及答案（Test_Bank）Principles_of_Corporate_Finance 12th_Edition_by_Richard_BrealeyWord格式.docx

及答案（Test_Bank）Principles_of_Corporate_Finance 12th_Edition_by_Richard_BrealeyWord格式.docx

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A.individuals.

B.individualsandpensionfunds.

C.pensionfunds.

D.individuals,pensionfunds,andinsurancecompanies.

Intermediate

3.Generally,acorporationisownedbyits

A.managers.

B.boardofdirectorsandshareholders.

C.shareholders.

D.managers,boardofdirectors,andshareholders.

4.Acorporation,potentially,hasinfinitelifebecauseit

A.isalegalentity.

B.hasthesameownershipandmanagement.

C.haslimitedliability.

D.iscloselyregulated.

5.Limitedliabilityisanimportantfeatureof

A.soleproprietorships.

B.partnerships.

C.corporations.

D.bothpartnershipsandcorporations.

6.Asalegalentity,acorporationcanperformthefollowingfunctionsexcept

A.borrowmoneyandlendmoney.

B.borrowmoney,lendmoney,andsueandbesued.

C.vote.

D.borrowmoney,lendmoney,sueandbesued,andvote.

7.Whichofthefollowingassetsistangible?

A.ExxonMobil'

scorporateheadquartersbuilding

B.AppleInc.'

strademark

C.Hewlett-Packard'

smostrecentprinterpatent

D.Microsoft'

stechnicalexpertise

8.Whichofthefollowingtypesofassetsareintangible?

A.Productionmachinery

B.Factories

C.Trademarks

D.Officeequipment

9.Afirm'

sinvestmentdecisionisalsocalledits

A.financingdecision.

B.liquiditydecision.

C.capitalbudgetingdecision.

D.leasingdecision.



10.Whichofthefollowingisnotafinancialasset?

A.Commonstock

B.Bankloans

C.Preferredstock

D.Buildings

11.Whichofthefollowingisanimportantfunctionoffinancialmarkets?

A.Providingfinancing

B.Providingfinancingandliquidity

C.Providingfinancing,providingliquidity,reducingrisk,andprovidinginformation

D.Providinginformation

12.Disadvantagesofthecorporateforminclude

A.agencycosts.

B.doubletaxation.

C.costofmanagingthecorporation.

D.alloftheoptions.

13.Intheprincipal–agentframework,

A.shareholdersaretheprincipals.

B.managersaretheprincipals.

C.managersaretheagents.

D.shareholdersaretheprincipalsandmanagersaretheagents.

14.Costsassociatedwiththeconflictsofinterestbetweenthebondholdersandtheshareholdersofacorporationarecalled

A.legalcosts.

B.bankruptcycosts.

C.administrativecosts.

D.agencycosts.

Challenge

15.Acorporationmayincuragencycostsbecause

A.managersmaynotattempttomaximizethevalueofthefirmtoshareholders.

B.shareholdersincurmonitoringcosts.

C.oftheseparationofownershipandmanagement.

D.alloftheresponsesarecorrect.

16.Thefollowinggroupsaresomeoftheclaimantstoafirm'

sincomestream

A.shareholdersandbondholdersonly.

B.shareholders,bondholders,andemployeesonly.

C.shareholders,bondholders,employees,andmanagementonly.

D.shareholders,bondholders,employees,management,andgovernment.

17.Thefinancialgoalofacorporationisto

A.maximizeprofits.

B.maximizesales.

C.maximizethevalueofthefirmfortheshareholders.

D.maximizemanagers'

benefits.

18.Thefirm'

spurchaseofrealassetsisalsoreferredtoasthe

A.capitalstructuredecision.

B.CFOdecision.

C.financingdecision.

D.capitalinvestmentdecision.

19.Thesaleoffinancialassetsbyacorporationisalsoreferredtoasthe

A.capitalbudgetingdecision.

D.investmentdecision.

20.Thechoiceofthepropermixtureofdebtandequity,usedtofinanceacorporatio