绪论 单元测试
1、多选题：
What are not the most common type of firm in the United States and the world?
选项：
A: partnerships
B: sole proprietorships
C:limited partnerships
D:corporations
答案: 【 partnerships ;limited partnerships ;corporations】
第一章 单元测试
1、判断题：
Stock markets provide liquidity for a firm’s shares.
选项：
A:错
B:对
答案: 【对】
2、判断题：
Raising new capital by issuing bonds is an example of a commercial banking activity.
选项：
A:对
B:错
答案: 【错】
3、判断题：
Financial decisions require that you weigh alternatives in strictly monetary terms.
选项：
A:对
B:错
答案: 【错】
4、判断题：
Corporations have come to dominate the business world through their ability to raise large amounts of capital by sale of ownership shares to anonymous outside investors.
选项：
A:错
B:对
答案: 【对】
5、单选题：
Which of the following best describes why the Valuation Principle is a key concept in making financial decisions?
选项：
A:It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
B:It allows fixed assets and liquid assets to be valued correctly.
C:It gives a good indication of the net worth of a person, item, or company and can be used to estimate any changes in that net worth.
D:It shows how to assign monetary value to intangibles such as good health and well-being.
答案: 【It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
】
6、单选题：
Which of the following is typically the major factor in limiting the growth of sole proprietorships?
选项：
A:The organizational structure of such firms tends to become extremely complicated over time.
B:Investors have a great deal of control over the day-to-day running of such firms, leading to confusion when conflicts in direction arise.
C:The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
D: It is extremely difficult to transfer control of such firms to a new owner if the present owner dies or wishes to sell the firm.
答案: 【The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
】
7、单选题：
A company that produces racing motorbikes has several models that sell well within the motorcycle racing community and which are very profitable for the company. Despite having a profitable product, why must this company take care to ensure that it has sufficient cash on hand to meet its obligations?
选项：
A:Equity must be raised to finance the development of new models to replace the existing models.
B:Profits from the sales of popular models will be lost when returned to the shareholders in the form of dividends.
C:The company will have built up debts which must be repaid in order to bring the current models to market.
D:New models will require a lot of money to develop and bring to market before they generate any revenue.
答案: 【New models will require a lot of money to develop and bring to market before they generate any revenue.
】
8、单选题：
A factory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. However, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random during various stages of their manufacture. If a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. How is this factory owner seeking to solve the agency conflict problem in this case?
选项：
A:by supplying incentives so the agents act in the way principal desires
B: by maximizing the information that the principal obtains about the behavior of the agents
C:by making the agents into principals themselves
D: by ensuring that all workers co-operate to maximize the gains of their section
答案: 【by supplying incentives so the agents act in the way principal desires
】
9、单选题：
What is the bid-ask spread?
选项：
A:the rise or fall in the value of a stock between the time it is acquired by an investor and sold by that investor
B:the difference in price available for an immediate sale of a stock and the immediate purchase of the stock
C:the difference in the selling price of a stock between different exchanges
D:all of the costs and fees that a stock exchange charges in order to process a transaction
答案: 【the difference in price available for an immediate sale of a stock and the immediate purchase of the stock
】
10、判断题：
In the United States, publicly traded companies can choose whether or not they wish to release periodic financial statements.
选项：
A:错
B:对
答案: 【错】
第二章 单元测试
1、判断题：
The Law of One Price states that if equivalent goods or securities are traded simultaneously in different competitive markets, they will trade for the same price in each market.
选项：
A:错
B:对
答案: 【对】
2、判断题：
In general, if an action increases a firm’s value by providing benefits with a value greater than any costs involved, then that action is good for the firm’s investors.
选项：
A:对
B:错
答案: 【对】
3、判断题：
To enable costs and benefits to be compared, they are typically converted into cash value at the time the benefit is received.
选项：
A:对
B:错
答案: 【错】
4、判断题：
Whenever a good trades in a competitive market, the price determines the value of the good.
选项：
A:对
B:错
答案: 【对】
5、单选题：
An elderly relative offers to sell you their used 1958 Cadillac Eldorado for $52,000. You note that very similar cars are selling on the open market for $87,000. You don’t care for classic cars and would rather buy a new Ford Explorer for $35,000. What is the net value of buying the Cadillac?
选项：
A: $35,000, since this is the difference between purchase and resale price of the Cadillac.
B:$35,000, since this is the value of the car that you really want to buy.
C:$52,000, since the Cadillac could be bought for this price.
D:$87,000, since the Cadillac could be sold for this price.
答案: 【 $35,000, since this is the difference between purchase and resale price of the Cadillac.
】
6、单选题：
The price of Alaska North Slope Crude Oil (ANS) is $71.75/bbl, and the price of West Texas Intermediate Crude Oil (WTI) is $73.06/bbl.As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude. Another oil refiner is offering to trade you 10,150 bbl of Alaska North Slope (ANS) crude oil for 10,000 bbl of West Texas Intermediate (WTI) crude oil. Assuming you currently have 10,000 bbl of WTI crude, what should you do?
选项：
A: Trade the 10,000 bbl WTI crude with the other refiner and refine the 10,150 bbl of ANS crude.
B:Trade the 10,000 bbl WTI crude with the other refiner and then sell the 10,150 bbl of ANS crude.
C: Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
D:Do nothing; refine the 10,000 bbl of WTI crude.
答案: 【 Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
】
7、单选题：
A wholesale food retailer is offered $15.60 per two-layer carton for 5000 cartons of peaches. The wholesaler can buy peaches from their growers at $13.20 per carton. Shipping costs $2.40 per carton, for the first 1000 cartons, and $1.90 per carton for every carton over that. Will taking this opportunity increase the value of the wholesale food retailer?
选项：
A:Yes, the costs are $2500 less than the benefits.
B: No, the costs and the benefits are the same.
C:Yes, the costs are $2000 less than the benefits.
D:No, the costs are $1500 more than the benefits.
答案: 【Yes, the costs are $2000 less than the benefits.
】
8、单选题：
Which of the following best explains why market prices are useful to a financial manager when performing a cost-benefit analysis?
选项：
A: They can be used to convert different services and commodities into equivalent cash values which can be compared.
B:They can be evaluated to determine whether the market in which the manager exchanges goods and services offers true value.
C: They allow all commodities and services to be assigned a fixed and unchanging value
D:They can be used to determine how much an asset can be sold for
答案: 【 They can be used to convert different services and commodities into equivalent cash values which can be compared.
】
9、单选题：
Walgreens Company (NYSE: WAG) is currently trading at $48.75 on the NYSE. Walgreens Company is also listed on NASDAQ and assume it is currently trading on NASDAQ at $48.50. Does an arbitrage opportunity exist and, if so, how would you exploit it and how much would you make on a block trade of 100 shares?
选项：
A:Yes, buy on NASDAQ and sell on NYSE, make $25.
B:Yes, buy on NYSE and sell on NASDAQ, make $25.
C: Yes, buy on NASDAQ and sell on NYSE, make $250.
D:No, no arbitrage opportunity exists.
答案: 【Yes, buy on NASDAQ and sell on NYSE, make $25.
】
10、判断题：
The present value (PV) of a stream of cash flows is just the sum of the present values of each individual cash flow.
选项：
A:错
B:对
答案: 【对】
第三章 单元测试
1、判断题：
Preference for cash today versus cash in the future in part determines net present value (NPV).
选项：
A:对
B:错
答案:
2、判断题：
Net present value (NPV) is the difference between the present value (PV) of the benefits and the present value (PV) of the costs of a project or investment.
选项：
A:对
B:错
答案:
3、判断题：
The Net Present Value rule implies that we should compare a project’s net present value (NPV) to zero.
选项：
A:对
B:错
答案:
4、判断题：
When different investment rules give conflicting answers, then decisions should be based on the Net Present Value rule, as it is the most reliable and accurate decision rule.
选项：
A:对
B:错
答案:
5、单选题：
The present value (PV) of an investment is ________.
选项：
A:The amount by which the cash flow of an investment exceeds or falls short of the cash flow generated by the same amount of money invested at market rate
B:The present value (PV) of an investment is ________.
C:The amount you need to invest at the current interest rate to re-create the cash flow from the investment
D:The difference between the cost of the investment and the benefit of the investment in dollars today
答案:
6、单选题：
Which of the following is NOT a limitation of the payback rule?
选项：
A:Lacks a decision criterion that is economically based.
B:It does not consider the time value of money.
C:It is difficult to calculate.
D:It does not consider cash flows occurring after the payback period.
答案:
7、单选题：
A manufacturer of video games develops a new game over two years. This costs $830,000 per year with one payment made immediately and the other at the end of two years. When the game is released, it is expected to make $1.20 million per year for three years after that. What is the net present value (NPV) of this decision if the cost of capital is 10%?
选项：
A:$1,045,384
B:$1,805,663
C:$950,349
D:$1,520,559
答案:
8、单选题：
A mining company plans to mine a beach for rutile. To do so will cost $14 million up front and then produce cash flows of $7 million per year for five years. At the end of the sixth year the company will incur shut-down and clean-up costs of $6 million. If the cost of capital is 13.0%, then what is the MIRR for this project?
选项：
A:78%
B:60%
C:20%
D:25%
答案:
9、单选题：
A farmer sows a certain crop. It costs $240,000 to buy the seed, prepare the ground, and sow the crop. In one year’s time it will cost $93,200 to harvest the crop. If the crop will be worth $350,000, and the interest rate is 7%, what is the net present value (NPV) of this investment?
选项：
A:$567,103
B:$0
C:$240,000
D:$87,103
答案:
10、判断题：
Firms should use the most accelerated depreciation scheme allowable.
选项：
A:错
B:对
答案:
第四章 单元测试
1、判断题：
Rational investors may be willing to choose an investment that has additional risk but does not offer additional reward.
选项：
A:对
B:错
答案:
2、判断题：
On average, stocks have delivered higher returns than bonds in the long run.
选项：
A:错
B:对
答案:
3、判断题：
We should use the arithmetic average return when we are trying to estimate an investment’s expected return over a future horizon based on its past performance.
选项：
A:对
B:错
答案:
4、判断题：
Independent risks can be diversified by holding a large number of uncorrelated assets with independent risks.
选项：
A:对
B:错
答案:
5、单选题：
Rational investors ________ fluctuations in the value of their investments.
选项：
A:are in favor of
B:prefer
C:are averse to
D:are indifferent to
答案:
6、单选题：
Independent risk is more closely related to _______
选项：
A:unsystematic risk
B:common risk
C:systematic risk
D:diversification risk
答案:
7、单选题：
Amazon.com stock prices gave a realized return of 15%, 15%, -15%, and -15% over four successive quarters. What is the annual realized return for Amazon.com for the year?
选项：
A:-4.45%
B:-7.12%
C:-5.12%
D:0%
答案:
8、单选题：
Ford Motor Company had realized returns of 20%, 30%, 30%, and 20% over four quarters. What is the quarterly standard deviation of returns for Ford calculated from this sample?
选项：
A:5.20%
B:5.77%
C:4.62%
D:6.06%
答案:
9、单选题：
The probability mass between two standard deviations around the mean for a normal distribution is ________.
选项：
A:66%
B:90%
C:95%
D:75%
答案:
10、判断题：
The market or equity risk premium can be estimated by computing the historical average excess return on the market portfolio.
选项：
A:对
B:错
答案:
第五章 单元测试
1、判断题：
The main advantages for a firm in going public are greater liquidity and better access to capital.
选项：
A:对
B:错
答案:
2、判断题：
Equity investors in a private company usually plan to realize a return on their investment by selling their stock when that company is acquired by another firm or sold to the public in a public offering.
选项：
A:错
B:对
答案:
3、判断题：
Because the capital investment from angel investors is often large relative to the amount of capital already in place at the firm, they typically receive a sizable equity share in the business in return for their funds.
选项：
A:错
B:对
答案:
4、判断题：
The announcement of an SEO usually raises a stock’s price.
选项：
A:对
B:错
答案:
5、单选题：
Which of the following best describes a limited partnership that specializes in raising money to invest in the private equity of young firms?
选项：
A:institutional investors
B:venture capital firms
C:corporate investors
D:family investors
答案:
6、单选题：
You founded your own firm three years ago. You initially contributed $200,000 of your own money and in return you received 3 million shares of stock. Since then, you have sold an additional 2 million shares of stock to angel investors. You are now considering raising capital from a venture capital firm. This venture capital firm would invest $5 million and would receive 4 million newly issued shares in return. Suppose you sold the 2 million shares to the angel investor for $500,000. What was your percentage ownership in the company immediately following the angel investor’s investment?
选项：
A:60.0%
B:50%
C:100%
D:40.0%
答案:
7、单选题：
Which of the following is an activity typically taken by an underwriter during an IPO of a company?
选项：
A:all of the above
B:determining the offer price
C:marketing the IPO
D:helping the company with all necessary filings
答案:
8、单选题：
Which of the following statements is FALSE?
选项：
A:In recent years, the investment banking firm of WR Hambrecht + Company has attempted to change the IPO process by selling new issues directly to the public using an online auction IPO mechanism called Open IPO.
B:Because of the potential conflict of interest, the underwriter will not make a market in the stock after the issue.
C:The SEC requires that companies prepare a registration statement, a legal document that provides financial and other information about the company to investors, prior to an IPO. Company managers work closely with the underwriters to prepare this registration statement and submit it to the SEC.
D:The lead underwriter is the primary banking firm responsible for managing the deal. The lead underwriter provides most of the advice and arranges for a group of other underwriters, called the syndicate, to help market and sell the issue.
答案:
9、判断题：
The chief advantage of debt financing over financing through raising equity capital is that the former does not dilute the current owner’s share of the business.
选项：
A:错
B:对
答案:
10、判断题：
A bond that makes payments in a certain currency contains the risk of holding that currency and so is priced according to the yields of similar bonds in that currency.
选项：
A:错
B:对
答案:
第六章 单元测试
1、判断题：
Financial managers prefer to choose the same debt level no matter which industry they operate in.
选项：
A:对
B:错
答案:
2、判断题：
Even if two firms operate in the same industry, they may prefer different choices of debt-equity ratios.
选项：
A:错
B:对
答案:
3、判断题：
A project’s net present value (NPV) represents the value to the new investors of a firm created by the project.
选项：
A:对
B:错
答案:
4、判断题：
The presence of financial distress costs can explain why firms choose debt levels that are too low to exploit the interest tax shield.
选项：
A:对
B:错
答案:
5、单选题：
The relative proportions of debt, equity, and other securities that a firm has outstanding constitute its ________.
选项：
A:retained earnings
B:capital structure
C:dividend expense
D:paid out capital
答案:
6、单选题：
By adding leverage, the returns on a firm are split between debt holders and equity holders, but equity holder risk increases because ________.
选项：
A:dividends are paid first
B:interest payments can be rolled over
C:debt and equity have equal priority
D:interest payments have first priority
答案:
7、单选题：
A firm has a market value of equity of $30,000. It borrows $7500 at 8%. If the unlevered cost of equity is 15%, what is the firm’s cost of equity capital?
选项：
A:20.10%
B:23.45%
C:6.70%
D:16.75%
答案:
8、单选题：
Which of the following statements is FALSE?
选项：
A:The choice of capital structure does not change the value of a firm if the cost of equity is higher than the cost of debt.
B:By choosing positive-NPV projects that are worth more than their initial investment, a firm can enhance its value.
C:When a firm borrows significant money to repurchase shares or pay a large cash dividend, the transaction is called a leveraged recapitalization.
D:MM Proposition I applies to capital structure decisions made at any time during the life of a firm.
答案:
9、单选题：
Assume that MM’s perfect capital markets conditions are met and that you can borrow and lend at the same 5% rate as Firm X. You have $5,000 of your own money to invest and you plan on buying Firm X stock. Using homemade (un)leverage you invest enough at the risk-free rate so that the payoff of your account will be the same as a $5,000 investment in Firm Y stock. The number of shares of Firm X stock you purchased is closest to ________.
选项：
A:417
B:100
C:825
D:1,650
答案:
10、判断题：
In a perfect capital market, when a dividend is paid, the share price drops by the amount of the dividend when the stock begins to trade ex-dividend.
选项：
A:错
B:对
答案:
请先 ！