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: F# K* }0 T8 MQuestion 77$ o- S, j5 K c3 j; E
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When evaluating the qualifications of a board member, which of the following is least likely to be considered a positive factor? The board member:
7 `# j2 C. ]- r" B0 IA) has board membership in excess of 10 years.8 X7 B6 C" q% ]7 c# b* U0 C
B) regularly attends meetings.
+ v1 n3 d- t; n' W" C8 VC) has made public statements regarding his ethical positions." P) F+ Z. J6 N$ h( P {8 I! q
D) has experience on other boards.9 f$ d1 c! d" H# k/ x7 }( [
% y' U. I9 ~6 H8 s# I答案和详解如下:3 n: l/ o+ ]! x4 H; [8 c6 k. A
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' R4 I& }7 I1 F, B0 x8 N0 D, c _Question 78
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; C2 f# I E' hWhich of the following is most accurate regarding the component costs and component weights in a firm’s weighted average cost of capital (WACC)?
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) l& T0 ]7 s2 v+ k! T! o! CA) The dividend exclusion for corporate investments in preferred stock reduces the after-tax cost of preferred stock.! I+ }( ~ m* V( U' X @6 V, X
B) The weights in the WACC should be based on the book values of the individual capital components.1 L3 c, d# n( r0 Z3 b& `4 {
C) The appropriate pre-tax cost of a firm’s new debt is the average coupon rate on the firm’s existing debt.
5 c0 h( M8 K6 ^% d3 G, O- l$ x9 W" CD) Taxes reduce the cost of debt for firms in countries in which interest payments are tax deductible.# L( J+ J0 U, m# O% l# y# b8 b
( V7 V/ z4 M: a1 v) c答案和详解如下:3 d/ W* i/ y7 z
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