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WorksheetsASDSDDF
Total questions: 99
Worksheet time: 50mins
Name
Class
Date
1.
2. Semua asset berikut dibawah ini dapat didepresiasikan kecuali:
a)
a. Peralatan dan kendaraan
b)
b. Furniture dan perlengkapan
c)
c. Mesin – mesin dan bangunannya
d)
d. Tanah dan daerah pertambangan
2.
3. Pembelian aktiva tetap adalah merupakan kegiatan :
a)
a. Arus kas operasional
b)
b. Arus kas Investasi
c)
c. Arus kas pembiayaan
d)
d. Arus kas free cash flow
3.
4. Sebuah perseroan menjadi bangkrut dan harus dilikuidasi oleh perintah pengadilan. Bagaimanakah urutan pembayarannya ?
a)
a. I, II, III, dan IV
b)
b. II, III, IV dan I
c)
c. III, I, IV dan II
d)
d. I, IV, II dan III
4.
5. Proses apa yang digunakan oleh perusahaan yang sahamnya tercatat di bursa (listed company) dan ingin mengembangkan modalnya dengan mengeluarkan saham – saham baru?
a)
a. Penawaran perdana (IPO)
b)
b. Distribusi sekunder
c)
c. Penawaran hak untuk memesan efek terlebih dahulu
d)
d. Rekapitalisasi
5.
6. Untuk melihat berapa banyak laba perusahaan yang tidak dibagi sebagai dividen, kita mesti lihat laporan keuangan sebagai berikut:
a)
a. Balance sheet
b)
b. Income Statement
c)
c. Statement of retained earning
d)
d. Statement of cashflow
6.
7. Dalam laporan arus kas, berikut ini adalah penggunaan kas (uses of cash)
a)
a. Depresiasi
b)
b. Kenaikan A/R
c)
c. Kenaikan A/P
d)
d. Benar semua
7.
8. Times interest earned termasuk dalam kategori rasio:
a)
a. Likuiditas
b)
b. Rentabilitas
c)
c. Debt management
d)
d. Asset management
8.
9. BEP termasuk dalam kategori rasio:
a)
a. Likuiditas
b)
b. Rentabilitas
c)
c. Debt management
d)
d. Asset management
9.
10. Manakah dari alternative investasi berikut ini yang berisiko paling tinggi :
a)
a. Obligasi dengan bunga floating
b)
b. Obligasi dengan bunga tetap
c)
c. Obligasi pemerintah
d)
d. Saham preferen
10.
11. Trade-off antara return dan risiko akan membentuk korelasi yang :
a)
a. Negatif
b)
b. Positif
c)
c. Nol
d)
d. Parabolik
11.
12. Anda telah menentukan profitabilitas suatu rencana proyek berdasarkan present value aliran kas. Manakah di antara hal berikut ini yang menjadikan present value menjadi lebih besar?
a)
a. Discount rate menurun
b)
b. Aliran kas masuk menjadi lebih lama tetapi totalnya sama
c)
c. Discount rate meningkat
d)
d. Discount rate sama
12.
13. Dalam loan amortization, manakah pernyataan yang benar?
a)
a. Pembayaran cicilan bunga makin lama makin besar
b)
b. Pembayaran cicilan pokok makin lama makin besar
c)
c. Pembayaran cicilan bunga berjumlah tetap setiap periode
d)
d. Pembayaran cicilan pokok berjumlah tetap setiap periode
13.
14. Manakah pernyataan di bawah ini yang benar atas perhitungan suatu arus kas anuitas dan diskon rate/bunga majemuk yang sama besar?
a)
a. Future Value ordinary annuity akan lebih besar daripada FV annuity due.
b)
b. Future Value annuity due akan lebih besar daripada FV ordinary annuity.
c)
c. Future Value ordinary annuity akan sama dengan FV annuity due.
d)
d. Present Value ordinary annuity akan lebih besar daripada PV annuity due.
14.
15. Tujuan utama suatu korporasi adalah memaksimalkan harga saham. Kontribusi bagian keuangan dalam memaksimalkan harga saham antara lain adalah dengan melakukan:
a)
a. Pengelolaan risiko perusahaan
b)
b. Keputusan pendanaan dan investasi yang baik
c)
c. Perencanaan keuangan
d)
d. Semua jawaban di atas benar
15.
16. Agency Conflict adalah istilah yang berkaitan dengan:
a)
a. konflik kepentingan antara Agen dan Klien
b)
b. konflik kepentingan antara Manajemen dan Pemilik
c)
c. konflik kepentingan antara Komisaris dan Pemilik
d)
d. konflik kepentingan antara Supplier dan Vendor
16.
17. Manakah yang masuk dalam kategori keputusan capital budgetting?
a)
a. merencanakan untuk menerbitkan saham biasa daripada saham preferen
b)
b. memutuskan untuk ekspansi ke produk baru, dengan biaya Rp 10 miliar
c)
c. melakukan pembelian kembali (buy back) saham biasa
d)
d. menerbitkan obligasi jangka panjang
17.
18. Contoh dari keputusan financing sebuah perusahaan, adalah sbb:
a)
a. mengakuisisi perusahaan pesaing
b)
b. menentakan harga beli dari suatu aset tertentu
c)
c. menerbitkan obligasi dengan tenor 10 tahun atau 20 tahun
d)
d. menentukan kenaikan harga jual produknya
18.
19. Manakah yang masuk dalam tanggung jawab (tugas) dari corporate treasurer?
a)
a. laporan keuangan dan pajak
b)
b. cash management dan pelaporan pajak
c)
c. cash management dan relasi dengan perbankan
d)
d. mencari modal dan pelaporan keuangan
19.
20. Istilah struktur modal (capital structure) merujuk pada:
a)
a. pendanaan jangka panjang suatu perusahaan
b)
b. jangka waktu yang dibutuhkan untuk membayar utang
c)
c. apakah suatu perusahaan berinvestasi pada proyek capital budgeting
d)
d. jenis aset yang dimiliki oleh suatu perusahaan.
20.
21. Suatu perusahaan bisa mengubah struktur modalnya dengan cara:
a)
a. tidak menerima proyek capital budgeting yang baru
b)
b. berinvestasi pada intangible assets
c)
c. menerbitkan saham untuk membayar utang
d)
d. menjadi sebuah perusahaan terbatas
21.
22. Suatu perusahaan yang memiliki penjualan bersih sebesar Rp 4 milyar, beban pokok penjualan Rp 2 milyar, beban lain lain ( kas ) Rp 0.5 milyar dan pembayaran pajak (kas) Rp 0.2 milyar. Selain itu persediaan meningkat Rp 0.1 milyar dan hutang yang harus dibayar meningkat sebesar Rp 0.3 milyar. Berapakah arus kas dari kegiatan operasi ?
a)
a. Rp 1.2 milyar
b)
b. Rp 1.5 milyar
c)
c. Rp 1.8 milyar
d)
d. Rp 2.0 milyar
22.
23. Underwriter adalah sebuah perusahaan (unit bisnis) yang:
a)
a. Membantu perdagangan saham
b)
b. Menjamin emisi obligasi
c)
c. Mengelola investasi
d)
d. Semua benar
23.
24. Sebuah perusahaan memutuskan untuk mendanai proyek investasi kecil dengan menaikkan pinjaman bank jangka pendek sebesar Rp 10 M. Hal ini menunjukkan suatu contoh:
a)
a. Keputusan financing
b)
b. Keputusan investasi
c)
c. Keputusan capital budgeting
d)
d. Keputusan capex
24.
25. Di suatu perusahaan yang memiliki seorang treasurer dan seorang controller, manakah di bawah ini yang akan ditangani controller?
a)
a. Internal auditing
b)
b. Credit Management
c)
c. Relasi dengan perbankan
d)
d. Asuransi
25.
26. Manakah yang menentukan return minimum yang bisa diterima dari suatu investasi?
a)
a. Peluang alternative investasi yang tersedia
b)
b. Profit margin dari perusahaan
c)
c. Return dari saham perusahaan
d)
d. Return dari efek utang tanpa risiko
26.
27. Perusahaan investment bank seperti Morgan Stanley atau Goldman Sachs:
a)
a. Mengumpulkan dana pihak ketiga dan menyalurkannya ke perusahaan atau individu
b)
b. Membantu perusahaan menjual surat berharga mereka ke investor
c)
c. Mendisain dan menjual polis asuransi ke pasar
d)
d. Memberi pinjaman ke perusahaan dan investor dalam commercial real estate.
27.
28. Bagaimana logikanya bahwa pengurangan dividen bisa merupakan kepentingan utama dari pemegang saham saat ini?
a)
a. pengurangan dividen selalu merupakan kepentingan utama dari pemegang saham saat ini
b)
b. perusahaan akan memiliki kas untuk meningkatkan investasi saat ini dan laba masa depan
c)
c. mengurangi dividen akan menaikkan kompensasi untuk manajemen, jadi meningkatkan motivasi mana
d)
d. pengurangan dividen tidak mungkin merupakan kepentingan utama dari pemegang saham saat ini
28.
29. Instrumen utang korporasi umumnya diperdagangkan di
a)
a. NYSE
b)
b. Bursa Efek Indonesia
c)
c. Money Market
d)
d. Pasar OTC (Over the Counter)
29.
30. Aset yang mana yang dianggap paling likuid?
a)
a. Marketable Securities
b)
b. Net fixed assets
c)
c. Accounts payable
d)
d. Inventories
30.
31. Di bawah ini, manakah yang masuk kategori intangible asset?
a)
a. Goodwill
b)
b. Retained Earnings
c)
c. Deferred Income Taxes
d)
d. Treasury stock
31.
32. PT A baru saja mengakuisisi asset PT B. Nilai buku PT B adalah Rp 68 milyar, tetapi PT A membayar sebesar Rp 75 milyar. Selisih Rp 7 milyar yang dibayar oleh PT A akan dicatat pada neraca PT A sebagai:
a)
a. Account payable
b)
b. Goodwill
c)
c. Other current asset
d)
d. Property, Plant, and Equipment
32.
33. Net working capital dihitung dari selisih:
a)
a. Total assets dan total liabilities
b)
b. Inventory dan account payable
c)
c. Current asset dan current libilities
d)
d. Cash dan account payable
33.
34. Neraca PT C memperlihatkan LTD (Long Term Debt) sebesar Rp 20 miliar. Utang tersebut diterbitkan dengan bunga 10%, dan suku bunga saat ini adalah 7%. Berdasarkan dari informasi yang tersedia maka nilai pasar dari utang tersebut
a)
a. Kurang dari Rp 20 miliar
b)
b. Lebih dari Rp 20 miliar
c)
c. Sama dengan Rp 20 miliar
d)
d. Tidak diketahui karena kurang data tenor dari hutang
34.
35. Manakah di bawah ini yang tidak mengurani besarnya laba perusahaan?
a)
a. Pajak penghasilan
b)
b. Beban bunga
c)
c. Dividen
d)
d. Biaya depresiasi
35.
36. Hitunglah EBIT dari suatu perusahaan dengan revenue Rp 40 miliar, COGS Rp 35 miliar, biaya depresiasi Rp 5 milyar, dan biaya Bungan Rp 1.2 milyar
a)
a. Rp 5 milyar
b)
b. Rp 3.8 milyar
c)
c. Rp 0
d)
d. (Rp 1.2 milyar)
36.
37. Menurut accrual accounting, ketika barang tidak dijual sampai periode setelah barang tersebut diproduksi, maka COGS akan:
a)
a. Diakui ketika barang tersebut diproduksi
b)
b. Diakui ketika barang tersebut dijual
c)
c. Diakui ketika pembayaran diterima
d)
d. Dibagi antara periode produksi dan periode penjualan
37.
38. Dalam kondisi pasar bergairah (bull market), saham manakah yang bergerak mendahului pasar:
a)
a. Saham dengan beta 0,8 bergerak naik mendahului pasar
b)
b. Saham dengan beta 0,8 bergerak turun mendahului pasar
c)
c. Saham dengan beta 1,5 bergerak naik mendahului pasar
d)
d. Saham dengan beta 1,5 bergerak turun mendahului pasar
38.
39. Jika tingkat bunga deposito menurun secara drastis, harga-harga obligasi jangka panjang di pasar sekunder akan:
a)
a. Tidak ada perubahan/pengaruh
b)
b. Meningkat dengan tajam
c)
c. Sedikit menurun
d)
d. Menurun tajam
39.
40. Fixed Income merupakan alternatif untuk investasi karena:
a)
a. Jawaban 1
b)
b. Jawaban 1 dan 3
c)
c. Jawaban 3 dan 4
d)
d. Jawaban 1, 2, dan 4
40.
41. Nilai instrinsik obligasi haruslah sama dengan:
a)
a. Present value nilai masa depan
b)
b. Present value ekspektasi arus kas masa depan
c)
c. Future value nilai masa depan
d)
d. Future value ekspektasi arus kas masa depan
41.
42. Jika anda meminjam Rp 100.000.000 untuk membeli mobil dengan bunga flat 10% selama 4 tahun, berapakah pembayaran bulanan mobil Anda?
a)
a. Rp 37.916.667
b)
b. Rp 27.500.000
c)
c. Rp 2.916.667
d)
d. Rp 2.291.667
42.
43. Seorang analis memperkirakan saham yang dijual seharga $ 25 per saham akan meningkat menjadi $ 30 pada akhir tahun. Dividen tahun lalu adalah $ 1. Tetapi analis memperkirakan dividen tahun depan adalah $ 1.5. Berapa holding period return (tingkat pengembalian periode kepemilikan) atas saham ini?
a)
a. 21.67 %
b)
b. 24.00 %
c)
c. 26.00 %
d)
d. 20.00 %
43.
44. Berapakah return portofolio yang memiliki security A dengan bobot 75%, dan sisanya adalah security B (pada kondisi boom) ?
a)
a. 1.00 %
b)
b. 3.00 %
c)
c. 5.00 %
d)
d. 9.00 %
44.
45. Berapakah expected return portofolio yang memiliki security A dengan bobot 75%, dan sisanya adalah security B?
a)
a. 1.00 %
b)
b. 3.00 %
c)
c. 5.00 %
d)
d. 9.00 %
45.
46. Kompensasi yang diperoleh investor karena menanggung risiko yang lebih tinggi pada dua aset yang berbeda disebut dengan :
a)
a. Risk discount
b)
b. Risk premium
c)
c. Risk adjustment
d)
d. Risk compensation
46.
47. Manakah pernyataan di bawah ini yang benar atas perhitungan suatu arus kas anuitas dan diskon rate/bunga majemuk yang sama besar?
a)
a. Future Value ordinary annuity akan lebih besar daripada FV annuity due.
b)
b. Future Value annuity due akan lebih besar daripada FV ordinary annuity
c)
c. Future Value ordinary annuity akan sama dengan FV annuity due.
d)
d. Present Value ordinary annuity akan lebih besar daripada PV annuity due.
47.
48. Risiko yang melekat pada suatu perusahaan disebut:
a)
a. Unique Risk
b)
b. Nonsystematic risk
c)
c. Diversifiable risk
d)
d. Jawaban a, b, c betul semua
48.
49. Jika Anda memiliki Rp 100.000.000.- dan diinvestasikan dalam Reksa dana yang dapat memberikan return sebesar 20% per tahun, berapakah uang yang Anda peroleh setelah 3 tahun
a)
a. Rp 360.000.000.-
b)
b. Rp 172.800.000
c)
c. Rp 160.000.000
d)
d. Rp 60.000.000
49.
50. Semua hal dianggap sama, yang mana dari obligasi berikut akan mempunyai risiko paling besar?
a)
a. 15 tahun, 15% kupon
b)
b. 10 tahun, 15% kupon
c)
c. 15 tahun, 10 % kupon
d)
d. 10 tahun, 10% kupon
50.
51. Capital structure decisions refer to the:
a)
a. dividend yield of the firm's stock.
b)
b. blend of equity and debt used by the firm.
c)
c. capital gains available on the firm's stock.
d)
d. maturity date for the firm's securities.
51.
52. The purpose of a sinking fund is to:
a)
a. reduce the par value of stock over time.
b)
b. take advantage of the tax break on preferred stock.
c)
c. periodically retire debt prior to final maturity.
d)
d. allow risky corporations to avoid bankruptcy.
52.
53. Bonds that have been sold only to a limited number of institutional investors are considered:
a)
a. secured bonds.
b)
b. convertible bonds.
c)
c. private placements.
d)
d. indexed bonds.
53.
54. Which one of these accounts is a source of internal funding?
a)
a. Retained earnings
b)
b. Common stock
c)
c. Bonds payable
d)
d. Preferred stock
54.
55. A balance sheet portrays the value of a firm's assets and liabilities:
a)
a. over an annual period.
b)
b. over any stated period of time.
c)
c. at any stated point in time.
d)
d. only at the end of the calendar year.
55.
56. What is the change in cash for a firm with the following: $10,000 cash flow from operations, $1,600 cash used for new investment, a reduction in the level of debt of $2,000, $1,000 in cash dividends, and $200 in depreciation expense?
a)
a. $5,600
b)
b. $9,600
c)
c. $9,400
d)
d. $5,400
56.
57. After reading the fine print in your credit card agreement, you find that the "low" interest rate is actually an 18% APR, or 1.5% per month. What is the effective annual rate?
a)
a. 18.47%
b)
b. 19.56%
c)
c. 18.82%
d)
d. 19.41%
57.
58. "Give me $5,000 today and I'll return $10,000 to you in 5 years," offers the investment broker. To the nearest percent, what annual interest rate is being offered?
a)
a. 12.29%
b)
b. 13.67%
c)
c. 14.87%
d)
d. 12.84%
58.
59. What happens to the coupon rate of a $1,000 face value bond that pays $80 annually in interest if market interest rates change from 9% to 10%?
a)
a. The coupon rate increases to 10%.
b)
b. The coupon rate remains at 9%.
c)
c. The coupon rate remains at 8%.
d)
d. The coupon rate decreases to 8%.
59.
60. What is the rate of return for an investor who pays $1,054.47 for a 3-year bond with coupon of 6.5% and sells the bond 1 year later for $1,037.19?
a)
a. 4.53%
b)
b. 5.33%
c)
c. 5.16%
d)
d. 4.92%
60.
61. Which one of these is a disadvantage of the corporate form of business?
a)
a. Access to capital
b)
b. Unlimited personal liability for owners
c)
c. Limited firm life
d)
d. Legal requirements
61.
62. The company cost of capital may be an inappropriate discount rate for a capital budgeting proposal if:
a)
a. it results in a negative NPV for the proposal.
b)
b. the proposal has a different degree of risk.
c)
c. the company has unique risk.
d)
d. the company expects to earn more than the risk-free rate.
62.
63. Investment projects that plot above the security market line would be considered to have:
a)
a. a positive NPV.
b)
b. a negative NPV.
c)
c. a zero NPV.
d)
d. an excessively high discount rate.
63.
64. Capital structure decisions refer to the:
a)
a. dividend yield of the firm's stock.
b)
b. blend of equity and debt used by the firm.
c)
c. capital gains available on the firm's stock.
d)
d. maturity date for the firm's securities.
64.
65. Why is debt financing said to include a tax shield for the company?
a)
a. Taxes are reduced by the amount of the debt.
b)
b. Taxes are reduced by the amount of the interest.
c)
c. Taxable income is reduced by the amount of the debt.
d)
d. Taxable income is reduced by the amount of the interest.
65.
66. The purpose of a sinking fund is to:
a)
a. reduce the par value of stock over time.
b)
b. take advantage of the tax break on preferred stock.
c)
c. periodically retire debt prior to final maturity.
d)
d. allow risky corporations to avoid bankruptcy.
66.
67. Bonds that have been sold only to a limited number of institutional investors are considered:
a)
a. secured bonds.
b)
b. convertible bonds.
c)
c. private placements.
d)
d. indexed bonds.
67.
68. Which one of these accounts is a source of internal funding?
a)
a. Retained earnings
b)
b. Common stock
c)
c. Bonds payable
d)
d. Preferred stock
68.
69. ABC Corp. stock is selling for $30 per share when a 10% stock dividend is declared. If you own 100 shares of ABC Corp. then you will receive:
a)
a. shares valued at $3 each.
b)
b. $3 times 100 shares = $300 cash.
c)
c. $300 plus 10 shares of ABC Corp.
d)
d. 10 shares of ABC Corp.
69.
70. Which one of these statements is correct?
a)
a. Dividends tend to fluctuate in direct relation to changes in annual earnings.
b)
b. Managers are less concerned with the change in the dividend than with the actual amount of the dividend.
c)
c. Managers tend to avoid smooth dividends as they don't signal the firm's most recent successes.
d)
d. Managers tend to only increase dividends when they believe the increased amount can be sustained.
70.
71. A policy of dividend "smoothing" refers to:
a)
a. maintaining a constant dividend payout ratio.
b)
b. keeping the regular dividend at the same level indefinitely.
c)
c. maintaining a steady progression of dividend increases over time.
d)
d. alternating cash dividends with stock dividends.
71.
72. How are investors most apt to interpret a reduction in a firm's regular dividend payment?
a)
a. Earnings are expected to decline.
b)
b. New investments are expected to increase.
c)
c. Stock repurchases are expected to increase.
d)
d. Share price is expected to increase.
72.
73. If investors are expecting a dividend cut, then the announcement of the decreased dividend payment will:
a)
a. cause the stock price to decline by more than the dividend amount.
b)
b. not affect the stock price as long as the announcement was in line with expectations.
c)
c. cause the stock price to increase if the cut was greater than anticipated.
d)
d. signal that the next dividend will be cut even further.
73.
74. When a corporation engages in a 10% stock repurchase, it:
a)
a. offers shareholders 110 shares for every 100 they currently own.
b)
b. purchases for cash 10% of the outstanding shares.
c)
c. sells treasury stock at a 10% discount to investors.
d)
d. issues 10% more stock but holds the shares as treasury shares.
74.
75. Which one of the following is correct for a firm with $400,000 in net earnings, 50,000 shares, and a 30% payout ratio?
a)
a. Retained earnings will increase by $120,000.
b)
b. Each share will receive a $1.20 dividend.
c)
c. null
d)
d. The dividend per share will be $2.40.
75.
76. An aging schedule illustrates the relationship between:
a)
a. the time history with a customer and the number of repeat sales.
b)
b. the average sale size and profitability over time.
c)
c. customer ages and the average size of sales.
d)
d. an accounts receivable and its time outstanding.
76.
77. Which one of the following gives a corporation its permanence?
a)
a. Multiple owners
b)
b. Limited liability
c)
c. Corporation taxation
d)
d. Separation of ownership and control
77.
78. In a partnership form of organization, income tax liability, if any, is incurred by:
a)
a. the partnership itself.
b)
b. the partners individually.
c)
c. both the partnership and the partners.
d)
d. neither the partnership nor the partners.
78.
79. Which one of the following would correctly differentiate general partners from limited partners in a limited partnership?
a)
a. General partners have more job experience.
b)
b. General partners have an ownership interest.
c)
c. General partners are subject to double taxation.
d)
d. General partners have unlimited personal liability.
79.
80. Which form of organization provides limited liability for the firm but yet allows the professionals working within that firm to be sued personally?
a)
a. Limited liability partnership
b)
b. Limited liability company
c)
c. Sole proprietorship
d)
d. Professional corporation
80.
81. Which of the following is least likely to be discussed in the articles of incorporation?
a)
a. How the firm is to be financed
b)
b. The purpose of the business
c)
c. The price range of the shares of stock
d)
d. How the board of directors is to be structured
81.
82. When a corporation fails, the maximum that can be lost by an individual shareholder is:
a)
a. the amount of their initial investment.
b)
b. the amount of their share of the profits.
c)
c. their proportionate share required to pay the corporation's debts.
d)
d. the amount of their personal wealth.
82.
83. Which of the following is a disadvantage to incorporating a business?
a)
a. Easier access to financial markets
b)
b. Limited liability
c)
c. Becoming a permanent legal entity
d)
d. Profits taxed at the corporate level and the shareholder level
83.
84. Unlimited liability is faced by the owners of:
a)
a. corporations.
b)
b. partnerships and corporations.
c)
c. sole proprietorships and general partnership
d)
d. all forms of business organization.
84.
85. Which one of these statements correctly applies to a limited partnership?
a)
a. All partners share the daily management duties.
b)
b. All partners enjoy limited personal liability.
c)
c. General partners have unlimited personal liability.
d)
d. Taxes are imposed at both the firm and the personal level on profits earned.
85.
86. In the case of a limited liability partnership, ________ has/have limited liability.
a)
a. only some of partners
b)
b. only the managing partner
c)
c. all of the partners
d)
d. none of the partners
86.
87. A board of directors is elected as a representative of the corporation's:
a)
a. top management.
b)
b. stakeholders.
c)
c. shareholders.
d)
d. customers.
87.
88. The legal "life" of a corporation is:
a)
a. coincidental with that of its CEO.
b)
b. equal to the life of its board of directors.
c)
c. permanent, as long as shareholders don't change.
d)
d. permanent, regardless of current ownership.
88.
89. When the management of a business is conducted by individuals other than the owners, the business is most likely to be a:
a)
a. corporation.
b)
b. sole proprietorship.
c)
c. partnership.
d)
d. general partner.
89.
90. "Double taxation" refers to:
a)
a. all partners paying equal taxes on profits.
b)
b. corporations paying taxes on both dividends and retained earnings.
c)
c. paying taxes on profits at the corporate level and dividends at the personal level.
d)
d. the fact that marginal tax rates are doubled for corporations.
90.
91. A corporation is considered to be closely held when:
a)
a. only a few shareholders exist.
b)
b. the market value of the shares is stable.
c)
c. it operates in a small geographic area.
d)
d. management also serves as the board of directors.
91.
92. Corporations are referred to as public companies when their:
a)
a. shareholders have no tax liability.
b)
b. shares are held by the federal or state government.
c)
c. stock is publicly traded.
d)
d. products or services are available to the public.
92.
93. A common problem for closely held corporations is:
a)
a. the lack of access to substantial amounts of capital.
b)
b. the restriction that shareholders receive only one vote each.
c)
c. the separation of ownership and management.
d)
d. an abundance of agency problems.
93.
94. Corporate managers are expected to make corporate decisions that are in the best interest of:
a)
a. top corporate management.
b)
b. the corporation's board of directors.
c)
c. the corporation's shareholders.
d)
d. all corporate employees.
94.
95. Which one of the following is a financial asset?
a)
a. A corporate bond
b)
b. A machine
c)
c. A patent
d)
d. A factory
95.
96. Which of the following statements best distinguishes the difference between real and financial assets?
a)
a. Real assets have less value than financial assets.
b)
b. Real assets are tangible; financial assets are not.
c)
c. Financial assets represent claims to income that is generated by real assets.
d)
d. Financial assets appreciate in value; real assets depreciate in value.
96.
97. Which one of the following is a real asset?
a)
a. A patent
b)
b. A personal IOU
c)
c. A checking account balance
d)
d. A share of stock
97.
98. Which one of these is not considered to be a security?
a)
a. Shares of GE stock
b)
b. A bond traded in the financial market
c)
c. A mortgage loan issued and held by a bank
d)
d. A convertible bond issued to the public
98.
99. Corporations that issue financial securities such as stock or debt obligations to the public do so primarily to:
a)
a. increase sales.
b)
b. become profitable.
c)
c. increase their access to funds.
d)
d. avoid double taxation of their profits.
99.
100. Which one of the following would be considered a capital budgeting decision?
a)
a. Planning to issue common stock rather than issuing preferred stock
b)
b. Deciding to expand into a new line of products, at a cost of $5 million
c)
c. Repurchasing shares of common stock
d)
d. Issuing debt in the form of long-term bonds
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