16-金融

16Student:___________________________________________________________________________1.Firmscanpayoutcashtotheirshareholdersinthefollowingways:I)dividends;II)sharerepurchases;III)interestpayments  A. IonlyB. IIonlyC. IandIIonlyD. IIIonly 2.Dividendpolicychangesaredecidedby:I)themanagersofafirm;II)thegovernment;III)theboardofdirectors  A. IonlyB. IIonlyC. IIIonlyD. IandIIonly 3.Whichofthesedates,whenarrangedinchronologicalorder,occurslast?  A. dividendpaymentdateB. ex-dividenddateC. recorddateD. dividenddeclarationdate 4.Whichofthefollowinglistseventsinchronologicalorderfromearliesttolatest?  A. Recorddate,declarationdate,ex-dividenddateB. Declarationdate,recorddate,ex-dividenddateC. Declarationdate,ex-dividenddate,recorddateD. Recorddate,ex-dividenddate,declarationdate 5.OnJanuary2,MichiganMiningdeclareda$2-per-sharequarterlydividendpayableonMarch9thtostockholdersofrecordonFriday,February9.Whatisthelatestdatebywhichyoucouldpurchasethestockandstillgettherecentlydeclareddividend?  A. February5B. February6C. February7D. February8 6.Whichofthefollowingdividendsisneverintheformofcash?I)regulardividend;II)specialdividend;III)stockdividend;IV)liquidatingdividend  A. IonlyB. IIonlyC. IIIonlyD. I,II,andIVonly 7.Thefollowingstatementsaretrueofdividendreinvestmentplans(DRIPs):I)Theyareofferedbythecompaniestotheirshareholders.II)Generally,newsharesareissuedatadiscount.III)Thedividendsaretaxableasordinaryincome.  A. IonlyB. IandIIIonlyC. I,II,andIIID. IIIonly 8.Firmscanrepurchasesharesinthefollowingways:I)openmarketrepurchase;II)tenderoffer;III)Dutchauction;IV)directnegotiationwithamajorshareholder  A. IonlyB. IIonlyC. IIIonlyD. I,II,III,andIV 9.ADutchauctionisthesameasa(an):  A. discriminatorypriceauction.B. uniformpriceauction.C. Englishauction.D. sharerepurchase. 10.Theparvalueoftheoutstandingsharesisknownas:  A. retainedearnings.B. legalcapital.C. bookvalueofequity.D. additionalpaid-incapital. 11.Considertheprocedurewherebythefirmstatesaseriesofpricesatwhichitispreparedtorepurchasestock.Shareholdersthensubmitoffersindictinghowmanysharestheywishtosellandatwhichprice.Thefirmthencalculatesthelowestpriceatwhichitisabletobuythedesirednumberofshares.Thisprocedureisknownasa(n):  A. openmarketrepurchase.B. Dutchauction.C. greenmail.D. tenderoffer. 12.Whatisthelikelyimpactonatypicalindividualinvestorifafirmundertakesastockrepurchaseinlieuofacashdividend?  A. Lowerincometaxes,ifcapitalgainstaxratesarelessthandividendtaxratesB. Higherincometaxes,ifcapitalgainstaxratesarelessthandividendtaxratesC. LowersharepriceD. Atax-freetransaction 13.Supposethattherearenotaxes,transactionscosts,orothermarketimperfections.Whichofthefollowingactionsismostlikelytomakeshareholdersbetteroff?  A. Increasedividends.B. Reducesharerepurchases.C. Announcethatdividendswillnotchangeforatleastthreeyears.D. Eliminatenegative-NPVprojects. 14.Whichofthefollowingaretrue?I)Firmshavelong-runtargetdividendpayoutratios.II)Dividendchangesfollowshiftsinlong-term,sustainableearnings.III)Managersarereluctanttomakedividendchangesthatmighthavetobereversed.  A. IonlyB. IIonlyC. IIIonlyD. I,II,andIII 15.Accordingtosurveydata,whichistheleast-oftenciteddividendpolicyconsideration?  A. Firmswanttoavoiddividendreductions.B. Firmsdesireasmoothdividendpolicy.C. Firmsavoiddividendpolicyreversals.D. Firmswouldprefertoraisenewfundsratherthanreducedividends. 16.Generally,firmsengageinstockrepurchasesduring:I)boomtimesasfirmsaccumulateexcesscash;II)recessionsduetolowstockprices;III)timeswhencompetitor'sstockpricesaredropping  A. IonlyB. IIonlyC. IIIonlyD. IIandIIIonly 17.Accordingtofinancialexecutives'viewsondividendpolicy,whichofthefollowingstatementsismostfrequentlycited?  A. Wetrytoavoidreducingthedividend.B. Wetrytomaintainasmoothdividendstream.C. Welookatthecurrentdividendlevel.D. Wearereluctanttomakeachangethatmayhavetobereversed. 18.Generally,investorsinterprettheannouncementofanincreaseindividendsas:  A. badnewsandthestockpricedrops.B. goodnewsandthestockpriceincreases.C. anoneventanddoesnotaffectthestockprice.D. verybadnewsandthestockpriceplunges. 19.Generally,investorsinterprettheannouncementofadecreaseindividendsas:  A. badnewsandthestockpricedrops.B. goodnewsandthestockpriceincreases.C. anoneventanddoesnotaffectthestockprices.D. verygoodnewsandthestockpricejumpsup. 20.Generally,investorsviewtheannouncementofanopen-marketrepurchaseprogramas:  A. badnewsandthestockpricedrops.B. goodnewsandthestockpriceincreases.C. anoneventanddoesnotaffectthestockprice.D. verybadnewsandthestockpriceplunges. 21.AkeyassumptionoftheMillerandModigliani(MM)dividendirrelevanceargumentisthat:  A. futurestockpricesarecertain.B. firmshaveanadequatesupplyofTreasuryshares.C. thereexistsarisk-freeasset.D. newsharesaresoldatafairprice. 22.MillerandModigliani'sindifferencepropositionregardingdividendpolicy:  A. assumesthattaxratesincreaseatthesamerateasinflation.B. assumesthatinvestorscanselltheirstockatafairprice.C. statesthatinvestorsareindifferentbetweenstockdividendsandcashdividends.D. statestha