第一章 单元测试

1、 问题:Which of the following statements is true? ( )
选项:
A:One of the benefits of incorporating your business is that you become entitled to receive unlimited liability.
B:Sole proprietorships are subject to more regulations than corporations.
C:Sole proprietorships do not have to pay corporate tax.
D:All of the statements above are correct.
E:None of the statements above is correct.
答案: 【
Sole proprietorships do not have to pay corporate tax.

2、 问题:Which of the following statements is most correct? ( )
选项:
A:One advantage of forming a corporation is that you have limited liability.
B:Corporations face fewer regulations than sole proprietorships.
C:One disadvantage of being a sole proprietor is that you have to pay corporate taxes, even though you don’t realize the benefits of being a corporation.
D:Statements b and c are correct.
E:None of the statements above is correct.
答案: 【
One advantage of forming a corporation is that you have limited liability.

3、 问题:Which of the following could explain why a business might choose to organize as a corporation rather than as a sole proprietorship or a partnership? ( )
选项:
A:Corporations generally face fewer regulations.
B:Corporations generally face lower taxes.
C:Corporations generally find it easier to raise capital.
D:Corporations enjoy unlimited liability.
E:Statements c and d are correct.
答案: 【
Corporations generally find it easier to raise capital.

4、 问题:The primary goal of a publicly-owned firm interested in serving its stockholders should be to( )
选项:
A:Maximize expected total corporate profit.
B:Maximize expected EPS.
C:Minimize the chances of losses.
D:Maximize the stock price per share.
E:Maximize expected net income.
答案: 【
Maximize the stock price per share.

5、 问题:Which of the following statements is most correct?( )
选项:
A:Compensating managers with stock can reduce the agency problem between stockholders and managers.
B:Restrictions are included in credit agreements to protect bondholders from the agency problem that exists between bondholders and stockholders.
C:The threat of a takeover can reduce the agency problem between bondholders and stockholders.
D:Statements a and b are correct.
E:All of the statements above are correct.
答案: 【
Statements a and b are correct.

第二章 单元测试

1、 问题:Which of the following statements is most correct? (Assume that the risk-free rate remains constant.( )
选项:
A:If the market risk premium increases by 1 percentage point, then the required return on all stocks will rise by 1 percentage point.
B:If the market risk premium increases by 1 percentage point, then the required return will increase for stocks that have a beta greater than 1.0, but it will decrease for stocks that have a beta less than 1.0.
C:If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.
D:Statements a and c are correct.
E:None of the statements above is correct
答案: 【
If the market risk premium increases by 1 percentage point, then the required return will increase by 1 percentage point for a stock that has a beta equal to 1.0.

2、 问题:Which of the following statements is incorrect? ( )
选项:
A:The slope of the security market line is measured by beta.
B:Two securities with the same stand-alone risk can have different betas.
C:Company-specific risk can be diversified away.
D:The market risk premium is affected by attitudes about risk.
E:Higher beta stocks have a higher required return.
答案: 【
The slope of the security market line is measured by beta.

3、 问题:Which of the following statements is most correct? ( )
选项:
A:Portfolio diversification reduces the variability of the returns on the individual stocks held in the portfolio.
B:If an investor buys enough stocks, he or she can, through diversification, eliminate virtually all of the nonmarket (or company-specific) risk inherent in owning stocks. Indeed, if the portfolio contained all publicly traded stocks, it would be riskless.
C:The required return on a firm’s common stock is determined by its systematic (or market) risk. If the systematic risk is known, and if that risk is expected to remain constant, then no other information is required to specify the firm’s required return.
D:A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.
E:A stock’s beta is less relevant as a measure of risk to an investor with a well-diversified portfolio than to an investor who holds only that one stock.
答案: 【
A security’s beta measures its nondiversifiable (systematic, or market) risk relative to that of an average stock.

4、 问题:Stock A and Stock B both have an expected return of 10 percent and a standard deviation of 25 percent. Stock A has a beta of 0.8 and Stock B has a beta of 1.2. The correlation coefficient, r, between the two stocks is 0.6. Portfolio P is a portfolio with 50 percent invested in Stock A and 50 percent invested in Stock B. Which of the following statements is most correct? ( )
选项:
A:Portfolio P has a coefficient of variation equal to 2.5
B:Portfolio P has more market risk than Stock A but less market risk than Stock B
C:Portfolio P has a standard deviation of 25 percent and a beta of 1.0
D:All of the statements above are correct
E:None of the statements above is correct
答案: 【
Portfolio P has more market risk than Stock A but less market risk than Stock B

5、 问题:Which of the following statements is most correct?( )
选项:
A:A two-stock portfolio will always have a lower standard deviation than a one-stock portfolio.
B:A two-stock portfolio will always have a lower beta than a one-stock portfolio.
C:If portfolios are formed by randomly selecting stocks, a 10-stock portfolio will always have a lower beta than a one-stock portfolio.
D:All of the statements above are correct.
E:None of the statements above is correct.
答案: 【
None of the statements above is correct.

第三章 单元测试

1、 问题:You have the opportunity to buy a perpetuity that pays $1,000 annually. Your required rate of return on this investment is 15 percent. You should be essentially indifferent to buying or not buying the investment if it were offered at a price of ( )
选项:
A:$5,000.00
B:$6,000.00
C:$6,666.67
D:$7,500.00
E:$8,728.50
答案: 【
$6,666.67

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