公司理财复习题.doc
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公司理财复习题.doc
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1.Whichoneofthefollowingisameansbywhichshareholderscanreplacecompanymanagement?
A. stockoptions
B. promotion
C. Sarbanes-OxleyAct
D. agencyplay
E. proxyfight
2.Decisionsmadebyfinancialmanagersshouldprimarilyfocusonincreasingwhichoneofthefollowing?
A. sizeofthefirm
B. growthrateofthefirm
C. grossprofitperunitproduced
D. marketvaluepershareofoutstandingstock
E. totalsales
3.Whichoneofthefollowingisthefinancialstatementthatshowstheaccountingvalueofafirm'sequityasofaparticulardate?
A. incomestatement
B. creditor'sstatement
C. balancesheet
D. statementofcashflows
E. dividendstatement
4.Whichoneofthefollowingisthefinancialstatementthatsummarizesafirm'srevenueandexpensesoveraperiodoftime?
A. incomestatement
B. balancesheet
C. statementofcashflows
D. taxreconciliationstatement
E. marketvaluereport
5.Thepercentageofthenextdollaryouearnthatmustbepaidintaxesisreferredtoasthe_____taxrate.
A. mean
B. residual
C. total
D. average
E. marginal
EDCAE
6.Thecashflowofafirmwhichisavailablefordistributiontothefirm'screditorsandstockholdersiscalledthe:
A. operatingcashflow.
B. netcapitalspending.
C. networkingcapital.
D. cashflowfromassets.
E. cashflowtostockholders.
7.CanineSupplyhassalesof$2,200,totalassetsof$1,400,andadebt-equityratioof0.3.Itsreturnonequityis15percent.Whatisthenetincome?
A. $138.16
B. $141.41
C. $152.09
D. $156.67
E. $161.54
8.BeachWearhascurrentliabilitiesof$350,000,aquickratioof1.65,inventoryturnoverof3.2,andacurrentratioof2.9.Whatisthecostofgoodssold?
A. $980,000
B. $1,060,000
C. $1,200,000
D. $1,400,000
E. $1,560,000
9.Thesustainablegrowthrateofafirmisbestdescribedasthe:
A. minimumgrowthrateachievableassuminga100percentretentionratio.
B. minimumgrowthrateachievableifthefirmmaintainsaconstantequitymultiplier.
C. maximumgrowthrateachievableexcludingexternalfinancingofanykind.
D. maximumgrowthrateachievableexcludinganyexternalequityfinancingwhilemaintainingaconstantdebt-equityratio.
E. maximumgrowthrateachievablewithunlimiteddebtfinancing.
10.Theinternalgrowthrateofafirmisbestdescribedasthe:
A. minimumgrowthrateachievableassuminga100percentretentionratio.
B. minimumgrowthrateachievableifthefirmmaintainsaconstantequitymultiplier.
C. maximumgrowthrateachievableexcludingexternalfinancingofanykind.
D. maximumgrowthrateachievableexcludinganyexternalequityfinancingwhilemaintainingaconstantdebt-equityratio.
E. maximumgrowthrateachievablewithunlimiteddebtfinancing.
DEDDC
11.Whatisthepresentvalueof$1,100peryear,atadiscountrateof10percentifthefirstpaymentisreceived6yearsfromnowandthelastpaymentisreceived28yearsfromnow?
A. $6,067.36
B. $6,138.87
C. $6,333.33
D. $6,420.12
E. $6,511.08
12.Thecurrentyieldisdefinedastheannualinterestonabonddividedbywhichoneofthefollowing?
A. coupon
B. facevalue
C. marketprice
D. callprice
E. dirtyprice
13.Currently,thebondmarketrequiresareturnof11.6percentonthe10-yearbondsissuedbyWinstonIndustries.The11.6percentisreferredtoaswhichoneofthefollowing?
A. couponrate
B. facerate
C. callrate
D. yieldtomaturity
E. interestrate
14.BigFallsToursjustpaidadividendof$1.55pershare.Thedividendsareexpectedtogrowat30percentforthenext8yearsandthenlevelofftoa7percentgrowthrateindefinitely.Whatisthepriceofthisstocktodaygivenarequiredreturnof15percent?
A. $67.54
B. $69.90
C. $72.47
D. $77.67
E. $78.19
15.Hardwoods,Inc.isamaturemanufacturingfirm.Thecompanyjustpaida$10dividend,butmanagementexpectstoreducethepayoutby9percenteachyear,indefinitely.Howmuchareyouwillingtopaytodaypersharetobuythisstockifyourequirea15percentrateofreturn?
A. $34.79
B. $37.92
C. $38.27
D. $41.33
E. $42.09
ACDDB
16.Youareconsideringthefollowingtwomutuallyexclusiveprojects.Therequiredrateofreturnis14.6percentforprojectAand13.8percentforprojectB.Whichprojectshouldyouacceptandwhy?
A. projectA;becauseithasthehigherrequiredrateofreturn
B. projectA;becauseitsNPVisabout$4,900morethantheNPVofprojectB
C. projectB;becauseithasthelargesttotalcashinflow
D. projectB;becauseithasthelargestcashinflowinyearone
E. projectB;becauseithasthelowerrequiredreturn
17. Whichofthefollowingarecorrectaccordingtopecking-ordertheory?
I.Firmsstockpileinternally-generatedcash.
II.Thereisaninverserelationshipbetweenafirm'sprofitlevelanditsdebtlevel.
III.Firmsavoidexternaldebtatallcosts.
IV.Af
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