Chapter12 Corporation Organization and Stockholders'Equity
国际金融原书第12版教学课件作者大卫艾特曼DavidEiteman阿瑟斯通西chapter02课件
Multinational Business Finance^ 12e (Eiteman，et al)Chapter 2 Financial Goals and Corporate Governance2.1Who Owns the Business?Multiple Choice1)Foreign stock markets are frequently characterized by controlling shareholders for the individual publicly traded firms. Which of the following is NOT identified by the authors as typical controlling shareholders?A)The government (for example, privatized utilities).B)Institutions (such as banks in Germany).C)Family (such as in France).D)All of the above were identified by the aiHhors as controlling shareholders・Answer: DDiff: 1Topic: 2」Who Owns the Business?Skill: RecognitionTrue/False1)In the U.S. and U.K. stock markets are characterized by ownership of firms concentrated in the hands of a few controlling shareholders. In contrast, the rest of the world tends to have more widespread ownership of shares.Answer: FALSEDiff: 1Topic: 2.1 Who Owns the Business?Skill: Recognition2.2What Is the Goal of Management?Multiple Choice1) "Maximize corporate wealth0A)is the primary objective of the non-Anglo-American model of management.B)as a management objective treats shareholders on a par with other corporate stakeholders such as creditors, labor, and local community・C)has a broader definition than just financial wealth・D)all of the aboveAnswer: DDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Recognition2)The Shareholder Wealth Maximization ModelA)combines the interests and inputs of shareholders, creditors, management, employees, and societ y.B)is being usurped by the Stakeholder Capitalism Model as those types of MNEs dominate their global industry segments.C)clearly places shareholders as the primary stakeholder.D)is the dominant form of corporate management in the European-Japanese governance system・ Answer: CDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition3)The Stakeholder Capitalism ModelA)clearly places shareholders as the primary stakeholder.B)combines the interests and inputs of shareholders, creditors, management, employees, and societ y.C)has financial profit as its goal and is often termed impatient capital.D)is the Anglo-American model of corporate governance・Answer: BDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition4)In the Anglo-American model of corporate governance, the primary goal of management is toA)maximize the wealth of all stakeholders・B)maximize shareholder wealth・C)minimize costs.D)minimize risk・Answer: BDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Recognition5)In finance, an efficient market is one in whichA)prices are assumed to be correct.B)prices adjust quickly and accurately to new information・C)prices are the best allocators of capital in the macro economy.D)all of the aboveAnswer: DDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition6)Systematic risk can be defined asA)the total risk to the firm.B)the risk of the individual security・C)the risk of the market in general.D)the risk that can be systematically diversified away.Answer: CDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition7)Unsystematic risk can be defined asA)the total risk to the firm.B)the risk of the individual security・C)the added risk that a firm's shares bring to a diversified portfolio.D)the risk of the market in general.Answer: BDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition8)The study of how shareholders can motivate management to accept the prescriptions of the shaieholder wealth maximization model is calledA)market efficiency・B)the SWM model.C)agency theory.D)the SCM model.Answer: CDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Recognition9)Under the Shareholder Wealth Maximization Model of corporate governance, poor firm performance is likely to be faced with all but which of the following?A)Sale of shares by disgnintled current shareholders・B)Shareholder activism to attempt a change in current management.C)As a maximum threat, initiation of a corporate takeover・D)Prison time for executive management.Answer: DDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual10)Which of the following is a reason why managers act to maximize shareholder wealth in Anglo-American markets?A)The use of stock options to align the goals of shareholders and managers・B)The market for corporate control that allows for outside takeover of the firm・C)Performance based compensation for executive management.D)all of the aboveAnswer: DDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual11)Which of the following is NOT true regarding the stakeholder capitalism model?A)Banks and other financial institutions are less important creditors than securities markets.B)Labor unions are more powerful than in the Anglo-American markets.C)Governments interfere more in the marketplace to protect important stakeholder groups・D)All of the above are TRUE・Answer: ADiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual12)The stakeholder capitalism modelA)typically avoids the flaw of impatient capital.B)tries to meet the desires of multiple stakeholders・C)may leave management without a clear signal about tradeoffs among the several stakeholders.D)all of the aboveAnswer: DDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual13)Which of the following is generally NOT considered to be a viable operational goal for a firm?A)Maintaining a strong local currency・B)Maximization of after-tax income.C)Minimization of the film's effective global tax burden・D)Correct positioning of the firms income, cash flows and available funds as to country and currenc y.Answer: ADiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual14)Which of the following operational goals for the international firm may be incompatible with the others?A)Maintaining a strong local currency・B)Maximization of after-tax income.C)Minimization of the fkm's effective global tax burden・D)Each of these goals may be incompatible with one or more of the others.Answer: DDiff: 2Topic: 2.2 What is the Goal of ManagementSkill: Conceptual15)The primary operational goal for the firm is toA)maximize after-tax profits in each country where the firm is operating・B)minimize the total financial risk to the firm.C)maximize the consolidated after-tax profits of the firm・D)maximize the total risk to the firm.Answer: CDiff: 3Topic: 2.2 What is the Goal of ManagementSkill: ConceptualTrue/False1)The stakeholder capitalism model holds that total risk (operational and financial) is more important than just systematic risk・A)TrueB)FalseAnswer: ADiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Recognition2)In recent years the trend has been for markets to increasing focus on the shareholder wealth form of wealth maximization・A)TrueB)FalseAnswer: ATopic: 2.2 What is the Goal of ManagementSkill: Recognition3)Patient Capitalism is characterized by short-term focus by both management and investors・Answer: FALSEDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Conceptual4)Agency theory states that unsystematic risk can be eliminated through diversification. Answer: FALSEDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Recognition5)The stakeholder capitalism model does not assume that equity markets are either efficient or inefficient.Answer: TRUEDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Conceptual6)The stakeholder capitalism model assumes that only systematic risk "counts11 or is a prime concern for management.Answer: FALSEDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Conceptual7)Dividend yield is the change in the share price of stock as traded in the public equity markets. Answer: FALSEDiff: 1Topic: 2.2 What is the Goal of ManagementSkill: Recognition1)Describe the management objectives of a firm governed by the shareholder wealth maximization model and one governed by the stakeholder wealth maximization model. Give an example of how these two models may lead to different decision-making by executive management.Answer: Shareholder wealth maximization attempts to do just that, typically through the maximization of share price. Stakeholder wealth maximization is much more difficult because of the necessity to satisfy many stakeholders all having approximately equal claim on the objectives of management. These stakeholders may include shareholders, creditors, customers, employees, and community. Differing decisions may occur in a situation that involves significant social costs. For example, in the U.S. the decision to shift production from a local factory to a foreign one may be in large based on the change in NPV as the result of the move with only minor consideration of the impact that a change in location would have on the community at large or the local employees・ A manager of a stakeholder driven firm may place equal or greater emphasis on the local employees and community and choose to maintain the current facility rather than move even if the foreign operation provided a much greater NPV. Ultimately, the latter may cause an inefficient allocation of scarce resources and lead to an overall lower standard of living.Diff: 3Topic: 2.2 What is the Goal of ManagementSkill: Conceptual2.3 Corporate GovernanceMultiple Choice1) Which of the following broad topics is NOT identified as an area to be established as good corporate governance practice by the Organization for Economic Cooperation and Development (OECD)?A)Protect the rights of shareholders・B)Disclosure and transparency.C)The proper role of stakeholders in the governance of the firm・D)All of the above should be a concern of good corporate governance・Answer: DDiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition2)The relationship among stakeholders used to determine and control the strategic direction and performance of an organization is termed _______ ・A)corporate governanceB)Anglo-American activismC)capital structureD)working capital managementAnswer: ADiff: 2Topic: 2.3 Corporate Governance3)When discussing the structure of corporate governance, the authors distinguish between internal and external factors. _______ is an example of an internal factor, and ________ is an example of an external factor・A)Equity markets; executive managementB)Debt markets; board of directorsC)Executive management; auditorsD)Auditors; regulatorsAnswer: CDiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition4)Which of the following is NOT commonly associated with a government affiliated form of corporate governance regime?A)No minority influence・B)Lack of transparency・C)State ownership of enterprise・D)All are associated with this type of corporate governance regime.Answer: DDiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition5)Generally speaking, which of the following is NOT considered an important factor in the composition and control of corporate boards of directors?A)The number of insider vs outside directors・B)The total number of directors on the board・C)The composition of the compensation committee・D)All of the above are important factors of board composition.Answer: DDiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition6)Signed into law on July 30, 2002, the _______ Act requires CEOs of publicly traded companies to vouch for the veracity of the firm's published financial statements.A)Smoot-HawleyB)Humphrey-HawkinsC)McCain-MerrillD)Sarbanes-OxleyAnswer: DDiff: 1Topic: 2.3 Corporate Governance7)The Sarbanes-Oxley Act, passed by the U.S. Congress in July 2002, was designed toA)reinstitute heavy tariffs on international trade・B)reform corporate governance・C)limit the Federal Reserve Board s ability to engage in the buying and selling of gold.D)limit trade with countries deemed lenient on terrorism・Answer: BDiff: 1Topic: 2.3 Corporate GovernanceSkill: RecognitionTrue/False1)Regarding comparative corporate governance regimes: Bank-based regimes characterized by government influence in bank lending and a lack of transparency is often found in countries such as Korea and Germany.Answer: TRUEDiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition2)Investor protection is typically better in countries with codified civil law (the Code Napoleon) than in countries with a legal system based in English common law.Answer: FALSEDiff: 2Topic: 2.3 Corporate GovernanceSkill: Conceptual3)The relatively low cost of compliance with the Sarbanes-Oxley Act (SOX) has been a surprising benefit of the act.Answer: FALSEDiff: 1Topic: 2.3 Corporate GovernanceSkill: Recognition4)According to recent research, family-owned firms in some highly-developed economies typically outperform publicly-owned firms.A)TrueB)FalseAnswer: ADiff: 2Topic: 2.3 Corporate GovernanceSkill: Recognition。
公司理财-罗斯Ch12ppt课件
12-9
12.2 Estimation of Beta
12-0
CHAPTER
12
Risk, Cost of Capital, and Capital Budgeting
12-1
Chapter Outline
12.1 The Cost of Equity Capital 12.2 Estimation of Beta 12.3 Determinants of Beta 12.4 Extensions of the Basic Model 12.5 Estimating International Paper’s Cost of
12-3
12.1 The Cost of Equity Capital
Firm with excess cash
Pay cash dividend
Shareholder invests in financial asset
A firm with excess cash can either pay a dividend or make a capital investment
12-8
12.2 Estimation of Beta: Measuring Market Risk
Market Portfolio - Portfolio of all assets in the economy. In practice a broad stock market index, such as the S&P Composite, is used to represent the market.
公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB_AnswerKey
公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB_AnswerKeyFundamentals of Corporate Finance, 12e (Ross)Chapter 1 Introduction to Corporate Finance1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?A) Depositing cash receiptsB) Processing cost reportsC) Analyzing equipment purchasesD) Approving credit for a customerE) Paying a vendorAnswer: BDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation2) 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.Answer: EDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation3) 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.Answer: CDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation4) 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.Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation5) 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.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation6) 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.Answer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation7) 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.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation8) 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?Answer: CDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation9) 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?Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation10) 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.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation11) Which one of the following terms is defined as the management of a firm's long-term investments?A) Working capital managementB) Financial allocationC) Agency cost analysisD) Capital budgetingE) Capital structureAnswer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financialBloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A) Working capital managementB) Cash managementC) Cost analysisD) Capital budgetingE) Capital structureAnswer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation13) 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.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financialBloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation14) 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?Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation15) 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.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation16) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation17) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation18) 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.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation19) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation20) 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.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?A) Only general partnersB) Only sole proprietorsC) All stockholdersD) Both limited and general partnersE) Both general partners and sole proprietorsAnswer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation22) 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.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation23) 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.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation24) 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.Answer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation25) 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.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation26) 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.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation27) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation28) 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.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financialimplications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation29) 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.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation30) 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.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation31) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation32) Which business form is best suited to raising large amounts of capital?A) Sole proprietorshipB) Limited liability companyC) CorporationD) General partnershipE) Limited partnershipAnswer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation33) A ________ has all the respective rights and privileges of a legal person.A) sole proprietorshipB) general partnershipC) limited partnershipD) corporationE) limited liability companyAnswer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation34) 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. Whichform of business entity should these individuals adopt?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) General partnershipE) CorporationAnswer: CDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation35) 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 proprietorshipB) Joint stock companyC) Limited partnershipD) Limited liability companyE) CorporationAnswer: DDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation36) 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.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation37) 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.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation38) 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.Answer: DDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation39) Which one of the following best states the primary goal of financial management?A) Maximize current dividends per shareB) Maximize the current value per shareC) Increase cash flow and avoid financial distressD) Minimize operational costs while maximizing firm efficiencyE) Maintain steady growth while increasing current profitsAnswer: BDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation40) Which one of the following best illustrates that the management of a firm is adhering to the。
国际商务英语Chapter 2-1
quasi-pubic 半公有公司
quasi a combining form meaning ―resembling,‖ ―having some, but not all of the features of,‖ used in the formation of compound words: quasi-definition; quasi-monopoly; quasi-official; quasi-scientific. 1. He was a quasi actor. 他有点象演员。 2. In some people's view, TV series is a kind of quasiart. 在某些人看来，电视连续剧是一种准艺术。
1. proprietorship — 所有权 2. stockholder — 股东，持股人 3. partnership — 合伙企业 4. entity — 实体 5. bankruptcy — 破产 6. joint-stock company — 合股公司 7. dividend —红利，股息 8. bylaw — 附则，细则 9. treasurer — 司库，财务长 10. comptroller —主计长，总会计师
tort: n. 侵权行为 a wrongful act, not including a breach of contract or trust, that results in injury to another's person, property, reputation, or the like, and for which the injured party is entitled to compensation.
公司理财(罗斯)第12章(英文)
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
12-9
12.2 Estimation of Beta
Theoretically, the calculation of beta is straightforward:
12-11
Using an Industry Beta
It is frequently argued that one can better estimate a firm’s beta by involving the whole industry. If you believe that the operations of the firm are similar to the operations of the rest of the industry, you should use the industry beta. If you believe that the operations of the firm are fundamentally different from the operations of the rest of the industry, you should use the firm’s beta. Don’t forget about adjustments for financial leverage.
Ri = RF + βi ( RM RF )
To estimate a firm’s cost of equity capital, we need to know three things:
会计学原理(双语)Chapter 12
$800,000 × 9% × ½ year = $36,000 This entry is made every six months until the bonds mature到期.
14 - 10
P1
Issuing Bonds at Par
On December 31, 2032, the bonds mature and the issuer of the bond pays face value of $800,000 to the
100,000 3,546
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
14 - 2
A1 Bond Financing债券融资
Advantages
Disadvantages
Bonds do not affect Bonds require payment
14 - 1
Long-Term Liabilities
Chapter 14
PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
face value.
14 -பைடு நூலகம்4
A1 Bond Issuing Procedures债券发行程序
14 - 5
P1
Bond Issuances
Transaction on the Bond Issue Date
战略管理英文版最新版教学课件第12章
❖ With $45 million severance package
12-4
HP’s CEO Mark Hurd Resigns amid Ethics Scandal
• What are the key issues in the opening case? • Was the board of directors decision right or
➢ Accounting scandals: Enron, WorldCom, Tyco… ➢ Global financial crisis: real estate bubble burst
• Lessons
➢ Managerial actions affect economy
❖ Ethical business produces wealth but unethical practices destroy it
and ethics.
LO 12-6 Describe the different roles that strategic leaders play and
12-16
Corporate Social Responsibility
• Milton Friedman circa 1962:
➢ “the only social responsibility of business is … to increase profits so long as it stays within the rules of the game”
12-9
Stakeholder Strategy
• Stakeholder theory
Lecture 12 cohesion andcoherence 英语词汇学 教学课件
Conjunctions
Conjuncts have a fundamental role in the cohesion of a text and may have various functions
Listing (indicating that what follows is a list of propositions) To start with, First, Second, Third
Chapter 12 Cohesion & Coherence
Revision Causes for Meaning Change in Words
1. Historical 2. Social 3. Psychological 4. linguistic
Pencil”, for instance, is from a Latin word meaning “a little tail” or “a fine brush”, like our Chinese “pen”. Later, when it was made of wood and graphite, it was still called a “pencil”. “Engine” originates in Latin word “ingenium, natural ability”. But when stream power was developed in the first quarter of the 19th century, the term “engine” comes to mean “a railroad locomotive”, and in contemporary English it means “any machine that uses energy to develop mechanical power, esp., a machine for starting motion in some other machine”
管理学原理Chapter 12
Examples:
◦ Education ◦ Medical Services ◦ Transportation
Let’s be productive
Productivity (p.335) – the over all output of goods and services divided by the inputs needed to generate that output
control
P.345
Technology and e-manufacturing
Competition forces companies to deliver products and services that customers value in a timely manner
◦ Companies are looking at ways to used the internet and technology to improve this process
Continuous improvement and quality control
We always want to improve the quality of the organization’s processes, products, and services.
Continuous improvement – focuses on actions to prevent mistakes
Obstacles in value chain management
Required capabilities
Exhibit 12-4, page 344
People
Issues in Operations Management
金融英语第十二章答案
Chapter 12I Answer the following questions in English.1. What does stock mean?Stock is a share in the owuership of a company.2. What does dividend mean?Stock owuership is your claim on assets and earing.3.What does equity mean?Raise money by selling part of the company.4.Why does a company issue stock?Issuing stock is advantageousfor the company because it does not requirethe company to pay back the money or make interest payments along the way.5.How to make money for investors if the finn no dividend pay?Selling company stock.6.Where can stocks be traded?The New York stock exchange the Nasdaq and other exchange.7.What kinds of risk do stock-investors want to face?And there is no obligation to pay out dividends even for those firms thathave traditionally given them.8.What is the purpose of a stock market?The purpose of a stock market is to facilitate the exchange of securities between buyers and sellers, reducing the risks of investing.II. Fill in the each blank with an appropriate word or expression.1. Stock is a share in the ownership of a company. Stock represents aclaim on the company's assets and earings .2. The management of the company is supposed to increase thevalue of the firm for shareholders. If this doesn't happen, the shareholders can voteto have the management removed, at least in theory.3. Common stock demand higher returns than almost every other investment.This higher return comes at a cost since common stocks rise the mostrisk.4. Why do stock prices change? The best answer is that nobody really knowsforsure Some believe that it isn't possible to predict how stockprices will change, while others think that by drawing charts andlooking atpast price movements, you can determine when to buy and sell.5. A bull market is when everything in the economy is great ,people arefinding jobs, gross domestic product (GDP) is growing , and stocks arerising.6. understanding supply and demand is easy. What is difficult to comperherhendwhat makes people like a particular stock and dislike another stock. III. Translate the following sentences into English. 1. 新股的发行价总是超过面值的，记录在公司账上的这个差额叫附加实缴资本，也叫资本公积。