公司理财精要版原书第12版习题库答案Ross12e_Chapter11_TB
Fundamentals of Corporate Finance, 12e (Ross)
Chapter 11 Project Analysis and Evaluation
1) Forecasting risk is defined as the possibility that:
A) some proposed projects will be rejected.
B) some proposed projects will be temporarily delayed.
C) incorrect decisions will be made due to erroneous cash flow projections.
D) some projects will be mutually exclusive.
E) tax rates could change over the life of a project.
2) The key means of defending against forecasting risk is to:
A) rely primarily on the net present value method of analysis.
B) increase the discount rate assigned to a project.
C) shorten the life of a project.
D) identify sources of value within a project.
E) ignore any potential salvage value that might be realized.
3) Steve is fairly cautious when analyzing a new project and thus he projects the most optimistic, the most realistic, and the most pessimistic outcome that can reasonably be expected. Which type of analysis is he using?
A) Simulation testing
B) Sensitivity analysis
C) Break-even analysis
D) Rationing analysis
E) Scenario analysis
4) Scenario analysis is best suited to accomplishing which one of the following when analyzing a project?
A) Determining how fixed costs affect NPV
B) Estimating the residual value of fixed assets
C) Identifying the potential range of reasonable outcomes
D) Determining the minimal level of sales required to break-even on an accounting basis
E) Determining the minimal level of sales required to break-even on a financial basis
5) Which one of the following will be used in the computation of the best-case analysis of a proposed project?
A) Minimal number of units that are expected to be produced and sold
B) The lowest expected salvage value that can be obtained for a project's fixed assets
C) The most anticipated sales price per unit
D) The lowest variable cost per unit that can reasonably be expected
E) The highest level of fixed costs that is actually anticipated
6) The base case values used in scenario analysis are the values considered to be the most:
A) optimistic.
B) desired by management.
C) pessimistic.
D) likely to create a positive net present value.
E) likely to occur.
7) Which of the following variables will be forecast at their highest expected level under a best-case scenario?
A) Fixed costs and units value
B) Variable costs and sales price
C) Fixed costs and sales price
D) Salvage value and units sold
E) Initial cost and variable costs
8) When you assign the lowest anticipated sales price and the highest anticipated costs to a project, you are analyzing the project under the condition known as:
A) best-case sensitivity analysis.
B) worst-case sensitivity analysis.
C) best-case scenario analysis.
D) worst-case scenario analysis.
E) base-case scenario analysis.
9) Which one of the following statements concerning scenario analysis is correct?
A) The pessimistic case scenario determines the maximum loss, in current dollars, that a firm could possibly incur from a given project.
B) Scenario analysis defines the entire range of results that could be realized from a proposed investment project.
C) Scenario analysis determines which variable has the greatest impact on a project's final outcome.
D) Scenario analysis helps managers analyze various outcomes that are possible given reasonable ranges for each of the assumptions.
E) Management is guaranteed a positive outcome for a project when the worst-case scenario produces a positive NPV.
10) Sensitivity analysis determines the:
A) range of possible outcomes given that most variables are reliable only within a stated range.
B) degree to which the net present value reacts to changes in a single variable.
C) net present value range that can be realized from a proposed project.
D) degree to which a project relies on its initial costs.
E) ideal ratio of variable costs to fixed costs for profit maximization.
11) Assume you graph a project's net present value given various sales quantities. Which one of the following is correct regarding the resulting function?
A) The steepness of the function relates to the project's degree of operating leverage.
B) The steeper the function, the less sensitive the project is to changes in the sales quantity.
C) The resulting function will be a hyperbole.
D) The resulting function will include only positive values.
E) The slope of the function measures the sensitivity of the net present value to a change in sales quantity.
12) As the degree of sensitivity of a project to a single variable rises, the:
A) less important the variable is to the final outcome of the project.
B) less volatile the project's net present value is to that variable.
C) greater is the importance of accurately predicting the value of that variable.
D) greater is the sensitivity of the project to the other variable inputs.
E) less volatile is the project's outcome.
13) A firm's managers realize they cannot monitor all aspects of their projects but do want to maintain a constant focus on the key aspect of each project in an attempt to maximize their firm's value. Given this specific desire, which type of analysis should they require for each project and why?
A) Sensitivity analysis; to identify the key variable that affects a project's profitability
B) Scenario analysis; to guarantee each project will be profitable
C) Cash breakeven; to ensure the firm recoups its initial investment
D) Accounting breakeven; to ensure each project earns its required rate of return
E) Financial breakeven; to ensure each project has a positive NPV
14) Which type of analysis identifies the variable, or variables, that are most critical to the success of a particular project?
A) Scenario
B) Simulation
C) Break-even
D) Sensitivity
E) Cash flow
15) Simulation analysis is based on assigning a ________ and analyzing the results.
A) narrow range of values to a single variable
B) narrow range of values to multiple variables simultaneously
C) wide range of values to a single variable
D) wide range of values to multiple variables simultaneously
E) single value to each of the variables
16) Which one of the following types of analysis is the most complex to conduct?
A) Scenario
B) Break-even
C) Sensitivity
D) Degree of operating leverage
E) Simulation
17) Scenario analysis is defined as the:
A) determination of the initial cash outlay required to implement a project.
B) determination of changes in NPV estimates when what-if questions are posed.
C) isolation of the effect that a single variable has on the NPV of a project.
D) separation of a project's sunk costs from its opportunity costs.
E) analysis of the effects that a project's terminal cash flows has on the project's NPV.
18) An analysis of the change in a project's NPV when a single variable is changed is called ________ analysis.
A) forecasting
B) scenario
C) sensitivity
D) simulation
E) break-even
19) Combining scenario analysis with sensitivity analysis can yield a crude form of ________ analysis.
A) forecasting
B) combined
C) complex
D) simulation
E) break-even
20) Variable costs can be defined as the costs that:
A) remain constant for all time periods.
B) remain constant over the short run.
C) vary directly with sales.
D) are classified as noncash expenses.
E) are inversely related to the number of units sold.
21) Fixed costs:
A) change as a small quantity of output produced changes.
B) are constant over the short-run regardless of the quantity of output produced.
C) are defined as the change in total costs when one more unit of output is produced.
D) are subtracted from sales to compute the contribution margin.
E) can be ignored in scenario analysis since they are constant over the life of a project.
22) The change in revenue that occurs when one more unit of output is sold is referred to as:
A) marginal revenue.
B) average revenue.
C) total revenue.
D) erosion.
E) scenario revenue.
23) The change in variable costs that occurs when production is increased by one unit is referred to as the:
A) marginal cost.
B) average cost.
C) total cost.
D) scenario cost.
E) net cost.
24) By definition, which one of the following must equal zero at the accounting break-even point?
A) Net present value
B) Depreciation
C) Contribution margin
D) Net income
E) Operating cash flow
25) Which one of these combinations must increase the contribution margin?
A) Increasing both the sales price and the variable cost per unit
B) Increasing the sales quantity and increasing the variable cost per unit
C) Decreasing the sales price and increasing the sales quantity
D) Decreasing both fixed costs and depreciation expense
E) Increasing the sales price and decreasing the variable cost per unit
26) Which of the following are inversely related to variable costs per unit?
A) Sales quantity and sales price
B) Net profit per unit and sales quantity
C) Operating cash flow and sales quantity
D) Operating cash flow per unit and contribution margin per unit
E) Contribution margin per unit and marginal costs
27) Steve, the sales manager for TL Products, wants to sponsor a one-week "Customer Appreciation Sale" where the firm offers to sell additional units of a product at the lowest price possible without negatively affecting the firm's profits. Which one of the following represents the price that should be charged for the additional units during this sale?
A) Average variable cost
B) Average total cost
C) Average total revenue
D) Marginal revenue
E) Marginal cost
28) The president of Global Wholesalers would like to offer special sale prices to the firm's best customers under the following terms:
1. The prices will apply only to units purchased in excess of the quantity normally purchased by
a customer.
2. The units purchased must be paid for in cash at the time of sale.
3. The total quantity sold under these terms cannot exceed the excess capacity of the firm.
4. The net profit of the firm should not be affected.
5. The prices will be in effect for one week only.
Given these conditions, the special sale price should be set equal to the:
A) average variable cost of materials only.
B) average cost of all variable inputs.
C) sensitivity value of the variable costs.
D) marginal cost of materials only.
E) marginal cost of all variable inputs.
29) The contribution margin per unit is equal to the:
A) sales price per unit minus the total costs per unit.
B) variable cost per unit minus the fixed cost per unit.
C) sales price per unit minus the variable cost per unit.
D) pretax profit per unit.
E) aftertax profit per unit.
30) Which of the following values will be equal to zero when a firm is operating at the accounting break-even level of output?
A) IRR and OCF
B) Net income and contribution margin
C) IRR and net income
D) OCF and NPV
E) Net income and NPV
31) A decrease in which one of the following will increase the accounting break-even quantity? Assume straight-line depreciation is used and ignore taxes.
A) Sales price per unit
B) Management salaries
C) Variable labor costs per unit
D) Initial fixed asset purchases
E) Fixed costs
32) Webster Iron Works started a new project last year. As it turns out, the project has been operating at its accounting break-even level of output and is now expected to continue at that level over its lifetime. Given this, you know that the project:
A) will never pay back.
B) has a zero net present value.
C) is operating at a higher level than if it were operating at its cash break-even level.
D) is operating at a higher level than if it were operating at its financial break-even level.
E) is lowering the total net income of the firm.
33) A project that has a payback period exactly equal to the project's life is operating at:
A) its maximum capacity.
B) the financial break-even point.
C) the cash break-even point.
D) the accounting break-even point.
E) a zero level of output.
34) Valerie just completed analyzing a project. Her analysis indicates that the project will have a six-year life and require an initial cash outlay of $120,000. Annual sales are estimated at $189,000 and the tax rate is 21 percent. The net present value is negative $120,000. Based on this analysis, the project is expected to operate at the:
A) maximum possible level of production.
B) minimum possible level of production.
C) financial break-even point.
D) accounting break-even point.
E) cash break-even point.
35) A project that has a projected IRR of negative 100 percent will also have a(n):
A) discounted payback period equal to the life of the project.
B) operating cash flow that is positive and equal to the depreciation.
C) net present value that is negative and equal to the initial investment.
D) payback period that is exactly equal to the life of the project.
E) net present value that is equal to zero.
36) Which one of the following characteristics relates to the cash break-even point for a given project?
A) The project never pays back.
B) The discounted payback period equals the project's life.
C) The NPV is equal to zero.
D) The IRR equals the required rate of return.
E) The OCF is equal to the depreciation expense.
37) When the operating cash flow of a project is equal to zero, the project is operating at the:
A) maximum possible level of production.
B) minimum possible level of production.
C) financial break-even point.
D) accounting break-even point.
E) cash break-even point.
38) Which one of the following represents the level of output where a project produces a rate of return just equal to its requirement?
A) Capital break-even
B) Cash break-even
C) Accounting break-even
D) Financial break-even
E) Internal break-even
39) Which one of these is most associated with an IRR of negative 100 percent?
A) Degree of operating leverage
B) Accounting break-even point
C) Contribution margin
D) Simulation analysis
E) Cash break-even point
40) You would like to know the minimum level of sales that is needed for a project to be accepted based on its net present value. To determine that sales level you should compute the:
A) contribution margin per unit and set that margin equal to the fixed costs per unit.
B) degree of operating leverage at the current sales level.
C) accounting break-even point.
D) cash break-even point.
E) financial break-even point.
41) Theresa is analyzing a project that currently has a projected NPV of zero. Which one of the following changes that she is considering is most apt to cause that project to produce a positive NPV instead? Consider each change independently.
A) Decrease the sales price
B) Increase the materials cost per unit
C) Decrease the labor hours per unit produced
D) Decrease the sales quantity
E) Increase the amount of the initial investment in net working capital
42) Given the following, which feature identifies the most desirable level of output for a project?
A) Operating cash flow equal to the depreciation expense
B) Payback period equal to the project's life
C) Discounted payback period equal to the project's life
D) Zero IRR
E) Zero operating cash flow
43) Assume both the discount and tax rates are positive values. At the financial break-even point, the:
A) payback period equals the project's life.
B) NPV is negative.
C) OCF is zero.
D) contribution margin per unit equals the fixed costs per unit.
E) IRR equals the required return.
44) By definition, which one of the following must equal zero at the cash break-even point?
A) Net present value
B) Internal rate of return
C) Contribution margin
D) Net income
E) Operating cash flow
45) Assume a project has a discounted payback that equals the project's life. The project's sales quantity must be at which one of these break-even points?
A) Accounting
B) Leveraged
C) Marginal
D) Cash
E) Financial
46) Operating leverage is the degree of dependence a firm places on its:
A) variable costs.
B) fixed costs.
C) sales.
D) operating cash flows.
E) depreciation tax shield.
47) Which one of the following is the relationship between the percentage change in operating cash flow and the percentage change in quantity sold?
A) Degree of sensitivity
B) Degree of operating leverage
C) Accounting break-even
D) Cash break-even
E) Contribution margin
48) You are considering a project and are concerned about the reliability of the cash flow forecasts. To reduce any potentially harmful results from accepting this project, you should consider:
A) lowering the degree of operating leverage.
B) lowering the contribution margin per unit.
C) increasing the initial cash outlay.
D) increasing the fixed costs per unit.
E) lowering the operating cash flow.
49) Which one of the following characteristics best describes a project that has a low degree of operating leverage?
A) High variable costs relative to the fixed costs
B) Relatively high initial cash outlay
C) OCF that is highly sensitive to the sales quantity
D) High level of forecasting risk
E) High depreciation expense
50) Which one of the following will best reduce the risk of a project by lowering the degree of operating leverage?
A) Hiring additional employees rather than using temporary outside contractors
B) Subcontracting portions of the project rather than purchasing new equipment to do all the work in-house
C) Buying equipment rather than leasing it short-term
D) Lowering the projected selling price per unit
E) Changing the proposed labor-intensive production method to a more capital intensive method
51) The degree of operating leverage is equal to:
A) 1 + OCF/(FC + VC).
B) 1 + OCF/FC.
C) 1 + FC/OCF.
D) 1 + VC/OCF.
E) 1 ? (FC + VC)/OCF.
52) Uptown Promotions has three divisions. As part of the planning process, the CFO requested that each division submit its capital budgeting proposals for next year. These proposals represent positive net present value projects that fall within the long-range plans of the firm. The requests from the divisions are $4.2 million, $3.1 million, and $6.8 million. For the firm as a whole, management has limited spending to $10 million for new projects next year even though the firm could afford additional investments. This is an example of:
A) scenario analysis.
B) sensitivity analysis.
C) an operating leverage application.
D) soft rationing.
E) hard rationing.
53) Bell Weather Goods has several proposed independent projects that have positive NPVs. However, the firm cannot initiate any of the projects due to a lack of financing. This situation is referred to as:
A) financial rejection.
B) project rejection.
C) soft rationing.
D) marginal rationing.
E) capital rationing.
54) The procedure of allocating a fixed amount of funds for capital spending to each business unit is called:
A) marginal spending.
B) capital preservation.
C) soft rationing.
D) hard rationing.
E) marginal rationing.
55) PC Enterprises wants to commence a new project but is unable to obtain the financing under any circumstances. This firm is facing:
A) financial deferral.
B) financial allocation.
C) capital allocation.
D) marginal rationing.
E) hard rationing.
56) Brubaker & Goss has received requests for capital investment funds for next year from each of its five divisions. All requests represent positive net present value projects. All projects are independent. Senior management has decided to allocate the available funds based on the profitability index of each project since the company has insufficient funds to fulfill all of the requests. Management is following a practice known as:
A) scenario analysis.
B) sensitivity analysis.
C) leveraging.
D) hard rationing.
E) soft rationing.
57) The CFO of Edward's Food Distributors is continually receiving capital funding requests from its division managers. These requests are seeking funding for positive net present value projects. The CFO continues to deny all funding requests due to the financial situation of the company. Apparently, the company is:
A) operating at the accounting break-even point.
B) operating at the financial break-even point.
C) facing hard rationing.
D) operating with zero leverage.
E) operating at maximum capacity.
58) New Town Instruments is analyzing a proposed project. The company expects to sell 1,600 units, ±3 percent. The expected variable cost per unit is $220 and the expected fixed costs are $438,000. Cost estimates are considered accurate within a ±2 percent range. The depreciation expense is $64,000. The sales price is estimated at $647 per unit, ±2 percent. What is the sales revenue under the worst-case scenario?
A) $1,086,825
B) $896,201
C) $984,061
D) $1,014,496
E) $932,017
59) Precise Machinery is analyzing a proposed project that is expected to have sales of 2,450 units, ±8 percent. The expected variable cost per unit is $246 and the expected fixed costs are $309,000. Cost estimates are considered accurate within a ±3 percent range. The depreciation expense is $106,000. The sales price is estimated at $599 per unit, ±2 percent. What is the amount of the total costs per unit under the worst-case scenario?
A) $448.58
B) $404.16
C) $366.67
D) $338.23
E) $394.58
60) Precise Machinery is analyzing a proposed project. The company expects to sell 7,500 units, ±10 percent. The expected variable cost per unit is $314 and the expected fixed costs are $647,000. Cost estimates are considered accurate within a ±4 percent range. The depreciation expense is $187,000. The sales price is estimated at $849 per unit, give or take 2 percent. The tax rate is 21 percent. The company is conducting a sensitivity analysis on the sales price using a sales price estimate of $850. What is the operating cash flow based on this analysis?
A) $2,703,940
B) $2,293,089
C) $1,986,675
D) $2,354,874
E) $2,284,837
61) The Creamery is analyzing a project with expected sales of 5,700 units, ±5 percent. The expected variable cost per unit is $168 and the expected fixed costs are $424,000. Cost estimates are considered accurate within a ±3 percent range. The depreciation expense is $156,000. The sales price is estimated at $339 per unit, ±5 percent. The tax rate is 21 percent. The company is conducting a sensitivity analysis with fixed costs of $425,000. What is the OCF given this analysis?
A) $416,511
B) $385,350
C) $467,023
D) $394,874
E) $421,300
62) HiLo Mfg. is analyzing a project with anticipated sales of 12,500 units, ±2 percent. The variable cost per unit is $13, ± 2 percent, and the expected fixed costs are $237,000, ±1 percent.
The sales price is estimated at $69 a unit, ±3 percent. The depreciation expense is $68,000 and the tax rate is 22 percent. What is the earnings before interest and taxes under the base-case scenario?
A) $368,500
B) $421,000
C) $395,000
D) $414,900
E) $427,500
63) Assume a project has a sales quantity of 7,400 units, ±6 percent and a sales price of $59 a unit, ±1 percent. The expected variable cost per unit is $13, ±3 percent, and the expected fixed costs are $214,000, ±2 percent. The depreciation expense is $63,000 and the tax rate is 23 percent. What is the operating cash flow under the best-case scenario?
A) $136,759
B) $118,470
C) $145,705
D) $134,208
E) $124,220
64) Windows and More is reviewing a project with sales of 6,200 units, ±2 percent, at a sales price of $29, ±1 percent, per unit. The expected variable cost per unit is $11, ±3 percent, and the expected fixed costs are $87,000, ±1 percent. The depreciation expense is $68,000 and the tax rate is 21 percent. What is the net income under the worst-case scenario?
A) ?$38,578
B) ?$39,713
C) $15,846
D) –$28,704
E) $4,696
65) Stellar Plastics is analyzing a proposed project with annual depreciation of $28,750 and a tax rate of 23 percent. The company expects to sell 16,500 units, ±3 percent. The expected variable cost per unit is $1.87, ±1 percent, and the expected fixed costs are $24,900, ±1 percent. The sales price is estimated at $7.99 a unit, ±2 percent. What is the operating cash flow for a sensitivity analysis using total fixed costs of $26,000?
A) $54,208
B) $64,347
C) $63,591
D) $62,408
E) $60,540
66) Your company is reviewing a project with estimated labor costs of $14.68 per unit, estimated raw material costs of $43.18 a unit, and estimated fixed costs of $18,000 a month. Sales are projected at 15,500 units, ±5 percent, over the one-year life of the project. Cost estimates are accurate within a range of ±3 percent. What are the total variable costs for the best-case scenario?
A) $869,925
B) $861,560
C) $913,421
D) $951,960
E) $891,960
67) A project has base-case earnings before interest and taxes of $36,408, fixed costs of $42,700,
a selling price of $24 a unit, and a sales quantity of 22,000 units. All estimates are accurate within ±2 percent. Depreciation is $16,700. What is the base-case variable cost per unit?
A) $22.16
B) $23.84
C) $19.65
D) $22.23
E) $17.18
68) Consider a 5-year project with an initial fixed asset investment of $324,000, straight-line depreciation to zero over the project's life, a zero salvage value, a selling price of $34, variable costs of $17, fixed costs of $189,700, a sales quantity of 94,000 units, and a tax rate of 21 percent. What is the sensitivity of OCF to changes in the sales price?
A) $74,260 per $1 of sales
B) $61,600 per $1 of sales
C) $78,700 per $1 of sales
D) $59,470 per $1 of sales
E) $68,850 per $1 of sales
69) You are considering a new product launch. The project will have an initial cost for fixed assets of $1,150,000, a three-year life, and no salvage value; depreciation is straight-line to zero. Sales are projected at 230 units per year, price per unit will be $7,500, variable cost per unit will be $3,900, and fixed costs will be $122,000 per year. The required return is 14.5 percent and the relevant tax rate is 24 percent. Based on your experience, you think the unit sales and price are accurate within a ±2 percent range while costs may vary by ±3 percent. What is the worst-case NPV?
A) ?$117,907
B) $156,446
C) ?$78,517
D) $162,134
E) ?$118,020
70) Shoe Supply has decided to produce a new line of shoes that will have a selling price of $68 and a variable cost of $27 per pair. The company spent $187,000 for a marketing study that determined the company should sell 85,000 pairs of the new shoes each year for three years. The marketing study also determined that the company will lose sales of 24,000 pairs of its high-priced shoes that sell for $129 and have variable costs of $63 a pair. The company will also increase sales of its inexpensive shoes by 19,000 pairs. The inexpensive shoes sell for $39 and have variable costs of $15 per pair. The fixed costs each year will be $1.42 million. The company has also spent $1.29 million on research and development for the new shoes. The initial fixed asset requirement is $4.2 million and will be depreciated on a straight-line basis over the life of the project. The new shoes will also require an increase in net working capital of $447,000 that will be returned at the end of the project. Sales and cost projections have a ±2 percent range. The tax rate is 21 percent, and the cost of capital is 12 percent. What is the NPV for the new line of shoes assuming the base-case scenario?
A) ?$1,844,788
B) ?$806,318
C) $102,311
D) $687,415
E) $520,909
71) A suggested project requires initial fixed assets of $227,000, has a life of 4 years, and has no salvage value. Assume depreciation is straight-line to zero over the life of the project. Sales are projected at 31,000 units per year, the price per unit is $47, variable cost per unit is $23, and fixed costs are $842,900 per year. The tax rate is 23 percent and the required return is 11.5 percent. Suppose the projections given for price and quantity can vary by ±4 percent while variable and fixed cost estimates are accurate to within ±2 percent. What is the best-case NPV?
A) $4,613
B) ?$67,008
C) $127,511
D) $82,409
E) ?$132,194
72) A project has expected sales of 54,000 units, ±5 percent, variable cost per unit of $87, ±2 percent, fixed costs of $287,000, ±1 percent, and a sales price per unit of $219, ±2 percent. The depreciation expense is $47,000 and the tax rate is 23 percent. What is the contribution margin per unit for a sensitivity analysis using a variable cost per unit of $85?
A) $132
B) $134
C) $135
D) $136
E) $133
73) Precise Machinery is analyzing a proposed project that is expected to sell 1,450 units, ±3 percent. The expected variable cost per unit is $139 and the expected fixed costs are $123,000. Cost estimates are considered accurate within a ±1 percent range. The depreciation expense is $39,000. The sales price is estimated at $349 per unit, ±3 percent. What is the contribution margin per unit under the best-case scenario?
A) $137.03
B) $194.33
C) $148.13
D) $187.42
E) $221.86
74) At a production level of 5,280 units, a project has total costs of $150,000. The variable cost per unit is $23.12. Assume the firm can increase production by 750 units without increasing its fixed costs. What will the total costs be if 6,000 units are produced?
A) $122,780
B) $124,640
C) $138,720
D) $122,074
E) $166,646
75) At the accounting break-even point, Swiss Mountain Gear sells 22,940 ski masks at a price of $19 each. At this level of production, the depreciation is $67,000 and the variable cost per unit is $6. What is the amount of the fixed costs at this production level?
A) $231,220
B) $259,400
C) $161,330
D) $187,660
E) $145,600
76) The Metal Shop produces 1.7 million metal fasteners a year for industrial use. At this level of production, its total fixed costs are $486,000 and its total costs are $791,000. The firm can increase its production by 5 percent, without increasing either its total fixed costs or its variable costs per unit. A customer has made a one-time offer for an additional 50,000 units at a price per unit of $.165. Should the firm sell the additional units at the offered price? Why or why not?
A) Yes; The offered price is less than the marginal cost.
B) Yes; The offered price is equal to the marginal cost.
C) No; The offered price is less than the marginal cost.
D) Yes; The offered price is greater than the marginal cost.
E) No; The offered price is greater than the marginal cost.
77) Wexford Industrial Supply is considering a new project with estimated depreciation of $38,200, fixed costs of $84,600, and total sales of $211,000 at the accounting break-even level. The variable costs per unit are estimated at $9.64. What is the accounting break-even level of production?
A) 6,871 units
B) 9,333 units
C) 10,415 units
D) 9,149 units
E) 7,248 units
78) The accounting break-even production quantity for a project is 18,311 units. The fixed costs are $148,400 and the contribution margin per unit is $13.10. The fixed assets required for the project will be depreciated on straight-line basis to zero over the project's 4-year life. What is the amount of fixed assets required for this project?
A) $535,592
B) $365,896
C) $448,500
D) $332,400
E) $429,600
79) A project has an accounting break-even point of 7,264 units. The fixed costs are $164,800 and the projected variable cost per unit is $24.57. The project will require $398,000 for fixed assets which will be depreciated straight-line to zero over the project's four-year life. What is the projected sales price per unit?
A) $56.59
B) $58.18
C) $64.02
D) $76.67
E) $60.95
80) A proposed project has fixed costs of $39,480, depreciation expense of $8,724, and a sales quantity of 1,330 units. The total variable costs are $5,607. What is the contribution margin per unit if the projected level of sales is the accounting break-even point?
A) $37.81
B) $34.63
C) $36.24
D) $35.16
E) $38.13
81) A project has a unit price of $29.99, a variable cost per unit of $9.06, fixed costs of $487,020, and depreciation expense of $38,009. Ignore taxes. What is the accounting break-even quantity?
A) 28,269 units
B) 24,584 units
C) 29,306 units
D) 31,966 units
E) 25,085 units
82) A company is considering a project with a cash break-even point of 26,394 units. The selling price is $19 a unit, the variable cost per unit is $7, and depreciation is $89,800. What is the projected amount of fixed costs?
A) $374,512
B) $316,728
C) $356,108
D) $288,512
E) $291,064
83) The Motor Works is considering an expansion project with estimated fixed costs of $127,000, depreciation of $16,900, variable costs per unit of $41.08, and an estimated sales price of $79.90 per unit. How many units must the firm sell to break even on a cash basis?
A) 2,928 units
B) 3,272 units
C) 3,510 units
D) 4,206 units
E) 3,842 units
84) A project has an accounting break-even quantity of 28,700 units, a cash break-even quantity of 17,120 units, a life of 10 years, fixed costs of $178,000, variable costs of $18.40 per unit, and a required return of 14 percent. Depreciation is straight-line to zero over the project life. Ignoring taxes, what is the financial break-even quantity?
A) 39,723 units
B) 39,201 units
C) 39,458 units
D) 39,624 units
E) 39,320 units
85) A project has a contribution margin per unit of $12.07, fixed costs of $67,840, depreciation of $14,310, variable costs per unit of $14.09, and a financial break-even point of 15,624 units. What is the operating cash flow at this level of output?
A) $0
B) $122,500
C) $102,309
D) $120,742
E) $117,673
86) You have determined that an OCF of $151,406 will result in a zero net present value for a project, which is the minimum requirement for project acceptance. The fixed costs are $387,200 and the contribution margin per unit is $56.11. The company feels that it can realistically capture 8.5 percent of the 140,000 unit market for this product. The tax rate is 21 percent and the required rate of return is 13 percent. Should the company develop the new product? Why or why not?
A) Yes; The project's required rate of return exceeds the expected IRR.
B) Yes; The expected level of sales exceeds the required level of production.
C) No; The required level of production exceeds the expected level of sales.
D) No; The contribution margin is too high.
E) No; The OCF is too low.
87) Tucker's Trucking is considering a project with a discounted payback period just equal to the project's life. The projections include a sales price of $39, variable costs per unit of $14, and fixed costs of $238,000. The operating cash flow is $24,300. What is the break-even quantity?
A) 9,363 units
B) 11,211 units
C) 11,482 units
D) 12,301 units
E) 10,492 units
88) Cool Shades manufactures biotech sunglasses. The variable materials cost is $1.38 per unit, and the variable labor cost is $.92 per unit. Suppose the firm incurs fixed costs of $348,000 during a year in which total production is 136,000 units and the selling price is $19.50 per unit. What is the cash break-even point?
A) 16,453 units
B) 22,435 units
C) 20,233 units
D) 18,907 units
E) 14,768 units
89) Mountain Gear can manufacture mountain climbing shoes for $37.11 per pair in variable raw material costs and $15.09 per pair in variable labor costs. The shoes sell for $99 per pair. Last year, production was 248,000 pairs and fixed costs were $1.67 million. The maximum production level for the firm given its current assets is 275,000 pairs. What is the minimum acceptable total revenue the company should accept for a one-time order for an extra 12,000 pairs?
A) $611,418
B) $987,600
C) $626,400
D) $947,700
E) $564,100
90) Spencer Tools would like to offer a special product to its best customers. However, the firm wants to limit its maximum potential loss on this product to the firm's initial investment. The fixed costs are estimated at $27,400, the depreciation expense is $1,700, and the contribution margin per unit is $6.75. What is the minimum number of units the firm should pre-sell to ensure its potential loss does not exceed the desired level?
A) 3,220 units
B) 4,059 units
C) 2,815 units
D) 4,233 units
E) 4,658 units
91) The Coffee Express has computed its fixed costs to be $.27 for every cup of coffee it sells given annual sales of 739,000 cups. The sales price is $.99 per cup while the variable cost per cup is $.12. How many cups of coffee must it sell to break even on a cash basis?
A) 229,345
B) 146,472
C) 251,910
D) 167,630
E) 184,806
92) In an effort to capture the large jet market, Hiro Airplanes invested $11.264 billion developing its B490, which is capable of carrying 840 passengers. The plane has a list price of $276.5 million. In discussing the plane, Hiro Airplanes stated that the company would break even when 253 B490s were sold. Assume the break-even sales figure given is the cash flow break-even. Suppose the sales of the B490 last for only 12 years. How many airplanes must Hiro sell per year to provide its shareholders a rate of return of 17 percent on this investment?
A) 50.17
B) 52.48
C) 50.72
D) 53.10
E) 54.40
93) You are in charge of a project that has a degree of operating leverage of 1.06. What will happen to the operating cash flows if the number of units you sell increase by 3.7 percent?
A) 3.49 percent decrease
B) 4.76 percent decrease
C) 3.70 percent decrease
D) 3.69 percent increase
E) 3.92 percent increase
公司理财原版题库Chap010
Chapter 10 Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions 1. When a security is added to a portfolio the appropriate return and risk contributions are A) the expected return of the asset and its standard deviation. B) the expected return and the variance. C) the expected return and the beta. D) the historical return and the beta. E) these both can not be measured. Answer: C Difficulty: Medium Page: 255 2. When stocks with the same expected return are combined into a portfolio A) the expected return of the portfolio is less than the weighted average expected return of the stocks. B) the expected return of the portfolio is greater than the weighted average expected return of the stocks. C) the expected return of the portfolio is equal to the weighted average expected return of the stocks. D) there is no relationship between the expected return of the portfolio and the expected return of the stocks. E) None of the above. Answer: C Difficulty: Easy Page: 261 3. Covariance measures the interrelationship between two securities in terms of A) both expected return and direction of return movement. B) both size and direction of return movement. C) the standard deviation of returns. D) both expected return and size of return movements. E) the correlations of returns. Answer: B Difficulty: Medium Page: 258-259 Use the following to answer questions 4-5: GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows: State of Economy Probability GenLabs Returns Depression .05 -50% Recession .10 -15 Mild Slowdown .20 5 Normal .30 15% Broad Expansion .20 25 Strong Expansion .15 40
公司理财试题及答案
1）单选题，共20题，每题5.0分，共100.0分1 单选题 (5.0分) 资产未来创造的现金流入现值称为？ A. 资产的价格 B. 资产的分配 C. 资产的价值 D. 资产的体量 2 单选题 (5.0分) 谁承担了公司运营的最后风险？ A. 债权人 B. 股东 C. 管理层 D. 委托人 3 单选题 (5.0分) 金融市场有哪些类型？ A. 货币市场 B. 资本市场 C. 期货市场 D. 以上都是 4 单选题 (5.0分) 以下哪项是债券价值评估方式？ A. 现值估价模型 B. 到期收益率 C. 债券收益率 D. 以上都是 5 单选题 (5.0分) 融资直接与间接的划分方式取决于？ A. 融资的受益方 B. 金融凭证的设计方 C. 融资来源 D. 融资规模
6 单选题 (5.0分) 以下哪种不是财务分析方法？ A. 比较分析 B. 对比分析 C. 趋势百分比分析 D. 财务比例分析 7 单选题 (5.0分) 以下哪个不是价值的构成？ A. 现金流量 B. 现值 C. 期限 D. 折现率 8 单选题 (5.0分) 比率分析的目的是为了？ A. 了解项目之间的关系 B. 了解金融发展变化 C. 分析资金流动趋势 D. 分析金融风险 9 单选题 (5.0分) 影响公司价值的主要因素是？ A. 市场 B. 政策 C. 信息 D. 时间 10 单选题 (5.0分) 以下哪种是内部融资方式？ A. 留存收益 B. 股票 C. 债券 D. 借款 11 单选题 (5.0分)
什么是营运资本？ A. 流动资产-流动负债 B. 流动资产+流动负债 C. 流动资产*流动负债 D. 流动资产/流动负债 12 单选题 (5.0分) PMT所代表的含义是？ A. 现值 B. 终值 C. 年金 D. 利率 13 单选题 (5.0分) 金融市场的作用是什么？ A. 资金的筹措与投放 B. 分散风险 C. 降低交易成本 D. 以上都是 14 单选题 (5.0分) 以下哪项不是财务管理的内容？ A. 筹资 B. 融资 C. 信贷 D. 营运资本管理 15 单选题 (5.0分) 微观金融的研究对象是什么？ A. 机构财政 B. 账目管理 C. 股市投资 D. 公司理财 16 单选题 (5.0分) 计划经济时代企业的资金来源是？
公司理财精要版计算题
可持续增长假设下列比率是固定的，可持续增长率是多少？ 总资产周转率=1.40 利润率=7.6% 权益乘数=1.50 股利支付比率=25% 计算EFN ERT公司最新财务报表如下表所示（单位：美元）。2006年的销售收入预期增长20%。利息费用将维持固定；税率和股利支付比率也将维持固定。销货成本、其他费用、流动资产和应付账款随着销售收入自发增加。 ERT公司2005年损益表 销售收入 905000 成本 710000 其他费用 12000 息前税前利润 183000 利息支付 19700 应税利润 163300 所得税(35%) 57155 净利润 106145 股利42458
留存收益增加 63687 ERT 公司资产负债表(截至2005年12月31日) 资产 负债和所有者权益 流动资产 流动负债 现金 25000 应付账款 65000 应收账款 43000 应付票据 9000 存货 76000 合计 74000 合计 144000 长期债务 156000 固定资产 所有者权益 厂房和设备净值 364000 普通股和股本溢价 21000 留存收益 257000 合计 278000 资产总计 508000 负债和所有者权益总计 508000 A. 如果该企业以完全产能运营且没有发行任何新的债务或权益，要支持20%销售收入增长率所需外部融资是多少? B. 假设该企业2005年仅以80%产能在运营。此时EFN 是多少？ C. 假设该企业希望它的负债-权益比率固定，此时的EFN 是多少？ 永久生命保险公司正在向你推荐一项保险政策，该政策规定，公司将永久性地每年向你和你的后代支付15 000美元。 a 、如果必要的投资收益率为8%时，你愿意以什么价格购买该保险？ 1. 187500 美元 2. 178500美元 3. 158700美元 4.185700美元 b 、假定该保险公司告诉你这项保险的价格为19 5000美元，请你计算利率为多少？ 1. 6.79% 2. 7.96% 3. 7.69% 4. 9.76%
公司理财(英文版)题库2
CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.
罗斯公司理财题库全集
Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.
公司理财精要版原书第12版习题库答案Ross12e_Chapter05_TB
Fundamentals of Corporate Finance, 12e (Ross) Chapter 5 Introduction to Valuation: The Time Value of Money 1) Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning at 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true? A) Barb will earn more interest in Year 1 than Andy will. B) Andy will earn more interest in Year 3 than Barb will. C) Barb will earn more interest in Year 2 than Andy. D) After five years, Andy and Barb will both have earned the same amount of interest. E) Andy will earn compound interest. 2) Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct? A) Nan will have less money when she retires than Neal. B) Neal will earn more interest on interest than Nan. C) Neal will earn more compound interest than Nan. D) If both Nan and Neal wait to age 70 to retire they will have equal amounts of savings. E) Nan will have more money than Neal at any age. 3) You are investing $100 today in a savings account. Which one of the following terms refers to the total value of this investment one year from now? A) Future value B) Present value C) Principal amount D) Discounted value E) Invested principal 4) Christina invested $3,000 five years ago and earns 2 percent annual interest. By leaving her interest earnings in her account, she increases the amount of interest she earns each year. The way she is handling her interest income is referred to as: A) simplifying. B) compounding. C) aggregating. D) accumulating. E) discounting.
罗斯公司理财题库全集
Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.
罗斯公司理财题库全集
Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS
完整word版公司理财英文版题库8
CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.
罗斯公司理财题库cha16
Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.
公司理财精要 罗斯 第四版 附录B 公式
第2章 1. 资产负债表恒等式：资产=负债+股东权益 2. 损益表等式：收入-费用=利润 源自资产的现金流量= 流向债权人的现金流量 + 流向股东的现金流量 此处：a.源自资产的现金流量 = 经营性现金流量 - 净资本支出 - 净营运资本的变化 1) 经营性现金流量 = 息税前利润(EBIT) + 折旧 - 所得税 2) 净资本性支出 = 期末净固定资产 - 期初净固定资产 + 折旧 3) 净营运资本变化 = 期末净营运资本 - 期初净营运资本 b.流向债权人的现金流量 = 支付的利息 - 新增净借款额 c.流向股东的现金流量 = 支付的股利 - 新增净权益资本 第3章 1. 流动比率 = 流动资产/流动负债 2. 速动比率（酸性测试比率） = (流动资产 - 存货)/流动负债 3. 现金比率 = 现金/流动负债 4. 总负债比率 = (资产总额 - 权益总额)/资产总额 5. 负债-权益比率 = 负债总额/权益总额 6. 权益乘数 = 资产总额/ 权益总额 7. 利息保障倍数 = 息税前利润/利息费用 8. 现金覆盖率 = (息税前利润 + 折旧)/利息费用 9. 存货周转率(次数) = 产品销售成本/存货 10. 存货周转天数 = 365天/存货周转率 11. 应收账款周转率= 销售收入/应收账款 12. 应收账款周转天数 = 365天/应收账款周转率 13. 总资产周转率 = 销售收入/总资产 14. 销售利润率 = 净利润/销售收入 15. 资产报酬率 = 净利润/总资产 16. 权益报酬率 = 净利润/权益总额 17. 每股收益 = 净利润/流通在外的股票票数量 18. 市盈率 = 每股市价/每股收益 19. 市净率 = 每股市价/每股账面价值 20. 杜邦财务分析体系： 权益报酬率 = 资产报酬率 权益报酬率 = 销售利润率×总资产周转率×权益乘数 21. 股利支付率 = 现金股利/净利润 22. 盈余留存比率 = 留存收益增加额/净利润 23. 内部增长率 = b -1b ??资产报酬率资产报酬率 24. 可持续增长率 = b -1b ??权益报酬率权益报酬率 第4章 1.对于每一美元，投资t 个时期，每时期的收益率未r ，那么终值 = $1(1 +r)t 2.T 时期后1美元的现值（折现率为r ） PV = $1×[1/(1+r)t ] = $1/(1+r)t 3.现值和终值之间的关系： PV ×(1 + r) t = FV t PV=FV t /(1 + r) r = FV t ×[1/(1 + r) t ] 4.72规则：本金在t 年内翻一番： t r% 72 = 第5章 1. 年金现值，t 阶段，每阶段年金为C ，收益率或 者利率为r 的情况下： 年金现值=)r -1(现值系数?C = [] ? ?????+-?r r C t )1/(11= t 2r C r C r C ?++ 2. 年金终值系数 = (终值系数 - 1)/r = [(1 + r)t - 1]/ r 3. 预付年金现值 = 普通年金×(1 + r) 4. 永续年金现值 = C/r = C ×(1/r) 5. 有效年利率(EAR), m 是一年中复利次数 EAR = (1 + 名义利率/m) m - 1 第6章 1. 债券价值。假设一份债权：(1)在到期时面值为F ；(2)每期支付利息为C ；(3)到期时间为t ；(4)要求收益率为r ，那么： 债券价值 = C ×[1 - 1/(1 + r) t ]/r+F/(1 + r) t 债券价值= 券面利息的现值 + 面值的现值 2. 费雪效应：1 + R=(1 + r)×(1 + h) h 代表通货膨胀率 3. 1 + R=(1 + r)×(1 + h) R= r + h + r ×h 4. R ≈r + h 第7章 P 0当前股票价格，P 1为下期的价格，D 1是期末支付的现金股利（下一年得到的股利）。 1. P 0 = R P D ++11 1 2. P 0 = D/R 3. P 0 = g R g D -+?)1(0 = g R D -1 权益总额资产资产 销售收入销售收入净利润??
陈雨露《公司理财》配套题库-章节题库(财务报表分析)【圣才出品】
第二章财务报表分析 一、单选题 1．假定甲公司向乙公司赊销产品，并持有丙公司的债券和丁公司的股票，且向戊公司支付公司债利息。在不考虑其他条件的情况下，从甲公司的角度看，下列各项中属于本企业与债权人之间财务关系的是（）。（南京大学2011金融硕士） A．甲公司与乙公司之间的关系 B．甲公司与丙公司之间的关系 C．甲公司与丁公两之间的关系 D．甲公司与戊公司之间的关系 【答案】D 【解析】甲公司与乙公司是商业信用关系；甲公司为丙公司的债权人；甲公司是丁公司的股东；戊公司是甲公司的债权人。 2．杜邦财务分析体系的核心指标是（）。（浙江财经学院2011金融硕士） A．总资产报酬率 B．可持续增长率 C．ROE D．销售利润率 【答案】C 【解析】杜邦分析体系是对企业的综合经营理财及经济效益进行的系统分析评价，其恒
等式为：ROE=销售利润率×总资产周转率×权益乘数。可以看到净资产收益率（ROE）反映所有者投入资金的获利能力，反映企业筹资、投资、资产运营等活动的效率，是一个综合性最强的财务比率，所以净资产收益率是杜邦分析体系的核心指标。 3．影响企业短期偿债能力的最根本原因是（）。（浙江财经学院2011金融硕士）A．企业的资产结构 B．企业的融资结构 C．企业的权益结构 D．企业的经营业绩 【答案】D 【解析】短期偿债能力比率是一组旨在提供企业流动性信息的财务比率，有时也被称为流动性指标。它们主要关心企业短期内在不引起不适当压力的情况下支付账单的能力，因此，这些指标关注企业的流动资产和流动负债，但短期偿债能力比率的大小会因行业类型而不同，影响企业短期偿债能力的最根本原因还是企业的经营业绩。 4．市盈率是投资者用来衡量上市公司盈利能力的重要指标，关于市盈率的说法不正确的是（）。（浙江工商大学2011金融硕士） A．市盈率反映投资者对每股盈余所愿意支付的价格 B．市盈率越高表明人们对该股票的评价越高，所以进行股票投资时应该选择市盈率最高的股票 C．当每股盈余很小时，市盈率不说明任何问题 D．如果上市公司操纵利润，市盈率指标也就失去了意义
罗斯公司理财题库全集
Chapter 26 Short-Term Finance and Planning Multiple Choice Questions 1.The length of time between the acquisition of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 2.The length of time between the acquisition of inventory and its sale is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle. 3.The length of time between the sale of inventory and the collection of cash from receivables is called the: A.operating cycle. B.inventory period. C.accounts receivable period. D.accounts payable period. E.cash cycle.
罗斯公司理财题库全
Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.
4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above
公司理财精要版知识点归纳
第一章．公司理财导论 1.企业组织形态：单一业主制、合伙制、股份公司（所有权和管理相分离、相对容易转让 所有权、对企业债务负有限责任，使企业融资更加容易。企业寿命不受限制，但双重课税） 2.财务管理的目标：为了使现有股票的每股当前价值最大化。或使现有所有者权益的市场 价值最大化。 3.股东与管理层之间的关系成为代理关系。代理成本是股东与管理层之间的利益冲突的成 本。分直接和间接。 4.公司理财包括三个领域：资本预算、资本结构、营运资本管理 第二章． 1.在企业资本结构中利用负债成为“财务杠杆”。 2.净利润与现金股利的差额就是新增的留存收益。 ￥ 3.来自资产的现金流量=经营现金流量（OCF）-净营运资本变动-资本性支出 =EBIT+折旧-税 5.净资本性支出=期末固定资产净值-期初固定资产净值+折旧 6.流向债权人的现金流量=利息支出-新的借款净额 7.流向股东的现金流量=派发的股利-新筹集的净权益 第三章 1.现金来源：应付账款的增加、普通股本的增加、留存收益增加 ) 现金运用：应收账款增加、存货增加、应付票据的减少、长期负债的减少 2.报表的标准化：同比报表、同基年度财报 =边际利润（经营效率）X总资产周转率（资产使用效率）X权益乘数（财务杠杆） 4.为何评价财务报表： 内部：业绩评价。外部：评价供应商、短期和长期债权人和潜在投资者、信用评级机构。第四章． 1.制定财务计划的过程的两个维度：计划跨度和汇总。 【 2.一个财务计划制定的要件：销售预测、预计报表、资产需求、筹资需求、调剂、经济假设。 3.销售收入百分比法： 提纯率=再投资率=留存收益增加额/净利润=1-股利支付率 资本密集率=资产总额/销售收入 4.内部增长率=(ROAXb)/(1-ROAXb) 可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。是企业在不增加财务杠杆时所能保持的最大的增长率。（如果实际增长率超过可持续增长率，管理层要考虑的问题就是从哪里筹集资金来支持增长。如果可持续增长率始终超过实际增长率，银行家最好准备讨论投资产品，因为管理层的问题是怎样处理所有的这些富余的现金。） 5.。 6.增长率的决定因素
完整word版公司理财题库答案
单选题： 1.贴现率越大，净现值（ C ）。 [A] 越大 [B] 不变 [C] 越小 [D] 不确定 2.以企业价值最大化作为公司理财目标存在的问题有（ C ）。 [A] 没有考虑资金的时间价值 [B] 没有考虑资金的风险价值 [D] 容易引起企业的短期行为[C] 企业的价值难以评定 3.资金的时间价值相当于没有风险和没有通货膨胀下的（ A ）。 [A] 社会平均资金利润率 [B] 企业利润率 [D] 单利下的利息率[C] 复利下的利息率 4.下列关于名义利率与实际年利率的说法中，正确的是（ B ）。 [A]名义利率是不包含通货膨胀的金融机构报价利率 [B]计息期小于一年时，实际年利率大于名义利率 [C]名义利率不变时，实际年利率随着每年复利次数的增加而呈线性递减 [D]名义利率不变时，实际年利率随着期间利率的递减而呈线性递增 5.在上市公司杜邦财务分析体系中，最具有综合性的财务指标是（ B ）。 [A]营业净利率 [B]净资产收益率 [C]总资产净利率 [D]总资产周转率 6.下列各项中，不会稀释公司每股收益的是（ B ）。 [A]发行认股权证 [B]发行短期融资券 [C]发行可转换公司债券 [D]授予管理层股份期权 7.某公司按照2/20,N/60的条件从另一公司购入价值1000万的货物，由于资金调度的限制，该公司放弃了获取2%现金折扣的机会，公司为此承担的信用成本率是（D）。 [A]2.00% [B]12.00% [C]12.24% [D]18.37% 8.某企业2007年和2008年的营业净利润分别为7%和8%，资产周转率分别为2和1.5，两年的资产负债率相同，与2007年相比，2008年的净资产收益率变动趋势为（ B ）。 [A]上升 [B]下降 [C]不变 [D]无法确定 9.已知甲乙两个方案投资收益率的期望值分别为10%和12%，两个方案都存在投资风险，在比较甲乙两方案风险大小时应使用的指标是（ A ）。 [A]标准离差率 [B]标准差 [C]协方差 [D]方差 10.下列事项中，能够改变特定企业非系统风险的是( C )。 [A]汇率波动 [B]国家加入世界贸易组织 [C]竞争对手被外资并购 [D]货币政策变化 11.下列各项企业财务管理目标中，能够同时考虑资金的时间价值和投资风险因素的是（ D ）。 [A]产值最大化 [B]利润最大化 1 [C]每股收益最大化 [D]企业价值最大化 12.已知某公司股票的β系数为0.5，短期国债收益率为6%，市场组合收益率为10%，则该公司股票的必要收益率为（ B ）。 [A]6% [B]8% [C]10% [D]16% 13.作为整个企业预算编制的起点的是（ A ）。 [A]销售预算 [B]生产预算 [C]现金预算 [D]直接材料预算 14.与生产预算没有直接联系的预算是（ C ）。