Question 1 (1 point) 第 1 题 （1 分）
Which of the following statements BEST describes the sustainable
growth rate?
以下哪项陈述最能描述可持续增长率？
Question 1 options: 问题 1 选项：
It is the minimum growth rate achievable if the firm maintains
a constant equity multiplier.
如果公司保持恒定的权益乘数，这是可实现的最低增长率。
It is the minimum growth rate achievable if the firm does not pay
out any cash dividends.
这是公司不支付任何现金股息时可达到的最低增长率。
It is the maximum growth rate achievable without using any
external equity financing, and while maintaining a constant debtequity ratio.
这是在不使用任何外部股权融资的情况下，在保持恒定的债务权益
比率的情况下可实现的最大增长率。
It is the maximum growth rate achievable without any limits on the
level of debt financing.
这是在债务融资水平不受任何限制的情况下可以实现的最大增长率
。
It is the maximum growth rate achievable without external financing
of any kind.
这是在没有任何形式的外部融资的情况下可以实现的最大增长率。
Question 2 (1 point) 第2题 （1分）
Firm RST Inc. has expected EBIT = $3,800. Its unlevered cost of
capital is 14.5% and its tax rate is 35%. RST has debt with both a book
and a face value of $2,200. This debt has a 7.5% coupon and pays
interest annually. What is the firm's WACC?
Firm RST Inc. 预计息税前利润 = 3,800 美元。其无杠杆资本成本为
14.5%，税率为35%。RST 的债务账面价值为 2,200 美元。该债务的票
面利率为7.5%，每年支付利息。该公司的 WACC 是什么？
Question 2 options: 问题 2 选项：
14.37%
14.14%
12.48%
13.87%
12.99%
Question 3 (1 point) 第3题 （1分）
Firm DEF Inc. has fixed costs of $45,500 per year, depreciation of
$7,700 per year, a price per unit of $94.50, and an accounting breakeven point of 2,875 units per year. What are the firm's total variable
costs at the accounting break-even point?
DEF Inc. 公司的固定成本为每年 45,500 美元，折旧每年 7,700 美元，
每单位价格为 94.50 美元，会计盈亏平衡点为每年 2,875 个单位。在会
计盈亏平衡点时，公司的总可变成本是多少？
Question 3 options: 问题 3 选项：
$218,488
$238,326
$226,188
$210,788
$53,200
Question 4 (1 point) 第4题 （1分）
Which of the following is/are important in choosing a venture
capitalist?
在选择风险投资家时，以下哪项是重要的？
I. The financial strength of the venture capitalist
一、风险投资家的财务实力
II. References regarding how successful the venture capitalist has
been in the past
二、关于风险投资家过去有多成功的参考资料
III. The venture capitalist's exit strategy
三、风险投资家的退出策略
Question 4 options: 问题 4 选项：
II only 仅 II
I and II only 仅限 I 和 II
III only 仅 III
II and III only 仅限 II 和 III
I, II, and III I、II 和 III
I only 我只有
I and III only 仅限 I 和 III
Question 5 (1 point) 第 5 题（1 分）
A firm's optimal capital structure would be deemed to be achieved
when ____________.
当____________时，公司的最佳资本结构将被视为实现。
Question 5 options: 问题 5 选项：
the debt-equity ratio is equal to 1
债务权益比率等于 1
the weight of equity is equal to the weight of debt
股权的权重等于债务的权重
the cost of equity is maximized given a pre-tax cost of debt
考虑到债务的税前成本，股权成本最大化
the debt-equity ratio is such that the cost of debt exceeds the cost
of equity
债务权益比率使得债务成本超过权益成本
the debt-equity ratio selected results in the lowest possible
weighted average cost of capital
所选择的债务权益比率可产生尽可能低的加权平均资本成本
Question 6 (1 point) 第6题 （1分）
Firm KLM Inc. has 900,000 shares of common stock outstanding at a
market price of $172.50 per share. The company has just announced
a rights offering for $16.5 million at a subscription price of $125 per
share. What is the ex-rights price?
KLM Inc. 公司拥有 900,000 股流通在外的普通股，市场价格为每股
172.50 美元。该公司刚刚宣布以每股 125 澳元的认购价发行 1650 万澳
元。除权价格是多少？
Question 6 options: 问题 6 选项：
$131.80
$172.50
$125.00
$153.58
$166.42
Question 7 (1 point) 第 7 题（1 分）
A project has a 4-year life and an initial investment of $69,190 in
equipment, which will be depreciated straight-line to zero over 4 years.
Fixed costs are $37,200. Variable costs are $2.75 per unit. Sales are
estimated at 28,160 units at an average price of $5.99. The estimated
ranges (+/-) of each of those variables are
一个项目的寿命为 4 年，设备初始投资为 69,190 美元，将在 4 年内直
线折旧至零。固定费用为37 200美元。可变成本为每单位 2.75 美元。
销量估计为 28,160 辆，平均价格为 5.99 美元。每个变量的估计范围
（+/-） 为
Sales quantity: 7% 销售数量：7%
Sales price: 9% 销售价格：9%
Variable cost: 4% 可变成本：4%
Fixed cost: 5% 固定成本：5%
The tax rate is 35%. Under the best-case scenario, what is the
operating cash flow?
税率为35%。在最好的情况下，经营现金流是多少？
Question 7 options: 问题 7 选项：
$59,247
$43,235
$24,774
$41,179
$53,322
Question 8 (1 point) 第 8 题（1 分）
Firm PQR Inc., an unlevered firm, has earnings before interest and
taxes = $156,250. The unlevered cost of capital is 12% and the
corporate tax rate is 40%. What is the value of the firm?
公司 PQR Inc. 是一家无杠杆公司，息税前利润 = 156,250 美元。无杠
杆资本成本为12%，公司税率为40%。公司的价值是什么？
Question 8 options: 问题 8 选项：
$1,302,083
$520,833
$781,250
$948,551
$2,170,139
$468,750
Question 9 (1 point) 第 9 题（1 分）
The ABC Inc. is currently operating at full capacity. Which of the
following income statement items would likely vary directly with sales?
ABC公司目前满负荷运转。以下哪些损益表项目可能会直接随销售额而
变化？
I. Fixed assets 一、固定资产
II. Costs 二、费用
III. Inventory 三、库存
Question 9 options: 问题 9 选项：
III only 仅 III
All of I, II, and III
所有 I、II 和 III
I and III only 仅限 I 和 III
II and III only 仅限 II 和 III
I and II only 仅限 I 和 II
I only 我只有
II only 仅 II
None of them 都不是
Question 10 (1 point) 第 10 题（1 分）
When an IPO is overpriced, which of the following parties will likely
benefit the most if the issue was handled on a firm-commitment basis?
当首次公开募股定价过高时，如果以坚定承诺的方式处理问题，以下哪
一方可能会受益最大？
Question 10 options: 问题 10 选项：
New shareholders who purchase stock from the underwriting
syndicate
从承销集团购买股票的新股东
The issuing firm 发行公司
The underwriter 承销商
Existing bondholders 现有债券持有人
New shareholders who purchase stock during the aftermarket
在盘后市场购买股票的新股东