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1、CHAPTER14CAPITALSTRUCTUREANDLEVERAGE(DifficultyLevels:Easy,Easy/Medium,Medium,Medium/Hard,andHard)NotethatthereissomeoverlapbetweentheT/Fandthemultiplechoicequestions,assomeT/FstatementsareusedintheMCquestions.SeetheprefaceforinformationontheAACSBletterindicators(F,
2、M,etc.)onthesubjectlines.MultipleChoice:True/False(14-2)BusinessriskFQAnswer:bEASY.(14-2)BusinessriskFQAnswer:bEASY.Afirm'sbusinessriskislargelydeterminedbythefinancialcharacteristicsofitsindustry,especiallybytheamountofdebttheaveragefirmintheindustryuses.a.Trueb.Fa
3、lse(14-2)FinancialriskFQAnswer:aEASY.(14-2)FinancialriskFQAnswer:aEASY.Financialriskreferstotheextrariskbornebystockholdersasaresultofafirm'suseofdebtascomparedwiththeirriskifthefirmhadusednodebt.a.Trueb.False(14-2)FinancialriskFQAnswer:aEASY.(14-2)FinancialriskFQAn
4、swer:aEASY.Afirm’scapitalstructuredoesnotaffectitsfreecashflowsasdiscussedinthetext,becauseFCFreflectsonlyoperatingcashflows,whichareavailabletoservicedebt,topaydividendstostockholders,andforotherpurposes.a.Trueb.False(14-2)FinancialleverageFQAnswer:aEASY.(14-2)Fina
5、ncialleverageFQAnswer:aEASY.Ifafirmborrowsmoney,itisusingfinancialleverage.a.Trueb.False(14-2)FinancialleverageFQAnswer:aEASY.(14-2)FinancialleverageFQAnswer:aEASY.Otherthingsheldconstant,anincreaseinfinancialleveragewillincreaseafirm'smarket(orsystematic)riskasmeas
6、uredbyitsbetacoefficient.a.Trueb.FalseChapter14:CapitalStructureTrue/FalsePage501©2013CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword
7、-protectedwebsiteforclassroomuse.(14-2)UseoffinancialleverageFQAnswer:bEASY.(14-2)UseoffinancialleverageFQAnswer:bEASY.ThegraphicalprobabilitydistributionofROEforafirmthatusesfinancialleveragewouldtendtobemorepeakedthanthedistributionifthefirmusednoleverage,otherthi
8、ngsheldconstant.a.Trueb.False(14-2)Operatingandfin.leverageFQAnswer:bEASY.(14-2)Operatingandfin.leverageFQAnswer:bEASY.Providedafirmdoesno
