MOOC 财务管理(F9)(浙江工商大学)1463176162 最新慕课完整章节测试答案

第1章测试

1、单选题：
Which of the following statements are correct?                                                 ‌Maximizing market share is an example of a financial objective‌Shareholder wealth maximization is the primary financial objective for a company listed on a stock exchange‌Financial objectives should be quantitative so that their achievement can be measured‌‍‌
选项：
A: 1 and 2 only
B: 1 and 3 only
C: 2 and 3 only
D: 1, 2 and 3
答案: 【 2 and 3 only】

2、单选题：
Green Co, a listed company, had the following share prices during the year ended 31 December 20X5:   ​At start of 20X5        $2.50 ​Highest price in the year  $3.15 ​Lowest price in the year  $2.40 ​At end of 20X5         $3.00 ​During the year, Green Co paid a total dividend of $0.15 per share.   ​What is the total shareholder return for 20X5?  ​​​
选项：
A: 26%
B: 22%
C: 32%
D: 36%
答案: 【 26%】

3、单选题：
Which of the following statements about Fence Co directors’ remuneration package is/are correct?    ‌(1) Directors’ remuneration should be determined by senior executive directors ‌(2) Introducing a share option scheme would help bring directors’ objectives in line with shareholders’ objectives‌(3) Linking financial rewards to a target return on capital employed will encourage short-term profitability and discourage capital investment ‌‍‌
选项：
A: 2 only
B: 1 and 3 only
C: 2 and 3 only
D: 1, 2 and 3
答案: 【 2 and 3 only】

4、单选题：
‌Which of the following would you expect to be the responsibility of financial management?  ‍
选项：
A:  Producing annual accounts
B: Producing monthly management accounts
C: Advising on investment in non-current assets
D: Deciding pay rates for staff
答案: 【 Advising on investment in non-current assets】

5、单选题：
Which of the following statements concerning profit are correct?                             ‏1.     Accounting profit is not the same as economic profit‏2.     Profit takes account of risk‏3.     Accounting profit can be manipulated by managers‏‎‏
选项：
A: 1 and 3 only
B: 1 and 2 only
C: 2 and 3 only
D: 1,2 and 3
答案: 【 1 and 3 only】

6、单选题：
‎Which of the following statements is correct?    ‌
选项：
A: One of the problems with maximising accounting profit as a financial objective is that accounting profit can be manipulated
B: A target for a minimum level of dividend cover is a target for a minimum dividend payout ratio 
C: The welfare of employees is a financial objective
D: One reason shareholders are interested in earnings per share is that accounting profit takes account of risk
答案: 【 One of the problems with maximising accounting profit as a financial objective is that accounting profit can be manipulated】

7、单选题：
​Which of the following is LEAST likely to fall within financial management? ‌
选项：
A: The dividend payment to shareholders is increased
B: Funds are raised to finance an investment project
C: Surplus assets are sold off
D: Non-executive directors are appointed to the remuneration committee
答案: 【 Non-executive directors are appointed to the remuneration committee】

8、单选题：
The following information relates to a company:​Year                     0      1     2     3 ​Earnings per share (cents)   30·0   31·8   33·9   35·7 ​Dividends per share (cents)  13·0   13·2   13·3   15·0 ​Share price at start of year ($) 1·95   1·98   2·01   2·25​Which of the following statements is correct? ​
选项：
A: The dividend payout ratio is greater than 40% in every year in the period
B: Mean growth in dividends per share over the period is 4%
C: Total shareholder return for the third year is 26%
D: Mean growth in earnings per share over the period is 6% per year
答案: 【 Mean growth in earnings per share over the period is 6% per year】

9、单选题：
‎Which of the following statements is true? ‎
选项：
A: Value for money is usually taken to mean economy, efficiency and engagement
B: Cum dividend means the buyer of the share is not entitled to receive the dividend shortly to be paid
C: The dividend payout ratio compares the dividend per share with the market price per share
D: The agency problem means that shareholder wealth is not being maximized
答案: 【 The agency problem means that shareholder wealth is not being maximized】

10、多选题：
‏Increasing which TWO of the following would be associated with the financial objective of shareholder wealth maximization?​
选项：
A: Share price 
B: Dividend payment
C: Reported profit
D: Earnings per share
答案: 【 Share price ;
Dividend payment】

第十章测试

1、单选题：
An investment project has a cost of $12,000, payable at the start of the first year of operation. The possible future cash flows arising from the investment project have the following present values and associated probabilities: ‎PV of                                  PV of ‎Year 1 cash flow ($)   Probability     Year 2 cash flow ($)     Probability ‎16,000     0·15                           20,000      0·75 ‎12,000     0·60                           (2,000)     0·25 ‎(4,000)    0·25‎What is the expected value of the net present value of the investment project?‎‌‎
选项：
A: $11,850
B: $28,700
C: $11,100
D: $76,300
答案: 【 $11,100】

2、单选题：
Which of the following statements are correct?                   ‏(1) The sensitivity of a project variable can be calculated by dividing the project net present value by the present value of the cash flows relating to that project variable ‏(2) The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once ‏(3) The discounted payback period is the time taken for the cumulative net present value to change from negative to positive ‏
选项：
A: 1 and 2 only
B: 1 and 3 only
C: 2 and 3 only
D: 1, 2 and 3
答案: 【 1 and 3 only】

3、单选题：
SAC Co has a cost of capital of 8% and is appraising project Gamma. It has the following cash flows.​T0       Investment                100,000​T1-5    Net cash inflow          40,000​What is the adjusted payback period for this project?​‌​
选项：
A: 2.5 years
B: Just under 3 years
C: 2 years
D: Just over 4 years
答案: 【 Just under 3 years】

4、单选题：
A project has the following cash flows.​T0            Outflow       $110,000​T1-4          Inflow        $40,000​At the company's cost of capital of 10% the NPV of the project is $16,800.​Applying sensitivity analysis to the cost of capital, what percentage change in the cost of capital would cause the project NPV to fall to zero?​‌​
选项：
A: 70%
B: 17%
C: 5%
D: 41%
答案: 【 70%】

5、单选题：
‍What is the main advantage of using simulationsto assist in investment appraisal?‏
选项：
A: A clear decision rule
B: More than one variable can change at a time
C: Statistically more accurate than other methods
D: Being diagrammatic it is easier to understand
答案: 【 More than one variable can change at a time】

6、单选题：
Which of the following statements relating to competition policy is/are correct?‌(1) Scale economies are an advantage of monopoly and oligopoly‌(2)Social costs or externalities are an example of economic inefficiency arising from market failure‌(3) Monopoly is discouraged because it can lead to inefficiency and excessive profits‌​‌
选项：
A: 1 and 2 only
B: 3 only
C: 2 and 3 only
D: 1, 2 and 3
答案: 【 1, 2 and 3】

7、单选题：
Which of the following statements concerning profit are correct?‍1. Accounting profit is not the same as economic profit‍2. Profit takes account of risk‍3. Accounting profit can be manipulated by managers‍‎‍
选项：
A: 1 and 3 only
B: 1 and 2 only
C: 2 and 3 only
D: 1, 2 and 3
答案: 【 1 and 3 only】

8、单选题：
The following financial information relates to an investment project:‎                                                                  $’000‎Present value of sales revenue                50,025‎Present value of variable costs                25,474‎Present value of contribution                  24,550‎Present value of fixed costs                    18,250‎Present value of operating income           6,300‎Initial investment                                     5,000‎Net present value                                     1,300‎What is the sensitivity of the net present value of the investment project to a change in sales volume?‎‌‎
选项：
A: 7.1%
B: 2.6%
C: 5.1%
D: 5.3%
答案: 【 5.3%】

9、多选题：
Which TWO of the following are true in respect of using expected valuesin net present value calculations?​​​
选项：
A: Appropriate for one-off events
B: Hides risk
C: Probably won't actually occur
D: Eliminates uncertainty
答案: 【 Hides risk;
Probably won't actually occur】

10、填空题：
Sales volumes are expected to be either 20,000 units with 60% probability or they are expected to be 25,000 units. Price will either be $10 (0.3 probability) or else $15. Margins are expected to be 30% or 40% of saleswith an even chance of each.‎What is the expected total cost?‎$            ‎​‎
答案: 【 193050】

第十一章测试

1、单选题：
A professional kitchen is attempting to choose between gas and electricity for its main heat source. Once a choice is made, the kitchen intends to keep to that source indefinitely. Each gas oven has a net present value (NPV) of $50,000 over its useful life of 5 years. Each electric oven has an NPV of $68,000 over its useful life of 7 years. The cost of capital is 8%.‏Which should the kitchen choose and why?‏‎‏
选项：
A: Gas because its average NPV per year is higher than electric
B: Electric because its NPV is higher than gas
C: Electric because its equivalent annual benefit is higher
D: Electric because it lasts longer than gas
答案: 【 Electric because its equivalent annual benefit is higher】

2、单选题：
AB Co is considering either leasing an asset or borrowing to buy it, and is attempting to analysethe options by calculating the net present value of each. When comparing the two, AB Co is uncertain whether it should include interest payments in its option to 'borrow and buy'as it is a future, incremental cash flow associated with that option. AB Co is also uncertain which discount rate to use in the net present value calculation for the lease option.‍How should AB Co treat the interest payments and what discount rate should it use?‍Include Interest?     Discount rate‍‎‍‎‍
选项：
A: Yes     After tax cost of the loan if they borrow and buy
B: Yes      AB Co'sweighted average cost of capital
C: No      After tax cost of the loan if they borrow and buy
D: No     AB Co'sweighted after cost of capital
答案: 【 No      After tax cost of the loan if they borrow and buy】

3、单选题：
​Which of the following is potentially a benefit to the lessee if they lease as opposed to buy?‎
选项：
A: Avoiding tax exhaustion
B: Attracting lease customers that may not have been otherwise possible
C: Exploiting a low cost of capital
D: Potential future scrap proceeds
答案: 【 Avoiding tax exhaustion】

4、单选题：
‏In relation to an operating lease, which of the following statements is correct?‌
选项：
A: All the risks and rewards of ownership transfer to the lessee
B: The asset and lease obligation will be recorded in the statement of financial position
C: The lease period will cover almost all of the leased asset’s useful economic life
D: The lessor will be responsible for repairs and maintenance of the leased asset
答案: 【 The lessor will be responsible for repairs and maintenance of the leased asset】

5、单选题：
Which of the following relate to finance leases as opposed to operating leases?​1.Maintained and insured by the lessor​2.Asset appears on statement of financial position of lessee​3.Equipment leased for a shorter period than its expected useful life​‌​
选项：
A: 2 only
B: 1 and 2 only
C: 2 and 3 only
D: 1 and 3 only
答案: 【 2 only】

6、单选题：
Which of the following are potential ways of attempting to deal with a capital constraint?‏1.Lease‏2.Joint venture‏3.Delay one or more of the projects‏‎‏
选项：
A: 1 and 3 only
B: 2 and 3 only
C: 1 and 2 only
D: 1, 2 and 3
答案: 【 1, 2 and 3】

7、单选题：
‌Which of the following statements is correct?‍
选项：
A: A.Tax allowable depreciation is a relevant cash flow when evaluating borrowing to buy compared to leasing as a financing choice
B: Asset replacement decisions require relevant cash flows to be discounted by the after-tax cost of debt
C: If capital is rationed, divisible investment projects can be ranked by the profitability index when determining the optimum investment schedule
D: Government restrictions on bank lending are associated with soft capital rationing
答案: 【 If capital is rationed, divisible investment projects can be ranked by the profitability index when determining the optimum investment schedule】

8、多选题：
‌Which TWO of the following are typically benefits of a shorter replacement cycle?‎
选项：
A: Higher scrap value
B: Better company image and efficiency
C: Lower annual depreciation
D: Less time to benefit from owning the asset
答案: 【 Higher scrap value;
Better company image and efficiency】

9、判断题：
Are the following is always true about capital rationing?​1.A soft constraint is flexible​‎​
选项：
A: 正确
B: 错误
答案: 【 错误】

10、判断题：
Are the following is always true about capital rationing?‏2.Projects being divisible is an unrealistic assumption‏‌‏
选项：
A: 正确
B: 错误
答案: 【 错误】

第12章测试

1、单选题：
Businesses often use short-term loans or overdrafts or both as a source of finance.‎Which of the following is a benefit, to the borrower, of a short-term loan as opposed to an overdraft?‎‌‎
选项：
A: Flexible repayment schedule
B: Only charged for the amount drawn down
C: Easy to arrange
D: Lower interest rates
答案: 【 Lower interest rates】

2、单选题：
‌Which one of the following is issued at a discount to its redemption value and pays its holder no interest during its life?​
选项：
A: A deep discount bond
B: A long-term bond issued by the government
C: An unsecured loan note
D: A zero coupon bond
答案: 【 A zero coupon bond】

3、单选题：
‍Compared to ordinary secured loan notes, which of the following statements is true when considering convertible secured loan notes?‏
选项：
A: Likely to be more expensive to service because of their equity component
B: Likely to be less expensive to servicebecause of their equity component
C: Likely to be more expensive to service because converting to equity requires the holders to make additional payments
D: Likely to be less expensive to service because they must rank after ordinary secured loan stock
答案: 【 Likely to be less expensive to servicebecause of their equity component】

4、单选题：
Private individuals or groups of individuals can invest directly into a small business.​What is this known as?​‌​‌​
选项：
A: Reverse factoring
B: Supply chain finance
C: Venture capital
D: Business angel financing
答案: 【 Business angel financing】

5、单选题：
Drumlin Co has $5m of $0·50 nominal value ordinary shares in issue. It recently announced a 1 for 4 rights issue at $6 per share. Its share price on the announcement of the rights issue was $8 per share.‍What is the theoretical value of a right per existing share?‍​‍
选项：
A: $1.60
B: $0.40
C: $0.50
D: $1.50
答案: 【 $0.40】

6、单选题：
Alpha is a listed company with a share price of $2 per share. It announces a 1-for-4 rights issue at $1.60 per share.‏What is the theoretical ex-rights price?‏​‏
选项：
A: $2.40
B: $1.80
C: $1.68
D: $1.92
答案: 【 $1.92】

7、单选题：
​Which of the following describes a sukuk?‍
选项：
A: A bond in Islamic finance where the lender owns the underlying asset and shares in the risks and rewards of ownership.
B: Equity in Islamic finance where profits are shared according to a pre agreed contract–dividends are not paid as such.
C: Trade credit in Islamic finance where a pre agreed mark up is agreed in advance for the convenience of paying later.
D: A lease in Islamic finance where the lessor retains ownership and the risk and rewards of ownership of the underlying asset.
答案: 【 A bond in Islamic finance where the lender owns the underlying asset and shares in the risks and rewards of ownership.】

8、单选题：
Regarding Tulip Co’s interest in Islamic finance, which of the following statements is/are correct?​(1) Murabaha could be used to meet Tulip Co’s financing needs​(2) Mudaraba involves an investing partner and a managing or working partner​​​​​
选项：
A: 1 only
B: 2 only
C: Both 1 and 2
D: Neither 1 nor 2
答案: 【 2 only】

9、单选题：
‍Which of the following statements about equity finance is correct?‍
选项：
A: Equity finance reserves represent cash which is available to a company to invest
B: Additional equity finance can be raised by rights issues and bonus issues
C: Retained earnings are a source of equity finance
D: Equity finance includes both ordinary shares and preference shares
答案: 【 Retained earnings are a source of equity finance】

10、填空题：
Frost Co is planning a 1 for 4 rights issue with an issue price at a 10% discount to the current share price.The EPS is currently $0.50 and the shares of Frost Co are trading on a price/earnings ratioof 20 times. The market capitalisationof the company is $50m.What is the theoretical ex rights price per share (to two decimal places)?‎$               per share‎​‎​‎
答案: 【 9.80】

第13章测试

1、单选题：
‏Which of the below best describes the signalling effect of dividend policy/announcements?‎
选项：
A: It indicates future dividend patterns.
B: A dividend that is different from investor expectations highlights information about the business to the investors.
C: It flags reported financial results to follow.
D: It indicates poor cash flow health.
答案: 【 A dividend that is different from investor expectations highlights information about the business to the investors.】

2、单选题：