答案和详解如下： Answer 71 The correct answer was C) inventories, which are not necessarily liquid. The quick ratio is usually defined as (current assets – inventory) / current liabilities. It is a more restrictive measure of liquidity than the current ratio, which equals current assets / current liabilities. The numerator of the quick ratio includes cash, receivables, and short-term marketable securities. This question tested from Session 11, Reading 46, LOS a
Answer 72 The correct answer was D) corporate governance. Corporate governance is the set of processes, policies, customs, laws, and institutions that influence the manner in which a corporation is directed, administered, or controlled. It defines the rights, roles, and responsibilities of all of the corporation’s stakeholders (board of directors, managers, and stockholders). It is a firm’s system of checks and balances. This question tested from Session 11, Reading 48, LOS a
Answer 73 The correct answer was A) The coupon rate on the firm’s existing debt. Ideally, an analyst would use the YTM of a firm’s existing debt as the pretax cost of new debt. When a firm’s debt is not publicly traded, however, a market YTM may not be available. In this case, an analyst may use the yield curve for debt with the same rating and maturity to estimate the market YTM. If the anticipated debt has unique characteristics that affect YTM, these characteristics should be accounted for when estimating the pretax cost of debt. The cost of debt is the market interest rate (YTM) on new (marginal) debt, not the coupon rate on the firm’s existing debt. If you are provided with both coupon and YTM on the exam, you should use the YTM. This question tested from Session 11, Reading 45, LOS f
Answer 74 The correct answer was D) The weights in the calculation of the WACC should be based on the firm’s target capital structure. This is the capital structure that the firm seeks to maintain or achieve over time. If the firm’s target capital structure is not known, the current capital structure, adjusted for observable trends, or the industry average capital structure may be used. This question tested from Session 11, Reading 45, LOS c
Answer 75 The correct answer was D) long-term cash flow forecasts. Long-term cash forecasts are typically derived from projected income statements and balance sheets that are based on statistical models of sales, credit collections, and input costs. This question tested from Session 11, Reading 46, LOS c | 
发表于 2008-11-6 18:12
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