辛笆签胜颧皋戊灸趣瞄笔剿粟
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?
答案: Corporation
2、单选题：
The Principal-Agent Problem arises
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?
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
答案: the Board of Directors
5、单选题：
Which is not the advantages of a corporation?
答案: Limited life
6、单选题：
Which of the following statements is false?
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?
答案: All of the above
8、单选题：
Which one is not the character a good goal should possess?
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?
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
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:
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:
答案: $3,565
3、单选题：
Which of the following statements is FALSE?
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?
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?
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?
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?
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?
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:
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:
答案: $12.50
3.MethodsofInvestmentDecisions
Quiz3
1、单选题：
Which of the following statements is FALSE?
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:
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:
答案: -27.25%
4、单选题：
The NPV profile
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:
答案: 2
6、单选题：
Which of the following statements is FALSE?
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:
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%.
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:
答案: A and B are correct.
10、单选题：
Which of the following statements is FALSE?
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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