罗斯公司理财题库全集.docx

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Chapter13Risk,CostofCapital,andCapitalBudgeting AnswerKey
MultipleChoiceQuestions
Theweightedaverageofthefirm'scostsofequity,preferredstock,andaftertaxdebtisthe:
rewardtoriskratioforthefirm.
expectedcapitalgainsyieldforthestock.
expectedcapitalgainsyieldforthefirm.
portfoliobetaforthefirm.
weightedaveragecostofcapital(WACC).
Difficultylevel:Easy
Topic:WACC
Type:DEFINITIONS
IftheCAPMisusedtoestimatethecostofequitycapital,theexpectedexcessmarketreturnisequaltothe:
returnonthestockminustherisk-freerate.
differencebetweenthereturnonthemarketandtherisk-freerate.
betatimesthemarketriskpremium.
betatimestherisk-freerate.
marketrateofreturn.
Difficultylevel:Easy
Topic:CAPM
Type:DEFINITIONS
3. Thebestfit line ofapairwise

plot

ofthereturnsofthe

securityagainst
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themarketindexreturnsiscalledthe:
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SecurityMarketLine.
CapitalMarketLine.
characteristicline.
riskline.
Noneoftheabove.
Difficultylevel:Medium
Topic:CHARACTERISTICLINE
Type:DEFINITIONS
Theuseofdebtiscalled:
operatingleverage.
productionleverage.
financialleverage.
totalassetturnoverrisk.
businessrisk.
Difficultylevel:Medium
Topic:USEOFDEBT
Type:DEFINITIONS
Theweightedaveragecostofcapitalforafirmisthe:
A. discount ratewhichthefirm shouldapplytoall oftheprojects it undertakes.
overallratewhichthefirmmustearnonitsexistingassetstomaintainthevalueofitsstock.
ratethefirmshouldexpecttopayonitsnextbondissue.
maximumratewhichthefirmshouldrequireonanyprojectsitundertakes.
'spreferredstockholdersshouldexpecttoearnoverthelongterm.
Difficultylevel:Medium
Topic:WEIGHTEDAVERAGECOSTOFCAPITAL
Type:DEFINITIONS
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肈
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