绪论 单元测试
1、多选题：
What are not the most common type of firm in the United States and the world?
选项：
A:partnerships
B:sole proprietorships
C:corporations
D:limited partnerships
答案: 【partnerships ;corporations;limited partnerships 】
第一章 单元测试
1、判断题：
Stock markets provide liquidity for a firm's shares.
选项：
A:对
B:错
答案: 【对】
2、判断题：
Raising new capital by issuing bonds is an example of a commercial banking activity.
选项：
A:错
B:对
答案: 【错】
3、判断题：
Financial decisions require that you weigh alternatives in strictly monetary terms.
选项：
A:错
B:对
答案: 【错】
4、判断题：
Corporations have come to dominate the business world through their ability to raise large amounts of capital by sale of ownership shares to anonymous outside investors.
选项：
A:错
B:对
答案: 【对】
5、单选题：
Which of the following best describes why the Valuation Principle is a key concept in making financial decisions?
选项：
A:It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
B:It allows fixed assets and liquid assets to be valued correctly.
C:It gives a good indication of the net worth of a person, item, or company and can be used to estimate any changes in that net worth.
D:It shows how to assign monetary value to intangibles such as good health and well-being.
答案: 【It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
】
6、单选题：
Which of the following is typically the major factor in limiting the growth of sole proprietorships?
选项：
A:Investors have a great deal of control over the day-to-day running of such firms, leading to confusion when conflicts in direction arise.
B:The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
C:It is extremely difficult to transfer control of such firms to a new owner if the present owner dies or wishes to sell the firm.
D:The organizational structure of such firms tends to become extremely complicated over time.
答案: 【The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
】
7、单选题：
A company that produces racing motorbikes has several models that sell well within the motorcycle racing community and which are very profitable for the company. Despite having a profitable product, why must this company take care to ensure that it has sufficient cash on hand to meet its obligations?
选项：
A:The company will have built up debts which must be repaid in order to bring the current models to market.
B:New models will require a lot of money to develop and bring to market before they generate any revenue.
C:Profits from the sales of popular models will be lost when returned to the shareholders in the form of dividends.
D:Equity must be raised to finance the development of new models to replace the existing models.
答案: 【New models will require a lot of money to develop and bring to market before they generate any revenue.
】
8、单选题：
A factory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. However, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random during various stages of their manufacture. If a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. How is this factory owner seeking to solve the agency conflict problem in this case?
选项：
A:by ensuring that all workers co-operate to maximize the gains of their section
B:by maximizing the information that the principal obtains about the behavior of the agents
C:by making the agents into principals themselves
D:by supplying incentives so the agents act in the way principal desires
答案: 【by supplying incentives so the agents act in the way principal desires
】
9、单选题：
What is the bid-ask spread?
选项：
A:the rise or fall in the value of a stock between the time it is acquired by an investor and sold by that investor
B:the difference in price available for an immediate sale of a stock and the immediate purchase of the stock
C:the difference in the selling price of a stock between different exchanges
D:all of the costs and fees that a stock exchange charges in order to process a transaction
答案: 【the difference in price available for an immediate sale of a stock and the immediate purchase of the stock
】
10、判断题：
In the United States, publicly traded companies can choose whether or not they wish to release periodic financial statements.
选项：
A:错
B:对
答案: 【错】
11、判断题：
The balance sheet shows the assets, liabilities, and stockholders' equity of a firm over a given length of time.
选项：
A:对
B:错
答案: 【错】
12、判断题：
A firm's statement of cash flows uses the balance sheet and the income statement to determine the amount of cash a firm has generated and how it has used that cash during a given period.
选项：
A:对
B:错
答案: 【对】
13、判断题：
The income statement reports the firm's revenues and expenses, and it computes the firm's bottom line of net income, or earnings.
选项：
A:对
B:错
答案: 【对】
14、判断题：
The management of public companies is not legally required to disclose any off-balance sheet transactions.
选项：
A:错
B:对
答案: 【错】
15、单选题：
What is the main reason that it is necessary for public companies to follow the rules and format set out in the Generally Accepted Accounting Principles (GAAP) when creating financial statements?
选项：
A:It ensures that the market value of assets and debt are reported accurately.
B:It makes it easier to compare the financial results of different firms.
C:It ensures that information on the performance of public companies is reported on cash-basis accounting.
D:It ensures that important budgetary information is not omitted.
答案: 【It makes it easier to compare the financial results of different firms.
】
16、单选题：
What is the main problem in using a balance sheet to provide an accurate assessment of the value of a company's equity?
选项：
A:The equity shown on the balance sheet does not reflect the market capitalization of the company.
B:Valuable assets such as the company's reputation, the quality of its work force, and the strength of its management are not captured on the balance sheet.
C:The balance sheet does not accurately represent the book value of assets held by the company.
D:Knowing at a single point in time what assets a firm possesses and the liabilities a firm owes does not give any indication of what those assets can produce in the future.
答案: 【Valuable assets such as the company's reputation, the quality of its work force, and the strength of its management are not captured on the balance sheet.
】
17、单选题：
Which of the following balance sheet equations is INCORRECT?
选项：
A:Assets - Liabilities = Shareholders' equity
B:Assets - Current liabilities = Long-term liabilities + Shareholders' equity
C:Assets = Liabilities + Shareholders' equity
D:Assets - Current liabilities = Long-term liabilities
答案: 【Assets - Current liabilities = Long-term liabilities
】
18、单选题：
Allen Company bought a new copy machine to be depreciated straight line for three years for use by sales personnel. Where would this purchase be reflected on the Statement of Cash Flows?
选项：
A:It would be an addition to property, plant and equipment so it would be an investing activity.
B:It would be an expense on the income statement so it would be reflected in operating cash flows.
C:It would be an addition to cash so it would be reflected in the change in cash.
D:None of the above answers is correct.
答案: 【It would be an addition to property, plant and equipment so it would be an investing activity.
】
第二章 单元测试
1、判断题：
The Law of One Price states that if equivalent goods or securities are traded simultaneously in different competitive markets, they will trade for the same price in each market.
选项：
A:对
B:错
答案: 【对】
2、判断题：
In general, if an action increases a firm's value by providing benefits with a value greater than any costs involved, then that action is good for the firm's investors.
选项：
A:错
B:对
答案: 【对】
3、判断题：
To enable costs and benefits to be compared, they are typically converted into cash value at the time the benefit is received.
选项：
A:对
B:错
答案: 【错】
4、判断题：
Whenever a good trades in a competitive market, the price determines the value of the good.
选项：
A:对
B:错
答案: 【对】
5、单选题：
An elderly relative offers to sell you their used 1958 Cadillac Eldorado for $52,000. You note that very similar cars are selling on the open market for $87,000. You don't care for classic cars and would rather buy a new Ford Explorer for $35,000. What is the net value of buying the Cadillac?
选项：
A:$35,000, since this is the value of the car that you really want to buy.
B:$52,000, since the Cadillac could be bought for this price.
C:$87,000, since the Cadillac could be sold for this price.
D:$35,000, since this is the difference between purchase and resale price of the Cadillac.
答案: 【$35,000, since this is the difference between purchase and resale price of the Cadillac.
】
6、单选题：
The price of Alaska North Slope Crude Oil (ANS) is $71.75/bbl, and the price of West Texas Intermediate Crude Oil (WTI) is $73.06/bbl.As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude. Another oil refiner is offering to trade you 10,150 bbl of Alaska North Slope (ANS) crude oil for 10,000 bbl of West Texas Intermediate (WTI) crude oil. Assuming you currently have 10,000 bbl of WTI crude, what should you do?
选项：
A:Do nothing; refine the 10,000 bbl of WTI crude.
B:Trade the 10,000 bbl WTI crude with the other refiner and refine the 10,150 bbl of ANS crude.
C:Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
D:Trade the 10,000 bbl WTI crude with the other refiner and then sell the 10,150 bbl of ANS crude.
答案: 【Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
】
7、单选题：
A wholesale food retailer is offered $15.60 per two-layer carton for 5000 cartons of peaches. The wholesaler can buy peaches from their growers at $13.20 per carton. Shipping costs $2.40 per carton, for the first 1000 cartons, and $1.90 per carton for every carton over that. Will taking this opportunity increase the value of the wholesale food retailer?
选项：
A:No, the costs and the benefits are the same.
B:Yes, the costs are $2500 less than the benefits.
C:No, the costs are $1500 more than the benefits.
D:Yes, the costs are $2000 less than the benefits.
答案: 【Yes, the costs are $2000 less than the benefits.
】
8、单选题：
Which of the following best explains why market prices are useful to a financial manager when performing a cost-benefit analysis?
选项：
A:They can be used to convert different services and commodities into equivalent cash values which can be compared.
B:They can be evaluated to determine whether the market in which the manager exchanges goods and services offers true value.
C:They allow all commodities and services to be assigned a fixed and unchanging value.
D:They can be used to determine how much an asset can be sold for.
答案: 【They can be used to convert different services and commodities into equivalent cash values which can be compared.
】
9、单选题：
Walgreens Company (NYSE: WAG) is currently trading at $48.75 on the NYSE. Walgreens Company is also listed on NASDAQ and assume it is currently trading on NASDAQ at $48.50. Does an arbitrage opportunity exist and, if so, how would you exploit it and how much would you make on a block trade of 100 shares?
选项：
A:Yes, buy on NYSE and sell on NASDAQ, make $25.
B:No, no arbitrage opportunity exists.
C:Yes, buy on NASDAQ and sell on NYSE, make $25.
D:Yes, buy on NASDAQ and sell on NYSE, make $250.
答案: 【Yes, buy on NASDAQ and sell on NYSE, make $25.
】
10、判断题：
The present value (PV) of a stream of cash flows is just the sum of the present values of each individual cash flow.
选项：
A:错
B:对
答案: 【对】
11、判断题：
The present value (PV) of a stream of cash flows is just the sum of the present values of each individual cash flow.
选项：
A:对
B:错
答案: 【对】
12、判断题：
Cash flows from an annuity occur every year in the future.
选项：
A:对
B:错
答案: 【错】
13、判断题：
A growing perpetuity, where the rate of growth is greater than the discount rate, will have an infinitely large present value (PV).
选项：
A:对
B:错
答案: 【对】
14、单选题：
An investment pays you $30,000 at the end of this year, and $15,000 at the end of each of the four following years. What is the present value (PV) of this investment, given that the interest rate is 5% per year?
选项：
A:$95,074
B:$63,382
C:$39,614
D:$79,228
答案: 【$79,228
】
15、单选题：
Salvatore has the opportunity to invest in a scheme which will pay $5000 at the end of each of the next 5 years. He must invest $10,000 at the start of the first year and an additional $10,000 at the end of the first year. What is the present value of this investment if the interest rate is 3%?
选项：
A:5907.57
B:$3189.80
C:-$3189.80
D:-$5907.57
答案: 【$3189.80
】
16、单选题：
Since your first birthday, your grandparents have been depositing $1200 into a savings account on every one of your birthdays. The account pays 6% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________.
选项：
A:$22,252.07
B:$44,504.14
C:$37,086.78
D:$51,921.49
答案: 【$37,086.78
】
17、单选题：
A rich donor gives a hospital $1,040,000 one year from today. Each year after that, the hospital will receive a payment 6% larger than the previous payment, with the last payment occurring in ten years' time. What is the present value (PV) of this donation, given that the interest rate is 11%?
选项：
A:$5,376,880.42
B:$3,840,628.87
C:$7,681,257.74
D:$6,913,131.97
答案: 【$7,681,257.74
】
18、单选题：
Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for their child's college education. Currently, college tuition, books, fees, and other costs average $12,000 per year. On average, tuition and other costs have historically increased at a rate of 5% per year. Assuming that college costs continue to increase an average of 5% per year and that all her college savings are invested in an account paying 8% interest, then the amount of money she will need to have available at age 18 to pay for all four years of her undergraduate education is closest to ________.
选项：
A:$132,952
B:$55,397
C:$77,555
D:$110,793
答案: 【$110,793
】
19、判断题：
For a free-risk investment, the opportunity cost of capital will generally be more than the interest rate offered by U.S. Treasury securities with a similar term.
选项：
A:错
B:对
答案: 【错】
20、判断题：
When you borrow money, the interest rate on the borrowed money is the price you pay to be able to convert your future loan payments into money today.
选项：
A:错
B:对
答案: 【对】
21、判断题：
The annual percentage rate indicates the amount of interest, including the effect of any compounding.
选项：
A:对
B:错
答案: 【错】
22、判断题：
The real interest rate is the rate of growth of one's purchasing power due to money invested.
选项：
A:错
B:对
答案: 【错】
23、单选题：
Which of the following would be LEAST likely to lower the interest rate that a bank offers a borrower?
选项：
A:The expected inflation rate is expected to be low.
B:The loan will be for a long period of time.
C:The borrower is judged to have a low degree of risk.
D:The number of borrowers seeking funds is low.
答案: 【The loan will be for a long period of time.
】
24、单选题：
Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $14,000 in the account in four years' time?
选项：
A:$176
B:$308
C:$220
D:$352
答案: 【$220
】
25、单选题：
Ursula wants to buy a $19,000 used car. She has savings of $2,000 plus an $800 trade-in. She wants her monthly payments to be about $282. Which of the following loans offers monthly payments closest to $282?
选项：
A:7.8% APR for 60 months
B:7.8% APR for 36 months
C:7.8% APR for 72 months
D:7.8% APR for 48 months
答案: 【7.8% APR for 72 months
】
26、单选题：
What is the present value (PV) of an investment that pays $100,000 every year for four years if the interest rate is 5% APR, compounded quarterly?
选项：
A:$389,200
B:$424,581
C:$459,963
D:$353,818
答案: 【$353,818
】
27、单选题：
A small business repairs its store. The builders charge them $130,000 which will be paid back in monthly installments over three years at 6.80% APR. The builders will reduce this rate to 6.30% APR if they pay $2600 up front. By approximately how much will this reduce the monthly loan repayments?
选项：
A:$164
B:$109
C:$218
D:$55
答案: 【$109
】
28、判断题：
Bonds with a high risk of default generally offer high yields.
选项：
A:错
B:对
答案: 【对】
29、判断题：
The coupon value of a bond is the face value of the bond.
选项：
A:错
B:对
答案: 【错】
30、判断题：
The only cash payment an investor in a zero-coupon bond receives is the face value of the bond on its maturity date.
选项：
A:错
B:对
答案: 【对】
31、判断题：
Before it matures, the price of any bond is always less than its face value.
选项：
A:错
B:对
答案: 【错】
32、单选题：
An investor holds a Ford bond with a face value of $5000, a coupon rate of 8.5%, and semiannual payments that matures on January 15, 2029. How much will the investor receive on January 15, 2029?
选项：
A:$2606.25
B:$5000.00
C:$5212.50
D:$5425.00
答案: 【$5212.50
】
33、单选题：
The current zero-coupon yield curve for risk-free bonds is shown above. What is the risk-free interest rate on a 4-year maturity?
选项：
A:3.25%
B:6.34%
C:3.00%
D:3.15%
答案: 【3.25%
】
34、单选题：
Which of the following statements regarding bonds and their terms is FALSE?
选项：
A:The amount of each coupon payment is determined by the coupon rate of the bond.
B:Treasury bills are U.S. government bonds with a maturity of up to one year.
C:The zero-coupon bond has no periodic interest payments.
D:Prior to its maturity date, the price of a zero-coupon bond is always greater than its face value.
答案: 【The zero-coupon bond has no periodic interest payments.】
35、单选题：
A company releases a five-year bond with a face value of $1000 and coupons paid semiannually. If market interest rates imply a YTM of 6%, what should be the coupon rate offered if the bond is to trade at par?
选项：
A:7%
B:5%
C:6%
D:3%
答案: 【6%】
36、单选题：
A $5000 bond with a coupon rate of 5.7% paid semiannually has ten years to maturity and a yield to maturity of 6.4%. If interest rates fall and the yield to maturity decreases by 0.8%, what will happen to the price of the bond?
选项：
A:The price of the bond will rise by $410.90.
B:The price of the bond will rise by $293.50.
C:The price of the bond will fall by $352.20.
D:The price of the bond will fall by $293.50.
答案: 【The price of the bond will rise by $293.50.】
37、判断题：
The ownership in a corporation is divided into shares of stock, which carry rights to a share in the profits of the firm through future dividend payments.
选项：
A:对
B:错
答案: 【对】
38、判断题：
The Valuation Principle states that the value of a stock is equal to the present value (PV) of both the dividends and future sale price of that stock which the investor will receive.
选项：
A:错
B:对
答案: 【对】
39、判断题：
A firm can either pay its earnings to its investors, or it can keep them and reinvest them.
选项：
A:对
B:错
答案: 【对】
40、单选题：
What are dividend payments?
选项：
A:incremental increases in the value of the stock held by an investor due to rises in share price
B:payments made to a company by investors for a share of the ownership of that company
C:the difference between the original cost price of a share and the price an investor receives when that share is sold
D:a share of the profits paid to each shareholder on the basis of the number of shares they hold
答案: 【a share of the profits paid to each shareholder on the basis of the number of shares they hold】
41、单选题：
Credenza Industries is expected to pay a dividend of $1.70 at the end of the coming year. It is expected to sell for $62 at the end of the year. If its equity cost of capital is 9%, what is the expected capital gain from the sale of this stock at the end of the coming year?
选项：
A:$58.44
B:$3.56
C:$56.88
D:$5.12
答案: 【$3.56】
42、单选题：
A stock is bought for $23.00 and sold for $27.00 one year later, immediately after it has paid a dividend of $1.50. What is the capital gain rate for this transaction?
选项：
A:13.91%
B:17.39%
C:3.48%
D:8.70%
答案: 【17.39%】
43、单选题：
JRN Enterprises just announced that it plans to cut its dividend from $3.00 to $1.50 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 4% per year and JRN's stock was trading at $25.50 per share. With the new expansion, JRN's dividends are expected to grow at 8% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, the value of a share of JRN after the announcement is closest to ________.
选项：
A:$25.50
B:$38.63
C:$12.75
D:$19.32
答案: 【$19.32】
44、单选题：
Luther Industries has a dividend yield of 4.5% and a cost of equity capital of 10%. Luther Industries' dividends are expected to grow at a constant rate indefinitely. The growth rate of Luther's dividends is closest to ________.
选项：
A:5.5%
B:14.5%
C:5.0%
D:11.0%
答案: 【5.5%】
