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AcompanyusestheBaumolcashmanagementmodel.Cashdisbursementsareconstantat$20,000eachmonth.Short-terminvestmentsyield5%ayear,whilecashheldinthecompany’sbankaccountearnszerointerest.Switchingcosts(thatis,

A、$500

B、$1,700

C、$4,900

D、$17,000

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Whichofthefollowingbestdescribestheriskassociatedwiththeabilitytosellashortterminvestmentquicklywithoutsignificantimpactontheprice?

A、Interestraterisk

B、Purchasingpowerrisk

C、inancialrisk

D、Liquidityrisk

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答案解析：Liquidityriskisassociatedwiththeabilitytoselltheinvestmentinashortperiodoftimewithoutsignificantpriceconcessions.

Rosehasbeeninvitedtoattendamembers’meetingofacompanyinwhichsheownspreferenceshares.

A、nnualmeeting

B、lassmeeting

C、Generalmeeting

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答案解析：ThetypeofmeetingtowhichRosehasbeeninvitediscalledaclassmeetingbecauseitisameetingforshareholdersholdingaparticularclassofshares.

WhichofthefollowingstatementsabouttheMiller-Orrcashmanagementmodelis/aretrue?

A、1only

B、2only

C、oth1and2

D、Neither1nor2

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答案解析：Dailyvarianceofcashflowsisakeyinputintotheformulaforspread.Whenshortterminvestmentsareliquidatedthecashbalanceshouldrisetothereturnpoint.

TheCFOofLangCowantstoearnahigherreturnonthecompany’scashholdings.

A、ertficatesofdeposit

B、Treasurybills

C、ommercialpaper

D、ankdeposits

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答案解析：Theriskieraninvestmentis,thehighertheexpectedreturn.Ofthefourchoicesgiven,commercialpapercarriesthegreatestriskstoaninvestorandthereforeoffersthehighestexpectedreturn.Commercialpaperisanunsecured,shor

Whichofthefollowingsecuritieshastheleastamountofdefaultrisk?

A、orporatebonds

B、Treasurybills

C、ommercialpaper

D、illsofexchange

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答案解析：Defaultriskistheriskthatthesecuritywillnotberepaidbecausetheissuingentityisinsolventorilliquid.Treasurybillsareshort-termdebtsissuedbythegovernment,whichhasvirtuallynoriskofbeinginsolventorilliquid.

Whichofthefollowingstatementsaboutthevoluntarywinding-upofacompanyiscorrect?

A、copyofthesolvencydeclarationmustbedeliveredtotheregistrarwithin15daysofthespecialresolutioncommencingthewinding-up

B、Themembers’choiceofliquidatorprevailsoverthecreditors’choice

C、Theliquidatorisnotanofficerofthecompanyforliabilitypurposes

D、Therearenodifferencesbetweentheproceduresforamembers’voluntarywindingandacreditors’windingup(2marks)

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答案解析：Acopyofthesolvencydeclarationmustbedeliveredtotheregistrarwithin15daysofthespecialresolution.(Ameetingofthecreditorsmustbeheldwithin14daysofthespecialresolutioncommencingthewinding-up.)

Thechieffinanceofficerofanorganisationtoldoneofthedirectorsontheboardofdirectorsthathewouldallowhimtheuseofhisprivatejet,freeofchargeforsixmonths,ifthedirectorwouldvoteaspecificwayinthenextboardmeetin

A、Thiswouldnotbeconsideredbriberybecausebribesmustbemonetary

B、Thiswouldnotbeconsideredbriberybecauseitdoesnotinvolveaforeignofficial

C、Thiswouldbeconsideredbribery

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答案解析：ThistransactionwouldbeconsideredabribeunderBA10.

XYZLtdisinadministrationandthe12monthperiodofadministrationfixedbythecourtisabouttoexpire.Theadministratorbelievesthatthereisaprospectofrecovery.

A、stheadministrationorderisabouttoexpire,thecompanymustbewoundup

B、Theadministratorcanfixanadditionalperiodbywayofextensionofadministration

C、Thecourtmaygrantalimitedextensiontotheadministrationorder

D、Theadministratorhasabsolutediscretioninextendingtheperiodofadministration

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答案解析：Typically,anextensionwillbe6months.

Whattypeofresolutionisneededifaprivatecompanywishestobuybackitsownshares?

A、xtraordinary

B、Ordinary

C、Special

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答案解析：CompaniesAct2006