2024知到网课 公司财务智慧树答案

第一章 单元测试

1、单选题：Which of the following statements is true? （）
A:One of the benefits of incorporating your business is that you become entitled to receive unlimited liability.
B:All of the statements above are correct.
C:Sole proprietorships do not have to pay corporate tax.
D:None of the statements above is correct.
E:Sole proprietorships are subject to more regulations than corporations.
正确答案:【Sole proprietorships do not have to pay corporate tax.】

2、单选题：Which of the following statements is most correct? （）
A:Statements b and c are correct.
B:Corporations face fewer regulations than sole proprietorships.
C:None of the statements above is correct.
D:One advantage of forming a corporation is that you have limited liability.
E:One disadvantage of being a sole proprietor is that you have to pay corporate taxes, even though you don’t realize the benefits of being a corporation.
正确答案:【One advantage of forming a corporation is that you have limited liability.】

3、单选题：Which of the following could explain why a business might choose to organize as a corporation rather than as a sole proprietorship or a partnership? （）
A:Corporations generally face lower taxes.
B:Corporations generally find it easier to raise capital.
C:Corporations generally face fewer regulations.
D:Statements c and d are correct.
E:Corporations enjoy unlimited liability.
正确答案:【Corporations generally find it easier to raise capital.】

4、单选题：The primary goal of a publicly-owned firm interested in serving its stockholders should be to（）
A:Maximize the stock price per share.
B:Maximize expected net income.
C:Maximize expected total corporate profit.
D:Minimize the chances of losses.
E:Maximize expected EPS.
正确答案:【Maximize the stock price per share.】

5、单选题：Which of the following statements is most correct?（）
A:Restrictions are included in credit agreements to protect bondholders from the agency problem that exists between bondholders and stockholders.
B:Compensating managers with stock can reduce the agency problem between stockholders and managers.
C:All of the statements above are correct.
D:Statements a and b are correct.
E:The threat of a takeover can reduce the agency problem between bondholders and stockholders.
正确答案:【Statements a and b are correct.】

第二章 单元测试

1、单选题：Which of the following statements is most correct? (Assume that the risk-free rate remains constant.（）
A:Statements a and c are correct.
B:If the market risk premium increases by 1 percentage point, then the required return will increase for stocks that have a beta greater than 1.0, but it will decrease for stocks that have a beta less than 1.0.
C:If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.
D:If the market risk premium increases by 1 percentage point, then the required return on all stocks will rise by 1 percentage point.
E:None of the statements above is correct
正确答案:【If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.】

2、单选题：Which of the following statements is incorrect? （）
A:The slope of the security market line is measured by beta.
B:Company-specific risk can be diversified away.
C:The market risk premium is affected by attitudes about risk.
D:Higher beta stocks have a higher required return.
E:Two securities with the same stand-alone risk can have different betas.
正确答案:【The slope of the security market line is measured by beta.】

3、单选题：Which of the following statements is most correct? （）
A:Portfolio diversification reduces the variability of the returns on the individual stocks held in the portfolio.
B:The required return on a firm’s common stock is determined by its systematic (or market) risk. If the systematic risk is known, and if that risk is expected to remain constant, then no other information is required to specify the firm’s required return.
C:A stock’s beta is less relevant as a measure of risk to an investor with a well-diversified portfolio than to an investor who holds only that one stock.
D:If an investor buys enough stocks, he or she can, through diversification, eliminate virtually all of the nonmarket (or company-specific) risk inherent in owning stocks. Indeed, if the portfolio contained all publicly traded stocks, it would be riskless.
E:A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.
正确答案:【A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.】

4、单选题：Stock A and Stock B both have an expected return of 10 percent and a standard deviation of 25 percent. Stock A has a beta of 0.8 and Stock B has a beta of 1.2. The correlation coefficient, r, between the two stocks is 0.6. Portfolio P is a portfolio with 50 percent invested in Stock A and 50 percent invested in Stock B. Which of the following statements is most correct? （）
A:Portfolio P has more market risk than Stock A but less market risk than Stock B
B:None of the statements above is correct
C:Portfolio P has a standard deviation of 25 percent and a beta of 1.0
D:Portfolio P has a coefficient of variation equal to 2.5
E:All of the statements above are correct
正确答案:【Portfolio P has more market risk than Stock A but less market risk than Stock B】

5、单选题：Which of the following statements is most correct?（）
A:A two-stock portfolio will always have a lower beta than a one-stock portfolio.
B:None of the statements above is correct.
C:If portfolios are formed by randomly selecting stocks, a 10-stock portfolio will always have a lower beta than a one-stock portfolio.
D:All of the statements above are correct.
E:A two-stock portfolio will always have a lower standard deviation than a one-stock portfolio.
正确答案:【None of the statements above is correct.】

第三章 单元测试

1、单选题：You have the opportunity to buy a perpetuity that pays $1,000 annually. Your required rate of return on this investment is 15 percent. You should be essentially indifferent to buying or not buying the investment if it were offered at a price of ( )
A:$6,000.00
B:$5,000.00
C:$7,500.00
D:$8,728.50
E:$6,666.67
正确答案:【$6,666.67】

2、单选题：If a 5-year ordinary annuity has a present value of $1,000, and if the interest rate is 10 percent, what is the amount of each annuity payment? ( )
A:$315.38
B:$300.20
C:$240.42B$263.80
D:$346.87
正确答案:【$300.20】

3、单选题：In 1958 the average tuition for one year at an Ivy League school was $1,800. Thirty years later, in 1988, the average cost was $13,700. What was the growth rate in tuition over the 30-year period? ( )
A:9%
B:7%
C:12%
D:8%
E:6%
正确答案:【6%】

4、单选题：Which of the following securities has the largest present value? Assume in all cases that the annual interest rate is 8 percent and that there are no taxes.( )
A:A preferred stock issue that pays an $800 annual dividend in perpetuity. (Assume that the first dividend is received one year from today.)
B:A five-year ordinary annuity that pays you $1,000 each year.
C:A five-year zero coupon bond that has a face value of $7,000.
D:A security that pays you $1,000 at the end of 1 year, $2,000 at the end of 2 years, and $3,000 at the end of 3 years.
E:A seven-year zero coupon bond that has a face value of $8,500.
正确答案:【A preferred stock issue that pays an $800 annual dividend in perpetuity. (Assume that the first dividend is received one year from today.)】

5、单选题：Your bank account pays a nominal interest rate of 6 percent, but interest is compounded daily (on a 365-day basis). Your plan is to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of each of the next three years. How much will you have in the account at the end of three years, after making your final deposit? ( )
A:$3,788
B:$2,591
C:$3,164
D:$3,779
E:$3,500
正确答案:【$3,788】

第四章 单元测试

1、单选题：A 10-year bond pays an annual coupon. The bond has a yield to maturity of 8 percent. The bond currently trades at a premium–its price is above the par value of $1,000. Which of the following statements is most correct? ( )
A:The bond’s current yield is less than 8 percent.
B:The bond’s coupon rate is less than 8 percent.
C:If the yield to maturity remains at 8 percent, then the bond’s price will remain the same over the next year.
D:If the yield to maturity increases, then the bond’s price will increase.
E:If the yield to maturity remains at 8 percent, then the bond’s price will decline over the next year.
正确答案:【If the yield to maturity remains at 8 percent, then the bond’s price will decline over the next year.】

2、单选题：You are considering two Treasury bonds. Bond A has a 9 percent annual coupon, and Bond B has a 6 percent annual coupon. Both bonds have a yield to maturity of 7 percent. Assume that the yield to maturity is expected to remain at 7 percent. Which of the following statements is most correct?( )
A:If the yield to maturity remains at 7 percent, the price of both bonds will increase by 7 percent per year.
B:If the yield to maturity remains at 7 percent, the price of both bonds will remain unchanged.
C:If the yield to maturity remains at 7 percent, the price of Bond B will decrease over time, but the price of Bond A will increase over time.
D:If the yield to maturity remains at 7 percent, the price of Bond A will decrease over time, but the price of Bond B will increase over time.
E:If the yield to maturity remains at 7 percent, the price of both bonds will increase over time, but the price of Bond A will increase by more.
正确答案:【If the yield to maturity remains at 7 percent, the price of Bond A will decrease over time, but the price of Bond B will increase over time.】

3、单选题：If the yield to maturity decreased 1 percentage point, which of the following bonds would have the largest percentage increase in value? ( )
A:A 10-year zero coupon bond.
B:A 10-year bond with a 12 percent coupon.
C:A 10-year bond with an 8 percent coupon.
D:A 1-year bond with an 8 percent coupon.
E:A 1-year zero coupon bond.
正确答案:【A 10-year zero coupon bond.】

4、单选题：Which of the following statements is most correct? ( )
A:Statements b and c are correct.
B:If a coupon bond is selling at par, its current yield equals its yield to maturity.
C:None of the statements above is correct.
D:If rates fall after its issue, a zero coupon bond could trade for an amount above its par value.
E:If a bond is selling for a premium, this implies that the bond’s yield to maturity exceeds its coupon rate.
正确答案:【If a coupon bond is selling at par, its current yield equals its yield to maturity.】

5、单选题：Bond A has a 9 percent annual coupon, while Bond B has a 7 percent annual coupon. Both bonds have the same maturity, a face value of $1,000, and an 8 percent yield to maturity. Which of the following statements is most correct? ( )
A:Bond A trades at a discount, whereas Bond B trades at a premium.
B:If the yield to maturity for both bonds remains at 8 percent, Bond A’s price one year from now will be higher than it is today, but Bond B’s price one year from now will be lower than it is today.
C:All of the statements above are correct.
D:None of the statements above is correct.
E:If the yield to maturity for both bonds immediately decreases to 6 percent, Bond A’s bond will have a larger percentage increase in value.
正确答案:【None of the statements above is correct.】

第五章 单元测试

1、单选题：If two constant growth stocks have the same required rate of return and the same price, which of the following statements is most correct? ( )
A:The two stocks have the same per-share dividend.
B:The two stocks have the same dividend yield.
C:The stock with the higher dividend yield will have a lower dividend growth rate.
D:The stock with the higher dividend yield will have a higher dividend growth rate.
E:The two stocks have the same dividend growth rate.
正确答案:【The stock with the higher dividend yield will have a lower dividend growth rate.】

2、单选题：Stocks a and b have the same price, but Stock a has a higher required rate of return than Stock b Which of the following statements is most correct? ( )
A:Stock b must have a higher dividend yield than Stock a.
B:If Stock a has a higher dividend yield than Stock B, its expected capital gains yield must be lower than Stock b’s.
C:Stock a must have both a higher dividend yield and a higher capital gains yield than Stock b.
D:Stock a must have a higher dividend yield than Stock b.
E:If Stock a has a lower dividend yield than Stock B, its expected capital gains yield must be higher than Stock b’s.
正确答案:【If Stock a has a lower dividend yield than Stock B, its expected capital gains yield must be higher than Stock b’s.】