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Corporate Finance.d

Corporate Finance.d

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Вопросы и варианты

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Вопрос 1

The _______ theory was introduced in the latter part of the 19th century shortly after the industrial revolution had occurred in Europe and America.

  1. organizational environment
  2. management science
  3. behavioral management
  4. administrative management
  5. scientific management
Вопрос 2

Frederick W. Taylor is best known for defining the techniques of

  1. scientific management
  2. administrative management
  3. behavioral management
  4. management science
  5. organizational management
Вопрос 3

Administrative management is the study of how tо

  1. create an organizational structure that leads to high efficiency and effectiveness.
  2. tap into the feelings, thoughts, and behavior of work-group members and managers that affect worker performance.
  3. determine characteristics of the work setting that affect worker performance.
  4. motivate employees and encourage them to take on tasks outside their job title.
  5. control the organization's relationship with its external environment.
Вопрос 4

_______ refers to a system of task and authority relationships that controls how employees use resources to achieve a company's goals.

  1. Bureaucracy
  2. A closed system
  3. An open system
  4. Organizational structure
  5. Organic structure
Вопрос 5

_______ is the power to hold workers accountable for their actions and to make decisions about the use of organizational resources

  1. Initiative
  2. Synergy
  3. Authority
  4. Bureaucracy
  5. Empowerment
Вопрос 6

An example of a company's standard operating procedure is

  1. a general recommendation that all employees leave their work machines in good order.
  2. a compulsory practice of employees cleaning their work areas at the end of each day.
  3. an informal code of conduct prescribing that employees help each other if time permits.
  4. a suggestion by the technical department to save all work-related files on the company FTP site.
  5. a recommendation by the human resources department that employees wear formal clothes during the week.
Вопрос 7

In an organization, rules are

  1. formal, written instructions to achieve specific goals.
  2. unwritten expectations of behavior.
  3. informal codes of conduct
  4. focused more on creating goals rather than achieving them.
  5. suggestions about best practices.
Вопрос 8

_______ refers to the concentration of authority at the top of the organizational chart instead of being distributed throughout the managerial hierarchy

  1. Unity of direction
  2. Synergy
  3. Centralization
  4. Unity of command
  5. Entropy
Вопрос 9

According to Henri Fayol, esprit de corps refers to

  1. the ability to act on one's own without direction from a superior.
  2. shared feelings of comradeship, enthusiasm, or devotion to a common cause among members of a group.
  3. the justice, impartiality, and fairness to which all organizational members are entitled.
  4. the methodical arrangement of positions to provide the organization with the greatest benefit and to provide employees with career opportunities.
  5. obedience, energy, application, and other outward marks of respect for a superior's authority.
Вопрос 10

Managers whose attitudes regarding employees are consistent with Theory Y

  1. closely supervise their employees.
  2. do not believe in giving workers any autonomy in solving problems.
  3. create work settings that allow workers to exercise initiative
  4. create work settings that reflect a belief that workers are lazy
  5. control workers' behavior by means of rewards and punishments.
Вопрос 11

Max Weber developed the

  1. principles of scientific management
  2. principles of bureaucracy
  3. Theory X and Theory Y assumptions
  4. principles of management
  5. contingency theory
Вопрос 12

The _______ theory was introduced in the latter part of the 19th century shortly after the industrial revolution had occurred in Europe and America.

  1. organizational environment
  2. management science
  3. behavioral management
  4. administrative management
  5. scientific management
Вопрос 13

Frederick W. Taylor is best known for defining the techniques of

  1. scientific management
  2. administrative management
  3. behavioral management
  4. management science
  5. organizational management
Вопрос 14

Administrative management is the study of how to

  1. control the organization's relationship with its external environment.
  2. create an organizational structure that leads to high efficiency and effectiveness.
  3. tap into the feelings, thoughts, and behavior of work-group members and managers that affect worker performance
  4. determine characteristics of the work setting that affect worker performance
  5. motivate employees and encourage them to take on tasks outside their job title
Вопрос 15

_______ refers to a system of task and authority relationships that controls how employees use resources to achieve a company's goals.

  1. Bureaucracy
  2. A closed system
  3. An open system
  4. Organizational structure
  5. Organic structure
Вопрос 16

_______ is the power to hold workers accountable for their actions and to make decisions about the use of organizational resources.

  1. Initiative
  2. Synergy
  3. Authority
  4. Bureaucracy
  5. Empowerment
Вопрос 17

An example of a company's standard operating procedure is

  1. a general recommendation that all employees leave their work machines in good order.
  2. a compulsory practice of employees cleaning their work areas at the end of each day.
  3. an informal code of conduct prescribing that employees help each other if time permits.
  4. a suggestion by the technical department to save all work-related files on the company FTP site.
  5. a recommendation by the human resources department that employees wear formal clothes during the week.
Вопрос 18

In an organization, rules are

  1. formal, written instructions to achieve specific goals.
  2. unwritten expectations of behavior.
  3. informal codes of conduct.
  4. focused more on creating goals rather than achieving them.
  5. suggestions about best practices
Вопрос 19

_______ refers to the concentration of authority at the top of the organizational chart instead of being distributed throughout the managerial hierarchy.

  1. Unity of direction
  2. Synergy
  3. Centralization
  4. Unity of command
  5. Entropy
Вопрос 20

According to Henri Fayol, esprit de corps refers to

  1. the ability to act on one's own without direction from a superior.
  2. shared feelings of comradeship, enthusiasm, or devotion to a common cause among members of a group.
  3. the justice, impartiality, and fairness to which all organizational members are entitled.
  4. the methodical arrangement of positions to provide the organization with the greatest benefit and to provide employees with career opportunities.
  5. obedience, energy, application, and other outward marks of respect for a superior's authority
Вопрос 21

Managers whose attitudes regarding employees are consistent with Theory Y

  1. control workers' behavior by means of rewards and punishments.
  2. closely supervise their employees.
  3. do not believe in giving workers any autonomy in solving problems.
  4. create work settings that allow workers to exercise initiative
  5. create work settings that reflect a belief that workers are lazy
Вопрос 22

Max Weber developed the

  1. principles of scientific management.
  2. principles of bureaucracy
  3. Theory X and Theory Y assumptions
  4. principles of management
  5. contingency theory
Вопрос 23

_______ decisions are routine and based on rules and guidelines.

  1. Brainstormed
  2. Nonprogrammed
  3. Programmed
  4. Intuitive
  5. Creative
Вопрос 24

In the classical model of decision making, managers

  1. create heuristics to simplify the process.
  2. identify and evaluate all possible alternatives before choosing a course of action.
  3. apply representativeness bias to identify alternatives.
  4. use intuition to select the most satisfactory solution.
  5. use satisficing to select the optimum solution.
Вопрос 25

Managers must rely on their _______ to make the best decision when faced with uncertainty and ambiguity.

  1. intuition and judgment
  2. cognitive biases
  3. bounded rationality
  4. escalating commitment
  5. illusion of control
Вопрос 26

To improve decision-making abilities, managers should

  1. concentrate on planning for the future instead of analyzing past decisions.
  2. ignore biases and personal style for making decisions
  3. rank various alternatives even when all relevant information is not available.
  4. list the criteria that are being used to assess and evaluate alternatives and evaluate if the factors are appropriate.
  5. pursue the most economically superior alternatives despite the threat of cannibalization to other areas of the business
Вопрос 27

Two separate groups of managers are given a problem to solve, and each group then presents its proposed solution to top management in an attempt to determine the best course of action. This process is called

  1. devil's advocacy
  2. groupthink
  3. dialectical inquiry
  4. classical decision making
  5. organizational learning
Вопрос 28

_______ is a decision maker's ability to discover original and novel ideas that lead to feasible alternative courses of action.

  1. Groupthink
  2. Dialectical inquiry
  3. Intuition
  4. Creativity
  5. The illusion of control
Вопрос 29

_______ is a written approach to creative problem solving by a group.

  1. The Delphi technique
  2. Production blocking
  3. Brainstorming
  4. Nominal group technique
  5. Devil's advocacy
Вопрос 30

After realizing that members of his rural community regularly drove over 15 miles for a touchless car wash, Ethan took out a small business loan and partnered with a local gas station to provide the service locally. Ethan exhibited traits of a(n)

  1. entrepreneur
  2. devil's advocate
  3. learning organization
  4. product champion
  5. intrapreneur
Вопрос 31

Building a(n) _______ is not easy and requires that managers change their management assumptions radically.

  1. learning organization
  2. administrative model
  3. intuitive organization
  4. heuristic organization
  5. classical model
Вопрос 32

Highly innovative and creative companies tend to

  1. give employees freedom to experiment and learn
  2. monitor employees closely.
  3. rely on upper management to make all decisions.
  4. develop rigid guidelines for evaluating ideas.
  5. lack a shared vision.
Вопрос 33

Any changes to a firm's projected future cash flows that are caused by adding a new project are referred to as which one of the following?

  1. Eroded cash flows
  2. Deviated projections
  3. Incremental cash flows.
  4. Directly impacted flows
  5. Assumed flows
Вопрос 34

A pro forma financial statement is a financial statement that:

  1. expresses all values as a percentage of either total assets or total sales.
  2. compares actual results to the budgeted amounts.
  3. compares the performance of a firm to its industry.
  4. projects future years' operations.
  5. values all assets based on their current market values.
Вопрос 35

Jamie is analyzing the estimated net present value of a project under various what if scenarios. The type of analysis that Jamie is doing is best described as:

  1. sensitivity analysis.
  2. erosion planning.
  3. scenario analysis.
  4. benefit planning.
  5. opportunity evaluation.
Вопрос 36

Mark is analyzing a proposed project to determine how changes in the variable costs per unit would affect the project's net present value. What type of analysis is Mark conducting?

  1. Sensitivity analysis.
  2. Erosion planning
  3. Scenario analysis
  4. Benefit-cost analysis
  5. Opportunity cost analysis
Вопрос 37

A proposed project will increase a firm's accounts payables. This increase is generally:

  1. treated as an erosion cost.
  2. treated as an opportunity cost.
  3. a sunk cost and should be ignored.
  4. a cash outflow at time zero and a cash inflow at the end of the project.
  5. a cash inflow at time zero and a cash outflow at the end of the project.
Вопрос 38

. A project has annual depreciation of $16,200, costs of $87,100, and sales of $123,000. The applicable tax rate is 40 percent. What is the operating cash flow according to the tax shield approach?

  1. $21,540
  2. $27,667
  3. $27,458
  4. $28,020.
  5. $29,878
Вопрос 39

. The variance is the average squared difference between which of the following?

  1. Actual return and average return.
  2. Actual return and (average return/N -
  3. Actual return and the real return
  4. Average return and the standard deviation
  5. Actual return and the risk-free rate
Вопрос 40

Which one of the following is defined as the average compound return earned per year over a multiyear period?

  1. Geometric average return.
  2. Variance of returns
  3. Standard deviation of returns
  4. Arithmetic average return
  5. Normal distribution of returns
Вопрос 41

The rate of return on which one of the following is used as the risk-free rate?

  1. Long-term government bonds
  2. Long-term corporate bonds
  3. Inflation, as measured by the Consumer Price Index
  4. U.S. Treasury bill.
  5. Large-company stocks
Вопрос 42

Semistrong form market efficiency states that the value of a security is based on:

  1. all public and private information.
  2. historical information only.
  3. all publicly available information.
  4. all publicly available information plus any data that can be gathered from insider trading.
  5. random information with no clear distinction as to the source of that information.
Вопрос 43

Which one of the following best describes a portfolio?

  1. Risky security
  2. Security equally as risky as the overall market
  3. New issue of stock
  4. Group of assets held by an investor.
  5. Investment in a risk-free security
Вопрос 44

Which one of the following describes systemic risk?

  1. Risk that affects a large number of assets.
  2. An individual security's total risk
  3. Diversifiable risk
  4. Asset specific risk
  5. Risk unique to a firm's management.
Вопрос 45

The systematic risk principle states that the expected return on a risky asset depends only on which one of the following?

  1. Unique risk
  2. Diversifiable risk
  3. Asset-specific risk
  4. Market risk.
  5. Unsystematic risk
Вопрос 46

Which one of the following is the best example of unsystematic risk?

  1. Inflation exceeding market expectations
  2. A warehouse fire.
  3. Decrease in corporate tax rates
  4. Decrease in the value of the dollar
  5. Increase in consumer spending
Вопрос 47

You own a portfolio that is invested 38 percent in Stock A, 43 percent in Stock B, and the remainder in Stock C. The expected returns on these stocks are 10.9 percent, 15.4 percent, and 9.1 percent, respectively. What is the expected return on the portfolio?

  1. 10.55 percent
  2. 11.02 percent
  3. 11.67 percent
  4. 12.49 percent.
  5. 13.05 percent
Вопрос 48

Diversifying a portfolio across various sectors and industries might do more than one of the following. However, this diversification must do which one of the following?

  1. Increase the expected risk premium
  2. Reduce the beta of the portfolio to zero
  3. Increase the security's risk premium
  4. Reduce the portfolio's systematic risk level
  5. Reduce the portfolio's unique risks.
Вопрос 49

Which one of the following will increase the cost of equity, all else held constant?

  1. Increase in the dividend growth rate.
  2. Decrease in beta
  3. Decrease in future dividends
  4. Increase in stock price
  5. Decrease in market risk premium
Вопрос 50

Farm Equipment, Inc. announced this morning that its next annual dividend will be decreased to $1.80 a share and that all future dividends will be decreased by an additional 1.5 percent annually. What is the current value per share of this stock if the required return is 16.5 percent?

  1. $8
  2. $10
  3. $12
  4. $14
  5. $16
Вопрос 51

Judy's Boutique just paid an annual dividend of $1.65 on its common stock. The firm increases its dividend by 2.5 percent annually. What is the rate of return on this stock if the current stock price is $38.20 a share?

  1. 6.93 percent.
  2. 7.37 percent
  3. 7.54 percent
  4. 8.19 percent
  5. 8.33 percent
Вопрос 52

You need to use the pure play approach to assign a cost of capital to a proposed investment. Which one of the following characteristics should you most concentrate on as you search for an appropriate pure play firm?

  1. Firm size
  2. Firm location
  3. Firm experience
  4. Firm operations.
  5. Firm management
Вопрос 53

Venture capital is most apt to be the source of funding for which one of the following?

  1. Bankruptcy reorganization
  2. Global expansion for an established firm
  3. New, high-risk venture.
  4. Seasonal production
  5. Daily operations for an established, profitable firm
Вопрос 54

Which one of the following is an underwriting of securities where the offer price is determined by investor bids?

  1. Private placement
  2. Best efforts underwriting
  3. Initial public offering
  4. Green Shoe option
  5. Dutch auction.
Вопрос 55

A.B. Securities assists issuers by pricing and selling new securities to the general public. Which one of the following terms best fits the role that A. B. Securities is playing?

  1. Underwriter.
  2. Investment advisor
  3. Specialist
  4. Securities dealer
  5. Venture capitalist
Вопрос 56

The Green Shoe option is most apt to be exercised when an IPO is ______ and _____.

  1. underpriced; oversubscribed.
  2. underpriced; undersubscribed
  3. correctly priced; neither over- nor undersubscribed
  4. overpriced; oversubscribed
  5. overpriced; undersubscribed
Вопрос 57

Which one of the following commences on the day inventory is purchased and ends on the day the payment for that inventory is collected? Assume all sales and purchases are on credit.

  1. Inventory period
  2. Accounts receivable period
  3. Accounts payable period
  4. Operating cycle.
  5. Cash cycle
Вопрос 58

. Which one of the following is the length of time that a retailer owes its supplier for an inventory purchase?

  1. Inventory period
  2. Accounts receivable period
  3. Accounts payable period.
  4. Operating cycle
  5. Cash cycle
Вопрос 59

Which one of the following activities is a source of cash?

  1. Decreasing long-term debt
  2. Increasing inventory
  3. Repurchasing shares of stock
  4. Increasing fixed assets
  5. Decreasing accounts receivable.
Вопрос 60

Which one of the following will increase the operating cycle?

  1. Decreasing the days' sales in inventory
  2. Decreasing the accounts payable period
  3. Increasing the accounts receivable turnover rate
  4. Decreasing the inventory turnover rate.
  5. Decreasing the accounts payable turnover rate
Вопрос 61

Captain Kurt's Enterprises has a receivables turnover rate of 12.8, a payables turnover rate of 11.9, and an inventory turnover rate of 15.6. What is the length of the firm's operating cycle?

  1. 24.89 days
  2. 39.80 days
  3. 51.92 days.
  4. 62.56 days
  5. 83.77 days
Вопрос 62

Harry Joiner, Inc. currently has an inventory turnover of 15.7, a payables turnover of 9.6, and a receivables turnover of 8.1. How many days are in the cash cycle?

  1. 30.29 days.
  2. 32.70 days
  3. 56.51 days
  4. 84.39 days
  5. 104.72 days
Вопрос 63

Venture capital is most apt to be the source of funding for which one of the following?

  1. Bankruptcy reorganization
  2. Global expansion for an established firm
  3. New, high-risk venture.
  4. Seasonal production
  5. Daily operations for an established, profitable firm
Вопрос 64

Which one of the following best describes an initial public offering?

  1. Shares held by a firm's founder
  2. Any newly issued shares offered to the general public
  3. Shares issued to the public on a cash basis
  4. The first sale of equity shares to the general public.
  5. Any shares initially offered to a firm's existing shareholders.
Вопрос 65

A.B. Securities assists issuers by pricing and selling new securities to the general public. Which one of the following terms best fits the role that A. B. Securities is playing?

  1. Underwriter
  2. Investment advisor
  3. Specialist
  4. Securities dealer
  5. Venture capitalist
Вопрос 66

Which one of the following is an underwriting of securities where the offer price is determined by investor bids?

  1. Private placement
  2. Best efforts underwriting
  3. Initial public offering
  4. Green Shoe option
  5. Dutch auction.
Вопрос 67

The Green Shoe option is most apt to be exercised when an IPO is ______ and _____.

  1. underpriced; oversubscribed.
  2. underpriced; undersubscribed
  3. correctly priced; neither over- nor undersubscribed
  4. overpriced; oversubscribed
  5. overpriced; undersubscribed
Вопрос 68

The amount of time that a firm holds inventory in stock is referred to as which one of the following?

  1. Inventory period.
  2. Accounts receivable period
  3. Accounts payable period
  4. Operating cycle
  5. Cash cycle
Вопрос 69

Which one of the following is the length of time that a retailer owes its supplier for an inventory purchase?

  1. Inventory period
  2. Accounts receivable period
  3. Accounts payable period.
  4. Operating cycle
  5. Cash cycle
Вопрос 70

Wage Garnishers, Inc. has sales for the year of $50,300 and cost of goods sold of $23,700. The firm carries an average inventory of $4,800 and has an average accounts payable balance of $4,400. What is the inventory period?

  1. 12.39 days
  2. 18.68 days
  3. 31.29 days
  4. 73.92 days.
  5. 81.36 days
Вопрос 71

Brown's Ferry Furniture Outlet has an accounts receivable period of 45 days and an accounts payable period of 96 days. The company turns over its inventory 2.8 times per year and marks up the inventory an average of 45 percent over its wholesale cost. What is the length of the firm's operating cycle?

  1. 85.36 days
  2. 175.36 days.
  3. 189.22 days
  4. 201.33 days
  5. 205.68 days
Вопрос 72

Michael Jackson, Inc. currently has an operating cycle of 154 days and a cash cycle of 38 days. The firm is implementing some changes that will reduce the inventory period by 16 days and decrease the receivables period by 4 days on average. The accounts payable period will be decreased by 4 days. How many days will be in the new cash cycle once all of these changes become effective?

  1. 15 days
  2. 16 days
  3. 22 days.
  4. 55 days
  5. 61 days
Вопрос 73

Which one of the following is most likely the fastest method of collecting cash?

  1. Requiring customers to submit all payments to a lockbox
  2. Requiring customers to submit all payments to the home office
  3. Initiating a financial electronic data interchange at the time of sale
  4. Offer customers credit terms of 1/5, net 15
Вопрос 74

Which one of the following is a primary benefit of implementing zero-balance accounts into a cash management system?

  1. Increased disbursements float
  2. Total elimination of all safety stocks
  3. Additional cash availability
  4. Decreased collection float
Вопрос 75

A firm offers credit terms of 1/5, net 25. How long is the net credit period?

  1. 1 day
  2. 5 days
  3. 20 days
  4. 25 days
Вопрос 76

River City Gifts has an average collection period of 20 days and annual sales of $650,000. What is the average investment in accounts receivable as shown on the balance sheet?

  1. $18,850
  2. $20,375
  3. $25,506
  4. $35,616
Вопрос 77

Electronics and More offers credit terms of 1/5, net 20. What is the effective annual rate on a $12,000 purchase if you forgo the discount?

  1. 0 percent
  2. 8.59 percent
  3. 14.99 percent
  4. 27.71 percent
Вопрос 78

You live in the U.S. and want to invest in a Chinese company, which will be referred to as "CC," because you believe its stock is uniquely positioned to be unusually profitable over the next five years. However, you do not have direct access to the Chinese financial markets. You may be able to indirectly invest in CC by purchasing which one of the following?

  1. Swap
  2. ADR
  3. Gilt
  4. Bulldog bond
Вопрос 79

Which one of the following is the rate that most international banks charge when they loan Eurodollars to other banks?

  1. ADR
  2. LIBOR
  3. Cross-rate
  4. Gilt rate
Вопрос 80

Which one of the following terms is used to identify the concept that exchange rates vary to keep purchasing power constant among currencies?

  1. Exchange rate equilibrium
  2. Exchange rate parity
  3. Purchasing power parity
  4. Market equilibrium
Вопрос 81

Suppose a U.S. firm builds a factory in China, staffs it with Chinese workers, uses materials supplied by Chinese companies, and finances the entire operation with a loan from a Chinese bank located in the same town as the factory. This firm is most likely trying to greatly reduce, or eliminate, which one of the following?

  1. Interest rate disparities
  2. Short-run exposure to exchange rate risk
  3. Long-run exposure to exchange rate risk
  4. Political risk associated with the foreign operations
Вопрос 82

The foreign subsidiary of a U.S. firm is profitable when profits are measured in the foreign currency but those profits become losses when measured in U.S. dollars. This is an example of which one of the following?

  1. Interest rate disparities
  2. Short-run exposure to exchange rate risk
  3. Long-run exposure to exchange rate risk
  4. Translation exposure to exchange rate risk