CMA-NewPart2-模拟考试04

天堂里的猫

第31题
Which of the following statements concerning bond ratings is correct?
1、 U.S. Treasury bonds are not rated.
2、 Bond ratings may be adjusted only down (but not up) during the life of a bond.
3、 Bonds rated as junk bonds have a lower-than-average chance of high yields.
4、 Bond ratings apply to the bond issue and the company.

第32题
All of the following accurately describe preferred stock except
1、 Preferred stock issues may have a stated call price.
2、 Preferred stock dividends paid are based on earnings.
3、 Preferred stock typically has no maturity date.
4、 Preferred stock dividends are paid before common stock dividends.

第33题
Legal responsibilities of a bond trustee include all of the following except
1、 ensuring that interest payments are properly paid and applied.
2、 authenticating the bond issue's legality.
3、 defining sinking fund terms.
4、 administering redemption.

第34题
Which of the following statements differentiates debt capital from equity capital?
1、 Debt capital is derived from the issuance of interest-bearing instruments; equity capital is derived from permanent investments by shareholders.
2、 Debt capital is derived from retained earnings; equity capital is derived from the issuance of notes, bonds, or loans.
3、 Debt capital is a function of receivables, inventories, and payables; equity capital is a function of stock issues.
4、 Debt capital is a function of stock issues; equity capital is a function of receivables, inventories, and payables.

第35题
Megatech Inc. is a large publicly-held firm. The treasurer is making an analysis of the short-term financing options available for the third quarter, as the company will need an average of $8 million for the month of July, $12 million for August, and $10 million for September. The following options are available.

I, Issue commercial paper on July 1 in an amount sufficient to net Megatech $12 million at an effective rate of 7% per year. Any temporarily excess funds will be deposited in Megatech’s investment account at First City Bank and earn interest at an annual rate of 4%.

II，Utilize a line of credit from First City Bank with interest accruing monthly on the amount utilized at the prime rate, which is estimated to be 8% in July and August and 8.5% in September. Based on this information, which one of the following actions should the treasurer take?
1、 Use the line of credit, since it is approximately $15,000 less expensive than issuing commercial paper.
2、 Use the line of credit, since it is approximately $5,800 less expensive than issuing commercial paper.
3、 Issue commercial paper, since it is approximately $14,200 less expensive than the line of credit.
4、 Issue commercial paper, since it is approximately $35,000 less expensive than the line of credit.

第36题

Frame Industries has arranged a revolving line of credit for the upcoming year with a commercial bank. The arrangement is for $20 million, with interest payable monthly on the amount utilized at the bank’s prime rate and an annual commitment fee of one-half of 1 percent, computed and payable monthly on the unused portion of the line. Frame estimates that the prime rate for the upcoming year will be 8%, and expects the following average amount to be borrowed by quarter.How much will Frame pay to the bank next year in interest and fees?
1、 $1,118,750
2、 $1,131,250
3、 $1,168,750
4、 $1,200,000

第37题

Mandel Inc. has a zero-balance account with a commercial bank. The bank sweeps any excess cash into a commercial investment account earning interest at the rate of 4% per year, payable monthly. When Mandel has a cash deficit, a line of credit is used which has an interest rate of 8% per year, payable monthly based on the amount used. Mandel expects to have a $2 million cash balance on January 1 of next year. Net cash flows for the first half of the year, excluding the effects of interest received or paid, are forecasted (in millions of dollars) as follows.Assuming all cash-flows occur at the end of each month, approximately how much interest will Mandel incur for this period?
1、 $53,000 net interest paid
2、 $17,000 net interest paid
3、 $195,000 net interest paid
4、 $76,000 net interest paid

第38题
All of the following are reasons why a toy manufacturer would carry accounts receivable except
1、 to attract new customers.
2、 for potential profit from interest income.
3、 to offset seasonal overhead expenses.
4、 to compete with the credit terms that competitors offer.

第39题
Which of the following are determinants of exchange rates under a flexible exchange rate system? I. Balance of trade

II. Changes in consumer tastes

III. Income changes IV. Capital outflows

V. Speculation by investors in foreign currencies
1、 I, II, III, IV, and V
2、 II, III, and V only
3、 II, III, IV, and V only
4、 I, II, and IV only

第40题
Which of the following is not an advantage of a flexible floating exchange rate system?
1、 Floating exchange rates result in consistent exchange rates.
2、 Proponents believe that floating exchange rates prevent extreme pressures that a fixed rate system would cause.
3、 Floating exchange rates facilitate international adjustments to negative economic developments.
4、 Floating exchange rates are believed to have prevented severe economic turmoil.