兹维博迪金融学第二版试题库1TB1.docx
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兹维博迪金融学第二版试题库1TB1.docx
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兹维博迪金融学第二版试题库1TB1
ChapterOne
FinancialEconomics
Thischaptercontains48multiplechoicequestions,20shortproblemsand5longerproblems.
MultipleChoice
1.Theprimarygoalofcorporatemanagementisto________shareholderwealth.
(a)minimize
(b)maximize
(c)leverage
(d)mitigate
Answer:
(b)
2.A________stockmarketimposes________disciplineonmanagerstotakeactionstomaximizethemarketvalueofthefirm’sshares.
(a)competitive,strong
(b)dispersed,weak
(c)mature,no
(d)dispersed,strong
Answer:
(a)
3.The________formisespeciallywellsuitedtotheseparationofownershipandmanagementoffirmsbecauseitallowsrelativelyfrequentchangesinownersbysharetransferwithoutaffectingtheoperationsofthefirm.
(a)corporate
(b)soleproprietorship
(c)partnership
(d)household
Answer:
(a)
4.________isanythingthathaseconomicvalue.
(a)Apartnership
(b)Anasset
(c)Abalancesheet
(d)Anincomestatement
Answer:
(b)
5.Ahousehold’swealthornetworthismeasuredbythevalueofits________minusits________.
(a)liabilities;assets
(b)assets;liabilities
(c)stocks;bonds
(d)bonds;liabilities
Answer:
(b)
6.Thebranchoffinancedealingwithfinancialdecisionsoffirmsiscalled________or________.
(a)investments;internationalfinance
(b)markets;institutions
(c)businessfinance;institutions
(d)businessfinance;corporatefinance
Answer:
(d)
7.Bondspromise________cashpayments,whilestockspaythe________valueleftoverafterallotherclaimantshavebeenpaid.
(a)variable;residual
(b)residual;fixed
(c)fixed;residual
(d)fixed;variable
Answer:
(c)
8.Theday-to-dayfinancialaffairsofthefirmareusuallyreferredtoas________.
(a)workingcapitalmanagement
(b)capitalstructure
(c)capitalbudgeting
(d)strategicplanning
Answer:
(a)
9.Adisadvantageofthesoleproprietorshipisthefactthatthesoleproprietorhas________.
(a)limitedliabilityforthedebtsofthefirm
(b)unlimitedliabilityforthedebtsofthefirm
(c)expensivecoststoestablishthefirm
(d)limitedauthorityovertheday-to-daybusinessdecisionsofthefirm
Answer:
(b)
10.IntheU.S.corporationswithconcentratedownershiparecalled________andcorporationswithbroadlydispersedownershiparecalled________.
(a)privatecorporations;publiccorporations
(b)publiccorporations;privatecorporations
(c)publiccorporations;monopolies
(d)privatecorporations;stateownedcorporations
Answer:
(a)
11.Billyownsahouseworth$350,000andhasa$55,000bankaccount.Billyowes$270,000tothebankonahomemortgageloanandhasa$12,000creditcarddebtoutstanding.CalculateBilly’snetworth.
(a)$135,000
(b)$123,000
(c)$497,000
(d)$37,000
Answer:
(b)
12.Marloweownsahouseworth$150,000,acarworth$25,000andhasan$18,000bankaccount.Marloweowes$135,000tothebankonahomemortgageloan,$18,000onthecarloanandhasan$18,000creditcarddebtoutstanding.CalculateMarlowe’snetworth.
(a)$58,000
(b)$123,000
(c)$22,000
(d)$37,000
Answer:
(c)
13.Anadvantageofthecorporateformofownershipis________.
(a)noliability
(b)unlimitedliability
(c)limitedliability
(d)CEOliability
Answer:
(c)
14.Inthecorporateform,theseparatedstructurecreatesthepotentialfor________betweenownersandmanagers.
(a)aconflictofinterest
(b)increasedtransactionalcosts
(c)stabilityinrelations
(d)noneoftheabove
Answer:
(a)
15.Allofthefollowingarereasonsforhavingaseparationofmanagementandownershipofthefirmexcept:
(a)the“goingconcern”effectfavorstheseparatedstructure
(b)professionalmanagersmaybefoundwhopossessasuperiorabilitytorunthebusiness
(c)itpreventsthepossibilityofaconflictofinterestbetweentheownersandmanagement
(d)itallowsforsavingsinthecostofinformationgathering
Answer:
(c)
16.________involvestheevaluationofcostsandbenefitsspreadoutovertime,anditislargelyafinancialdecision-makingprocess.
(a)Stockvaluation
(b)Bondvaluation
(c)Inventorycosting
(d)Strategicplanning
Answer:
(d)
17.Shareholderwealthmaximizationdependsonallofthefollowingexcept:
(a)productiontechnology
(b)marketinterestrates
(c)riskaversion
(d)marketriskpremiums
Answer:
(c)
18.Aproblemwithusingtheprofitmaximizationcriterionis________.
(a)decidingwhichperiod’sprofitistobemaximized
(b)thedefinitionof“maximizeprofits”isambiguous
(c)thefailuretoconsiderrisk
(d)alloftheabove
Answer:
(d)
19.Theexistenceofawellfunctioningstockmarketfacilitatestheefficientseparationoftheownershipandmanagementoffirms,sincestockpricescanbesubstitutedforexternalinformationabout________.
(a)thefirm’sproductiontechnology
(b)thewealth,preferences,andotherinvestmentopportunitiesoftheowners
(c)thehistoriccostsofthefirm’sinfrastructure
(d)thefirm’sabilitytomeetitsprojectedgoals
Answer:
(b)
20.Oneplacetolookforastatementofthegoalsofacorporation’stopmanagersisthe________.
(a)balancesheet
(b)incomestatement
(c)annualreport
(d)bankruptcyfiling
Answer:
(c)
21.Intheabsenceofastockmarket,managerswouldrequireinformationthatis________toobtain.
(a)costlyifnotimpossible
(b)costless
(c)readilyavailable
(d)time-consumingbutinexpensive
Answer:
(a)
22.Management’staskismademucheasierwhenitcanobservethe________ofitsownandotherfirms’shares.
(a)bookprices
(b)marketprices
(c)historicalprices
(d)securityprices
Answer:
(b)
23.________areentitledtoashareofanyofthedistributionsfromthecorporationsuchascashdividends.
(a)Soleproprietors
(b)Generalpartners
(c)Professionalmanagers
(d)Shareholders
Answer:
(d)
24.________isthefounderofmodernportfoliotheory.
(a)HarryMarkowitz
(b)MertonMiller
(c)WilliamSharpe
(d)BillGates
Answer:
(a)
25.InGermany,publiccorporationsareidentifiableby________afterthecompanyname,whereasprivatecompaniesaredenotedby________.
(a)PLC,Inc.
(b)GmbH,AG
(c)AG,GmbH
(d)SpA,GmbH
Answer:
(c)
26.IntheUnitedKingdom,publiccorporationsareidentifiableby________afterthecompanyname,whereasprivatecompaniesaredenotedby________.
(a)Inc,PLC
(b)LTD,PLC
(c)AG,GmbH
(d)PLC,LTD
Answer:
(d)
27.Shareholderselect________whointurnselect________torunthebusiness.
(a)aboardofdirectors;atreasurer
(b)aboardofdirectors;managers
(c)managers;aboardofdirectors
(d)aboardofdirectors;accountants
Answer:
(b)
28.Inacompetitivestockmarket,________offer(s)anotherimportantmechanismforaligningtheincentivesofmanagerswiththoseofshareholders.
(a)takeovers
(b)increasedtaxes
(c)liquidation
(d)increasedliability
Answer:
(a)
29.Ifaraiderisinterestedinmakingaprofitthroughthetakeoverofaprospectivefirm,theonlyexpensesthatneedbeincurredare________.
(a)thecostofidentifyingamismanagedfirm
(b)thecostofacquiringthefirm’sshares
(c)physicalcapital
(d)both(a)and(b)
Answer:
(d)
30.Thecostofidentifyingamismanagedfirmcanbelowiftheraideriswhichofthefollowing:
(a)asupplier
(b)acustomer
(c)acompetitor
(d)alloftheabove
Answer:
(d)
31.Takeovermechanismscanmosteffectivelybereducedby________.
(a)directivesfromtheboardofdirectors
(b)mediaintervention
(c)governmentpolicies
(d)publicdisapproval
Answer:
(c)
32.Thechieffinancialofficer(CFO)ofacorporationnormallyreportstothe________ofthecompany.
(a)controller
(b)treasurer
(c)chiefexecutiveofficer
(d)chairmanoftheboardofdirectors
Answer:
(c)
33.Allofthefollowingdepartmentstypicallyreporttothechieffinancialofficer(CFO)except:
(a)marketing
(b)financialplanning
(c)treasury
(d)control
Answer:
(a)
34.Thetreasurer’sjobincludesmanagingallofthefollowingexcept:
(a)thefirm’sexposuretocurrencyandinterestraterisks
(b)thetaxdepartment
(c)relationswiththeexternalinvestmentcommunity
(d)theanalysisofproposedmergersandacquisitions
Answer:
(d)
35.Theactivitiesofthevicepresidentforfinancialplanningincludeallofthefollowingexcept:
(a)analyzingproposedmergers
(b)analyzingproposedspin-offs
(c)preparinginternalreportscomparingplannedandactualcosts
(d)analyzingmajorcapitalexpenditures
Answer:
(c)
36.Whichofthefollowingstatementsismostcorrect?
(a)Theshareholdersofacorporationelectmanagerswhointurnselectaboardofdirectorstorunthebusiness.
(b)Partnershipsdonotpaycorporatetax.
(c)Adisadvantageofthecorporationisunlimitedliability.
(d)Thegovernmentispowerlesstodiscouragecorporatetakeovers.
Answer:
(b)
37.
Foratypicalfirm,whichofthefollowingstatementsismostcorrect?
(a)TheCFOhasthreedepartmentsreportingtohim:
financialplanning,treasuryandcontrol.
(b)Thetreasureroverseestheaccountingandauditingactivitiesofthefirm.
(c)Thecontrollerhasresponsibilityformanagingthefinancingactivitiesofthefirmandforworkingcapitalmanagement.
(d)TheCEOisaseniorvicepresidentwithresponsibilityforallthefinancialfunctionsinthefirm.
Answer:
(a)
38.Whichofthefollowingarefinancialdecisionsafirmhastomake?
(a)financingdecisions
(b)capitalbudgetingdecisions
(c)workingcapitaldecisions
(d)alloftheabove
Answer:
(d)
39.Thecontroller’sjobincludesresponsibilityfor________.
(a)relationswiththeexternalinvestmentcommunity
(b)preparationoffinancialstatementsforusebyshareholders,creditorsandregulatoryauthorities
(c)analysisofproposedmergers,acquisitionsandspin-offs
(d)alloftheabove
Answer:
(b)
40.T
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