公司理财题库7
CHAPTER 7
Net Present Value and Other Investment Rules Multiple Choice Questions:
I. DEFINITIONS
NET PRESENT VALUE
a 1. The difference between the present value of an investment and its cost is the:
a. net present value.
b. internal rate of return.
c. payback perio
d.
d. profitability index.
e. discounted payback period.
Difficulty level: Easy
NET PRESENT VALUE RULE
c 2. Which one of the following statements concerning net present value (NPV) is correct?
a. An investment should be accepted if, and only if, the NPV is exactly equal to zero.
b. An investment should be accepted only if the NPV is equal to the initial cash flow.
c. An investment should be accepted if the NPV is positive and rejected if it is negative.
d. An investment with greater cash inflows than cash outflows, regardless of when the
cash flows occur, will always have a positive NPV and therefore should always be
accepted.
e. Any project that has positive cash flows for every time period after the initial
investment should be accepted.
Difficulty level: Easy
PAYBACK
c 3. The length of time require
d for an investment to generat
e cash flows sufficient to
recover the initial cost of the investment is called the:
a. net present value.
b. internal rate of return.
c. payback perio
d.
d. profitability index.
e. discounted cash period.
Difficulty level: Easy
PAYBACK RULE
a 4. Which one of the following statements is correct concerning the payback period?
a. An investment is acceptable if its calculated payback period is less than some pre-
specified period of time.
b. An investment should be accepted if the payback is positive and rejected if it is
negative.
c. An investment should be rejected if the payback is positive and accepted if it is
negative.
d. An investment is acceptable if its calculated payback period is greater than some pre-
specified period of time.
e. An investment should be accepted any time the payback period is less than the
discounted payback period, given a positive discount rate.
Difficulty level: Easy
DISCOUNTED PAYBACK
e 5. The length o
f time required for a project’s discounted cash flows to equal the initial
cost of the project is called the:
a. net present value.
b. internal rate of return.
c. payback perio
d.
d. discounted profitability index.
e. discounted payback period.
Difficulty level: Easy
DISCOUNTED PAYBACK RULE
d 6. Th
e discounted payback rule states that you should accept projects:
a. which have a discounted payback period that is greater than some pre-specified period
of time.
b. if the discounted payback is positive and rejected if it is negative.
c. only if the discounted payback period equals some pre-specified period of time.
d. if the discounted payback period is less than some pre-specified period of tim
e.
e. only if the discounted payback period is equal to zero.
Difficulty level: Easy
AVERAGE ACCOUNTING RETURN
c 7. An investment’s average net income divide
d by its averag
e book value defines the
average:
a. net present value.
b. internal rate of return.
c. accounting return.
d. profitability index.
e. payback period.
Difficulty level: Easy
AVERAGE ACCOUNTING RETURN RULE
b 8. An investment is acceptable if its average accounting return (AAR):
a. is less than a target AAR.
b. exceeds a target AAR.
c. exceeds the firm’s return on equity (ROE).
d. is less than the firm’s return on assets (ROA).
e. is equal to zero and only when it is equal to zero.
Difficulty level: Easy
INTERNAL RATE OF RETURN
b. 9. The discount rate that makes the net present value of an investment exactly equal to
zero is called the:
a. external rate of return.
b. internal rate of return.
c. average accounting return.
d. profitability index.
e. equalizer.
Difficulty level: Easy
INTERNAL RATE OF RETURN RULE
d 10. An investment is acceptabl
e i
f its IRR:
a. is exactly equal to its net present value (NPV).
b. is exactly equal to zero.
c. is less than the required return.
d. exceeds the required return.
e. is exactly equal to 100 percent.
Difficulty level: Easy
MULTIPLE RATES OF RETURN
e 11. The possibility that more than one discount rate will make the NPV o
f an investment
equal to zero is called the _____ problem.
a. net present value profiling
b. operational ambiguity
c. mutually exclusive investment decision
d. issues of scale
e. multiple rates of return
Difficulty level: Medium
MUTUALLY EXCLUSIVE PROJECTS
c 12. A situation in which accepting one investment prevents the acceptance of another
investment is called the:
a. net present value profile.
b. operational ambiguity decision.
c. mutually exclusive investment decision.
d. issues of scale problem.
e. multiple choices of operations decision.
Difficulty level: Easy
PROFITABILITY INDEX
d. 13. The present value of an investment’s future cash flows divided by the initial cost of the
investment is called the:
a. net present value.
b. internal rate of return.
c. average accounting return.
d. profitability index.
e. profile period.
Difficulty level: Easy
PROFITABILITY INDEX RULE
a 14. An investment is acceptable if the profitability index (PI) of the investment is:
a. greater than one.
b. less than one.
c. greater than the internal rate of return (IRR).
d. less than the net present value (NPV).
e. greater than a pre-specified rate of return.
Difficulty level: Easy
II. CONCEPTS
NET PRESENT VALUE
d 15. All els
e constant, the net present value o
f a project increases when:
a. the discount rate increases.
b. each cash inflow is delayed by one year.
c. the initial cost of a project increases.
d. the rate of return decreases.
e. all cash inflows occur during the last year of a project’s life instead of
periodically throughout the life of the project.
Difficulty level: Easy
NET PRESENT VALUE
a 16. The primary reason that company projects with positive net present values are
considered acceptable is that:
a. they create value for the owners of the firm.
b. the project’s rate of return exceeds the rate of inflation.
c. they return the initial cash outlay within three years or less.
d. the required cash inflows exceed the actual cash inflows.
e. the investment’s cost exceeds the present value of the cash inflows.
Difficulty level: Easy
NET PRESENT VALUE
d 17. If a project has a net present valu
e equal to zero, then:
I. the present value of the cash inflows exceeds the initial cost of the project.
II. the project produces a rate of return that just equals the rate required to accept the project.
III. the project is expected to produce only the minimally required cash inflows.
IV. any delay in receiving the projected cash inflows will cause the project to have a negative net present value.
a. II and III only
b. II and IV only
c. I, II, and IV only
d. II, III, and IV only
e. I, II, and III only
Difficulty level: Medium
NET PRESENT VALUE
b 18. Net present value:
a. cannot be used when deciding between two mutually exclusive projects.
b. is more useful to decision makers than the internal rate of return when comparing
different sized projects.
c. is easy to explain to non-financial managers and thus is the primary method of analysis
used by the lowest levels of management.
d. is not an as widely used tool as payback and discounted payback
e. is very similar in its methodology to the average accounting return.
Difficulty level: Easy
PAYBACK
c 19. Payback is frequently use
d to analyz
e independent projects because:
a. it considers the time value of money.
b. all relevant cash flows are included in the analysis.
c. it is easy and quick to calculate.
d. it is the most desirable of all the available analytical methods from a financial
perspective.
e. it produces better decisions than those made using either NPV or IRR.
Difficulty level: Easy
PAYBACK
c 20. The advantages of the payback metho
d of project analysis includ
e the:
I. application of a discount rate to each separate cash flow.
II. bias towards liquidity.
III. ease of use.
IV. arbitrary cutoff point.
a. I and II only
b. I and III only
c. II and III only
e. II, III, and IV only
Difficulty level: Medium
PAYBACK
d 21. All els
e equal, the payback period for a project will decrease whenever the:
a. initial cost increases.
b. required return for a project increases.
c. assigned discount rate decreases.
d. cash inflows are moved forward in tim
e.
e. duration of a project is lengthened.
Difficulty level: Medium
DISCOUNTED PAYBACK
d 22. Th
e discounted payback period o
f a project will decrease whenever the:
a. discount rate applied to the project is increased.
b. initial cash outlay of the project is increased.
c. time period of the project is increase
d.
d. amount of each project cash flow is increased.
e. costs of the fixed assets utilized in the project increase.
Difficulty level: Medium
DISCOUNTED PAYBACK
a 23. The discounted payback rule may cause:
a. some positive net present value projects to be rejected.
b. the most liquid projects to be rejected in favor of less liquid projects.
c. projects to be incorrectly accepted due to ignoring the time value of money.
d. projects with negative net present values to be accepted.
e. some projects to be accepted which would otherwise be rejected under the payback
rule.
Difficulty level: Easy
INTERNAL RATE OF RETURN
b 24. The internal rate of return (IRR):
I. rule states that a project with an IRR that is less than the required rate should be
accepted.
II. is the rate generated solely by the cash flows of an investment.
III. is the rate that causes the net present value of a project to exactly equal zero.
IV. can effectively be used to analyze all investment scenarios.
a. I and IV only
b. II and III only
c. I, II, and III only
d. II, III, and IV only
Difficulty level: Medium
INTERNAL RATE OF RETURN
a 25. The internal rate of return for a project will increase if:
a. the initial cost of the project can be reduced.
b. the total amount of the cash inflows is reduced.
c. each cash inflow is moved such that it occurs one year later than originally projecte
d.
d. the required rate of return is reduced.
e. the salvage value of the project is omitted from the analysis.
Difficulty level: Medium
INTERNAL RATE OF RETURN
c 26. The internal rate of return is:
a. more reliable as a decision making tool than net present value whenever you are
considering mutually exclusive projects.
b. equivalent to the discount rate that makes the net present value equal to one.
c. difficult to compute without the use of either a financial calculator or a computer.
d. dependent upon the interest rates offered in the marketplac
e.
e. a better methodology than net present value when dealing with unconventional cash
flows.
Difficulty level: Medium
INTERNAL RATE OF RETURN
a 27. The internal rate of return tends to be:
a. easier for managers to comprehend than the net present value.
b. extremely accurate even when cash flow estimates are faulty.
c. ignored by most financial analysts.
d. used primarily to differentiate between mutually exclusive projects.
e. utilized in project analysis only when multiple net present values apply.
Difficulty level: Easy
INCREMENTAL INTERNAL RATE OF RETURN
e 28. You are trying to determine whether to accept project A or project B. These projects
are mutually exclusive. As part of your analysis, you should compute the incremented
IRR by determining:
a. the internal rate of return for the cash flows of each project.
b. the net present value of each project using the internal rate of return as the discount
rate.
c. the discount rate that equates the discounted payback periods for each project.
d. the discount rate that makes the net present value of each project equal to 1.
e. the internal rate of return for the differences in the cash flows of the two projects.
Difficulty level: Medium
INCREMENTAL INTERNAL RATE OF RETURN
b 29. Graphing the incremental IRR helps explain:
a. why one project is always superior to another project.
b. how decisions concerning mutually exclusive projects are derived.
c. how the duration of a project affects the decision as to which project to accept.
d. how the net present value and the initial cash outflow of a project are related.
e. how the profitability index and the net present value are related.
Difficulty level: Medium
PROFITABILITY INDEX
d 30. Th
e profitability index is closely related to:
a. payback.
b. discounted payback.
c. the average accounting return.
d. net present valu
e.
e. mutually exclusive projects.
Difficulty level: Easy
PROFITABILITY INDEX
b 31. Analysis using the profitability index:
a. frequently conflicts with the accept and reject decisions generated by the application of
the net present value rule.
b. is useful as a decision tool when investment funds are limited.
c. is useful when trying to determine which one of two mutually exclusive projects
should be accepted.
d. utilizes the same basic variables as those used in the average accounting return.
e. produces results which typically are difficult to comprehend or apply.
Difficulty level: Medium
PROFITABILITY INDEX
e 32. I
f you want to review a project from a benefit-cost perspective, you should use the
_____ method of analysis.
a. net present value
b. payback
c. internal rate of return
d. average accounting return
e. profitability index
Difficulty level: Easy
PROFITABILITY INDEX
b 33. When the present value of the cash inflows exceeds the initial cost of a project, then
the project should be:
a. accepted because the internal rate of return is positive.
b. accepted because the profitability index is greater than 1.
c. accepted because the profitability index is negative.
d. rejected because the internal rate of return is negativ
e.
e. rejected because the net present value is negative.
Difficulty level: Easy
MUTUALLY EXCLUSIVE PROJECTS
c 34. Which one of the following is the best example of two mutually exclusive projects?
a. planning to build a warehouse and a retail outlet side by side
b. buying sufficient equipment to manufacture both desks and chairs simultaneously
c. using an empty warehouse for storage or renting it entirely out to another firm
d. using the company sales force to promote sales of both shoes and socks
e. buying both inventory and fixed assets using funds from the same bond issue
Difficulty level: Medium
MUTUALLY EXCLUSIVE PROJECTS
d 35. Th
e Liberty Co. is considering two projects. Project A consists o
f buildin
g a wholesale
book outlet on lot #169 of the Englewood Retail Center. Project B consists of building
a sit-down restaurant on lot #169 of the Englewood Retail Center. When trying to
decide whether or build the book outlet or the restaurant, management should rely
most heavily on the analysis results from the _____ method of analysis.
a. profitability index
b. internal rate of return
c. payback
d. net present value
e. accounting rate of return
Difficulty level: Medium
MUTUALLY EXCLUSIVE PROJECTS
c 36. When two projects both require the total use of the same limite
d economic resource,
the projects are generally considered to be:
a. independent.
b. marginally profitable.
c. mutually exclusive.
d. acceptabl
e.
e. internally profitable.
Difficulty level: Easy
MUTUALLY EXCLUSIVE PROJECTS
c 37. Matt is analyzing two mutually exclusive projects of similar size an
d has prepared the
following data. Both projects have 5 year lives.
Project A Project B Net present value $15,090 $14,693
Payback period years years
Average accounting return percent percent Required return percent percent
Required AAR percent percent
Matt has been asked for his best recommendation given this information. His
recommendation should be to accept:
a. project B because it has the shortest payback period.
b. both projects as they both have positive net present values.
c. project A and reject project B based on their net present values.
d. project B and reject project A based on their average accounting returns.
e. project B and reject project A based on both the payback period and the average
accounting return.
Difficulty level: Medium
INVESTMENT ANALYSIS
a 38. Given that the net present value (NPV) is generally considered to be the best method
of analysis, why should you still use the other methods?
a. The other methods help validate whether or not the results from the net present value
analysis are reliable.
b. You need to use the other methods since conventional practice dictates that you only
accept projects after you have generated three accept indicators.
c. You need to use other methods because the net present value method is unreliable
when a project has unconventional cash flows.
d. The average accounting return must always indicate acceptance since this is the best
method from a financial perspective.
e. The discounted payback method must always be computed to determine if a project
returns a positive cash flow since NPV does not measure this aspect of a project.
Difficulty level: Medium
INVESTMENT ANALYSIS
e 39. In actual practice, managers frequently use the:
I. AAR because the information is so readily available.
II. IRR because the results are easy to communicate and understand.
III. payback because of its simplicity.
IV. net present value because it is considered by many to be the best method of analysis.
a. I and III only
b. II and III only
c. I, III, and IV only
d. II, III, and IV only
e. I, II, III, and IV
Difficulty level: Medium
INVESTMENT ANALYSIS
a 40. No matter how many forms of investment analysis you do:
a. the actual results from a project may vary significantly from the expected results.
b. the internal rate of return will always produce the most reliable results.
c. a project will never be accepted unless the payback period is met.
d. the initial costs will generally vary considerably from the estimated costs.
e. only the first three years of a project ever affect its final outcome.
Difficulty level: Easy
INVESTMENT ANALYSIS
b 41. Which of the following methods of project analysis are biased towards short-term
projects?
I. internal rate of return
II. accounting rate of return
III. payback
IV. discounted payback
a. I and II only
b. III and IV only
c. II and III only
d. I and IV only
e. II and IV only
Difficulty level: Medium
INVESTMENT ANALYSIS
a 42. If a project is assigned a required rate of return equal to zero, then:
a. the timing of the project’s cash flows has no bearing on the value of the project.
b. the project will always be accepted.
c. the project will always be rejecte
d.
d. whether the project is accepted or rejected will depend on the timing of the cash flows.
e. the project can never add value for the shareholders.
Difficulty level: Medium
DECISION RULES
e 43. You are considering a project with the following data:
Internal rate of return percent
Profitability ratio .98
Net present value -$393
Payback period years
Required return percent
Which one of the following is correct given this information?
a. The discount rate used in computing the net present value must have been less than
percent.
b. The discounted payback period will have to be less than years.
c. The discount rate used to compute the profitability ratio was equal to the internal rate
of return.
d. This project should be accepted based on the profitability ratio.
e. This project should be rejected based on the internal rate of return.
Difficulty level: Medium
NET PRESENT VALUE
c 44. Accepting positive NPV projects benefits the stockholders because:
a. it is the most easily understood valuation process.
b. the present value of the expected cash flows are equal to the cost.
c. the present value of the expected cash flows are greater than the cost.
d. it is the most easily calculated.
e. None of the above.
Difficulty level: Easy
NET PRESENT VALUE
a 45. Which of the following does not characterize NPV?
a. NPV does not incorporate risk into the analysis.
b. NPV incorporates all relevant information.
c. NPV uses all of the project's cash flows.
d. NPV discounts all future cash flows.
e. Using NPV will lead to decisions that maximize shareholder wealth.
Difficulty level: Easy
PAYBACK
e 46. The payback period rule:
a. discounts cash flows.
b. ignores initial cost.
c. always uses all possible cash flows in its calculation.
d. Both A and C.
e. None of the above.
Difficulty level: Easy
PAYBACK
c 47. The payback perio
d rul
e accepts all investment projects in which the payback period for
the cash flows is:
a. equal to the cutoff point.
b. greater than the cutoff point.
c. less than the cutoff point.
d. positiv
e.
e. None of the above.
Difficulty level: Easy
PAYBACK
d 48. Th
e payback period rule is a convenient and useful tool because:
a. it provides a quick estimate of how rapidly the initial investment will be recouped.
b. results of a short payback rule decision will be quickly seen.
c. it does not take into account time value of money.
d. All of the abov
e.
e. None of the above.
Difficulty level: Easy
DISCOUNTED PAYBACK
a 49. The discounted payback period rule:
a. considers the time value of money.
b. discounts the cutoff point.
c. ignores uncertain cash flows.
d. is preferred to the NPV rul
e.
e. None of the above.
Difficulty level: Easy
PAYBACK
c 50. The payback perio
d rule:
a. determines a cutoff point so that all projects accepted by the NPV rule will be accepted
by the payback period rule.
b. determines a cutoff point so that depreciation is just equal to positive cash flows in the
payback year.
c. requires an arbitrary choice of a cutoff point.
d. varies the cutoff point with the interest rat
e.
e. Both A and D.
Difficulty level: Easy
AVERAGE ACCOUNTING RETURN
c 51. The average accounting return is determine
d by:
a. dividing the yearly cash flows by the investment.
b. dividing the average cash flows by the investment.
c. dividing the average net income by the average investment.
d. dividing the average net income by the initial investment.
e. dividing the net income by the cash flow.
Difficulty level: Easy
AVERAGE ACCOUNTING RETURN
b 52. The investment decision rule that relates average net income to average investment is
the:
a. discounted cash flow method.
b. average accounting return method.
c. average payback metho
d.
d. average profitability index.
e. None of the above.
Difficulty level: Easy
MODIFIED INTERNAL RATE OF RETURN
d 53. Modified internal rat
e o
f return:
a. handles the multiple IRR problem by combining cash flows until only one change in
sign change remains.
b. requires the use of a discount rate.
c. does not require the use of a discount rate.
d. Both A and B.
e. Both A and C.
Difficulty level: Medium
AVERAGE ACCOUNTING RETURN
d 54. Th
e shortcoming(s) o
f the average accountin
g return (AAR) method is (are):
a. the use of net income instead of cash flows.
b. the pattern of income flows has no impact on the AAR.
c. there is no clear-cut decision rule.
d. All of the abov
e.
e. None of the above.
Difficulty level: Medium
INTERNAL RATE OF RETURN
e 55. The two fatal flaws o
f the internal rate of return rule are:
a. arbitrary determination of a discount rate and failure to consider initial expenditures.
b. arbitrary determination of a discount rate and failure to correctly analyze mutually
exclusive investment projects.
c. arbitrary determination of a discount rate and the multiple rate of return problem.
d. failure to consider initial expenditures and failure to correctly analyze mutually
exclusive investment projects.
e. failure to correctly analyze mutually exclusive investment projects and the multiple rate
of return problem.
Difficulty level: Medium
MUTUALLY EXCLUSIVE PROJECTS
d 56. A mutually exclusiv
e project is a project whose:
a. acceptance or rejection has no effect on other projects.
b. NPV is always negative.
c. IRR is always negative.
d. acceptance or rejection affects other projects.
e. cash flow pattern exhibits more than one sign change.
Difficulty level: Easy
INTERNAL RATE OF RETURN
d 57. A project will hav
e more than one IRR if:
a. the IRR is positive.
b. the IRR is negative.
c. the NPV is zero.
d. the cash flow pattern exhibits more than one sign chang
e.
e. the cash flow pattern exhibits exactly one sign change.
Difficulty level: Easy
INTERNAL RATE OF RETURN RULES
b 58. Using internal rate of return, a conventional project should be accepted if the internal
rate of return is:
a. equal to the discount rate.
b. greater than the discount rate.
c. less than the discount rate.
d. negativ
e.
e. positive.
Difficulty level: Easy
INTERNAL RATE OF RETURN
a 59. The internal rate of return may be defined as:
a. the discount rate that makes the NPV cash flows equal to zero.
b. the difference between the market rate of interest and the NPV.
c. the market rate of interest less the risk-free rate.
d. the project acceptance rate set by management.
e. None of the above.
Difficulty level: Medium
MULTIPLE INTERNAL RATE OF RETURNS
d 60. Th
e problem o
f multiple IRRs can occur when:
a. there is only one sign change in the cash flows.
b. the first cash flow is always positive.
c. the cash flows decline over the life of the project.
d. there is more than one sign change in the cash flows.
e. None of the above.
Difficulty level: Easy
TIMING AND SCALE ISSUES WITH INTERNAL RATE OF RETURN
b 61. The elements that cause problems with the use of the IRR in projects that are mutually
exclusive are:
a. the discount rate and scale problems.
b. timing and scale problems.
c. the discount rate and timing problems.
d. scale and reversing flow problems.
e. timing and reversing flow problems.
Difficulty level: Medium
NET PRESENT VALUE DECISION
c 62. If there is a conflict between mutually exclusive projects due to the IRR, one should:
a. drop the two projects immediately.
b. spend more money on gathering information.
c. depend on the NPV as it will always provide the most value.
d. depend on the AAR because it does not suffer from these same problems.
e. None of the above.
Difficulty level: Medium
PROFITABILITY INDEX
e 63. The profitability index is the ratio of:
a. average net income to average investment.
b. internal rate of return to current market interest rate.
c. net present value of cash flows to internal rate of return.
d. net present value of cash flows to average accounting return.
e. present value of cash flows to initial investment cost.
Difficulty level: Easy
INVESTMENT DECISION RULES
a 64. Which of the following statement is true?
a. One must know the discount rate to compute the NPV of a project but one can compute
the IRR without referring to the discount rate.
b. One must know the discount rate to compute the IRR of a project but one can compute
the NPV without referring to the discount rate.
c. Payback accounts for time value of money.
d. There will always be one IRR regardless of cash flows.
e. Average accounting return is the ratio of total assets to total net income.
Difficulty level: Medium
CAPITAL BUDGETING PRACTICE
b 65. Graham and Harvey (2001) found that ___ and ___ were the two most popular capital
budgeting methods.
a. Internal Rate of Return; Payback Period
b. Internal Rate of Return; Net Present Value
c. Net Present Value; Payback Period
d. Modified Internal Rate of Return; Internal Rate of Return
e. Modified Internal Rate of Return; Net Present Value
Difficulty level: Medium
III. PROBLEMS
NET PRESENT VALUE
b 66. What is the net present value of a project with the following cash flows and a required
return of 12 percent?
Year Cash Flow
0 -$28,900
1 $12,450
2 $19,630
3 $ 2,750
a. -$
b. -$
c. $
d. $
e. $
Difficulty level: Easy
NET PRESENT VALUE
a 67. What is the net present value of a project that has an initial cash outflow of $12,670
and the following cash inflows? The required return is percent.
Year Cash Inflows
1 $4,375
2 $ 0
3 $8,750
4 $4,100
a. $
b. $
c. $
d. $1,
e. $1,
Difficulty level: Easy
NET PRESENT VALUE
b 68. A project will produce cash inflows of $1,750 a year for four years. The project
initially costs $10,600 to get started. In year five, the project will be closed and as a
result should produce a cash inflow of $8,500. What is the net present value of this
project if the required rate of return is percent?
a. -$5,
b. -$1,
c. -$
d. $1,
e. $5,
Difficulty level: Easy
NET PRESENT VALUE
a 69. You are considering the following two mutually exclusive projects that will not be
repeated. The required rate of return is percent for project A and percent for project B.
Which project should you accept and why?
Year Project A Project B
0 -$48,000 -$126,900
1 $18,400 $ 69,700
2 $31,300 $ 80,900
3 $11,700 $ 0
a. project A; because its NPV is about $335 more than the NPV of project B
b. project A; because it has the higher required rate of return
c. project B; because it has the largest total cash inflow
d. project B; because it returns all its cash flows within two years
e. project B; because it is the largest sized project
Difficulty level: Medium
NET PRESENT VALUE
a 70. You are considering two mutually exclusive projects with the following cash flows.
Will your choice between the two projects differ if the required rate of return is 8
percent rather than 11 percent? If so, what should you do?
Year Project A Project B
0 -$240,000 -$198,000
1 $ 0 $110,800
2 $ 0 $ 82,500
3 $325,000 $ 45,000
a. yes; Select A at 8 percent and B at 11 percent.
b. yes; Select B at 8 percent and A at 11 percent.
c. yes; Select A at 8 percent and select neither at 11 percent.
d. no; Regardless of the required rate, project A always has the higher NPV.
e. no; Regardless of the required rate, project B always has the higher NPV.
Difficulty level: Medium
INTERNAL RATE OF RETURN
b 71. What is the internal rate of return on an investment with the following cash flows?
Year Cash Flow
0 -$123,400
1 $ 36,200
2 $ 54,800
3 $ 48,100
a. percent
b. percent
c. percent
d. percent
e. percent
Difficulty level: Easy
INTERNAL RATE OF RETURN
a 72. An investment has the following cash flows. Should the project be accepted if it has
been assigned a required return of percent? Why or why not?
Year Cash Flow
0 -$24,000
1 $ 8,000
2 $12,000
3 $ 9,000
a. yes; because the IRR exceeds the required return by about percent
b. yes; because the IRR is less than the required return by about percent
c. yes; because the IRR is positive
d. no; because the IRR exceeds the required return by about percent
e. no; because the IRR is percent
Difficulty level: Medium
INTERNAL RATE OF RETURN AND NET PRESENT VALUE
e 73. You are considering two independent projects with the following cash flows. The
required return for both projects is 10 percent. Given this information, which one of
the following statements is correct?
Year Project A Project B
0 -$950,000 -$125,000
1 $330,000 $ 55,000
2 $400,000 $ 50,000
3 $450,000 $ 50,000
a. You should accept project B since it has the higher IRR and reject project A because
you can not accept both projects.
b. You should accept project A because it has the lower NPV and reject project B.
c. You should accept project A because it has the higher NPV and you can not accept
both projects.
d. You should accept project B because it has the higher IRR and reject project A.
e. You should accept both projects if the funds are available to do so since both NPV’s
are > 0.
Difficulty level: Medium
INTERNAL RATE OF RETURN
e 74. You are considering an investment with the following cash flows. I
f the required rate
of return for this investment is percent, should you accept it based solely on the
internal rate of return rule? Why or why not?
Year Cash Flow
0 -$12,000
1 $ 5,500
2 $ 8,000
3 -$ 1,500
a. yes; because the IRR exceeds the required return
b. yes; because the IRR is a positive rate of return
c. no; because the IRR is less than the required return
d. no; because the IRR is a negative rate of return
e. You can not apply the IRR rule in this case because there are multiple IRRs.
Difficulty level: Medium
PROFITABILITY INDEX
d 75. What is th
e profitability index for an investment with the following cash flows given a
9 percent required return?
Year Cash Flow
0 -$21,500
1 $ 7,400
2 $ 9,800
3 $ 8,900
a. .96
b. .98
c.
d.
e.
Difficulty level: Easy
PROFITABILITY INDEX
e 76. Based on the profitability index (PI) rule, should a project with the following cash
flows be accepted if the discount rate is 8 percent? Why or why not?
Year Cash Flow
0 -$18,600
1 $10,000
2 $ 7,300
公司理财原版题库Chap010
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
《公司财务管理》试卷
对外经济贸易大学远程教育学院 2005—2006学年第一学期 《公司理财》期末考试题型与复习题 要求掌握的主要内容 一、掌握课件每讲后面的重要概念 二、会做课件后的习题 三、掌握各公式是如何运用的，记住公式会计算，特别是经营杠杆和财务杠杆要求对计算出的 结果给予正确的解释。 四、掌握风险的概念，会计算期望值、标准差和变异系数，掌握使用这三者对风险判断的标 准。 五、了解财务报表分析的重要性，掌握常用的比率分析法，会计算各种财务比率。 六、会编制现金流量表，并会用资本预算的决策标准判断项目是否可行。 七、最佳资本预算是融资与投资的结合，要求掌握计算边际资本成本表，根据内含报酬率排 序，决定哪些项目可行。 八、从资本结构开始后主要掌握基本概念（第八、九、十讲），没有计算题，考基本概念，类 似期中作业。 模拟试题 注：1、本试题仅作模拟试题用，可能没有涵盖全部内容，主要是让同学们了解大致题的范围，希望同学们还是要脚踏实地复习，根据复习要求全面复习。最后考试题型或许有变化，但对于计算题，要回答选择题，仍然需要一步一步计算才能选择正确。 2、在正式考试时，仍然需要认真审题，看似相似的题也可能有不同，认真审题非常重要，根据 题目要求做才能保证考试顺利。 预祝同学们考试顺利！ 一、模拟试题，每小题2分，正式考试时只有50题，均采用这种题型 一、单项选择题（每小题2分） 1、下列哪个恒等式是不成立的？ C A. 资产=负债+股东权益 B. 资产-负债=股东权益 C. 资产+负债=股东权益 D. 资产-股东权益=负债 2、从税收角度考虑，以下哪项是可抵扣所得税的费用？ A A. 利息费用 B. 股利支付 C. A和B D. 以上都不对 3、现金流量表的信息来自于 C A. 损益表 B. 资产负债表 C. 资产负债表和损益表 D. 以上都不对 4、以下哪项会发生资本利得/损失，从而对公司纳税有影响？ C A.买入资产 B.出售资产 C.资产的市场价值增加 D.资产的账面价值增加 5、沉没成本是增量成本。 B A. 正确 B. 不对 6、期限越短，债券的利率风险就越大。 B A. 正确 B. 不对 7、零息债券按折价出售。 B A. 正确 B. 不对 8、股东的收益率是股利收益率和资本收益率的和。 A A. 正确 B. 不对 9、期望收益率是将来各种收益可能性的加权平均数，或叫期望值。 B
公司理财试题及答案
1）单选题，共20题，每题5.0分，共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为？ A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险？ A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型？ A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式？ A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于？ A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模
6 单选题 (5.0分) 以下哪种不是财务分析方法？ A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成？ A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了？ A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是？ A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式？ A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)
什么是营运资本？ A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是？ A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么？ A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容？ A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么？ A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是？
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
公司理财题库
一、公司理财基本技能 单选题 1、有甲、乙两台设备可供选用，甲设备的年使用费比乙设备低2000元，但价格高于乙设备8000元。若资本成本为10％，甲设备的使用期应长于（D）年，选用甲设备才是有利的 A、4 B、5 C、4.6 D、5.4 2、(F/A,10%,11)=18.531普通年金现值系数的倒数称为（D） A、复利现值系数 B、普通年金终值系数 C、偿债基金系数 D、资本回收系数 3、关于风险报酬正确的表述是（D ） A、风险报酬是必要投资报酬 B、风险报酬是投资者的风险态度 C、风险报酬是无风险报酬加通胀贴补 D、风险报酬率=风险报酬斜率×风险程度 4、以资本利润率最大化作为公司理财目标，存在的缺陷是（D ） A、不能反映资本的获利水平 B、不能用于不同资本规模的企业间比较 C、不能用于同一企业的不同期间比较 D、没有考虑风险因素与时间价值 5、(F./A,10%,9)=13.579 已知，则10年、10％的即付年金终值系数为（A ）。 A、17.531 B、15.937 C、14.579 D、12.579 6、下列风险因素中，（ D）可以引起实质性风险 A、偷工减料引起产品事故 B、新产品设计错误 C、信用考核不严谨而出现贷款拖欠 D、食物质量对人体的危害 7、我国企业应采用的较为合理的财务目标是（ C） A、利润最大化 B、每股利润最大化 C、企业价值最大化 D、资本利润率最大化 8、当一年内复利m次时，其名义利率r与实际利率i之间的关系是（A） A、 i=(1+r/m)m-1 B、 i=(1+r/m)-1
C、i=(1+r/m)-m-1 D、i=1-(1+r/m) 9、某公司向银行借款100万元，借款期限2年，借款利率6%，每半年付息1次，该笔借款的实际利率为（A ） A、6.09% B、6% C、6.21% D、5.80% 10、企业投资可以分为广义投资和狭义投资，狭义的投资仅指（D） A、固定资产投资 B、证券投资 C、对内投资 D、对外投资 12、企业财务管理是企业经济管理工作的一个组成部分，区别于其他经济管理工作的特点在于它是一种（C） A、劳动要素的管理 B、物资设备的管理 C、资金的管理 D、使用价值的管理 13、x.y方案的标准离差是1.5，方案的标准离差是1.4，如两方案的期望值相同，则两方案的风险关系为（A） A、x>y B、x 一、单项选择： 1. 下列各项环境中,( )是企业最为主要的环境因素 A.金融环境 B.法律环境 C.经济环境 D.政治环境 2. 在计算速动比率时，要把存货从流动资产中剔除的原因，不包括( ) A.可能存在部分存货已经损坏但尚未处理的情况 B.部分存货已抵押给债权人 C.可能存在成本与合理市价相差悬殊的存货估价问题 D.存货可能采用不同的计价方法 3. 如果A、B两种证券的相关系数等于1，A的标准差为18％，B的标准差为10％， 在等比例投资的情况下，该证券组合的标准差等于( ) A、28％ B、14％ C、8％ D、18％ 4. 企业按12%的年利率取得贷款200000元，要求在5年内每年末等额偿还，每年的偿付额 为( ) A.40000元 B. 52000元 C. 55482元 D. 64000元 5.财务杠杆说明( ) A.增加息税前利润对每股收益的影响 B.企业经营风险的大小 C.销售收入的增加对每股利润的影响 D.可通过扩大销售影响息税前利润 6.企业持有一定量的短期证券，主要是为了维护企业资产的流动性和( ) A.企业资产的收益性 B.企业良好的声誉 C.非正常情况下的现金需要 D.正常情况下的需要 7.下列各项股利分配政策中，能保持股利与利润间的一定比例关系，体现风险投资与风险收 益的对等关系的是( ) A.剩余股利政策 B.固定股利支付额政策 C.固定股利支付率政策 D.正常股利加额外股利政策 8.在计算速动资产时,之所以要扣除存货等项目，是由于( ) A.这些项目价值变动较大 B.这些项目质量难以保证 C.这些项目数量不易确定 D.这些项目变现能力较差 9.假定某项投资的风险系数为1.5,无风险收益率为10%，市场平均收益率为20%，其期望收 益率应为( ) A.15% B.25% C.30% D.20% 10. 债券成本一般要低于普通股成本，这主要是因为( ) A.债券的发行量较小 B.债券的筹资费用少 C.债券的利息固定 D.利息可以在利润总额中支付,具有抵税效应 二、判断： 1. 对于借款企业来讲，若预测市场利率上升，应与银行签订浮动利率合同；反之，则应签 订固定利率合同( ) 2. 在期望值不同的情况下，标准离差率越大，风险越大；反之标准离差率越小，风险越小 Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D. 《公司理财》期末考试题（C 卷） 一、判断题（共10分，每小题1分） 1.企业财务管理是基于企业再生产过程中客观存在的资金运动而产生的，是企业组织资金运动的一项经济管理工作。 ( ) 2.解聘是一种通过市场约束经营者的办法。 ( ) 3.终值系数和现值系数互为倒数，因此，年金终值系数与年金现值系数也互为倒数。 ( ) 4.经营性租赁和融资性租赁都是租赁，它们在会计处理上是没有区别的。 ( ) 5.留存收益是企业经营中的内部积累，这种资金不是向外界筹措的，因而它不存在资本成本。 ( ) 6.多个互斥方案比较，一般应选择净现值大的方案。 （ ） 7.营运资金就是流动资产。 （ ） 8.企业是否延长信用期限，应将延长信用期后增加的销售利润与增加的机会成本、管理成本和坏账成本进行比较。 （ ） 9.相关比率反映部分与总体的关系。 （ ） 10.采用因素分析法，可以分析引起变化的主要原因、变动性质，并可预测企业未来的发展前景。（ ） 二、单项选择题（共15分，每小题1分） 1.财务管理目标是( )。 A 现金流量最大化 B 市场份额最大化 C 预期盈利最大化 D 股价最大化 2.企业财务关系中最为重要的关系是( )。 A 股东与经营者之间的关系 B 股东与债权人之间的关系 C 股东、经营者与债权人之间的关系 D 企业与作为社会管理者的政府有关部门、社会公众之间的关系 3.边际贡献率和变动成本率( )。 A 反方向变化 B 同方向变化 C 同比例变化 D 反比例变化 4.安全边际越小，保本点就越太、利润就( )。 A 越大 B 不变 C 不一定 D 越小 5.融资性租赁实质上是由出租人提供给承租人使用固定资产的一种( )。 A 信用业务 B 买卖活动 C 租借业务 D 服务活动 6.在计算资本成本时，与所得税有关的资金来源是下述情况中的( )。 A 普通股 B 优先股 C 银行借款 D 留存收益 7.当经营杠杆系数是5，财务杠杆系数是1.1，财综合杠杆系数是( )。 A 5.5 B 6.5 C 3.9 D 7.2 8.某企业拥有一块土地，其原始成本为250万元，账面价值为180万元。现准备在这块土地上建造工厂厂房，但如果现在将这块土地出售，可获得收入220万元，则建造厂房机会成本是( )。 A 250万元 B 70万元 C 180万元 D 220万元 9.假定某项投资风险系数为1，无风险收益率为10％，市场平均收益率为20％，其必要收益率为( )。 ………………………………………………………………………………………………………………………………………………………… ………………………………………密……………………………封………………………………………线……………………………………… 班级 姓名 学号 公司理财模拟试题（六） 3.4.1单选题 1、作为整个企业预算编制的起点的是（）。 A.销售预算 B.生产预算 C.现金预算 D.直接材料预算 2、与生产预算没有直接联系的预算是（）。 A.直接材料预算 B.变动制造费用预算 C.销售及管理费用预算 D.直接人工预算 3、直接材料预算的编制基础是（）。 A.生产预算 B.财务预算 C.现金预算 D.销售预算 4、能够同时以实物量指标和价值量指标分别反映企业经营收入和相关现金收入的预算是（）。 A.现金预算 B.预计资产负债表 C.生产预算 D.销售预算 5、某公司的内含增长率为15％，当年的实际增长率为11％，则表明（）。 A.外部融资销售增长比大于零 B.外部融资销售增长比小于零 C.外部融资销售增长比等于零 D.外部融资销售增长比为4％ 6、某企业2004年年末敏感资产总额为4 000万元，敏感负债总额为2 000万元。该企业预计2005年度的销售额比2004年度增加10％（即增加100万元），预计2005年度留存收益的增加额为50万元，则该企业2005年度应追加资金量为（）万元。 A.0 B.2 000 C.1 950 D.150 7、ABC公司预计2004年第三、第四季度销售产品分别为180件、210件，单价分别为3元、5.5元，各季度销售收现率为75％，其余部分下一季度收回，则ABC公司2004年第四季度现金收入为（）元。 A.1 201.32 B.1 100.26 C.989.24 D.1 001.25 8、某商业企业2005年预计全年的销售收入为5 000万元，假设全年均衡销售，按年末应收账款计算的周转次数为12次，第三季度末预计的应收账款为500万元，则第四季度预计的销售现金流入为（）万元。 A.1 289.54 B.1 344.68 C.1 333.33 D.1 267.67 9、预计明年通货膨胀率为8％，公司销售增长12％，则销售额的名义增长率为（）。 A.20.23% B.20.96％ C.19.35％ D.2.45％ 10、已知2004年资产增加3 500万元，负债自然增加190万元，留存收益增加520万元，销售增加6 000万元，则外部融资销售增长比为（）。 A.41.23％ B.46.5％ C.44.54％ D.45.76％ 11、下列各项资金中属于不变资金的项目是（）。 A.原材料的保险储备 B.应收账款 C.最低储备以外现金 D.最低储备以外存货 12、下列各项资金中属于变动资金的项目是（）。 A. 最低储备的现金 B.应收账款 C. 原材料的保险储备 D.固定资产占用资本 13、下列各项中属于销售百分比法所称的敏感项目的是（）。 A. 对外投资 B.固定资产净值 C. 应付票据 D.长期负债 14、生产预算的主要内容有生产量、期初和期末产品存货及（）。 A. 资金量 B.工时量 C. 购货量 D.销货量 Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS 一、单项选择题 1、公司价值是指公司全部资产的市场价值，其表达式是（b ）。 A.公司资产未来预期报酬率的现值 B.公司资产未来预期现金流量现值的合计 C.公司资产未来预期报酬的合计 D.公司资产未来预期现金流量的合计 2、下列不属于年金形式的是（ b ）。 A.折旧 B.债券本金 C.租金 D.保险金 3、若债券每半年复利一次，其有效利率（ a ）。 A.大于名义利率 B.小于名义利率 C.是名义利率的两倍 D. 是名义利率的50% 4、投资组合有效边界以外的投资组合与有效边界上的组合相比，下列结论不正确的是（d ）。 A.相同的标准差和较低的预期收益率 B.相同的预期收益率和较高的标准差 C.较低的预期收益率和较高的标准差 D.较低的标准差和较高的预期收益率 5、假设市场投资组合的收益率和方差分别为12%和0.25，无风险收益率为8%，P股票收益率的方差是0.16，与市场投资组合收益率的相关系数为0.4，则该股票的必要收益率为（ b ）。 A.9.02% B.9.28% C.10.28% D.10.56% 6、若某种证券的β系数为0.8，则下列关于证券的风险说法正确的是（ c ）。 A.无任何风险 B.无市场风险 C.与金融市场所有证券平均风险相同 D.比金融市场所有证券平均风险高一倍 7、对预期收益率不同的方案的风险程度进行对比应用的指标是（ d ）。 A.期望值 B.平方差 C.标准差 D.标准离差率 8、下列关于风险分散的论述证券的是（ a ）。 A.当两种证券为负相关时，相关系数越大，分散风险的效应越小 B.当两种证券为正相关时，相关系数越大，分散风险的效应越大 C.证券组合的风险低于各种证券风险的平均值 D.证券组合的风险高于单个证券的最高风险 9、债券资本成本一般要低于普通股资本成本，主要原因是（ d ）。 A.债券的融资费用少 B.债券的发行量小 C.债券的利息是固定的 D.债券风险较低，且利息具有抵税效应 10、一般来说，无法通过多样化投资予以分散的风险是（ a ）。 A.系统风险 B.非系统风险 C.总风险 D.公司特有风险 11、当两种证券完全负相关时，它们的相关系数是（ c ）。 A.0 B.1 C.-1 D.不确定 12、某项永久性奖学金，每年计划颁发100,000元奖金。若年复利率为8.5%，该奖学金的本金应为（ d ）。 A.1,234,470.59元 B.205,000.59元 C.2,176,470.45元 D.1,176,470.59元 13、某公司计划投资一项目，初始投资额为60万元，税法规定的折旧年限为12年，按直线 CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense. 公司理财概述 单选题 2．通常来说，金融是处理有关( )的学科。 A ．货币 B ．市场 C ．人 D ．以上各项均正确 3．企业财务管理的目标是( )。 A．利润最大化 B．产值最大化 c．股东财富最大化D．经济效益最大化 4．企业的组织形式可以分为( )。 A．独资企业 B．合伙企业 c．公司D．以上各项均正确 5．企业与投资者、受益者的关系，即投资与分享收益的关系， A．雇用关系 B．权属关系 c．所有权关系D．投资与被投资关系 6 ．企业向银行借款，这种行为属于( ) 。 A．分配活动 B．筹资活动 C．投资活动D．营运资金管理活动 7．企业与其投资者之间的关系是( )。 A．债权债务关系 B．投资与受资的关系 c．受资与投资的关系 D．债务债权关系8．企业购买生产用机器设备而支付一定数额的资金，这种资金流出的活动属于( )。A．筹资活动 B ．投资活动 C．资金营运活动D．分配活动 9．有限责任公司是属于下列组织结构( )。 A．个人独资企业 B ．合伙企业 c ．公司 D．以上均对 10．对存货的投资属于( )。 A．资本性投资 B．营运资产投资 c．长期投资 D．间接投资 多选题 1．公司理财的基本内容包括( )。 A．资金筹集管理 B．资金投放管理 c．资金耗费管理 D．资金收入管理 E．资金分配管理 2．以下各项是金融资产的有( )。 A．普通股 B．债券 c．商誉 D．优先股 3．以利润最大化作为企业财务管理的目标，其弊病是( )。 A．没有考虑时间价值因素B．没有考虑风险因素 c．容易造成企业行为短期化D．没有反映出所得利润与投入资本额的关系 E．不重视补充企业的资本公积4．公司里的会计长主要的职责包括( )。 A．财务报表的编制 B．财务会计核算 C．筹集资金 D．纳税处理 E．成本会计核算 5．公司里的财务长的主要职责包括( )。 A．筹集资金 B．现金管理 c．投资决策 D．成本会计 E．银行关系处理 6．公司所有权与经营权分离的优点主要表现为( )。 A．公司具有法人地位，可以永续经营 B．引起了代理成本 C．雇用了职业经理人，提高了管理水平 D．股权变动不影响公司经营 E．股权分散，使得更多投资者可以将闲置货币进行投资 7．所有者与经营者之间的冲突导致了( )。 A．委托一代理问题 B．增加了代理成本 c． A、B 均正确 D． A、B 均不正确 E． A、B 中仅有一项正确。 8．公司的财务目标是指，以下描述不正确的是( )。 A．最大化公司规模 B．最大化公司经理收入c．利润最大化 D．股东财富最大化 E．每股收益最大化 9．公司产生代理成本的原因在于( )。’ A．经理可能不会最大化股东财富 B．股东产生监督成本 c．所有权与经营权的分离 D．股东产生激励成本 E．以上各项均正确、 1 0．在委托代理框架里( )。 A．股东是委托方 B．经营者是代理方 C．股东是代理方 D．经营者是委托方 E． A、B 均正确 1 1．以下各组织对企业现金流可能存在要求权的是( A．股东 B．债权人C．政府 D．员工 E．以上均正确 1 2．下列活动中属于资金营运活动的有( )。 A．购买商品B．支付工资和其他营业费用 C．短期借款D．短期投资中对证券的变现 1 3．下列各项中属于筹资决策中需要考虑的因素是( )。 Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings. 单选 1、资金时间价值通常（） A 包括风险和物价变动因素 B不包括风险和物价变动因素 C包括风险因素但不包括物价变动因素 D包括物价变动因素但不包括风险因素 2、若希望在3年后取得500元，利率为10%，则单利情况下现在应存入银行（） A 384.6 B 650 C 375.7 D 665.5 3、某项存款利率为6%，每半年复利一次，其实际利率为（） Ａ3% Ｂ6.09% Ｃ6% Ｄ6.6% 4、在普通年金终值系数的基础上，期数加１、系数减１所得到的结果，在数值上等于（） Ａ普通年金现值系数Ｂ先付年金现值系数 Ｃ普通年金终值系数Ｄ先付年金终值系数 5、下列项目中，不属于投资项目的现金流出量的是（） A固定资产投资 B营运成本 C垫支流动资金 D固定资产折旧 6、某投资项目的年营业收入为500万元，年经营成本为300万元，年折旧费用为10万元，所得税税率为33%，则该投资方案的年经营现金流量为（）万元 A127.3 B200 C137.3 D144 7、在新设立的股份有限公司申请发行股票时，发起人认购的股本数额不少于公司拟发行股本的（） A 25% B 10% C 35% D 15% 8、债券筹资的特点之一是（） A 资金成本高 B 财务风险小 C 筹资数额无限 D 可利用财务杠杆 9、以下关于优先股的说法正确的是（） A 优先股是一种具有双重性质的证券，它虽属自有资金，但却兼有债券性质。 B 始发股票和新股发行具体条件、目的、发行价格不尽相同，股东的权利、义务也不一致。 C 股份有限公司申请其股票上市的必备条件之一是：公司股本总额不少于人民币3000元。 D 新设立股份有限公司申请公开发行股票，向社会公众发行的部分不少于公司拟发行的股本总额的20%。 10、下列筹资方式按一般情况而言，企业所承担的财务风险由大到小排列为（） A 筹资租赁、发行股票、发行债券 B 筹资租赁、发行债券、发行股票 C发行债券、筹资租赁、发行股票 D发行债券、发行股票、筹资租赁 11、以下观点正确的是（） A 收益债券是指在企业不盈利时，可暂不支付利息，而到获利时支付累积利息的债券。 B 公司法对发债企业的基本要求是公司的净资产额不低于5000万元。 C 在债券面值与票面利率一定的情况下，市场利率越高，则债券的发行价格越低在市场利率大于票面利率的情况下，债券的发行价格大于其面值。 D 累积优先股、可转换优先股、参加优先股均对股东有利，而可赎回优先股则对股份公司有利。 12、股份有限公司申请其股票上市时，向社会公开发行股份需达到公司股份总数的（）以上 A 15% B 20% C 25% D 30% 13、原有企业改组设立股份有限公司公开发行股票时，要求其发行前一年末净资产在总资产中所占比例不低于（） A 25% B 20% C 30% D 40% 14、投资的风险与投资的收益之间是（）关系 A正向变化 B 反向变化 C 有时正向，有时反向 D没有 15、有一种债券面值2000元，票面利率为6%，每年支付一次利率，5年到期，同等风险投资的必要报酬率为10%，则该债券的价格在（）元时才可以投资 A 1600.57 B 696.75 C 1966.75 D 1696.75 16、某债券面值1500元，期限为3年，票面利率为10%，单利计息，市场利率为8%，到期一次还本付息，公司理财模拟题4
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