第1題Wecanusethe（）toanswerthequestion:Whatlongterminvestmentsshouldthefirmchoose?ATheCapitalBudgetingDecisionBTheCapitalStructureDecisionCShort-TermAssetManagementDCashManagement第2題ThebalancesheetofmodelofthefirmisAssets=Liabilities+Shareholder'sequity.第1題Thebusinessorganizationownedbyonepersoniscalled()APartnershipBCorporationCSoleProprietorshipDNoneofabove第2題Oneoftheadvantagesofthecorporationislimitedliability.1.3TheImportanceofCashFlows第1題CashFlowisequaltoAccountingIncome.第2題Thecashflowofthecompanyhasthreedirections,whichare（）AtaxesBdividendsandpaymentsCretainedcashflowsDNoneofabove正確答案：ABC1.4TheGoalofFinancialManagement第1題Fromtheaspectoftheshareholder,thegoaloffinancialmanagementisto()AminimizecostsBmaximizeoutputCmaximizesalesormarketshareDmaximizethecurrentvaluepershareoftheexistingstock第2題Thecorporatefinanceasthestudyoftherelationshipbetweenbusinessdecisionsand()inthebusiness.AthevalueofthestockBtheshareholdersCthecreditorsDthefirm1.5TheAgencyProblemandControloftheCorporation第1題Incentivescan’tbeusedtoalignmanagementandstockholder.第2題Managerialgoalsmaybedifferentfromshareholdergoals.1.IntroductiononCorporateFinance單元測驗(yàn)第1題Fixedassetscanbedividedintotangibleassetsandintangibleassets.第2題Thethreeformsofbusinessorganizationare()ASoleproprietorshipBPartnershipCCommercialbankDThecorporation正確答案：ABD第3題Corporatefinanceisthestudyoftherelationshipbetweenbusinessdecisionsandthevalueofthestockinthebusiness.第4題Theagencyproblemistheconflictofinterestbetweenprincipaland()AStakeholderBAgentCStaffDNoneoftheabove第5題Whichofthefollowingmeasurescanmanagemanagers?ACorporatecontrolBInfluenceofotherstakeholdersCManagerialcompensationDalloftheabove第6題Therevenuefromcorebusinessisbetterthanrevenuefromothers.第7題Whichofthefollowingarethedisadvantagesofthepartnership？AUnlimitedliabilityBLimitedlifeoftheenterpriseCDifficultyoftransferringownershipDDifficultyinraisingcash正確答案：ABCD第8題Thecashflowsfromthefinancialmarketsmustexceedthecashflowsfromthefirm.2.1TheBalanceSheet第1題Whatistheassetequalto？Aliabilities+equityBcurrentliabilities+long-termdebtCshareholder’sequalityDcurrentassets+currentliabilities第2題TheBalanceSheetisanaccountant’ssnapshotofthefirm’saccountingvalueataspecificpointintime.第3題Thefinancialstatementshowingafirm’saccountingvalueonaparticulardateisthe（）.AincomestatementBbalancesheetCstatementofcashflowsDshareholders'equitysheet2.2BalanceSheetAnalysis第1題Whichofthefollowingistrue?

AThebookvalueofthecompanyisequaltothemarketvalue.BCurrentassetsarethemostliquid.CThelessliquidacompanyis,thelesslikelyitistomeetlong-termdebtobligations.DCurrentassetstendtoyieldhigherreturnsthanfixedassets.第2題Whenanalyzingabalancesheet,theFinanceManagershouldbeawareofthreeconcerns:(

)

AAccountingliquidity

BDebtversusequity

CValueversuscostDAllabove2.3TheIncomeStatement第1題Whichofthefollowingistrue?

ATheIncomeStatementisatableofmeasuringfinancialperformanceoveraspecificperiodoftimeBTheaccountingdefinitionofincomeis:Revenue–Expenses≡IncomeCThenon-operatingsectionoftheincomestatementincludesallfinancingcosts,suchasinterestexpense.DOnlycashitemsneedtobeconsideredintheincomestatement.正確答案：ABC第2題TheIncomeStatementisusedtomeasurefinancialperformanceoveraspecificperiodoftime.2.4IncomeStatementAnalysis第1題Whichofthefollowingistrue?

AThematchingprincipalofGAAPdictatesthatrevenuesbematchedwithexpenses.BIfcashflowhavenotoccurred,incomeandexpensesarenothavetobereportedwhenearnedorincurred.CSomenoncashaccountsincludeaccountreceivable,accountpayableanddeferredtaxes,noneofwhichrepresentacashflow.DIntheshortrunsomecostsarefixedandothersvariable;Inthelongrunallcostsarevariable.正確答案：ACD第2題Therearethreethingstokeepinmindwhenanalyzinganincomestatement:(

)

AGenerallyAcceptedAccountingPrinciples(GAAP)

BNon-CashItems

CTimeandCostsDAllabove2.5Taxes第1題Thepercentagepaidonthenextdollarearnedismarginaltaxrates.第2題Theonethingwecanrelyonwithtaxesisthattheyarenotalwayschanging.2.6TheStatementofCashFlows第1題Whichofthefollowingstatementsaboutthecashflowstatementiswrong?ACashflowreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.BAccountingcashflowandfinancialcashflowareequal.CThethreecomponentsofthestatementofcashflowsare:CashflowfromoperatingactivitiesCashflowfrominvestingactivitiesCashflowfromfinancingactivities.DCashflowfrominvestingactivitiesinvolveschangesincapitalassets:acquisitionoffixedassetsandsalesoffixedassets.2.7IntegratedReport第1題Whichofthefollowingiswrong?AAnintegratedreportisconcisecommunicationabouthowanorganization'sstrategy,governance,performanceandprospects,inthecontextofitsexternalenvironmentleadtothecreationofvalueintheshort,mediumandlongterm.BIntegratedReportincludesCorporateSocialResponsibilityReport(CSR);SustainabilityReport;Environment,SocialResponsibility,CorporateGovernance(ESG);CitizenshipReportInternationallntegratedReportingCouncil(IIRC)andsoon.C<IR>isaprocessfoundedonintegratedthinkingthatresultsinaperiodicintegratedreportbyanorganizationaboutvaluecreationovertimeandrelatedcommunicationsregardingaspectsofvaluecreation.DIntegratedreportisaformofcommunication,whichinitselfisnotmeaningful.2.FinancialStatementsandCashFlow單元測驗(yàn)第1題Whatistheassetequalto?AAssets=Liabilities+Shareholders’equityBAssets=Currentasserts+netfixedassetsCAssets=Currentliabilities+Long-termdebt+Shareholders’equityDAssets=Currentasserts+netfixedassets+Currentliabilities+Long-termdebt+Shareholders’equity正確答案：ABC第2題Whatarenotthethreecomponentsofthestatementofcashflows?

ACashflowfromoperatingactivitiesBCashflowfrominvestingactivitiesCCashflowfromfinancingactivitiesDCashflowfromdepreciatingactivities第3題Whichofthefollowingiswrong?ACashflowstoandfromcreditorsandownersincludechangesinequityanddebtBTocalculatecashflowfromoperations,startwithnetincome,addbacknoncashitemslikedepreciationandadjustforchangesincurrentassetsandliabilities(otherthancash).CCashflowfrominvestingactivitiesinvolveschangesincapitalassets:acquisitionoffixedassetsandsalesoffixedassets(i.e.,netcapitalexpenditures).DTheBalanceSheetistheadditionofcashflowsfromoperations,investing,andfinancing.第4題Bookvalueisalwaysequaltomarketvalue.第5題Cashflowreceivedfromthefirm’sassetsmustequalthecashflowstothefirm’screditorsandstockholders.

第6題()referstoataxonthegrossrevenueofabusiness,whilea()referstoataxleviedonthedifferencebetweenacommodity'spricebeforetaxes

anditscostofproduction.Aturnovertax,value-addedtaxBvalue-addedtax,turnovertaxCconsumptiontax,value-addedtaxDvalue-addedtax,businesstax第7題Itmustbethecasethatthecashflowreceivedfromthefirm’sassetsmustequal().Athecashflowstothefirm’screditorsandstockholdersBthecashflowstothefirm’screditorsCthecashflowstothefirm’sstockholdersDthecashflowstothefirm’smanagers第8題CashandA/Raremoreliquidthanpropertyplantandequipment.3.1Common-SizeStatements第1題Inordertomakemeaningfulcomparisonsofcompaniesofdifferentsizefinancialprofessionalsusetwokeytechniques:Common-SizeStatementsandFinancialRatios.第2題Common-SizeFinancialStatementsarealsousefulforcomparingcompaniesofdifferentsizes,particularlywithinthesameindustry.3.2RatioAnalysis——liquidityRatiosandLeverageRatios第1題WhatistheQuickRatioequalto？ACA/CLB(CA–Inventory)/CLCCash/CLD(TA–TE)/TA第2題Ratioscomplimentcommonsizeanalysisandallowfordeepercomparisonthroughtimeorbetweendissimilarcompanies.第3題WhatistheCurrentRatioequalto？ACurrentAsset/CurrentLiabilityB(CurrentAsset–Inventory)/CurrentLiabilityCCash/CurrentLiabilityD(TotalAsset–TotalEquity)/TotalAsset

3.3RatioAnalysis——TurnoverRatios第1題Days’SalesinInventory=InventoryTurnover/365第2題ReceivablesTurnover=(

)ACostofGoodsSold/Inventory.

BSales/AccountsReceivableC365/ReceivablesTurnoverD365/InventoryTurnover第3題Days’SalesinReceivables=ReceivablesTurnover/365

3.4RatioAnalysis——ProfitabilityRatiosandMarketValueRatios第1題Whichofthefollowingistrue?AProfitMargin=NetIncome/SalesBReturnonAssets(ROA)=NetIncome/TotalAssetsCReturnonEquity(ROE)=NetIncome/TotalEquityDEBITDAMargin=EBITDA/Sales正確答案：ABCD第2題Tobin’sQ=marketvalueoffirm’sassets×Replacementcostoffirm’sassets.3.5TheDuPontIdentity第1題Whichofthefollowingistrue?AProfitmarginisameasureofthefirm’soperatingefficiency–howwellitcontrolscosts.BTotalassetturnoverisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.CTheDuPontIdentityholdsthatROEisactuallyafunctionof3measures:OperatingEfficiency(ProfitMargin)AssetUseEfficiency(TotalAssetTurnover)FinancialLeverage(EquityMultiplier).DEquitymultiplierisameasureofthefirm’sfinancialleverage.

正確答案：ABCD第2題WeholdthatROEisactuallyafunctionof(

)AProfitMarginBTotalAssetTurnoverCEquityMultiplierDFixedAssetTurnover正確答案：ABC第3題TheDuPontIdentityis(

)AReturnonAsset=ProfitMargin*TotalAssetTurnover*EquityMultiplierBReturnonAsset=ProfitMargin*InventoryTurnover*EquityMultiplierCReturnonEquity=ProfitMargin*InventoryTurnover*EquityMultiplierDReturnonEquity=ProfitMargin*TotalAssetTurnover*EquityMultiplier3.FinancialStatementsAnalysis單元測驗(yàn)第1題（

）cancomputeallaccountsasapercentoftotalassets.ABalanceSheetsBCommon-SizeBalanceSheetsCIncomeStatementsDCommon-SizeIncomeStatements第2題（

）cancomputealllineitemsasapercentofsales.ABalanceSheetsBCommon-SizeBalanceSheetsCIncomeStatementsDCommon-SizeIncomeStatements第3題Whichofthefollowingistrue?AEquityMultiplier=TA/TEBTotalDebtRatio=TD/TECEquityMultiplier=1+D/EDTotalDebtRatio=(TA–TE)/TA正確答案：ACD第4題Time-TrendAnalysisisusedtoseehowthefirm’sperformanceischangingthroughtime.第5題PeerGroupAnalysiscomparestosimilarcompaniesorwithinindustries.第6題Standardizedstatementsmakeiteasiertocomparefinancialinformation,particularlyasthecompanygrows.第7題Profitmarginisameasureofthefirm’sassetuseefficiency–howwellitmanagesitsassets.第8題PotentialProbleminFinancialAnalysisis().AThereisnounderlyingtheory,sothereisnowaytoknowwhichratiosaremostrelevant.

BBenchmarkingisdifficultfordiversifiedfirms.

CGlobalizationandinternationalcompetitionmakescomparisonmoredifficultbecauseofdifferencesinaccountingregulations.

DAllabove4.1TheOne-PeriodCase第1題Intheone-periodcase,theformulaforFVcanbewrittenas:FV=Co×(1+r)第2題Adollartodayismorevaluablebecause()AItcanbeinvestedtomakedollars.BItcanbeimmediatelyconsumedCThereisnodoubtaboutitsreceiptDNoneofabove正確答案：ABC4.2TheMultiperiodCase第1題Supposeastockcurrentlypaysadividendof$1.20,whichisexpectedtogrowat30%peryearforthenextfouryears.Whatwillthedividendbeinfouryears?A2.03B3.43C2.64D1.56第2題Thegeneralformulaforthefuturevalueofaninvestmentovermanyperiodscanbewrittenas.

4.3CompoundingPeriods第1題Ifarateisexpressedannually,butcompoundedmorefrequently,thentheeffectiverateishigherthanthestatedrate.Thisconceptiscalled（）AAPRBRCEARDNoneofabove第2題Intheformula，ristheAPRnotEAR.4.4Simplifications第1題WhatisthevalueofaBritishconsolbondthatpromisestopay$20everyyearforever?Theinterestrateis5-percent.A400B20C200D21第2題Astreamofconstantcashflowsthatlastsforafixednumberofperiodsiscalled(

)AperpetuityBgrowingperpetuityCannuityDgrowingannuity第3題ThegeneralformulaforgrowingperpetuitycanbewrittenasPV=C/(r-g).4.DiscountedCashFlowValuation單元測驗(yàn)第1題Supposeaninvestmentthatpromisestopay5,000dollarsinoneyearisofferedforsalefor4500dollars.Yourinterestrateis10%.WhatistheNPVinthissituation?A5500B4725C4545.45D45.45第2題Therearefourvariables,WhicharePV,FV,T,R.Ifyouhaveanythreeyoucansolveforthefourth.第3題Howmuchwouldaninvestorhavetosetasidetodayinordertohave$20,000fouryearsfromnowifthecurrentrateis10%?A14000B29282C13,660.27D14285.71第4題Ifyouinvest$50for4yearsat10%compoundedsemi-annually,yourinvestmentwillgrowto(

)A73.87B70C52.03D73.21第5題Astreamofcashflowsthatgrowsataconstantrateforeveriscalled(

)APerpetuityBGrowingPerpetuityCAnnuityDGrowingannuity第6題Theexpecteddividendnextyearis$2.00.anddividendsareexpectedtogrowat5%forever.Ifthediscountrateis8%,whatisthevalueofthispromiseddividendstream?A66.67B50.00C80.00Dnoneoftheabove第7題Astreamofcashflowsthatgrowsataconstantrateforeveriscalledgrowingperpetuity.第8題TheinvestmentshouldbepurchasediftheNPV<0.5.1NPV第1題Foraproject,theestimatedcashflowisasfollowsYear0:C0=-165,000;Year1:NCF1=63,120;Year2:NCF2=70,800；Year3:NCF3=91,080；Therequiredrateofreturnonthisriskyassetis12%WhatistheNPVofthisproject?A12,627.42B177,627.42C200,892.86D35,892.86第2題Reinvestmentassumption:theNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.5.2IRR第1題WhichofthefollowingiswrongaboutIRR?AIRRisthediscountratewhensetsNPVtozeroBWeusuallyselectalternativewiththelowestIRRCTheremaybemultipleIRRsDTheremaybemutuallyexclusiveinvestmentproblems第2題UsingIRRneedstodistinguishbetweeninvestingandfinancingprojects.5.3IRR2第1題NPVandIRRwillgenerallygivethesamedecision,buttherewillbeexceptionsinnon-conventionalcashflowsandmutuallyexclusiveprojects.第2題PI=TotalFVofPresentCashFlows/InitialInvestment.5.4PI第1題TheMinimumAcceptanceCriteriaisifPI>1,wewillacceptit.AndweusuallyselectalternativewiththehighestPI.第2題(

)=numberofyearstorecoverinitialcosts.APPBDPPCNPVDIRR5.5PPandDPP第1題WhichofthefollowingistrueaboutPP?AThePaybackPeriodMethodignoresthetimevalueofmoney.BThePaybackPeriodMethodignorescashflowsafterthepaybackperiod.CAprojectacceptedbasedonthepaybackcriteriamaynothaveapositiveNPV.DThePaybackPeriodMethodhasquickcashrecovery.正確答案：ABCD第2題ThedisadvantageofAverageAccountingReturnis(

).AIgnoresthetimevalueofmoney

BUsesanarbitrarybenchmarkcutoffrate

CBasedonbookvalues,notcashflowsandmarketvaluesDTheaccountinginformationisnotavailable正確答案：ABC5.6AARandsummary第1題ARRisanattractiveapproachthatisoftenusedwithoutmajordrawbacks.5.InvestmentRules單元測驗(yàn)第1題WhichofthefollowingistrueaboutNPV?ANPVusesallrelevantcashflowsoftheprojectBNPVdiscountsthecashflowsproperlyCReinvestmentassumptionisthattheNPVruleassumesthatallcashflowscanbereinvestedatthediscountrate.DNPV=TotalPVoffutureprojectCF’slesstheInitialInvestment正確答案：ABCD第2題TheMinimumAcceptanceCriteriaforinvestingtypeprojectisifIRRislessthanthediscountratewewillacceptit.AndtheMinimumAcceptanceCriteriaforfinancingtypeprojectisifIRRisgreaterthanthediscountratewewillacceptit.第3題WhichofthefollowingistrueaboutAAR?AIgnoresthetimevalueofmoneyBUsesanarbitrarybenchmarkcutoffrateCBasedonbookvalues,notcashflowsandmarketvaluesDTheaccountinginformationisusuallyavailable正確答案：ABCD第4題(

)=TotalPVoffutureprojectCF’s-theInitialInvestment;(

)=TotalPVoffuturecashflows/Initialinvestment(

)=Averagenetincome/Averagebookvalueofinvestment(

)=thediscountratethatsetsNPVtozeroANPV;PI;AAR;IRRBPI;NPV;AAR;IRRCNPV;PI;AAR;PPDPI;NPV;PP;IRR第5題Asoftwarecompanyplanstoinvest2000millionyuaninthedevelopmentofaproductinearly2006andisexpectedtostartmakingaprofitin2007,withannualproductsalesasshowninthetable.Accordingtothedatainthetable,thepaybackperiodfortheproductis()yearsandthediscountedpaybackperiodis()years.(Tip:Discountrateis0.1)

yearinvestmentearnings20062000-2007-9902008-12102009-11982010-1277A2.2;3B2;2.4C1.8;2.1D1.9;2第6題():acceptingorrejectingoneprojectdoesnotaffectthedecisionoftheotherprojects.AIndependentProjectsBMutuallyExclusiveProjectsCInvestingtypeprojectDFinancingtypeproject第7題AAR=AverageNetIncome/AverageMarketValueofInvestment.第8題ThemostfrequentlyusedtechniqueforlargecorporationsisIRRorNPVinthepracticeofcapitalbudgeting.6.1Bondvaluation1第1題Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe（）APar(face)valueBCouponrateCCouponpaymentDMaturityDate正確答案：ABCD第2題Theyieldmaturityistherequiredmarketinterestrateonthebond.第3題Bondvalue=presentvalueof()+presentvalueof()AthecouponsBthefaceamountCthecouponrateDnoneoftheabove正確答案：AB6.2Bondvaluation2第1題Thesensitivityofinterestrateriskdirectlydependsontwothings:thetimetomaturityandthecouponrate.第2題Allotherthingsbeingequal,thelowerthecouponrate,thelesstheinterestraterisk.6.3GovernmentandCorporateBonds第1題Coupondebtwithoriginalmaturitybetweenoneandtenyearsiscalled（）AFederalgovernmentdebtBT-billsCT-notesDT-bonds第2題Thepromisedyieldofthecorporatebondsmaybehigherthantheexpectedreturnduetothisaddeddefaultrisk.6.4InflationandInterestRates第1題Ifwerequirea12%realreturnandweexpectinflationtobe10%,whatisthenominalrate?A23.2%B22%C123.2%D2%第2題Thefishereffectrefersto(1+R)=（1+r）(1+h)6.BondValuation單元測驗(yàn)第1題Interestratesareinverselyrelatedtopresent(i.e,bond)values.第2題Informationneededforvaluingpurediscountbondsis（）ATimetomaturityBFacevalueCDiscountrateDMaturitydate正確答案：ABC第3題Governmentbondshasgreaterdefaultriskrelativetocorporatebonds.第4題Thevalueofa3-yearzero-couponbondwitha$100parvalueand5%interestrateis()A100B86.38C186.38DNoneofabove第5題Thelong-maturitybondwillhavemuchlessvolatilitywithrespecttochangesinthediscountrate.第6題Zerocouponbondsarethebondsthatmakenoperiodicinterestpayments.第7題Junkbondsarebondsthatcarryahigherriskofdefault.第8題Ifwerequirea12%realreturnandweexpectinflationtobe10%,whatisthenominalrate?（usetheapproximationmethod）A23.2%B22%C123.2%D2%7.1ThePresentValueofCommonStocks第1題StockA'sdividendisexpectedtogrowby8%.Eachsharehasjustreceivedadividendof$3.24(annually).Atamarketdiscountrateof15%,whatisthevalueofthecommonstock?A$46.29B$43.75C$49.99D$23.33第2題Thevalueofanyassetisthefuturevalueofitsexpectedfuturecashflows.第3題WhicharetheFeaturesofCommonStock?(

)

AVotingrights

BProxyvotingCPreemptiverightDShareproportionallyinremainingassetsduringliquidation正確答案：ABCD7.2EstimatesofParameters第1題Supposeacompanyhasaretentionratioof75%andearnsanROEof11%.WhatistheGrowthRate,g=(

)?A8.25%B6.82%C75%D11%第2題Stockownershipproducescashflowsfrom:(

)ADividendsBCapitalGainsCthefacevalueDthecoupons正確答案：AB7.3SomeFeaturesofCommonandPreferredStocks第1題Preferredstockgenerallydoesnotcarryvotingrights.Butcommonstockgenerallycarriesvotingrights.第2題Dividendsarenotconsideredacostofdoingbusinessandarenottaxdeductible.第3題Dividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.7.StockValuation單元測驗(yàn)第1題StockB'sdividendgrowthratiowas16%inthefirstthreeyearsand8%inthefollowingyear.Eachsharehasjustreceivedadividendof$3.24(annually).Themarketdiscountrateis15%.Whatisthevalueofcommonstock?A$78B$9.9C$51.32D$61.22第2題Thevalueofafirmonlydependsuponitsgrowthrate,andhasnothingtodowithitsdiscountrate.第3題Acompany'sdividendof10yuanpershare,dividendsaregrowingatarateof4%andthecurrentpriceis15yuanpershare,Ris(

)?A66.67%B69.33%C73.33%D73.67%第4題Thediscountratecanbebrokenintotwoparts:thedividendyieldandthegrowthrate(individends)orthecapitalgainsyield.第5題Whichofthefollowingisright?ACommonstocksharesproportionallyindeclareddividendsBCommonstocksharesproportionallyinremainingassetsduringliquidationCPreferredstockdividendsarenotaliabilityofthefirm,andpreferreddividendscanbedeferredindefinitely.DMostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.正確答案：ABCD第6題1.Wheredoesgcomefrom?(

)ARetentionratioBReturnonretainedearningsCRetentionDRetentionratio×Returnonretainedearnings第7題Preferredstockstateddividendmustbepaidbeforedividendscanbepaidtocommonstockholders.第8題Mostpreferreddividendsarecumulative–anymissedpreferreddividendshavetobepaidbeforecommondividendscanbepaid.8.1Return第1題PercentageReturn=(

)

Adollarreturn/beginningmarketvalueB(dividend+changeinmarketvalue)/beginningmarketvalueCdividendyield+capitalgainsyieldDdividend+changeinmarketvalue正確答案：ABC第2題ThecomponentsofReturnshave(

)ACurrentIncome(e.g.,interestordividends)

BCapitalGains(orLosses)CDollarReturnsDPercentageReturns正確答案：AB8.2Return2第1題Supposethatthecurrentrateforone-yearTreasurybillsis5%.Theaveragereturnonsmallcompanycommonstocksfortheperiod1926through2019was13.6%.Whatistheexpectedreturnonthemarketofsmall-companystocks?A5%B8.6%C13.6%D18.6%第2題TheRiskPremiumistheaddedreturn(overandabovetherisk-freerate)resultingfrombearingrisk.8.3Risk第1題Considerthefollowingtworiskyassets.Thereisa1/3chanceofeachstateoftheeconomy,andtheonlyassetsareastockfundandabondfund.RateofReturnScenarioProbabilityStockFundBondFundRecession33.3%-7%17%Normal33.3%12%7%Boom33.3%28%-3%Stockfund:ExpectedReturnis____;Varianceis____;StandardDeviationis____①11.00%②7.00%③3.240%④14.31%⑤2.047%⑥0.667%⑦8.16%A①⑤④B①④⑤C②⑥⑦D②③⑤第2題Varianceandstandarddeviationcanbeusedtomeasurethedispersionofactualreturnsaroundthesecurity’smeanreturn.8.4Risk2第1題Thereisaminimumlevelofriskthatcannotbediversifiedaway,andthatistheunsystematicportion.第2題SystematicRiskincludessuchthingsaschangesinGDP,inflation,interestrates,partshortages,etc.8.5CAPM第1題Iftherisk-freereturnis4.4%andtheaverageA-shareyieldis12.41%,whatistheexpectedreturnonthesethreestocks?security?InvestmentweightPingAnBank（000001）0.4540%Newandinto（002001）1.0230%Trident（300001）1.2330%A8.00%B11.25%C12.57%D14.25%第2題UnsystematicRiskincludessuchthingsaslaborstrikes,partshortages,etc.8.RiskandReturn單元測驗(yàn)第1題Webought50sharesofacertainstockoneyearagotodayat50dollarspershare.Overthelastyear,wereceived200dollarsindividends(4dollarspershare).Attheendoftheyear,thestocksellsfor60dollarspershare.Thepercentagegainfortheyearis:(

)

A23.3%B28%C40%D48%第2題Investmentsdon’tofferreturnsonaconsistentbasis.Andthemostrewardinginvestmentshavethemostvolatilereturns.Theleastrewardinginvestmentshavetheleastvolatilereturns.

第3題Whichofthefollowingisright?ASystematicriskistheriskfactorsthataffectalargenumberofassetsBUnsystematicriskistheriskfactorsthataffectalimitednumberofassetsCSystematicriskisknownasnon-diversifiableriskormarketriskDUnsystematicriskisknownasuniqueriskandasset-specificrisk正確答案：ABCD第4題4.Whichofthefollowingisright?AEffectivediversificationofportfoliosspreadsnon-systematicrisk,withonlysystematicrisksBThebetacoefficientmeasuresthelevelofsystematicriskCThecapitalassetpricingmodeldefinestherelationshipbetweenrisk(systematicrisk)andexpectedreturnDThetotalriskfordiversifiedportfolioisessentiallyequivalenttothesystematicrisk.正確答案：ABCD第5題SupposeyouareconsideringbuyingsharesinMooreOilandyouexpecttoreceiveadividendof2dollarspershareinayear'stime,andyouthinkyoucansellat14dollarspershareatthattime.Ifyouaskfora20%yield,whatisthemaximumpriceyouarewillingtopayforthisstock?（)A11.67B13.33C13.67D16.33第6題TheholdingperiodreturnisthereturnthataninvestorwouldgetwhenholdinganinvestmentoveraperiodofTyears,whenthereturnduringyeariisgivenasRi.第7題Diversificationcansubstantiallyreducethevariabilityofreturnswithoutanequivalentreductioninexpectedreturns.第8題TheDiversifiableriskthatcanbeeliminatedbycombiningassetsintoaportfolio.Itisoftenconsideredthesameasunsystematic,unique,orassetspecificrisk.9.1RisingCapital第1題PrivateissuerequiresESCregistration.第2題intheventurecapital，thesecondstageincludesbeginmanufacturingandmarketingdistribution.9.2Underwriters第1題IntheUniformPriceAuction,thepricepersharethatallsuccessfulbidderspayis().AAccordingtothesituationBdifferentCthesameDnoneofall第2題Inthefirmcommitmentunderwriting，underwritermakesmoneyonthespreadbetweenthepricepaidtotheissuerandthepricereceivedfrominvestorswhenthestockissold.第3題Inthefirmcommitmentunderwriting,underwriterbearstheriskoftheissuenotbeingsold.9.3IPOsandUnderpricing第1題MostCommonMotivationsforIPOare(

)ACreatePublicSharesforUseinAcquisitionsBEstablishMarketValueoftheFirmCEnhanceReputationofFirmDDiversifyOwnershipandOwnerWealth正確答案：ABCD第2題Privateplacementsliketermloansbutmaturitiesareshorter.第3題Underpricingcausestheissuerto"leavemoneyonthetable".9.Financing