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公司金融（财务管理）
- Joe is a general partner in a limited partnership firm, while Jane is a limited partner in that same firm. Which of the following statements regarding their respective relationships to the firm are not correct?
- An investor estimates the value of a firm which manufactures cookware by examining the cash flows of similar firms. Which of the following is assumed to be the same for these firms?
- Which of the following are diversifiable risks?
- Which of the following are limitations of the payback period rule?
- As a firm increases its level of debt relative to its level of equity, the firm is NOT ________.
- Which of the following statements regarding the cost-benefit analysis are correct?
- Which of the following is the likely explanation for a firm's high ROE?
- Which ones are not the right process of double taxation for the stockholders in a C corporation?
- Which of the following is/are part of the four characteristics of IPOs that puzzle financial economists?
- Which of the following could be a way that a firm can increase its dividend?
- On a particular day, a mining company reveals that, due to new extraction technology, the extractable yield from several of its nickel/lead mines has risen by 15%. Which of the following are the likely consequences of such an announcement?
- Which of the following statements are CORRECT based on the time value of money?
- An investor is considering the two investments shown above. Which of the following statements about these investments is not true?
- Which of the following is/are not true about the face value of a bond?
- Which of the following is/are not disadvantage of the Net Present Value rule?
- Which of the following are considered to be an operating expense on the income statement?
- Assume your current mortgage payment is $900 per month. If you begin to pay $1,000 per month (with the extra $100 per month going to principal), which of the following will not be TRUE?
- Which of the following are advantages of a sole proprietorship?
- Which of the following statements regarding real options are correct?
- Which of the following statements is/are not true of bond prices?
- Assume Time Warner shares have a market capitalization of $60 billion. The company is expected to pay a dividend of $0.30 per share and each share trades for $40. The growth rate in dividends is expected to be 7% per year. Also, Time Warner has $20 billion of debt that trades with a yield to maturity of 8%. If the firm's tax rate is 35%, compute the WACC?
- JRN Enterprises just announced that it plans to cut its dividend from $3.00 to $1.50 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 4% per year and JRN's stock was trading at $25.50 per share. With the new expansion, JRN's dividends are expected to grow at 8% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, the value of a share of JRN after the announcement is closest to ________.
- A firm has a total market value of assets of $300 that includes $40 million of cash and 10 million shares outstanding. If the firm uses $30 million of its cash to repurchase shares, what is the new price per share?
- Aerelon Airways, a commercial airline, suffers a major crash. As a result, passengers are considered to be less likely to choose Aerelon as their carrier, and it is expected free cash flows will fall by $15million per year for five years. If Aerelon has 55 million shares outstanding, an equity cost of capital of 10%, and no debt, by how much would Aerelon's shares be expected to fall in price as a result of this accident?
- A portfolio has three stocks — 240 shares of Yahoo (YHOO), 150 Shares of General Motors (GM), and 40 shares of Standard and Poor's Index Fund (SPY). If the price of YHOO is $30, the price of GM is $30, and the price of SPY is $130, calculate the portfolio weight of YHOO and GM.
- What are dividend payments?
- What is the main problem in using a balance sheet to provide an accurate assessment of the value of a company's equity?
- Which of the following statements regarding the private debt market is FALSE?
- Cameron Industries is purchasing a new chemical vapor depositor in order to make silicon chips. It will cost $4 million to buy the machine and $12,000 to have it delivered and installed. Building a clean room in the plant for the machine will cost an additional $3 million. The machine is expected to have a working life of six years. If straight-line depreciation is used, what are the yearly depreciation expenses in this case?
- Your retirement portfolio comprises 300 shares of the S&P 500 fund (SPY) and 100 shares of iShares Barclays Aggregate Bond Fund (AGG). The price of SPY is $136 and that of AGG is $97. If you expect the return on SPY to be 11% in the next year and the return on AGG to be 10%, what is the expected return for your retirement portfolio?
- Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for their child's college education. Currently, college tuition, books, fees, and other costs average $12,000 per year. On average, tuition and other costs have historically increased at a rate of 5% per year. Assuming that college costs continue to increase an average of 5% per year and that all her college savings are invested in an account paying 8% interest, then the amount of money she will need to have available at age 18 to pay for all four years of her undergraduate education is closest to ________.
- A company releases a five-year bond with a face value of $1000 and coupons paid semiannually. If market interest rates imply a YTM of 6%, what should be the coupon rate offered if the bond is to trade at par?
- Which of the following would be LEAST likely to lower the interest rate that a bank offers a borrower?
- Which of the following is NOT a factor that a manager should bear in mind when estimating a project's revenues and costs?
- What is the present value (PV) of an investment that pays $100,000 every year for four years if the interest rate is 5% APR, compounded quarterly?
- Credenza Industries is expected to pay a dividend of $1.70 at the end of the coming year. It is expected to sell for $62 at the end of the year. If its equity cost of capital is 9%, what is the expected capital gain from the sale of this stock at the end of the coming year?
- A small business repairs its store. The builders charge them $130,000 which will be paid back in monthly installments over three years at 6.80% APR. The builders will reduce this rate to 6.30% APR if they pay $2600 up front. By approximately how much will this reduce the monthly loan repayments?
- Athelstone Realty issues debt with a maturity of 20 years. In the case of bankruptcy, holders of this debt may claim the property held by Athelstone Realty. Which of the following best describes this type of corporate debt?
- A portfolio has three stocks — 110 shares of Yahoo (YHOO), 210 Shares of General Motors (GM), and 70 shares of Standard and Poor's Index Fund (SPY). If the price of YHOO is $20, the price of GM is $20, and the price of SPY is $130, calculate the portfolio weight of YHOO and GM.
- If you want to value a firm but do not want to explicitly forecast its dividends, the simplest model for you to use is ________.
- A company buys a color printer that will cost $16,000 to buy, and last 5 years. It is assumed that it will require servicing costing $500 each year. The equivalent annual annuity of this deal is $-4507, given a cost of capital of 8%?
- The coupon payment of a 25-year $1000 bond with a 4.5% coupon rate with quarterly payments is $11.25
- The relative proportions of debt, equity, and other securities that a firm has outstanding constitute its capital structure.
- Luther Industries has $7 million in excess cash and 1.2 million shares outstanding. Luther is considering investing the cash in one-year Treasury bills that are currently paying 5% interest and then using the cash to pay a dividend next year. Alternatively, Luther can pay the cash out as a dividend immediately and the shareholders can invest in the Treasury bills themselves. Assume that capital markets are perfect. If Luther decides to pay the dividend immediately the dividend per share will be $11.67.
- Before it matures, the price of any bond is always less than its face value.
- Amazon.com stock prices gave a realized return of 15%, 15%, 15%, and 10% over four successive quarters. The annual realized return for Amazon.com for the year is 67.3%.
- You are trying to decide between three mutually exclusive investment opportunities. The most appropriate tool for identifying the correct decision is net present value (NPV).
- The practice of maintaining relatively constant dividends is called dividend smoothing.
- The real interest rate is the rate of growth of one's purchasing power due to money invested.
- Stocks have both diversifiable risk and undiversifiable risk, but only diversifiable risk is rewarded with higher expected returns.
- Bonds with a high risk of default generally offer high yields.
- Free cash flow measures the cash generated by a firm after payments to debt or equity holders are considered.
- For a free-risk investment, the opportunity cost of capital will generally be more than the interest rate offered by U.S. Treasury securities with a similar term.
- A growing perpetuity, where the rate of growth is greater than the discount rate, will have an infinitely large present value (PV).
- A bond that makes payments in a certain currency contains the risk of holding that currency and so is priced according to the yields of similar bonds in that currency.
- Effective annual rate (EAR) is the interest rate that would earn the same interest with annual compounding.
- A firm's statement of cash flows uses the balance sheet and the income statement to determine the amount of cash a firm has generated and how it has used that cash during a given period.
- A real option is the obligation to take a particular business action.
- Gross profit is calculated as total sales minus cost of sales; cost of goods sold.
- A firm is considering changing their credit terms. It is estimated that this change would result in sales increasing by $1,600,000. This in turn would cause inventory to increase by $125,000, accounts receivable to increase by $100,000, and accounts payable to increase by $90,000. The firm's expected change in net working capital is $135000
A:Withdrawal of Jane from the partnership will dissolve that partnership. B:Joe has no management authority within the partnership. C:Jane is legally involved in the managerial decision making of the firm.
答案:Jane's liability for the firm's debts consists of her investment in the firm.
A:P/E B:annual growth rates C:payout rates
答案:all of the above
A:the risk of a key employee being hired away by a competitor B:the risk that oil prices rise, increasing production costs C:the risk that the CEO is killed in a plane crash D:the risk of a product liability lawsuit
AI参考:正确选项是 B:the risk that oil prices rise, increasing production costs。选项B表示的是一种可分散的风险，即可以通过分散投资或采取其他措施来减轻或规避这种风险。而其他选项中，A选项是关键员工被竞争对手挖走的风险，这种风险不能被分散；C选项是CEO在飞机失事中丧生的风险，这种风险发生的概率极低，不能被视为可分散的风险；D选项是产品责任诉讼的风险，这种风险需要企业积极应对并采取相应的措施来降低其影响，也不能被视为可分散的风险。因此，只有选项B符合可分散风险的定义。'
A:It does not account for the time value of money. B:It ignores cash flows after payback. C:It does not account for changes in the discount rate. D:It is difficult to calculate.
AI参考:正确选项是【A:It does not account for the time value of money.】Payback period规则没有考虑到货币的时间价值，这是它的一个局限性。它仅仅基于投资项目在初始阶段产生的现金流来计算投资回收期，而没有考虑到随着时间的推移，货币的价值会发生变化。因此，选项A是正确答案。选项B、C、D虽然在某种程度上也反映了payback period规则的局限性，但它们并不全面。选项B忽略了回收期后的现金流，选项C没有考虑到贴现率的变化，选项D则涉及到计算难度，但这些都不是payback period规则的主要局限性。'
A:increasing its leverage B:decreasing the fraction of its debt C:increasing the fraction of its equity D:decreasing its leverage
答案:increasing the fraction of its equity;decreasing the fraction of its debt;easing the fraction of its equity
A:Competitive market prices allow us to calculate the value of a decision without worrying about the tastes or opinions of the decision maker. B:Because competitive markets exist for most commodities and financial assets, we can use them to determine cash values and evaluate decisions in most situations. C:In the absence of competitive markets, we can use one-sided prices to determine exact cash values. D:The first step in evaluating a project is to identify its costs and benefits.
答案:They perform rituals and get momentary relief from the anxiety.
A:The firm is able to find investment opportunities that are very profitable. B:The firm is growing. C:The firm enjoys high sales margins. D:The firm has very efficient use of its assets.
AI参考:正确选项为 D:The firm has very efficient use of its assets. 这个选项正确的原因在于，它给出了一个关于企业为什么拥有高 ROE 的可能解释，即企业能够非常有效地利用其资产。这意味着企业可能具有高效的生产流程、良好的库存管理、有效的采购策略等，这些因素都可能提高企业的 ROE。其他选项中，A 选项提到了企业能够发现非常有利可图的投资机会，但这并不一定是解释 ROE 高的原因；B 选项和 C 选项都与销售或利润有关，但它们并不是解释 ROE 高的直接原因。因此，D 选项是唯一一个能够直接解释企业为什么拥有高 ROE 的选项。'
A:The corporation must pay taxes on any profits it makes, and the capital raised by the sale of shares is also subject to taxation. B:Their shares are taxed when they are both bought and sold. C:The owners of a corporation are taxed when they receive dividend payments and when they make a profit from the sale of shares. D:The corporation is taxed on the profits it makes, and the owners are taxed when this profit is distributed to them.
AI参考:正确答案是【B:Their shares are taxed when they are both bought and sold.】。在C公司中，股东的双重征税正确的过程应该是：公司需要为任何利润纳税，而通过出售股票筹集的资金也需要纳税；当股东购买和出售股票时，他们的股份需要纳税；当股东收到股息和从出售股票中获利时，他们需要纳税；而B选项描述的是当股东在买卖股票时同时纳税，这是不正确的。因此，B选项不是C公司股东双重征税的正确过程。'
A:The long-run performance of a newly public company (three to five years from the date of issue) is superior to the overall market return. B:On average, IPOs appear to be underpriced. C:The costs of the IPO are very high, and it is unclear why firms willingly incur such high costs. D:The number of issues is highly cyclical.
AI参考:正确选项是B、C、D。解释如下：B选项指出，IPO通常被认为是便宜的，但这是投资者不了解某些重要细节导致的。这也是一些财务经济学家对IPO的四个特征感到困惑的部分之一。C选项提到IPO的成本非常高，并且不清楚为什么公司愿意承担如此高的成本。这也是一些财务经济学家对IPO的四个特征感到困惑的部分之一。D选项指出IPO的数量高度周期性，这也是一些财务经济学家对IPO的四个特征感到困惑的部分之一。而A选项描述的是新上市公司在长期内的表现优于整体市场回报，这实际上是IPO的一个优点，而不是困惑之处。因此，A选项不符合题意。'
A:by increasing its dividend payout rate B:by increasing its earnings (net income) C:by increasing its retention rate D:by decreasing its shares outstanding
答案:They perform rituals and get momentary relief from the anxiety.
A:Investors would revise their estimates of the net present value (NPV) of the firm. B:Investors would increase their forecast of future cash flows in that firm.
AI参考:正确选项是B:Investors would increase their forecast of future cash flows in that firm.原文中提到采矿公司宣布由于新的开采技术，其几个镍/铅矿的可开采产量增加了15%，这说明公司未来的盈利前景得到了改善。因此，投资者会对该公司的未来现金流进行更高预期，选择B为正确选项。投资者的决策往往基于公司的财务表现和市场前景，对于未来的盈利预期的变化将影响投资者的决策，所以A选项中的投资者的决策也是会根据采矿公司公告来做出修正他们的对公司未来净现值的预期的。但是因为本题要求选择可能的结果，所以不需要对所有选项进行深入分析。因此选择B。'
A:In general, money today is worth more than money in one year. B:For most financial decisions, costs and benefits occur at different points in time. C:We define the risk-free interest rate (rf) for a given period as the interest rate at which money can be borrowed or lent without risk over that period. D:We refer to (1 - rf) as the interest rate factor for risk-free cash flows.
AI参考:正确选项是【B:For most financial decisions, costs and benefits occur at different points in time.】根据时间价值理论，大多数金融决策中，成本和收益在不同的时间点发生，这是符合时间价值原则的。其他选项A关于今天的钱比一年后的钱更值钱，C关于无风险利率的定义和D关于无风险现金流的利率因子的描述，虽然与时间价值有关，但不是基于时间价值原则的最准确表述。因此，B选项是正确的。'
A:Neither investment should be taken since they both have a negative net present value (NPV). B:The investor should take investment A since it has a greater internal rate of return (IRR). C:The investor should take investment B since it has a greater net present value (NPV). D:The investor should take investment A since it has a greater net present value (NPV).
AI参考:正确选项是【A:Neither investment should be taken since they both have a negative net present value (NPV).】原文中明确提到，这两个投资项目的净现值（NPV）都是负数，因此这两个投资都不应该被采纳。因此，选项A所述“两个投资都不应该被采纳”是正确的。选项B、C、D虽然都提到了投资收益或者NPV大小，但都是不正确的表述。所以正确选项是A。'
A:It is the notional amount we use to compute coupon payments. B:All of the above are true. C:It is the amount that is repaid at maturity. D:It is usually denominated in standard increments, such as $1,000.
AI参考:正确选项是D:它通常以标准增量为单位标定，例如$1,000。根据问题描述，需要选择一个或多个关于债券面值的正确选项。选项A表示面值是用于计算息票支付的名义金额，选项C表示面值是在到期时偿还的金额，这两个选项都是关于债券的支付和偿还方面的描述，与面值的概念不完全相符。而选项B则表示所有选项都是正确的，这显然是不正确的。因此，选项D“它通常以标准增量为单位标定，例如$1,000”是唯一符合面值定义的选择。'
A:ignores cash flows after the cutoff point B:not necessarily consistent with maximizing shareholder wealth C:relies on accurate estimate of the discount rate D:can be misleading if inflows come before outflows
A:depreciation and amortization B:administrative expenses and overhead C:salaries D:corporate taxes
A:The total interest expense will increase with $1,000 monthly payment compared to $900 monthly payments. B:The total principal paid will decrease with $1,000 monthly payment compared to $900 monthly payments. C:The total amount paid (principal and interest) will increase with $1,000 monthly payment compared to $900 monthly payments. D:The mortgage balance will decrease faster with $1,000 monthly payment compared to $900 monthly payments.
AI参考:正确选项是【A:The total interest expense will increase with $1,000 monthly payment compared to $900 monthly payments.】原文中提到，如果每月多支付100美元作为本金，那么每月的还款总额就会增加，同时每月的还款利息也会相应增加，因此选项A是正确的。选项B和C也是正确的，因为每月多支付100美元本金后，总的还款额会增加，包括本金和利息。选项D也是正确的，因为每月多支付100美元本金后，贷款余额会更快地减少。因此，只有选项A是错误的。'
A:limited liability B:ease of setup C:single taxation D:no separation of ownership and control
AI参考:以下哪个选项是独资企业的优势？B: ease of setup （易于建立）独资企业是指由一个自然人投资并经营管理的企业，其主要特点是投资者个人对企业债务承担无限责任。因此，易于建立是独资企业的一个优势，因为设立过程相对简单，不需要复杂的审批程序或注册手续。其他选项A（limited liability）、C（single taxation）和D（no separation of ownership and control）与独资企业的特点不符。A选项指的是有限责任，这是合伙企业和公司制企业的优势，而不是独资企业的优势。C选项指的是单一税制，这是国家税收政策的问题，与独资企业无关。D选项指的是所有权和控制权的分离，这是公司制企业的特点，不适用于独资企业。因此，正确答案是B：ease of setup。'
A:Real options give owners the right, but not the obligation, to exercise these opportunities at a later date. B:Real options build greater flexibility into a project and thus increase its net present value (NPV).
AI参考:正确选项是【A:Real options give owners the right, but not the obligation, to exercise these opportunities at a later date.】。原文中提到“Real options give owners the right, but not the obligation, to exercise these opportunities at a later date.”（实际期权给予业主权利，但不是义务，可在稍后行使这些机会。）这意味着实际期权赋予业主在未来某个时间点行使机会的权利，但并非义务，因此选项A是正确的。而选项B提到“real options build greater flexibility into a project and thus increase its NPV”，但原文中并未明确表示实际期权能够增加项目的灵活性并提高其净现值（NPV），因此选项B不正确。'
A:Bond prices and interest rates are not connected. B:A fall in bond prices causes interest rates to fall. C:A rise in interest rates causes bond prices to fall. D:A fall in interest rates causes a fall in bond prices.
AI参考:正确选项是【C:A rise in interest rates causes bond prices to fall.】题目中提到“下列哪个陈述是/不是关于债券价格的真实情况？”根据选项，A选项表示债券价格和利率没有关系，这与实际情况不符；B选项表示债券价格下跌会导致利率下降，这也是正确的；D选项表示利率下降会导致债券价格下跌，这也是正确的。只有C选项表示利率上升会导致债券价格下跌，这是债券市场的基本规律，因此是正确的。所以，C选项是唯一符合题目要求的正确选项。'
A:6.76% B:7.11% C:6.05% D:6.4%
A:25.5 B:38.63 C:19.32 D:12.75
A:42 B:24 C:36 D:30
A:1.03 B:0.93 C:1.34 D:1.14
A:40.5%, 28.0% B:42.6%, 26.6% C:12.8%, 16.0% D:23.4%, 49.3%
AI参考:正确选项为：A:40.5%， 28.0%。根据题目，投资组合中有三只股票，分别是Yahoo（YHOO）、通用汽车（GM）和标准普尔指数基金（SPY）。已知Yahoo的价格为$30，通用汽车的价格为$30，标准普尔指数基金的价格为$130。根据投资组合的权重计算公式，可以得出Yahoo的投资权重为（$30 \times 240）/（$30 \times 240 + $30 \times 150 + $130 \times 40）= 40.5%，通用汽车的投资权重为（$30 \times 150）/（$30 \times 240 + $30 \times 150 + $130 \times 40）= 28.0%。因此，答案为A。'
A:payments made to a company by investors for a share of the ownership of that company B:a share of the profits paid to each shareholder on the basis of the number of shares they hold C:the difference between the original cost price of a share and the price an investor receives when that share is sold D:incremental increases in the value of the stock held by an investor due to rises in share price
A:Knowing at a single point in time what assets a firm possesses and the liabilities a firm owes does not give any indication of what those assets can produce in the future. B:The equity shown on the balance sheet does not reflect the market capitalization of the company. C:The balance sheet does not accurately represent the book value of assets held by the company.
A:Private debt has the advantage that it avoids the cost of registration. B:Bank loans are an example of private debt—debt that is not publicly traded. C:The public debt market is larger than the private debt market. D:Private debt has the disadvantage of being illiquid.
A:1166667 B:666667 C:1168667 D:668667
AI参考:正确答案是C：1168667。根据题干中的信息可知，购买机器的费用为400万美元，交付和安装费用为12，000美元，建造清洁室费用为300万美元，机器的工作寿命为6年，采用直线折旧法，因此每年折旧费用为(400万+300万)/6=1168667。所以，答案是C。'
A:8.65% B:10.27% C:9.73% D:10.81%
A:77555 B:55397 C:132952 D:110793
A:7% B:5% C:6% D:3%
A:The borrower is judged to have a low degree of risk. B:The number of borrowers seeking funds is low. C:The expected inflation rate is expected to be low. D:The loan will be for a long period of time.
AI参考:正确答案是【C:The expected inflation rate is expected to be low.】这个答案会最不可能降低银行给借款人提供的利率。因为预期的通货膨胀率低，意味着货币贬值的风险小，银行为了吸引更多的客户，通常会提高利率以补偿可能的货币贬值风险。而其他选项如借款人风险低、寻求资金的人数少、贷款期限长等，都有可能提高银行的利率，因为这些因素会降低银行的贷款风险，银行需要更高的收益来补偿。因此，预期的通货膨胀率低是降低银行利率的最不可能的原因。'
A:Sales of a product will typically accelerate, stabilize, and then decline as the product becomes outdated or faces increased competition. B:The prices of technology products tend to fall over time as newer, superior technologies emerge and production costs decline. C:A new product typically has its highest sales immediately after release as customers are attracted by the novelty of the product. D:Prices and costs tend to rise with the general level of inflation in the economy.
AI参考:正确答案是A:Sales of a product will typically accelerate, stabilize, and then decline as the product becomes outdated or faces increased competition。经理在估算项目收入和成本时，不需要考虑的因素中不包括产品随着过时或面临竞争加剧而通常会加速、稳定、然后下降的销售情况（选项A）。其他选项中，B表示技术产品的价格随着新技术的出现和生产成本的下降而下降；C表示新产品在发布后，由于顾客对新产品的兴趣而具有较高的销售量；D表示物价和经济通货膨胀水平会导致价格上涨和成本上升。因此，选项A是不需要考虑的因素。'
A:424581 B:353818 C:389200 D:459963
AI参考:正确答案是C：389200。该投资在未来四年的每年年底都可以得到$100，000，那么这个投资的现值可以通过四年的复利收益乘以年金现值系数得出。已知年利率为5%（年金的APR等于市场利率），季度复利一次，查表得年金现值系数为0.7334。根据现值=未来现金流量/折现率，所以这个投资的现值为：$100，000 \times 4 \times 0.7334 = 389，200$。因此，选项C为正确答案。'
A:5.12 B:56.88 C:3.56 D:58.44
AI参考:正确答案是【D:58.44】。题目要求求出预期出售Credenza Industries股票的资本收益，即出售价格减去预期售价。根据题意，预期的股息为$1.70，股票售价为$62，资本成本率为9%。将预期股息和售价代入公式计算，$（62+1.7）/（1+9%）-62=58.44$，因此选项D为正确答案。'
A:109 B:218 C:55 D:164
AI参考:正确答案是C：55。根据题目中的信息，小企业需要支付3年的分期付款，年利率为6.8%，而如果提前支付2600美元，利率可以降低到6.3%。这将减少每月的贷款还款额大约55美元。因此，答案是C。'
A:a mortgage bond B:a debenture C:an asset-backed bond D:a note
AI参考:正确答案是B: debenture。题目中提到了一种债券的特点：债券到期20年，公司破产时债券持有人可以要求公司财产。这符合B选项，即debt-certificates（债券）。而A选项中的mortgage bond是抵押债券，通常涉及房产等不动产；C选项的asset-backed bond是资产支持债券，通常涉及应收账款等资产；D选项的note是票据，通常涉及现金交易。因此，B选项是最佳描述。'
A:9.9%, 25.7% B:14.2%, 27.1% C:13.5%, 24.4% D:10.6%, 13.5%
AI参考:正确答案是【B:14.2%，27.1%】。 根据题目中的信息，YHOO的权重为110/（110+210+70） × 100% = 14.2%，GM的权重为210/（110+210+70） × 100% = 27.1%。因此，正确答案是B选项。"
A:the discounted free cash flow model B:the dividend-discount model C:the enterprise value model D:None of the above models can be used if you do not want to forecast dividends or use of debt.
AI参考:正确答案是【B:the dividend-discount model】。题目中提到“如果你不想明确预测公司的股息，想要对公司的价值进行估值，那么对你来说最简单的模型是……”，根据句意和选项可知，最适合的模型是股息贴现模型（Dividend Discount Model），因为它不需要预测股息，而是根据已宣布的股息历史数据来评估公司的价值。因此，答案为B。'
A:对 B:错
AI参考:答案是B：错。根据题干描述，公司购买了一台打印机，预计总成本为$16,000，可以使用$5年，并且每年需要$500的维护费用。在这种情况下，折现率为8%的情况下，该项投资的等效年付额为负数，这表明这是一个负现金流投资，是不合理的。因此，选项B是错误的。'
A:错 B:对
AI参考:正确答案是B：对。根据题目中的条件，该债券为25年期，票面价值为$1000，票面利率为4.5%，每季度付息一次。根据债券的利息计算公式，利息=票面价值×票面利率×时间/4，所以该债券的付息金额为$1000×4.5%×1/4=11.25。因此，答案是B，即该债券的付息金额为$11.25。'
A:错 B:对
AI参考:B:对。根据问题描述，一家公司发行的债务、股权和其他证券的相对比例构成了公司的资本结构。因此，答案是B：对。'
A:对 B:错
A:错 B:对
AI参考:B:对。根据常识和经济学原理，债券的价格与其票面价值通常是不一样的，也就是说债券价格在债券到期之前会随着市场利率的变化而波动。因此，在债券成熟之前，其价格可能会高于或低于其票面价值。所以这个说法是错误的。'
A:错 B:对
A:对 B:错
A:对 B:错
AI参考:答案是B：错。根据题目中的描述，维持相对稳定的股息是一种实践，被称为股息平滑。因此，这个说法是错误的，股息平滑并不是一种实践，而是一种策略，旨在保持股息的稳定性和可持续性。所以，正确答案是B：错。'
A:对 B:错
A:错 B:对
AI参考:正确答案是B：对。股票既有可分散的风险（diversifiable risk），也有不可分散的风险（undiversifiable risk），但只有可分散的风险才有望获得更高的预期回报。因此，该说法是正确的。'
A:对 B:错
A:对 B:错
A:错 B:对
A:错 B:对
AI参考:B:对。根据题目描述，一个增长速度大于折现率的经济体，其现值（Present Value）将会无限大。这意味着，随着时间的推移，这个经济体的价值将会越来越高，因为它将继续增长并产生更多的收益。因此，这个命题是正确的。'
A:对 B:错
A:错 B:对
A:错 B:对
AI参考:答案：B:对。根据题目描述，A公司的现金流量表使用资产负债表和利润表来确定公司在特定期间内所生成的现金数量以及如何使用这些现金，因此答案为B对。'
A:对 B:错
AI参考:答案是B：错。根据题干，real option是指一种商业行动的权利，而不是义务。因此，该题描述是不正确的。'
A:错 B:对
AI参考:正确答案是B：对。根据问题中的描述，总收入减去成本中的销售成本和商品销售成本，即为毛利润。因此，该陈述是正确的，选项B为正确答案。选项A是错误的，因为该陈述没有提到其他成本或费用。'
A:错 B:对
AI参考:答案：B：对。根据题干中的描述，公司正在考虑改变其信贷条件，预计这种改变将导致销售额增加1,600,000美元，进而导致库存增加125,000美元，应收账款增加100,000美元，应付账款增加90,000美元。因此，净营运资本的变化预期为135,000美元。这是一个正面的陈述，所以答案是B，即“对”。'
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