHANGES30. Which of the following markets is considered an auction market?A) The New York Stock ExchangeB) The over-the-counter (OTC) marketC) NASDAQAnswer: ATopic: DOUBLE TAXATION31. Why does the double taxation problem exist for corporations?A) Corporations earn taxable income, pay taxes on that income, and then pay interest to thebondholders, who also have net taxable income.B) Corporations earn taxable income and pay taxes on that income.C) Firms with depreciation expense must repay the tax deduction over time, in addition to theirnormal tax liability on taxable corporate income.D) Corporations earn taxable income, pay taxes on that income, and then pay dividends to thestockholders, who also have net taxable income.E) Stockholders are paid a dividend and they have net taxable income.Answer: DTopic: FINANCIAL MANAGEMENT32. If you are hired as the new CEO of a corporation after graduation, which of the following wouldyou consider to be your most important criterion for success from the owners perspective?A) Pursue activities that reduce the overall riskiness of the firm.B) Pursue activities that result in the largest profits for the year.C) Pursue activities that maximize your personal wealth.D) Pursue activities that maximize the current stock price.E) Pursue activities that lead to the most stable stock price for the year.Answer: DTopic: FINANCIAL MANAGEMENT33. A financial manager is responsible for deciding whether an investment in new manufacturingequipment should be financed with debt, preferred stock, or common stock. Which of the following financial management areas would be involved in the decision process?I. Capital budgetingII. Capital structure managementIII. Working capital managementA) I onlyB) II onlyC) II and III onlyD) I and III onlyE) I, II and IIIAnswer: BTopic: MARKETS34. You are interested in purchasing 100 shares of stock in a small technology firm that trades in theUnited States. You would most likely purchase the shares in ________________.A) a primary market operated as a money marketB) a primary market operated as an auction marketC) a secondary market operated as a dealer marketD) a primary market operated as a dealer marketE) a secondary market operated as a money marketAnswer: CTopic: FINANCIAL MANAGEMENT35. According to the balance sheet model of the firm, corporate finance may be thought of as theanalysis of three primary subject areas. Which of the following correctly lists these areas?A) Capital structure, capital budgeting, security analysisB) Capital budgeting, capital structure, capital spendingC) Capital budgeting, capital structure, net working capitalD) Capital structure, net working capital, capital rationingE) Capital budgeting, capital spending, net working capitalAnswer: CTopic: CORPORATE FINANCE36. Which of the following is NOT considered one of the basic questions of corporate finance?A) What long-term investments should the firm choose.B) At what rate of interest should a firm borrow.C) Where will the firm get the long-term financing to pay for its investments.D) What mixture of debt and equity should the firm use to fund its operations.E) How should the firm manage its working capital, i.e., its everyday financial activities.Answer: BTopic: BUSINESS ORGANIZATIONS37. Which of the following is a FALSE statement concerning corporations?A) The equity that can be raised by the corporation is limited to the current shareholders' personalwealth.B) The life of the corporation is unlimited.C) The corporation has unlimited liability for business debts.D) When dividends are paid, net corporate profits are essentially taxed twice.E) It is relatively simple to transfer ownership of corporate shares.Answer: ATopic: BUSINESS ORGANIZATIONS38. Which of the following statements is/are true concerning partnerships?I. Limited partners are responsible for all debts of the partnership.II. Limited partners generally do not manage the partnership.III. In a limited partnership, all partners share equally in the gains or losses.A) I onlyB) II onlyC) I and II onlyD) II and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS39. Which of the following correctly finishes this sentence: In the US, ________________.A) the OTC market has a central locationB) over-the-counter markets are operated as auction marketsC) financial markets function as both primary and secondary markets for debt and equitysecuritiesD) new issues of securities occur in secondary marketsE) auction markets do not have a physical locationAnswer: CTopic: STOCK EXCHANGES40. Which of the following is a criteria that must be met in order for a firm to be listed on the New YorkStock Exchange?A) The firm must have at least 3 shareholders owning at least 10,000 shares.B) The firm must have a minimum number of shares outstanding.C) The firm must have a market value in excess of $1 billion.D) The firm must have a minimum of 5 directors.E) The firm must not have ever suffered negative net income in a given quarter.Answer: BTopic: CASH FLOWS41. In the evaluation of cash flow in a capital budgeting decision, which of the following is NOTrelevant?I. The size of the cash flow.II. The timing of the cash flow.III. The risk of the cash flow.IV. The manager responsible for the accounting of the cash flow.A) I onlyB) I and II onlyC) II onlyD) II and IV onlyE) IV onlyAnswer: ETopic: BUSINESS ORGANIZATIONS42. You want to pool your resources with your best friend and start your own telecommunications firm.However, you are concerned about the risk this business poses to your accumulated personal wealth.To limit your exposure, you and your friend should organize the business:A) As a general partnershipB) As a limited partnershipC) As a sole proprietorshipD) As a corporationE) As a real estate investment trustAnswer: DTopic: MARKETS43. Which of the following would NOT be considered a secondary market transaction?A) A buy order to a broker for shares of stock in a company on NYSE.B) A buy order to an investment banker for a new IPO stock offering.C) A buy order to a broker for shares of stock in a company on NASDAQ.D) A buy order to a dealer for outstanding bonds of a company trading OTC.E) A buy order to a broker for a stock listed on a regional exchange.Answer: BTopic: BUSINESS ORGANIZATIONS44. Unlimited liability is a characteristic of which of the following form(s) of organization?A) sole proprietorshipB) limited partnershipC) corporationD) S corporationE) limited liability companyAnswer: ATopic: BUSINESS ORGANIZATIONS45. Which of the following is a true statement concerning a general partnership?I. Partners are responsible for the debts of the partnership.II. Partners generally do not manage the partnership.III. The income of a partnership is taxed at the partners' income tax rate.A) I onlyB) III onlyC) I and II onlyD) I and III onlyE) I, II, and IIIAnswer: DTopic: FINANCIAL MANAGEMENT46. Which of the following is FALSE concerning the economics of ethical decision-making?I. The higher the probability of detection, the more likely that one will cheat.II. The higher the sanctions imposed if detected, the less likely one is to cheat.III. The expected costs of unethical behavior are lower if information about cheating is rapidly and widely distributed.A) I onlyB) II onlyC) I and II onlyD) I and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS47. Which of the following is considered a secondary market transaction?I. You buy shares in the public offering of a start-up company in the computer industry.II. Your mother sells you the shares she purchased in your uncle's latest business venture.III. You buy shares in General Motors from your closest friend.A) I onlyB) II onlyC) I and II onlyD) II and III onlyE) I, II, and IIIAnswer: DTopic: MARKETS48. On a typical day in the United States, the largest number of shares are traded:A) Over the counter.B) On the New York Stock Exchange.C) On the American Stock Exchange.D) On the Philadelphia Stock Exchange.E) In primary markets.Answer: ATopic: BUSINESS ORGANIZATIONS49. The death of the firm's owner(s) effectively dissolves which type(s) of organization?I. Sole proprietorshipII. PartnershipIII. CorporationA) I onlyB) II onlyC) III onlyD) I and II onlyE) II and III onlyAnswer: DTopic: BUSINESS ORGANIZATIONS50. Which of the following is considered a disadvantage of the corporate form of organization?I. Ease of the transfer of ownershipII. Limited lifeIII. Double taxationA) I onlyB) II onlyC) III onlyD) I and II onlyE) I, II, and IIIAnswer: CTopic: MARKET TRANSACTIONS51. A(n) ________________ is a sale of securities which typically does not require registration withthe SEC and is usually sold to a large financial institution.A) initial public offeringB) over-the-counter transactionC) primary market transactionD) secondary market transactionE) private placementAnswer: ETopic: FINANCIAL MANAGEMENT52. A financial manager is responsible for determining how much long-term debt the firm should userelative to its use of short-term borrowings. Which function is this manager involved with?I. Capital budgetingII. Capital structure managementIII. Working capital managementA) I onlyB) II onlyC) III onlyD) I and II onlyE) I, II and IIIAnswer: BTopic: BUSINESS ORGANIZATIONS53. A type of small corporation that is taxed like a partnership and thus avoids double taxation is calleda ________________.A) limited partnershipB) sole proprietorshipC) S corporationD) limited liability companyE) general partnershipAnswer: CTopic: FINANCIAL MANAGEMENT54. Which of the following combinations of attributes would make a capital expenditure projectdesirable to a financial manager?I. The project has positive book value on the company's accounting statements.II. The value of the cash flow generated by the project exceeds the project's cost.III. The project's cash flows have acceptable levels of risk and size, but not timing.A) I onlyB) II onlyC) III onlyD) II and III onlyE) I, II, and IIIAnswer: BTopic: BUSINESS ORGANIZATIONS55. A ________________ can lose, in the extreme case, her entire personal net worth.I. common stockholderII. limited partnerIII. general partnerIV. sole proprietorA) I onlyB) I and II onlyC) III and IV onlyD) II, III, and IV onlyE) II and III onlyAnswer: CTopic: FINANCIAL MANAGEMENT56. The total market value of the firm's equity is determined by ________________.A) the firm's accountantsB) the firm's managementC) investors in the stock marketD) investors in the bond marketE) regulators at the Securities and Exchange Commission (SEC)Answer: CTopic: AGENCY COSTS57. Of the following, which statement regarding agency costs is true?A) An agency problem exists when there is a conflict of interest between the stockholders andmanagement of a firm.B) An agency problem does not exist when there are conflicts of interest between principals andagents.C) An indirect agency cost occurs when firm management takes on risky projects that favorablyaffect the stock price, even though the managers are worried about keeping their jobs.D) A corporate expenditure that benefits stockholders but harms management is an agency cost.E) Agency costs are directly observable in the stock market.Answer: AIII. PROBLEMSNot applicable for Chapter 1IV. ESSAYSTopic: FINANCIAL MANAGEMENT58. List and briefly describe the three basic questions a financial manager must be concerned with.Answer:The three areas are: 1. Capital budgeting: The financial manager tries to identify investmentopportunities that are worth more to the firm than they cost to acquire. 2. Capital structure: This refers to the specific mixture of long-term debt and equity a firm uses to finance its operations.3.Working capital management: This refers to a firm's short-term assets and short-term liabilities.Managing the firm's working capital is a day-to-day activity that ensures the firm has sufficient resources to continue its operations and avoid costly interruptions.Topic: BUSINESS ORGANIZATIONS59. Why is the corporate form of business organization considered to be more important than soleproprietorships or partnerships?Answer:The importance of the corporate form of organization lies in its advantages: ease of transferring ownership, the owners' limited liability for business debts, and unlimited life of the business.Topic: BUSINESS ORGANIZATIONS60. If the corporate form of business organization has so many advantages over the corporate form,why is it so common for small businesses to initially be formed as sole proprietorships?Answer:A significant advantage of the sole proprietorship is that it is cheap and easy to form. If the soleproprietor has limited capital to start with, it may not be desirable to spend part of that capital forming a corporation. Also, limited liability for business debts may not be a significant advantage if the proprietor has limited capital, most of which is tied up in the business anyway. Finally, for a typical small business, the heart and sole of the business is the person who founded it, so the life of the business may effectively be limited to the life of the founder during its early years.Topic: FINANCIAL MANAGEMENT GOAL61. What should be the goal of the financial manager of a corporation? Why?Answer:The correct goal is to maximize the current value of the outstanding stock. This focuses correctly on enhancing the returns to shareholders, the owners of the firm. Other goals, such as maximizing earnings, focus too narrowly on accounting income and ignore the importance of market values in managerial finance.Topic: AGENCY THEORY62. Do you think agency problems arise in sole proprietorships and/or partnerships?Answer:Agency conflicts typically arise when there is a separation of ownership and management of a business. In a sole proprietorship and a small partnership, such separation is not likely to exist to the degree it does in a corporation. However, there is still potential for agency conflicts. For example, as employees are hired to represent the firm, there is once again a separation of ownership and management.Topic: BUSINESS ORGANIZATIONS63. When the Small Business Administration (SBA) makes a loan to a sole proprietorship, it typicallyrequires life insurance be carried on the business owner in an amount sufficient to cover the loan.Why might the SBA demand such coverage?Answer:The SBA knows that the heart of a small business is the existence of the owner. If the owner dies, it is likely the business will be severely harmed. Thus, the SBA wants to get out in the case of such a tragedy. This also underscores the limited life of the sole proprietorship.Topic: LIMITED LIABILITY64. Assume for a moment that the stockholders in a corporation have unlimited liability for corporatedebts. If so, what impact would this have on the functioning of primary and secondary markets for common stock?Answer:With unlimited liability, you would be very careful which stocks you invest in. In particular, you would not invest in companies you expected to be unable to satisfy their financial obligations. Both the primary and secondary markets for common stock would be severely hampered if this rule existed. It would be very difficult for a young, untested business to get enough capital to grow.Topic: FINANCIAL MANAGEMENT GOALS65. Suppose you own 100 shares of IBM stock which you intend to sell today. Since you will sell it inthe secondary market, IBM will receive no direct cash flows as a consequence of your sale. Why, then, should IBM's management care about the price you get for your shares?Answer:The current market price of IBM stock reflects, among other things, market opinion about the quality of firm management. If the shareholder's sale price is low, this indirectly reflects on the reputation of the managers, as well as potentially impacting their standing in the employment market. Alternatively, if the sale price is high, this indicates that the market believes currentmanagement is increasing firm value, and therefore doing a good job.Topic: TRANSFER OF OWNERSHIP IN A CORPORATION66. One thing lenders sometimes require when loaning money to a small corporation is an assignmentof the common stock as collateral on the loan. Then, if the business fails to repay its loan, theownership of the stock certificates can be transferred directly to the lender. Why might a lender want such an assignment? What advantage of the corporate form of organization comes into playhere?Answer:In the event of a loan default, a lender may wish to liquidate the business. Often it is timeconsuming and difficult to take title of all of the business assets individually. By taking control ofthe stock, the lender is able to sell the business simply by reselling the stock in the business. This illustrates once again the ease of transfer of ownership of a corporation.Topic: EXCHANGE LISTINGS67. Why might a corporation wish to list its shares on a national exchange such as the NYSE asopposed to a regional exchange? How about being traded OTC?Answer:Being listed on a regional exchange effectively limits the capital access for the business. Plus, there is a prestige factor in being listed on one of the national exchanges. There is still a prestige factor in moving from OTC to NYSE since the NYSE has more restrictive membership requirements.However, the lure of greater prestige certainly hasn't prompted some major corporations, such as Microsoft and Apple Computer, to move to the NYSE.。
公司理财习题及答案
工程一财务管理总体认知一、单项选择题1．以下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C．每股收益最大化D．企业价值最大化2．企业筹资活动的最终结果是( D )。
A.银行借款B.发行债券C.发行股票D.资金流入7．相对于每股收益最大化目标而言，企业价值最大化目标的缺乏之处是( D )。
A．没有考虑资金的时间价值B．没有考虑投资的风险价值C．不能反映企业潜在的获利能力D．*些情况下确定比拟困难9．以下法律法规同时影响企业筹资、投资和收益分配的是( A )。
A．公司法B．金融法C．税法D．企业财务通则10．在市场经济条件下，财务管理的核心是〔B 〕。
A.财务预测B.财务决策C.财务控制D.财务分析二、多项选择题2．企业财务管理的根本容包括( ACD )。
A. 筹资决策B．技术决策C．投资决策D．盈利分配决策3．财务管理的环境包括( ABCD )。
A．技术环境B．经济环境C．金融环境D．法律环境4．以下工程中属于“利润最大化〞目标存在的问题有( ABCD )。
A．没有考虑利润实现时间和资金时间价值B．没有考虑风险问题C．没有反映创造的利润与投入的资本之间的关系D．可能导致企业短期财务决策倾向，影响企业长远开展5．以股东财富最大化作为财务管理目标存在的问题有( ABC )。
A．通常只适用于上市公司B．股价不能完全准确反映企业财务管理状况C．对其他相关者的利益重视不够D．没有考虑风险因素6．以下财务管理的目标当中，考虑了风险因素的有( BCD )。
A．利润最大化B．股东财富最大化C．企业价值最大化D．相关者利益最大化7．在分配活动中，企业财务管理的核心任务是( BC )。
A. 确定筹资构造B. 确定分配规模C．确定分配方式D. 确定投资方向8．利润最大化目标和每股利润最大化目标存在的共同缺陷有( ABD )。
A．没有考虑货币时间价值B．没有考虑风险因素C．没有考虑利润与资本的关系 D. 容易导致短期行为11．以下属于货币市场工具的有(BD )。
公司理财复习题(1)
公司理财复习题一、单选题1、现金性筹资风险是（ C ）A．整体风险 B．终极风险 C．个别风险 D．破产风险2、经济采购批量是指能使一定时期存货的（ C ）达到最低点的进货数量。
A．储存成本 B．缺货成本 C．总成本 D．进货成本3、“6C”系统中的“信用品质”是指（ D ）A．不利经济环境对客户偿付能力的影响 B．客户偿付能力的高低C．客户的经济实力与财务状况 D．客户履约或赖账的可能性4、能够直接取得所需的先进设备和技术，从而能尽快地形成企业的生产经营能力的筹资形式是（ B ）A．股票筹资 B．吸收直接投资 C．债券筹资 D．融资租赁5、下列项目中，属于非交易动机的有（ D ）A．支付工资 B．购买原材料C．偿付到期债务 D．伺机购买质高价廉的原材料4、企业在资金运动中与各方面发生的经济关系称为( B )。
A、会计关系B、财务关系C、统计关系D、经营关系5、保证各种资金形态的合理配置和资金周转的畅通无阻，是生产经营活动顺利进行的( D )。
A、前提条件B、充分条件C、基本条件D、必要条件6、企业的财务活动是指企业的( C )。
A、货币资金收支活动B、分配活动C、资金运动D、资本金及收益活动7、从货币资金开始经过若干阶段，又回到货币资金形态的一次运动过程，称为( D )。
A、资金运动B、资金周转C、资金收支D、资金循环8、债权人进行财务分析时，着重要求揭示( B )。
A、营运能力B、偿债能力C、盈利能力D、资产变现能力9、流动比率反映的是( B )的指标。
A、长期偿债能力B、短期偿债能力C、营运能力D、盈利能力10、利用资产负债表和损益表结合进行分析的是( B )指标。
A、偿债能力B、营运能力C、盈利能力D、参考指标11、在计算速动比率时，从流动资产中扣除存货再除以流动负债，扣除存货的原因是( B )。
A、存货数额经常发生变动B、存货变现能力差C、存货不能用来偿付债务D、存货不属于营运资金二、多选题1.财务管理目标一般具有如下特征（ BCD ）A.综合性B.相对稳定性C.多元性D.层次性E.复杂性2、综合财务分析的方法主要有（ AB ）A．杜邦分析体系 B．经营状况雷达图C．总资产利润率 D．净资产收益率 E．总资产周转率3、影响企业经营风险的因素有（ ABCDE ）A．产品需求 B．产品售价 C．产品成本D．固定成本比重 E．调整价格的能力4、利润分配的原则包括（ ABCD ）A．依法分配原则 B．妥善处理积累与分配的关系原则C．同股同权，同股同利原则 D．无利不分原则 E．有利必分原则5、企业投资的目的具体包括（ ABC ）取得投资收益 B．降低投资风险C．承担社会义务 D．降低投资成本 E．增加企业资产6、企业在制定或选择信用标准时必须考虑的三个基本因素是（ ABC ）A．同行业竞争对手的情况 B．企业承担违约风险的能力C．客户的资信程度 D．客户的信用品质 E．客户的经济状况7、应收账款追踪分析的重点对象是（ ABCD ）A．全部赊销的客户 B．赊销金额较大的客户 C．资信品质较差客户D．超过信用期的客户 E．现金可调剂程度较高的客户8．在现金需要总量既定的前提下，则（ BDE ）A．现金持有量越多，现金管理总成本越高。
公司理财练习题
公司理财练习题一、单项选择题（每题2分，共20分）1. 公司理财的主要目标是：A. 最大化利润B. 最大化股东财富C. 最小化成本D. 最大化市场份额2. 以下哪项不是公司理财的基本原则？A. 风险与收益权衡原则B. 资本结构原则C. 利润最大化原则D. 资本预算原则3. 资本资产定价模型（CAPM）主要用于：A. 确定公司的资本成本B. 评估公司的财务状况C. 计算公司的现金流量D. 预测公司的市场表现4. 以下哪项不是公司财务报表的一部分？A. 资产负债表B. 利润表C. 现金流量表D. 产品目录5. 公司进行资本预算时，通常采用哪种方法来评估投资项目的可行性？A. 净现值法B. 总成本法C. 销售增长率法D. 市场份额法6. 以下哪种融资方式不涉及债务？A. 发行债券B. 发行股票C. 银行贷款D. 租赁融资7. 公司进行财务分析时，常用的比率分析不包括：A. 流动比率B. 速动比率C. 市盈率D. 存货周转率8. 以下哪种风险管理策略不涉及对冲？A. 期货合约B. 期权合约C. 保险D. 直接投资9. 公司进行现金管理时，主要关注：A. 存货水平B. 应收账款C. 现金及现金等价物D. 长期投资10. 以下哪种不是公司并购的动机？A. 市场扩张B. 技术获取C. 减少竞争D. 提高成本二、多项选择题（每题3分，共15分）11. 公司进行财务规划时，需要考虑的因素包括：A. 市场环境B. 竞争对手C. 法律法规D. 内部资源12. 以下哪些属于公司理财中的长期融资方式？A. 发行债券B. 银行贷款C. 发行股票D. 短期借款13. 在进行资本预算时，以下哪些现金流是公司需要考虑的？A. 初始投资B. 运营现金流C. 税收影响D. 残值14. 以下哪些是公司进行风险评估时需要考虑的因素？A. 市场风险B. 信用风险C. 操作风险D. 政治风险15. 公司进行国际财务管理时，需要关注哪些汇率风险？A. 交易风险B. 经济风险C. 会计风险D. 翻译风险三、简答题（每题10分，共30分）16. 简述公司理财的三个主要目标，并解释它们之间的关系。
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________ 1. Corporate finance addresses the issues of which long-term projects should be undertaken and how those projects should be financed.a. Trueb. False________ 2. Capital budgeting is the process of managing a firm’s:a. short-term assets and liabilities.b. long-term investments.c. mix of debt and equity financing.d. working capital.________ 3. The owner of a sole proprietorship:a. has unlimited liability for the business debts.b. has selected the form of ownership that is the most regulated of all business forms.c. has created an organization with unlimited life.d. suffers from double taxation.________ 4. Which one of the following statements concerning partnerships is correct?a. A general partner has limited liability for the business debts.b. A limited partner actively participates in running the partnership on a daily basis.c. If one partner wishes to leave a general partnership a new partnership agreement is needed.d. A general partnership has an unlimited life while a limited partnership has a limited life.________ 5. Which one of the following statements concerning corporations is correct?a. The rules describing how a corporation regulates its own existence are set forth in the articles ofincorporation.b. The procedures to be followed for electing corporate directors are included in the bylaws.c. Stockholders have unlimited liability for the business debts.d. The income earned by a corporation is taxed as personal income of the corporate owners.________ 6. In some cases, the IRS will treat a limited liability company as a corporation.a. Trueb. False________ 7. An ownership interest in which one of the following organizations is easiest to sell?a. sole proprietorshipb. general partnershipc. limited partnershipd. corporation________ 8. The goal of financial manage ment is to maximize the current:a. net income of the firm.b. earnings per share.c. resources of the firm.d. value of the existing stock.________ 9. Financial managers are concerned with which of the following aspects of future cash flows?I. timingII. riskIII. sizea. I and III onlyb. II and III onlyc. I and II onlyd. I, II, and III________ 10. Which one of the following statements concerning financial markets is correct?a. Newly issued shares of stock are sold in the secondary markets.b. The New York Stock Exchange is a dealer market.c. Auction markets primarily match sellers with buyers.d. Any corporation can list its stock on the New York Stock Exchange.2. b3. a4. c5. b6. a7. d8. d9. d10. c________ 1. Corporate finance addresses the issues of both paying suppliers and financing long-term investments.a. Trueb. False________ 2. The management of a firm’s short-term assets and liabilities is referred to as:a. capital structure management.b. capital budgeting.c. working capital management.d. capital planning.________ 3. Which one of the following is a disadvantage of a sole proprietorship?a. double taxationb. ease of business formationc. limited equityd. highly regulated business form________ 4. Which one of the following statements concerning partnerships is correct?a. A limited partner actively participates in running the partnership on a daily basis.b. A general partner has unlimited liability for the business debts.c. If a limited partner wishes to leave a general partnership a new partnership agreement isrequired.d. Both limited and general partners have unlimited liability for the business debts.________ 5. Which one of the following statements concerning corporations is correct?a. Stockholders select the managers of a corporation.b. The life of a corporation is limited to fifty years.c. The bylaws define the number of shares of stock that can be issued.d. The income of a corporation is subject to double taxation when distributed.________ 6. The goal of a limited liability company is to be taxed like a partnership.a. Trueb. False________ 7. Which one of the following provides limited liability for all of its owners?a. sole proprietorshipb. partnership with only general partnersc. partnership with both general and limited partnersd. corporation________ 8. Which one of the following compensation plans creates the largest agency problem?a. rewarding managers based solely on the size of the firmb. providing stock options to all company employeesc. paying a bonus to senior managers when the value of the company stock increasesd. replacing senior managers when the value of the company stock decreases________ 9. When a buyer negotiates the purchase of shares of stock directly from a corporation the sale is:a. a public offering.b. a private placement.c. a dealer market transaction.d. an auction market transaction.________ 10. Which one of the following statements concerning financial markets is correct?a. The OTC market is an auction market.b. All dealer markets require a physical location.c. The majority of the trades in an auction market involve a dealer.d. Firms must meet certain criteria before listing their stock on an exchange.2. c3. c4. b5. d6. a7. d8. a9. b10. d。