Multiple Choice Questions
1. A purchase of a new issue of stock takes place
A) in the secondary market.
B) in the primary market.
C) usually with the assistance of an investment banker.
D) A and B.
E) B and C.
Answer: E Difficulty: Easy
Rationale: Funds from the sale of new issues flow to the issuing corporation, making
this a primary market transaction. Investment bankers usually assist by pricing the issue and finding buyers.
2. The following statements regarding the specialist are true:
A) Specialists maintain a book listing outstanding unexecuted limit orders.
B) Specialists earn income from commissions and spreads in stock prices.
C) Specialists stand ready to trade at quoted bid and ask prices.
D) Specialists cannot trade in their own accounts.
E) A, B, and C are all true.
Answer: E Difficulty: Moderate
Rationale: The specialists' functions are all of the items listed in A, B, and C. In addition, specialists trade in their own accounts.
3. Investment bankers
A) act as intermediaries between issuers of stocks and investors.
B) act as advisors to companies in helping them analyze their financial needs and find
buyers for newly issued securities.
C) accept deposits from savers and lend them out to companies.
D) A and B.
E) A, B, and C.
Answer: D Difficulty: Moderate
Rationale: The role of the investment banker is to assist the firm in issuing new
securities, both in advisory and marketing capacities. The investment banker does not have a role comparable to a commercial bank, as indicated in C.
4. In a "best-efforts" basis
A) the investment banker buys the stock from the company and resells the issue to the
public.
B) the investment banker agrees to help the firm sell the stock at a favorable price.
C) the investment banker finds the best marketing arrangement for the investment
banking firm.
D) B and C.
E) A and B.
Answer: B Difficulty: Moderate
Rationale: Under the "best-efforts" agreement, the investment banker agrees to make the best effort to sell the issue at the best possible price, nothing more.
5. The secondary market consists of
A) transactions on the AMEX.
B) transactions in the OTC market.
C) transactions through the investment banker.
D) A and B.
E) A, B, and C.
Answer: D Difficulty: Moderate
Rationale: The secondary market consists of transactions on the organized exchanges and in the OTC market. The investment banker is involved in the placement of new issues in the primary market.
6. The use of the Internet to trade and underwrite securities
A) is illegal under SEC regulations.
B) is regulated by the New York Stock Exchange.
C) is expected to grow quickly.
D) increases underwriting costs for a new security issue.
E) is regulated by the National Association of Securities Dealers.
Answer: C Difficulty: Moderate
Rationale: The SEC permits trading and underwriting of securities over the Internet, but has required firms participating in this activity to take steps to safeguard investment funds. This form of underwriting is expected to grow quickly due to its lower cost. It is not regulated by either the NYSE or the NASD.
7. Initial margin requirements are determined by
A) the Securities and Exchange Commission.
B) the Federal Reserve System.
C) the New York Stock Exchange.
D) B and C.
E) A and B
Answer: B Difficulty: Moderate
Rationale: The Board of Governors of the Federal Reserve System determines initial margin requirements. The New York Stock Exchange determines maintenance margin requirements on NYSE-listed stocks; however, brokers usually set maintenance margin requirements above those established by the NYSE.
8. You purchased XYZ stock at $50 per share. The stock is currently selling at $65. Your
gains may be protected by placing a __________
A) stop-loss order
B) limit-buy order
C) market order
D) limit-sell order
E) none of the above.
Answer: D Difficulty: Moderate
Rationale: With a limit-sell order, your stock will be sold only at a specified price, or better. Thus, such an order would protect your gains. None of the other orders are applicable to this situation.
9. You sold ABC stock short at $80 per share. Your losses could be minimized by placing
a __________:
A) limit-sell order
B) limit-buy order
C) stop-buy order
D) day-order
E) none of the above.
Answer: C Difficulty: Moderate
Rationale: With a stop-buy order, the stock would be purchased if the price increased to
a specified level, thus limiting your loss. None of the other orders are applicable to this
situation.
10. The fourth market refers to
A) trading of exchange-listed securities in the over-the-counter market.
B) trading of exchange-listed securities on the NYSE or AMEX.
C) direct trading between investors in exchange-listed securities without benefit of a
broker.
D) trading of foreign stock exchange-listed securities.
E) none of the above.
Answer: C Difficulty: Moderate
Rationale: The fourth market evolved as institutional investors began to trade among themselves in order to avoid commission costs.
11. Which one of the following statements regarding orders is false?
A) A market order is simply an order to buy or sell a stock immediately at the
prevailing market price.
B) A limit sell order is where investors specify prices at which they are willing to sell a
security.
C) If stock ABC is selling at $50, a limit-buy order may instruct the broker to buy the
stock if and when the share price falls below $45.
D) A day order expires at the close of the trading day.
E) None of the above.
Answer: E Difficulty: Moderate
Rationale: All of the order descriptions above are correct.
12. Restrictions on trading involving insider information apply to the following except
A) corporate officers and directors.
B) relatives of corporate directors and officers.
C) major stockholders.
D) All of the above are subject to insider trading restrictions.
E) None of the above is subject to insider trading restrictions.
Answer: D Difficulty: Moderate
Rationale: A, B, and C are corporate insiders and are subject to restrictions on trading on inside information. Further, the Supreme Court held that traders may not trade on
nonpublic information even if they are not insiders.
13. The cost of buying and selling a stock consists of __________.
A) broker's commissions
B) dealer's bid-asked spread
C) a price concession an investor may be forced to make.
D) A and B.
E) A, B, and C.
Answer: E Difficulty: Moderate
Rationale: All of the above are possible costs of buying and selling a stock.
14. Assume you purchased 200 shares of XYZ common stock on margin at $70 per share
from your broker. If the initial margin is 55%, how much did you borrow from the
broker?
A) $6,000
B) $4,000
C) $7,700
D) $7,000
E) $6,300
Answer: E Difficulty: Moderate
Rationale: 200 shares * $70/share * (1-0.55) = $14,000 * (0.45) = $6,300.
15. You sold short 200 shares of common stock at $60 per share. The initial margin is 60%.
Your initial investment was
A) $4,800.
B) $12,000.
C) $5,600.
D) $7,200.
E) none of the above.
Answer: D Difficulty: Moderate
Rationale: 200 shares * $60/share * 0.60 = $12,000 * 0.60 = $7,200
16. You purchased 100 shares of ABC common stock on margin at $70 per share. Assume
the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.
A) $21
B) $50
C) $49
D) $80
E) none of the above
Answer: B Difficulty: Difficult
Rationale: 100 shares * $70 * .5 = $7,000 * 0.5 = $3,500 (loan amount); 0.30 = (100P - $3,500)/100P; 30P = 100P - $3,500; -70P = -$3,500; P = $50.
17. You purchased 100 shares of common stock on margin at $45 per share. Assume the
initial margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $30? Ignore interest on margin.
A) 0.33
B) 0.55
C) 0.43
D) 0.23
E) 0.25
Answer: E Difficulty: Difficult
Rationale: 100 shares * $45/share * 0.5 = $4,500 * 0.5 = $2,250 (loan amount); X = [100($30) - $2,250]/100($30); X = 0.25.
18. You purchased 300 shares of common stock on margin for $60 per share. The initial
margin is 60% and the stock pays no dividend. What would your rate of return be if you sell the stock at $45 per share? Ignore interest on margin.
A) 25%
B) -33%
C) 44%
D) -42%
E) -54%
Answer: D Difficulty: Difficult
Rationale: 300($60)(0.60) = $10,800 investment; 300($60) = $18,000 X (0.40) =
$7,200 loan; Proceeds after selling stock and repaying loan: $13,500 - $7,200 = $6,300;
Return = ($6,300 - $10,800)/$10,800 = - 41.67%.
19. Assume you sell short 100 shares of common stock at $45 per share, with initial margin
at 50%. What would be your rate of return if you repurchase the stock at $40/share?
The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.
A) 20%
B) 25%
C) 22%
D) 77%
E) none of the above
Answer: C Difficulty: Moderate
Rationale: Profit on stock = ($45 - $40) * 100 = $500, $500/$2,250 (initial investment) = 22.22%.
20. You sold short 300 shares of common stock at $55 per share. The initial margin is 60%.
At what stock price would you receive a margin call if the maintenance margin is 35%?
A) $51
B) $65
C) $35
D) $40
E) none of the above
Answer: B Difficulty: Difficult
Rationale: Equity = 300($55) * 1.6 = $26,400; 0.35 = ($26,400 - 300P)/300P; 105P = 26,400 - 300P; 405P = 26,400; P = $65.18
21. Assume you sold short 100 shares of common stock at $50 per share. The initial margin
is 60%. What would be the maintenance margin if a margin call is made at a stock price of $60?
A) 40%
B) 33%
C) 35%
D) 25%
E) none of the above
Answer: B Difficulty: Difficult
Rationale: $5,000 X 1.6 = $8,000; [$8,000 - 100($60)]/100($60) = 33%.
22. Specialists on stock exchanges perform the following functions
A) Act as dealers in their own accounts.
B) Analyze the securities in which they specialize.
C) Provide liquidity to the market.
D) A and B.
E) A and C.
Answer: E Difficulty: Moderate
Rationale: Specialists are both brokers and dealers and provide liquidity to the market;
they are not analysts.
23. Shares for short transactions
A) are usually borrowed from other brokers.
B) are typically shares held by the short seller's broker in street name.
C) are borrowed from commercial banks.
D) B and C.
E) none of the above.
Answer: B Difficulty: Moderate
Rationale: Typically, the only source of shares for short transactions is those held by the short seller's broker in street name; often these are margined shares.
24. The over-the-counter market for exchange-listed securities is called the
A) third market.
B) fourth market.
C) NASDAQ.
D) after-market.
E) none of the above.
Answer: A Difficulty: Moderate
Rationale: The third market originated when some exchange-listed securities were
allowed to be traded in the OTC market at time when commissions were fixed on
exchange-listed securities and institutional investors were trying to find a way to lower commission costs.
25. Which of the following orders is most useful to short sellers who want to limit their
potential losses?
A) Limit order
B) Discretionary order
C) Limit-loss order
D) Stop-buy order
E) None of the above
Answer: D Difficulty: Moderate
Rationale: By issuing a stop-buy order, the short seller can limit potential losses by assuring that the stock will be purchased (and the short position closed) if the price increases to a certain level.
26. Shelf registration
A) is a way of placing issues in the primary market.
B) allows firms to register securities for sale over a two-year period.
C) increases transaction costs to the issuing firm.
D) A and B.
E) A and C.
Answer: D Difficulty: Easy
Rationale: Shelf registration lowers transactions costs to the firm as the firm may
register issues for a longer period than in the past, and thus requires the services of the investment banker less frequently.
27. The over-the-counter market
A) has been growing in recent years.
B) is an automated market.
C) contains some firms that qualify for NYSE listing.
D) A and B.
E) A, B, and C.
Answer: E Difficulty: Easy
Rationale: A, B, and C are true and are reflective of a market that is challenging the NYSE in both size and innovation.
28. NASDAQ subscriber levels
A) permit those with the highest level, 3, to "make a market" in the security.
B) permit those with a level 2 subscription to receive all bid and ask quotes, but not to
enter their own quotes.
C) permit level 1 subscribers to receive general information about prices.
D) include all OTC stocks.
E) A, B, and C.
Answer: E Difficulty: Easy
Rationale: NASDAQ links dealers in a loosely organized network with different levels of access to meet different needs.
29. Which of the following is not required under the AIMR standards of professional
conduct?
A) knowledge of all applicable laws, rules and regulations
B) disclosure of all personal investments whether or not they may conflict with a
client's investments
C) disclosure of all conflicts to clients and prospects
D) reasonable inquiry into a client's financial situation
E) All of the above are required under the AIMR standards.
Answer: B Difficulty: Moderate
Rationale: See text box page 95. Personal investments need not be disclosed unless they are in potential or actual conflict.
30. You want to buy 100 shares of Hotstock Inc. at the best possible price as quickly as
possible. You would most likely place a
A) stop-loss order
B) stop-buy order
C) market order
D) limit-sell order
E) limit-buy order
Answer: C Difficulty: Easy
Rationale: A market order is for immediate execution at the best possible price.
31. You want to purchase XYZ stock at $60 from your broker using as little of your own
money as possible. If initial margin is 50% and you have $3000 to invest, how many shares can you buy?
A) 100 shares
B) 200 shares
C) 50 shares
D) 500 shares
E) 25 shares
Answer: A Difficulty: Moderate
Rationale: .5 = [(Q * $60)-$3,000] / (Q * $60); $30Q = $60Q-$3,000; $30Q = $3,000;
Q=100.
32. A sale by IBM of new stock to the public would be a(n)
A) short sale.
B) seasoned new issue offering.
C) private placement.
D) secondary market transaction.
E) initial public offering.
Answer: B Difficulty: Easy
Rationale: When a firm whose stock already trades in the secondary market issues new shares to the public this is referred to as a seasoned new issue.
33. The finalized registration statement for new securities approved by the SEC is called
A) a red herring
B) the preliminary statement
C) the prospectus
D) a best-efforts agreement
E) a firm commitment
Answer: C Difficulty: Moderate
Rationale: The prospectus is the finalized registration statement approved by the SEC.
34. The minimum market value required for an initial listing on the New York Stock
Exchange is
A) $2,000,000
B) $2,500,000
C) $1,100,000
D) $60,000,000
E) 100,000,000
Answer: D Difficulty: Moderate
Rationale: See Table 3.2, page 73.
35. In 2001, the price of a seat on the NYSE reached a high of
A) $1,000,000
B) $2,300,000
C) $1,750,000
D) $2,225,000
E) $3,000,000
Answer: B Difficulty: Moderate
Rationale: See Table 3.1, page 72.
36. The floor broker is best described as
A) an independent member of the exchange who owns a seat and handles overload
work for commission brokers.
B) someone who makes a market in one or more securities.
C) a representative of a brokerage firm who is on the floor of the exchange to execute
trade.
D) a frequent trader who performs no public function but executes trades for himself.
E) any counter party to a trade executed on the floor of the exchange.
Answer: A Difficulty: Easy
Rationale: The floor broker is an independent member of the exchange who handles work for commission brokers when they have too many orders to handle.
37. You sell short 100 shares of Loser Co. at a market price of $45 per share. Your
maximum possible loss is
A) $4500
B) unlimited
C) zero
D) $9000
E) cannot tell from the information given
Answer: B Difficulty: Moderate
Rationale: A short seller loses money when the stock price rises. Since there is no upper limit on the stock price, the maximum theoretical loss is unlimited.
38. You buy 300 shares of Qualitycorp for $30 per share and deposit initial margin of 50%.
The next day Qualitycorp's price drops to $25 per share. What is your actual margin?
A) 50%
B) 40%
C) 33%
D) 60%
E) 25%
Answer: B Difficulty: Moderate
Rationale: AM = [300 ($25) - .5 (300) ($30)] / [300 ($25)] = .40
39. When a firm markets new securities, a preliminary registration statement must be filed
with
A) the exchange on which the security will be listed.
B) the Securities and Exchange Commission.
C) the Federal Reserve.
D) all other companies in the same line of business.
E) the Federal Deposit Insurance Corporation.
Answer: B Difficulty: Easy
Rationale: The SEC requires the registration statement and must approve it before the issue can take place.
40. In a typical underwriting arrangement the investment banking firm
I)sells shares to the public via an underwriting syndicate.
II)purchases the securities from the issuing company.
III)assumes the full risk that the shares may not be sold at the offering price.
IV)agrees to help the firm sell the issue to the public but does not actually purchase the securities.
A) I, II, and III
B) I, III, and IV
C) I and IV
D) II and III
E) I and II
Answer: A Difficulty: Moderate
Rationale: A typical underwriting arrangement is made on a firm commitment basis. 41. Which of the following is true regarding private placements of primary security
offerings?
A) Extensive and costly registration statements are required by the SEC.
B) For very large issues, they are better suited than public offerings.
C) They trade in secondary markets.
D) The shares are sold directly to a small group of institutional or wealthy investors.
E) They have greater liquidity than public offerings.
Answer: D Difficulty: Moderate
Rationale: Firms can save on registration costs, but the result is that the securities cannot trade in the secondary markets and therefore are less liquid. Public offerings are better suited for very large issues.
42. Regional exchanges
A) have stricter listing requirements than the NYSE.
B) service local brokerage firms only if the firms own seats on the NYSE.
C) handle shares of local firms that don't meet NYSE listing requirements.
D) automatically delist firms when they have grown enough to meet NYSE listing
requirements.
E) exist only in foreign countries.
Answer: C Difficulty: Easy
Rationale: Regional exchange listing requirements are less strict than NYSE
requirements. Brokerage firms can deal with regional exchanges regardless of whether they have NYSE seats. Delisting is not automatic - some firms choose to remain on the regional exchanges and are dual-listed. There are many regional exchanges in the U.S.
43. Electronic Communications Networks (ECNs) may be used
I)as an alternative to the NYSE.
II)as an alternative to NASDAQ.
III)by institutional traders.
IV)to eliminate the bid-ask spread.
A) I and III
B) II, and IV
C) I, II, and III
D) I and IV
E) I, II, III, and IV
Answer: E Difficulty: Moderate
Rationale: All four of the items listed are examples of how ECNs are used.
44. A specialist on the Arizona Stock Exchange is offering to buy a security for $37.50. A
broker in Oklahoma City wants to sell the security for his client. The Intermarket
Trading System shows a bid price of $37.375 on the NYSE. What should the broker do?
A) Route the order to the Arizona Stock Exchange.
B) Route the order to the NYSE.
C) Call the client to see if she has a preference.
D) Route half of the order to Arizona and the other half to the NYSE.
E) It doesn't matter - he should flip a coin and go with it.
Answer: A Difficulty: Moderate
Rationale: The broker should try to obtain the best price for his client. Since the client wants to sell shares and the bid price is higher on the ASE, he should route the order there.
45. According to the AIMR Standards of Professional Conduct, AIMR members have
responsibilities to all of the following except:
A) the government
B) the profession
C) the public
D) the employer
E) clients and prospective clients
Answer: A Difficulty: Moderate
Rationale: See "Excerpts from AIMR Standards of Professional Conduct" Box, page 97.
46. You sold short 100 shares of common stock at $45 per share. The initial margin is 50%.
Your initial investment was
A) $4,800.
B) $12,000.
C) $2,250.
D) $7,200.
E) none of the above.
Answer: C Difficulty: Moderate
Rationale: 100 shares * $45/share * 0.50 = $4,500 * 0.50 = $2,250
47. You sold short 150 shares of common stock at $27 per share. The initial margin is 45%.
Your initial investment was
A) $4,800.60.
B) $12,000.25.
C) $2,250.75.
D) $1,822.50.
E) none of the above.
Answer: D Difficulty: Moderate
Rationale: 150 shares * $27/share * 0.45 = $4,050 * 0.45 = $1,822.50
48. You purchased 100 shares of XON common stock on margin at $60 per share. Assume
the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.
A) $42.86
B) $50.75
C) $49.67
D) $80.34
E) none of the above
Answer: A Difficulty: Difficult
Rationale: 100 shares * $60 * .5 = $6,000 * 0.5 = $3,000 (loan amount); 0.30 = (100P - $3,000)/100P; 30P = 100P - $3,000; -70P = -$3,000; P = $42.86
49. You purchased 1000 shares of CSCO common stock on margin at $19 per share.
Assume the initial margin is 50% and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend;
ignore interest on margin
A) $12.86
B) $15.75
C) $19.67
D) $13.57
E) none of the above
Answer: D Difficulty: Difficult
Rationale: 1000 shares * $19 * .5 = $19,000 * 0.5 = $9,500 (loan amount); 0.30 =
(1000P - $9,500)/1000P; 300P = 1000P - $9,500; -700P = -$9,500; P = $13.57
50. You purchased 100 shares of common stock on margin at $40 per share. Assume the
initial margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $25? Ignore interest on margin.
A) 0.33
B) 0.55
C) 0.20
D) 0.23
E) 0.25
Answer: C Difficulty: Difficult
Rationale: 100 shares * $40/share * 0.5 = $4,000 * 0.5 = $2,000 (loan amount); X = [100($25) - $2,000]/100($25); X = 0.20.
51. You purchased 1000 shares of common stock on margin at $30 per share. Assume the
initial margin is 50% and the stock pays no dividend. What would the maintenance margin be if a margin call is made at a stock price of $24? Ignore interest on margin.
A) 0.33
B) 0.375
C) 0.20
D) 0.23
E) 0.25
Answer: B Difficulty: Difficult
Rationale: 1000 shares * $30/share * 0.5 = $30,000 * 0.5 = $15,000 (loan amount); X = [1000($24) - $15,000]/1000($24); X = 0.375.
52. You purchased 100 shares of common stock on margin for $50 per share. The initial
margin is 50% and the stock pays no dividend. What would your rate of return be if you sell the stock at $56 per share? Ignore interest on margin.
A) 28%
B) 33%
C) 14%
D) 42%
E) 24%
Answer: E Difficulty: Difficult
Rationale: 100($50)(0.50) = $2,500 investment; gain on stock sale = (56-50)(100) = $600; Return = ($600/$2,500) = 24%.
53. You purchased 100 shares of common stock on margin for $35 per share. The initial
margin is 50% and the stock pays no dividend. What would your rate of return be if you sell the stock at $42 per share? Ignore interest on margin.
A) 28%
B) 33%
C) 14%
D) 40%
E) 24%
Answer: D Difficulty: Difficult
Rationale: 100($35)(0.50) = $1,750 investment; gain on stock sale = (42-35)(100) = $700; Return = ($700/$1,750) = 40%.
54. Assume you sell short 1000 shares of common stock at $35 per share, with initial
margin at 50%. What would be your rate of return if you repurchase the stock at
$25/share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.
A) 20.47%
B) 25.63%
C) 57.14%
D) 77.23%
E) none of the above
Answer: C Difficulty: Moderate
Rationale: Profit on stock = ($35 - $25)(1,000) = $10,000; initial investment =
($35)(1,000)(.5) = $17,500; return =$10,000/$17,500 = 57.14%.
55. Assume you sell short 100 shares of common stock at $30 per share, with initial margin
at 50%. What would be your rate of return if you repurchase the stock at $35/share?
The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.
A) -33.33%
B) -25.63%
C) -57.14%
D) -77.23%
E) none of the above
Answer: A Difficulty: Moderate
Rationale: Profit on stock = ($30 - $35)(100) = -500; initial investment = ($30)(100)(.5) = $1,500; return =$-500/$1,500 = -33.33%.
56. You want to purchase GM stock at $40 from your broker using as little of your own
money as possible. If initial margin is 50% and you have $4000 to invest, how many shares can you buy?
A) 100 shares
B) 200 shares
C) 50 shares
D) 500 shares
E) 25 shares
Answer: B Difficulty: Moderate
Rationale: you can buy ($4000/$40) = 100 shares outright and you can borrow $4,000 to buy another 100 shares.
57. You want to purchase IBM stock at $80 from your broker using as little of your own
money as possible. If initial margin is 50% and you have $2000 to invest, how many shares can you buy?
A) 100 shares
B) 200 shares
C) 50 shares
D) 500 shares
E) 25 shares
Answer: C Difficulty: Moderate
Rationale: You can buy ($2000/$80) = 25 shares outright and you can borrow $2,000 to buy another 25 shares.
58. Assume you sold short 100 shares of common stock at $40 per share. The initial margin
is 50%. What would be the maintenance margin if a margin call is made at a stock price of $50?
A) 40%
B) 20%
C) 35%
D) 25%
E) none of the above
Answer: B Difficulty: Difficult
Rationale: $4,000 X 1.5 = $6,000; [$6,000 - 100($50)]/100($50) = 20%.
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？ B 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。 A 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。 A A. 正确 B. 不对 10、收益率的方差是指最高可能收益率与最低可能收益率之差。 B A. 正确 B. 不对 11．财务经理的行为是围绕公司目标进行的，并且代表着股东的利益。因此，财务经理在投资、筹资及利润分配中应尽可能地围绕着以下目标进行。 C Ａ．利润最大化Ｂ．效益最大化Ｃ．股票价格最大化Ｄ．以上都行 12．在企业经营中，道德问题是很重要的，这是因为不道德的行为会导致 D Ａ．中断或结束未来的机会Ｂ．使公众失去信心 Ｃ．使企业利润下降Ｄ．以上全对 13．在净现金流量分析时，以下哪个因素不应该考虑 A Ａ．沉没成本Ｂ．相关因素Ｃ．机会成本Ｄ．营运资本的回收 14. 每期末支付￥1，每期利率为r，其年金现值为：D A. B. C. D. 15. 据最新统计资料表明，我国居民手中的金融资产越来越多，这说明了居民手中持有的金融资产是 D Ａ．现金Ｂ．股票Ｃ．债券Ｄ．以上都对 16.除了，以下各方法都考虑了货币的时间价值。C A. 净现值 B. 内含报酬率 C. 回收期 D. 现值指数 17. 企业A的平均收账期为28.41天，企业B的平均收账期为48.91天，则 C A.企业B是一家付款长的客户 B.应该将平均收账期同使用的信用条件中的信用天数相比较 C.很难判断 18.为了每年年底从银行提取￥1,000，一直持续下去，如果利率为10%，每年复利一次，那么，你现在应该存多少钱？A A.￥10,000 B. ￥8,243 C. ￥6,145 D. ￥11,000 19. 大多数投资者是：A A. 规避风险的 B.对风险持中性态度的 C. 敢于冒险的 D. 以上都不对 20. 财务拮据通常伴随着 D A. 客户和供应商的回避 B. 以较低的售价出售产品 C.大量的行政开支 D. 以上全是 21．公司里的代理问题是由代理关系产生的，代理成本在一定程度上 A
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
项目一财务管理总体认知 一、单项选择题 1．下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是( D )。 A．产值最大化 B．利润最大化 C．每股收益最大化 D．企业价值最大化 2．企业筹资活动的最终结果是( D )。 A.银行借款 B.发行债券 C.发行股票 D.资金流入 7．相对于每股收益最大化目标而言，企业价值最大化目标的不足之处是( D )。 A．没有考虑资金的时间价值 B．没有考虑投资的风险价值 C．不能反映企业潜在的获利能力 D．某些情况下确定比较困难 9．下列法律法规同时影响企业筹资、投资和收益分配的是( A )。 A．公司法 B．金融法 C．税法 D．企业财务通则 10．在市场经济条件下，财务管理的核心是（ B ）。 A.财务预测 B.财务决策 C.财务控制 D.财务分析 二、多项选择题 2．企业财务管理的基本内容包括( ACD )。 A. 筹资决策 B．技术决策 C．投资决策 D．盈利分配决策 3．财务管理的环境包括( ABCD )。 A．技术环境 B．经济环境 C．金融环境 D．法律环境 4．以下项目中属于“利润最大化”目标存在的问题有( ABCD )。 A．没有考虑利润实现时间和资金时间价值 B．没有考虑风险问题 C．没有反映创造的利润与投入的资本之间的关系 D．可能导致企业短期财务决策倾向，影响企业长远发展
5．以股东财富最大化作为财务管理目标存在的问题有( ABC )。 A．通常只适用于上市公司 B．股价不能完全准确反映企业财务管理状况 C．对其他相关者的利益重视不够 D．没有考虑风险因素 6．下列财务管理的目标当中，考虑了风险因素的有( BCD )。 A．利润最大化 B．股东财富最大化 C．企业价值最大化 D．相关者利益最大化 7．在分配活动中，企业财务管理的核心任务是( BC )。 A. 确定筹资结构 B. 确定分配规模 C．确定分配方式 D. 确定投资方向 8．利润最大化目标和每股利润最大化目标存在的共同缺陷有( ABD )。 A．没有考虑货币时间价值 B．没有考虑风险因素 C．没有考虑利润与资本的关系 D. 容易导致短期行为 11．下列属于货币市场工具的有( BD )。 A．股票 B．短期国库券 C．债券 D．回购协议 项目二财务管理价值观念培养 一、单项选择题 2．一定时期内每期期初等额收付的系列款项是( A )。 A．即付年金 B．永续年金 C．递延年金 D．普通年金 4．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＝l-(1+r／m)-m 5．甲某拟存入一笔资金以备3年后使用。假定银行3年期存款年利率为5％，甲某3年后需用的资金总额为34 500元，则在单利计息情况下，目前需存入的资金为( A )元。 A．30 000 B．29 803．04 C．32 857．14 D．31 500 6．如果某人5年后想拥有50 000元，在年利率为5％、单利计息的情况下，他现在必
112公司理财计算题 第二章：财务比率的计算 （一）反映偿债能力的指标 1、资产负债率= 资产总额 负债总额 ×100% =所有者权益负债长期负债流动负债++×100%（资产=负债+所有者权益） 2、流动比率= 流动负债 流动资产 ×100% 3、速动比率= 流动负债 速动资产 ×100% =流动负债待摊费用存货预付账款流动资产---×100% 4、现金比率= 流动负债 短期投资短期有价证券货币资金现金) ()(+×100% (二) 反映资产周转情况的指标 1、应收账款周转率= 平均应收账款余额赊销收入净额=2 --÷+期末应收账款）（期初应收账款销售退回、折让、折扣 现销收入销售收入 2、存货周转率= 平均存货销货成本 =2 ÷+期末存货）（期初存货销货成本 习题： 1、某公司20××年末有关财务资料如下：流动比率=200%、速动比率=100%、现金比率=50%、流动 负债 = 1000万元，该公司流动资产只包括货币资金、短期投资、应收账款和存货四个项目（其 中短期投资是货币资金的4倍）。要求：根据上述资料计算货币资金、短期投资、应收账款和存 货四个项目的金额。 2、某公司20××年末有关财务资料如下：流动比率=200%、速动比率=100%、现金比率=20%、资产负债率=50%、长期负债与所有者权益的比率为25%。要求：根据上述资料填列下面的资产负债表简表。 资 产 负 债 表（简） （单位：元） 3、某公司年初应收账款56万元、年末应收账款60万元，年初存货86 万元、年末存货90万元， 本年度销售收入为680万元（其中现销收入480万元，没有销售退回、折让和折扣），销货成本
公司理财（11.04） 第一章公司理财概述 一、单项选择题 1、在筹资理财阶段，公司理财的重点内容是（ B ）。 A有效运用资金 B如何设法筹集到所需资金 C研究投资组合 D国际融资 二、多项选择题 1、公司财务活动的内容包括（ ABCDE ）。 A资金的筹集 B资金的运用 C资金的耗费 D资金的收回 E资金的分配 三、填空题 1、在内部控制理财阶段，公司理财的重点内容是如何有效地（运用资金）。 2、西方经济学家和企业家以往都以（利润最大化）作为公司的经营目标和理财目标。 3、现代公司理财的目标是（股东财富最大化）。 4、公司资产价值增加，生产经营能力提高，意味着公司具有持久的、强大的获利能力和（偿 债能力）。 5、当（股票价格）达到最高时，意味着股东财富达到最大化。 6、公司筹资的渠道主要有两大类，一是（自有资本）的筹集，二是（借入资本）的筹集。 四、简答题 1、为什么以股东财富最大化作为公司理财目标？P14 （1）考虑到了货币时间价值和风险价值；（2）体现了对公司资产保值增值的要求；（3）有利于克服公司经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。 2、公司理财的具体内容是什么？P16-17 （1）筹资决策；（2）投资决策；（3）股利分配决策。 第二章财务报表分析 一、单项选择题 1、资产负债表为（ B ）。 A动态报表 B静态报表 C动态与静态相结合的报表 D既不是动态报表也不是静态报表 2、下列负债中属于长期负债的是（ D ）。 A应付账款 B应交税金 C预计负债 D应付债券 3、公司流动性最强的资产是（）。A A货币资金 B短期投资 C应收账款 D存货 4、利润表中的收入是按（ B ）确认的。 A收付实现制 B权责发生制 C永续盘存制 D实地盘存制 5、下列各项费用中属于财务费用的是（ C ）。 A广告费 B劳动保险费 C利息支出 D坏账损失 6、反映公司所得与所费的比例关系的财务指标是（）。D A销售利润率 B总资产周转率 C资产利润率 D成本费用利润率 二、多项选择题 1、与资产负债表中财务状况的计量直接联系的会计要素有（ ABC ）。 A资产 B负债 C所有者权益 D成本费用 E收入利润 2、与利润表中经营成果的计量有直接联系的会计要素有（ BCD ）。 A资产 B收入 C成本和费用 D利润 E所有者权益 3、反映偿债能力的财务指标主要有（ ABCD ）。 A资产负债率 B流动比率 C速动比率 D现金比率 E存货周转率 三、填空题 1、资产的实质是（经济资源）。 2、公司所有者权益的金额为（资产）减去（负债）后的余额。 3、公司的法定盈余公积在转增资本后，一般不得低于注册资金的（25% ）。C 4、固定资产的计价标准有原始价值、重置价值和（净值）三种。
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.
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？
《财务管理》练习题及答案五 一、单项选择题 1、在我国，基准利率通常是指（ B ）。 A、中央银行的再贴现率 B、中国人民银行对商业银行贷款的利率 C、国库券利率 D、一年期活期存款利率 2、在其他条件相同的情况下，5年期债券与3年期债券相比（ D ）。 A、通货膨胀补偿率较大 B、违约风险收益率较大 C、流动性风险收益率较大 D、期限风险收益率较大 3、在协调企业所有者与经营者的关系时，通过所有者约束经营者的一种办法是（ A ） A、解聘 B、接受 C、激励 D、提高报酬 4、财务管理的核心是（B ）。 A、财务预测 B、财务决策 C、财务预算 D、财务控制 5、决定利息率高低最基本的因素为（ D ）。 A、经济周期 B、宏观经济政策 C、中央银行的利率水平 D、资金的需求和供给水平 6、企业价值是指（ B ）。 A、企业账面资产的总价值 B、企业全部财产的市场价值 C、企业有形资产的总价值 D、企业的清算价值 7、以企业价值最大化作为财务管理的目标，它具有的优点不包括（ A ）。 A、考虑了资金的时间价值和投资的风险价值 B、有利于社会资源的合理配置 C、反映了对企业资产保值增值的要求 D、即期上市公司股价可以直接揭示企业获利能力 8、对于财务关系的表述，下列不正确的是（C ）。 A、企业与受资者的财务关系体现所有权性质的投资与受资的关系 B、企业与政府间的财务关系体现为强制和无偿的分配关系 C、企业与职工之间的财务关系属于债务与债权关系 D、企业与债权人之间的财务关系属于债务与债权关系 9、下列说法错误的是（B ）。 A、筹资活动是指企业为了满足投资和用资的需要，筹措和集中所需资金的过程 B、广义的投资包括企业内部使用资金的过程和对外投放资金的过程，狭义的投资仅指企业内部使用资金的过程 C、资金营运活动是指企业在日常生产经营过程中所发生的资金收付活动 D、广义的分配是指企业对各种收入进行分割和分派的过程；狭义的分配仅指对净利润的分配 10、企业财务管理最为主要的环境因素是（D ）。 A、法律环境 B、经济环境 C、政治环境 D、金融环境 11、下列说法不正确的是（A ）。 A、资本市场所交易的金融工具有较强的货币性 B、金融市场按照金融工具的属性分为基础性金融市场和金融衍生品市场
一、单选题 1. 以下哪个例子表现了在商业领域所使用到“可疑的”道德规范？（） A. 吸引和保持新客户 B. 雇佣和留住技术人员 C. 紧跟行业竞争 D. 与有“可疑的”道德规范的公司做交易 E. 以上都说法都不正确 2. 以下哪项工作可以减少股东与债权人的代理冲突（） A. 在公司债券合同中包含限制性的条款 B. 向经理提供大量的股票期权 C. 通过法律使得公司更容易抵制敌意收购 D. B和C是正确的 E. 以上所有都是正确的 3. 上市公司在考虑股东利益时追求的主要目标应该是（） A. 预期的总利润最大化 B. 预期的每股收益（EPS）最大化 C. 亏损机会最小化 D. 每股股价最大化 4. 公司X和Y的信息如下：公司X比公司Y有较高的期望收益率，公司X比公司Y有较低的标准差，公司X比公司Y有较高的贝塔系数。根据这些信息，以下哪种陈述是最正确的（） A. 公司X比公司Y有较低的变异系数 B. 公司X比公司Y有更多的公司特有的风险 C. 公司X的股票比公司Y的股票更值得购买 D. A和B是正确的 E. A，B，和C是正确的 5. 在进行资本预算分析计算加权平均资本成本时，以下那项不被列入资本要素部分？（）
A. 长期负债 B. 普通股 C. 应付账款和利息 D. 优先股 6. 以下哪种说法最正确？（） A. 折旧率经常会影响经营现金流，即使折旧不是一项现金费用 B. 公司在做投资决策时应该将沉没成本列入考虑范围中 C. 公司在做投资决策时应该将机会成本列入考虑范围中 D. 说法A和C是正确的 E. 以上的说法都是正确的 7. 一家公司正在考虑一个新项目。公司的财务总监计划通过WACC折现相关的现金流来计算项目的净现值（其中，现金流包括初始投资成本，经营现金流以及项目终结时的现金流）。以下的哪种因素会在估计相关的现金流时列入财务总监的考虑范畴？（） A. 任何与项目相关的沉没成本 B. 任何与项目相关的利息费用 C. 任何与项目相关的机会成本 D. 说法B和C是正确的 E. 以上的说法都是正确的 8. 以下哪项是Bev’sBeverageInc.公司在评估橘子水项目时必须考虑的？（） A. 公司两年前花费$300,000来修复它在辛辛那提的工厂，这些修缮是公司在另一个项目中进行的，但是该项目最终没有被实施。 B. 假如公司没有继续这个橘子水项目，那家辛辛那提工厂能够产生每年$75,000的出租收入。 C. 假如公司继续这个项目，据估计公司的另一种饮料的销售会每年下降3%。 D. 说法B和C是正确的 E. 以上的说法都是正确的 9. 回收期法的一个主要缺陷是：（） A. 作为风险指标是无用的 B. 忽视了回收期外的现金流 C. 没有直接计算货币的时间价值 D. 说法B和C是正确的 E. 以上的说法都是正确的 10. 以下哪种行为将使公司留存收益的间断点推后。（） A. 公司净收益提高 B. 公司股利支付率提高 C. 在公司资本结构中，权益的比重上升 D. 公司资本预算金额上升 E. 以上所有行为都会提高留存收益的间断点
【思考与练习题】部分习题参考答案 第3章 6. 该公司资产负债表为 XX公司资产负债表XX年12月31日资产期末余额负债及所有者权益期末余额 流动资产流动负债 现金及其等400 应付账款600 价物800 应交税金200 应收账款1200 流动负债合计800 流动资产合计非流动负债 非流动资产3400 应付债券700 固定资产8200 非流动负债合计700 无形资产11600 所有者权益 非流动资产合计实收资本8800 股本溢价1900 留存收益600 所有者权益合计11300 资产总计12800 资产及所有者权益合计12800 7. 公司2007年的净现金流为-25万元。 8. 各比例如下： 4. （1）1628.89 元；（2）1967.15 元；（3）2653.30 元 5. 现在要投入金额为38.55万元。 6. 8年末银行存款总值为6794.89元（前4年可作为年金处理）。 7. （1）1259.71 元；（2）1265.32 元；（3）1270.24 元；（4）1271.25 元；（5）其他条件不变的情况下，同一利息期间计息频率越高，终值越大；至琏续计算利息时达到最大值。 8. （1）每年存入银行4347.26元；（2）本年存入17824.65元。 9. 基本原理是如果净现值大于零，则可以购买；如果小于零，则不应购买。 NPV=-8718.22，小于零，故不应该购买。 第5章 8. （1）该证券的期望收益率=0.15 X 8%+0.30X 7%+0.40X 10%+0.15X 15%=9.55%
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习题一 1.5.1单项选择题 1 ．不能偿还到期债务是威胁企业生存的（）。 A ．外在原因 B ．内在原因 C ．直接原因 D ．间接原因 2．下列属于有关竞争环境的原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．自利行为原则3．属于信号传递原则进一步运用的原则是指（） A ．自利行为原则 B ．比较优势原则 C . 引导原则 D ．期权原则 4 ．从公司当局可控因素来看，影响报酬率和风险的财务活动是（）。 A ．筹资活动 B ．投资活动 C ．营运活动 D ．分配活动 5 ．自利行为原则的依据是（）。 A ．理性的经济人假设 B ．商业交易至少有两方、交易是“零和博弈”，以及各方都是自利的 C ．分工理论 D ．投资组合理论 6 ．下列关于“有价值创意原则”的表述中，错误的是（）。 A ．任何一项创新的优势都是暂时的 B ．新的创意可能会减少现有项目的价值或者使它变得毫无意义 C ．金融资产投资活动是“有价值创意原则”的主要应用领域 D ．成功的筹资很少能使企业取得非凡的获利能力 7 ．通货膨胀时期，企业应优先考虑的资金来源是（） A ．长期负债 B ．流动负债 C ．发行新股 D ．留存收益 8．股东和经营者发生冲突的根本原因在于（）。 A ．具体行为目标不一致 B ．掌握的信息不一致 C ．利益动机不同 D ，在企业中的地位不同 9 ．双方交易原则没有提到的是（）。 A ．每一笔交易都至少存在两方，双方都会遵循自利行为原则 B ．在财务决策时要正确预见对方的反映 C ．在财务交易时要考虑税收的影响 D ．在财务交易时要以“自我为中心” 10．企业价值最大化目标强调的是企业的（）。 A ．预计获利能力 B ．现有生产能力 C ．潜在销售能力 D ．实际获利能力11．债权人为了防止其利益受伤害，通常采取的措施不包括（）。 A ．寻求立法保护 B ．规定资金的用途 C ．提前收回借款 D ．不允许发行新股12．理性的投资者应以公司的行为作为判断未来收益状况的依据是基于（）的要求。 A ．资本市场有效原则 B ．比较优势原则 C ．信号传递原则 D ．引导原则13．以每股收益最大化作为财务管理目标，存在的缺陷是（）。 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 ．没有考虑风险因素和时间价值 14 ．以下不属于创造价值原则的是（）。 A ．净增效益原则 B ．比较优势原则 C ．期权原则 D ．风险—报酬权衡原则 15. 利率=（）＋通货膨胀附加率＋变现力附加率+违约风险附加率+到期风险附加率。 A ．物价指数附加率 B ．纯粹利率 C ．风险附加率 D ．政策变动风险 1.5.2多项选择题
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.
中南大学现代远程教育课程考试复习试题及参考答案 公司理财 一、名词解释 1.财务分析 2.年金 3.风险报酬 4.机会成本 5?贝他系数6?债券7?时间价值8?财务杠杆 9?信用政策10?市场风险□?经济批量12?租赁 13?经营杠杆14?优先股25?资金成本16?最优资本结构 二.判断正误 2.企业价值最大化强调的是企业预期的获利能力而非实际利润() 2?企业股东、经营者、在财务管理工作中的口标是一致的，所以他们之间没有任何利害冲突() 3?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() 4?在终值和计息期不变的情况下，贴现率越高，则现值越小() 5?递延年金终值受递延期的影响，递延期越长，递延年金的终值越大；递延期越短，递延年金的终值越小() ■ 6.存本取息可视为永续年金的例子() 7?在一般情况下，报酬率相同时人们会选择风险大的项Lh风险相同时，会选择报酬率高的项目() &在期望值不同的悄况下，标准离差率越大，风险越大；反之标准离差率越小，风险越小 () 9.如果一个企业的盈利能力越高，则该企业的偿债能力也一定较好() 10?产权比率高，是高风险、高报酬的财务结构；产权比率低，是低风险、低报酬的财务结构() ?风险和损失属于同一概念() 12.资产负债率中的负债总额不仅应包括长期负债，还应包括短期负债() ( 13.筹资渠道解决的是资金来源问题，筹资方式则解决通过何种方式取得资金的问题，它们之间是一一对应关系数() 14?普通股股东具有查账权，因此每位股东都可以自山查阅公司的账口() 15?—般而言而，利息保障系数越大，表明企业可以还债的可能性也越大() 16?在杠杆租赁中，出租人也是借款人() 17?现金折扣政策"2/10〃表示:若在2天内付款，可以享受10%的价格优惠() 18?发行普通股筹集的资本是公司最基本的资本来源，它反映了公司的实力，可 作为其他方式筹资的基础，尤其可为股东提供保障，增强公司的举债能力() 19?订货成本与企业每次订货的数量无关() 20?已获利息倍数中的“利息费用”仅指财务费用中的利息费用，而不包括计入固
公司理财复习题(小小) 注:本人在百忙之中经过几天几夜整理,只求考试过关,难免有差错和漏洞. 红色部分为不知道答案部份.请各位同学再汇总一下.并在群中分享,谢谢! 1.企业组织形态中的单一业主制和合伙制有哪四个主要的缺点？这两种企业组织形态相对公司形态而言，有哪些优点？ 答:单一业主制企业的缺点 虽然单一业主制有如上的优点，但它也有比较明显的缺点。一是难以筹集大量资金。因为一个人的资金终归有限，以个人名义借贷款难度也较大。因此，单一业主制限制了企业的扩展和大规模经营。二是投资者风险巨大。企业业主对企业负无限责任，在硬化了企业预算约束的同时，也带来了业主承担风险过大的问题，从而限制了业主向风险较大的部门或领域进行投资的活动。这对新兴产业的形成和发展极为不利。三是企业连续性差。企业所有权和经营权高度统一的产权结构，虽然使企业拥有充分的自主权，但这也意味着企业是自然人的企业，业主的病、死，他个人及家属知识和能力的缺乏，都可能导致企业破产。四是企业内部的基本关系是雇佣劳动关系，劳资双方利益目标的差异，构成企业内部组织效率的潜在危险。 合伙制企业的缺点 然而，合伙制企业也存在与单一业主制企业类似的缺陷。一是合伙制对资本集中的有限性。合伙人数比股份公司的股东人数少得多，且不能向社会集资，故资金有限。二是风险性大。强调合伙人的无限连带责任，使得任何一个合伙人在经营中犯下的错误都由所有合伙人以其全部资产承担责任，合伙人越多，企业规模越大，每个合伙人承担的风险也越大，合伙人也就不愿意进行风险投资，进而妨碍企业规模的进一步扩大。三是合伙经营方式仍然没有简化自然人之间的关系。由于经营者数量的增加，在显示出一定优势的同时，也使企业的经营管理变得较为复杂。合伙人相互间较容易出现分歧和矛盾，使得企业内部管理效率下降，不利于企业的有效经营。 单一业主制企业的优点 单一业主制企业是企业制度序列中最初始和最古典的形态，也是民营企业主要的企业组织形式。其主要优点为：一是企业资产所有权、控制权、经营权、收益权高度统一。这有利于保守与企业经营和发展有关的秘密，有利于业主个人创业精神的发扬。二是企业业主自负盈亏和对企业的债务负无限责任成为了强硬的预算约束。企业经营好坏同业主个人的经济利益乃至身家性命紧密相连，因而，业主会尽心竭力地把企业经营好。三是企业的外部法律法规等对企业的经营管理、决策、进入与退出、设立与破产的制约较小。 合伙制企业的优点 合伙制作为一种联合经营方式，在经营上具有的主要优点有：一是出资者人数的增加，从一定程度上突破了企业资金受单个人所拥有的量的限制，并使得企业从外部获得贷款的信用能力增强、扩大了企业的资金来源。这样不论是企业的内部资金或外部资金的数量均大大超过单一业主制企业，有利于扩大经营规模。二是由于风险分散在众多的所有者身上，使合伙制企业的抗风险能力较之单一业主制企业大大提高。企业可以向风险较大的事业领域拓展，拓宽了企业的发展空间。三是经营者即出资者人数的增加，突破了单个人在知识、阅历、经验等方面的限制。众多的经营者在共同利益驱动下，集思广益，各显其长，从不同的方面进行企业的经营管理，必然会有助于企业经营管理水平的提高。
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.
公司理财复习题 一、单选选择题 1、企业的管理目标的最优表达是（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 2、把若干财务比率用线性关系结合起来,以此评价企业信用水平的方法是(B ) A杜邦分析法B沃尔综合评分法C预警分析法D经营杠杆系数分析3、“5C”系统中的“信用品质”是指（ D ） A．不利经济环境对客户偿付能力的影响 B．客户偿付能力的高低 C．客户的经济实力与财务状况 D．客户履约或赖账的可能性4、投资报酬分析最主要的分析主体是( B ) A上级主管部门B投资人C长期债人D短期债权人 5、普通年金终值系数的倒数称为（ B ） A复利终值系数B偿债基金系数C普通年金现值系数D投资回收系数6、为了直接分析企业财务善和经营成果在同行中所处的地位,需要进行同业比较分析,其中行业标准产生的依据是( D ) A历史先进水平B历史平均水平C行业先进水平D行业平均水平 7、J公司2008年的主营业务收入为500 000万元，其年初资产总额为650 000万元，年末资产总额为600 000万元，则该公司的总资产周转率为( D) A。77 B。83 C。4 D。8 8、下列选项中，不属于资产负债表中长期资产的是( A ) A应付债券B固定资产C无形资产D长期投资 9、计算总资产收益率指标时，其分子是( B )。 A. 利润总额 B. 净利润 C. 息税前利润 D. 营业利润 10．在财务报表分析中，投资人是指（D）。 A 社会公众B金融机构 C 优先股东D普通股东 11．流动资产和流动负债的比值被称为（A ）。 A流动比率B速动比率C营运比率D资产负债比率12．下列各项中，（D）不是影响固定资产净值升降的直接因素。 A固定资产净残值B固定资产折旧方法 C折旧年限的变动D固定资产减值准备的计提 13、债权人在进行企业财务分析时，最为关注的是（B）。 A.获利能力 B.偿债能力 C.发展能力 D.资产运营能力 14、能够直接取得所需的先进设备和技术，从而能尽快地形成企业的生产经营能力的筹资形式是（ B ） A．股票筹资B．吸收直接投资C．债券筹资D．融资租赁 15、下列项目中，属于非交易动机的有（ D ） A支付工资B购买原材料C偿付到期债务D伺机购买质高价廉的原材料16、下列项目中属于非速动资产的有（ D ） A．应收账款净额B．其他应收款C．短期投资 D．存货 17、下列（ C）不属于固定资产投资决策要素。 A.可用资本的成本和规模 B. 项目盈利性 C. 决策者的主观意愿和能力 D. 企业承担风险的意愿和能力 18、确定一个投资方案可行的必要条件是（ B ）。