公司理财习题库Chap010.docx

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1、CHAPTERIOMakingCapita1.bncs1.mctuDecisions1. DEFINITIONSINCREMENTA1.CASHF1.OWSa1.Thechangesinafirmsfuturecashf1.owsthatarcadirectconsequenceofacceptingaprojectarcca1.1.edcashf1.ows.a. incrementa1.b. stand-a1.onec. after-taxd. neipresen1.va1.uee. erosionSTANDA1.ONEPRINCIP1.Eb2.Theeva1.uationofaprojec

2、tbasedso1.e1.yonitsincremena1.cashf1.owsisthebasisofthe:a. incrementa1.cashf1.owmethod.b. stand-a1.oneprincip1.e.c. dividendgrowthm(x1.c1.d. aftertaxsa1.vageva1.ueana1.ysis.e. discountedpaybackmethod.SUNKCOsTSc3.Acostthathasa1.readybeenpaid,orthe1.iabi1.itytopayhasa1.readybeenincurred,isa(n):a. sa1.

3、vageva1.ueexpense.b. networkingcapita1.expense.c. sunkcose.d. opportunitycost.c.erosioncost.OPPORTUNITYCOSTSd4.Themostva1.uab1.einvestmentgivenupifana1.ternativeinvestmentischosenisa(n):I1.sa1.vageva1.ueexpense.b. neiworkingcapita1.expense.c. sunkcost.d. oppr1.uni1.ycost.e. erosioncost.EROSIONCOSTSe

4、5.Thecashf1.owsofanewxqjectthatcomeattheexpenseofafirmsexistingprojectsarcca1.1.ed:a. sa1.vageva1.ueexpenses.b. netwkingcapita1.expenses.c. sunkcosts.d. opportunitycosts.e. erosioncosts.PROEORMAFINANCIA1.STATEMENTSa6.Aprofbmafinancia1.SIa记InenIisonethat:a. projectsfutureyears*operations.b. isexpress

5、edasapercentageof(hetota1.assetsofthefirm.c. isexpressedasapercentageofthetota1.sa1.esofthefirm.d. isexpressedre1.ativetoachosenbaseyearsfinancia1.statement.e. ref1.ectsthepastandcurrentoperationsofthefirm.MACRSDEPRECIATIONb7.ThedepreciationIne1.hOdCurrendya1.1.owedunderUS1.ax1.awgoverningtheacce!er

6、aiedwrite-offofp11)ertyundervarious1.ifetimec1.assit1.ca(ionsisca1.1.eddepreciation.a. FIFOb. MACRSc. straight-1.ined. sum-of-ycarsdigitse. curvi1.inearDEPRECIATIONTAXSH1.E1.Dc8.Thecashf1.owtaxsavingsgeneratedasaresu1.tofafirmstax-deductib1.edepreciationexpenseisca1.1.edthe:a. after-1.axdepreciation

7、savings.b. depreciab1.ebasis.c. depreciation(axshie1.d.d. operatingcashf1.ow.e. after-taxsa1.vageva1.ue.CASHF1.OWFROMPROJECTSd9.Thecashf1.owfromprojectsfi)racompanyiscomputedasthe:Ioperatingcash11owgeneratedbytheProjeCt.1.essanysunkcostsande11soncosts.b. sumoftheincrementa1.operatingcashf1.owandafte

8、r-taxsa1.vageva1.ueoftheProJCe1.c. ne1.incomegeneratedby(hePfQieC1.p1.ustheannua1.depreciationexpense.d. sumoftheincrenen1.a1.ope111.ingcashf1.ow,capita1.spending,andne1.workingcapita)expensesincurredbytheproject.e. sumofthesunkcosts,opportunitycosts,anderosioncostsoftheproject.EQU1.VA1.ENTANNUA1.CO

9、STc10.Theannua1.annuitystreamofpaynntswiththesamepresentva1.ueasaprojectscostsisca1.1.edtheprojectscost.I1.incrementa1.b.sunkC.opportunityd. erosione. equiva1.entannua1.II.CONCEPTSINCREMENTA1.CASHF1.OWb11.Onepurposeofidentifyinga1.1.oftheincrementa1.cashf1.owsre1.atedtoaPrOPOSedprojectisto:a. iso1.a

10、tethetota1.sunkcostssotheycanbeeva1.uatedtodetermineiftheprojectwi1.1.addva1.uetothefirm.b. e1.iminateanycostwhichhasprevious1.ybeenincurredsothatitcanbeomittedfromtheana1.ysisoftheproject.c. makeeachPrqjeC1.appearasprofitab1.easpossib1.eIbnhe1111n.d. inc1.udeboththeproposedand(hecurrentoperationsof

11、amin(heana1.ysisoftheproject.e. iegeneratedfromthesa1.esofanew1.yaddedproduct.b. 1.ossofcurrentsa1.eduetoanewPrOjee1.beingiInp1.einen1.ed.c. 1.ossofrevenuedueoemp1.oyeetheft.d. 1.ossofrevenuedueiocustomer(heft.e. 1.ossofcashduetoIhcexpensesrequired(ofixaparking1.cafteraheavyrainstom.EROSIONa18.Which

12、ofthefo1.1.owingarcexamp1.esoferosion?I. the1.ossofsa1.esduetoincreasedcompetitioninthep11x1.uctmarketII. the1.ossofsa1.esbecauseyourchiefCompetitorjustopenedustoreacrossthestreetfnrnyourstoreIII. 1.he1.ossofsa1.esduetoanewproductwhichyourecent1.yin(roducedIV. the1.ossofsa1.esduetoanewPrOd1.1.C1.rec

13、ent1.yint11x1.ucedbyyourcompe1.itora. I1.1.on1.yb. I1.1.andIVon1.yc. I.I1.1.andIVon1.yd. I1.andIVon1.yc.I.II.11!.andIVTYPESOFCOSTSd19.Whichofthefo1.1.owingshou1.dbeinc1.udedintheana1.ysisofaprojec?I.sunkcostsII. opputunitycostsIII. erosioncostsIV. incrementa1.costsa.hCdeIandI1.on1.yIIIandIVon1.yIIan

14、dIVon1.yIIJI1.andIVon1.yI.II,andIVon1.yNETWORKINGCAPITA1.d2().A1.1.ofIhcfo1.1.owingarcanticipatedeffectsofaproposedproject.Whichoftheseshou1.dbeinc1.udedintheinitia1.projectcashf1.awre1.ated(onetworkingcapita1.?I. aninventorydecreaseof$5.(X)OII. anincreaseinaccountsreceivab1.eof$1.500Hi.anincreasein

15、fixedassetsof$7.600IV.adecreaseinaccountspayab1.eof$2.100a. IandIIon1.yb. IandIIIon1.yc. I1.andIVon1.yd. 1.1.1.tandIVon1.ye. 1.II.II1.andIVNETWORKINGCPiTI,a21.Changesinthenetworkingcapita1.:a. canaftcctthecash11owsofaprojecteveryyearoftheproject*s1.ife.b. on1.yaffecidieinitia1.cashowsofaproject.c. a

16、reinc1.udedinprojectana1.ysison1.yiftheyrepresentcashOU1.f1.oWs.d. atgenera1.1.yexc1.udedfromprojectana1.ysisdue(oIheirirre1.evance(othetota1.project.e. affecttheinitia1.andthefina1.cashf1.owsofaprojectbutnotthecashi1.owsof1.hemidd1.eyears.NETWORKINGCAP门A1.c22.Whichoneofthefo1.1.owingwi1.1.decreasen

17、etworkingcapita)ofafirm?adecreaseinaccountspayab1.eanincreaseininven1.oryadecreaseinaccountsreceivab1.eanincreasein1.hefi11n*scheckingaccountba1.anceadecreaseinfixedassetsNETWORKINGCAPITA1.d23.Neiworkingcapita1.:a. canbeignoredinprojectana1.ysisbecauseanyexpenditureisnorma1.1.yrecoupedbytheendothepr

18、oject.b. requirementsgenera1.1.y,butnota1.ways,createacashinf1.owatthebeginningofaPrqjeCt.c. expenditurescommon1.ycurattheendofaproject.d. isIkquenUyaffeciedby(headditiona1.sa1.esgene11iedbyanewProjeC1.e. istheon1.yexpenditureWherea1.1.eastapartia1.recoverycanbemadeat(heendofaMject.PROFORMAINCOMESTA

19、TEMENTb24.ThePmformainconstatementforacostreductionproject:a. wi1.1.rccc(areductioninthesa1.esof(hefirm.b. wi1.1.genera1.1.yref1.ectnoincrementa1.sa1.es.c. hastobePreParedref1.ectingthetota1.sa1.esandexpensesofafirm.d. cannotbepreparedduetothe1.ackofanyprojectre1.atedsa1.es.e. wi1.1.a1.waysRf1.ee1.a

20、negativerojecoperatingcashf1.ow.PROFORMASTATEMENTSe25.Profb11aStaiemen1.sforaPrOPOSedprojectshou1.d:I. becompi1.edonastand-a1.onebasis.II. inc1.udea1.1.(heincrementa1.cash11owsre1.atedoaproject.III. genera1.1.yexc1.udeinterestexpense.IV. inc1.udea1.1.project-re1.atedfixedassetacquisitionsanddisposa1

21、s.a. IandI1.on1.yb. I1.and111on1.ye. I.II.andIVon1.yf. I1.HI.andIVon1.yg. I.II.I1.kandIVPROJECTCASHFI.OWSb26.Whichoneofthefo1.1.owings(aenentsiscorrect?a. Projeciana1.ysisshou1.don1.yinc1.udethecashf1.owswhichaffecttheincomestatement.b. .projectcancreateapositivecashf1.owfromoperationswithoutaf1.ee

22、ting(besa1.es1.eve1.ofafirm.e. Bor(hemajorityofprojectsthatincreasesa1.es,therewi1.1.beacashoutf1.owre1.atedtonetworkingcapita1.thatoccursattheendoftheproject.d. Interestexpenseshou1.da1.waysbeinc1.udedasacashoutf1.owwhenana1.yzingaproject.e. Theopportunitycostofacompany-ownedbui1.dingthatisgoing(ob

23、eusedinanewprojectshou1.dbeinc1.udedasacashinowo(heprjeci.MACRSd27.Acompanywhichuses(heMCRSsystemofdepreciation:a. wi1.1.haveequa1.depreciationcostseachyearofanassets1.ife.b. wi1.1.expensethecostofnonresidentia1.va1.estateoveraperiodof7years.e. candepreciatethecostof1.and,if(heysodesire.f. wi1.1.wri

24、teofftheentirecostofanassetovertheassetsc1.ass1.ife.g. cannoexpenseanyof(hecostofanewassetduringthefirstyearoftheassets1.ife.MCRSa28,Be1.4rBi1.1.ToysjustpurchasedsomeMACRS5-yejrPrOPenyatacostof$250.00().Whichofthefo1.1.owingwi1.1.correct1.ygiveyou(hebookva1.ueofthisequipmenta(heendofyear2?MACRS5-yca

25、rpropertyYCarRatC120.00%232.00%319.20%411.52%511.52%65.76%I. 52percentoftheassetcostII. 48percentoftheassetcostIII. 68percentof80percentoftheassetcostIV. heaseicom.minus20erceniofdieassecostminus32%of8(Wofheassetcos(a. IIon1.yb. I1.1.andIVon1.yc. IandIIIon1.yd. I1.andIVon1.ye. I,II,I1.1.9andIVMACRSe

26、29.Wi1.1.Do.Inc.justpurchasedsomeequipmentatacostof$650.0()0.Whatisthepropermethodo1.ogyforcomputingthedepreciationexpenseforyear3iftheequipmentisc1.assifiedas5-yearPTUPenyforMCRS?MACRS5-yearpropertyYearBa1.SI20.00%232.00%319.20%411.52%511.52%65.76%a. S6504000(b.20)(1-32)x(1-,192)b. S650XKX)(1-.20)(

27、1.-.32)c. S650.000(1.+.20)(1.+32)(1+.192)d.S65O,OO()(1-.192)c.S650,(XX).192BOOKVA1.UEd30.Thebookva1.ueofanassetisprimari1.yusedtocomputethe:a. annua1.dcprcciat沁ntaxshie1.d.b. amountofcashreceivedfrom(hesa1.eofanasset.c. amountof(axsavedannua1.1.yduetoIhedeprecia1.ionexpense.d. amountoftaxdueon(hesa1

28、eofanasset.e. changeindepreciationneededoref1.ectthenvketva1.ueoftheasset.BOOKVA1.UEa31,Thebookva1.ueofanassetwi1.1.：a. remainconstantiftheassetis1.and.b. varyasthemarketva1.ueoftheassetvaries.c. decreaseataconstantratewhenMACRSdepreciationisused.d. increaseoverthetax1.ifeoftheasset.e. decreasefast

29、erunderstraight-1.inedepreciationthanunderMACRS.SA1.VAGEVA1.UEc32.Thesa1.vageva1.ueofanasseicreatesanafter-1.axcashinf1.owoIhefi11ninananountequa1.to(he:a. sa1.espriceoftheasset.b. sa1.espriceminusthebookva1.ue.c. sa1.espriceminusthetaxduebasedonthesa1.espriceminusthebookva1.ue,d.sa1.espricep1.usthe

30、axduebasedonthesa1.espriceminus(hebookva1.ue,d. sa1.espricep1.usthetaxduebasedonthebookva1.ueminusthesa1.esprice.SA1.VAGEVA1.UEe33.Thepre-taxsa1.vageva1.ueofanassetisequa1.tothe:a. bookva1.ueifS1.raigh1.-Iinedq)recia1.ionisused.b. bookva1.ueifMACRSdqjreciaiionisused.c. marketva1.ueminusthebookva1.u

31、e.dbookva1.ueminusthemarketva1.ue.d. marketva1.ue.PROJECTOCFa34,Aprojectsoperatingcashf1.owwi1.1.incvasewhen:a. Ihcdepreciationexpenseincreases.b. thesa1.esprojectionsarc1.owered.c. theinterestexpenseis1.owered.d. thenetworkingcapita1.requirementincreases.e. 1.heearningsbeforeiteresUnd(axesdecreases

32、PROJECTCASHF1.OWS35ahc.dc.Thecashowsofaprojectshou1.d:becomputedonapreuxbasis,inc1.udea1.1.sunkcostsandopportunitycosts,inc1.ica1.1.incrementa1.costs,inc1.udingopportunitycosts,heapp1.iedtotheyearwhenthere1.atedexpenseorincomeisrecognizedbyGAAP,inc1.udea1.1.financingcostsre1.atedtonewdebtacquiredto

33、financetheproject.PROJECTOCFa36,Whichofthefo1.1.owingarecorrectmethodsforcomputingtheoperatingcashf1.owofaprojectassumingthattheinterestexpenseisequa1.zero?I.EB1.TD-T11.EBIT+D+TIII.NI+DIV.(Sa1.es-Costs)(T+D)(I-T)a.IandIIIon1.yb.IIandIVon1.yc. I1.and111on1.yd. IJII,andIVon1.ye.I1.111.andIVon1.yPROJEC

34、TCASHFI.OWSd37.Thecashf1.owsofaprojectshou1.dinc1.udethere1.atedchangesinwhichofthefo1.1.owingaccounts?I. taxesII. accountspayab1.eIII.fixedassetsIV.1.ong-termdebta.1and11on1.yb.I1.1.andIVon1.yc.1andI1.1.on1.yd.I.II.andI1.1.on1.ye.I.II.III.andIVBottomijpocfb38.Thebuorn-upapproachtocomputing(heoperat

35、ingcashf1.owapp1.ieson1.ywhen:a.boih(hedepreciationexpenseand(heinterestexpenseareequa1.ozero.b.theinterestexpenseisequa1.tozero.c.theprojectisacost-cuttingPrOjeCi.d.nofixedassetsarerequiredfor(heproject.c.taxesarcignoredandtheinterestexpenseisequa1.tozero.TOP-DOWNOCFa39.ThC1.op-1.ownapproachtocompu

36、tingtheoperatingcashf1.ow:a.ignoresa1.1.noncashitems.b. app1.ieson1.yifaprojectproducessa1.es.c. canon1.ybeusediftheen1.irecashf1.owsofafirmareinc1.uded.d. isequa1.1.osa1.escosts-taxes+depreciation.e. inc1.udestheinterestexpensere1.atedtoaproject.TAXSHIE1.D(14().Anincreaseinwhichoneofthefo1.1.owingw

37、i1.1.increase(heoperatingcashf1.ow?a.emp1.oyeesa1.ariesb.offkcrentc.bui1.dingmaintenanced.equipmentdepreciatione.equipmentrenta1.TAXSHIE1.Dc41,Taxshie1.dreferstoareductionintaxescreatedby:a. areductioninsa1.es.b. anincreaseininterestexpense.c. noncashexpenses.d. aprojcct*sincrementa1.expenses.e. opp

38、ortunitycosts.COST-CUTTINGc42.Aprojectwhichisdesignedtoimprove(hemanufac1.uringefficiencyofaFinnbutwi1.1.generatenoadditiona1.sa1.esisreferred(oasa(n)project.a. sunkcostb. opportunityc. COSt-CUtcingd. revenue-cuttingc.revenue-generatingCOST-CUTTINGa43.WhichofIhefo1.1.owingstatementsarecorrec1.concer

39、ningtheana1.ysisofaCOMY1.IUingpfjxithatinvo1.vetheacuisitionoffixedasseis?I. ThecostsshownonhePrOformaincomeS1.a1.emenirepresentacashinf1.ow.II. Thedq)reciationexpensere1.atedtothefixedassetswi1.1.1.ower(hetaxexpense.III. Theprojectoperatingcashf1.owcanbecomputedassa1.es-taxes+depreciation.IV. Eamin

40、gsbeforeinterestandtaxesfortheprojectiscomputedasdepreciationp1.ustheamountof(hecostsavings.a. 1andIIon1.yb. I1.1.andIVon1.yc. IandIIIon1.yd. IIandIVon1.ye. 1.II.andIVon1.yBIDPRICEb44,Whichoneofthefo1.1.owings(atennuisCOrreC1.concerningbidprices?a. ThCcompetitorwhowinsthebidistheonewhosubmitsIhChigh

41、estbidprice.b. Thewinningbidmaybeatapricechatisbe1.owhrcak-cvcnespecia1.1.yifthereisare1.atedaftermarketforthePrOdUC1.c. Abidp11cciscomputedbasedon110percentofafirmsnorma1.requiredreturn.d. Abidpriceshou1.dbecomputedbasedso1.e1.yOntheoperatingcashI1.owsoftheproposedprojecte. Abidpriceshou1.dbecomputedbasedonazeroPerCernrequiredrateofreturn.EQUIVA1.ENTANNUA1.COSTc45,Toni,sToo1.siscomparingmachinestodeterminewhichonetopurchase.Themachinesse1.1.fordifferingprices,havedifferingoperatingcosts,differingmachine1.ives,andwi1.1.berep1.acedwhenwornout.Thesemachinesshouk1.becomparedusi