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Trắc nghiệm Tài chính doanh nghiệp Tiếng Anh

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Câu 1: A provision in the corporate charter that gives existing stockholders the first priority to purchase new shares of common stock is the:

  • - Proxy right
  • - Preemptive right
  • - Cumulative voting right
  • - Dividend right

Câu 2: Financial leverage refers to the use of fixed-income securities, such as debt, to increase the potential return of a firm. Which of the following is a result of increasing financial leverage?

  • - Reduction in financial risk
  • - Interest expense
  • - Increase in the number of common shares outstanding
  • - Decrease in the volatility of Net Income

Câu 3: When a firm is under capital rationing, which project ranking method is most efficient for selecting independent projects?

  • - Net Present Value (NPV)
  • - Internal Rate of Return (IRR)
  • - Profitability Index (PI)
  • - Discounted Payback Period

Câu 4: How does an increase in the corporate tax rate typically affect a firm's Weighted Average Cost of Capital (WACC), assuming other factors remain constant?

  • - It increases the WACC by raising the cost of equity
  • - It decreases the WACC because the after-tax cost of debt falls
  • - It has no effect on WACC because debt and equity offset each other
  • - It increases the WACC because the pre-tax cost of debt rises

Câu 5: When evaluating independent projects, which capital budgeting rule suggests accepting a project if its Net Present Value (NPV) is greater than zero?

  • - The NPV rule
  • - The Payback period rule
  • - The Profitability index rule
  • - The Internal rate of return rule

Câu 6: Which of the following are known as the 'Five C's' of credit used by lenders to evaluate a borrower?

  • - Character, Capacity, Capital, Collateral, and Conditions
  • - Cash, Credit, Capital, Currency, and Cost
  • - Compliance, Control, Capacity, Character, and Cash
  • - Character, Capacity, Cash flow, Capital, and Collateral

Câu 7: If the compounding frequency of interest increases while the annual percentage rate (APR) remains constant, how is the Effective Annual Rate (EAR) affected?

  • - The EAR remains unchanged
  • - The EAR decreases
  • - The EAR increases
  • - The EAR becomes equal to the APR

Câu 8: Which of the following is an example of an incremental cash flow in capital budgeting?

  • - Sunk costs already paid for a feasibility study
  • - Cannibalization of sales from an existing product line
  • - Interest expenses on existing corporate debt
  • - Fixed overhead costs that will not change

Câu 9: According to the Net Present Value (NPV) rule, a project should be accepted if it has a:

  • - Payback period shorter than five years
  • - Positive Net Present Value
  • - Profitability Index less than one
  • - Negative Net Present Value

Câu 10: Which of the following best describes the agency problem in corporate finance?

  • - A disagreement between the board of directors and the auditing firm
  • - Conflict of interest between managers and shareholders
  • - The failure of a firm to pay its debt obligations on time
  • - The competition between two companies in the same industry

Câu 11: What does the 'Dividend Irrelevance Theory' by Modigliani and Miller suggest in a perfect market?

  • - Investors prefer high dividends over capital gains
  • - A firm's dividend policy has no effect on its stock price
  • - Dividends are the only factor in stock valuation
  • - Low dividend payouts lead to higher firm value

Câu 12: Which term describes the conflict of interest between a company's management and its stockholders?

  • - Agency problem
  • - Stakeholder dilemma
  • - Capital rationing
  • - Information asymmetry

Câu 13: In capital budgeting, which of the following should be ignored because it is a cost that has already been incurred and cannot be recovered?

  • - Opportunity cost
  • - Sunk cost
  • - Incremental cost
  • - Variable cost

Câu 14: According to the Gordon Growth Model, what is the value of a stock if the next dividend is 2 dollars, the required return is 10 percent, and the growth rate is 5 percent?

  • - 20 dollars
  • - 30 dollars
  • - 40 dollars
  • - 50 dollars

Câu 15: According to modern financial theory, what is the primary goal of a corporation's financial management?

  • - Maximizing net profit for the current fiscal year
  • - Minimizing the total tax liability of the firm
  • - Maximizing shareholder wealth through stock price
  • - Maximizing the market share of the company's products

Câu 16: Which of the following represents the Modigliani-Miller Proposition I in a world with no taxes?

  • - Capital structure does not affect the value of the firm
  • - The cost of equity is constant
  • - Debt financing is always better than equity
  • - Firms should use 100 percent debt

Câu 17: Which liquidity ratio is considered more conservative because it excludes inventory?

  • - Current ratio
  • - Quick ratio
  • - Inventory turnover ratio
  • - Debt-to-equity ratio

Câu 18: Which form of market efficiency states that current stock prices reflect all publicly available information, including past prices and financial statements?

  • - Weak form efficiency
  • - Semi-strong form efficiency
  • - Strong form efficiency
  • - Inefficient market

Câu 19: What is the impact of a high Degree of Financial Leverage (DFL) on a firm's Earnings Per Share (EPS)?

  • - It makes EPS more sensitive to changes in EBIT
  • - It decreases the volatility of EPS
  • - It ensures that EPS is always positive
  • - It reduces the firm's interest payment obligations

Câu 20: When comparing NPV and IRR for mutually exclusive projects, which method is generally preferred if they give conflicting signals?

  • - Internal Rate of Return (IRR)
  • - Net Present Value (NPV)
  • - Payback Period
  • - Profitability Index

Câu 21: What is the primary goal of financial management in a corporation according to standard corporate finance theory?

  • - Maximizing total sales revenue
  • - Maximizing shareholder wealth
  • - Maximizing market share
  • - Minimizing total operating costs

Câu 22: Which major disadvantage is associated with using the Internal Rate of Return (IRR) method for projects with non-conventional cash flows?

  • - IRR ignores the time value of money
  • - There may be multiple IRRs for the same project
  • - IRR always leads to the same decision as NPV
  • - IRR is difficult to calculate without a computer

Câu 23: Under the Gordon Growth Model, what is the formula for calculating the value of a stock?

  • - Current dividend divided by the required return
  • - Next year dividend divided by the difference between required return and growth rate
  • - Earnings per share multiplied by the growth rate
  • - Next year dividend divided by the growth rate

Câu 24: According to the Pecking Order Theory, firms prefer to finance their projects in which order?

  • - External equity, then debt, then internal equity
  • - Internal equity, debt, then external equity
  • - Debt, then internal equity, then external equity
  • - External equity, then internal equity, then debt

Câu 25: A stock with a beta coefficient of 1.5 is expected to be:

  • - 50% less volatile than the market
  • - 50% more volatile than the market
  • - Equally as volatile as the market
  • - Uncorrelated with the market movements

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