【正文】 s financial system is to facilitate the transfer of funds from a. financial middlemen to financial intermediaries b. surplus spending units to deficit spending units c. primary claimholders to secondary claimholders d. lenders to financial intermediaries ANS: B OBJ: TYPE: Fact TOP: An overview of the financial system 28. Money markets deal in securities having maturities of ________。s ine. a. unambiguous, ambiguous b. ambiguous, unambiguous c. ambiguous, also ambiguous d. unambiguous, straightforward ANS: A OBJ: TYPE: Fact TOP: Importance of cash flow 43. Accountingbased measures of performance include all the following except a. return on equity b. cash flow c. return on assets d. market share ANS: B OBJ: TYPE: Fact TOP: Cash flows and shareholder wealth 44. Accountingbased measures of performance _____ subject to shortterm manipulation by managers。s assets d. market value of the pany39。 expected future returns d. future value。s worth ANS: A OBJ: TYPE: Fact TOP: Stockholders and creditors 16. When KKR acquired RJR Nabisco, the ______ in the debt ratio, resulted in a(n) ______ in the value of the firm39。s actions b. providing stock as part of management39。 mon stock holdings. a. Book value b. Market value c. Historic value d. Compound value ANS: B OBJ: TYPE: Fact TOP: A Foundation Concept 6. The objective of maximizing shareholder wealth, as measured by the market value of the firm39。s stock a. does not consider the timing of the benefits received b. provides a way to consider the risk of the returns being offered c. benefits only certain stockholders d. neither considers the timing of the benefits received nor benefits only certain stockholders ANS: B OBJ: TYPE: Fact TOP: A Foundation Concept 7. The two most important disciplines on which financial management relies are a. accounting and production b. accounting and marketing c. economics and marketing d. accounting and economics ANS: D OBJ: TYPE: Fact TOP: Financial management and other disciplines 8. The most widely accepted objective of the firm is to a. minimize risk b. maximize profits c. maximize shareholder wealth d. maximize earnings per share ANS: C OBJ: TYPE: Fact TOP: A Foundation Concept 9. The ______ the risk of receiving future cash flows, the ______ will be the present value of those cash flows. a. greater, greater b. greater, lower c. lower, lower d. lower, greater ANS: B OBJ: TYPE: Fact TOP: Risk 10. A major advantage of using the maximization of shareholder wealth as the primary goal of the firm is that this goal considers a. the timing and the risk of the expected benefits to be received b. the investor39。s pensation c. flotation costs d. bonding expenditures ANS: C OBJ: TYPE: Fact TOP: Stockholders and managers 15. A potential agency conflict can arise between stockholders and creditors because owners may a. increase the risk of a firm39。s outstanding bonds. a. decrease, increase b. increase, increase c. decrease, decline d. increase, decline ANS: D OBJ: TYPE: Fact TOP: Stockholders and creditors 17. Agency problems may give rise to costs that ______ the market value of firms. a. increase b. decrease c. do not affect d. are not important to ANS: B OBJ: TYPE: Fact TOP: Stockholders and managers 18. All of the following are problems with the microeconomic profit maximization model except: a. the absence of a time dimension b. offers financial managers insights to a wide range of problems c. does not consider the risk of alternative decisions d. the problem of defining profits ANS: B OBJ: TYPE: Fact TOP: Maximization of shareholder wealth: Managerial strategies 19. ________ are largely outside of the direct control of managers. a. investment strategies b. economic environment factors c. major policy decisions d. dividend policies ANS: B OBJ: TYPE: Fact TOP: Managerial actions to influence value 20. The success of a firm is linked to its stakeholders. This group includes: a. munity neighbors b. suppliers c. employees d. all the above ANS: D OBJ: TYPE: Fact TOP: Social responsibility concerns 21. Techniques identified by John Casey that managers could keep in mind when addressing the ethical dimensions of a business problem include all of the following except: a. collect all the facts bearing on the problem b. clarify the parameters of the problem c. involve all parties with a financial interest in the oute d. seek equity for those who may be affected ANS: C OBJ: TYPE: Fact TOP: Ethical issues: the practice of financial management 22. Many small business owners are _________ diversified with respect to their personal wealth. a. poorly b. highly c. well d. 90% ANS: A OBJ: TYPE: Fact TOP: Entrepreneurial finance issues: Shareholder wealth maximizat 23. __________ deals with economic decisions of individuals, households, and firms. a. Economic accounting b. Microeconomics c. Blue Chip econometrics d. Macroeconomics ANS: B OBJ: TYPE: Fact TOP: Economics 24. Financial management draws heavily on the following related disciplines: a. accounting b. macroeconomics c. microeconomics d. all of the above ANS: D OBJ: TYPE: Fact TOP: Financial management and other disciplines 25. The chief financial officer (CFO) normally has responsibility for all the following except: a. advertising strategy b. managing interest rate risk c. trading foreign currencies d. accounting functions ANS: A OBJ: TYPE: Fact TOP: Organization of the financial management function 26. The controller normally has responsibility for all _______ related activities, while the treasurer is normally