英文版貨幣時間價值

1、共享知識分享快樂Timevalueofmoney（錢幣的時間價值）Supposeyouretireatage65.Youexpecttolive20moreyearsandtospend$50,000eachyearduringyourretirement.Assumeaninterestrateof6percent,howmuchmoneydoyouneedtosavebyage65tosupportthisexpenseplan?假定你65歲退休。謊話退休后再多活20年，在此時期每年花銷$50,000。假定利率為6%，那你需要在65歲以前存夠多少錢來支持這份花銷計劃？50000*PVIFA

2、6%，20=573500C.$573,4962.Whichofthefollowingamountsistheclosesttotheendvalueofinvesting$40,000for4yearsatacontinuouslycompoundedrateof15%?40000*FVIF15%，4=69960以下哪個最靠近$40,000的投資在連續(xù)復(fù)利率為15%下4年后的期末價值？B.$72,885Financialreportingandanalysis（財務(wù)報告與剖析）1.Pleasecalculatenetincomebasedonthefollowinginformation:請

3、用以下信息計算凈利潤。（300-180-30-40）*（1-34%）=33Sales=$300.00銷售收入=$300.00Costofgoodssold=$180.00銷貨成本=$180.00Depreciation=$30.00折舊=$30.00Interestpaid=$40.00利息支付=$40.00Taxrate=34%稅率=34%$33.00Whichofthefollowingactivitiesis/areinthecategoryofuseofcash:以下的哪一種活動是現(xiàn)金使用的類型？I.increaseintaxespayable.對付稅金的增添II.increasein

4、accountsreceivable.應(yīng)收賬款的增添III.increaseinprepayments.預(yù)支賬款的增添IV.dividendpayments.股利的支付A.OnlyIVUsethefollowingdataforquestions3-7ShownbelowaredatatakenfromarecentannualreportofPublicLtd.(Dollarinmillions.)使用以下數(shù)據(jù)回答3-7題。以下顯示的是PublicLtd的最新年報提取的數(shù)據(jù)（百萬美元）Balancesheetdata:財產(chǎn)欠債表數(shù)據(jù)BeginningofYear期初EndofYear期末Cu

5、rrentassets流動財產(chǎn)$714$784Totalassets總財產(chǎn)1,0631,166Currentliabilities流動欠債256203Totalliabilities總欠債372322Totalstockholders股equity東權(quán)益691844Incomestatementdata:利潤表數(shù)據(jù)Netsales凈銷售額1,822Grossprofit毛利潤750Operatingincome營業(yè)利潤293Netincome凈利潤1753.Thecurrentratioatyear-end(roundedtothenearesttenth)is:年終流動比率（保存到十分位）是

6、：784/203=3.94.Theamountofworkingcapitalatthebeginningoftheyear(inmillions)was:年初運營資本的數(shù)目（百萬）是：714-256=4585.Thegrossprofitratefortheyear(roundedtothenearest1percent)was:該年度毛利潤率（保存到1%）是：750/1822=41%6.Thereturnonaveragetotalassetsduringtheyear(roundedtothenearest1percent)was:該年的均勻總財產(chǎn)利潤率（保存到1%）為：293/（106

7、3+1166）/2=26%7.Thereturnonaveragetotalstockholdersequityduringtheyear(roundedtothenearest1percent)was:該年的均勻凈財產(chǎn)利潤率（保存到1%）為:175/(691+844)/2=23%Determineafirmstotalassetturnover(T)Aifitsnetprofitmargin(NPM)is5percent,totalassetsare$8million,andROIis8percent:8%/5%=1.6假如公司的凈利率是5%，總財產(chǎn)是800萬元，投資回報率為8%，決定公司的

8、總財產(chǎn)周轉(zhuǎn)率FeltonFarmSupplies,Inc.,hasan8percentreturnontotalassetsof$300,000andanetprofitmarginof5percent.Whatareitssales?300000*8%/5%=480000FeltonFarmSuppliesInc在$300,000的總財產(chǎn)上周轉(zhuǎn)率為8%，凈利率為5%，銷售收入是多少？WongisassessingthesolvencyofNewtopandhascollectedthefollowingdata(inmillion)WilliamWong正在評估Newtop的償債能力，并采集

9、到以下數(shù)據(jù)（百萬美元）200520062007Totaldebt總欠債700760800Totalequity總權(quán)益200018001600WhichofthefollowingwouldbethemostappropriateconclusionforWong?Wong最能得出以下哪個結(jié)論？700/2000=0.35，800/1600=0.50A.Thecompanyisbecomingincreasinglymoreliquid,asevidencedbytheincreaseinitsdebt-to-equityratiofrom0.35to0.50from2005to2007.公司流動

10、性變得更好，憑證是從2005年到2007年欠債權(quán)益比率從0.35增添到了0.50.B.Thecompanyisbecominglessliquid,asevidencedbytheincreaseinitsdebt-to-equityratiofrom0.35to0.50from2005to2007.公司流動性變得更差，憑證是從2005年到2007年欠債權(quán)益比率從0.35增添到了0.50.C.Thecompanyisbecomingincreasinglylesssolvent,asevidencedbytheincreaseinitsdebt-to-equityratiofrom0.35to

11、0.50from2005to2007.公司償債能力變得更差，憑證是從2005年到2007年欠債權(quán)益比率從0.35增添到了0.50.D.Noneoftheaboveistrue.12.Whichofthefollowingiscorrect,ingeneral?以下哪個基本正確？ANetadditiontoWorkingCapital=SourcesofWorkingCapital-UsesofWorkingCapital.運營資本的凈增添=運營資本的根源運營資本的使用BAssetsthatwouldnormallyconverttocashwithin12monthsarecalledquic

12、kassets.往常在12個月內(nèi)轉(zhuǎn)變?yōu)楝F(xiàn)金的財產(chǎn)被稱為速動財產(chǎn)CCashflowfromassets=Cashflowtocreditors+Cashflowtostockholders.財產(chǎn)中獲取的現(xiàn)金流=給債權(quán)人的現(xiàn)金流+給股東的現(xiàn)金流DMhasanetincomeof$600.Dividendspaidamountedto$400.Thustheretentionratiois0.75.M的凈利潤為$600，支付股利為$400，那么保存比率是0.75Giventhefollowingfinancialinformation,answerquestion13-14:AAABakery200

13、6reportedsalesof$66,500andcostsof$30,500.Theinformationbelowwasalsoreportedforthesameperiod:給定以下財務(wù)信息，回答題目13-14。AAABakery在2006年報告銷售收入為$66,500，成本為$30,500。以下信息在同期也報告出來。January1st,2006December31,2006Accountsreceivable應(yīng)收賬款45,50042,000Inventory存貨58,10061,000Accountspayable對付賬款74,00075,00013.whatwaschangei

14、nnetworkingcapitalfor2006?2006年的凈運營資本的改動是多少？（42000-45500）+（61000-58100）-（75000-74000）=-160014.WhatwasAAABakerysnetcash?flowAAABakery的凈現(xiàn)金流量是多少？（66500-30500）-（-1600）=37600Question15-16arebasedonthefollowinginformation.鑒于以下信息回答15-16題TaylorInc.,apapermakingfirm,isdebatingwhetherornottoconvertitsall-equi

15、tycapitalstructuretoonethatis40percentdebt.Currently,thereare1,000sharesoutstandingandthepricepershareis$70.EBITisexpectedtoremainat$7,000peryearforever.Theinterestrateonnewdebtis7percent,andtherearenotaxes.TaylorInc.是一家造紙公司，正在議論能否把它的所有股權(quán)的資本構(gòu)造變換為40%的債權(quán)。目前，在外流通的股份共有1000股，每股價錢為$70。息稅前利潤永久保持每年$7000。新債的

16、利率為7%，沒有稅收。MsSpears,ashareholderofthefirm,owns100sharesofstock.Whatishercashflowunderthecurrentcapitalstructure,assumingthefirmhasadividendpayoutrateof100percent?MsSpears是一家公司的股東，有100股。在目前資本構(gòu)造下她的現(xiàn)金流是多少？假定公司的股利派發(fā)率是100%。7000*（100/1000）=700WhatwillMs.Spearscashflowbeundertheproposedcapitalstructureofth

17、efirm?Assumethatshekeepsall100ofhershares.（）MsSpears在計劃資本構(gòu)造下的現(xiàn)金流是多少？假定她保存100股70*1000/（1-40%）*7000/（70*1000）-70*1000/（1-40）*40%*7%*(100/1000)=84017.MLOCorp.usesnodebt.Theweightedaveragecostofcapitalis14percent.Ifthecurrentmarketvalueoftheequityis$40millionandtherearenotaxes,EBITshouldbe().MLOCorp.沒有欠

18、債，加權(quán)均勻資本成本是14%。假如股權(quán)的目前市值是$40百萬，并且沒有稅收，那么息稅前利潤是（）。40*14%=5.618.JTRfirmscreditsalesperdayare$40,000,anditsaveragecollectionperiodis30days.Thecarryingvalueofitsinvestmentinaccountreceivableis()JTR公司每天賒銷收入為$40,000,均勻應(yīng)收賬款回收期為30天。應(yīng)收賬款投資的賬面值為()40000*360/(360/30)=120000019.Whichofthefollowingratiosisusedtos

19、howthelengthoftimetakentopaycreditors？以下哪個比率用于顯示償付對付賬款的時間長度？A.ROE凈財產(chǎn)利潤率B.Totalassetturnover總財產(chǎn)周轉(zhuǎn)率C.Creditorsratios(months)對付賬款比率（月數(shù)）D.Currentratio流動比率20.Whichofthefollowingisnotnormallyacharacteristicofprofitrich,cashpoorcompany?以下哪個不是一個盈余豐厚但現(xiàn)金欠缺的公司的廣泛特色？A.Lowinventoryturnover.低存貨周轉(zhuǎn)率B.Highaccountsre

20、ceivableturnover.高應(yīng)收賬款周轉(zhuǎn)率C.Highoperatingincome,butlowcashflowfromoperations.高營業(yè)利潤，低經(jīng)營現(xiàn)金流D.Alongoperatingcycle.營業(yè)周期長21.WhatdoestheP/Eratiomeasure?市盈率胸懷的是什么？A.Therelationshipbetweendividendsandmarketprices.股利和市價的關(guān)系B.Theearningsforonecommonorpreferedshareofstock.一股一般股或許優(yōu)先股的盈余C.Theearningsforonecommonsh

21、areofstock.一股一般股的盈余D.The“multiple”thatthestockmarketplacesonacompanysEPS.股市對于公司每股盈余擱置的“乘數(shù)”22Ifthenetpurchaseisoverstatedby$5,400andendinginventoryisoverstatedby$3,100.Whatistheeffectonnetincome?成本被高估5400-31002300假如凈采買被高估$5,400，并且期末存貨被高估$3,100，那么對凈利潤的影響是多少？B.Understatedby$2,30023.Wecouldmeasurethefir

22、msliquidositityonpbyusing:我們能夠使用（）胸懷公司的流動性狀況I.Inventoryturnoverratio存貨周轉(zhuǎn)率II.Operatingcashflowratio經(jīng)營現(xiàn)金流比率III.Quickratio速動比率IV.Workingcapitalturnover運營資本比率D.IIandIIIonly24Whichofthefollowingalternativescouldpotentiallyresultinanetincreaseinacompanyscashflowforthecurrentyear?以下備選方案哪個可能會致使公司當年現(xiàn)金流凈增添？A.

23、Reducethedayssalesoutstandingratio.減少應(yīng)收賬款回收天數(shù)B.Increasethenumberofyearsoverwhichfixedassetsaredepreciated.增添固定財產(chǎn)折舊天數(shù)C.Decreasetheaccountspayablebalance.降低對付賬款余額D.Statementsaandbarecorrect.25.Iftheaverageinventorythatafirmholdsincreaseswithoutanyincreaseinsales,theoperatingcyclewill:假如在銷售收入沒有增添的狀況下，一

24、個公司擁有的均勻存貨增添了，經(jīng)營周期會：A.staythesamebecauseofnosaleschange.保持原狀，因為銷售收入不變B.increasebecausedaysininventoryincrease.增添，因為存貨天數(shù)增添C.decreaseiftheinventorywaspaidforbycash.降落，假如存貨用現(xiàn)金支付D.staythesamebecauseinventorydoesnotaffectoperatingcycle.不變。存貨不影響經(jīng)營周期TheaveragedaysininventoryforthePinewoodare70.19daysandthe

25、averageaccountsreceivableturnoveris8.02.WhatistheoperatingcycleforJadedgivena365-dayyear?Pinewood公司的存貨天數(shù)是70.19天，應(yīng)收賬款周轉(zhuǎn)率為8.02。給定一年365天，經(jīng)營周期是多少天？低微如螻蟻、堅毅似大象共享知識分享快樂70.19+365/8.02115.6927.Ifinventoryispurchasedoncredit,then()假如用信譽方式存，（）A.thereisnochangeinthecurrentratio.流比率不B.thereisanincreaseinthecurr

26、entratio.流比率增添C.thereisadecreaseinthecurrentratioifitwasinitiallygreaterthan1.0.流比率大于1，降落D.thereisandecreaseinthecurrentratioifitwasinitiallylessthan1.0.流比率小于1，降落Capitalbudgeting（本算）1.Whichofthefollowingmethodsarecommonlyadoptedforbudgeting?哪些是常用的算方法？A.Internalrateofreturn內(nèi)部利潤率B.NetPresentValueC.Pro

27、fitabilityIndex盈余指數(shù)D.Alloftheabove2.Whichofthefollowingmethodignoresthetimevalueofmoney?以下哪一種方法忽視了的價？A.Paybackperiod.回收期B.NetPresentValueC.ProfitabilityIndex盈余指數(shù)D.Internalrateofreturn內(nèi)部利潤率3.Therearetwomethodsforincorporatingriskincapitalbudget,theyare:（）有兩種方法能夠把加入本算，它是（）A.IRRandRiskadjusteddiscountr

28、ates內(nèi)部利潤率和整率B.NPVandIRR和內(nèi)部利潤率C.CertaintyequivalentapproachandRiskadjusteddiscountrates等確立和整率D.NPVandCertaintyequivalentapproach和整率4.Evaluatingthe()offuturecashflowsistheessenceofcapitalbudgeting.估將來金流的（）是本算的核心A.size模B.timingC.riskD.alloftheabove以上都是5.Typicallyspeaking,projectedcashflowis().的來，的金流是（）

29、A.thelargestpossiblecashflow最大的可能金流B.theoptimalcaseexpectedcashflow最情況下的金流C.anaverageofthepossiblecashflowsfromthevariousscenarios不一樣景下的可能金流的均勻D.thecashflowthatresultsinthelowestNPVbutstillallowstheprojecttobeaccepted會致最低（但還能使目被接受）的金流6.Discountrateofaprojectoftenrefersto().目率常是指（）I.opportunitycost.時

30、機成本II.costofcapital金成本III.theminimumreturnthatmustbeearned必取的最小利潤率IV.marketvalue市C.onlyI,IIandIII7.Theaverageaccountingreturnistheaverageprojectearningsaftertaxes,dividedby()oftheinvestmentduringitslife.均勻會利潤率就是用均勻目稅后利潤除以目周期內(nèi)投的（）A.themarketvalue.市B.thepresentvalueC.theaveragebookvalue.均勻面D.themargin

31、alcost成本8.Theratioofthepresentvalueofthefuturenetcashflowstotheinitialoutlayis:（）將來金流的和初始投的比率是（）A.activityratios.活性比率B.profitabilityratios盈余比率C.solvencyratios.比率D.profitabilityindex盈余指數(shù)9.Amongthefollowingstatements,whichistrueaboutpaybackperiod?在以下述中，對于回收期哪個是正確的？.Itdealswithcashflowsthatmeasuretheti

32、mingofaccountingprofit它理的是金流，能夠胸懷會利的性.Itdealswithcashflowsthatmeasurethetimingofrealbenefits.它理的是金流，能夠胸懷真效益的性.Itisconsideredtobeanunsophisticatedcapitalbudgetingtechniquesinceitonlyconsiderthetimevalueofmoney.它被是不太復(fù)的一種本算技，因它只考的價。.Ifthepaybackperiodislessthanorequaltoanacceptabletimeperiod,theinvestm

33、entshouldbeaccepted假如回收期小于或許等于能夠接受的一個段，那么投被接受。D.IIandIV10.Whichofthefollowingstatementsisnottrue?以下述哪個不？.Thediscountedpaybackperiodmethodinvolvescomparingthenetcostoftheinvestmentprojectwiththenetpresentvalueofthefuturecashflowsexpectedtobegeneratedbytheproject.回收期法波及用投目的成本和目將來的金流的對比.Theshorterthepa

34、ybackperiod,theshorterthefirmisexposedtoriskingthelossofitsinvestedfunds.回收期越短，公司投入金受的越小.Theaverageaccountingreturnistheaverageprojectearningsaftertaxes,dividedbytheaveragebookvalueoftheinvestmentduringitslife.均勻會利潤率就是用均勻目稅后利潤除以目周期內(nèi)投的均勻面.Averageaccountingreturntakesnoaccountoftiming.均勻會利潤率不考性C.noneo

35、fthem11.Ifaprojecthasa()netpresentvalue,theacceptanceoftheprojectwill()thevalueofthefirm.假如一個目有（），接受目會（）公司的價。A.positivehasnoimpacton正的不影響B(tài).positiveincrease正的增添C.negativehasnoimpacton的不影響D.negativeincrease的增添12.WhichofthefollowingstatementisNOTtrue?以下哪個述不？A.Thefinancialmanageractsintheshareholdersbes

36、tinterestsbyidentifyingandtakingpositiveNPVprojects理通找出和用正的目，以代表股的最正確利益。B.InvestmentcriteriaotherthanNPVprovideadditionalinformationaboutwhetherornotaprojecttrulyhasapositiveNPV除了以外的其余投準，供應(yīng)了對于一個目能否真的擁有正的的外信息。C.NPVscannormallybedirectlyobservedinthemarket往常能夠直接從市上察到。D.NPVisalwaysjustthedifferencebetw

37、eenthemarketvalueofanassetorprojectanditscost向來就不過或許目的市和成本的差別。13.Whichofthefollowingsaredisadvantagesofthediscountedpaybackperiodapproach?以下哪些是回收期法的弊端？I.MayrejectpositiveNPVinvestments.可能會拒正的目II.Requiresanarbitrarycutoffpoint.需要一個主的截止點III.Ignorescashflowsbeyondthecutoffdate.忽視了截止日期以外的金流IV.Biasedagai

38、nstlong-termprojects,suchasresearchanddevelopment,andnewprojects.歧期目（比如研）和新目V.DoesnotacceptnegativeestimatedNPVinvestments.不接受估量的目C.I,II,IIIandIV14.WhichofthefollowingsarethepotentialdisadvantagesoftheIRRrule()以下哪些是內(nèi)部利潤率法的潛伏劣？I.notdiscountingallcashflows.沒有把所有金流行II.ignoringtheissueofscale.忽視了模的III.f

39、avoringprojectswithearlycashflowstreams.有益于初期生金流的目IV.notconsideringallcashflows.沒有考所有的金流D.IIandIII15.Whatisthepaybackperiodforthefollowingsetofcashflows?以下一金流的回收期是多少？2+（44002500900）/39002.26Year年份CashFlow金流0-$4,400190022,50033,90041,500A.2.26yearSupposeaninvestmentprojectcosts$4,000andhasannualcashf

40、lowsof$1,100forsevenyears.Sowhatisthediscountedpaybackperiodifthediscountrate10percent?假定一個投目的成本是$4,000，并且七年中的年度金流$1,100。假如率是10%，那么回收期是多少？D.4.25yearsQuestion17-18arebasedonthefollowinginformation:Supposeafirmhasanopportunitytoinvestinaprojectwithareturnof$77,000inoneyear.Thecurrentinvestmentis$69,00

41、0.目17-18都鑒于以下信息：假定公司有時機投于一個目，一年后能回收$77,000。目前投是$69,000。17.Ifthefinancialmarketrateis12%,whatistheNPV?假如金融市利率是12%，是多少？A.-$25018.Ifthefinancialmarketrateis8%,whatistheNPV?假如金融市利率是12%，是多少？C.$2,296Anewprojectcontributes$6,000attheendofthefirstyearand$9,000attheendofthesecondyear.Theinitialcostis$5,000.T

42、heappropriateinterestrateis8%forthefirstyearand10%forthesecondyear.WhatistheNPVoftheproject?一個新目在第一年終獲取$6,000，第二年終獲取$9,000。初始成本是$5,000。適合的利率第一年8%，第二年10%。目的是多少？D.$8,136Question20-22arebasedonthefollowingdatas.第20到22鑒于以下數(shù)據(jù)。Year年數(shù)CashFlow金流0-$8,00013,50024,20032,80020.WhatistheIRRofthesetofcashflows?()

43、金流的內(nèi)部利潤率是多少？B.15.47%21.Forthecashflows,theNPVis$()atadiscountrateof10percent.金流在10%的率下的是多少？D.756.5722.Forthecashflows,theNPVis$()atadiscountrateof20percent.金流在20%的率下的是多少？B.-546.30Usethefollowingdataforquestions23-25.使用以下數(shù)據(jù)回答23-25Consideracompanythatisevaluatingwhetherornottobuyastoreinanewlybuiltmal

44、l.Thepurchasepriceis$500,000.Wewillassumethatthestorehasanestimatedlifeoffiveyearsandwillneedtobecompletelyscrappedorrebuiltattheendofthattime.Theprojectedyearlysalesandexpensefiguresareshownasfollow:一個公司在估能否在一個新建成的商廈家店。價錢是$500,000。我假店壽命5年，并且期末會完整耗盡或許重修。的年度售和用數(shù)字表露以下：Year1($)Year2($)Year3($)Year4($)Y

45、ear5($)Revenue收入433,333450,000266,667200,000133,333Expenses用200,000150,000100,000100,000100,000Beforetaxcashflow300,000166,667100,00033,333稅前金流233,333低微如螻蟻、堅毅似大象共享知識分享快樂Depreciation折舊100,000100,000100,000100,000100,000Earningsbeforetaxes稅200,00066,6670-66,667前利潤133,333Taxes(25%)稅收33,33350,00016,6670

46、-16,667Netincome利潤100,000150,00050,0000-50,00023.WhatistheAverageNetIncome?均勻利潤是多少？C.50,00024.WhatistheAverageInvestment?均勻投是多少？B.$250,00025.WhatistheAverageAccountingReturn?均勻會利潤率是多少？C.20%Capitalstructure（本構(gòu)）1.Thefollowingareconsideredasbasicquestionsofcorporatefinanceexcept().以下除了（）以外都是公司理的基本？A.Wh

47、erewillthefirmgetthelong-termfinancingtopayforitsinvestments公司從哪里獲得期融來支付投的需要B.Howshouldthefirmmanageitsworkingcapital,i.e.,itseverydayfinancialactivities公司怎樣管理運金，也就是平時的活C.Whatmixtureofdebtandequityshouldthefirmusetofunditsoperations公司融和股怎樣混淆D.Atwhatrateofinterestshouldafirmborrow公司借錢的利率多少2.Whichofth

48、efollowingstatementiscorrect?以下哪個述是正確的？A.Ifafirmexperiencesafinanciallossfortheyear,thelossissharedequallybythedebtholdersandequityholders.假如公司在某年了，會由擁有者（人）和益擁有者（股）平平分擔。B.Forincometaxpurposes,preferredstockismorelikedebtthanitislikecommonstock.從所得稅的角度看，先股更像，而不像一般股。C.Astockdividendincreasesthenumbero

49、fsharesoutstanding,therebyincreasingthevalueofeachshare.股票股利增添了在外流通的股份數(shù)目，進而增添了每股價。D.Themostimportantdifferencebetweenstockrepurchasesandcashdividendisthattheymayhavedifferenttaxconsequences.股票回和金股利最重要的區(qū)在于它會有不一樣的稅見成效。3.Thecostofdebttoacorporationatanypointintimeis:一個公司在隨意點的成本是：A.thecurrentmarketborro

50、wingrate.目前的市借錢利率B.greaterthantherisk-freerateifthebondbetaisnegative.如券塔高于無利率C.equaltothecouponpayment.等于票面利率D.thestatedinterestonthedebtinstrument.工具的名利息4.Theeffectoffinancialleverageontheperformanceofthefirmdependson()杠桿公司效的影響取決于（）A.thefirmslevelofearningbeforeinterestandtax(EBIT).公司的息稅前利的水平B.the

51、rateofreturnonequity.利潤率C.thecurrentmarketvalueofthedebt.的目前市D.therateofdividendgrowth.股利的增率5.Whichofthefollowingstatementsistrue?以下述哪個是的？I.Anunleveredfirmisacompanythathasmoredebtthanequityinthecapitalstructure.無杠桿公司是在本構(gòu)中多于股的公司。II.Anunleveredfirmisacompanythathasanequalamountofdebtandequityinthecap

52、italstructure.無杠桿公司是在本構(gòu)中和股數(shù)目相等的公司III.TheeffectoffinancialleverageontheperformanceofthefirmdependsonthefirmslevelofEBIT.杠桿公司效的影響取決于公司息稅前利的水平。IV.Anunleveredfirmiscompanythathasallequityinthecapitalstructure.無杠桿公司是在本構(gòu)中所有是股的公司。B.OnlyIIIandIV6.Whicharetheprimarydisadvantagesofsoleproprietorships?哪些是私企的主要

53、劣？I.Thesimplesttypeofbusinesstostartandistheleastregulatedformoforganization.開企的最型，遇到管最少的形式II.Unlimitedliability.無窮任III.Limitedlifeofthebusiness.壽命期有限IV.Difficultyoftransferringownership.所有移困C.II,IIIandIV7.Theex-dividenddateisimportantbecausetradingonthisdate:除日之所以重假如因在一天交易：A.iswhenthepurchasergetsa

54、righttoadividendandthemarketpricerecognizetheaddedvalue.方獲取取股利的利，并且市價確了個附帶B.iswhenthepurchaserdoesnotgetrighttodividendandthemarketrecognizestheaddedvalue.方?jīng)]有獲取取股利的利，并且市確了個附帶C.iswhenthepurchaserhasthenameregisteredonthebookofcompanyandnochangeinvalue方在公司登的日期，價不D.iswhenthepurchaserdoesnotgetrighttodi

55、videndandthemarketrecognizesthelossinvalue.方?jīng)]有獲取取股利的利，并且市價確了個價失8.WhichofthefollowingisNOTanappropriatewayforafirmtodealwithexcesscash?以下哪個不是公司理剩余金的適合方法？A.Stockrepurchase股票回B.PositiveNPVproject.正的目C.Regularcashdividend一般金股利D.Stockdividend股票股利9.TheAsphaltCorporationhasanassetbetaof1.1andanequitybetaof

56、1.25.Theequityportionofthecapitalstructureis0.75.Asphalthasazerotaxrate.Whatisthedebtbeta?Asphalt公司的塔是1.1，股塔是1.25。股在本構(gòu)中的市重是0.75。Asphalt的稅率零。的塔是多少？A.0.6510.NicksonCorporationisunleveredandhasacostofequitycapital8%，whatwouldthecostofequitybeifthefirmsbecameleveredat1.60?Theexpectedcostofdebtwouldbe6%.

57、Nickson公司沒有杠桿，股本成本是8%，假如公司的杠桿率成1.60，股本成本會是多少？成本是6%。C.11.2%Afirmhasequityfinancinginthemarketvalueamountof$15,000anddebtfinancinginthemarketvalueamountof$3,000.Theweightofdebtinweightedaveragecostofcapitalis:一家公司的股融的市是$15,000，融的市是$3,000。加均勻金成本中所占的重是多少？C.16.7%12.KrisleandKringlesdebt-to-totalassetsrat

58、iois0.4.Whatisitsdebt-to-equity(D/E)ratio?KrisleandKringle的率0.4，它的益比率多少?C.0.667MarktwinInc.hasatargetdebt/equityratioof0.75.After-taxearningsfor2005were$1,700,000andthecompanyneeds$2,300,000fornewinvestments.Ifthefirmfollowsaresidualdividendpolicy,whatdividendwillbepaid?MarktwinInc.的目益比率是0.75。2005年的

59、稅后利潤是$1,700,000，公司需要$2,300,000來做新投。假如公司采納的是節(jié)余股利政策，股利支付多少？C.$385,714In2008,NicksonCorporationhadequityaccountsasfollows:2008年NicksonCorporation所有者益以下：CommonStock($1ParValue)一般股股本（面1元）$65,000RetainedEarnings保存利潤15,000TotalShareholdersEquity股益$80,000Projectedincomeis$72,000anda$0.50dividendpershareisto

60、bepaidimmediately.Whatwilltheendingretainedearningsaccountbe?利$72,000，立刻支付每股$0.50的利，期末保存利潤將會是多少？C.$54,500.Thefollowinginformationreferstoquestion15-16以下信息跟15-16有關(guān)BranchCompanywasverysuccessfullastyearandearningswere$72,000.Thecompanyhad60,000sharesoutstandingandpaidadividendof$0.50pershare.Branch公司昨