財務管理基礎 英文版 選擇題.doc

第一章1 CORRECT Which of the following are microeconomic variables that help define and explain the discipline of finance? D A) risk and return B) capital structure C) inflation D) all of the above Feedback: All of the above are relevant in explaining finance. 2 CORRECT One primary macroeconomic variable that helps define and explain the discipline of finance? C A) capital structure B) inflation C) technology D) risk Feedback: Technology is very important in explaining the field of finance. 3 CORRECT The money markets deal with _. B A) securities with a life of more than one year B) short-term securities C) securities such as common stock D) none of the above Feedback: The money markets are concerned with short-term securities, those with a life less than one year. 4 CORRECT The ability of a firm to convert an asset to cash is called _A_. A) liquidity B) solvency C) return D) marketability Feedback: Liquidity also means how close an asset is to cash. 5 CORRECT Early in the history of finance, an important issue was: A A) liquidity B) technology C) capital structure D) financing options Feedback: Maintaining liquidity was a major concern historically. 6 INCORRECT The _C_ is the most common form of business organization in the U.S. A) corporation B) partnership C) sole proprietorship D) none of the above Feedback: There are more sole proprietorships than any other form of business organization. 7 CORRECT The _C_ has more sales in dollars than any other form of business organization. A) sole proprietorship B) partnership C) corporation D) none of the above Feedback: The corporation is the most important in terms of dollars. 8 CORRECT One major disadvantage of the sole proprietorship is _B_. A) simplicity of decision-making B) unlimited liability C) low operational costs D) none of the above Feedback: The owners of a sole proprietorship are personally liable. 9 CORRECT The appropriate firm goal in a capitalist society is _B_. A) profit maximization B) shareholder wealth maximization C) social responsibility D) none of the above Feedback: The goal is to maximize the wealth of shareholders. 10 CORRECT The agency problem will occur in a business firm if the goals of _C_ and shareholders do not agree. A) investors B) the public C) management D) none of the above 第二章Feedback: The goals of management may be different from those of shareholders.The accounting statements that a firm is required to file include all but one of these. B A) Balance Sheet B) Statement of Accounts Receivable C) Income Statement D) Statement of Cash Flows Feedback: The required statements include the income statement, balance sheet and statement of changes in cash flows. The statement of changes in owners equity (or retained earnings) is also required by Generally Accepted Accounting Principles but is not covered in this text. 2 CORRECT The _A_ shows the firms operating results over a period of time. A) Income Statement B) Statement of Cash Flows C) Balance Sheet D) None of the above Feedback: The Income Statement represents a moving picture of a firms revenues and expenses. 3 CORRECT All of the following except one are tax-deductible expenses. C A) interest expense B) depreciation C) common stock dividends D) income taxes Feedback: Common stock dividends are not tax deductible to a firm. 4 CORRECT All of the following are non-operating expenses except _B_. A) interest expense B) cost of goods sold C) preferred stock dividends D) taxes Feedback: The cost of goods sold is an operating expense. 5 CORRECT Bondholders receive _C_ from the business firm. A) preferred dividend payments B) common stock payments C) interest payments D) royalties Feedback: Bondholders are typically paid interest semi-annually. 6 CORRECT The ratio of net income to common shares outstanding is called _B_. A) price/earnings ratio B) earnings per share C) dividends per share D) none of the above Feedback: This is called the earnings per share (EPS). 7 CORRECT Usually, firms with high price/earnings ratios are _A_ firms. A) growth B) declining C) mature D) none of the above Feedback: A high p/e ratio indicates a firm with strong growth prospects 8 CORRECT One of the limitations of the _C_ is that it is based on historical costs. A) income statement B) statement of cash flows C) balance sheet D) none of the above Feedback: The balance sheet uses historical costs. 9 INCORRECT A source of funds is a: D A) decrease in a current asset B) decrease in a current liability C) increase in a current liability D) a and c above Feedback: A decrease in current assets is equivalent to an increase in current liabilities. 10 INCORRECT Short-term financing for a business firm includes: B A) bonds B) accounts payable C) stockholders equity D) mortgages Feedback: The other three answers represent long-term financing.第三章 Trend analysis allows a firm to compare its performance to: D A) other firms in the industry B) other time periods within the firm C) other industries D) all of the above Feedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firms performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company-both in and outside of their industry. 2 Ratio analysis allows a firm to compare its performance to: D A) other firms in the industry B) other time periods within the firm C) other industries D) all of the above Feedback: Trend analysis gives an analyst a long-term perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers Meeting at the Boeing Company on May 4, 1999. He said it is one thing to compare a firms performance against competitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also compare performance to any well run company-both in and outside of their industry. 3 Usually, a firms suppliers are most interested in its _D_ ratios. A) profitability B) debt C) asset utilization D) liquidity Feedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm. 4 CORRECT _D_ would be most interested in a firms debt utilization ratios. A) bondholders B) stockholders C) short-term creditors D) Both A and B Feedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints. 5 CORRECT The _C_ ratio indicates the return firm shareholders are earning. A) return on assets B) return on investment C) return on equity D) net profit margin Feedback: The shareholders represent equity, or ownership in the firm. 6 CORRECT Which of the following is an example of a profitability ratio? C A) Quick ratio B) Average collection period C) Return on equity D) Times interest earned Feedback: This is the only profitability ratio that is listed. All profitability ratios have net income in the denominator. 7 Total asset turnover will indicate if there is a problem with the _C_ ratio. A) debt to assets B) times interest earned C) fixed asset turnover D) current Feedback: Fixed asset turnover is part of total asset turnover. 8 CORRECT All of the following are asset utilization ratios except: D A) average collection period B) inventory turnover C) receivables turnover D) return on assets Feedback: Return on assets is a profitability ratio. Any ratio with net income in the denominator is a profitability ratio. 9 CORRECT If a firms debt ratio is 55%, this means _C_ of the firms assets are financed by equity financing. A) 55% B) 50% C) 45% D) not enough information to answer question Feedback: The equity portion plus the debt portion must add up to 100%. 10 CORRECT All of the following can present problems for ratio analysis except: D A) inflation B) inventory accounting methods C) disinflation D) all of the above Feedback: These all may cause problems. 第四章 Planning for future growth is called: C A) capital budgeting B) working capital management C) financial forecasting D) none of the above Feedback: This involves looking ahead to the future. 2 INCORRECT Which one of the following is NOT a tool of financial forecasting? B A) cash budget B) capital budget C) pro forma balance sheet D) pro forma income statement Feedback: The other three are all tools used by an analyst. 3 CORRECT The first step in developing a pro forma income statement is to: A A) build a sales forecast B) determine the production schedule C) determine cost of goods sold D) none of the above Feedback: A sales forecast begins the process. 4 INCORRECT Pro forma statements are _B_ statements. A) actual B) projected C) a previous years D) none of the above Feedback: Pro forma statements are based on estimates or projections. 5 INCORRECT All of the following compose cost of goods sold except _D_. A) raw material B) labor C) overhead D) all of the above are part of cost of goods sold Feedback: The cost of good sold involves all three of these items. 6 INCORRECT Financial managers use the _B_ to plan for monthly financing needs. A) capital budget B) cash budget C) pro forma income statement D) none of the above Feedback: The cash budget allows for planning cash needs. 7 INCORRECT The payments that a firm collects from its customers are called _C_. A) cash disbursements B) cash outflows C) cash receipts D) none of the above Feedback: Cash receipts represent cash coming into the firm. 8 INCORRECT Examples of cash disbursements are all but _B_. A) payment for materials purchased B) collection of accounts receivable C) payment of dividends D) payment of taxes Feedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement. 9 CORRECT In developing the pro forma balance sheet, we get common stock from _A_. A) the firms previous balance sheet B) the firms cash budget C) the firms income statement D) none of the above Feedback: Common stock appears on the balance sheet. 10 INCORRECT The percent of sales method of financial forecasting shows us the relationship between _D_ and financing needs. A) changes in the level of liabilities B) changes in the level of assets C) changes in debt D) changes in the level of sales Feedback: It compares the relationship between balance sheet items and sales. 第五章 An example of a semi-variable cost is: D A) rent B) raw material C) depreciation D) utilities Feedback: The other three represent fixed or variable costs. 2 CORRECT _A_ is the point at which firm profit is equal to zero. A) breakeven B) operating breakeven C) financial leverage D) combined breakeven Feedback: This is the point where the firms revenues equal its expenses. 3 INCORRECT In breakeven analysis, if fixed costs rise, then the breakeven point will _B_. A) fall B) rise C) stay the same D) none of the above Feedback: This implies that a larger quantity will have to be sold in order to break even. 4 INCORRECT In the breakeven formula, Price - Variable Cost is called the_C_. A) breakeven point B) leverage C) contribution margin D) none of the above Feedback: This implies that a larger quantity will have to be sold in order to cover the additional fixed costs and still break even. 5 INCORRECT Which of the following types of firms may operate with high operating leverage? B A) a doctors office B) an auto manufacturing facility C) a mental health clinic D) none of the above would have high operating leverage Feedback: This implies a high break-even point and high operating expenses. 6 INCORRECT The _C_ is the percentage change in operating income that results from a percentage change in sales. A) degree of financial leverage B) breakeven point C) degree of operating leverage D) degree of combined leverage Feedback: This is called the degree of operating leverage (DOL). 7 CORRECT If interest expenses for a firm rise, we know that firm has taken on more _A_. A) financial leverage B) operating leverage C) fixed assets D) none of the above Feedback: Financial leverage refers to interest expense on debt. 8 INCORRECT The _B_ is the percentage change in earnings per share that results from a percentage change in operating income. A) degree of combined leverage B) degree of financial leverage C) breakeven point D) degree of operating leverage Feedback: This is known as the degree of financial leverage (DFL). 9 INCORRECT Combined leverage is the percentage change in relationship between sales and _C_. A) operating income B) operating leverage C) earnings per share D) breakeven point Feedback: This combines operating leverage and financial leverage. 10 INCORRECT A highly leveraged firm is _B_ risky than its peers. A) less B) more C) the same D) none of the above Feedback: Leverage is equivalent to risk, because it implies a higher level of fixed costs. 第六章 Working capital management involves the financing and management of the _C_ assets of the firm. A) fixed B) total C) current D) none of the above Feedback: Working capital management deals with the financing and management of current assets. 2 INCORRECT An asset sold at the end of a specified time period is called a _B_ asset. A) temporary current B) self-liquidating C) current D) permanent current Feedback: A self-liquidating asset is one that will be sold after a certain amount of time. 3 CORRECT Fixed assets are usually financed with _A_ funds. A) long-term B) short-term C) permanent D) none of the above Feedback: Fixed assets are by definition long-term assets. 4 INCORRECT _B_ is usually used to finance self-liquidating assets. A) Long-term financing B) Short-term financing C) Permanent financing D) none of the above Feedback: These are short-term or temporary assets. 5 INCORRECT Short-term interest rates, in a normal economy, are generally _C_ than long-term rates. A) higher B) the same C) lower D) none of the above Feedback: Long-term interest rates are normally higher than short-term interest rates to compensate for uncertainty or risk. 6 INCORRECT The expectations hypothesis says that _B_ interest rates are a function of _ interest rates. A) short-term; long-term B) long-term; short-term C) short-term; short-term D) none of the above Feedback: This theory says that long-term interest rates reflect the average of short-term expected rates. 7 INCORRECT Insurance companies would tend to invest in _C_ securities. A) short-term B) intermediate term C) long-term D) not enough information to answer Feedback: An insurance company would prefer long-term securities because they are more conservative or safer. 8 INCORRECT The _D_ theory says that investors must be paid a premium to hold long-term securities. A) expectations hypothesis B) time value theory C) segmentation D) liquidity premium Feedback: This is the liquidity premium. 9 INCORRECT Short-term financing plans with high liquidity have: B A) high return and high risk B) moderate return and moderate risk C) low profit and low risk D) none of the above Feedback: This is known as a middle-of-the-road approach. 10 INCORRECT Long-term financing plans with low liquidity have: B A) high return and high risk B) moderate return and moderate risk C) low