罗斯公司理财题库cha17Word文档格式.docx
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E.financialdistress
4.Indirectcostsoffinancialdistress:
A.effectivelylimittheamountofequityafirmissues.
B.serveasanincentivetoincreasethefinancialleverageofafirm.
C.includedirectcostssuchaslegalandaccountingfees.
D.tendtoincreaseasthedebt-equityratiodecreases.
E.includethecostsincurredbyafirmasittriestoavoidseekingbankruptcyprotection.
.
5.Thelegalproceedingforliquidatingorreorganizingafirmoperatingindefaultiscalleda:
A.tenderoffer.
B.bankruptcy.
C.merger.
D.takeover.
E.proxyfight.
6.Thevalueofafirmismaximizedwhenthe:
A.costofequityismaximized.
B.taxrateiszero.
C.leveredcostofcapitalismaximized.
D.weightedaveragecostofcapitalisminimized.
E.debt-equityratioisminimized.
7.Theoptimalcapitalstructurehasbeenachievedwhenthe:
A.debt-equityratioisequalto1.
B.weightofequityisequaltotheweightofdebt.
C.costofequityismaximizedgivenapre-taxcostofdebt.
D.debt-equityratioissuchthatthecostofdebtexceedsthecostofequity.
E.debt-equityratioselectedresultsinthelowestpossibleweighedaveragecostofcapital.
8.Inaworldwithtaxesandfinancialdistress,whenafirmisoperatingwiththeoptimalcapitalstructure:
I.thedebt-equityratiowillalsobeoptimal.
II.theweightedaveragecostofcapitalwillbeatitsminimalpoint.
III.therequiredreturnonassetswillbeatitsmaximumpoint.
IV.theincreasedbenefitfromadditionaldebtisequaltotheincreasedbankruptcycostsofthatdebt.
A.IandIVonly
B.IIandIIIonly
C.IandIIonly
D.II,III,andIVonly
E.I,II,andIVonly
9.Theoptimalcapitalstructurewilltendtoincludemoredebtforfirmswith:
A.thehighestdepreciationdeductions.
B.thelowestmarginaltaxrate.
C.substantialtaxshieldsfromothersources.
D.lowerprobabilityoffinancialdistress.
E.lesstaxableincome.
10.Theoptimalcapitalstructureofafirm themarketedclaimsand thenonmarketedclaimsagainstthecashflowsofthefirm.
A.minimizes;
minimizes
B.minimizes;
maximizes
C.maximizes;
D.maximizes;
E.equates;
(leaveblank)
11.Theoptimalcapitalstructure:
A.willbethesameforallfirmsinthesameindustry.
B.willremainconstantovertimeunlessthefirmmakesanacquisition.
C.ofafirmwillvaryovertimeastaxesandmarketconditionschange.
D.placesmoreemphasisontheoperationsofafirmratherthanthefinancingofafirm.
E.isunaffectedbychangesinthefinancialmarkets.
12.ThebasiclessonofMMtheoryisthatthevalueofafirmisdependentuponthe:
A.capitalstructureofthefirm.
B.totalcashflowsofthefirm.
C.percentageofafirmtowhichthebondholdershaveaclaim.
D.taxclaimplacedonthefirmbythegovernment.
E.sizeofthestockholdersclaimsonthefirm.
13.CorporationsintheU.S.tendto:
A.minimizetaxes.
B.underutilizedebt.
C.relylessonequityfinancingthantheyshould.
D.haveextremelyhighdebt-equityratios.
E.relymoreheavilyonbondsthanstocksasthemajorsourceoffinancing.
14.Ingeneral,thecapitalstructuresusedbyU.S.firms:
A.tendtooverweighdebtinrelationtoequity.
B.areeasilyexplainedintermsofearningsvolatility.
C.areeasilyexplainedbyanalyzingthetypesofassetsownedbythevariousfirms.
D.tendtobethosewhichmaximizetheuseofthefirm'
savailabletaxshelters.
E.varysignificantlyacrossindustries.
15.TheMMtheorywithtaxesimpliesthatfirmsshouldissuemaximumdebt.Inpractice,thisisnottruebecause:
A.debtismoreriskythanequity.
B.bankruptcyisadisadvantagetodebt.
C.firmswillincurlargeagencycostsofshorttermdebtbyissuinglongtermdebt.
D.BothAandB.
E.BothBandC.
16.Althoughtheuseofdebtprovidestaxbenefitstothefirm,debtalsoputspressureonthefirmto:
A.meetinterestandprincipalpaymentswhich,ifnotmet,canputthecompanyintofinancialdistress.
B.makedividendpaymentswhichifnotmetcanputthecompanyintofinancialdistress.
C.meetbothinterestanddividendpaymentswhichwhenmetincreasethefirmcashflow.
D.meetincreasedtaxpaymentstherebyincreasingfirmvalue.
E.Noneoftheabove.
17.Givenrealisticestimatesoftheprobabilityandcostofbankruptcy,thefuturecostsofapossiblebankruptcyareborneby:
A.allinvestorsinthefirm.
B.debtholdersonlybecauseifdefaultoccursinterestandprincipalpaymentsarenotmade.
C.shareholdersbecausedebtholderswillpaylessforthedebtprovidinglesscashfortheshareholders.
D.managementbecauseifthefirmdefaultstheywilllosetheirjobs.
18.Conflictsofinterestbetweenstockholdersandbondholdersareknownas:
A.trusteecosts.
B.financialdistresscosts.
C.dealercosts.
D.agencycosts.
E.underwritingcosts.
19.Oneoftheindirectcostsofbankruptcyistheincentiveformanagerstotakelargerisks.Whenfollowingthisstrategy:
A.thefirmwillrankallprojectsandtaketheprojectwhichresultsinthehighestexpectedvalueofthefirm.
B.bondholdersexpropriatevaluefromstockholdersbyselectinghighriskprojects.
C.stockholdersexpropriatevaluefrombondholdersbyselectinghighriskprojects.
D.thefirmwillalwaystakethelowriskproject.
E.BothAandB.
20.Oneoftheindirectcoststobankruptcyistheincentivetowardunderinvestment.Followingthisstrategymayresultin:
A.thefirmalwayschoosingprojectswiththepositiveNPVs.
B.thefirmturningdownpositiveNPVprojectsthatitwouldclearlyacceptinanallequityfirm.
C.stockholderscontributingthefullamountoftheinvestment,butbothstockholdersandbondholderssharinginthebenefitsoftheproject.
D.BothAandC.
21.Whichofthefollowingistrue?
A.Afirmwithlowanticipatedprofitwilllikelytakeonahighlevelofdebt.
B.Asuccessfulfirmwillprobablytakeonzerodebt.
C.Rationalfirmsraisedebtlevelswhenprofitsareexpectedtodecline.
D.Rationalinvestorsarelikelytoinferahigherfirmvaluefromazerodebtlevel.
E.Investorswillgenerallyviewanincreaseindebtasapositivesignforthefirm'
svalue.
22.Studieshavefoundthatfirmswithhighproportionsofintangibleassetsarelikelytouse
debtcomparedwithfirmswithlowproportionsofintangibleassets.
A.more
B.thesameamountof
C.less
D.eithermoreorthesameamountof
E.anyamountofdebt
23.Whatthreefactorsareimportanttoconsiderindeterminingatargetdebttoequityratio?
A.Taxes,assettypes,andpeckingorderandfinancialslack
B.Assettypes,uncertaintyofoperatingincome,andpeckingorderandfinancialslack
C.Taxes,financialslackandpeckingorder,anduncertaintyofoperatingincome
D.Taxes,assettypes,anduncertaintyofoperatingincome
24.Anexchangemayoffer:
A.allowcustomersa30daymoney-backguaranteeonthefirm'
sproduct.
B.allowcustomersa90daywarrantyonthefirm'
sproductfromdefects.
C.allowbondholderstoexchangesomedebtforstock.
D.allowstockholderstoexchangesomeoftheirstockfordebt.
E.BothCandD.
25.Whichofthefollowingisnotempiricallytruewhenformulatingcapitalstructurepolicy?
A.Somefirmsusenodebt.
B.Mostcorporationshavelowdebt-assetratios.
C.Therearenodifferencesinthecapital-structureofdifferentindustries.
D.Debtlevelsacrossindustriesvarywidely.
E.Debtratiosinmostcountriesareconsiderablylessthan100%.
26.Whenshareholderspursueselfishstrategiessuchastakinglargerisksorpayingexcessivedividends,thesewillresultin:
A.noactionbydebtholderssincetheseareequityholderconcerns.
B.positiveagencycosts,asbondholdersimposevariousrestrictionsandcovenantswhichwilldiminishfirmvalue.
C.investmentsofthesameriskclassthatthefirmisin.
D.undertakingscaleenhancingprojects.
E.loweragencycosts,asshareholdershavemorecontroloverthefirm'
sassets.
27.Indirectcostsofbankruptcyarebornprincipallyby:
A.bondholders.
B.stockholders.
C.managers.
D.thefederalgovernment.
E.thefirm'
ssuppliers.
28.Thevalueofafirminfinancialdistressisdiminishedifthefirm:
A.isdeclaredbankruptandproceedstobeliquidated.
B.isdeclaredinsolventandundergoesfinancialreorganization.
C.isapartnership.
29.Covenantsrestrictingtheuseofleasingandadditionalborrowingsprimarilyprotect:
A.theequityholdersfromaddedriskofdefault.
B.thedebtholdersfromtheaddedriskofdilutionoftheirclaims.
C.thedebtholdersfromthetransferofassets.
D.themanagementfromhavingtopayagencycosts.
30.Ifafirmissuesdebtbutwritesprotectiveandrestrictivecovenantsintotheloancontract,thenthefirm'
sdebtmaybeissuedata int
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