财务管理Chap001习题.docx
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财务管理Chap001习题.docx
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财务管理Chap001习题
Chapter01
IntroductiontoCorporateFinance
MultipleChoiceQuestions
1. Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:
A. treasurer.
B. director.
C. controller.
D. chairmanoftheboard.
E. chiefexecutiveofficer.
2. Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:
A. treasurer.
B. director.
C. controller.
D. chairmanoftheboard.
E. chiefoperationsofficer.
3. Theprocessofplanningandmanagingafirm'slong-terminvestmentsiscalled:
A. workingcapitalmanagement.
B. financialdepreciation.
C. agencycostanalysis.
D. capitalbudgeting.
E. capitalstructure.
4. Themixtureofdebtandequityusedbyafirmtofinanceitsoperationsiscalled:
A. workingcapitalmanagement.
B. financialdepreciation.
C. costanalysis.
D. capitalbudgeting.
E. capitalstructure.
5. Themanagementofafirm'sshort-termassetsandliabilitiesiscalled:
A. workingcapitalmanagement.
B. debtmanagement.
C. equitymanagement.
D. capitalbudgeting.
E. capitalstructure.
6. Abusinessownedbyasingleindividualiscalleda:
A. corporation.
B. soleproprietorship.
C. generalpartnership.
D. limitedpartnership.
E. limitedliabilitycompany.
7. Abusinessformedbytwoormoreindividualswhoeachhaveunlimitedliabilityforbusinessdebtsiscalleda:
A. corporation.
B. soleproprietorship.
C. generalpartnership.
D. limitedpartnership.
E. limitedliabilitycompany.
8. Thedivisionofprofitsandlossesamongthemembersofapartnershipisformalizedinthe:
A. indemnityclause.
B. indenturecontract.
C. statementofpurpose.
D. partnershipagreement.
E. groupcharter.
9. Abusinesscreatedasadistinctlegalentitycomposedofoneormoreindividualsorentitiesiscalleda:
A. corporation.
B. soleproprietorship.
C. generalpartnership.
D. limitedpartnership.
E. unlimitedliabilitycompany.
10. Thecorporatedocumentthatsetsforththebusinesspurposeofafirmisthe:
A. indenturecontract.
B. statetaxagreement.
C. corporatebylaws.
D. debtcharter.
E. articlesofincorporation.
11. Therulesbywhichcorporationsgovernthemselvesarecalled:
A. indentureprovisions.
B. indemnityprovisions.
C. charteragreements.
D. bylaws.
E. articlesofincorporation.
12. Abusinessentityoperatedandtaxedlikeapartnership,butwithlimitedliabilityfortheowners,iscalleda:
A. limitedliabilitycompany.
B. generalpartnership.
C. limitedproprietorship.
D. soleproprietorship.
E. corporation.
13. Theprimarygoaloffinancialmanagementisto:
A. maximizecurrentdividendspershareoftheexistingstock.
B. maximizethecurrentvaluepershareoftheexistingstock.
C. avoidfinancialdistress.
D. minimizeoperationalcostsandmaximizefirmefficiency.
E. maintainsteadygrowthinbothsalesandnetearnings.
14. Aconflictofinterestbetweenthestockholdersandmanagementofafirmiscalled:
A. stockholders'liability.
B. corporatebreakdown.
C. theagencyproblem.
D. corporateactivism.
E. legalliability.
15. Agencycostsreferto:
A. thetotaldividendspaidtostockholdersoverthelifetimeofafirm.
B. thecoststhatresultfromdefaultandbankruptcyofafirm.
C. corporateincomesubjecttodoubletaxation.
D. thecostsofanyconflictsofinterestbetweenstockholdersandmanagement.
E. thetotalinterestpaidtocreditorsoverthelifetimeofthefirm.
16. Astakeholderis:
A. anypersonorentitythatownssharesofstockofacorporation.
B. anypersonorentitythathasvotingrightsbasedonstockownershipofacorporation.
C. apersonwhoinitiallystartedafirmandcurrentlyhasmanagementcontroloverthecashflowsofthefirmduetohis/hercurrentownershipofcompanystock.
D. acreditortowhomthefirmcurrentlyowesmoneyandwhoconsequentlyhasaclaimonthecashflowsofthefirm.
E. anypersonorentityotherthanastockholderorcreditorwhopotentiallyhasaclaimonthecashflowsofthefirm.
17. TheSarbanesOxleyActof2002isintendedto:
A. protectfinancialmanagersfrominvestors.
B. nothaveanyeffectonforeigncompanies.
C. reducecorporaterevenues.
D. protectinvestorsfromcorporateabuses.
E. decreaseauditcostsforU.S.firms.
18. Thetreasurerandthecontrollerofacorporationgenerallyreporttothe:
A. boardofdirectors.
B. chairmanoftheboard.
C. chiefexecutiveofficer.
D. president.
E. chieffinancialofficer.
19. Whichoneofthefollowingstatementsiscorrectconcerningtheorganizationalstructureofacorporation?
A. Thevicepresidentoffinancereportstothechairmanoftheboard.
B. Thechiefexecutiveofficerreportstotheboardofdirectors.
C. Thecontrollerreportstothepresident.
D. Thetreasurerreportstothechiefexecutiveofficer.
E. Thechiefoperationsofficerreportstothevicepresidentofproduction.
20. Whichoneofthefollowingisacapitalbudgetingdecision?
A. determininghowmuchdebtshouldbeborrowedfromaparticularlender
B. decidingwhetherornottoopenanewstore
C. decidingwhentorepayalong-termdebt
D. determininghowmuchinventorytokeeponhand
E. determininghowmuchmoneyshouldbekeptinthecheckingaccount
21. TheSarbanesOxleyActwasenactedin:
A. 1952.
B. 1967.
C. 1998.
D. 2002.
E. 2006.
22. SincetheimplementationofSarbanes-Oxley,thecostofgoingpublicintheUnitedStateshas:
A. increased.
B. decreased.
C. remainedaboutthesame.
D. beenerratic,butovertimehasdecreased.
E. ItisimpossibletotellsinceSarbanes-Oxleycompliancedoesnotinvolvedirectcosttothefirm.
23. Workingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?
I.accountspayable
II.long-termdebt
III.accountsreceivable
IV.inventory
A. IandIIonly
B. IandIIIonly
C. IIandIVonly
D. I,II,andIIIonly
E. I,III,andIVonly
24. Workingcapitalmanagement:
A. ensuresthatsufficientequipmentisavailabletoproducetheamountofproductdesiredonadailybasis.
B. ensuresthatlong-termdebtisacquiredatthelowestpossiblecost.
C. ensuresthatdividendsarepaidtoallstockholdersonanannualbasis.
D. balancestheamountofcompanydebttotheamountofavailableequity.
E. isconcernedwiththeupperportionofthebalancesheet.
25. Whichoneofthefollowingstatementsconcerningasoleproprietorshipiscorrect?
A. Asoleproprietorshipistheleastcommonformofbusinessownership.
B. Theprofitsofasoleproprietorshiparetaxedtwice.
C. Theownersofasoleproprietorshipshareprofitsasestablishedbythepartnershipagreement.
D. Theownerofasoleproprietorshipmaybeforcedtosellhis/herpersonalassetstopaycompanydebts.
E. Asoleproprietorshipisoftenstructuredasalimitedliabilitycompany.
26. Whichoneofthefollowingstatementsconcerningasoleproprietorshipiscorrect?
A. Thelifeofthefirmislimitedtothelifespanoftheowner.
B. Theownercangenerallyraiselargesumsofcapitalquiteeasily.
C. Theownershipofthefirmiseasytotransfertoanotherindividual.
D. Thecompanymustpayseparatetaxesfromthosepaidbytheowner.
E. Thelegalcoststoformasoleproprietorshiparequitesubstantial.
27. Whichoneofthefollowingbestdescribestheprimaryadvantageofbeingalimitedpartnerratherthanageneralpartner?
A. entitlementtoalargerportionofthepartnership'sincome
B. abilitytomanagetheday-to-dayaffairsofthebusiness
C. nopotentialfinancialloss
D. greatermanagementresponsibility
E. liabilityforfirmdebtslimitedtothecapitalinvested
28. Ageneralpartner:
A. haslesslegalliabilitythanalimitedpartner.
B. hasmoremanagementresponsibilitythanalimitedpartner.
C. facesdoubletaxationwhereasalimitedpartnerdoesnot.
D. cannotlosemorethantheamountofhis/herequityinvestment.
E. isthetermappliedonlytocorporationswhichinvestinpartnerships.
29. Apartnership:
A. istaxedthesameasacorporation.
B. agreementdefineswhetherthebusinessincomewillbetaxedlikeapartnershiporacorporation.
C. terminatesatthedeathofanygeneralpartner.
D. haslessofanabilitytoraisecapitalthanaproprietorship.
E. allowsforeasytransferofinterestfromonegeneralpartnertoanother.
30. Whichofthefollowingaredisadvantagesofapartnership?
I.limitedlifeofthefirm
II.personalliabilityforfirmdebt
III.greaterabilitytoraisecapitalthanasoleproprietorship
IV.lackofabilitytotransferpartnershipinterest
A. IandIIonly
B. IIIandIVonly
C. IIandIIIonly
D. I,II,andIVonly
E. I,III,andIVonly
31. Whichofthefollowingareadvantagesofthecorporateformofbusinessownership?
I.limitedliabilityforfirmdebt
II.doubletaxation
III.abilitytoraisecapital
IV.unlimitedfirmlife
A. IandIIonly
B. IIIandIVonly
C. I,II,andIIIonly
D. II,III,andIVonly
E. I,III,andIVonly
32. Whichoneofthefollowingstatementsiscorrectconcerningcorporations?
A. Thelargestfirmsareusuallycorporations.
B. Themajorityoffirmsarecorporations.
C. Thestockholdersareusuallythemanagersofacorporation.
D. Theabilityofacorporationtoraisecapitalisquitelimited.
E. Theincomeofacorporationistaxedaspersonalincomeofthestockholders.
33. Whichoneofthefollowingstatementsiscorrect?
A. Bothpartnershipsandcorporationsincurdoubletaxation.
B. Bothsoleproprietorshipsandpartnershipsaretaxedinasimilarfashi
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