成果講稿英文p2 unit

名師資訊英文P2 課///52（單選題）WhenfirmBmergeswithfirmCtocreatefirmBCwhathasB、AnacquisitionofC、Anacquisitionof展開答疑我要糾 收藏試題|收起解正確答案是：DAtenderofferisusedinanacquisitionbyafirmtotheshareholdersofanotherfirmtotendertheirsharesforaspecifiedprice.Answer(B)isInanacquisitionofassets,bothcompaniescontinuetooperateseparay.Answer(C)isincorrect.Inanacquisitionofassetsorstock,bothcompaniescontinuetooperateseparay.Answer(D)iscorrect.Aconsolidationisabusinesstransactioninwhichanewisorganizedtotakeoverthecombiningcompanies.Anentirelynewisformed,andneitherofthemergingcompaniessurvives.FirmBmergeswithfirmCtoformanentirelynewcalledBC,andneitherBnorCsurvives.Therefore,thisisaconsolidation.正確 筆 編輯筆53（單選題）Whenchoosingamergeroveranacquisitionofstockto plishabusinesscombination,whichofthefollowingisirrelevanttothedecision?A、DealingdirectlywithshareholdersinanacquisitionofB、AbsenceoftenderbysomeminorityshareholdersinatenderC、toanacquisitionbythetarget’smanagementusuallycausinganincreaseinthestockD、Whetherthecompaniesareinthesame展開答疑我要糾 收藏試題|收起解正確答案是：DItsupportschoosingamergeroveranacquisition.Answer(B)isincorrect.Itsupportschoosingamergeroveranacquisition.Answer(C)isincorrect.Itsupportschoosingamergeroveranacquisition.Answer(D)iscorrect.Manyfactorsinfluencewhetheratransactionshouldbeamergeroranacquisitionofstock.Whetherthecompaniesareinthesameindustryornotisusuallynotafactor.Inanacquisitionofstock,anacquiringfirmusuallymakesatenderofferdirectlytotheshareholdersofanotherfirmtoobtainacontrollinginterest.Therefore,theacquiringfirmmustdirectlydealwithshareholdersoftheotherfirm.Thereisthepossibilitythatsomeminorityshareholderswillnottendertheirshares.Managementmaybehostiletothecombination,whichusuallycausesanincreaseinthestockprice.Thisincreasewillrequiretheacquiringfirmtopaymoremoneyinitstenderoffer.Ontheotherhand,amergerismuchmorestraightforwardlegally.Itisusuallyanegotiatedarrangementbetweenasinglebidderandtheacquiredfirm.However,amergerdoesrequireaformalvoteoftheshareholdersofeachofthemergingfirms,whereasanacquisitiondoesnot.正確 筆 編輯筆54（單選題）Themergerofanoilrefinerybyachainofgasolinestationsisanexampleof.展開答疑我要糾 收藏試題|收起解正確答案是：CAconglomeratemergerinvolvesthecombinationoftwofirmsinunrelatedindustries.Answer(B)isincorrect.Awhiteknightisafirmfromwhichthetargetfirmseeksacompetitiveoffertoavoidbeingacquiredbyalessdesirablesuitor.Answer(C)isAverticalmergeristhecombinationofafirmwithoneormoreofitsrsorcustomers.Theacquiringfirmremainsinbusinessasacombinationofthetwomergedfirms.Thechainofgasolinestationsisacquiringanoilrefinery,whichisar.Therefore,thisisaverticalAnswer(D)isHorizontalmergerscombinecompaniesinthesame正確 筆 編輯筆55（單選題）AllofthefollowingstatementsaboutacquisitionofstockthroughtenderoffersistrueA、Shareholdermeetingsdonotneedtobeheld.B、Avoteisnotrequired.C、Theacquiringfirmdirectlydealswiththetargetfirm’sD、Alloftheoutstandingstockofthetargetfirmmustbe展開答疑我要糾 收藏試題|收起解正確答案是：DItisaItisatruestatemeAnswer(C)isincorrect.Itisatruestatementaboutthea Answer(D)iscorrect.Anacquisitionofstockbyacorporationdoes quireaformalvoteofthetargetfirm’sshareholders.Thus,shareholdermeetingsd edtobeheld.Atenderofferisusuallymadeinanacquisitionofstock vitationbyanindividualorcorporationtotheothercorpora rsharesforaspecifiedprice.Theacquiringfirm Minority loftarget正確 筆 編輯筆56（單選題）Whichofthefollowingisadefensivetacticagainstahostiletakeoverbytender展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isAleveragedbuyout(LBO)entailsthegoingprivate.Asmallgroupofinvestors,usuallyincludingseniormanagement,purchasesthepubliclyownedstock.Thestockisthendelistedbecauseitwillnolongerbetraded.Thus,aLBOcompeteswithahostiletenderofferasanalternative.Answer(B)isAnacquisitionisthepurchaseofallofanotherfirm’sassetsoracontrollinginterestinitsAnswer(C)isAconglomeratemergerisacombinationoftwounrelatedfirmsindifferentindustries.Answer(D)isincorrect.ASaturdaynightspecialisdirectsolicitationofshareholdersthroughadvertisementsorgeneralmailing.正確 筆 編輯筆57（單選題）ThetrusteeshipfunctioninaChapter11bankruptcyreorganizationisusuallyperformedbyC、Committeeofcreditors.展開答疑我要糾 收藏試題|收起解正確答案是：BThecourtmaysometimesappointatrusteebutdoesnotserveastrustee.Answer(B)iscorrect.InaChapter11reorganization,thecourthaslimitedpowertoappointatrustee.Instead,to plishtherehabilitativeaspirationsofareorganization,afirmseekingprotectionunderChapter11maybepermittedtooperateitsownbusinessasadebtor-in-possession.Astrongpresumptionexiststhatadebtor-in-possessionshouldbepermittedtocontinuetooperatethebusinessunlessthereisevidenceof petenceormismanagementonthepartofthedebtor.Adebtor-in-possessionhasbasicallyallthesamerightsanddutiesasatrusteebutdoesnotreceivespecialcompensationforperformingthefunction.Answer(C)isThecommitteeconsultswiththecourt,thedebtor,andthetrustee;investigatesthedebtor’saffairs;andparticipatesinformulatingthenofreorganization.Answer(D)isAnexaminermaybeappointedtoexamineallegationsoffraud,misconduct,or正確 筆 編輯筆58（單選題）AfirmisbeingliquidatedseveralmonthsafteritsChapter7bankruptcyfilingThereceiverhascompiledthefollowing Commonshares(at Preferredshares(at Secured Seniorunsecured Juniorunsecured Wage Creditfromrssince Court/trustee Basedonthisinformation,whatpercentageoftheirclaimswilljuniorcreditorsABC81%展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isBeforethejuniorcreditorsarepaid,securedbonds,court/trusteecosts,creditfromrssincefiling,wagespayable,taxesowed,andseniorcreditorsmustallbepaid(inthatorder).Afterallofthesedebtsarepaid,thefirmisleftwith$9,500($100,000–$50,000–$1,500–$2,000–$7,000–$3,000–$27,000)thatthejuniorcreditorisentitledto.Thejuniorcreditorswillreceive53%oftheirclaims($9,500÷$18,000).Pleasenotethatshareholdersarelastinlinetotheclaims.Answer(B)isThecreditfromrssincefilingclaimmustbepaidbeforetheclaimfortheunsecureddebt.Theamountof64%failstotakethatclaimintoaccount.Answer(C)isThecreditfromrssincefilingclaimandthetaxesowedmustbepaidbeforetheclaimfortheunsecureddebt.Theamountof81%failstotakebothoftheseclaimsintoAnswer(D)isThejuniorcreditorhastotalclaimsof$18,000.Becausethereisonly$9,500left,(s)hewillnotrecover100%ofhis/herclaims.筆 編輯筆59（單選題）AllofthefollowingarepotentialsourcesoftaxsavingsinanacquisitionA、Economiesofscale.B、Netoperatinglosses.D、Surplusfundsoftheacquiring展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isNetoperatinglosses(NOLs)areapotentialsourceoftaxsavingsbecauseNOLscanbeusedtooffsetanacquiringfirms’taxable e.Thecombinedfirm’scapitalstructurealsomayallowforincreaseduseofdebtfinancing,whichresultsintaxsavingsfromgreaterinterestreductions.Furthermore,acombinationmaybethebestuseofsurpluscashfromatax.Dividendsreceivedbyindividualshareholdersarefullytaxable,whereasthecapitalgainsfromacombinationarenottaxeduntilthesharesaresold.Inaddition,amountsremittedfromtheacquiredtotheacquiringfirmarenottaxable.However,economiesofscalearenotasourceoftaxsavings.Theyareeconomicsavingsfromjointoperationofcompaniesinvolvedinabusinesscombination.Answer(B)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.Answer(C)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.Answer(D)isPotentialsourcesoftaxsavingsinanacquisitionincludenetoperatinglosses,unuseddebtcapacity,andsurplusfundsoftheacquiringfirm.正確 筆 編輯筆60（單選題）WhatistheroleofgoldinthepresentinternationalmonetaryA、GoldisquotedinUnitedStatesdollarsB、AllofthemajorcurrenciesoftheworldexcepttheUnitedStatesdollarhaveafixedvalueintermsofgold.C、Goldislikeanyotherassetwhosevaluedependsuponsupplyanddemand.D、GoldisthereserveassetoftheInternationalMonetary展開答疑我要糾 收藏試題|收起解正確答案是：CAlthoughmostexchangesquotethepriceofgoldinU.S.dollars,thedollar’svalueisnotlinkedtothatofgold.Answer(B)isFloatingexchangerateshaveexistedsinceabout1973.Tyingcurrencyvaluestoagoldstandard,ineffect,fixesexchangerates.Answer(C)isGoldhasnospecialroleinthemoderninternationalmonetarysystem.Thepresentsystemisbaseduponmanagedfloatingcurrencyexchangerates.Consequently,goldistreatedasacommodity,thepriceofwhichdependsuponsupplyanddemand.Answer(D)isTheonlyreservesoftheIMFareinternational正確 筆 編輯筆61（單選題）AfirmismostlikelytobeabargainforanacquirerBtsqratioislessthanC、Therecementcostofitsassetsislessthanthevalueofthefirm’ssecurities.D、Thecombinationismoreexpensivethaninternalexpansion.展開答疑我要糾 收藏試題|收起解正確答案是：BIftheqratioofafirmtobeacquiredexceedsone,themarketvalueofthefirm’ssecuritiesexceedtherecementvalueofassets.Answer(B)isUndervaluationofthefirmtobeacquiredmayresultifthemarketfocusesonshort-termearningsratherthanlong-termprospects.Suchafirmmaybeabargainfortheacquirer.Anotheraspectofundervaluationisthatafirm’sqratio(marketvalueofthefirm’ssecurities÷recementcostofitsassets)maybelessthanone.Hence,anacquiringfirmthatwishestoaddcapacityordiversifyintonewproductlinesmaydiscoverthatacombinationislessexpensivethaninternalexpansion.Answer(C)isIfrecementcostislessthanbookvalue,internalexpansionislessexpensive.Answer(D)isincorrect.Internalexpansionmaybethebetterbargainforthe正確 筆 編輯筆62（單選題）ThecoinsuranceeffectcanbereducedbyRetirementof IssuanceofDebtbefore 展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isThecoinsuranceeffectcanbeoffsetbyissuingadditionaldebtafterthecombination,therebyincreasingthefirm’sunsystematicriskanddecreasingthevalueofdebt.Moreover,thegreaterleveragemayincreasethefirm’svalue.Anotherpossibilityistoreducedebtpriortothecombinationatthelower, binationpriceandthentoreissuethesameamountofdebtafterward.Answer(B)isDebtshouldalsobeissuedafterthecombination.Answer(C)isincorrect.Debtshouldalsoberetiredbeforethecombination.Answer(D)isincorrect.Retirementofdebtbeforeandissuanceofdebtafteracombinationarestrategiestoreducethecoinsuranceeffect.正確 筆 編輯筆63（單選題）IfthevalueoftheU.S.dollarinforeigncurrencymarketschangesfrom$175eurosto$170A、TheeurohasdepreciatedagainsttheB、ProductsimportedfromEuropetotheU.S. emoreC、U.S.touristsinEuropewillfindtheirdollarswillbuymoreEuropeanproducts.D、U.S.exportstoEuropeshoulddecrease.展開答疑我要糾 收藏試題|收起解正確答案是：BpurchasingpAnswer(B)isSinceitnowtakesfewer clinedinrelativetotheeuro;i.e.,theeuroh r.Asaresult,importsfromEuropewill emoreexpensiveandw Answer(C)isSinceadollarwillnowfetchfewereurost .touristswillfindEuropeangoodsmoreexpensive.Answer(D)isSincetheeuro 64（單選題）Afteramergerthedifferencebetweenthevalueofthecombinedentityandthesumofthevaluesoftheseparateentitiesis展開答疑我要糾 收藏試題|收起解正確答案是：DApoolingofinterestsisamethodofaccountingthatisnolongerpermittedforcombinationsinitiatedafterJune30,2001.Answer(B)isConsolidationoccurswhenanewisformedafteramerger,withneithermergingsurviving.Answer(C)isGoodwillistheexcessofthepricepaidoverthefairvalueofthenetassetsacquiredinaAnswer(D)isOperationalsynergyarisesbecausethecombinedfirmmaybeabletoincreaseitsrevenuesandreduceitscosts.Forexample,thenewfirmcreatedbyahorizontalmergermayhaveamorebalancedproductlineandastrongerdistrbutionsystem.costsmaybedecreasedbecauseofeconomiesofscaleinproduction,purchasing,andmanagement.Financialsynergymayalsoresultfromthecombination.Thecostofcapitalforbothfirmsmaybedecreasedbecausethecostofissuingbothdebtandequitysecuritiesislowerforlargerfirms.Moreover,uncorrelatedcashflowstreamswillprovideforincreasedliquidityandalowerprobabilityofbankruptcy.Stillanotherbenefitistheavailabilityofadditionalinternalcapital.Theacquiredisoftenabletoexploitnewinvestmentopportunitiesbecausetheacquiringhasexcesscash正確 筆 編輯筆65（單選題）ThesynergyofabusinesscombinationcanbedeterminedA、Calculatingthechangeinrevenueminusthechangeincost.B、Calculatingthechangeinrevenueminusthechangeintaxes.C、Usingtheriskadjusteddiscountratetodiscounttheincrementalcashflowsofthenewly-formedentity.D、Usingtheriskadjusteddiscountratetodiscountthechangeinrevenuesofthenewly-formedentity.展開答疑我要糾 收藏試題|收起解正確答案是：CDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.Answer(B)isDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.Answer(C)isSynergyequalsthevalueofthecombinedfirmminusthesumofthevaluesoftheseparatefirms.Thesevaluescanbecalculatedusingthecapitalbudgetingtechniqueofdiscountedcashflowysis.Thedifferencebetweenthecashflowsofthecombinedfirmandthesumofthecashflowsoftheseparatefirmsisdiscountedattheappropriaterate,usuallythecostofequityoftheacquiredfirm.Thecomponentsoftheincrementalcashflowsaretheincrementalrevenues,costs,taxes,andcapitalneeds.Answer(D)isDiscountingtheincrementalcashflowsinvolvesconsiderationofrevenues,costs,taxes,andcapitalneeds.正確 筆 編輯筆66（單選題）A transferredownershipofoneofitsdivisionstothe ’sexistingshareholders,andtheshareholdersreceivednewstockrepresentingseparateownershiprightsinthedivision.Thatprocessisreferredtoasa展開答疑我要糾 收藏試題|收起解正確答案是：BInaliquidation,assetsaresoldpiecemeal.Answer(B)iscorrect.Aspin-offisatypeofrestructuringthatischaracterizedbyestablishinganewandseparateentityandtransferringitsnewlyissuedstocktotheshareholdersoftheoriginal.Answer(C)isInanLBO,theacquirerborrowsheavilyfromthirdpartiestofinancethetransactionandusestheacquired’sassetsascollal.Answer(D)isInamanagerialbuyout,the ethe正確 筆 編輯筆67（單選題）Whichofthefollowingdefensemaneuversinvolvestheissuanceofrightstobuysharesatanextremelyreducedpriceupontheoccurrenceofatakeover?D、Crown展開答疑我要糾 收藏試題|收起解正確答案是：CGreenmailinvolvesofferingthepotentialacquirortheopportunitytosellhis/heralreadyacquiredsharesbacktothecorporationabovethemarketvalue.Answer(B)isGoldenparachutesareprovisionspassedbyaboardofdirectorsrequiringlargepaymentstospecifiedexecutivesiftheiremploymentisterminatedbytheacquiringfirmfollowingthetakeover.Answer(C)isApoisonpillmaybeincludedinatargetcorporation’scharter,by-laws,orcontractstoreduceitsvaluetopotentialtenderofferors.Apoisonpillmaybe,forexample,arightgrantedtothetargetfirm’sshareholderstopurchasesharesofthemergedfirmresultingfromatakeover.Thebiddinglosesmoneyonitssharesbecausethisrightdilutesthevalueofitsstock.Answer(D)isAcrownjeweltransferoccurswhenthetargetcorporationsellsordisposesofoneormoreassetsthatmadeitadesirabletarget.正確 筆 編輯筆68（單選題）AssumethespotrateoftheCanadiandollaris$.90Ifthespotrateoneyearfromnowis$.85,theCanadiandollarwillhaveD、Depreciatedby5展開答疑我要糾 收藏試題|收起解正確答案是：BTheCanadiandollarwilldepreciateratherthanappreciate.Answer(B)iscorrect.Afterayear’stime,asingleCanadiandollarnowfetchesfewerU.S.dollars,indicatingalossofpurchasingpower(depreciation).Thespreadis5.56%[($.90–$.85)÷$.90].Answer(C)isTheCanadiandollarwilldepreciateratherthanappreciate,andthespreadis5.56%.Answer(D)isincorrect.Depreciationby5.88%resultsfromusing.85inthedenominatorinsteadof正確 筆 編輯筆69（單選題）AcorporationissuedapropertydividendtoitsshareholdersThedividendwasdistributedintheformof100%ofthecommonstockofasubsidiary.Thisisknownasa展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isAspin-offcreatesanew,separateentity.Itis plishedbydistributingapropertydividendintheformofstockofanothercorporationtoshareholders,whothen shareholdersofbothcorporations.Answer(B)isAstocksplitis plishedbyacorporationissuingadditionalsharesofitsownstocktoAnswer(C)isAscripdividendisonethatispayableintheformofnotespayable.Answer(D)isincorrect.Areversesplitoccurswhenacorporationreducesthenumberofitsoutstanding正確 筆 編輯筆70（單選題）BigCo,alargeconglomerate,hasadivisionthathasdevelopedanewandhighlypromisingtechnology.BigCowouldliketoretaincontrolofthisdivisionbutalsoraiseadditionalcapitaltosupportthefurtherdevelopmentofthistechnology.BigCoalsorealizesthispromisingtechnologyisdifferentthanitsusualbusinesslinesandwillrequireanewmanagementstyleandincentiveprogramtoattractandmaintaintalent.WhichoneofthefollowingwouldbestallowBigCotoachievetheseobjectives?B、SaleofthedivisiontoanotherC、Amanagementbuy-outofthedivision.D、Anequitycarve-outofthedivision.展開答疑我要糾 收藏試題|收起解正確答案是：DAspin-offisthecreationofanewentityseparatefromanotherentity,withthenewentity’ssharesbeingdistributedonaproratabasistoexistingshareholdersoftheparententity.Aspin-offisessentiallyatypeofdividendtoexistingshareholders.Answer(B)isAsaleofthedivisiontoanotherfirmwouldnotallowBigCotoretaincontrolofthedivision.ThisalternativewillnotallowBigCotoachieveitsobjectives.Answer(C)isAmanagementbuy-outofthedivisionwouldnotfittheobjectiveofwantinganewmanagementstyleandincentiveprogramtoattractandmaintaintalent.Answer(D)isAnequitycarve-outinvolvesthesaleofaportionofthefirmthroughanequityofferingsharesinthenewentitytooutsiders.ThiswouldallowBigCotoraiseadditionalcapitalaswellasbringinnewmanagementwhilestillmaintainingcontrol,asitdoesnothavetosellthewholedivisiontoachieveanequity-carveout.正確 筆 編輯筆71（單選題）FrancineistheCFOforamid-sizedcorporationbasedintheUSA.Hercorporationneedstopaya10,000Eurosin30daysformaterialsFrancine’scorporationisimportingtotheUSA.Today’sspotratefortheexchangeratebetweentheUSDollarandEurois1.2534.The30dayforwardrateis1.2313.Ignoringinterestrates,A、ThedollarisatadiscountagainsttheEurointhespotmarketandundervaluedintheforwardmarket.B、Thedollarlosespurchasingpoweroverthenext30days.C、Thedollargainspurchasingpoweroverthenext30D、ThedollarisatapremiumagainsttheEurointhespotmarketandovervaluedintheforward展開答疑我要糾 收藏試題|收起解正確答案是：CThereisnowaytoliftheratesareover-orundervalued.TheinformationFrancinehasiswhatthemarketisvaluingtheexchangeofdollarstoEurostodayandin30days.YoucanmakeanassumptiononhowthevalueofthedollarversustheEurochangesoverthenext30days,butyoucannotknowifit'sover-orundervaluedtodayorin30daysbecausethereisnotenoughinformationknown,suchasinterestrates.Answer(B)isFrancinewillpaymoredollarsfor10,000Eurostodaythanin30days.IfFrancinepaystheBritishfirmtodayusingthespotrate,shewillpay$1.2534perEuro.ButifFrancineentersintoa30dayforwardrate,shewillpay$1.2312perEuro.Itischeaperindollarstopayusingtheforwardrate,NOTthespotrate.Therefore,thepurchasingpowerofthedollarincreases,notdecreases,overthenext30days.Answer(C)isFrancinewillpayfewerdollarsfor10,000Eurosin30daysthanpayingtoday.In30days,Francinecanpay$1.2312dollarsperEuro,butifsheweretopaytodayusingthespotrate,shewouldpay$1.2535perEuro.Thebillisatafixedpriceandignoringinterestrates,itischeaperindollarsforFrancinetopaythebillin30days.Therefore,thepurchasingpowerofthedollarincreasesoverthenext30days.Answer(D)isThereisnowaytoliftheratesareover-orundervalued.TheinformationFrancinehasiswhatthemarketisvaluingtheexchangeofdollarstoEurostodayandin30days.YoucanmakeanassumptiononhowthevalueofthedollarversustheEurochangesoverthenext30days,butyoucannotknowifit'sover-andundervaluedtodayorin30daysbecausethereisnotenoughinformationknown,suchasinterest正確 筆 編輯筆72（單選題）Chapter7oftheFederalBankruptcyCodewillgrantadebtoradischargewhentheA、IsacorporationoraB、IsanentityotherthanapartnershiporcorporationthatcouldsuccessfullyreorganizeunderChapter11oftheFederalBankruptcyCode.C、IsaninsuranceD、Unjustifiablydestroyedinformationrelevanttothebankruptcy展開答疑我要糾 收藏試題|收起解正確答案是：BPartnershipsandcorporationsdonotreceiveageneraldischargeunderChapter7.Theyaresimplyliquidated.Answer(B)isAgeneraldischargeofmostdebtsisprovideda(butnotapartnershiporcorporation)underChapter7.Certainentitiesarenoteligible,includingrailroads,insurancecompanies,banks,creditunions,andsavingsandloanassociations.LiquidationanddischargeunderChapter7arenotrestrictedtocasesinwhichChapter11reorganizationwouldnotbesuccessful.Answer(C)isInsurancecompaniesareineligibletofileunderChapter7.Answer(D)isincorrect.Destroyinginformationcanresultindenialofgeneraldischarge.Onlyifitisjustified,e.g.,accidentaldestructionnotintendedtodefraudcreditors,mightitnotresultindenialof正確 筆 編輯筆73（單選題）WhichofthefollowingisindicativeofA、PaymentstocreditorsareB、Themarketvalueofthefirm’sstockhasdeclinedsubstantially.C、OperatingcashflowsofthefirmcannotmeetcurrentD、Dividendsarenotdeclaredbecauseofinadequateretained正確答案是：C|Latepaymentsareanearlysignalofpotentialinsolvency.Answer(B)isincorrect.Adecliningsharepriceisanearlysignalofpotentialinsolvency.Answer(C)iscorrect.Afirmisinsolventwhenitsdebtsexceeditsassets(stock-basedinsolvency)orwhenitscashflowsareinadequatetomeetmaturingobligations(flow-basedinsolvency).Answer(D)isEliminationofdividendsisanearlysignalofpotential正確 筆 編輯筆74（單選題）Iftheexchangeratehaschangedfrom1U.Sdollarto5foreigncurrencyunits(FCUs)toarateof1U.S.dollarto55A、TheU.S.dollarhasappreciatedby10%.B、TheU.S.dollarhasdepreciatedby10%.C、TheFCUhasappreciatedby20%.D、TheFCUhasdepreciatedby展開答疑我要糾 收藏試題|收起解正確答案是：A解 Answer(A)isAsingleU.S.dollarnowfetchesmoreFCUsthanbefore,indicatingagaininpurchasingpower(appreciation).Thespreadis10%[(5.5–5.0)÷5.0].Answer(B)isTheU.S.dollarhasappreciatedinvalue.ItwillnowpurchasemoreFCUs.Answer(C)isincorrect.TheFCUisdepreciating,notappreciating.Answer(D)isincorrect.TheFCUhasdepreciatedby正確 筆 編輯筆75（單選題）WhichofthefollowingisnotanearlysignalofpotentialfinancialC、RapidlyfallingstockD、Stagnantcash正確答案是：D

展開答疑我要糾 收藏試題|收起解Negativeearningsareanearlysignalofpotentialinsolvency.Answer(B)isincorrect.Layoffsareanearlysignalofpotentialinsolvency.Answer(C)isincorrect.Adecliningsharepriceisanearlysignalofpotentialinsolvency.Answer(D)iscorrect.Merestagnationofcashflowsdoesnotindicatepotentialinsolvency.Flow-basedinsolvencyoccurswhencashflowsareinadequate,notwhentheyaresimplynotgrowingatthedesiredrate.正確 76（單選題）InsolvencyB、LackofC、Notbeingabletopayone’sdebts.D、Lackofborrowingcapacity.正確答案是：C

收藏試題|收起解Alowcashbalancedoesnot,byitself,iAnswer(B)isincorrect.Lackofliquiditydoesnot,byitsAnswer(C)iscorrect.Afirmisinsolvent orwhencashflowsareinaAnswer(D)isAlack正確 筆 編輯筆77（單選題）WhichofthefollowingisthemostlikelyoptiontobechosenbyaninsolventA、IncreaseR&Dandcapitalexpenditures.B、Purchaseastablefirm.D、Repurchase展開答疑我要糾 收藏試題|收起解正確答案是：CThefirmismorelikelytocutcosts.Answer(B)isincorrect.Aninsolventfirmismorelikelyatakeovertarget.Answer(C)iscorrect.Aninsolventfirmmayagreetobeacquiredbyastrongerfirmoritmaysellimportantassets,slashcosts,issueadditionalsecurities,negotiatewithcreditorstorestructureitsobligations,orexchangeequityfordebt.Itmayalsochooseareorganizationinbankruptcy.Afinaloptionisbankruptcyliquidation.Answer(D)isThefirmismorelikelytoissueadditionalstocktoraise正確 筆 編輯筆78（單選題）AfirmmaybenefitfrominsolvencyinallbutwhichofthefollowingA、Beingdtofocusuponcoreoperations.B、Realigningitscapitalstructure.C、EnteringChapter11bankruptcyproceedingsandreorganizingthefirm.D、Beingdtoliquidatethebusiness.展開答疑我要糾 收藏試題|收起解正確答案是：DFocusingoncoreoperationsisapossibleadvantage.Answer(B)isincorrect.Capitalrestructuringisapossbleadvantage.Answer(C)isincorrect.ReorganizationundertheprotectionofChapter11isapossibleadvantage.Answer(D)iscorrect.Benefitsofinsolvencymayincluderestructuringofthefirm’sassetsandcapitalstructure,divestitureofnoncoreoperations,developmentofnewstrategiesandnewformsoforganization,andrelieffromcreditors’actionswhilethefirmisinaChapter11reorganization.However,beingdtoliquidateistheresultthatafirmmostwantsto正確 筆 編輯筆79（單選題）TheU.S.balanceoftradeisdecreasedA、ForeigninvestmentsintheUnitedStates.B、U.S.investmentsinforeigncountries.展開答疑我要糾 收藏試題|收起解正確答案是：DForeigninvestmentsintheUnitedStatesisafactorinthebalanceofpaymentsbutnotAnswer(B)isU.S.investmentsinforeigncountriesisafactorinthebalanceofpaymentsbutnotAnswer(C)isExportsincreasethebalanceoftrade.Answer(D)iscorrect.Thebalanceoftradeisthedifferencebetweenimportsandexportsofgoodsaloneoveragivenperiod(thebalanceofpaymentsismorecomprehensive,embracingalltransfersmadebetweentwocountries,includingcapitalmovements).Acountry’sbalanceoftradeisdecreased(worsened)byimports.正確 筆 編輯筆80（單選題）AnappreciationoftheU.S.dollaragainsttheJapaneseyenA、IncreasethetranslatedearningsofU.S.subsidiariesdomiciledinJapan.B、IncreasethecostofbuyingsforU.S.firms.C、MakeU.S.goodsmoreexpensivetoJapaneseconsumers.D、MaketravelinJapanmoreexpensiveforU.S.citizens.正確答案是：C|,theywillbeAnswer(B)isAnappreciationofthedollar tobuyAnswer(C)isWhenonecurrencyappreciates,othercurrencieslosebuyingpower.Thus,iftheappreciatesagainsttheyen, AmericangoodsAnswer(D)isThe 81（單選題）AdischargeinbankruptcyunderChapter7(liquidation)maybeobtainedbya(n) AYesYesBNoYesCYesNoNoD、NoNo展開答疑我要糾 收藏試題|收起解正確答案是：CIndividualsbutnotcorporationsandpartnershipsmayreceiveadischarge.Answer(B)isincorrect.Individualsbutnotcorporationsandpartnershipsmayreceiveadischarge.Answer(C)iscorrect.IndividualdebtorsmayreceiveadischargeunderChapter7frommostdebtsthatremainunpaidafterdistributionofthedebtor’sestate.However,corporationsandpartnershipsaremerelyliquidated.TheyarenoteligbleforaChapter7discharge.Answer(D)isIndividualsbutnotcorporationsandpartnershipsmayreceivea正確 筆 編輯筆82（單選題）AU.S. tookouta12-month,4%loanof￡10,000whenthespotratewas$2to￡1.Attheendoftheloanterm,thespotratewas$2.10