公司理财(英文版)题库15.pdf

《公司理财(英文版)题库15.pdf》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、CHAPTER15CapitalStructure:BasicConceptsMultipleChoiceQuestions:I.DEFINITIONSHOMEMADELEVERAGEa1.Theuseofpersonalborrowingtochangetheoverallamountoffinancialleveragetowhichanindividualisexposediscalled:a.homemadeleverage.b.dividendrecapture.c.theweightedaveragecostofcapit

2、al.d.privatedebtplacement.e.personaloffset.Difficultylevel:EasyMMPROPOSITIONIb2.Thepropositionthatthevalueofthefirmisindependentofitscapitalstructureiscalled:a.thecapitalassetpricingmodel.b.MMPropositionI.c.MMPropositionII.d.thelawofoneprice.e.theefficientmarketshypothe

3、sis.Difficultylevel:EasyMMPROPOSITIONIIc3.Thepropositionthatthecostofequityisapositivelinearfunctionofcapitalstructureiscalled:a.thecapitalassetpricingmodel.b.MMPropositionI.c.MMPropositionII.d.thelawofoneprice.e.theefficientmarketshypothesis.Difficultylevel:MediumINTER

4、ESTTAXSHIELDa4.Thetaxsavingsofthefirmderivedfromthedeductibilityofinterestexpenseiscalledthe:a.interesttaxshield.b.depreciablebasis.c.financingumbrella.d.currentyield.e.tax-losscarryforwardsavings.Difficultylevel:Easy15-1UNLEVEREDCOSTOFCAPITALb5.Theunleveredcostofcapita

5、lis:a.thecostofcapitalforafirmwithnoequityinitscapitalstructure.b.thecostofcapitalforafirmwithnodebtinitscapitalstructure.c.theinteresttaxshieldtimespretaxnetincome.d.thecostofpreferredstockforafirmwithequalpartsdebtandcommonstockinitscapitalstructure.e.equaltotheprofit

6、marginforafirmwithsomedebtinitscapitalstructure.Difficultylevel:EasyWEIGHTEDAVERAGECOSTOFCAPITALe6.Thecostofcapitalforafirm,rWACC,inazerotaxenvironmentis:a.equaltotheexpectedearningsdividedbymarketvalueoftheunleveredfirm.b.equaltotherateofreturnforthatbusinessriskclass.

7、c.equaltotheoverallrateofreturnrequiredontheleveredfirm.d.isconstantregardlessoftheamountofleverage.e.Alloftheabove.Difficultylevel:MediumBALANCESHEETd7.Thedifferencebetweenamarketvaluebalancesheetandabookvaluebalancesheetisthatamarketvaluebalancesheet:a.placesassetsont

8、herighthandside.b.placesliabilitiesonthelefthandside.c.doesnotequatetherighthandwiththelefthandside.d.listsite