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Chapter1 IntroductiontoCorporateFinanceCopyright?2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin Chapter1Copyright?2013byKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtherole

ofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthat

canarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarketsKeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceand

theFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControl

oftheCorporationFinancialMarkets

andtheCorporationChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthat

areansweredusingfinance:Whatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?CorporateFinanceSomeimportan5BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotal

ValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:5BalanceSheetModeloftheFi6TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?6TheCapitalBudgetingDecisio7TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebt7TheCapitalStructureDecisio8Short-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2Intangible8Short-TermAssetManagementHo

A.

Decidingwhentorepayalong-termdebt

B.

Determininghowmuchinventorytokeeponhand

C.

Determininghowmuchdebtshouldbeborrowedfromaparticularlender

D.

Decidingwhetherornottoopenanewstore

E.

DetermininghowmuchmoneyshouldbekeptinthecheckingaccountWhichoneofthefollowingisacapitalbudgetingdecision?

1-9

A.

DecidingwhentorepayaI.accountspayable

II.accountsreceivable

III.long-termdebt

IV.inventory

A.

IandIIonly

B.

IandIIIonly

C.

IIandIVonly

D.

I,II,andIVonly

E.

I,III,andIVonlyWorkingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?

1-10I.accountspayable

II.accounFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpenditures,andfinancialplanningController–overseestaxes,costaccounting,financialaccountinganddataprocessingFinancialManagerFinancialman1-12HypotheticalOrganizationChartChairmanoftheBoardand

ChiefExecutiveOfficer(CEO)PresidentandChief

OperatingOfficer(COO)VicePresidentand

ChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccounting

DataProcessing

BoardofDirectors1-12HypotheticalOrganization1.

Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:

A.

chairmanoftheboard.

B.

director.

C.

chiefexecutiveofficer.

D.

treasurer.

E.

controller.2.

Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:

1-131.

ThepersongenerallydirectWhichofthefollowingquestionsareaddressedbyfinancialmanagers?

I.Howshouldaproductbemarketed?

II.Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

III.Shouldthefirmborrowmoremoney?

IV.Shouldthefirmacquirenewequipment?

WhichofthefollowingquestioFinancialManagementDecisionsCapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleProprietorshipPartnershipGeneralLimitedCorporationLimitedLiabilityCompanyFormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincomeDisadvantagesLimitedtolife

ofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliabilityDifficulttosellownershipinterestSoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincomeDisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownershipPartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)CorporationAdvantagesDisadvantI.limitedlifeofthefirm

II.personalliabilityforfirmdebt

III.greaterabilitytoraisecapitalthanasoleproprietorship

IV.lackofabilitytotransferpartnershipinterest

A.

IandIIonly

B.

IIIandIVonly

C.

IIandIIIonly

D.

I,II,andIVonly

E.

I,III,andIVonlyWhichofthefollowingaredisadvantagesofapartnership?1-20I.limitedlifeofthefirm

II

I.limitedliabilityforfirmdebt

II.doubletaxation

III.abilitytoraisecapital

IV.unlimitedfirmlife

A.

IandIIonly

B.

IIIandIVonly

C.

I,II,andIIIonly

D.

II,III,andIVonly

E.

I,III,andIVonlyWhichofthefollowingareadvantagesofthecorporateformofbusinessownership?1-21

I.limitedliabilityforfirGoalofFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizethecurrentvalueofthecompany’sstock?Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?GoalofFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagentto

representhis/herinterestsStockholders(principals)hire

managers(agents)torunthecompanyAgencyproblemConflictofinterestbetween

principalandagentManagementgoalsandagencycostsTheAgencyProblemAgencyrelat

A.

Increasingcurrentcostsinordertoincreasethemarketvalueofthestockholders'equity

B.

Agreeingtoexpandthecompanyattheexpenseofstockholders'value

C.

Refusingtolowersellingpricesifdoingsowillreducethenetprofits

D.

Agreeingtopaybonusesbasedonthebookvalueofthecompanystock

E.

RefusingtoborrowmoneywhendoingsowillcreatelossesforthefirmWhichoneofthefollowingactionsbyafinancialmanagercreatesanagencyproblem?1-24

A.

IncreasingcurrentcostsiManagingManagersManagerialcompensationIncentivescanbeusedtoalign

managementandstockholderinterestsTheincentivesneedtobestructuredcarefully

tomakesurethattheyachievetheirgoalCorporatecontrolThethreatofatakeovermayresultinbettermanagementOtherstakeholdersManagingManagersManagerialcoWorktheWebExampleTheInternetprovidesawealthofinformationaboutindividualcompaniesOneexcellentsiteisClickonthewebsurfertogotothesite,chooseacompanyandseewhatinformationyoucanfind!WorktheWebExampleTheInternFinancialMarketsCashflowstoandfromthefirmPrimaryvs.secondarymarketsDealervs.auctionmarketsListedvs.over-the-countersecuritiesNYSENASDAQFinancialMarketsCashflowstoQuickQuizWhatarethethreetypesoffinancialmanagementdecisionsandwhatquestionsaretheydesignedtoanswer?Whatarethethreemajorformsofbusinessorganization?Whatisthegoaloffinancialmanagement?Whatareagencyproblemsandwhydotheyexistwithinacorporation?Whatisthedifferencebetweenaprimarymarketandasecondarymarket?QuickQuizWhatarethethreetEthicsIssuesIsitethicalfortobaccocompaniestosellaproductthatisknowntobeaddictiveandadangertothehealthoftheuser?Isitrelevantthattheproductislegal?Shouldboardsofdirectorsconsideronlypricewhenfacedwithabuyoutoffer?Isitethicaltoconcentrateonlyonshareholderwealth,orshouldstakeholdersasawholebeconsidered?Shouldfirmsbepenalizedforattemptingtoimprovereturnsbystiflingcompetition(e.g.,Microsoft)?EthicsIssuesIsitethicalforEndofChapterEndofChapter

Chapter1 IntroductiontoCorporateFinanceCopyright?2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin Chapter1Copyright?2013byKeyConceptsandSkillsKnowthebasictypesoffinancialmanagementdecisionsandtherole

ofthefinancialmanagerKnowthefinancialimplicationsofthedifferentformsofbusinessorganizationKnowthegoaloffinancialmanagementUnderstandtheconflictsofinterestthat

canarisebetweenownersandmanagersUnderstandthevarioustypesoffinancialmarketsKeyConceptsandSkillsKnowthChapterOutlineCorporateFinanceand

theFinancialManagerFormsofBusinessOrganizationTheGoalofFinancialManagementTheAgencyProblemandControl

oftheCorporationFinancialMarkets

andtheCorporationChapterOutlineCorporateFinanCorporateFinanceSomeimportantquestionsthat

areansweredusingfinance:Whatlong-terminvestmentsshouldthefirmtakeon?Wherewillwegetthelong-termfinancingtopayfortheinvestment?Howwillwemanagetheeverydayfinancialactivitiesofthefirm?CorporateFinanceSomeimportan35BalanceSheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleTotal

ValueofAssets:Shareholders’EquityCurrentLiabilitiesLong-TermDebtTotalFirmValuetoInvestors:5BalanceSheetModeloftheFi36TheCapitalBudgetingDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmchoose?6TheCapitalBudgetingDecisio37TheCapitalStructureDecisionHowshouldthefirmraisefundsfortheselectedinvestments?CurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebt7TheCapitalStructureDecisio38Short-TermAssetManagementHowshouldshort-termassetsbemanagedandfinanced?NetWorkingCapitalShareholders’EquityCurrentLiabilitiesLong-TermDebtCurrentAssetsFixedAssets1Tangible2Intangible8Short-TermAssetManagementHo

A.

Decidingwhentorepayalong-termdebt

B.

Determininghowmuchinventorytokeeponhand

C.

Determininghowmuchdebtshouldbeborrowedfromaparticularlender

D.

Decidingwhetherornottoopenanewstore

E.

DetermininghowmuchmoneyshouldbekeptinthecheckingaccountWhichoneofthefollowingisacapitalbudgetingdecision?

1-39

A.

DecidingwhentorepayaI.accountspayable

II.accountsreceivable

III.long-termdebt

IV.inventory

A.

IandIIonly

B.

IandIIIonly

C.

IIandIVonly

D.

I,II,andIVonly

E.

I,III,andIVonlyWorkingcapitalmanagementincludesdecisionsconcerningwhichofthefollowing?

1-40I.accountspayable

II.accounFinancialManagerFinancialmanagerstrytoanswersomeorallofthesequestionsThetopfinancialmanagerwithinafirmisusuallytheChiefFinancialOfficer(CFO)Treasurer–overseescashmanagement,creditmanagement,capitalexpenditures,andfinancialplanningController–overseestaxes,costaccounting,financialaccountinganddataprocessingFinancialManagerFinancialman1-42HypotheticalOrganizationChartChairmanoftheBoardand

ChiefExecutiveOfficer(CEO)PresidentandChief

OperatingOfficer(COO)VicePresidentand

ChiefFinancialOfficer(CFO)TreasurerControllerCashManagerCapitalExpendituresCreditManagerFinancialPlanningTaxManagerFinancialAccountingCostAccounting

DataProcessing

BoardofDirectors1-12HypotheticalOrganization1.

Thepersongenerallydirectlyresponsibleforoverseeingthetaxmanagement,costaccounting,financialaccounting,andinformationsystemfunctionsisthe:

A.

chairmanoftheboard.

B.

director.

C.

chiefexecutiveofficer.

D.

treasurer.

E.

controller.2.

Thepersongenerallydirectlyresponsibleforoverseeingthecashandcreditfunctions,financialplanning,andcapitalexpendituresisthe:

1-431.

ThepersongenerallydirectWhichofthefollowingquestionsareaddressedbyfinancialmanagers?

I.Howshouldaproductbemarketed?

II.Shouldcustomersbegiven30or45daystopayfortheircreditpurchases?

III.Shouldthefirmborrowmoremoney?

IV.Shouldthefirmacquirenewequipment?

WhichofthefollowingquestioFinancialManagementDecisionsCapitalbudgetingWhatlong-terminvestmentsorprojectsshouldthebusinesstakeon?CapitalstructureHowshouldwepayforourassets?Shouldweusedebtorequity?WorkingcapitalmanagementHowdowemanagetheday-to-dayfinancesofthefirm?FinancialManagementDecisionsFormsofBusinessOrganizationThreemajorformsintheUnitedStatesSoleProprietorshipPartnershipGeneralLimitedCorporationLimitedLiabilityCompanyFormsofBusinessOrganizationSoleProprietorshipAdvantagesEasiesttostartLeastregulatedSingleownerkeepsalltheprofitsTaxedonceaspersonalincomeDisadvantagesLimitedtolife

ofownerEquitycapitallimitedtoowner’spersonalwealthUnlimitedliabilityDifficulttosellownershipinterestSoleProprietorshipAdvantagesDPartnershipAdvantagesTwoormoreownersMorecapitalavailableRelativelyeasytostartIncometaxedonceaspersonalincomeDisadvantagesUnlimitedliabilityGeneralpartnershipLimitedpartnershipPartnershipdissolveswhenonepartnerdiesorwishestosellDifficulttotransferownershipPartnershipAdvantagesDisadvantCorporationAdvantagesLimitedliabilityUnlimitedlifeSeparationofownershipandmanagementTransferofownershipiseasyEasiertoraisecapitalDisadvantagesDoubletaxation(incometaxedatthecorporaterateandthendividendstaxedatthepersonalrate)CorporationAdvantagesDisadvantI.limitedlifeofthefirm

II.personalliabilityforfirmdebt

III.greaterabilitytoraisecapitalthanasoleproprietorship

IV.lackofabilitytotransferpartnershipinterest

A.

IandIIonly

B.

IIIandIVonly

C.

IIandIIIonly

D.

I,II,andIVonly

E.

I,III,andIVonlyWhichofthefollowingaredisadvantagesofapartnership?1-50I.limitedlifeofthefirm

II

I.limitedliabilityforfirmdebt

II.doubletaxation

III.abilitytoraisecapital

IV.unlimitedfirmlife

A.

IandIIonly

B.

IIIandIVonly

C.

I,II,andIIIonly

D.

II,III,andIVonly

E.

I,III,andIVonlyWhichofthefollowingareadvantagesofthecorporateformofbusinessownership?1-51

I.limitedliabilityforfirGoalofFinancialManagementWhatshouldbethegoalofacorporation?Maximizeprofit?Minimizecosts?Maximizemarketshare?Maximizethecurrentvalueofthecompany’sstock?Doesthismeanweshoulddoanythingandeverythingtomaximizeownerwealth?GoalofFinancialManagementWhTheAgencyProblemAgencyrelationshipPrincipalhiresanagentto

representhis/herinterestsStockholders(principals)hire

managers(agents)torunthecompanyAgencyproblemConflictofinterestbetween

principalandagentManagementgoalsandagencycostsTheAgencyProblemAgencyrelat

A.

Increasingcurrentcostsinordertoincreasethemarketvalueofthestockholders'equity

B.

Agreeingtoexpandthecompanyattheexpenseofstockholders'value

C.

Refusingtolowersellingpricesifdoingsowillreducethenetprofits

D.

Agreeingtopaybonusesbasedonthebookvalueofthecompanystock

E.

Refusingtoborrowmoneywhendoingso

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