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1.[单选题] 纠错收藏提问移除

An investor performs the following transactions on the shares of a firm. ● At t = 0, she purchases a share for $1,000. ● At t = 1, she receives a dividend of $25 and then purchases three additional shares for $1,055 each. ● At t = 2, she receives a total dividend of $100 and then sells the four shares for $1,100 each. The money-weighted rate of return is closest to:

A
4.5%.
B
6.9%.
C
7.3%.

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2.[单选题] 纠错收藏提问移除

Corporate governance:

A
complies with a set of global standards.
B
is independent of both shareholder theory and stakeholder theory.
C
seeks to minimize and manage conflicting interests between insiders and external shareholders.

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3.[单选题] 纠错收藏提问移除

Which of the following statements about non-market factors in corporate governance is most accurate?

A
Stakeholders can spread information quickly and shape public opinion.
B
A civil law system offers better protection of shareholder interests than does a common law system.
C
Vendors providing corporate governance services have limited influence on corporate governance practices.

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4.[单选题] 纠错收藏提问移除

Which of the following statements regarding ESG implementation methods is most accurate?

A
Negative screening is the most commonly applied method.
B
Thematic investing considers multiple factors.
C
The best-in-class strategy excludes industries unfavorable ESG aspects.

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5.[单选题] 纠错收藏提问移除

Given the following cash flows for a capital project, calculate its payback period and discounted payback period. The required rate of return is 8 percent.
The discounted payback period is:

A
0.16 years longer than the payback period.
B
0.51 years longer than the payback period.
C
1.01 years longer than the payback period.

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6.[单选题] 纠错收藏提问移除

Kim Corporation is considering an investment of 750 million won with expected after-tax cash inflows of 175 million won per year for seven years. The required rate of return is 10 percent. Expressed in years, the project’s payback period and discounted payback period, respectively, are closest to:

A
4.3 years and 5.4 years.
B
4.3 years and 5.9 years.
C
4.8 years and 6.3 years.

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7.[单选题] 纠错收藏提问移除

Erin Chou is reviewing a profitable investment project that has a conventional cash flow pattern. If the cash flows for the project, initial outlay, and future after-tax cash flows all double, Chou would predict that the IRR would:

A
increase and the NPV would increase.
B
stay the same and the NPV would increase.
C
stay the same and the NPV would stay the same.

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8.[单选题] 纠错收藏提问移除

Wilson Flannery is concerned that this project has multiple IRRs.
How many discount rates produce a zero NPV for this project?

A
One, a discount rate of 0 percent.
B
Two, discount rates of 0 percent and 32 percent.
C
Two, discount rates of 0 percent and 62 percent.

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9.[单选题] 纠错收藏提问移除

With regard to net present value (NPV) profiles, the point at which a profile crosses the horizontal axis is best described as:

A
the point at which two projects have the same NPV.
B
the sum of the undiscounted cash flows from a project.
C
a project’s internal rate of return when the project’s NPV is equal to zero.

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10.[单选题] 纠错收藏提问移除

A fund receives investments at the beginning of each year and generates returns as shown in the table.

Which return measure over the three-year period is negative?

A
Geometric mean return
B
Time-weighted rate of return
C
Money-weighted rate of return

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11.[单选题] 纠错收藏提问移除

The cost of equity is equal to the:

A
expected market return.
B
rate of return required by stockholders.
C
cost of retained earnings plus dividends.

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12.[单选题] 纠错收藏提问移除

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

A
6.2 percent.
B
6.4 percent.
C
6.6 percent.

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13.[单选题] 纠错收藏提问移除

Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $25 per share with a $1.75 dividend. If the company were to issue preferred stock today, the yield would be 6.5 percent. The stock's current value is:

A
$25.00.
B
$26.92.
C
$37.31.

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14.[单选题] 纠错收藏提问移除

A financial analyst at Buckco Ltd. wants to compute the company's weighted average cost of capital (WACC) using the dividend discount model. The analyst has gathered the following data:
Buckco’s WACC is closest to:

A
8 percent.
B
9 percent.
C
12 percent.

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15.[单选题] 纠错收藏提问移除

Fran McClure of Alba Advisers is estimating the cost of capital of Frontier Corporation as part of her valuation analysis of Frontier. McClure will be using this estimate, along with projected cash flows from Frontier's new projects, to estimate the effect of these new projects on the value of Frontier. McClure has gathered the following information on Frontier Corporation:
The weights that McClure should apply in estimating Frontier's cost of capital for debt and equity are, respectively:

A
wd = 0.200; we = 0.800.
B
wd = 0.185; we = 0.815.
C
wd = 0.223; we = 0.777.

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16.[单选题] 纠错收藏提问移除

Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company's weighted average cost of capital, the appropriate after-tax cost of debt is closest to:

A
4.2%.
B
4.8%.
C
5.4%.

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17.[单选题] 纠错收藏提问移除

The business risk of a particular company is most accurately measured by the company’s:

A
debt-to-equity ratio.
B
efficiency in using assets to generate sales.
C
operating leverage and level of uncertainty about demand, output prices, and competition.

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18.[单选题] 纠错收藏提问移除

Executive compensation and bonuses are most likely consistent with the interests of shareholders if they are:

A
stable over time.
B
aligned with the company’s strategy.
C
sufficiently high relative to the competitors.

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19.[单选题] 纠错收藏提问移除

Which of the following statements concerning the principles underlying the capital budgeting process is most accurate?

A
Cash flows should be based on opportunity costs.
B
Financing costs should be reflected in a project’s incremental cash flows.
C
The net income for a project is essential for making a correct capitalbudgeting decision.

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20.[单选题] 纠错收藏提问移除

An analyst has gathered the following data about two projects, each with a 12% required rate of return. Project Y Project Z Initial cost $15,000 $20,000 Life 5 years 4 years Cash inflows $5,000/year $7,500/year If the projects are independent, the company should:

A
accept Project Y and reject Project Z.
B
reject Project Y and accept Project Z.
C
accept both projects.

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21.[单选题] 纠错收藏提问移除

A company is considering the purchase of a copier that costs $5,000. Assume arequired rate of return of 10% and the following cash flow schedule: Year 1: $3,000. Year 2: $2,000. Year 3: $2,000. What is the project’s NPV?

A
–$309.
B
$883.00
C
$1,523.00

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22.[单选题] 纠错收藏提问移除

An investment opportunity schedule is most accurately described as illustratingall the projects:

A
available to a company.
B
that will add value to a company.
C
within a company’s optimal capital budget.

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23.[单选题] 纠错收藏提问移除

A company’s $100, 8% preferred is currently selling for $85. What is thcompany’s cost of preferred equity?

A
8.0%.
B
9.4%.
C
10.8%.

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24.[单选题] 纠错收藏提问移除

The theory that deals with conflicts of interest between a company’s owners and its creditors is most appropriately called:

A
structure theory.
B
stakeholder theory.
C
shareholder theory.

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25.[单选题] 纠错收藏提问移除

The type of resolution most likely to require a super majority of shareholder votes for passage is a resolution to:

A
acquire a company.
B
choose a board member.
C
approve the choice of an auditor.

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26.[单选题] 纠错收藏提问移除

The type of voting that is most likely to allow minority stockholders a greater representation on the board of directors is:

A
majority voting.
B
staggered voting.
C
cumulative voting.

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27.[单选题] 纠错收藏提问移除

Business risk is the combination of:

A
operating risk and financial risk.
B
sales risk and financial risk.
C
operating risk and sales risk.

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28.[单选题] 纠错收藏提问移除

Jayco, Inc., sells 10,000 units at a price of $5 per unit. Jayco’s fixed costs are $8,000,interest expense is $2,000, variable costs are $3 per unit, and EBIT is $12,000. Jayco’s degree of total leverage (DTL) is closest to:

A
2.00.
B
1.75.
C
1.50.

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29.[单选题] 纠错收藏提问移除

Jayco, Inc., sells blue ink for $4 a bottle. The ink’s variable cost per bottle is $2. Ink has fixed operating costs of $4,000 and fixed financing costs of $6,000. What is Jayco’s breakeven quantity of sales, in units?

A
2,000.00
B
3,000.00
C
5,000.00

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30.[单选题] 纠错收藏提问移除

Jayco, Inc., sells blue ink for $4 a bottle. The ink’s variable cost per bottle is $2. Inkhas fixed operating costs of $4,000 and fixed financing costs of $6,000. What isJayco’s operating breakeven quantity of sales, in units?

A
2,000.00
B
3,000.00
C
5,000.00

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31.[单选题] 纠错收藏提问移除

An increase in Rowley Corp’s cash conversion cycle and a decrease in Rowley’s operating cycle could result from:

A
Cash conversion cycle increase Operating cycle decrease Decreased receivables turnover Increased payables turnover
B
Cash conversion cycle increase Operating cycle decrease Decreased receivables turnover Decrease in days of inventory
C
Cash conversion cycle increase Operating cycle decrease Increased inventory turnover Increased payables turnover

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32.[单选题] 纠错收藏提问移除

Boyle, Inc., just purchased a banker’s acceptance for $25,400. It will mature in 80 days for $26,500. The discount-basis yield and the bond equivalent yield for this security are closest to:

A
Discount-basis Bond equivalent18.7% 18.7%
B
Discount-basis Bond equivalent18.7% 19.8%
C
Discount-basis Bond equivalent4.2% 19.8%

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答题卡

Corporate governance:

Which of the following statements about non-market factors in corporate governance is most accurate?

Which of the following statements regarding ESG implementation methods is most accurate?

Given the following cash flows for a capital project, calculate its payback period and discounted payback period. The required rate of return is 8 percent. The discounted payback period is:

Erin Chou is reviewing a profitable investment project that has a conventional cash flow pattern. If the cash flows for the project, initial outlay, and future after-tax cash flows all double, Chou would predict that the IRR would:

Wilson Flannery is concerned that this project has multiple IRRs. How many discount rates produce a zero NPV for this project?

With regard to net present value (NPV) profiles, the point at which a profile crosses the horizontal axis is best described as:

A fund receives investments at the beginning of each year and generates returns as shown in the table.Which return measure over the three-year period is negative?

The cost of equity is equal to the:

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

A financial analyst at Buckco Ltd. wants to compute the company's weighted average cost of capital (WACC) using the dividend discount model. The analyst has gathered the following data: Buckco’s WACC is closest to:

The business risk of a particular company is most accurately measured by the company’s:

Executive compensation and bonuses are most likely consistent with the interests of shareholders if they are:

Which of the following statements concerning the principles underlying the capital budgeting process is most accurate?

An analyst has gathered the following data about two projects, each with a 12% required rate of return. Project Y Project Z Initial cost $15,000 $20,000 Life 5 years 4 years Cash inflows $5,000/year $7,500/year If the projects are independent, the company should:

A company is considering the purchase of a copier that costs $5,000. Assume arequired rate of return of 10% and the following cash flow schedule: Year 1: $3,000. Year 2: $2,000. Year 3: $2,000. What is the project’s NPV?

An investment opportunity schedule is most accurately described as illustratingall the projects:

A company’s $100, 8% preferred is currently selling for $85. What is thcompany’s cost of preferred equity?

The theory that deals with conflicts of interest between a company’s owners and its creditors is most appropriately called:

The type of resolution most likely to require a super majority of shareholder votes for passage is a resolution to:

The type of voting that is most likely to allow minority stockholders a greater representation on the board of directors is:

Business risk is the combination of:

Jayco, Inc., sells 10,000 units at a price of $5 per unit. Jayco’s fixed costs are $8,000,interest expense is $2,000, variable costs are $3 per unit, and EBIT is $12,000. Jayco’s degree of total leverage (DTL) is closest to:

Jayco, Inc., sells blue ink for $4 a bottle. The ink’s variable cost per bottle is $2. Ink has fixed operating costs of $4,000 and fixed financing costs of $6,000. What is Jayco’s breakeven quantity of sales, in units?

Jayco, Inc., sells blue ink for $4 a bottle. The ink’s variable cost per bottle is $2. Inkhas fixed operating costs of $4,000 and fixed financing costs of $6,000. What isJayco’s operating breakeven quantity of sales, in units?

An increase in Rowley Corp’s cash conversion cycle and a decrease in Rowley’s operating cycle could result from:

Boyle, Inc., just purchased a banker’s acceptance for $25,400. It will mature in 80 days for $26,500. The discount-basis yield and the bond equivalent yield for this security are closest to:

考试形式介绍

Given the following cash flows for a capital project, calculate its payback period and discounted payback period. The required rate of return is 8 percent.
The discounted payback period is:

Wilson Flannery is concerned that this project has multiple IRRs.
How many discount rates produce a zero NPV for this project?

A fund receives investments at the beginning of each year and generates returns as shown in the table.

Which return measure over the three-year period is negative?

A financial analyst at Buckco Ltd. wants to compute the company's weighted average cost of capital (WACC) using the dividend discount model. The analyst has gathered the following data:
Buckco’s WACC is closest to: