[单项选择]A. Each firm has a social responsibility, which is the firm’s recognition of how its business decision can affect society. The term social responsibility is sometimes used to describe the firm’s responsibility to its community and to the environment. However, it may also be used more broadly to include the firm’s responsibility to its customers, employees, stockholders, and creditor. Although the business decisions a firm makes are intended to increase its value, the decisions must not violate its ethics and social responsibilities.
B. Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It has both normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions.
C. The term ’business ethics

[单项选择]A. Each firm has a social responsibility, which is the firm’s recognition of how its business decision can affect society. The term social responsibility is sometimes used to describe the firm’s responsibility to its community and to the environment. However, it may also be used more broadly to include the firm’s responsibility to its customers, employees, stockholders, and creditor. Although the business decisions a firm makes are intended to increase its value, the decisions must not violate its ethics and social responsibilities.
B. Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It has both normative and descriptive dimensions. As a corporate practice and a career specialization, the field is primarily normative. Governments use laws and regulations to point business behavior in what they perceive to be beneficial directions.
C. The term ’business ethics

[单项选择]

Each nation has its own peculiar character which distinguishes it from others. But the peoples of the world have more points in common than points in which they differ. One type of person that is common in every country is the one who always tries to do as little as possible and to get as much as possible in return. His opposite, the man who is in the habit of doing more than is strictly necessary and who is ready to accept what is offered in return, is rare everywhere.
Both these types are usually unconscious of their character. The man who avoids effort is always talking about his "rights": he appears to think that society owes him a pleasant, easy life. The man who is always doing more than his share talks of "duties": he feels that the individual is in debts to society, and not society to individual. As a result, neither of these men thinks that he behaves at all strangely.
Then man who tries to do as little as he can is always full of excu
A. each nation is peculiar enough to enable us to distinguish it from others
B. the peoples of the world are as like as they are different
C. the peoples of the world have more similarities than differences
D. those who do more than is strictly necessary are common in every country

[单项选择]Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm"s estimated price-to-earnings (P/E) ratio
A. 5.00.
B. 10.00.
C. 20.00.

[填空题]The firm has decided to switch to another line of products, as these __________(不畅销).

[单项选择]In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GILES). Medusco was formed on January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim GIPS compliance（）
A. Present GIPS - compliant performance results for the 5 - year period from January 1, 1998, through December 31, 2002, and report five additional years of non - GIPS - compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS - compliant.
B. Retroactively comply with GIPS for periods after January 1 , 2000, and report non - GIPS - compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS -compliant.
C. Present GIPS- compliant performance results for the 5 -year period from January 1, 1998, through December 31, 2002.

[单项选择]An analyst working at an investment firm has a client that rents limousines. The client tells the analyst that as long as he is the client’s analyst, he can have free use of a limousine several times a year. The analyst needs to:（）
A. inform his supervisor in writing of the offer if the analyst intends to accept the offer.
B. explicitly refuse such an offer.
C. do nothing since the offer is not linked to the performance of the client’s portfolio.

[单项选择]A firm has a capital structure of 60% debt and 40% equity and a dividend payout ratio of 50%. If a surplus results from first-pass pro-forma financial statements based on estimated sales growth and assuming the capital structure and dividend payout ratio are maintained, which of the following changes in assumptions would eliminate any surplus in a single step（）
A. The entire surplus will be used to pay down long-term debt.
B. The dividend payout ratio will decrease to 30%.
C. The entire surplus will be used to repurchase common stock.

[多项选择]12 He hasn’t heard that the firm has been taken over,______

[单项选择]A firm has a return on equity (ROE) of 15% and a dividend payout rate of 80%. If last year’s dividend was $0.80 and the required return on equity is 10%, what is the firm’s estimated dividend growth rate and what is the current stock price Dividend growth rate Stock price（） ①A. 12.00% $ 11.77②B. 3.00% $ 9.96③C. 3.00% $ 11.77
A. ① 
B. ② 
C. ③