12. In computing a project's cost of capital the risk to use is ________.a) the risk of the financing instruments used to fund the projectb) the risk of the project's cash flowsc) a risk-free rated) a historical risk rate using T-bills Answer: (b)13. A capital budgeting project's cost of capital should reflect only the ________ risk of the project, not the project's ________ risk.a) unsystematic, systematicb) unsystematic, market-relatedc) systematic, unsystematicd) systematic, market-related Answer: (c)14. The point of indifference between accepting and rejecting a project is referred to as the ________ point.a) payback b) NPV c) rejection d) break-even Answer: (d)15. Consider a project that has total fixed costs of $400,000, an annual depreciation (based on the straight-line method) of $150,000, annual cash flows of $255,000, and a tax rate of 34%. The difference between the revenue and variable cost (on a per unit basis) is $1,600 (so we use 1,600Q). Determine the break-even volume for this project.a) Q = 443 unitsb) Q = 349 unitsc) Q = 230 unitsd) Q = 194 units Answer: (b) 16. For a project, an initial cash outlay of $1.4 million is made. In year 1 the expected annual cash flow is $900,000, years 2-5 the expected annual cash flow is $1,000,000 and in year 6 the expected annual cash flow is $1.3 million. A cost of capital of 15% is used. The IRR (internal rate of return) is ________.a) 72.1%b) 65.8%c) 51.7%d) 40.0% Answer: (b)17. An initial cash outlay of $1.4 million is made for a capital budgeting project. In year 1, the expected annual cash flow is $900,000, years 2-5, the expected annual cash flow is $1,000,000 and in year 6, the expected annual cash flow is $1.3 million. If a cost of capital of 15% is used, compute the NPV of this project.a) $1,800,000b) $2,100,000c) $2,427,225d) $3,296,790 Answer: (c)18. The ________ is defined as the annual cash payment that has a present value equal to the initial outlay.a) annualized cost of debtb) cost of debtc) cost of financingd) annualized capital cost Answer: (d)19. Project A has an initial $3.5 million capital outlay which is converted into an equivalent seven year annuity at a discount rate of 12% per year. Project B has a $7 million initial capital outlay and will last for 14 years. Project B has the same discount rate as Project A. What is the preferred alternative based on the annualized capital cost?a) Project A; its annualized capital cost = $528,050b) Project A; its annualized capital cost = $766,912c) Project B; its annualized capital cost = $1,056,099d) Project B; its annualized capital cost = $1,533,824 Answer: (b)
12.在计算资本项目的成本风险用途________。<br><br>一)票据融资的风险,用于资助项目<br>二)项目的现金的风险,流动<br>C)无风险利率<br>d)使用国库券历史的风险率<br><br>答案:(B)<br><br><br>13.资本预算项目的资本成本应该只反映了项目的风险________,而不是项目的________风险。<br><br>一)不系统,系统<br>B)固本,市场有关的<br>c)中的系统,非系统性<br>d)系统,市场相关的<br><br>答案:(c)中<br><br><br>14接受和拒绝一个项目之间无差异的点被称为________点。<br><br>一个)回报<br>B)NPV <br>c)中拒绝<br>d)盈亏平衡<br><br>答:(d)<br><br><br>15.考虑$ 150,000有$ 400,000的总固定成本项目,每年的折旧(按直线法),年现金$ 255,000流动,以及34个税税率%。收入和可变成本(以每单位为基础)之间的区别是$ 1,600个(所以我们采用1,600Q)。确定盈亏平衡量为这个项目。<br><br>一个)Q = 443个单位<br>B)Q = 349个单位<br>c)中Q = 230个单位<br>D)Q = 194个单位<br><br>答案:(b)中<br><br><br> <br>16.对于一个项目,140万$的初始现金支出而成。在1年预期年现金流90万$,2-5年预期年现金流为$ 1,000,000,在第6年,预计年现金流为$ 130万美元。15%的资本成本时使用。该IRR(内部收益率)是________。<br><br>A)72.1%<br>B)65.8%<br>C)51.7%<br>d)40.0%<br><br>答:(B)<br><br><br>17. 140万$的初始现金支出为资本预算项目制作。在1年,预期年现金流90万$,2-5年,预计全年现金流为$ 1,000,000,在今年6,预期全年现金流为$ 130万美元。如果使用的15%的资本成本,计算该项目的NPV。<br><br>一)$ 1,800,000 <br>B)$ 2,100,000 <br>c)条$二四二七二二五<br>d)3296790 $ <br><br>答案:(C)<br><br><br>18. ________被定义为每年的现金支付,其具有当前值等于初始费用。<br><br>债务)年度成本<br>二)债务的成本<br>C)融资成本<br>年率d)资本成本<br><br>答:(d)<br><br><br>19.项目A的初始$ 3.5亿美元的资本支出,其以折扣率换算成等效7年年金每年12%。项目B有$ 700万的初始资金投入,将持续14年。项目B具有相同的贴现率项目A.是根据年度资金成本的首选替代呢?<br><br>a)项目A; 其年度资本成本= $ 52.805万<br>b)项目A; 其年度资本成本= $七六六九一二<br>c)项目B; 其年度资本成本= $一百零五万六千零九十九<br>d)项目B; 其年度资本成本= $ 1533824 <br><br>答案:(B)
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