绪论 单元测试

1、多选题：
What are not the most common type of firm in the United States and the world?
选项：
A:limited partnerships
B:partnerships
C:sole proprietorships
D:corporations
答案: 【limited partnerships ;
partnerships ;
corporations】

第一章 单元测试

1、判断题：
Stock markets provide liquidity for a firm's shares.
选项：
A:对
B:错
答案: 【对】

2、判断题：
Raising new capital by issuing bonds is an example of a commercial banking activity.
选项：
A:对
B:错
答案: 【错】

3、判断题：
Financial decisions require that you weigh alternatives in strictly monetary terms.
选项：
A:对
B:错
答案: 【错】

4、判断题：
Corporations have come to dominate the business world through their ability to raise large amounts of capital by sale of ownership shares to anonymous outside investors.
选项：
A:错
B:对
答案: 【对】

5、单选题：
Which of the following best describes why the Valuation Principle is a key concept in making financial decisions?
选项：
A:It gives a good indication of the net worth of a person, item, or company and can be used to estimate any changes in that net worth.
B:It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
C:It shows how to assign monetary value to intangibles such as good health and well-being.
D:It allows fixed assets and liquid assets to be valued correctly.
答案: 【It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.】

6、单选题：
Which of the following is typically the major factor in limiting the growth of sole proprietorships?
选项：
A:Investors have a great deal of control over the day-to-day running of such firms, leading to confusion when conflicts in direction arise.
B:The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
C:It is extremely difficult to transfer control of such firms to a new owner if the present owner dies or wishes to sell the firm.
D:The organizational structure of such firms tends to become extremely complicated over time.
答案: 【The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.】

7、单选题：
A company that produces racing motorbikes has several models that sell well within the motorcycle racing community and which are very profitable for the company. Despite having a profitable product, why must this company take care to ensure that it has sufficient cash on hand to meet its obligations?
选项：
A:New models will require a lot of money to develop and bring to market before they generate any revenue.
B:Equity must be raised to finance the development of new models to replace the existing models.
C:Profits from the sales of popular models will be lost when returned to the shareholders in the form of dividends.
D:The company will have built up debts which must be repaid in order to bring the current models to market.
答案: 【New models will require a lot of money to develop and bring to market before they generate any revenue.】

8、单选题：
A factory owner wants his workers to produce as many widgets as they can so he pays his workers based on how many widgets they produce. However, in order to make sure that the workers do not rush and produce a large number of poorly made widgets, he checks the widgets at random during various stages of their manufacture. If a defect is found in a widget, the pay of the entire section of the factory responsible for that defect is docked. How is this factory owner seeking to solve the agency conflict problem in this case?
选项：
A:by ensuring that all workers co-operate to maximize the gains of their section
B:by making the agents into principals themselves
C:by maximizing the information that the principal obtains about the behavior of the agents
D:by supplying incentives so the agents act in the way principal desires
答案: 【by supplying incentives so the agents act in the way principal desires】

9、单选题：
What is the bid-ask spread?
选项：
A:the difference in the selling price of a stock between different exchanges
B:the difference in price available for an immediate sale of a stock and the immediate purchase of the stock
C:the rise or fall in the value of a stock between the time it is acquired by an investor and sold by that investor
D:all of the costs and fees that a stock exchange charges in order to process a transaction
答案: 【the difference in price available for an immediate sale of a stock and the immediate purchase of the stock】

10、判断题：
In the United States, publicly traded companies can choose whether or not they wish to release periodic financial statements.
选项：
A:对
B:错
答案: 【错】

第二章 单元测试

1、判断题：
The Law of One Price states that if equivalent goods or securities are traded simultaneously in different competitive markets, they will trade for the same price in each market.
选项：
A:错
B:对
答案: 【对】

2、判断题：
In general, if an action increases a firm's value by providing benefits with a value greater than any costs involved, then that action is good for the firm's investors.
选项：
A:错
B:对
答案: 【对】

3、判断题：
To enable costs and benefits to be compared, they are typically converted into cash value at the time the benefit is received.
选项：
A:对
B:错
答案: 【错】

4、判断题：
Whenever a good trades in a competitive market, the price determines the value of the good.
选项：
A:对
B:错
答案: 【对】

5、单选题：
An elderly relative offers to sell you their used 1958 Cadillac Eldorado for $52,000. You note that very similar cars are selling on the open market for $87,000. You don't care for classic cars and would rather buy a new Ford Explorer for $35,000. What is the net value of buying the Cadillac?
选项：
A:$52,000, since the Cadillac could be bought for this price.
B:$87,000, since the Cadillac could be sold for this price.
C:$35,000, since this is the difference between purchase and resale price of the Cadillac.
D:$35,000, since this is the value of the car that you really want to buy.
答案: 【$35,000, since this is the difference between purchase and resale price of the Cadillac.】

6、单选题：
The price of Alaska North Slope Crude Oil (ANS) is $71.75/bbl, and the price of West Texas Intermediate Crude Oil (WTI) is $73.06/bbl.As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude. Another oil refiner is offering to trade you 10,150 bbl of Alaska North Slope (ANS) crude oil for 10,000 bbl of West Texas Intermediate (WTI) crude oil. Assuming you currently have 10,000 bbl of WTI crude, what should you do?
选项：
A:Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.
B:Trade the 10,000 bbl WTI crude with the other refiner and refine the 10,150 bbl of ANS crude.
C:Do nothing; refine the 10,000 bbl of WTI crude.
D:Trade the 10,000 bbl WTI crude with the other refiner and then sell the 10,150 bbl of ANS crude.
答案: 【Sell 10,000 bbl WTI crude on the market and use the proceeds to purchase and refine ANS crude.】

7、单选题：
A wholesale food retailer is offered $15.60 per two-layer carton for 5000 cartons of peaches. The wholesaler can buy peaches from their growers at $13.20 per carton. Shipping costs $2.40 per carton, for the first 1000 cartons, and $1.90 per carton for every carton over that. Will taking this opportunity increase the value of the wholesale food retailer?
选项：
A:Yes, the costs are $2500 less than the benefits.
B:No, the costs are $1500 more than the benefits.
C:Yes, the costs are $2000 less than the benefits.
D:No, the costs and the benefits are the same.
答案: 【Yes, the costs are $2000 less than the benefits.】

8、单选题：
Which of the following best explains why market prices are useful to a financial manager when performing a cost-benefit analysis?
选项：
A:They allow all commodities and services to be assigned a fixed and unchanging value
B:They can be evaluated to determine whether the market in which the manager exchanges goods and services offers true value.
C:They can be used to convert different services and commodities into equivalent cash values which can be compared.
D:They can be used to determine how much an asset can be sold for
答案: 【They can be used to convert different services and commodities into equivalent cash values which can be compared.】

9、单选题：
Walgreens Company (NYSE: WAG) is currently trading at $48.75 on the NYSE. Walgreens Company is also listed on NASDAQ and assume it is currently trading on NASDAQ at $48.50. Does an arbitrage opportunity exist and, if so, how would you exploit it and how much would you make on a block trade of 100 shares?
选项：
A:Yes, buy on NASDAQ and sell on NYSE, make $250.
B:Yes, buy on NASDAQ and sell on NYSE, make $25.
C:Yes, buy on NYSE and sell on NASDAQ, make $25.
D:No, no arbitrage opportunity exists.
答案: 【Yes, buy on NASDAQ and sell on NYSE, make $25.】

10、判断题：
The present value (PV) of a stream of cash flows is just the sum of the present values of each individual cash flow.
选项：
A:对
B:错
答案: 【对】

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