罗斯公司理财题库cha17Word文件下载.docx
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罗斯公司理财题库cha17Word文件下载.docx
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2.Thecostsofavoidingabankruptcyfilingbyafinanciallydistressedfirmareclassifiedas
costs.
B.directbankruptcy
C.indirectbankruptcy
D.financialsolvency
E.capitalstructure
3.Theexplicitandimplicitcostsassociatedwithcorporatedefaultarereferredtoasthe costsofafirm.
B.defaultbeta
E.financialdistress
4.Indirectcostsoffinancialdistress:
A.effectivelylimittheamountofequityafirmissues.
B.serveasanincentivetoincreasethefinancialleverageofafirm.
C.includedirectcostssuchaslegalandaccountingfees.
D.tendtoincreaseasthedebt-equityratiodecreases.
E.includethecostsincurredbyafirmasittriestoavoidseekingbankruptcyprotection.
.
5.Thelegalproceedingforliquidatingorreorganizingafirmoperatingindefaultiscalleda:
A.tenderoffer.
B.bankruptcy.
C.merger.
D.takeover.
E.proxyfight.
6.Thevalueofafirmismaximizedwhenthe:
A.costofequityismaximized.
B.taxrateiszero.
C.leveredcostofcapitalismaximized.
D.weightedaveragecostofcapitalisminimized.
E.debt-equityratioisminimized.
7.Theoptimalcapitalstructurehasbeenachievedwhenthe:
A.debt-equityratioisequalto1.
B.weightofequityisequaltotheweightofdebt.
C.costofequityismaximizedgivenapre-taxcostofdebt.
D.debt-equityratioissuchthatthecostofdebtexceedsthecostofequity.
E.debt-equityratioselectedresultsinthelowestpossibleweighedaveragecostofcapital.
8.Inaworldwithtaxesandfinancialdistress,whenafirmisoperatingwiththeoptimalcapitalstructure:
I.thedebt-equityratiowillalsobeoptimal.
II.theweightedaveragecostofcapitalwillbeatitsminimalpoint.
III.therequiredreturnonassetswillbeatitsmaximumpoint.
IV.theincreasedbenefitfromadditionaldebtisequaltotheincreasedbankruptcycostsofthatdebt.
A.IandIVonly
B.IIandIIIonly
C.IandIIonly
D.II,III,andIVonly
E.I,II,andIVonly
9.Theoptimalcapitalstructurewilltendtoincludemoredebtforfirmswith:
A.thehighestdepreciationdeductions.
B.thelowestmarginaltaxrate.
C.substantialtaxshieldsfromothersources.
D.lowerprobabilityoffinancialdistress.
E.lesstaxableincome.
10.Theoptimalcapitalstructureofafirm themarketedclaimsand thenonmarketedclaimsagainstthecashflowsofthefirm.
A.minimizes;
minimizes
B.minimizes;
maximizes
C.maximizes;
D.maximizes;
E.equates;
(leaveblank)
11.Theoptimalcapitalstructure:
A.willbethesameforallfirmsinthesameindustry.
B.willremainconstantovertimeunlessthefirmmakesanacquisition.
C.ofafirmwillvaryovertimeastaxesandmarketconditionschange.
D.placesmoreemphasisontheoperationsofafirmratherthanthefinancingofafirm.
E.isunaffectedbychangesinthefinancialmarkets.
12.ThebasiclessonofMMtheoryisthatthevalueofafirmisdependentuponthe:
A.capitalstructureofthefirm.
B.totalcashflowsofthefirm.
C.percentageofafirmtowhichthebondholdershaveaclaim.
D.taxclaimplacedonthefirmbythegovernment.
E.sizeofthestockholdersclaimsonthefirm.
13.CorporationsintheU.S.tendto:
A.minimizetaxes.
B.underutilizedebt.
C.relylessonequityfinancingthantheyshould.
D.haveextremelyhighdebt-equityratios.
E.relymoreheavilyonbondsthanstocksasthemajorsourceoffinancing.
14.Ingeneral,thecapitalstructuresusedbyU.S.firms:
A.tendtooverweighdebtinrelationtoequity.
B.areeasilyexplainedintermsofearningsvolatility.
C.areeasilyexplainedbyanalyzingthetypesofassetsownedbythevariousfirms.
D.tendtobethosewhichmaximizetheuseofthefirm'
savailabletaxshelters.
E.varysignificantlyacrossindustries.
15.TheMMtheorywithtaxesimpliesthatfirmsshouldissuemaximumdebt.Inpractice,thisisnottruebecause:
A.debtismoreriskythanequity.
B.bankruptcyisadisadvantagetodebt.
C.firmswillincurlargeagencycostsofshorttermdebtbyissuinglongtermdebt.
D.BothAandB.
E.BothBandC.
16.Althoughtheuseofdebtprovidestaxbenefitstothefirm,debtalsoputspressureonthefirmto:
A.meetinterestandprincipalpaymentswhich,ifnotmet,canputthecompanyintofinancialdistress.
B.makedividendpaymentswhichifnotmetcanputthecompanyintofinancialdistress.
C.meetbothinte
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