【MOOC】ACCA財務(wù)管理F9-西安交通大學(xué) 中國大學(xué)慕課MOOC答案

【MOOC】ACCA財務(wù)管理F9-西安交通大學(xué)中國大學(xué)慕課MOOC答案QuickQuiz11、【單選題】Whichofthefollowingareexamplesoffinancialobjectivesthatacompanymightchoosetopursue?本題答案：【Restrictingthelevelofgearingtobelowaspecifiedtargetlevel】2、【單選題】Whichisnotoneofthe'ThreeEs'ofvalueformoney?本題答案：【Exigency】3、【單選題】Inthecontextofmanagingperformanceinnotforprofitorganisations,whichofthefollowingdefinitionsisincorrect?本題答案：【Efficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.】4、【多選題】Whatthreebroadtypesofdecisiondoesfinancialmanagementinvolve?A.InvestmentdecisionsB.FinancingdecisionsC.OperatingdecisionsD.Dividenddecisions本題答案：【Investmentdecisions#Financingdecisions#Dividenddecisions】5、【多選題】Tickwhicharestakeholdergroupsforacompany.本題答案：【Employees#Ordinaryshareholders#TheBoardofDirectors#Tradepayables(suppliers)】6、【判斷題】Thedefinitionoffinancialmanagementisthemanagementofthefinancesofanorganisationinordertoachievethefinancialobjectivesoftheorganisation.本題答案：【正確】7、【判斷題】Themainfinancialobjectivethatthetheoryofcompanyfinanceassumethatabusinessorganisationhasistomaximisethewealthofthecompany'sboarddirectorsandmanagers.本題答案：【錯誤】8、【判斷題】Ifearningspersharefallfromoneyeartothenext,sowillthelevelofdividends.本題答案：【錯誤】9、【判斷題】Returnoncapitalemployed=Profitafterinterestandtax/Capitalemployed本題答案：【錯誤】10、【判斷題】Goalcongruenceisaccordancebetweentheobjectivesofagentsactingwithinanorganisation.本題答案：【正確】QuickQuiz21、【單選題】Whichofthefollowingfactorscannotinfluencethelevelofexchangerates?本題答案：【Monetaryliquidity】2、【單選題】Whatisthesituationcalledwhenthereisonlyonefirm,thesoleproducerofagood,whichhasnocloselycompetingsubstitutes?本題答案：【Monopoly】3、【多選題】Whatarelikelytobethemainaimsofagovernment'seconomypolicy?本題答案：【Economicgrowth#Controlofpriceinflation#Fullemployment#Balancebetweenimportsandexports】4、【多選題】Whatarethereasonsforgovernmentinterventioninmarkets？本題答案：【Imperfectcompetition#Socialcosts/externalities#Imperfectinformation#Equity】5、【判斷題】Agovernment'sfiscalpolicyisconcernedwithtaxation,borrowingandspendingandtheireffectsontheeconomy.Monetarypolicyisconcernedwithmoneyandinterestrates本題答案：【正確】6、【判斷題】Ahighinterestrateattractsforeigninvestment,thusincreasingthedemandforthecurrency.Theexchangeraterisesasaresult.本題答案：【正確】7、【判斷題】Externalitiesarepositiveeffectsonthirdpartiesresultingfromproductionandconsumptionactivities.本題答案：【錯誤】8、【判斷題】Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.本題答案：【正確】QuickQuiz31、【單選題】Whichofthefollowingisnotafinancialintermediary?本題答案：【Theanswersaboveareallwrong.】2、【單選題】Whichofthefollowingtypesofinvestmentcarriesthehighestlevelofrisk?本題答案：【Ordinaryshares】3、【判斷題】Forshort-termborrowing,acompanywillgotothecapitalmarkets.本題答案：【錯誤】4、【判斷題】Stockexchangeisamoneymarket.本題答案：【錯誤】5、【判斷題】IfanIndiancompanyborrowsUSdollarsinAustralia,theloanisknownasanEurocurrencyloan.本題答案：【正確】QuickQuiz41、【單選題】1Whichofthefollowingisthemostlikelytobeasymptomofovertrading?本題答案：【DRapidincreaseinsales】2、【單選題】Whichofthefollowingstatementsbestdefinesthecurrentratio?本題答案：【BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.】3、【單選題】Whichistheworkingcapitalrequirementofacompanywiththefollowingaveragefiguresoverayear?Inventory3,750Tradeaccountsreceivable1,500Cashandbankbalances500Tradeaccountspayable1,800本題答案：【3950】4、【判斷題】Thatacompanywithexcessiveinvestmentinworkingcapitalisover-capitalisation?本題答案：【正確】5、【判斷題】Thatcompanytryingtosupporttoolargeavolumeoftradewiththecapitalresourcesatitsisdisposalovertrading?本題答案：【正確】QuickQuiz51、【單選題】Whichofthefollowingisadisadvantagetoacompanyofusingafactorforitsaccountsreceivable?本題答案：【CCreditcustomerspaydirecttothefactor.】2、【單選題】Whichofthefollowingdoesnotdeterminetheamountofcreditofferedbyasupplier?本題答案：【DThenumberofpurchasesmadebythebuyereachyear】3、【單選題】Ifacustomerdecidedtopassupthechanceofacashdiscountof1%inreturnforreducingtheiraveragepaymentperiodfrom70to30days,whatwouldbetheimpliedcostininterestperannum?本題答案：【9.5%】4、【判斷題】ThebasicEOQformulaforinventoryindicateswhetherbulkdiscountsshouldbetakenadvantageof.本題答案：【錯誤】5、【填空題】PBCouses2,500unitsofcomponentXperyear.ThecompanyhascalculatedthatthecostofplacingandprocessingapurchaseorderforcomponentXis$185,andthecostofholdingoneunitofcomponentXforayearis$25.theeconomicorderquantity(EOQ)forcomponentXis本題答案：【192】QuickQuiz61、【單選題】Whichofthefollowingismostlikelytoreduceafirm'sworkingcapital?本題答案：【DAdoptingjust-in-timeprocurementandleanmanufacturing】2、【判斷題】Fundsfromtheissueofsharecapitalshouldbeincludedinacashflowforecast?本題答案：【正確】3、【判斷題】Revaluationofanon-currentassetshouldbeincludedinacashflowforecast?本題答案：【錯誤】4、【判斷題】Receiptsofdividendsfromoutsidethebusinessshouldbeincludedinacashflowforecast?本題答案：【正確】5、【判斷題】Depreciationofproductionmachineryshouldbeincludedinacashflowforecast?本題答案：【錯誤】QuickQuiz71、【單選題】Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbetherelevantcostsofwhathashappened?本題答案：【C$50,000】2、【單選題】Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbethenetincome本題答案：【D$20,000】3、【判斷題】Thereturnoncapitalemployedmethodofinvestmentappraisalusesaccountingprofitsbeforedepreciationcharges.本題答案：【錯誤】4、【判斷題】Thefinancialbenefitsofanewinvestmentconsistoftheincreasedsalesrevenuesitgenerates.本題答案：【錯誤】5、【判斷題】Onereasonthatcapitalexpendituremaybeincurredistomaintaintheearningcapacityofexistingnon-currentassets.本題答案：【錯誤】QuickQuiz81、【單選題】WhatisnotthecashflowtimingconventionsusedinDCF?本題答案：【Acashoutlaytobeincurredattheendofaninvestmentprojectoccursinyear0.】2、【單選題】Foracertainproject,thenetpresentvalueatadiscountrateof15%is$3,670,andatarateof18%thenetpresentvalueisnegativeat($1,390).Whatistheinternalrateofreturnoftheproject?本題答案：【17.2%】3、【多選題】Whichofthefollowingitemsarenotincludedinthecashflowswhendeterminingthenetpresentvalueofaproject?本題答案：【Depreciationchargesfortheequipment#Researchcostsincurredpriortotheappraisal#Interestpaymentsontheloantofinancetheinvestment】4、【判斷題】Theperpetuityformulaisannualcashflow/discountrate.本題答案：【正確】5、【判斷題】TheadvantagesoftheDCFmethodofprojectappraisaloverotherappraisalmethodsinclude:takingaccountofthetimevalueofmoney,usingallcashflowsrelatingtoaprojectandallowingforthetimingofcashflows.本題答案：【正確】QuickQuiz91、【單選題】Acompanyisappraisinganinvestmentthatwillsaveelectricitycosts.Electricitypricesareexpectedtoriseatarateof15%perannuminfuture,althoughthegeneralinflationratewillbe10%perannum.Thenominalcostofcapitalforthecompanyis20%.Whatistheappropriatediscountratetoapplytotheforecastactualnominalcashflowsforelectricity?本題答案：【20%】2、【單選題】Thenominalcostofcapitalis11%.Theexpectedannualrateofinflationis5%.Whatistherealcostofcapital?本題答案：【5.7%】3、【單選題】RedCoisconsideringthepurchaseofamachinefor$2,190,000.Itwouldbesoldafterfouryearsforanestimatedrealisablevalueof$790,000.Bythistimetax-allowabledepreciationof$1,450,000wouldhavebeenclaimed.Therateoftaxis30%.Whatisthecashflowarisingasaresultoftaximplicationsonthesaleofthemachineattheendoffouryears?本題答案：【Outflowof$15,000】4、【單選題】Acompanywantsaminimumrealreturnof3%ayearonitsinvestments.Inflationisexpectedtobe8%ayear.Whatisthecompany'sminimumnominalcostofcapital?本題答案：【11.24%】5、【判斷題】Tax-allowabledepreciationisusedtoincreasetaxableprofits,andtheconsequentreductioninataxpaymentshouldbetreatedasacashpaymentarisingfromtheacceptanceofaproject.本題答案：【錯誤】6、【判斷題】Whentheplantiseventuallysold,thedifferencebetweenthesalespriceandthereducingbalanceamountwillbetreatedasataxableprofitifthesalespriceexceedsthereducingbalance,andasatax-allowablelossifthereducingbalanceexceedsthesalesprice.本題答案：【正確】7、【判斷題】Therelationshipbetweenthenominalrateofreturn,therealrateofreturnandtherateofinflationis(1+nominalrate)=(1+realrate)′(1+inflationrate).本題答案：【正確】QuickQuiz101、【單選題】Aninvestmentprojecthasthefollowingdiscountedcashflows($’000).YearDiscountrate0%10%20%0(90)(90)(90)13027.325.023024.829.833022.517.443020.514.5305.1(12.3)Therequiredrateofreturnoninvestmentis10%perannum.Whatisthediscountedpaybackperiodoftheinvestmentproject?本題答案：【Between3yearsand4years】2、【多選題】TheexamplesofuncertainindependentvariablesonwhichtheNPVofaprojectmaydependinclude:本題答案：【Salesvolume#Costofcapital#Initialcost#Operatingcosts】3、【多選題】Managerscanreduceriskinwhichway?本題答案：【Setmaximumpaybackperiod#Usehighdiscountingrate#Usesensitivityanalysistodeterminethecriticalfactorswithinthedecision-makingprocess#Usepessimisticestimates】4、【判斷題】Sensitivityanalysisallowsforuncertaintyinprojectappraisalbyassessingtheprobabilityofchangesinthedecisionvariables.本題答案：【錯誤】5、【判斷題】Expectedvaluescanhelpanaccountantevaluatetherangeofpossiblenetpresentvalueoutcomes.本題答案：【錯誤】6、【判斷題】TheCertainty-equivalentapproachiswhereexpectedcashflowsareconvertedtorisklessequivalentamounts.本題答案：【正確】7、【判斷題】Simulationmodelsconstructedbyassigningarangeofrandomnumberdigitstoeachpossiblevalueofeachoftheuncertainvariables.本題答案：【正確】QuickQuiz111、【單選題】Thenetpresentvalueofthecostsofoperatingamachineforthenextthreeyearsis$10,724atacostofcapitalof15%.Whatistheequivalentannualcostofoperatingthemachine?本題答案：【$4697】2、【多選題】Whyhardcapitalrationingmayoccur?本題答案：【Raisingmoneythroughthestockmarketmaynotbepossibleifsharepricesaredepressed.#Therearerestrictionsonlendingduetogovernmentcontrol.#Lendinginstitutionsmayconsidertheorganizationtobetoorisky.#Thecostsassociatedwithmakingsmallissuesofcapitalmaybetoogreat.】3、【判斷題】Hardcapitalrationingoccurswhenarestrictiononanorganization’sabilitytoinvestcapitalfundsiscausedbyaninternalbudgetceilingimposedbymanagement.本題答案：【錯誤】4、【判斷題】ThebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithindivisibleprojectsistousetrialanderrorandtesttheNPVavailablefromdifferentprojectcombinations.本題答案：【正確】5、【判斷題】Anindivisibleprojectisaprojectthatmustbeundertakencompletelyornotatall.本題答案：【正確】6、【判斷題】Thelesseeisresponsiblefortheservicingofaleasedassetinthecaseofanoperatinglease.本題答案：【錯誤】7、【判斷題】Toranktheprojectsaccordingtotheirprofitabilityindexisthebestwaytofindtheoptimalsolutioninasituationofsingleperiodrationingwithdivisibleprojects?本題答案：【正確】QuickQuiz121、【單選題】Acompany'sshareshaveanominalvalueof$1andamarketvalueof$3.Inarightsissue,onenewsharewouldbeissuedforeverythreesharesatapriceof$2.60.Whatisthetheoreticalex-rightsprice?本題答案：【$2.90】2、【單選題】Whichofthefollowingisleastlikelytobeareasonforseekingastockmarketflotation?本題答案：【Improvingtheexistingowners'controloverthebusiness】3、【單選題】Whichofthefollowingisnottrueofarightsissuebyalistedcompany?本題答案：【Ifshareholdersdonottakeuptherights,therightslapse.】4、【多選題】Whyacompanymayseekastockmarketlisting?本題答案：【accesstoawiderpooloffinance#improvedmarketabilityofshares;transferofcapitaltootheruses#enhancementofcompanyimage#makinggrowthbyacquisitionpossible】5、【填空題】Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatishecouponrate?本題答案：【12%】6、【填空題】Acompanyhas12%loannotesinissue,whichhaveamarketvalueof$135per$100nominalvalue.Whatistheamountofinterestpayableperannumper$100(nominal)ofloannote?本題答案：【$12】QuickQuiz131、【單選題】Whichofthefollowingsourcesoffinancetocompaniesisthemostwidelyusedinpractice?本題答案：【Retainedearnings】2、【單選題】Ascripdividendis:本題答案：【Adividendpaymentthattakestheformofnewsharesinsteadofcash】3、【判斷題】Acompanyofferstopayadividendintheformofnewshareswhichareworthmorethanthecashalternativewhichisalsooffered.Thisdividendintheformofsharesiscalledanenhancedscripdividend.本題答案：【正確】4、【判斷題】'Signalling'inthecontextofdividendspolicyistheuseofdividendpolicytoindicatethefutureprospectsofanenterprise.本題答案：【正確】QuickQuiz141、【多選題】Whatarethemaincharacteristicsofsmallandmedium-sizedenterprises?本題答案：【Firmsarelikelytobeunquoted.#Ownershipofthebusinessisrestrictedtoafewindividuals,typicallyafamilygroup.#Theyarenotmicrobusinessesthatofferamediumforself-employmentoftheirowners.】2、【判斷題】Thereturnsoncapitalinvestmentmustexceedtheinterestpayableontheextradebtusedtofinancetheinvestment.Thisconditionhastobefulfilledforincreasedfinancialgearingtoresultinincreasedearningspershare.本題答案：【正確】3、【判斷題】BusinessangelfinancingisdirectinvestmentinSMEsbyindividualsorsmallgroupsofinvestors.本題答案：【正確】4、【填空題】()gearing=Totalcapitalemployed/Priorchargecapital本題答案：【Financial】5、【填空題】()gearing=Contribution/Profitbeforeinterestandtax本題答案：【Operational】6、【填空題】（）=Profitbeforeinterestandtax/Interest本題答案：【Interestcoverageratio】7、【填空題】Debtratio=本題答案：【Totaldebt:Totalassets##%_YZPRLFH_%##Totaldebt/Totalassets】QuickQuiz151、【單選題】Whichofthefollowingriskscanbeeliminatedbydiversification?本題答案：【Unsystematicrisk】2、【單選題】Aportfolioconsistingentirelyofrisk-freesecuritieswillhaveabetafactorof本題答案：【0】3、【單選題】Whencalculatingtheweightedaveragecostofcapital,whichofthefollowingisthepreferredmethodofweighting?本題答案：【Currentmarketvaluesofdebtandequity(ignoringreserves)】4、【判斷題】Unsystematicriskismeasuredbybetafactors.本題答案：【錯誤】QuickQuiz161、【多選題】Whatarethemainproblemsinusinggearedandungearedbetastocalculateafirm'sequitybeta?本題答案：【(a)Itisdifficulttoidentifyotherfirmswithidenticaloperatingcharacteristics.#(b)Estimatesofbetavaluesfromsharepriceinformationarenotwhollyaccurate.#(c)Theremaybefirm-specificcausesofdifferencesinbetavalues.#(d)Themarketmayrecogniseopportunitiesforfuturegrowthforsomefirmsbutnotothers.】2、【多選題】本題答案：【Line1isthecostofequityinthegearedcompany.#Line2istheweightedaveragecostofcapital.#Line3isthecostofdebt..#Point4istheoptimallevelofgearing.】3、【判斷題】TheModiglianiandMillertheoryisbasedonperfectcapitalmarketswhichdonotexistintherealworld.本題答案：【正確】4、【填空題】Assumingdebtisriskfreeba=本題答案：【(Ve)/(Ve+Vd(1-T))】QuickQuiz171、【單選題】Whichisthemostrealisticbasisforvaluinganassetthatistocontinuetobeusedinabusiness?本題答案：【Replacementbasis.】2、【多選題】Choosethecircumstancesinwhichthesharesofanunquotedcompanymightneedtobevalued.本題答案：【Settinganissuepriceifthecompanyisfloatingitsshares#Whensharesaresold#Fortaxpurposes#Whensharesarepledgedascollateralforaloan】3、【判斷題】P/Eratio=Shareprice/EPS本題答案：【正確】4、【判斷題】Theroleofthechartistortechnicalanalystinstockmarketsistoidentifysharesthatareunder-orover-valuedbycalculatingthepresentvalueoftheirexpectedfutureearningsstream.本題答案：【錯誤】5、【判斷題】TheP/Eratioareusedwhenalargeblockofshares,orawholebusiness,isbeingvalued.本題答案：【正確】6、【判斷題】Cuminterestpricesshouldalwaysbeusedincalculationsinvolvingdebt.本題答案：【錯誤】QuickQuiz181、【單選題】Whichtheoryofsharepricebehaviourdoesthefollowingstatementdescribe?'Theanalysisofexternalandinternalinfluencesontheoperationsofacompanywithaviewtoassistingininvestmentdecisions.'本題答案：【Fundamentalanalysistheory】2、【單選題】Aninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate?本題答案：【Technicalanalysis】3、【單選題】WhartonFingersCohasjustmadeapublicannouncementthatitplanstolaunchanewproductontothemarketthatshouldreducethevolatilityofitsreportedannualprofits.OnthesamedaySalivaCo,afoodproductsmanufacturer,haspubliclyannouncedthatithaswithdrawnsubstantialinventoriesofitsproductfromitsretailcustomersbecauseofareportedfoodpoisoningincident.Ifneitheroftheseitemsofinformationhadbeenmadepublicbefore,whateffectshouldtheynowhaveonthecompanies'shareprices,assumingthatthestockmarkethassemi-strongformefficiency?本題答案：【W(wǎng)hartonfinersCoshareprice:IncreaseSalivaCoshareprice:Decrease】4、【單選題】Theefficientmarkethypothesisexistsinanumberofformsthatrelatetodifferentlevelsofinformationprocessingefficiency.Inthesemi-strongformofthehypothesis,whichoneofthefollowingtypesofinformationwillnotinfluencetheshareprice?本題答案：【Specialistinformation】5、【多選題】Whichfactorsaffectsharepricebehavior?本題答案：【Investorspeculation#Marketabilityandliquidityofshares#Information#Pricinganomalies】6、【判斷題】Randomwalktheorystatesthatpastsharepricepatternstendtoberepeated.本題答案：【錯誤】7、【判斷題】Fundamentalanalysistheorystatesthatthevalueofashareisthediscountedpresentvalueofall.本題答案：【正確】8、【判斷題】Weakformefficiencystatesthatsharepricesreflectallinformationinpastsharepricerecord.本題答案：【正確】9、【判斷題】Chartismstatesthatasharepricecanbeexpectedtofluctuatearoundits'intrinsic'value.本題答案：【錯誤】QuickQuiz191、【單選題】Whichofthefollowingisnotoneofthetypesofcurrencyrisk?本題答案：【Liquidityrisk】2、【單選題】Whichoneofthefollowingisnotoneofthemethodsofforeigncurrencyriskmanagement?本題答案：【Backwardexchangecontracts】3、【單選題】Whichoneofthefollowingisnotoneofthetypesofforeigncurrencyderivativeusedtohedgeforeigncurrencyrisk?本題答案：【Currencydefaultswaps】4、【判斷題】Forwardexchangerateisanexchangeratesetfortheexchangeofcurrenciesatsomefuturedate本題答案：【正確】5、【判斷題】Theprincipleofpurchasingpowerparitymustalwayshold本題答案：【錯誤】QuickQuiz201、【單選題】Whichofthefollowingisnotanexplanationforadownwardslopeintheyieldcurve?本題答案：【Liquiditypreference】2、【多選題】Whichonesofthefollowingarethetypesofinterestratederivativeusedtohedgeinterestraterisk?本題答案：【Futurescontracts#Interestrateswaps#Interestrateoptions#Caps,collarsandfloors】3、【判斷題】SHIBORistherateofinterestthatappliestowholesalemoneymarketlendingbetweenLondonbanks本題答案：【錯誤】4、【判斷題】Basisriskiswhereacompanyhasassetsandliabilitiesofsimilarsizes,bothwithfloatingratesbuttheratesarenotdeterminedusingthesamebasis.本題答案：【正確】5、【判斷題】Forwardrateagreementshedgeriskbyfixingtheinterestrateonfutureborrowing本題答案：【正確】6、【判斷題】Gapexposureiswhereafirmisexposedtointerestrateriskformdifferingmaturitiesofinterest-sensitiveassetsandliabilities本題答案：【正確】Chapter1TheFinancialManagementfunction1、【單選題】Whichofthefollowingistrue?本題答案：【Financialmanagementdecisionsincludedividenddecisions】2、【單選題】WhichofthefollowingisNOTaconnectedstakeholder?本題答案：【Localcommunity】Chaper2Financialmanagementenvironment1、【單選題】WhichofthefollowingstatementsisNOTcorrect?本題答案：【Moneymarketderivativesincludecertificatesofdepositsandmoneymarketdeposits】2、【單選題】WhichofthefollowingisNOTafinancialintermediary?本題答案：【Shareholder】Chapter3Workingcapitalinvestment1、【單選題】Hanistomakeapaymentof$10,000toasupplier.A2%discountisavailableforpayingafteronemonthinsteadofthestandardtermofthreemonths.Whatistheannualpercentagecostofthediscount?本題答案：【12.9%】Chapter4Cashmanagementandworkingcapitalfinance1、【單選題】Whichoneofthefollowingwouldlengthentheworkingcapitalcycle?本題答案：【Increasingcreditgiventocustomers】2、【多選題】WhichTWOofthefollowingarederivatives?本題答案：【Swap#Forwardcontract】Chapter5Investmentdecision1、【填空題】Acompanyisofferingitscustomersachoiceofacashdiscountof2%forpaymentwithin10daysoftheinvoicedateorpayinginfullwithin40days.What'stheeffectiveannualinterestrateofcashdiscount(tothenearestwhole%)?本題答案：【28%】Chapter6Allowingfortax,workingcapitalandinflation1、【多選題】Indecisionmaking,costswhichneedtobeconsideredarecalledrelevantcosts.WhichTWOofthefollowingarerelevantcosts?本題答案：【Futurecosts#Incrementalcosts】Chapter7Projectappraisalanddecisions1、【判斷題】ResidualtheorystatesthatdividendsshouldbepaidaheadofinvestinginpositiveNPVprojects.本題答案：【錯誤】Chapter8Specificinvestmentdecisions1、【填空題】Usingadiscountrateof10%peryear,thenetpresentvalueofaprojecthasbeencorrectlycalculatedas$50.Ifthediscountrateisincreasedby1%,theNPVoftheprojectfallsby20$.Whatistheinternalrateofreturnoftheproject?本題答案：【12.5%】Chapter9Sourcesoffinance1、【判斷題】Sukuk(debtfinance)holdershavelittleinfluenceovertheactionsoftheSukukmanagers.本題答案：【錯誤】2、【判斷題】UnderaMusharakacontract(venturecapital),profitsaresharedbetweenparternersaccordingtoratiosinthecontract.本題答案：【正確】3、【判斷題】AnIjaratransactionistheIslamicequivalentofalease.本題答案：【正確】Chapter10Dividendpolicy1、【判斷題】AccordingtoModiglianiandMiller,inaperfectcapitalmarket,shareholdersareindifferentbetweendividendsandcapitalgains.本題答案：【正確】2、【填空題】Sparrawhasjustpaidanordinarydividendof30cpershare.Thesharesarenowtradingat480c.Ifdividendgrowthisexpectedtobe3%perannum,whatisthecompany'scostofeauity?本題答案：【9%】Chapter11Thecostofcapital1、【單選題】TheeauitysharesofHFhaveabetavalueof0.90.Thisrisk-freerateofreturnis6%andthemarketriskpremiumis7%.Taxis30%.WhatistheexpectedreturnonequityforHF?本題答案：【12.3%】Chapter12Capitalstructure1、【判斷題】Thetraditionalviewisthat,intheabsenceoftax,acompany'scapitalstructurewouldhavenoimpactonitswieghtedcostofcapital(WACC).本題答案：【錯誤】2、【判斷題】Thenetoperatingincomeapproach(MM)assumesthatdebtisriskfree.本題答案：【正確】Chapter13Businessvaluations1、【判斷題】Technicalanalysisisbasedonthetheorythatsharepricescanbederivedfromananalysisoffuturedividends.本題答案：【錯誤】2、【判斷題】Underthestrongformhypothesisofmarketefficiency,sharepricesreflectallavailableinformationaboutpastchangesintheshareprice.本題答案：【錯誤】Chapter14Foreigncurrencyrisk1、【判斷題】Transactionriskistheriskthattheorganisationwillmakeexchangelosseswhentheaccountingresultsofitsforeignbranchesareshowninthehomecurrency.本題答案：【錯誤】2、【判斷題】Economicriskistheeffectonthepresentvalueoflonger-termcashflows.本題答案：【正確】Chapter15Interestraterisk1、【填空題】Thespotrateis3.4670Kroneperdollar.TheborrowratesinCountryA(currency=dollar)areat8%andinCountryK(currency=Krone)theyareat13%.Thereisnoforwardrateforoneyear'stime.Whatwouldinterestrateparitypredicttheforwardexchangerateperdollartobeinoneyear?(Krone)本題答案：【3.63Krone】Thefinalexam1、【單選題】Thenetpresentvalueofthecostsofoperatingamachineforthenextthreeyearsis$10,724atacostofcapitalof15%.Whatistheequivalentannualcostofoperatingthemachine?本題答案：【A$4,697】2、【單選題】Whichofthefollowingisnottrueofarightsissuebyalistedcompany?本題答案：【CIfshareholdersdonottakeuptherights,therightslapse.】3、【單選題】Whichofthefollowingsourcesoffinancetocompaniesisthemostwidelyusedinpractice?本題答案：【DRetainedearnings】4、【單選題】Ascripdividendis:本題答案：【CAdividendpaymentthattakestheformofnewsharesinsteadofcash】5、【單選題】Whichofthefollowingriskscanbeeliminatedbydiversification?本題答案：【DUnsystematicrisk】6、【單選題】Whencalculatingtheweightedaveragecostofcapital,whichofthefollowingisthepreferredmethodofweighting?本題答案：【CCurrentmarketvaluesofdebtandequity(ignoringreserves)】7、【單選題】Whichtheoryofsharepricebehaviourdoesthefollowingstatementdescribe?'Theanalysisofexternalandinternalinfluencesontheoperationsofacompanywithaviewtoassistingininvestmentdecisions.'本題答案：【CFundamentalanalysistheory】8、【單選題】Whichofthefollowingisnotanexplanationforadownwardslopeintheyieldcurve?本題答案：【ALiquiditypreference】9、【單選題】Whichofthefollowingareexamplesoffinancialobjectivesthatacompanymightchoosetopursue?本題答案：【BRestrictingthelevelofgearingtobelowaspecifiedtargetlevel】10、【單選題】Inthecontextofmanagingperformanceinnotforprofitorganisations,whichofthefollowingdefinitionsisincorrect?本題答案：【CEfficiencymeansdoingthingsquickly:minimisingtheamountoftimethatisspentonagivenactivity.】11、【單選題】Whatisthesituationcalledwhenthereisonlyonefirm,thesoleproducerofagood,whichhasnocloselycompetingsubstitutes?本題答案：【CMonopoly】12、【單選題】Whichofthefollowingtypesofinvestmentcarriesthehighestlevelofrisk?本題答案：【DOrdinaryshares】13、【單選題】Whichofthefollowingstatementsbestdefinesthecurrentratio?本題答案：【BTheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.】14、【單選題】Whichofthefollowingdoesnotdeterminetheamountofcreditofferedbyasupplier?本題答案：【DThenumberofpurchasesmadebythebuyereachyear】15、【單選題】Whichofthefollowingisadisadvantagetoacompanyofusingafactorforitsaccountsreceivable?本題答案：【CCreditcustomerspaydirecttothefactor.】16、【單選題】Whichofthefollowingismostlikelytoreduceafirm'sworkingcapital?本題答案：【DAdoptingjust-in-timeprocurementandleanmanufacturing】17、【單選題】Ifamachinewithannualrunningcostsof$100,000wasdivertedfromproducingoutputsellingfor$50,000toproducingaspecialorderworth$70,000,whatwouldbetherelevantcostsofwhathashappened?本題答案：【C$50,000】18、【單選題】Foracertainpro