公司财务 知到智慧树答案满分完整版章节测试

第一章 单元测试

1、 Which of the following statements is true? （ ）

A:One of the benefits of incorporating your business is that you become entitled to receive unlimited liability.
B:Sole proprietorships are subject to more regulations than corporations.
C:Sole proprietorships do not have to pay corporate tax.
D:All of the statements above are correct.
E:None of the statements above is correct.
答案: Sole proprietorships do not have to pay corporate tax.

2、 Which of the following statements is most correct? （ ）

A:One advantage of forming a corporation is that you have limited liability.
B:Corporations face fewer regulations than sole proprietorships.
C:One disadvantage of being a sole proprietor is that you have to pay corporate taxes, even though you don’t realize the benefits of being a corporation.
D:Statements b and c are correct.
E:None of the statements above is correct.
答案: One advantage of forming a corporation is that you have limited liability.

3、 Which of the following could explain why a business might choose to organize as a corporation rather than as a sole proprietorship or a partnership? （ ）

A:Corporations generally face fewer regulations.
B:Corporations generally face lower taxes.
C:Corporations generally find it easier to raise capital.
D:Corporations enjoy unlimited liability.
E:Statements c and d are correct.
答案: Corporations generally find it easier to raise capital.

4、 The primary goal of a publicly-owned firm interested in serving its stockholders should be to（ ）

A:Maximize expected total corporate profit.
B:Maximize expected EPS.
C:Minimize the chances of losses.
D:Maximize the stock price per share.
E:Maximize expected net income.
答案: Maximize the stock price per share.

5、 Which of the following statements is most correct?（ ）

A:Compensating managers with stock can reduce the agency problem between stockholders and managers.
B:Restrictions are included in credit agreements to protect bondholders from the agency problem that exists between bondholders and stockholders.
C:The threat of a takeover can reduce the agency problem between bondholders and stockholders.
D:Statements a and b are correct.
E:All of the statements above are correct.
答案: Statements a and b are correct.

第二章 单元测试

1、 Which of the following statements is most correct? (Assume that the risk-free rate remains constant.（ ）

A:If the market risk premium increases by 1 percentage point, then the required return on all stocks will rise by 1 percentage point.
B:If the market risk premium increases by 1 percentage point, then the required return will increase for stocks that have a beta greater than 1.0, but it will decrease for stocks that have a beta less than 1.0.
C:If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.
D:Statements a and c are correct.
E:None of the statements above is correct
答案: If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.

2、 Which of the following statements is incorrect? （ ）

A:The slope of the security market line is measured by beta.
B:Two securities with the same stand-alone risk can have different betas.
C:Company-specific risk can be diversified away.
D:The market risk premium is affected by attitudes about risk.
E:Higher beta stocks have a higher required return.
答案: The slope of the security market line is measured by beta.

3、 Which of the following statements is most correct? （ ）

A:Portfolio diversification reduces the variability of the returns on the individual stocks held in the portfolio.
B:If an investor buys enough stocks, he or she can, through diversification, eliminate virtually all of the nonmarket (or company-specific) risk inherent in owning stocks. Indeed, if the portfolio contained all publicly traded stocks, it would be riskless.
C:The required return on a firm’s common stock is determined by its systematic (or market) risk. If the systematic risk is known, and if that risk is expected to remain constant, then no other information is required to specify the firm’s required return.
D:A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.
E:A stock’s beta is less relevant as a measure of risk to an investor with a well-diversified portfolio than to an investor who holds only that one stock.
答案: A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.

4、 Stock A and Stock B both have an expected return of 10 percent and a standard deviation of 25 percent. Stock A has a beta of 0.8 and Stock B has a beta of 1.2. The correlation coefficient, r, between the two stocks is 0.6. Portfolio P is a portfolio with 50 percent invested in Stock A and 50 percent invested in Stock B. Which of the following statements is most correct? （ ）

A:Portfolio P has a coefficient of variation equal to 2.5
B:Portfolio P has more market risk than Stock A but less market risk than Stock B
C:Portfolio P has a standard deviation of 25 percent and a beta of 1.0
D:All of the statements above are correct
E:None of the statements above is correct
答案: Portfolio P has more market risk than Stock A but less market risk than Stock B

5、 Which of the following statements is most correct?（ ）

A:A two-stock portfolio will always have a lower standard deviation than a one-stock portfolio.
B:A two-stock portfolio will always have a lower beta than a one-stock portfolio.
C:If portfolios are formed by randomly selecting stocks, a 10-stock portfolio will always have a lower beta than a one-stock portfolio.
D:All of the statements above are correct.
E:None of the statements above is correct.
答案: None of the statements above is correct.

第三章 单元测试

1、 You have the opportunity to buy a perpetuity that pays $1,000 annually. Your required rate of return on this investment is 15 percent. You should be essentially indifferent to buying or not buying the investment if it were offered at a price of ( )

A:$5,000.00
B:$6,000.00
C:$6,666.67
D:$7,500.00
E:$8,728.50
答案: $6,666.67

2、 If a 5-year ordinary annuity has a present value of $1,000, and if the interest rate is 10 percent, what is the amount of each annuity payment? ( )

A:$240.42
B$263.80
B:$300.20
C:$315.38
D:$346.87
答案: $300.20

3、 In 1958 the average tuition for one year at an Ivy League school was $1,800. Thirty years later, in 1988, the average cost was $13,700.
What was the growth rate in tuition over the 30-year period? ( )

A:12%
B:9%
C:6%
D:7%
E:8%
答案: 6%

4、 Which of the following securities has the largest present value? Assume in all cases that the annual interest rate is 8 percent and that there are no taxes.( )

A:A five-year ordinary annuity that pays you $1,000 each year.
B:A five-year zero coupon bond that has a face value of $7,000.
C:A preferred stock issue that pays an $800 annual dividend in perpetuity. (Assume that the first dividend is received one year from today.)
D:A seven-year zero coupon bond that has a face value of $8,500.
E:A security that pays you $1,000 at the end of 1 year, $2,000 at the end of 2 years, and $3,000 at the end of 3 years.
答案: A preferred stock issue that pays an $800 annual dividend in perpetuity. (Assume that the first dividend is received one year from today.)

5、 Your bank account pays a nominal interest rate of 6 percent, but interest is compounded daily (on a 365-day basis). Your plan is to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of each of the next three years. How much will you have in the account at the end of three years, after making your final deposit? ( )

A:$2,591
B:$3,164
C:$3,500
D:$3,779
E:$3,788
答案: $3,788

第四章 单元测试

1、 A 10-year bond pays an annual coupon. The bond has a yield to maturity of 8 percent. The bond currently trades at a premium–its price is above the par value of $1,000. Which of the following statements is most correct? ( )

A:If the yield to maturity remains at 8 percent, then the bond’s price will decline over the next year.
B:The bond’s current yield is less than 8 percent.
C:If the yield to maturity remains at 8 percent, then the bond’s price will remain the same over the next year.
D:The bond’s coupon rate is less than 8 percent.
E:If the yield to maturity increases, then the bond’s price will increase.
答案: If the yield to maturity remains at 8 percent, then the bond’s price will decline over the next year.

2、 You are considering two Treasury bonds. Bond A has a 9 percent annual coupon, and Bond B has a 6 percent annual coupon. Both bonds have a yield to maturity of 7 percent. Assume that the yield to maturity is expected to remain at 7 percent. Which of the following statements is most correct?( )

A:If the yield to maturity remains at 7 percent, the price of both bonds will increase by 7 percent per year.
B:If the yield to maturity remains at 7 percent, the price of both bonds will increase over time, but the price of Bond A will increase by more.
C:If the yield to maturity remains at 7 percent, the price of both bonds will remain unchanged.
D:If the yield to maturity remains at 7 percent, the price of Bond A will decrease over time, but the price of Bond B will increase over time.
E:If the yield to maturity remains at 7 percent, the price of Bond B will decrease over time, but the price of Bond A will increase over time.
答案: If the yield to maturity remains at 7 percent, the price of Bond A will decrease over time, but the price of Bond B will increase over time.

3、 If the yield to maturity decreased 1 percentage point, which of the following bonds would have the largest percentage increase in value? ( )

A:A 1-year bond with an 8 percent coupon.
B:A 1-year zero coupon bond.
C:A 10-year zero coupon bond.
D:A 10-year bond with an 8 percent coupon.
E:A 10-year bond with a 12 percent coupon.
答案: A 10-year zero coupon bond.

4、 Which of the following statements is most correct? ( )

A:If a bond is selling for a premium, this implies that the bond’s yield to maturity exceeds its coupon rate.
B:If a coupon bond is selling at par, its current yield equals its yield to maturity.
C:If rates fall after its issue, a zero coupon bond could trade for an amount above its par value.
D:Statements b and c are correct.
E:None of the statements above is correct.
答案: If a coupon bond is selling at par, its current yield equals its yield to maturity.

5、 Bond A has a 9 percent annual coupon, while Bond B has a 7 percent annual coupon. Both bonds have the same maturity, a face value of $1,000, and an 8 percent yield to maturity. Which of the following statements is most correct? ( )

A:Bond A trades at a discount, whereas Bond B trades at a premium.
B:If the yield to maturity for both bonds remains at 8 percent, Bond A’s price one year from now will be higher than it is today, but Bond B’s price one year from now will be lower than it is today.
C:If the yield to maturity for both bonds immediately decreases to
6 percent, Bond A’s bond will have a larger percentage increase in value.
D:All of the statements above are correct.
E:None of the statements above is correct.
答案: None of the statements above is correct.