第一章 单元测试
1、单选题：
Which of the following statements is true? （ ）
选项：
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.
答案: 【Sole proprietorships do not have to pay corporate tax.】
2、单选题：
Which of the following statements is most correct? （ ）
选项：
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.
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? （ ）
选项：
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.
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（ ）
选项：
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.
答案: 【Maximize the stock price per share.】
5、单选题：
Which of the following statements is most correct?（ ）
选项：
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.
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.（ ）
选项：
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
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? （ ）
选项：
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.
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? （ ）
选项：
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.
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? （ ）
选项：
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
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?（ ）
选项：
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.
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 ( )
选项：
A:$6,000.00
B:$5,000.00
C:$7,500.00
D:$8,728.50
E:$6,666.67
答案: 【】
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? ( )
选项：
A:$315.38
B:$300.20
C:$240.42B$263.80
D:$346.87
答案: 【】
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? ( )
选项：
A:9%
B:7%
C:12%
D:8%
E:6%
答案: 【】
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.( )
选项：
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.
答案: 【】
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? ( )
选项：
A:$3,788
B:$2,591
C:$3,164
D:$3,779
E:$3,500
答案: 【】
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? ( )
选项：
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.
答案: 【
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?( )
选项：
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.
答案: 【】
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? ( )
选项：
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.
答案: 【
4、单选题：
Which of the following statements is most correct? ( )
选项：
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.
答案: 【
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? ( )
选项：
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.
答案: 【】
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? ( )
选项：
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.
答案: 【】
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? ( )
选项：
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.
答案: 【】
3、单选题：
Which of the following statements is most correct? ( )
选项：
A:Market efficiency says that the actual realized returns on all stocks will be equal to the expected rates of return.
B:Statements a and b are correct.
C:All of the statements above are correct.
D:An implication of the semistrong form of the efficient markets hypothesis is that you cannot consistently benefit from trading on information reported in The Wall Street Journal.
E:If a stock’s beta increased but its growth rate remained the same, then the new equilibrium price of the stock will be higher (assuming dividends continue to grow at the constant growth rate).
答案: 【】
4、单选题：
Which of the following statements is false? ( )
选项：
A:When a corporation’s shares are owned by a few individuals who are associated with or are the firm’s management, we say that the firm is “closely held.”
B:Going public establishes a true market value for the firm and ensures that a liquid market will always exist for the firm’s shares.
C:When stock in a closely held corporation is offered to the public for the first time the transaction is called “going public” and the market for such stock is called the new issue market.
D:A publicly owned corporation is simply a company whose shares are held by the investing public, which may include other corporations and institutions as well as individuals.
E:It is possible for a firm to go public, and yet not raise any additional new capital.
答案: 【】
5、单选题：
The Jones Company has decided to undertake a large project. Consequently, there is a need for additional funds. The financial manager plans to issue preferred stock with a perpetual annual dividend of $5 per share and a par value of $30. If the required return on this stock is currently 20 percent, what should be the stock’s market value? ( )
选项：
A:$ 10
B:$100
C:$150
D:$ 25
E:$ 50
答案: 【
第六章 单元测试
1、单选题：
Which of the following statements is correct? ( )
选项：
A:Although some methods of estimating the cost of equity capital encounter severe difficulties, the CAPM is a simple and reliable model that provides great accuracy and consistency in estimating the cost of equity capital.
B:None of the statements above is correct.
C:Depreciation-generated funds are an additional source of capital and, in fact, represent the largest single source of funds for some firms.
D:The DCF model is preferred over other models to estimate the cost of equity because of the ease with which a firm’s growth rate is obtained.
E:The bond-yield-plus-risk-premium approach to estimating the cost of equity is not always accurate but its advantages are that it is a standardized and objective model.
答案: 【】
2、单选题：
In applying the CAPM to estimate the cost of equity capital, which of the following elements is not subject to dispute or controversy? ( )
选项：
A:All of the above are subject to dispute
B:The risk-free rate, kRF
C:The stock’s beta coefficient, bi
D:The expected rate of return on the market, kM
E:The market risk premium (RPM)
答案: 【
3、单选题：
Which of the following statements is most correct? ( )
选项：
A:The weighted average cost of capital is calculated on a before-tax basis.
B:Statements a and c are correct.
C:An increase in the risk-free rate is likely to increase the marginal costs of both debt and equity financing.
D:The weighted average cost of capital for a given capital budget level is a weighted average of the marginal cost of each relevant capital component that makes up the firm’s target capital structure.
E:All of the statements above are correct.
答案: 【
4、单选题：
Which of the following statements is most correct? ( )
选项：
A:When calculating the weighted average cost of capital, firms should rely on historical costs rather than marginal costs of capital.
B:None of the statements above is correct.
C:.
D:All else equal, an increase in flotation costs will increase the cost of retained earnings.
E:Statements a and b are correct.
F:Since stockholders do not generally pay corporate taxes, corporations should focus on before-tax cash flows when calculating the weighted average cost of capital (WAC
答案: 【
5、单选题：
Allison Engines Corporation has established a target capital structure of 40 percent debt and 60 percent common equity. The current market price of the firm’s stock is P0 = $28; its last dividend was D0 = $2.20, and its expected dividend growth rate is 6 percent. What will Allison’s marginal cost of retained earnings, ks, be? ( )
选项：
A:9.7%
B:7.9%
C:13.9%
D:14.3%
E:15.8%
答案: 【
第七章 单元测试
1、单选题：
Assume that you are comparing two mutually exclusive projects. Which of the following statements is most correct? ( )
选项：
A:The NPV and IRR rules will always lead to the same decision unless one or both of the projects are “non-normal” in the sense of having only one change of sign in the cash flow stream, that is, one or more initial cash outflows (the investment) followed by a series of cash inflows.
B:All of the statements above are correct.
C:If a conflict exists between the NPV and the IRR, the conflict can always be eliminated by dropping the IRR and replacing it with the MIRR.
D:There will be a meaningful (as opposed to irrelevant) conflict only if the projects’ NPV profiles cross, and even then, only if the cost of capital is to the left of (or lower than) the discount rate at which the crossover occurs.
E:None of the statements above is correct.
答案: 【】
2、单选题：
Which of the following statements is incorrect?( )
选项：
A:If IRR = k (the cost of capital), then NPV = 0.
B:The NPV method is not affected by the multiple IRR problem.
C:NPV can be negative if the IRR is positive.
D:Assuming a project has normal cash flows, the NPV will be positive if the IRR is less than the cost of capital.
E:If the multiple IRR problem does not exist, any independent project acceptable by the NPV method will also be acceptable by the IRR method.
答案:
3、单选题：
Project J has the same internal rate of return as Project K. Which of the following statements is most correct? ( )
选项：
A:All of the statements above are correct.
B:If the two projects have the same risk they will have the same NPV, even if the two projects are of different size.
C:None of the statements above is correct.
D:If the projects have the same size (scale) they will have the same NPV, even if the two projects have different levels of risk.
E:If the two projects have the same size (scale) they will have the same discounted payback, even if the two projects have different levels of risk.
答案: 【
4、单选题：
Project X has an internal rate of return of 20 percent. Project Y has an internal rate of return of 15 percent. Both projects have a positive net present value. Which of the following statements is most correct?( )
选项：
A:If the two projects have the same WACC, Project X must have a higher net present value.
B:Project X must have a higher net present value than Project Y.
C:Statements b and c are correct.
D:None of the statements above is correct.
E:Project X must have a shorter payback than Project Y.
答案: 【
5、单选题：
A capital investment’s internal rate of return ( )
选项：
A:Is equal to the annual net cash flows divided by one half of the project’s cost when the cash flows are an annuity.
B:Is similar to the yield to maturity on a bond.
C:Must exceed the cost of capital in order for the firm to accept the investment.
D:Statements c and d are correct.
E:Changes when the cost of capital changes.
答案: 【】
第八章 单元测试
1、单选题：
Which of the following statements is most correct? ( )
选项：
A:When a company increases its debt ratio, the costs of equity and debt capital both increase. Therefore, the weighted average cost of capital (WAC
B:All else equal, an increase in the corporate tax rate would tend to encourage a company to increase its debt ratio.
C:must also increase.
D:Statements a and c are correct.
E:The capital structure that maximizes stock price is generally the capital structure that also maximizes earnings per share.
F:Statements a and b are correct.
答案: 【】
2、单选题：
Which of the following statements about capital structure theory is most correct? ( )
选项：
A:In general, an increase in the corporate tax rate would cause firms to use less debt in their capital structures.
B:Signaling theory suggests firms should in normal times maintain reserve borrowing capacity that can be used if an especially good investment opportunity comes along.
C:According to the “trade-off theory,” an increase in the costs of bankruptcy would lead firms to reduce the amount of debt in their capital structures.
D:All of the statements above are correct.
E:Statements a and c are correct.
答案: 【
3、单选题：
As a general rule, the capital structure that ( )
选项：
A:None of the statements above is correct.
B:Minimizes the required rate on equity also maximizes the stock price.
C:Maximizes expected EPS also maximizes the price per share of common stock.
D:Minimizes the interest rate on debt also maximizes the expected EPS.
E:Maximizes the price per share of common stock also minimizes the weighted average cost of capital.
答案: 【
4、单选题：
Which of the following statements is most correct? ( )
选项：
A:None of the statements above is correct.
B:Firms with large tax loss carry forwards are more likely to rely on debt financing.
C:Firms whose sales are very sensitive to changes in the business cycle are more likely to rely on debt financing.
D:Firms with a high operating leverage are more likely to rely on debt financing.
E:Statements a and c are correct.
答案: 【
5、单选题：
Which of the following statements is most correct?( )
选项：
A:If the after-tax cost of equity financing exceeds the after-tax cost of debt financing, firms are always able to reduce their WACC by increasing the amount of debt in their capital structure
B:Increasing the amount of debt in a firm’s capital structure is likely to increase the costs of both debt and equity financing
C:Statements a and c are correct
D:Statements b and c are correct
E:The optimal capital structure minimizes the WACC
答案: 【
第九章 单元测试
1、单选题：
第九章1. A stock split will cause a change in the total dollar amounts shown in which of the following balance sheet accounts? ( )
选项：
A:None of the statements above is correct.
B:Cash.
C:Retained earnings.
D:Paid-in capital.
E:Common stock.
答案: 【
2、单选题：
A stock split will cause a change in the total dollar amounts shown in which of the following balance sheet accounts?( )
选项：
A:Paid-in capital.
B:None of the statements above is correct.
C:Cash.
D:Retained earnings.
E:Common stock.
答案: 【
3、单选题：
Which of the following statements is most correct?( )
选项：
A:If a company puts in place a 2-for-1 stock split, its stock price should roughly double.
B:Share repurchases are taxed less favorably than dividends; this explains why companies typically pay dividends and avoid share repurchases.
C:On average, a company’s stock price tends to rise when it announces that it is initiating a share repurchase program.
D:All of the statements above are correct.
E:Statements a and b are correct.
答案: 【
4、单选题：
If a firm adheres strictly to the residual dividend policy, then if its optimal capital budget requires the use of all earnings for that year (along with new debt according to the optimal debt/total assets ratio), the firm should pay ( )
选项：
A:No dividends to common stockholders.
B:Dividends by borrowing the money (debt).
C:Either statement c or statement d above could be used.
D:No dividends except out of past retained earnings.
E:Dividends, in effect, out of a new issue of common stock.
答案: 【
5、单选题：
Which of the following statements is most correct?( )
选项：
A:Investors can interpret a stock repurchase by a firm as a signal that the firm’s managers believe the stock is underpriced.
B:All of the statements above are correct.
C:After a 3-for-1 stock split, a company’s price per share will fall and its number of shares outstanding will rise.
D:Statements a and b are correct.
E:Stock repurchases can be used by firms to defend against hostile takeovers since they increase the proportion of debt in a firm’s capital structure.
答案: 【
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