moocCorporate Finance_3答案(慕课2023课后作业答案)

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Chapter 1 Introduction to Corporate Finance

Test -Financial Analysis

1、答案答案In financial statement analysis,慕课 expressing all financial statement items as a percentage of base-year amounts is called
A、Horizontal common-size analysis.
B、课后Vertical common-size analysis.
C、作业Trend analysis.
D、答案答案Ratio analysis.

2、慕课On a common-size balance sheet,课后 what would represent 100%?
A、Total current assets.
B、作业Total assets.
C、答案答案Total liabilities.
D、慕课Total stockholders' equity.

3、课后Statement of Income and Retained Earnings Sales $ 3,作业000 Cost of goods sold (1,600) Gross profit $1,400 Operations expenses (970) Operating income $ 430 Interest expense (30) Income before tax $ 400 Income tax (200) Net income $ 200 Add: Jan. 1 retained earnings 150 Less: dividends (100) Dec. 31 retained earnings The company has return on assets of
A、21.1%
B、答案答案39.2%
C、慕课42.1%
D、课后45.3%

4、Statement of Income and Retained Earnings Sales $ 3,000 Cost of goods sold (1,600) Gross profit $1,400 Operations expenses (970) Operating income $ 430 Interest expense (30) Income before tax $ 400 Income tax (200) Net income $ 200 Add: Jan. 1 retained earnings 150 Less: dividends (100) Dec. 31 retained earnings The company has a profit margin of
A、6.67%
B、13.33%
C、14.33%
D、46.67%

5、In Year 3, Newman Manufacturing's gross profit margin remained unchanged from Year 2. But, in Year 3, the company's net profit margin declined from the level reached in Year 2. This could have happened because, in Year 3,
A、Corporate tax rates increased.
B、Cost of goods sold increased relative to sales.
C、Sales increased at a faster rate than operating expenses.
D、Common share dividends increased.

6、Transnational Motors has decided to make an additional investment in its operating assets, which are financed by debt. Assuming all other factors remain constant, this increase in investment will have which of the following effects? Operating Total Asset Return on Profit Margin Turnover Assets
A、Increase No Change Increase
B、No Change Decrease Decrease
C、No Change Increase Decrease
D、Decrease Decrease Decrease

7、Which one of the following statements about the price-earnings (P/E) ratio is true?
A、A company with high growth opportunities ordinarily has a high P/E ratio.
B、A P/E ratio has more meaning when a firm has losses than when it has profits.
C、A P/E ratio has more meaning when a firm has abnormally low profits in relation to its asset base.
D、A P/E ratio expresses the relationship between a firm's market price and its net sales.

8、Information concerning Hamilton's common stock is presented below for the fiscal year ended May 31, Year 2. Common stock outstanding 750,000 Stated value per share $15.00 Market price per share 45.00 Year 1 dividends paid per share 4.50 Year 2 dividends paid per share 7.50 Basic earning per share 11.25 Diluted earnings per share 9.00 The price-earnings ratio for Hamilton's common stock is
A、3.0 times.
B、4.0 times.
C、5.0 times.
D、6.0 times.

9、In assessing the financial prospects for a firm, financial analysts use various techniques. An example of vertical, common-size analysis is
A、An assessment of the relative stability of a firm's level of vertical integration.
B、A comparison in financial ratio form between two or more firms in the same industry.
C、Advertising expense is 2% greater compared with the previous year.
D、Advertising expense for the current year is 2% of sales.

10、Careful reading of an annual report will reveal that off-balance-sheet debt includes
A、Amounts due in future years under operating leases.
B、Transfers of accounts receivable without recourse.
C、Current portion of long-term debt.
D、Amounts due in future years under capital leases.

11、The following financial information applies to Sycamore Company: Cash $ 10,000 Marketable securities 18,000 Accounts receivable 120,000 Inventories 375,000 Prepaid expenses 12,000 Accounts payable 75,000 Long-term debt - current portion 20,000 Long-term debt 400,000 Sales 1,650,000 What is the acid test (or quick) ratio for Sycamore?
A、1.56
B、1.97
C、2.13
D、5.63

12、A debt to equity ratio is
A、About the same as the debt to assets ratio.
B、Higher than the debt to assets ratio.
C、Lower than the debt to assets ratio.
D、Not correlated with the debt to assets ratio.

13、A firm with a higher degree of operating leverage when compared to the industry average implies that the
A、Firm has higher variable costs.
B、Firm's profits are more sensitive to changes in sales volume.
C、Firm is more profitable.
D、Firm is less risky.

Chapter 3 Valuing Bonds

Test 2-Bonds

1、Which one of the following characteristics distinguishes income bonds from other bonds?
A、The bondholder is guaranteed an income over the life of the security.
B、By promising a return to the bondholder, an income bond is junior to preferred and common stock.
C、Income bonds are junior to subordinated debt but senior to preferred and common stock.
D、Income bonds pay interest only if the issuing company has earned the interest.

2、From an investor's viewpoint, the least risky type of bond in which to invest is a(n)
A、Debenture bond.
B、Deep discount bond.
C、Income bond.
D、Secured bond.

3、Generally, a bond can be valued as a package of
A、annuity and perpetuity only.
B、perpetuity and single payment only.
C、annuity and single payment only.
D、annuity, perpetuity, and single payment.

4、You buy a 12-year 10 percent annual coupon bond at par value, $1,000. You sell the bond three years later for $1,100. What is your rate of return over this three-year period?
A、40 percent
B、10 percent
C、20 percent
D、30 percent

5、A three-year bond with 10 percent coupon rate and $1,000 face value yields 8 percent. Assuming annual coupon payments, calculate the price of the bond.
A、$857.96
B、$951.96
C、$1,000.00
D、$1,051.54

6、A five-year bond with a 10 percent coupon rate and $1,000 face value is selling for $1,123. Calculate the yield to maturity on the bond assuming annual interest payments.
A、10.0 percent
B、8.9 percent
C、7.0 percent
D、5.0 percent

7、Consider a bond with a face value of $1,000, an annual coupon rate of 6 percent, a yield to maturity of 8 percent, and 10 years to maturity. This bond's duration is
A、8.7 years.
B、7.6 years.
C、10.0 years.
D、6.5 years.

8、Which bond is more sensitive to an interest rate change of 0.75 percent? Bond A: YTM = 4.00%, maturity = 8 years, coupon = 6% or $60, par value = $1,000. Bond B: YTM = 3.50%, maturity = 5 years, coupon = 7% or $70, par value = $1,000.
A、Bond A
B、Bond B
C、Both are equally sensitive.
D、Cannot be determined

9、Which of the following bonds has the longest duration?
A、5-year coupon bond
B、5-year, zero-coupon bond
C、10-year coupon bond
D、10-year, zero-coupon bond

10、A three-year bond has an 8 percent coupon rate and a $1,000 face value. If the yield to maturity on the bond is 10 percent, calculate the price of the bond assuming that the bond makes semiannual coupon payments.
A、$857.96
B、$949.24
C、$1,057.54
D、$1,000.00

11、If a bond pays interest semiannually, then it pays interest
A、once per year.
B、every six months.
C、every three months.
D、every two years.

12、A government bond issued in Germany has a coupon rate of 5 percent, a face value of 100 euros, and matures in five years. The bond pays annual interest payments. Calculate the yield to maturity of the bond (in euros) if the price of the bond is 106 euros.
A、5.00 percent
B、3.80 percent
C、3.66 percent
D、6.00 percent

13、The following entities issue bonds to engage in long-term borrowing except
A、the federal government.
B、state and local governments.
C、corporations.
D、individuals.

Chapter 4 The Value of Common Stocks

Test 3-Common Stocks

1、The par value of a common stock represents
A、The estimated market value of the stock when it was issued.
B、The liability ceiling of a shareholder when a company undergoes bankruptcy proceedings.
C、The total value of the stock that must be entered in the issuing corporation's records.
D、A theoretical value of $100 per share of stock with any differences entered in the issuing corporation's records as discount or premium on common stock.

2、In general, it is more expensive for a company to finance with equity capital than with debt capital because
A、Long-term bonds have a maturity date and must therefore be repaid in the future.
B、Investors are exposed to greater risk with equity capital.
C、Equity capital is in greater demand than debt capital.
D、Dividends fluctuate to a greater extent than interest rates.

3、The Dawson Corporation projects the following for the year: Earnings before interest and taxes $35 million Interest expense $5 million Preferred stock dividends $4 million Common stock dividend-payout ratio 30% Common shares outstanding 2 million Effective corporate income tax rate 40% The expected common stock dividend per share for Dawson Corporation is
A、$2.34
B、$2.70
C、$1.80
D、$2.10

4、The Dawson Corporation projects the following for the year: Earnings before interest and taxes $35 million Interest expense $5 million Preferred stock dividends $4 million Common stock dividend-payout ratio 30% Common shares outstanding 2 million Effective corporate income tax rate 40% If Dawson Corporation's common stock is expected to trade at a price-earnings ratio of 8, the market price per share (to the nearest dollar) would be
A、$104
B、$56
C、$72
D、$68

5、Assume General Electric (GE) has about 10.3 billion shares outstanding and the stock price is $37.10. Also, assume the P/E ratio is about 18.3. Calculate the approximate market capitalization for GE.
A、$679 billion
B、$188 billion
C、$382 billion
D、$103 billion

6、A Wall Street Journal quotation for a company has the following values: Div: $1.12, PE: 18.3, Close: $37.22. Calculate the approximate dividend payout ratio for the company.
A、18 percent
B、35 percent
C、45 percent
D、55 percent

7、Deluxe Company expects to pay a dividend of $2 per share at the end of year 1, $3 per share at the end of year 2, and then be sold for $32 per share at the end of year 2. If the required rate of return on the stock is 15 percent, what is the current value of the stock?
A、$28.20
B、$32.17
C、$32.00
D、$29.18

8、The constant dividend growth formula P0 = Div1/(r - g) assumes :
A、that dividends grow at a constant rate g, forever only.
B、r > g only.
C、that dividends grow at a constant rate g, forever, and r > g only.
D、g is never negative only.

9、Will Co. is expected to pay a dividend of $2 per share at the end of year 1(Div1), and the dividends are expected to grow at a constant rate of 4 percent forever. If the current price of the stock is $20 per share, calculate the expected return or the cost of equity capital for the firm.
A、10 percent
B、4 percent
C、14 percent
D、20 percent

10、MJ Co. pays out 60 percent of its earnings as dividends. Its return on equity is 15 percent. What is the stable dividend growth rate for the firm?
A、9 percent
B、5 percent
C、6 percent
D、15 percent

11、The In-Tech Co. just paid a dividend of $1 per share. Analysts expect its dividend to grow at 25 percent per year for the next three years and then 5 percent per year thereafter. If the required rate of return on the stock is 18 percent, what is the current value of the stock?
A、$12.97
B、$11.93
C、$15.20
D、$15.78

12、Company X has a P/E ratio of 10 and a stock price of $50 per share. Calculate earnings per share of the company.
A、$6 per share
B、$10 per share
C、$0.20 per share
D、$5 per share

13、A company forecasts growth of 6 percent for the next five years and 3 percent thereafter. Given last year's free cash flow was $100, what is its horizon value (PV looking forward from year 4) if the company cost of capital is 8 percent?
A、$0
B、$1,672
C、$2,000
D、$2,676

14、Ottocell Motor Company just paid a dividend of $1.40. Analysts expect its dividend to grow at a rate of 10 percent next year, 8 percent for the following two years, and then a constant rate of 5 percent thereafter. What is the expected dividend per share at the end of year 5?
A、$2.08
B、$1.98
C、$1.80
D、$0.99

Chapter 5 Net Present Value and Other Investment Criteria

Test 4-Investment Decision

1、In equipment-replacement decisions, which one of the following does not affect the decision-making process?
A、Current disposal price of the old equipment.
B、Operating costs of the old equipment.
C、Original fair market value of the old equipment.
D、Cost of the new equipment.

2、Which of the following investment rules does not use the time value of money concept?
A、Net present value
B、Internal rate of return
C、The payback period
D、Profitability index

3、The following are measures used by firms when making capital budgeting decisions except
A、payback period.
B、internal rate of return.
C、P/E ratio.
D、net present value.

4、If the NPV of project A is + $120, that of project B is -$40, and that of project C is + $40, what is the NPV of the combined project?
A、+$100
B、-$40
C、+$70
D、+$120

5、The payback period rule accepts all projects for which the payback period is
A、greater than the cut-off value.
B、less than the cut-off value.
C、positive.
D、an integer.

6、The main advantage of the payback rule is that it
A、adjusts for uncertainty of early cash flows.
B、is simple to use.
C、does not discount cash flows.
D、better accounts for salvage costs at the end of a project.

7、If an investment project (normal project) has an IRR equal to the cost of capital, the NPV for that project is
A、positive.
B、negative.
C、zero.
D、unable to be determined.

8、The following are some of the shortcomings of the IRR method except
A、IRR is conceptually easy to communicate.
B、projects can have multiple IRRs.
C、IRR cannot distinguish between a borrowing project and a lending project.
D、it is very cumbersome to evaluate mutually exclusive projects using the IRR method.

9、Project X has the following cash flows: C0 = +2,000, C1 = -1,150, and C2 = -1,150. If the IRR of the project is 9.85 percent and if the cost of capital is 12.00 percent, you would
A、accept the project.
B、reject the project.
C、do not know.
D、need further information.

10、Dry-Sand Company is considering investing in a new project. The project will need an initial investment of $1,200,000 and will generate $600,000 (after-tax) cash flows for three years. However, at the end of the fourth year, the project will generate -$500,000 of after-tax cash flow due to dismantling costs. Calculate the MIRR (modified internal rate of return) for the project if the cost of capital is 15 percent.
A、8.1 percent
B、12.6 percent
C、28.2 percent
D、20.4 percent

11、One can use the profitability index most usefully for which situation?
A、When capital rationing exists
B、Evaluation of exceptionally long-term projects
C、Evaluation of nonnormal projects
D、When a project has unusually high cash flow uncertainty

12、The profitability index is the ratio of the
A、future value of cash flows to investment.
B、net present value of cash flows to investment.
C、net present value of cash flows to IRR.
D、present value of cash flows to IRR.

13、How does modified internal rate of return (MIRR) differ from IRR?
A、MIRR does not consider cash flows occurring after the cut-off date.
B、MIRR uses NPV, IRR does not.
C、MIRR calculates the PV of cash inflows and then divides by the PV of the investment.
D、MIRR reduces the number of sign changes in a cash flow sequence.

14、The following table gives the available projects (in $millions) for a firm. The firm has only $20 million to invest. What is the maximum NPV that the company can obtain?
A、3.5
B、4.0
C、4.5
D、5.0

Chapter 6 Making Investment Decisions with the Net Present Value Rule

Test 5-Investment Decisions other issue

1、The Important point(s) to remember while estimating the cash flows of a project
A、is that only cash flow is relevant.
B、are cash flow is relevant and always estimate cash flows on an incremental basis.
C、are to always estimate cash flows on an incremental basis and to be consistent in the treatment of inflation.
D、are cash flow is relevant, always estimate cash flows on an incremental basis, and be consistent in the treatment of inflation.

2、When a firm has the opportunity to add a project that will utilize excess factory capacity (that is currently not being used), which costs should be used to help determine if the added project should be undertaken?
A、Allocated overhead costs
B、Sunk costs
C、Incremental costs
D、Average costs

3、Net working capital is best represented as
A、short-term assets only.
B、short-term assets and short-term liabilities.
C、long-term assets and short-term assets.
D、long-term assets and long-term liabilities.

4、One should consider net working capital (NWC) in project cash flows because
A、typically firms must invest cash in short-term assets to produce finished goods.
B、NWC represents sunk costs.
C、firms need positive NPV projects for investment.
D、inclusion of NWC typically increases calculated NPV.

5、Money that a firm has already spent, or committed to spend regardless of whether a project is taken, is called a(n)
A、fixed cost.
B、opportunity cost.
C、sunk cost.
D、incremental cost.

6、If the discount rate is stated in nominal terms, then in order to calculate the NPV in a consistent manner, the project requires that
A、cash flows be estimated in nominal terms.
B、cash flows be estimated in real terms.
C、accounting income be used.
D、cash flows be estimated ignoring inflation.

7、Given the following data for Project M calculate the NPV of the project.
A、$51.70
B、$35.54
C、$45.21
D、$70.00

8、If depreciation is $600,000 and the marginal tax rate is 35 percent, then the tax shield due to depreciation is
A、$210,000.
B、$600,000.
C、$390,000.
D、The answer cannot be determined from the information given.

9、If depreciation is $100,000 and the marginal tax rate is 35 percent, then the tax shield due to depreciation is
A、$35,000.
B、$100,000.
C、$65,000.
D、The answer cannot be determined from the information given.

10、A project requires an investment of $900 today. It can generate sales of $1,100 per year forever. Costs are $600 for the first year and will increase by 20 percent per year. (Assume all sales and costs occur at year-end [i.e., costs are $600 @ t = 1].) The project can be terminated at any time without cost. Ignore taxes and calculate the NPV of the project at a 12 percent discount rate.
A、$65.00
B、$57.51
C、$100.00
D、It cannot be calculated as g > r.

11、Two machines, A and B, which perform the same functions, have the following costs and lives. Which machine would you choose? The two machines are mutually exclusive and the cost of capital is 15 percent.
A、Machine A, because the EAC is $1,789.89
B、Machine B, because the EAC is $1,922.88
C、Machine A, because it has lower PV costs
D、Machine B, because it has longer life

12、OM Construction Company must choose between two types of cranes. Crane A costs $600,000, will last for five years, and will require $60,000 in maintenance each year. Crane B costs $750,000, will last for seven years, and will require $30,000 in maintenance each year. Maintenance costs for cranes A and B occur at the end of each year. The appropriate discount rate is 12 percent per year. Which machine should OM Construction purchase?
A、Crane A, because EAC is $226,444
B、Crane B, because EAC is $194,336
C、Crane A, because its PV is $816,286 (i.e., less than the PV of Project B)
D、The answer cannot be calculated because the revenues for the project are not given.

13、You are considering the purchase of one of two machines required in your production process. Machine A has a life of two years. Machine A costs $50 initially and then $70 per year in maintenance. Machine B has an initial cost of $90. It requires $40 in maintenance for each year of its three-year life. Either machine must be replaced at the end of its life. Which is the better machine for the firm? The discount rate is 15 percent and the tax rate is zero.
A、Machine A, because EAC for machine A is $100.76
B、Machine B, because EAC for machine B is $79.42
C、Machine A, because PV of costs for machine A is $163.80
D、Machine B, because PV of costs for machine B is $181.33

14、Using the technique of equivalent annual cash flows and a discount rate of 7 percent, what is the value of the following project?
A、3.06
B、3.61
C、10.25
D、12.23

Chapter 7 Introduction to Risk and Return

Test 6 -Risk and Return

1、The type of risk that is not diversifiable and affects the value of a portfolio is
A、Purchasing-power risk.
B、Market risk.
C、Nonmarket risk.
D、Interest-rate risk.

2、When purchasing temporary investments, which one of the following best describes the risk associated with the ability to sell the investment in a short period of time without significant price concessions?
A、Interest-rate risk.
B、Purchasing-power risk.
C、Financial risk.
D、Liquidity risk.

3、Political risk may be reduced by
A、Entering into a joint venture with another foreign company.
B、Making foreign operations dependent on the domestic parent for technology, markets, and supplies.
C、Refusing to pay higher wages and higher taxes.
D、Financing with capital from a foreign country.

4、The risk of loss because of fluctuations in the relative value of foreign currencies is called
A、Expropriation risk.
B、Multinational beta.
C、Exchange rate risk.
D、Undiversifiable risk.

5、An investment security with high risk will have a(n)
A、Low expected return.
B、Lower price than an asset with low risk.
C、Increasing expected rate of return.
D、High standard deviation of returns.

6、Catherine & Co. has extra cash at the end of the year and is analyzing the best way to invest the funds. The company should invest in a project only if the
A、Expected return on the project exceeds the return on investments of comparable risk.
B、Return on investments of comparable risk exceeds the expected return on the project.
C、Expected return on the project is equal to the return on investments of comparable risk.
D、Return on investments of comparable risk equals the expected return on the project.

7、From the viewpoint of the investor, which of the following securities provides the least risk?
A、Mortgage bond.
B、Subordinated debenture.
C、Income bond.
D、Debentures.

8、Which of the following portfolios has the least risk?
A、A portfolio of Treasury bills
B、A portfolio of long-term U.S. government bonds
C、A portfolio of U.S. common stocks of small firms
D、A portfolio of U.S. common stocks of large firms

9、Assume the following data: Risk-free rate = 4.0 percent; average risk premium = 7.7 percent. Calculate the required rate of return for the risky asset.
A、5.6 percent
B、7.6 percent
C、11.7 percent
D、30.8 percent

10、A statistical measure of the degree to which securities' returns move together is called a
A、variance.
B、correlation coefficient.
C、standard deviation.
D、geometric average.

11、The type of the risk that can be eliminated by diversification is called
A、market risk.
B、unique risk.
C、interest rate risk.
D、default risk.

12、Market risk is also called I) systematic risk; II) undiversifiable risk; III) firm-specific risk.
A、systematic risk.
B、undiversifiable risk.
C、firm-specific risk.
D、systematic risk and undiversifiable risk.

13、What range of values can correlation coefficients take?
A、Zero to + 1
B、-1 to + 1
C、-Infinity to + infinity
D、Zero to + infinity

14、Beta is a measure of
A、unique risk.
B、total risk.
C、market risk.
D、liquidity risk.

15、For each additional 1 percent change in market return, the return on a stock having a beta of 2.2 changes, on average, by
A、1.00 percent.
B、0.55 percent.
C、2.20 percent.
D、1.10 percent.

16、Which of the following portfolios will have the highest beta?
A、Portfolio of U.S. Treasury bills
B、Portfolio of U.S. government bonds
C、Portfolio containing 50 percent U.S. Treasury bills and 50 percent U.S. government bonds
D、Portfolio of U.S. common stocks

Chapter 8 Portfolio Theory and the Capital Asset Pricing Model

Test 7-CAPM

1、A market analyst has estimated the equity beta of Modern Homes, Inc., to be 1.4. This beta implies that the company's
A、Systematic risk is lower than that of the market portfolio.
B、Systematic risk is higher than that of the market portfolio.
C、Unsystematic risk is higher than that of the market portfolio.
D、Total risk is higher than that of the market portfolio.

2、A measure that describes the risk of an investment project relative to other investments in general is the
A、Coefficient of variation.
B、Beta coefficient.
C、Standard deviation.
D、Expected return.

3、Using the capital asset pricing model (CAPM), the required rate of return for a firm with a beta of 1.25 when the market return is 14% and the risk-free rate is 6% is
A、6.0%
B、7.5%
C、17.5%
D、16.0%

4、The beta of the market portfolio is
A、0.0.
B、+0.5.
C、-1.0.
D、+1.0.

5、The capital asset pricing model (CAPM) states which of the following?
A、The expected risk premium on an investment is proportional to its beta.
B、The expected rate of return on an investment is proportional to its beta.
C、The expected rate of return on an investment is determined entirely by the risk-free rate and the market rate of return.
D、The expected rate of return on an investment is determined entirely by the risk-free rate.

6、Suppose the beta of Microsoft is 1.13, the risk-free rate is 3 percent, and the market risk premium is 8 percent. Calculate the expected return for Microsoft.
A、12.04 percent
B、15.66 percent
C、13.94 percent
D、8.65 percent

7、One would expect a stock with a beta of 1.25 to increase in returns
A、25 percent more than the market in up markets.
B、25 percent more than the market in down markets.
C、125 percent more than the market in up markets.
D、125 percent more than the market in down markets.

8、A common criticism of the CAPM is that it
A、ignores the return on the market portfolio.
B、uses too many factors.
C、requires only a single measure of systematic risk.
D、ignores the risk-free rate of return.

9、Assume the following data for a stock: Beta = 0.5; risk-free rate = 4 percent; market rate of return = 12 percent; and expected rate of return on the stock = 10 percent. Then the stock is
A、overpriced.
B、underpriced.
C、correctly priced.
D、The answer cannot be determined.

10、Assume the following data for a stock: Beta = 0.9; risk-free rate = 4 percent; market rate of return = 14 percent; and expected rate of return on the stock = 13 percent. Then the stock is
A、overpriced.
B、underpriced.
C、correctly priced.
D、The answer cannot be determined.

11、Florida Company (FC) and Minnesota Company (MC) are both service companies. Their stock returns for the past three years were as follows: FC: -5 percent, 15 percent, 20 percent; MC: 8 percent, 8 percent, 20 percent. Calculate the mean return for each company.
A、FC: 12 percent; MC: 6 percent
B、FC: 10 percent; MC: 12 percent
C、FC: 20 percent; MC: 32 percent
D、None of the options are correct.

12、An efficient portfolio
A、has only unique risk.
B、provides the highest expected return for a given level of risk and provides the least risk for a given level of expected return.
C、has no risk at all.
D、provides the highest expected return for a given level of risk.

Chapter 9 Risk and the Cost of Capital

Test 8-COC

1、Osgood Products has announced that it plans to finance future investments so that the firm will achieve an optimum capital structure. Which one of the following corporate objectives is consistent with this announcement?
A、Maximize earnings per share.
B、Minimize the cost of debt.
C、Maximize the net worth of the firm.
D、Minimize the cost of equity.

2、Hi-Tech, Inc., has determined that it can minimize its weighted average cost of capital (WACC) by using a debt-equity ratio of 2/3. If the firm's cost of debt is 9% before taxes, the cost of equity is estimated to be 12% before taxes, and the tax rate is 40%, what is the firm's WACC?
A、6.48%
B、7.92%
C、9.36%
D、10.80%

3、A preferred stock is sold for $101 per share, has a face value of $100 per share, underwriting fees of $5 per share, and annual dividends of $10 per share. If the tax rate is 40%, the cost of funds (capital) for the preferred stock is
A、4.2%
B、6.25%
C、10.0%
D、10.4%

4、Which one of a firm's sources of new capital usually has the lowest after-tax cost?
A、Retained earnings.
B、Bonds.
C、Preferred stock.
D、Common stock.

5、The cost of capital is the same as the cost of equity for firms that are financed
A、entirely by debt.
B、by both debt and equity.
C、entirely by equity.
D、by 50 percent equity and 50 percent debt.

6、The market value of Charter Cruise Company's equity is $15 million and the market value of its debt is $5 million. If the required rate of return on the equity is 20 percent and that on its debt is 8 percent, calculate the company's cost of capital. (Assume no taxes.)
A、20 percent
B、17 percent
C、14 percent
D、11 percent

7、The hurdle rate for capital budgeting decisions is
A、the cost of capital.
B、the cost of debt.
C、the cost of equity.
D、the risk-free rate.

8、The company cost of capital, when the firm has both debt and equity financing, is called the
A、cost of debt.
B、cost of equity.
C、weighted average cost of capital (WACC).
D、return on equity (ROE).

9、One calculates the after-tax weighted average cost of capital (WACC) using which of the following formulas?
A、WACC = (rD) (D/V) + (rE) (E/V), where V = D + E.
B、WACC = (rD) (1 - TC) (D/V) + (rE) (1 - TC) (E/V), where V = D + E.
C、WACC = (rD) (D/E) + (rE) (E/D).
D、WACC = (rD) (1 - TC) (D/V) + (rE) (E/V), where V = D + E.

10、A project has an expected risky cash flow of $200 in year 1. The risk-free rate is 6 percent, the expected market rate of return is 16 percent, and the project's beta is 1.50. Calculate the certainty equivalent cash flow for year 1, CEQ1.
A、$175.21
B、$165.29
C、$228.30
D、$182.76

11、Which of the following projects most likely has the lowest cost of capital?
A、Construction of a new steel factory
B、Investment in latest-technology, high-end television production
C、Construction of a luxury resort
D、Investment in a gold-mining operation

12、On a graph with common stock returns on the y-axis and market returns on the x-axis, the slope of the regression line represents
A、alpha.
B、beta.
C、R-squared.
D、standard error.

学习通Corporate Finance_3

Corporate Finance是一门探究企业资本结构、融资、投资和风险管理等问题的学科。在当今市场经济体系下，企业需要不断寻求资金，优化资本结构，实现财务目标。而Corporate Finance就是为企业提供财务支持，帮助企业实现价值最大化的学科。

Corporate Finance_3的课程内容

Corporate Finance_3是学习通上的一门课程，主要分为三个部分：融资决策、资本结构和股权融资。

融资决策

融资决策是企业在面临资金需求时，选择适合自身情况的融资方式的过程。融资方式可以分为内部融资和外部融资。内部融资包括盈余再投资和减少股息分配；外部融资包括债务融资和股权融资。

不同融资方式对企业的财务状况和经营策略有着不同的影响。课程通过案例分析和实际数据，帮助学生了解融资决策的基本原理和应用方法，让学生能够在实践中灵活运用各种融资方式。

资本结构

资本结构是指企业采用不同的融资方式形成的资本构成。资本结构的优化可以帮助企业最大限度地降低融资成本、降低财务风险、提高股东价值。资本结构包括债务和股权的比例，债务的种类和利率，股票的种类和价格等方面。

课程通过讲解资本结构的定价模型，帮助学生了解资本结构的影响因素、优化原则和实现方法。课程还介绍了杠杆比率、风险收益权衡、税收影响等方面的理论和实践应用。

股权融资

股权融资是企业通过发行股票等方式向投资者募集资金的行为。股权融资可以提高企业的资本实力和知名度，同时也面临着一定的风险和制约限制。企业在进行股权融资时，需要考虑股票评估、配售方式、认购保证金等方面。

课程通过分析IPO、非公开发行、增发等不同的股权融资方式，帮助学生了解股权融资的各种制约和应对方法。课程还介绍了股权融资的法律法规、财务报表披露、股权激励等方面的细节问题。

Corporate Finance_3的学习方法

想要学好Corporate Finance_3，需要结合课程讲解、案例分析和实际操作。以下是几个学习方法的建议：

• 多做习题。练习题可以帮助学生巩固课程知识和理解，提高应用能力。
• 关注企业实践。学生应该多关注企业实际融资和资本结构的案例，深入思考企业的财务决策和策略。
• 参加实践课程。学生可以参加Corporate Finance的实践课程，通过实际操作和模拟，加深对财务问题的理解和应对能力。
• 多交流。学生应该多和同学、老师、企业人士交流，了解不同角度的理解和经验。

总结

Corporate Finance_3是一门重要的课程，对于企业财务决策和管理有着重要的指导意义。通过学习该课程，可以帮助企业制定融资策略、优化资本结构、实现财务目标，提高企业价值和市场竞争力。

以下不是Python的注释符号的是（）。

A.b0344e4db79445f88e2baf7dead78356.png
B.以权益结算的股份支付在授予日需要作会计处理
C.甲乙类双电源互补对称功率放大电路的转换效率（ ）。
D.梯形图程序指令助记符和操作数组成。

在完全湍流时，粗糙管的摩擦系数l数值 ( )。

A.属于类风湿性关节炎的发病基础是（　　）
B.小儿结核性脑膜炎常引起颅神经损害，但不包括：
C.地下室砼墙体一般只允许留设水平施工缝，其位置宜留在受（）处。
D.多个独立包装可单独销售的食品，每件独立包装食品应当分别标示。

A3图纸的幅面大小为：420x297

A.工作总结的主体部分包含以下哪些方面（ ）
B.( )也就是声调的实际读法。
C.一般用电压传输特性曲线表示各种电压比较器的功能。
D.神经根型颈椎病主要与以下什么病进行鉴别

插花发展历史和风格的不同，插花造型大致上可以分为几类

A.线性表是________。
B.材料力学中，对于细长杆都需要进行稳定性校核。
C.刮板输送机主要优点包括（ ）。
D.三重激发态的能级比其相应单重激发态的能级能量稍高。

下列哪一项不是工程师在设计过程中为了产品安全所遵循的策略()

A.在现代社会语境下，大众传播媒介主要指报纸、广播、电视、互联网与新媒体。
B.在科学职业发展的每个阶段，越往上走，女性就越少。
C.郑和下西洋的航线与海上丝绸之路路线基本重合。
D.液力变矩器中导轮支撑在什么零件上（ ）

图案的变化方法有许多，其中( ) 是点、线、面的规则与不规则的变。

A.对于理想液态混合物，下列关系式正确的为：
B.尼库拉兹的试验图只能用于分析局部水头损失系数的变化规律。
C.丙二醇附加剂的作用为（）。
D.哪一项不属血虚证的临床表现：（ ）

在推理中，只要依据的理由与结论没有关系，基本可以说是犯了（ ）的谬误。

A.严重肺气肿引起的并发症是
B.从身边认识的人中寻找合作者,属于()。
C.降低功率因数，对保证电力系统的经济运行及供电质量十分重要。
D.在计算速动资产时，要扣除存货等项目，因为（ ）

创作了《人体系统解剖学提要》的解剖学家是（ ）

A.一个广义表的表头总是一个（ ）。
B.我国对外贸易货运保险可分为。
C.人生观的主要内容包括（ ）三个方面。
D.有限责任公司股东可以出同样的钱但可以享有不一样的表决权和分红权。

电视会疏远人们之间的沟通与交流。

A.海牙规则或者汉堡规则不承认喜马拉雅条款。
B.某企业为其中高层管理人员提供俱乐部会员，这属于特殊福利。
C.山东大力发展以“孔子”为代表的儒学产业，说明儒家思想并无糟粕。
D.离心泵工作点是离心泵的性能曲线与管路特性曲线的交点。

根据小说的文体特点来分，下列选项中正确的是

A.有关标准规定，在用车发动机的气缸压力不得低于原设计额定压力的90%。
B.工艺提供资料和要求后进行土建设计。
C.刘禹锡《乌衣巷》中的“乌衣巷”在今天南京。
D.电磁式轮速传感器比霍尔式轮速传感器抗电磁干扰强。

生境破坏是导致物种繁育能力下降的重要因素，保护物种就要保护其生存的环境（）。

A.综合水文地质图的基本内容包括哪些
B.水具有反常的高沸点是由于其分子间存在着
C.数字交换机可从256线平滑扩容到多少线
D.“时势造英雄”，这在哲学上说明了（）

蝙蝠夜间进行觅食属于回声定位

A.满族有多少家族，就有多少神灵群。
B.体外培养的成纤维细胞的运动:
C.影响肾小管重吸收的因素有( )
D.统提供对于已结账的月份，进行恢复记账

27、艾森克把许多人格特质归结为（ ）A 内外倾B 神经质C 精神质D 乐观性

A.药煎好了以后，把里面的水能够倒出来多少就倒多少，等下应采取药渣直接丢弃。（ ）
B.软件是由程序、数据和文档组成
C.he has agreed
D.影响能量传递效率的一个决定性的因素取决于能否使鼓膜发生（）。

属于内在稳定器的项目是（ ）

A.莫尔法和佛尔哈德法的指示剂分别是什么并分别试述其指示终点的原理。
B.优点列举法，逐一列出事物缺点，进而探求解决问题的方法和改善的对策。
C.成本加成定价法中的加成指的是
D.Grave病的自身抗原是：