论虏勘辣鼎师混杰鲁陛附涪敦
1.Introduction
Quiz1
财务管理（FN1，英语）（西南财经大学）
1、单选题：
Which type of business organization has all the respective rights and privileges of a legal person?
选项：
A: Sole proprietorship
B: Corporation
C: General partnership
D: Limited partnership
答案: 【 Corporation】
2、单选题：
The Principal-Agent Problem arises
选项：
A: because managers have little incentive to work in the interest of shareholders when this means working against their own self-interest.
B: because of the separation of ownership and control in a corporation.
C: Both A and B
D: None of the above
答案: 【 Both A and B】
3、单选题：
In the management buyout, the managers of the firm buy out the existing stockholders and make the company a private firm. Is this a way of reducing of conflict of interests between stockholders and managers?
选项：
A: Yes，managers now also become the lead stockholders in the firm.
B: Yes, managers will feel happy.
C: No，managers now also become the lead stockholders in the firm.
D: No, managers will feel happy.
答案: 【 Yes，managers now also become the lead stockholders in the firm.】
4、单选题：
In a corporation, the ultimate decisions regarding business matters are made by
选项：
A: the Board of Directors
B: debt holders
C: shareholders
D: investors
答案: 【 the Board of Directors】
5、单选题：
Which is not the advantages of a corporation?
选项：
A: Easy transfer of ownership
B: Limited life
C: Easy to get financing
D: Entitled to sign contracts
答案: 【 Limited life】
6、单选题：
Which of the following statements is false?
选项：
A: In bankruptcy, management is given the opportunity to reorganize the firm and renegotiatewith debt holders.
B: Because a corporation is a separate legal entity, when it fails to repay its debts, the people wholent to the firm, the debt holders are entitled to seize the assets of the corporation incompensation for the default.
C: As long as the corporation can satisfy the claims of the debt holders, ownership remains in thehands of the equity holders.
D: If the corporation fails to satisfy debt holdersʹ claims, debt holders may lose control of the firm.
答案: 【 If the corporation fails to satisfy debt holdersʹ claims, debt holders may lose control of the firm.】
7、单选题：
Which of the following assumptions would you need for stock maximization to be the “right” objective for a business to adopt?
选项：
A: There are no social costs
B: Managers act in the best interests of stockholders
C: Lenders to the firm are fully protected from expropriation
D: All of the above
答案: 【 All of the above】
8、单选题：
Which one is not the character a good goal should possess?
选项：
A: The goal should be very clear.
B: The goal should be measurable.
C: The goal should not bring costs to other businesses or groups.
D: The goal should be easily changeable and adjustable.
答案: 【 The goal should be easily changeable and adjustable.】
9、单选题：
Which one is not the assumption on which the maximization of stock price is based?
选项：
A: The manager can control the issuing amount of bonds
B: The manager does not consider his own interests.
C: The creditor is completely protected in order to avoid wealth being exploited by shareholders.
D: Business managers will not use their own unique information to mislead financial markets.
答案: 【 The manager can control the issuing amount of bonds】
10、单选题：
If shareholders are unhappy with a CEOʹs performance, they are most likely to
选项：
A: buy more shares in an effort to gain control of the firm.
B: file a shareholder resolution.
C: replace the CEO through a grassroots shareholder uprising.
D: sell their shares.
答案: 【 sell their shares.】
2.IntroductionofInvestmentDecisions
Quiz2
1、单选题：
At an annual interest rate of 7%, the future value of $5,000 in five years is closest to:
选项：
A: $3,565
B: $6,750
C: $7,015
D: $7,035
答案: 【 $7,015】
2、单选题：
At an annual interest rate of 7%, the present value of $5,000 received in five years is closest to:
选项：
A: $3,565
B: $6,750
C: $7,015
D: $7,035
答案: 【 $3,565】
3、单选题：
Which of the following statements is FALSE?
选项：
A: The process of moving a value or cash flow forward in time is known as compounding.
B: The effect of earning interest on interest is known as compound interest.
C: It is only possible to compare or combine values at the same point in time.
D: A dollar in the future is worth more than a dollar today.
答案: 【 A dollar in the future is worth more than a dollar today.】
4、单选题：
Which of the following statements is FALSE?
选项：
A: Finding the present value and compounding are the same.
B: A dollar today and a dollar in one year are not equivalent.
C: If you want to compare or combine cash flows that occur at different points in time, you first need to convert the cash flows into the same units or move them to the same point in time.
D: The equivalent value of two cash flows at two different points in time is sometimes referred to as the time value of money.
答案: 【 Finding the present value and compounding are the same.】
5、单选题：
Which of the following statements regarding arbitrage is the most correct?
选项：
A: Any situation in which it is possible to make a profit without taking any risk is known as an arbitrage opportunity.
B: Any situation in which it is possible to make a profit without making any investment is known as an arbitrage opportunity.
C: We call a competitive market in which there are no arbitrage opportunities an arbitrage market.
D: The practice of buying and selling equivalent goods in different markets to take advantage of a price difference is known as arbitrage.
答案: 【 The practice of buying and selling equivalent goods in different markets to take advantage of a price difference is known as arbitrage.】
6、单选题：
Which of the following statements regarding the Law of One Price is INCORRECT?
选项：
A: At any point in time, the price of two equivalent goods trading in different competitive markets will be the same.
B: One useful consequence of the Law of One Price is that when evaluating costs and benefits to compute a net present value, we can use any competitive price to determine a cash value, without checking the price in all possible markets.
C: If equivalent goods or securities trade simultaneously in different competitive markets, then they will trade for the same price in both markets.
D: An important property of the Law of One Price is that it holds even in markets where arbitrage is not possible.
答案: 【 An important property of the Law of One Price is that it holds even in markets where arbitrage is not possible.】
7、单选题：
A McDonald’s Big Mac value meal consists of a Big Mac Sandwich ($2.99), Large Coke ($1.39), and a Large Fry ($1.09). Assuming that there is a competitive market for McDonald’s food items, at what price must a Big Mac value meal sell to insure the absence of an arbitrage opportunity and uphold the law of one price?
选项：
A: $4.08
B: $4.38
C: $5.47
D: $5.77
答案: 【 $5.47】
8、单选题：
Walgreen Company (NYSE: WAG) is currently trading at $48.75 on the NYSE. Walgreen Company is also listed on NASDAQ and assume it is currently trading on NASDAQ at $48.50. Does an arbitrage opportunity exists and if so how would you exploit it and how much would you make on a block trade of 100 shares?
选项：
A: No, no arbitrage opportunity exists.
B: Yes, buy on NASDAQ and sell on NYSE, make $25.
C: Yes, buy on NYSE and sell on NASDAQ, 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.】
9、单选题：
Suppose the risk free interest rate is 3.9%. The price per $100 face value of a three-year, zero-coupon, risk-free bond is closest to:
选项：
A: $93.80
B: $90.06
C: $89.16
D: $86.39
答案: 【 $89.16】
10、单选题：
NoGrowth industries presently pays an annual dividend of $1.50 per share and it is expected that these dividend payments will continue indefinitely. If NoGrowth’s equity cost of capital is 12%, then the value of a share of NoGrowth’s stock is closest to:
选项：
A: $10.00
B: $15.00
C: $14.00
D: $12.50
答案: 【 $12.50】
3.MethodsofInvestmentDecisions
Quiz3
1、单选题：
Which of the following statements is FALSE?
选项：
A: About 75% of firms surveyed used the NPV rule for making investment decisions.
B: If you are unsure of your cost of capital estimate, it is important to determine how sensitive your analysis is to errors in this estimate.
C: To decide whether to invest using the NPV rule, we need to know the cost of capital.
D: NPV is positive only for discount rates greater than the internal rate of return.
答案: 【 NPV is positive only for discount rates greater than the internal rate of return.】
2、单选题：
Sarah Palin reportedly was paid a $11 million advance to write her book Going Rogue. The book took one year to write. In the time she spent writing, Palin could have been paid to give speeches and appear on TV news as a political commentator. Given her popularity, assume that she could have earned $8 million over the year (paid at the end of the year) she spent writing the book. Assume that she was unable to fulfill her media commitments of appearing on TV news as a political commentator or give speeches. while she was writing the book. Assuming that Palin’s cost of capital is 10%, then the NPV of her book deal is closest to:
选项：
A: $2.00 million
B: $2.20 million
C: $3.00 million
D: $3.75 million
答案: 【 $3.75 million】
3、单选题：
Sarah Palin reportedly was paid a $11 million advance to write her book Going Rogue. The book took one year to write. In the time she spent writing, Palin could have been paid to give speeches and appear on TV news as a political commentator. Given her popularity, assume that she could have earned $8 million over the year (paid at the end of the year) she spent writing the book. Assume that she was unable to fulfill her media commitments of appearing on TV news as a political commentator or give speeches. while she was writing the book.The IRR of Palin’s book deal is closest to:
选项：
A: -27.25%
B: -37.50%
C: 27.25%
D: 37.50%
答案: 【 -27.25%】
4、单选题：
The NPV profile
选项：
A: shows the payback period – the point at which NPV is positive.
B: shows the internal rate of return – the point at which NPV is zero.
C: shows the NPV over a range of discount rates.
D: B and C are correct.
答案: 【 B and C are correct.】
5、单选题：
Rearden Metals is considering opening a strip mining operation to provide some of the raw materials needed in producing Rearden metal. The initial purchase of the land and the associated costs of opening up mining operations will cost $100 million today. The mine is expected to generate $16 million worth of ore per year for the next 12 years. At the end of the 12th year Rearden will need to spend $20 million to restore the land to its original pristine nature appearance. The number of potential IRRs that exist for Rearden’s mining operation is equal to:
选项：
A: 0
B: 1
C: 2
D: 12
答案: 【 2】
6、单选题：
Which of the following statements is FALSE?
选项：
A: The IRR investment rule will identify the correct decision in many, but not all, situations.
B: By setting the NPV equal to zero and solving for r, we find the IRR.
C: If you are unsure of your cost of capital estimate, it is important to determine how sensitive your analysis is to errors in this estimate.
D: The simplest investment rule is the NPV investment rule.
答案: 【 The simplest investment rule is the NPV investment rule.】
7、单选题：
When using the internal rate of return (IRR) investment rule, we compare:
选项：
A: the average return on the investment opportunity to returns on all other investment opportunities in the market.
B: the average return on the investment opportunity to returns on other alternatives in the market with equivalent risk and maturity.
C: the NPV of the investment opportunity to the average return on the investment opportunity.
D: the average return on the investment opportunity to the risk-free rate of return.
答案: 【 the average return on the investment opportunity to returns on other alternatives in the market with equivalent risk and maturity.】
8、单选题：
Consider the following two projects:Alpha -79 20 25 30 35 40 N/A N/ABeta -80 25 25 25 25 25 25 25 Which of the following statements is correct if both are mutually exclusive? Suppose the discount rate is 10%.
选项：
A: You should invest in project Beta since NPVBeta > NPVAlpha.
B: You should invest in project Alpha since IRRAlpha > IRRBeta.
C: Your should invest in project Alpha since NPVAlpha < 0.
D: You should invest in project Beta since EAABeta > EAAAlpha.
答案: 【 You should invest in project Beta since EAABeta > EAAAlpha.】
9、单选题：
The internal rate of return rule can result in the wrong decision if the projects being compared have:
选项：
A: differences in scale.
B: differences in timing.
C: differences in NPV.
D: A and B are correct.
答案: 【 A and B are correct.】
10、单选题：
Which of the following statements is FALSE?
选项：
A: When using the incremental IRR rule, you must keep track of which project is the incremental project and ensure that the incremental cash flows are initially positive and then become negative.
B: Picking one project over another simply because it has a larger IRR can lead to mistakes.
C: Problems arise using the IRR method when the mutually exclusive investments have differences in scale.
D: When the risks of two projects are different, only the NPV rule will give a reliable answer.
答案: 【 When using the incremental IRR rule, you must keep track of which project is the incremental project and ensure that the incremental cash flows are initially positive and then become negative.】
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