MOOC ACCA財務管理F9-西安交通大學 中國大學慕課答案

MOOCACCA財務管理F9-西安交通大學中國大學慕課答案QuickQuiz11、問題：Whichofthefollowingareexamplesoffinancialobjectivesthatacompanymightchoosetopursue?選項：A、ProvisionofgoodwagesandsalariesB、RestrictingthelevelofgearingtobelowaspecifiedtargetlevelC、DealinghonestlyandfairlywithcustomersonalloccasionsD、Producingenvironmentallyfriendlyproducts正確答案:【Restrictingthelevelofgearingtobelowaspecifiedtargetlevel】2、問題：Whichisnotoneofthe'ThreeEs'ofvalueformoney?選項：A、EfficiencyB、ExigencyC、EconomyD、Effectiveness正確答案:【Exigency】3、問題：Inthecontextofmanagingperformanceinnotforprofitorganisations,whichofthefollowingdefinitionsisincorrect?選項：A、Valueformoneymeansprovidingaserviceinawaywhichiseconomical,efficientandeffective.B、Economymeansdoingthingscheaply:notspending$2whenthesamethingcanbeboughtfor$1.C、Efficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.D、Effectivenessmeansdoingtherightthings:spendingfundssoastoachievetheorganisation'sobjectives.正確答案:【Efficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.】4、問題：Whatthreebroadtypesofdecisiondoesfinancialmanagementinvolve?A.InvestmentdecisionsB.FinancingdecisionsC.OperatingdecisionsD.Dividenddecisions選項：A、InvestmentdecisionsB、FinancingdecisionsC、OperatingdecisionsD、Dividenddecisions正確答案:【Investmentdecisions#Financingdecisions#Dividenddecisions】5、問題：Tickwhicharestakeholdergroupsforacompany.選項：A、EmployeesB、OrdinaryshareholdersC、TheBoardofDirectorsD、Tradepayables(suppliers)正確答案:【Employees#Ordinaryshareholders#TheBoardofDirectors#Tradepayables(suppliers)】6、問題：Thedefinitionoffinancialmanagementisthemanagementofthefinancesofanorganisationinordertoachievethefinancialobjectivesoftheorganisation.選項：A、正確B、錯誤正確答案:【正確】7、問題：Themainfinancialobjectivethatthetheoryofcompanyfinanceassumethatabusinessorganisationhasistomaximisethewealthofthecompany'sboarddirectorsandmanagers.選項：A、正確B、錯誤正確答案:【錯誤】8、問題：Ifearningspersharefallfromoneyeartothenext,sowillthelevelofdividends.選項：A、正確B、錯誤正確答案:【錯誤】9、問題：Returnoncapitalemployed=Profitafterinterestandtax/Capitalemployed選項：A、正確B、錯誤正確答案:【錯誤】10、問題：Goalcongruenceisaccordancebetweentheobjectivesofagentsactingwithinanorganisation.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz21、問題：Whichofthefollowingfactorscannotinfluencethelevelofexchangerates?選項：A、ComparativeinflationratesB、BalanceofpaymentsC、MonetaryliquidityD、Speculation正確答案:【Monetaryliquidity】2、問題：Whatisthesituationcalledwhenthereisonlyonefirm,thesoleproducerofagood,whichhasnocloselycompetingsubstitutes?選項：A、DuopolyB、OligopolyC、MonopolyD、Totopoly正確答案:【Monopoly】3、問題：Whatarelikelytobethemainaimsofagovernment'seconomypolicy?選項：A、EconomicgrowthB、ControlofpriceinflationC、FullemploymentD、Balancebetweenimportsandexports正確答案:【Economicgrowth#Controlofpriceinflation#Fullemployment#Balancebetweenimportsandexports】4、問題：Whatarethereasonsforgovernmentinterventioninmarkets？選項：A、ImperfectcompetitionB、Socialcosts/externalitiesC、ImperfectinformationD、Equity正確答案:【Imperfectcompetition#Socialcosts/externalities#Imperfectinformation#Equity】5、問題：Agovernment'sfiscalpolicyisconcernedwithtaxation,borrowingandspendingandtheireffectsontheeconomy.Monetarypolicyisconcernedwithmoneyandinterestrates選項：A、正確B、錯誤正確答案:【正確】6、問題：Ahighinterestrateattractsforeigninvestment,thusincreasingthedemandforthecurrency.Theexchangeraterisesasaresult.選項：A、正確B、錯誤正確答案:【正確】7、問題：Externalitiesarepositiveeffectsonthirdpartiesresultingfromproductionandconsumptionactivities.選項：A、正確B、錯誤正確答案:【錯誤】8、問題：Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz31、問題：Whichofthefollowingisnotafinancialintermediary?選項：A、unittrustcompaniesB、investmenttrustsC、venturecapitalorganisationsD、Theanswersaboveareallwrong.正確答案:【Theanswersaboveareallwrong.】2、問題：Whichofthefollowingtypesofinvestmentcarriesthehighestlevelofrisk?選項：A、CompanybondsB、PreferencesharesC、GovernmentbondsD、Ordinaryshares正確答案:【Ordinaryshares】3、問題：Forshort-termborrowing,acompanywillgotothecapitalmarkets.選項：A、正確B、錯誤正確答案:【錯誤】4、問題：Stockexchangeisamoneymarket.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：IfanIndiancompanyborrowsUSdollarsinAustralia,theloanisknownasanEurocurrencyloan.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz41、問題：1Whichofthefollowingisthemostlikelytobeasymptomofovertrading?選項：A、AStaticlevelsofinventoryturnoverB、BRapidincreaseinprofitsC、CIncreaseinthelevelofthecurrentratioD、DRapidincreaseinsales正確答案:【DRapidincreaseinsales】2、問題：Whichofthefollowingstatementsbestdefinesthecurrentratio?選項：A、ATheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.B、BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.C、CTheratioofcurrentassetsexcludinginventoryForthemajorityofbusinessesitshouldbeatleast1.D、DTheratioofcurrentassetsexcludinginventorytocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.正確答案:【BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.】3、問題：Whichistheworkingcapitalrequirementofacompanywiththefollowingaveragefiguresoverayear?Inventory3,750Tradeaccountsreceivable1,500Cashandbankbalances500Tradeaccountspayable1,800選項：A、3950B、3900C、3980D、4000正確答案:【3950】4、問題：Thatacompanywithexcessiveinvestmentinworkingcapitalisover-capitalisation?選項：A、正確B、錯誤正確答案:【正確】5、問題：Thatcompanytryingtosupporttoolargeavolumeoftradewiththecapitalresourcesatitsisdisposalovertrading?選項：A、正確B、錯誤正確答案:【正確】QuickQuiz51、問題：Whichofthefollowingisadisadvantagetoacompanyofusingafactorforitsaccountsreceivable?選項：A、AItiseasiertofinancegrowththroughsales..B、BManagersspendlesstimeonslowpayingaccountsreceivable.C、CCreditcustomerspaydirecttothefactor.D、DItiseasiertopaysupplierspromptlytoobtaindiscounts正確答案:【CCreditcustomerspaydirecttothefactor.】2、問題：Whichofthefollowingdoesnotdeterminetheamountofcreditofferedbyasupplier?選項：A、AThecredittermsthesupplierobtainsfromitsownsuppliersB、BTheeasewithwhichthebuyercangoelsewhereC、CThesupplier'stotalriskexposureD、DThenumberofpurchasesmadebythebuyereachyear正確答案:【DThenumberofpurchasesmadebythebuyereachyear】3、問題：Ifacustomerdecidedtopassupthechanceofacashdiscountof1%inreturnforreducingtheiraveragepaymentperiodfrom70to30days,whatwouldbetheimpliedcostininterestperannum?選項：A、9.5%B、9%C、8.55D、8%正確答案:【9.5%】4、問題：ThebasicEOQformulaforinventoryindicateswhetherbulkdiscountsshouldbetakenadvantageof.選項：A、正確B、錯誤正確答案:【錯誤】5、填空題：PBCouses2,500unitsofcomponentXperyear.ThecompanyhascalculatedthatthecostofplacingandprocessingapurchaseorderforcomponentXis$185,andthecostofholdingoneunitofcomponentXforayearis$25.theeconomicorderquantity(EOQ)forcomponentXis正確答案:【192】QuickQuiz61、問題：Whichofthefollowingismostlikelytoreduceafirm'sworkingcapital?選項：A、AAdoptingtheMiller-OrrmodelofcashmanagementB、BLengtheningtheperiodofcreditgiventoaccountsreceivableC、CBuyingnewmachineryD、DAdoptingjust-in-timeprocurementandleanmanufacturing正確答案:【DAdoptingjust-in-timeprocurementandleanmanufacturing】2、問題：Fundsfromtheissueofsharecapitalshouldbeincludedinacashflowforecast?選項：A、正確B、錯誤正確答案:【正確】3、問題：Revaluationofanon-currentassetshouldbeincludedinacashflowforecast?選項：A、正確B、錯誤正確答案:【錯誤】4、問題：Receiptsofdividendsfromoutsidethebusinessshouldbeincludedinacashflowforecast?選項：A、正確B、錯誤正確答案:【正確】5、問題：Depreciationofproductionmachineryshouldbeincludedinacashflowforecast?選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz71、問題：Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbetherelevantcostsofwhathashappened?選項：A、A$170,000B、B$100,000C、C$50,000D、D$20,000正確答案:【C$50,000】2、問題：Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbethenetincome選項：A、A$170,000B、B$100,000C、C$50,000D、D$20,000正確答案:【D$20,000】3、問題：Thereturnoncapitalemployedmethodofinvestmentappraisalusesaccountingprofitsbeforedepreciationcharges.選項：A、正確B、錯誤正確答案:【錯誤】4、問題：Thefinancialbenefitsofanewinvestmentconsistoftheincreasedsalesrevenuesitgenerates.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：Onereasonthatcapitalexpendituremaybeincurredistomaintaintheearningcapacityofexistingnon-currentassets.選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz81、問題：WhatisnotthecashflowtimingconventionsusedinDCF?選項：A、Acashoutlaytobeincurredatthebeginningofaninvestmentprojectoccursinyear0.B、Acashoutlay,savingorinflowwhichoccursduringthecourseofatimeperiodisassumedtooccurallatonceattheendofthetimeperiod.C、Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.D、Acashoutlayorreceiptthatoccursatthebeginningofatimeperiodistakentooccurattheendofthetimeperiod.正確答案:【Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.】2、問題：Foracertainproject,thenetpresentvalueatadiscountrateof15%is$3,670,andatarateof18%thenetpresentvalueisnegativeat($1,390).Whatistheinternalrateofreturnoftheproject?選項：A、15.7%B、16.5%C、16.6%D、17.2%正確答案:【17.2%】3、問題：Whichofthefollowingitemsarenotincludedinthecashflowswhendeterminingthenetpresentvalueofaproject?選項：A、ThedisposalvalueofequipmentattheendofitslifeB、DepreciationchargesfortheequipmentC、ResearchcostsincurredpriortotheappraisalD、Interestpaymentsontheloantofinancetheinvestment正確答案:【Depreciationchargesfortheequipment#Researchcostsincurredpriortotheappraisal#Interestpaymentsontheloantofinancetheinvestment】4、問題：Theperpetuityformulaisannualcashflow/discountrate.選項：A、正確B、錯誤正確答案:【正確】5、問題：TheadvantagesoftheDCFmethodofprojectappraisaloverotherappraisalmethodsinclude:takingaccountofthetimevalueofmoney,usingallcashflowsrelatingtoaprojectandallowingforthetimingofcashflows.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz91、問題：Acompanyisappraisinganinvestmentthatwillsaveelectricitycosts.Electricitypricesareexpectedtoriseatarateof15%perannuminfuture,althoughthegeneralinflationratewillbe10%perannum.Thenominalcostofcapitalforthecompanyis20%.Whatistheappropriatediscountratetoapplytotheforecastactualnominalcashflowsforelectricity?選項：A、20%B、22%C、26.5%D、32%正確答案:【20%】2、問題：Thenominalcostofcapitalis11%.Theexpectedannualrateofinflationis5%.Whatistherealcostofcapital?選項：A、5.4%B、5.7%C、6%D、16%正確答案:【5.7%】3、問題：RedCoisconsideringthepurchaseofamachinefor$2,190,000.Itwouldbesoldafterfouryearsforanestimatedrealisablevalueof$790,000.Bythistimetax-allowabledepreciationof$1,450,000wouldhavebeenclaimed.Therateoftaxis30%.Whatisthecashflowarisingasaresultoftaximplicationsonthesaleofthemachineattheendoffouryears?選項：A、Inflowof$15,000B、Outflowof$50,000C、Outflowof$459,000D、Outflowof$15,000正確答案:【Outflowof$15,000】4、問題：Acompanywantsaminimumrealreturnof3%ayearonitsinvestments.Inflationisexpectedtobe8%ayear.Whatisthecompany'sminimumnominalcostofcapital?選項：A、11.24%B、5%C、4.6%D、4.9%正確答案:【11.24%】5、問題：Tax-allowabledepreciationisusedtoincreasetaxableprofits,andtheconsequentreductioninataxpaymentshouldbetreatedasacashpaymentarisingfromtheacceptanceofaproject.選項：A、正確B、錯誤正確答案:【錯誤】6、問題：Whentheplantiseventuallysold,thedifferencebetweenthesalespriceandthereducingbalanceamountwillbetreatedasataxableprofitifthesalespriceexceedsthereducingbalance,andasatax-allowablelossifthereducingbalanceexceedsthesalesprice.選項：A、正確B、錯誤正確答案:【正確】7、問題：Therelationshipbetweenthenominalrateofreturn,therealrateofreturnandtherateofinflationis(1+nominalrate)=(1+realrate)′(1+inflationrate).選項：A、正確B、錯誤正確答案:【正確】QuickQuiz101、問題：Aninvestmentprojecthasthefollowingdiscountedcashflows($’000).YearDiscountrate0%10%20%0(90)(90)(90)13027.325.023024.829.833022.517.443020.514.5305.1(12.3)Therequiredrateofreturnoninvestmentis10%perannum.Whatisthediscountedpaybackperiodoftheinvestmentproject?選項：A、Lessthan3yearsB、3yearsC、Between3yearsand4yearsD、Morethan4years正確答案:【Between3yearsand4years】2、問題：TheexamplesofuncertainindependentvariablesonwhichtheNPVofaprojectmaydependinclude:選項：A、SalesvolumeB、CostofcapitalC、InitialcostD、Operatingcosts正確答案:【Salesvolume#Costofcapital#Initialcost#Operatingcosts】3、問題：Managerscanreduceriskinwhichway?選項：A、SetmaximumpaybackperiodB、UsehighdiscountingrateC、Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocessD、Usepessimisticestimates正確答案:【Setmaximumpaybackperiod#Usehighdiscountingrate#Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocess#Usepessimisticestimates】4、問題：Sensitivityanalysisallowsforuncertaintyinprojectappraisalbyassessingtheprobabilityofchangesinthedecisionvariables.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：Expectedvaluescanhelpanaccountantevaluatetherangeofpossiblenetpresentvalueoutcomes.選項：A、正確B、錯誤正確答案:【錯誤】6、問題：TheCertainty-equivalentapproachiswhereexpectedcashflowsareconvertedtorisklessequivalentamounts.選項：A、正確B、錯誤正確答案:【正確】7、問題：Simulationmodelsconstructedbyassigningarangeofrandomnumberdigitstoeachpossiblevalueofeachoftheuncertainvariables.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz111、問題：Thenetpresentvalueofthecostsofoperatingamachineforthenextthreeyearsis$10,724atacostofcapitalof15%.Whatistheequivalentannualcostofoperatingthemachine?選項：A、$4697B、$3575C、$4111D、$3109正確答案:【$4697】2、問題：Whyhardcapitalrationingmayoccur?選項：A、Raisingmoneythroughthestockmarketmaynotbepossibleifsharepricesaredepressed.B、Therearerestrictionsonlendingduetogovernmentcontrol.C、Lendinginstitutionsmayconsidertheorganizationtobetoorisky.D、Thecostsassociatedwithmakingsmallissuesofcapitalmaybetoogreat.正確答案:【Raisingmoneythroughthestockmarketmaynotbepossibleifsharepricesaredepressed.#Therearerestrictionsonlendingduetogovernmentcontrol.#Lendinginstitutionsmayconsidertheorganizationtobetoorisky.#Thecostsassociatedwithmakingsmallissuesofcapitalmaybetoogreat.】3、問題：Hardcapitalrationingoccurswhenarestrictiononanorganization’sabilitytoinvestcapitalfundsiscausedbyaninternalbudgetceilingimposedbymanagement.選項：A、正確B、錯誤正確答案:【錯誤】4、問題：ThebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithindivisibleprojectsistousetrialanderrorandtesttheNPVavailablefromdifferentprojectcombinations.選項：A、正確B、錯誤正確答案:【正確】5、問題：Anindivisibleprojectisaprojectthatmustbeundertakencompletelyornotatall.選項：A、正確B、錯誤正確答案:【正確】6、問題：Thelesseeisresponsiblefortheservicingofaleasedassetinthecaseofanoperatinglease.選項：A、正確B、錯誤正確答案:【錯誤】7、問題：Toranktheprojectsaccordingtotheirprofitabilityindexisthebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithdivisibleprojects?選項：A、正確B、錯誤正確答案:【正確】QuickQuiz121、問題：Acompany'sshareshaveanominalvalueof$1andamarketvalueof$3.Inarightsissue,onenewsharewouldbeissuedforeverythreesharesatapriceof$2.60.Whatisthetheoreticalex-rightsprice?選項：A、$3B、$5.60C、$2.90D、$0.65正確答案:【$2.90】2、問題：Whichofthefollowingisleastlikelytobeareasonforseekingastockmarketflotation?選項：A、Improvingtheexistingowners'controloverthebusinessB、AccesstoawiderpooloffinanceC、Enhancementofthecompany'simageD、Transferofcapitaltootheruses正確答案:【Improvingtheexistingowners'controloverthebusiness】3、問題：Whichofthefollowingisnottrueofarightsissuebyalistedcompany?選項：A、Rightsissuesdonotrequireaprospectus.B、Therightsissuespricecanbeatadiscounttomarketprice.C、Ifshareholdersdonottakeuptherights,therightslapse.D、Relativevotingrightsareunaffectedifshareholdersexercisetheirrights.正確答案:【Ifshareholdersdonottakeuptherights,therightslapse.】4、問題：Whyacompanymayseekastockmarketlisting?選項：A、accesstoawiderpooloffinanceB、improvedmarketabilityofshares;transferofcapitaltootherusesC、enhancementofcompanyimageD、makinggrowthbyacquisitionpossible正確答案:【accesstoawiderpooloffinance#improvedmarketabilityofshares;transferofcapitaltootheruses#enhancementofcompanyimage#makinggrowthbyacquisitionpossible】5、填空題：Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatishecouponrate?正確答案:【12%】6、填空題：Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatistheamountofinterestpayableperannumper$100(nominal)ofloannote?正確答案:【$12】QuickQuiz131、問題：Whichofthefollowingsourcesoffinancetocompaniesisthemostwidelyusedinpractice?選項：A、BankborrowingsB、RightsissuesC、NewshareissuesD、Retainedearnings正確答案:【Retainedearnings】2、問題：Ascripdividendis:選項：A、AdividendpaidatafixedpercentagerateonthenominalvalueofthesharesB、AdividendpaidatafixedpercentagerateonthemarketvalueofthesharesonthedatethatthedividendisdeclaredC、AdividendpaymentthattakestheformofnewsharesinsteadofcashD、Acashdividendthatisnotfixedbutisdecidedonbythedirectorsandapprovedbytheshareholders正確答案:【Adividendpaymentthattakestheformofnewsharesinsteadofcash】3、問題：Acompanyofferstopayadividendintheformofnewshareswhichareworthmorethanthecashalternativewhichisalsooffered.Thisdividendintheformofsharesiscalledanenhancedscripdividend.選項：A、正確B、錯誤正確答案:【正確】4、問題：'Signalling'inthecontextofdividendspolicyistheuseofdividendpolicytoindicatethefutureprospectsofanenterprise.選項：A、正確B、錯誤正確答案:【正確】QuickQuiz141、問題：Whatarethemaincharacteristicsofsmallandmedium-sizedenterprises?選項：A、Firmsarelikelytobeunquoted.B、Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup.C、Ownershipofthebusinessisrestrictedtooneindividual.D、Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.正確答案:【Firmsarelikelytobeunquoted.#Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup.#Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.】2、問題：Thereturnsoncapitalinvestmentmustexceedtheinterestpayableontheextradebtusedtofinancetheinvestment.Thisconditionhastobefulfilledforincreasedfinancialgearingtoresultinincreasedearningspershare.選項：A、正確B、錯誤正確答案:【正確】3、問題：BusinessangelfinancingisdirectinvestmentinSMEsbyindividualsorsmallgroupsofinvestors.選項：A、正確B、錯誤正確答案:【正確】4、填空題：()gearing=Totalcapitalemployed/Priorchargecapital正確答案:【Financial】5、填空題：()gearing=Contribution/Profitbeforeinterestandtax正確答案:【Operational】6、填空題：（）=Profitbeforeinterestandtax/Interest正確答案:【Interestcoverageratio】7、填空題：Debtratio=正確答案:【Totaldebt:Totalassets##%_YZPRLFH_%##Totaldebt/Totalassets】QuickQuiz151、問題：Whichofthefollowingriskscanbeeliminatedbydiversification?選項：A、InherentriskB、SystematicriskC、MarketriskD、Unsystematicrisk正確答案:【Unsystematicrisk】2、問題：Aportfolioconsistingentirelyofrisk-freesecuritieswillhaveabetafactorof選項：A、-1B、0C、1D、2正確答案:【0】3、問題：Whencalculatingtheweightedaveragecostofcapital,whichofthefollowingisthepreferredmethodofweighting?選項：A、BookvaluesofdebtandequityB、Averagelevelsofthemarketvaluesofdebtandequity(ignoringreserves)overfiveyearsC、Currentmarketvaluesofdebtandequity(ignoringreserves)D、Currentmarketvaluesofdebtandequity(plusreserves)正確答案:【Currentmarketvaluesofdebtandequity(ignoringreserves)】4、問題：Unsystematicriskismeasuredbybetafactors.選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz161、問題：Whatarethemainproblemsinusinggearedandungearedbetastocalculateafirm'sequitybeta?選項：A、(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.B、(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate.C、(c)Theremaybefirm-specificcausesofdifferencesinbetavalues.D、(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers.正確答案:【(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.#(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate.#(c)Theremaybefirm-specificcausesofdifferencesinbetavalues.#(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers.】2、問題：選項：A、Line1isthecostofequityinthegearedcompany.B、Line2istheweightedaveragecostofcapital.C、Line3isthecostofdebt..D、Point4istheoptimallevelofgearing.正確答案:【Line1isthecostofequityinthegearedcompany.#Line2istheweightedaveragecostofcapital.#Line3isthecostofdebt..#Point4istheoptimallevelofgearing.】3、問題：TheModiglianiandMillertheoryisbasedonperfectcapitalmarketswhichdonotexistintherealworld.選項：A、正確B、錯誤正確答案:【正確】4、填空題：Assumingdebtisriskfreeba=正確答案:【(Ve)/(Ve+Vd(1-T))】QuickQuiz171、問題：Whichisthemostrealisticbasisforvaluinganassetthatistocontinuetobeusedinabusiness?選項：A、Replacementbasis.B、Realisablebasis.C、Historiccostadjustedfordepreciationbasis.D、Historiccostbasis.正確答案:【Replacementbasis.】2、問題：Choosethecircumstancesinwhichthesharesofanunquotedcompanymightneedtobevalued.選項：A、SettinganissuepriceifthecompanyisfloatingitssharesB、WhensharesaresoldC、FortaxpurposesD、Whensharesarepledgedascollateralforaloan正確答案:【Settinganissuepriceifthecompanyisfloatingitsshares#Whensharesaresold#Fortaxpurposes#Whensharesarepledgedascollateralforaloan】3、問題：P/Eratio=Shareprice/EPS選項：A、正確B、錯誤正確答案:【正確】4、問題：Theroleofthechartistortechnicalanalystinstockmarketsistoidentifysharesthatareunder-orover-valuedbycalculatingthepresentvalueoftheirexpectedfutureearningsstream.選項：A、正確B、錯誤正確答案:【錯誤】5、問題：TheP/Eratioareusedwhenalargeblockofshares,orawholebusiness,isbeingvalued.選項：A、正確B、錯誤正確答案:【正確】6、問題：Cuminterestpricesshouldalwaysbeusedincalculationsinvolvingdebt.選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz181、問題：Whichtheoryofsharepricebehaviourdoesthefollowingstatementdescribe?'Theanalysisofexternalandinternalinfluencesontheoperationsofacompanywithaviewtoassistingininvestmentdecisions.'選項：A、TechnicalanalysisB、RandomwalktheoryC、FundamentalanalysistheoryD、Chartism正確答案:【Fundamentalanalysistheory】2、問題：Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate?選項：A、FundamentalanalysisB、OperationalefficiencyC、TechnicalanalysisD、Semi-strongformefficiency正確答案:【Technicalanalysis】3、問題：WhartonFingersCohasjustmadeapublicannouncementthatitplanstolaunchanewproductontothemarketthatshouldreducethevolatilityofitsreportedannualprofits.OnthesamedaySalivaCo,afoodproductsmanufacturer,haspubliclyannouncedthatithaswithdrawnsubstantialinventoriesofitsproductfromitsretailcustomersbecauseofareportedfoodpoisoningincident.Ifneitheroftheseitemsofinformationhadbeenmadepublicbefore,whateffectshouldtheynowhaveonthecompanies'shareprices,assumingthatthestockmarkethassemi-strongformefficiency?選項：A、WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:IncreaseB、WhartonfinersCoshareprice:DecreaseSalivaCoshareprice:DecreaseC、WhartonfinersCoshareprice:IncreaseSalivaCoshareprice:DecreaseD、WhartonfinersCoshareprice:DecreaseSalivaCoshareprice:Increase正確答案:【W(wǎng)hartonfinersCoshareprice:IncreaseSalivaCoshareprice:Decrease】4、問題：Theefficientmarkethypothesisexistsinanumberofformsthatrelatetodifferentlevelsofinformationprocessingefficiency.Inthesemi-strongformofthehypothesis,whichoneofthefollowingtypesofinformationwillnotinfluencetheshareprice?選項：A、SpecialistinformationB、PastmovementsinsharepricesC、PubliclyavailablefactualinformationD、Announcementsofmergersortakeovers正確答案:【Specialistinformation】5、問題：Whichfactorsaffectsharepricebehavior?選項：A、InvestorspeculationB、MarketabilityandliquidityofsharesC、InformationD、Pricinganomalies正確答案:【Investorspeculation#Marketabilityandliquidityofshares#Information#Pricinganomalies】6、問題：Randomwalktheorystatesthatpastsharepricepatternstendtoberepeated.選項：A、正確B、錯誤正確答案:【錯誤】7、問題：Fundamentalanalysistheorystatesthatthevalueofashareisthediscountedpresentvalueofall.選項：A、正確B、錯誤正確答案:【正確】8、問題：Weakformefficiencystatesthatsharepricesreflectallinformationinpastsharepricerecord.選項：A、正確B、錯誤正確答案:【正確】9、問題：Chartismstatesthatasharepricecanbeexpectedtofluctuatearoundits'intrinsic'value.選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz191、問題：Whichofthefollowingisnotoneofthetypesofcurrencyrisk?選項：A、TransactionriskB、TranslationriskC、LiquidityriskD、Economicrisk正確答案:【Liquidityrisk】2、問題：Whichoneofthefollowingisnotoneofthemethodsofforeigncurrencyriskmanagement?選項：A、CurrencyofinvoiceB、NettingandmatchingC、LeadingandlaggingD、Backwardexchangecontracts正確答案:【Backwardexchangecontracts】3、問題：Whichoneofthefollowingisnotoneofthetypesofforeigncurrencyderivativeusedtohedgeforeigncurrencyrisk?選項：A、CurrencyfuturesB、CurrencyoptionsC、CurrencydefaultswapsD、Currencyswaps正確答案:【Currencydefaultswaps】4、問題：Forwardexchangerateisanexchangeratesetfortheexchangeofcurrenciesatsomefuturedate選項：A、正確B、錯誤正確答案:【正確】5、問題：Theprincipleofpurchasingpowerparitymustalwayshold選項：A、正確B、錯誤正確答案:【錯誤】QuickQuiz201、問題：Whichofthefollowingisnotanexplanationforadownwardslopeintheyieldcurve?選項：A、LiquiditypreferenceB、ExpectationstheoryC、GovernmentpolicyD、Marketse