金融管理基础英文版第16版人大版MGH版单选题附答案Chapter 16 Test Bank.docx
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金融管理基础英文版第16版人大版MGH版单选题附答案Chapter 16 Test Bank.docx
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金融管理基础英文版第16版人大版MGH版单选题附答案Chapter16TestBank
Chapter16TestBank–StaticKey
1.Althoughthetimesinterestearnedratioofmanycorporationswentdowntremendouslyduringthe2007-2008financialcrisis,theratiohasbeenincreasingsteadilymainlybecausecompaniestookadvantageoftherecentlowinterestrates.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Historicalperformance
2.Oneofseveralreasonsthatcompaniesmightchoosetoissuebondsistoshifttheircapitalstructurefrommoreequityownershiptomoredebtborrowing.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Capitalstructure
3.Homebuildingcompanies,likeD.R.HortonInc.,realizedsignificantlossesin2008-2009,buthaverealizedgainssincethen.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Historicalperformance
4.Parvalueandfacevalueonabondgenerallyarethesame.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Bondfeatures
5.Abondindentureisabondwithnospecificcollateralsecuringit.
FALSE
The"indenture"isthecompletetextoftheloanagreement,nottobeconfusedwith"debentures"orunsecuredbonds.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Indentureprovisions
6.Whenacompanydefaultsonasecureddebt,itisrareforthesecuredassettobesoldandtheproceedsdistributedtothedebtor.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Loansecurity
7.Debenturesarecommonlyissuedbysmallcompanies.
FALSE
Sincedebenturesareunsecured,investorslooktothegoodfaithandcreditoftheissuingcorporation,thereforelargerfirmswithhighrecognitionaremorelikelytoissuedebentures.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Bondtypes
8.Whenacompanyisobligatedcontractuallytopayinterestondebt,itmustpaytheinterestevenifitshowsnoprofitfortheyear,orelseitmaygobankrupt.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Intermediate
LearningObjective:
16-05Whenafirmfailstomeetitsfinancialobligations,itmaybesubjecttobankruptcy.
Topic:
Advantagesanddisadvantagesofdebt
9.Bondsmayberecalledonlyifthereisaspecificcallprovisioninthebond.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-03Animportantcorporatedecisioniswhethertocallinandreissuedebt(refundtheobligation)wheninterestratesdecline.
Topic:
Bondfeatures
10.Thefactthatinterestpaymentsondebtarefixedisbothanadvantageandadrawbacktobothpartiesinvolved.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Basic
LearningObjective:
16-05Whenafirmfailstomeetitsfinancialobligations,itmaybesubjecttobankruptcy.
Topic:
Advantagesanddisadvantagesofdebt
11.Anafter-acquiredpropertyclausemeansthatanynewpropertyacquiredisplacedundertheoriginalmortgageclaim.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Debt
12.Ifacorporationoffersgreaterprotectiontoagivenclassofbondholders,itmustraisetheinterestrateonitsbondstomakethemmoreattractivetoinvestors.
FALSE
Inkeepingwithrisk/return,greaterprotectionlowersrisk,thereforeinvestorscannotexpectasgreatareturnasifthatprotectionwereabsent.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Bondfeatures
13.Becauseofthelegalproblemsassociatedwithspecificassetclaimsinasecuredbondoffering,thetrendisforcompaniestoissuemoredebentures.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Bondtypes
14.Duringadefaultsituation,abondholderisbetteroffwithasecuredloanbecausedebenturebondsdon’tgivethebondholderanyprotection.
FALSE
Debenturebondscanallowthebondholderclaimsagainsttheentirecompany,ratherthanjustonespecificsecuredasset.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Bondtypes
15.Thecallfeatureisusuallyadvantageoustothebondholder.
FALSE
Thecallfeatureallowstheissuergreatercontroloverwhentoprepayandretirebonds.Theabilitytocontrolholdingthebondforlongerperiodsuptomaturityisremovedfromthebondholders,placingthematadisadvantage.
AACSB:
AnalyticalThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Basic
LearningObjective:
16-03Animportantcorporatedecisioniswhethertocallinandreissuedebt(refundtheobligation)wheninterestratesdecline.
Topic:
Indentureprovisions
16.Thecallpremiumtendstoincreasewiththepassageoftime.
FALSE
Theadvantageofthecallfeatureincludesthetimevalueofmoneyontheremaininginterestpaymentsandtheprincipalbalance.Therefore,theshorterthetimeremaining,thelessofacallpremium"penalty"theissuercanbeexpectedtomake.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Basic
LearningObjective:
16-03Animportantcorporatedecisioniswhethertocallinandreissuedebt(refundtheobligation)wheninterestratesdecline.
Topic:
Indentureprovisions
17.Underasinkingfundprovision,moneyissetasideeveryyearuntilthebondmatures,andthenthemoneyisusedtorepaytheprincipal.
FALSE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Indentureprovisions
18.Abondholderisonethatbuysthebond,whilethebondissueristheonethatsellsthebond.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Indentureprovisions
19.IntheU.S.,bondissuerscanbeeithercorporationsorthegovernment.
TRUE
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Remember
Difficulty:
Intermediate
LearningObjective:
16-01Analyzinglong-termdebtrequiresconsiderationofthecollateralpledged,methodofrepayment,andotherkeyfactors.
Topic:
Indentureprovisions
20.Long-termbondpricesaremorevolatilethanshort-termbondprices,givenanequalpercentagechangeintheinterestrate.
TRUE
Thelongertheremainingtime,thegreatertheimpactofachangeinmarketratesofinterestaffectingtheprice.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Intermediate
LearningObjective:
16-02Bondyieldsareimportanttobondanalysisandareinfluencedbyhowbondsareratedbymajorbondratingagencies.
Topic:
Interestraterisk
21.Thevalueofbondswillmoveintheoppositedirectionfromthemarketinterestrates.
TRUE
AACSB:
AnalyticalThinking
Accessibility:
KeyboardNavigation
Blooms:
Understand
Difficulty:
Basic
LearningObjective:
16-02Bondyieldsareimportanttobondanalysisandareinfluencedbyhowbondsareratedbymajorbondratingagencies.
Topic:
Bondvaluation
22.Ifyouexpectinterestratestogoup,youshouldbuyalong-termbondnow.
FALSE
Sincebondscompetinginthemarketareatfixedinterestrates,youarebetteradvisedtolockinyourmoneylaterwhenratesarehigher.
AACSB:
ReflectiveThinking
Accessibility:
KeyboardNavigation
Blooms:
Evaluate
Difficulty:
Intermediate
LearningObjective:
16-02
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