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Câu 1: The 'bird-in-the-hand' theory of dividends suggests that investors:
- - Prefer capital gains over dividends
- - Are indifferent between dividends and capital gains
- - Prefer high dividend payouts because they are less risky than future capital gains
- - Prefer companies with high growth and no dividends
Câu 2: According to 'Modigliani-Miller Proposition I' (with no taxes), the value of the firm is:
- - Maximized when the debt-to-equity ratio is 1.0
- - Dependent on the firm's dividend payout ratio
- - Independent of its capital structure
- - Minimized when the firm uses only equity financing
Câu 3: The 'Degree of Operating Leverage' (DOL) measures the sensitivity of:
- - Net Income to changes in Sales
- - Earnings Before Interest and Taxes (EBIT) to changes in Sales
- - Earnings Per Share (EPS) to changes in EBIT
- - Sales to changes in fixed costs
Câu 4: Which of the following best describes 'Free Cash Flow to the Firm' (FCFF)?
- - Cash flow available for distribution to common stockholders only
- - Total revenue minus all operating expenses and taxes
- - Cash flow available to all capital providers, including both debt and equity holders
- - The amount of cash a firm has in its bank account at year-end
Câu 5: What is the yield to maturity (YTM) of a bond?
- - The annual coupon payment divided by the face value
- - The annual coupon payment divided by the market price
- - The internal rate of return that equates the bond's price with its cash flows
- - The rate of return required by the firm's stockholders
Câu 6: The 'Signaling Theory' of dividends suggests that an increase in dividend payments is often interpreted by the market as a sign that:
- - The firm is running out of profitable investment opportunities
- - Management expects strong future earnings and cash flows
- - The firm is planning to issue more common stock soon
- - The firm's cost of debt has significantly increased
Câu 7: Which of the following represents an agency cost in a corporate setting?
- - Corporate income tax paid to the government
- - The cost of auditing financial statements to monitor management
- - Interest payments made to bondholders
- - Dividend payments to preferred shareholders
Câu 8: What does the 'Net Present Value' (NPV) represent in capital budgeting?
- - The total amount of cash flows received over the project life
- - The ratio of the initial investment to the annual cash flow
- - The difference between an investment's market value and its cost
- - The time required for an investment to generate cash flows to recover its initial cost
Câu 9: The 'Weighted Average Cost of Capital' (WACC) is calculated using:
- - Market values of debt and equity
- - Book values of debt and equity
- - Historical costs of all assets
- - The liquidating value of the firm's assets
Câu 10: If a financial market is 'Semi-strong form' efficient, it implies that stock prices reflect:
- - Only historical price information
- - All publicly available information
- - All information including private insider information
- - Only information related to dividend announcements
Câu 11: Under the assumptions of Modigliani and Miller Proposition I (without taxes), the value of a firm is:
- - Independent of its capital structure
- - Higher if it uses more debt
- - Lower if it uses more debt
- - Dependent on its dividend payout ratio
Câu 12: What is the present value of a 5-year ordinary annuity of 1,000 dollars per year if the discount rate is 10%?
- - 3,790.79
- - 4,329.48
- - 5,000.00
- - 6,105.10
Câu 13: If a company's dividend is expected to grow at a constant rate 'g' forever, what is the formula for the current stock price (P0)?
- - P0 = D0 / (r - g)
- - P0 = D1 / (r + g)
- - P0 = D1 / (r - g)
- - P0 = D0 * (1 + r)^t
Câu 14: If you invest $1,000 today at an annual interest rate of 10% compounded annually, how much will you have after 2 years?
- - $1,100
- - $1,200
- - $1,210
- - $1,331
Câu 15: Which type of risk can be eliminated through proper diversification in a portfolio?
- - Systematic risk
- - Market risk
- - Unsystematic risk
- - Non-diversifiable risk
Câu 16: Based on the DuPont Identity, Return on Equity (ROE) can be broken down into which three components?
- - Profit margin, total asset turnover, and equity multiplier
- - Net income, total assets, and total equity
- - Operating margin, sales, and total debt
- - Current ratio, quick ratio, and debt-to-equity ratio
Câu 17: The 'Payback Period' rule is often criticized because it ignores:
- - The initial investment amount
- - The time value of money and cash flows beyond the cutoff date
- - The liquidity of the firm
- - The accounting profit of the project
Câu 18: The 'Capital Asset Pricing Model' (CAPM) shows that the expected return for a particular asset depends on:
- - The asset's standard deviation
- - The asset's total risk
- - The time value of money and the reward for bearing systematic risk
- - The asset's historical average return over the last decade
Câu 19: What is the primary objective of financial management in a corporation according to modern finance theory?
- - Maximize the total assets of the firm
- - Maximize shareholder wealth
- - Maximize annual net income
- - Minimize the firm's total liabilities
Câu 20: The 'Information Signaling' theory suggests that an increase in dividends usually indicates:
- - Management expects poor future performance
- - The firm has no more positive NPV projects
- - Management is confident in higher future cash flows
- - The firm is planning to issue more debt soon
Câu 21: Which of the following is considered an agency cost in a corporation?
- - Interest payments on long-term debt
- - Cost of auditing financial statements to monitor management
- - Payment of corporate income taxes
- - Investment in research and development
Câu 22: Financial leverage is defined as the extent to which a firm uses:
- - Fixed-cost debt to increase potential returns to shareholders
- - Equity to finance its daily operations
- - Current assets to pay off long-term debt
- - Short-term loans to buy inventory
Câu 23: Which of the following is considered a systematic risk?
- - A labor strike at a specific company
- - The discovery of a new oil field by a firm
- - An unexpected change in the national inflation rate
- - A product recall by a major car manufacturer
Câu 24: In capital budgeting, a 'sunk cost' is best described as:
- - An incremental cash flow that should be included in NPV analysis
- - The cost of the next best alternative given up
- - A cost that has already been incurred and cannot be removed
- - A cost that changes only if a specific project is accepted
Câu 25: In the '5 Cs of Credit' analysis, which factor refers to the borrower's ability to pay the loan from operating cash flows?
- - Character
- - Collateral
- - Capacity
- - Capital