几道英文初级金融题目.1.Which of the following ratios appears on acommon-size balance sheet?I.Debt to asset ratioII.Net working capital to total assetsIII.Net profit margina.I ,II,IIIb.I onlyc.I and IIId.III only2.Grandma's Applesauce,Inc.ha

几道英文初级金融题目.1.Which of the following ratios appears on acommon-size balance sheet?I.Debt to asset ratioII.Net working capital to total assetsIII.Net profit margina.I ,II,IIIb.I onlyc.I and IIId.III only2.Grandma's Applesauce,Inc.ha
几道英文初级金融题目.
1.Which of the following ratios appears on acommon-size balance sheet?
I.Debt to asset ratio
II.Net working capital to total assets
III.Net profit margin
a.I ,II,III
b.I only
c.I and III
d.III only
2.Grandma's Applesauce,Inc.has a 0.60probability of a good year with operating cash flow of $50,000; and 0.40probability of a bad year with operating cash flow of $30,000.The company hasa debt of $35,000 with 8 percent interest due next year.Assuming the companyhas no means of servicing its debt other thanoperations,and a 0% tax rate,which of the following is true?
a.Shareholders expected claim is $12,200
b.Creditors expected claim is $37,800
c.Creditors expected claim is $34,680
d.None of the above
3.Share repurchases and dividend payouts aremost likely to differ in their
a.effects on a firm'scapital structure
b.effects on corporate taxes
c.effects on corporate cash flow
d.effects on shareholders' personal taxes
4.判断是非.The higher the opportunity cost of capitalthe higher the NPV.
True OR False
5.The cost of capital for anall-equity-financed company that pays no dividends is zero.
True OR False

几道英文初级金融题目.1.Which of the following ratios appears on acommon-size balance sheet?I.Debt to asset ratioII.Net working capital to total assetsIII.Net profit margina.I ,II,IIIb.I onlyc.I and IIId.III only2.Grandma's Applesauce,Inc.ha

1. 资产负债表中可以看到的比率是资产负债比,选b

2. 债权人预期受益为35000X（1+0.08）=37800,选b

3. 股份回购和分红对于公司资本结构影响是不同的,选a

4. 资本的机会成本越高,净现值就越高.这句话是错的

5. 不分红的纯权益融资类公司的资本成本是零.这句话是对的

因为答案不一定对，所以我尽量写出我的想法 仅供参考

   I. Debt to asset ratio 这个在BS里能找到
   II. Net working capital to total assets 这个无法直接看到，但可以算出来 current asset - current libility
   III. Net profit margin 这个可以再common-size income statement里面看到 但不知BS里面

2. expected operationg CF=42k interest=2800

Creditors expected claim=35000+2800=37800

shareholder=42000-37800=4200

3.a.effects on a firm'scapital structure 如果repurchase asset-cash↓  equity-shares outstanding↓

如果dividend payout asset-cash↓  equity-retained earning↓  capital structure不变

b.effects on corporate taxes 这个不涉及到corporate tax 无影响
c.effects on corporate cash flow 这个要看的 US GAAP里面dividend paid是financing CF，IFRS下可以是operating也可以是financing 具体科目看你教材 但是方向是一致的

d.effects on shareholders' personal taxes 这个不一样 repurchase不交个税 但是 dividend payout需要交个税

4.The higher the opportunity cost of capitalthe higher the NPV.

higher opportunity cost → higher required returen → higher discount factor → lower PV → lower NPV

F

5.The cost of capital for anall-equity-financed company that pays no dividends is zero.

一般用wacc去衡量 cost of capital； Kd=0 Ke≠0 → wacc≠0

F