第1題Whichoneofthefollowingtermsisdefinedasthemixtureofafirm'sdebtandequityfinancing?A

A.workingcapitalmanagementBB.cashmanagementCC.costanalysisDD.capitalbudgetingEE.capitalstructure正確答案：E第1題Whichoneofthefollowingtermsisdefinedasthemanagementofafirm'slong-terminvestments?AA.workingcapitalmanagementBB.financialallocationCC.agencycostanalysisDD.capitalbudgetingEE.capitalstructurefinancialstatement第1題Whichoneofthefollowingisthefinancialstatementthatshowstheaccountingvalueofafirm'sequityasofaparticulardate?AA.incomestatementBB.creditor'sstatementCC.balancesheetDD.statementofcashflowsEE.dividendstatementfinancialstatement第1題lecture6-FinancialStatementsAnalysis第1題Anincreaseinwhichoneofthefollowingwillincreaseafirm'squickratiowithoutaffectingitscashratio?AA.accountspayableBB.cashCC.inventoryDD.accountsreceivableEE.fixedassetslecture6-FinancialStatementsAnalysis第1題Anincreaseinafirm’stotalassetturnoverwilltendtodecreaseitsROE.

lecture7-dupontapproach第1題EquitymultiplierispartoftheoriginalDuPontsystem.SustainableGrowthRate第1題lecture8-PercentofSalesApproach第1題Whichoneofthefollowingcorrectlydefinestheretentionratio?AA.oneplusthedividendpayoutratioBB.additiontoretainedearningsdividedbynetincomeCC.additiontoretainedearningsdividedbydividendspaidDD.netincomeminusadditionstoretainedearningsEE.netincomeminuscashdividendslecture8-PercentofSalesApproach第1題Theinternalgrowthrateofafirmisbestdescribedasthe:AA.minimumgrowthrateachievableassuminga100percentretentionratio.BB.minimumgrowthrateachievableifthefirmmaintainsaconstantequitymultiplier.CC.maximumgrowthrateachievableexcludingexternalfinancingofanykind.DD.maximumgrowthrateachievableexcludinganyexternalequityfinancingwhilemaintainingaconstantdebt-equityratio.EE.maximumgrowthrateachievablewithunlimiteddebtfinancing.presentvalue第1題buyinsuranceornot第1題lecture9-TimeValueofMoney第1題SueandNealaretwins.Sueinvests5,000at7percentwhensheis25yearsold.Nealinvests5,000at7percentwhenheis30yearsold.Bothinvestmentscompoundinterestannually.BothSueandNealretireatage60.WhichoneofthefollowingstatementsiscorrectassumingthatneitherSuenorNealhaswithdrawnanymoneyfromtheiraccounts?

AA.SuewillhavelessmoneywhensheretiresthanNeal.BB.NealwillearnmoreinterestoninterestthanSue.CC.NealwillearnmorecompoundinterestthanSue.DD.IfbothSueandNealwaittoage70toretire,thentheywillhaveequalamountsofsavings.EE.SuewillhavemoremoneythanNealaslongastheyretireatthesametime.正確答案：Electure9-TimeValueofMoney第1題Whichoneofthefollowingstatementscorrectlystatesarelationship?AA.Timeandfuturevaluesareinverselyrelated,allelseheldconstant.BB.Interestratesandtimearepositivelyrelated,allelseheldconstant.CC.Anincreaseinthediscountrateincreasesthepresentvalue,givenpositiverates.DD.Anincreaseintimeincreasesthefuturevaluegivenazerorateofinterest.EE.Timeandpresentvalueareinverselyrelated,allelseheldconstant.正確答案：Electure9-TimeValueofMoney第1題Samanthaopenedasavingsaccountthismorning.Hermoneywillearn5percentinterest,compoundedannually.Afterfiveyears,hersavingsaccountwillbeworth$5,600.Assumeshewillnotmakeanywithdrawals.Giventhis,whichoneofthefollowingstatementsistrue?AA.Samanthadepositedmorethan$5,600thismorning.BB.ThepresentvalueofSamantha'saccountis$5,600.CC.Samanthacouldhavedepositedlessmoneyandstillhad$5,600infiveyearsifshecouldhaveearned5.5percentinterest.DD.Samanthawouldhavehadtodepositmoremoneytohave$5,600infiveyearsifshecouldhaveearned6percentinterest.EE.Samanthawillearnanequalamountofinteresteveryyearforthenextfiveyears.lecture10-mutiplecashflow第1題HolidayTours(HT)hasanemploymentcontractwithitsnewlyhiredCEO.Thecontractrequiresalumpsumpaymentof$10.4millionbepaidtotheCEOuponthesuccessfulcompletionofherfirstthreeyearsofservice.HTwantstosetasideanequalamountofmoneyattheendofeachyeartocoverthisanticipatedcashoutflowandwillearn5.65percentonthefunds.HowmuchmustHTsetasideeachyearforthispurpose?AA.$3,184,467BB.$3,277,973CC.$3,006,409DD.$3,318,190EE.$3,466,667lecture10-mutiplecashflow第1題Thepresentvalueoftheordinaryannuityisgreaterthananannuitydue.lecture10-mutiplecashflow第1題Youpurchasedaninvestmentwhichwillpayyou$8,000,inrealdollars,ayearforthenextthreeyears.Eachpaymentwillbereceivedattheendoftheperiodwiththefirstpaymentoccurringoneyearfromtoday.Thenominaldiscountrateis7.5percentandtheinflationrateis2.9percent.Whatisthepresentvalueofthesepayments?

AA.$21,720BB.$22,004CC.$22,511DD.$23,406EE.$23,529bondvaluation第1題YTM第1題inflationandinterestrate第1題inflationandinterestrate第1題Supposetherealrateis9.5percentandtheinflationrateis1.8percent.WhatratewouldyouexpecttoseeonaTreasurybill,ifyouapplythecompleteformoffishereffect?AA.9.50percentBB.11.30percentCC.11.47percentDD.11.56percentEE.11.60percentlecture12-inflationandinterestrate第1題Realrisk-freerateisthenominalrisk-freeratetimestheexpectedinflationrate.

stockvalution第1題lecture13-stockvaluation第1題Dividendgrowthmodelassumesthattherequiredrateofreturnisgreaterthanthegrowthrateofthecompany'sdividend.

lecture13-stockvaluation第1題Anincreaseinwhichofthefollowingwillincreasethecurrentvalueofastockaccordingtothedividendgrowthmodel?I.dividendamountII.numberoffuturedividends,providedthecurrentnumberislessthaninfiniteIII.discountrateIV.dividendgrowthrate

AA.IandIIonlyBB.IIIandIVonlyCC.I,II,andIIIonlyDD.I,II,andIVonlyEE.I,II,III,andIVcalculatingNPV第1題lecture14-NetPresentValue第1題Whichoneofthefollowingincreasesthenetpresentvalueofaproject?

AA.anincreaseintherequiredrateofreturnBB.anincreaseintheinitialcapitalrequirementCC.adefermentofsomecashinflowsuntilalateryearDD.anincreaseintheaftertaxsalvagevalueofthefixedassetsEE.areductioninthefinalcashinflowCalculatingIRRlecture15-OtherInvestmentRules第1題Thepresentvalueofaninvestment'sfuturecashflowsdividedbytheinitialcostoftheinvestmentiscalledthe:AA.netpresentvalue.BB.internalrateofreturn.CC.averageaccountingreturn.DD.profitabilityindex.EE.profileperiod.lecture15-OtherInvestmentRules第1題Aprojecthasanetpresentvalueofzero.Whichoneofthefollowingbestdescribesthisproject?AA.Theprojecthasazeropercentrateofreturn.BB.Theprojectrequiresnoinitialcashinvestment.CC.Theprojecthasnocashflows.DD.Thesummationofalloftheproject'scashflowsiszero.EE.Theproject'scashinflowsequalitscashoutflowsincurrentdollarterms.正確答案：Electure15-OtherInvestmentRules第1題Thepaybackmethodconsidersallcashflowsthroughouttheentirelifeofaproject.

makingdecision第1題lecture16-makingcapitalinvestmentdecisionlecture16-makingcapitalinvestmentdecision第1題Opportunitycostsarenottruecashoutflowsandshouldnotbeconsideredinacapitalbudgetinganalysis.ProjectEvaluation第1題calculatingriskandreturn第1題riskandreturn第1題HighCountryBuilderscurrentlypaysanannualdividendof$1.35andplansonincreasingthatamountby2.5percenteachyear.ValleyHighBuilderscurrentlypaysanannualdividendof$1.20andplansonincreasingitsdividendby3percentannually.Giventhisinformation,youknowforcertainthatthestockofValleyHighCountryBuilders'hasahigher______thanthestockofHighBuilders.AA.marketprice.BB.dividendyield.CC.capitalgainsyield.DD.totalreturn.EE.Theanswercannotbedeterminedbasedontheinformationprovided.PortfolioExpectedReturn第1題lecture21-risk第1題Theunsystematicriskforaspecificfirmissimilartotheunsystematicriskforotherfirmsinthesameindustry.

lecture21-risk第1題Theprincipleofdiversificationtellsusthat:AA.concentratinganinvestmentintwoorthreelargestockswilleliminatealloftheunsystematicrisk.BB.concentratinganinvestmentinthreecompaniesallwithinthesameindustrywillgreatlyreducethesystematicrisk.CC.spreadinganinvestmentacrossfivediversecompanieswillnotlowerthetotalrisk.DD.spreadinganinvestmentacrossmanydiverseassetswilleliminateallofthesystematicrisk.EE.spreadinganinvestmentacrossmanydiverseassetswilleliminatesomeofthetotalrisk.正確答案：EUsingCAPMlecture22-relatiohshipbetweenriskandexpectedreturn第1題Whichoneofthefollowingisapositivelyslopedlinearfunctionthatiscreatedwhenexpectedreturnsaregraphedagainstsecuritybetas?AA.reward-to-riskmatrixBB.portfolioweightgraphCC.normaldistributionDD.securitymarketlineEE.marketrealreturnsCalculatingWACCCalculatingCostofDebtlecture23-costofcapital第1題ScholasticToysisconsideringdevelopinganddistributinganewboardgameforchildren.Theprojectissimilarinrisktothefirm'scurrentoperations.Thefirmmaintainsadebt-equityratioof0.40andretainsallprofitstofundthefirm'srapidgrowth.Howshouldthefirmdetermineitscostofequity?AA.byaddingthemarketriskpremiumtotheaftertaxcostofdebtBB.bymultiplyingthemarketriskpremiumby(1-0.40)CC.byusingthe