MOOC 财务管理(ACCA F9)-浙江工商大学 中国大学慕课答案

MOOC财务管理(ACCAF9)-浙江工商大学中国大学慕课答案第1章测试1、问题：Whichofthefollowingstatementsarecorrect?MaximizingmarketshareisanexampleofafinancialobjectiveShareholderwealthmaximizationistheprimaryfinancialobjectiveforacompanylistedonastockexchangeFinancialobjectivesshouldbequantitativesothattheirachievementcanbemeasured选项：A、1and2onlyB、1and3onlyC、2and3onlyD、1,2and3正确答案:【2and3only】2、问题：GreenCo,alistedcompany,hadthefollowingsharepricesduringtheyearended31December20X5:Atstartof20X5$2.50Highestpriceintheyear$3.15Lowestpriceintheyear$2.40Atendof20X5$3.00Duringtheyear,GreenCopaidatotaldividendof$0.15pershare.Whatisthetotalshareholderreturnfor20X5?选项：A、26%B、22%C、32%D、36%正确答案:【26%】3、问题：WhichofthefollowingstatementsaboutFenceCodirectors’remunerationpackageis/arecorrect?(1)Directors’remunerationshouldbedeterminedbyseniorexecutivedirectors(2)Introducingashareoptionschemewouldhelpbringdirectors’objectivesinlinewithshareholders’objectives(3)Linkingfinancialrewardstoatargetreturnoncapitalemployedwillencourageshort-termprofitabilityanddiscouragecapitalinvestment选项：A、2onlyB、1and3onlyC、2and3onlyD、1,2and3正确答案:【2and3only】4、问题：Whichofthefollowingwouldyouexpecttobetheresponsibilityoffinancialmanagement?选项：A、ProducingannualaccountsB、ProducingmonthlymanagementaccountsC、Advisingoninvestmentinnon-currentassetsD、Decidingpayratesforstaff正确答案:【Advisingoninvestmentinnon-currentassets】5、问题：Whichofthefollowingstatementsconcerningprofitarecorrect?1.Accountingprofitisnotthesameaseconomicprofit2.Profittakesaccountofrisk3.Accountingprofitcanbemanipulatedbymanagers选项：A、1and3onlyB、1and2onlyC、2and3onlyD、1,2and3正确答案:【1and3only】6、问题：Whichofthefollowingstatementsiscorrect?选项：A、OneoftheproblemswithmaximisingaccountingprofitasafinancialobjectiveisthataccountingprofitcanbemanipulatedB、AtargetforaminimumlevelofdividendcoverisatargetforaminimumdividendpayoutratioC、ThewelfareofemployeesisafinancialobjectiveD、Onereasonshareholdersareinterestedinearningspershareisthataccountingprofittakesaccountofrisk正确答案:【Oneoftheproblemswithmaximisingaccountingprofitasafinancialobjectiveisthataccountingprofitcanbemanipulated】7、问题：WhichofthefollowingisLEASTlikelytofallwithinfinancialmanagement?选项：A、ThedividendpaymenttoshareholdersisincreasedB、FundsareraisedtofinanceaninvestmentprojectC、SurplusassetsaresoldoffD、Non-executivedirectorsareappointedtotheremunerationcommittee正确答案:【Non-executivedirectorsareappointedtotheremunerationcommittee】8、问题：Thefollowinginformationrelatestoacompany:Year0123Earningspershare(cents)30·031·833·935·7Dividendspershare(cents)13·013·213·315·0Sharepriceatstartofyear($)1·951·982·012·25Whichofthefollowingstatementsiscorrect?选项：A、Thedividendpayoutratioisgreaterthan40%ineveryyearintheperiodB、Meangrowthindividendspershareovertheperiodis4%C、Totalshareholderreturnforthethirdyearis26%D、Meangrowthinearningspershareovertheperiodis6%peryear正确答案:【Meangrowthinearningspershareovertheperiodis6%peryear】9、问题：Whichofthefollowingstatementsistrue?选项：A、Valueformoneyisusuallytakentomeaneconomy,efficiencyandengagementB、CumdividendmeansthebuyeroftheshareisnotentitledtoreceivethedividendshortlytobepaidC、ThedividendpayoutratiocomparesthedividendpersharewiththemarketpricepershareD、Theagencyproblemmeansthatshareholderwealthisnotbeingmaximized正确答案:【Theagencyproblemmeansthatshareholderwealthisnotbeingmaximized】10、问题：IncreasingwhichTWOofthefollowingwouldbeassociatedwiththefinancialobjectiveofshareholderwealthmaximization?选项：A、SharepriceB、DividendpaymentC、ReportedprofitD、Earningspershare正确答案:【Shareprice#Dividendpayment】第2章测试1、问题：Whichofthefollowingfactorscannotinfluencethelevelofexchangerates?选项：A、ComparativeinflationratesB、BalanceofpaymentsC、MonetaryliquidityD、Speculation正确答案:【Monetaryliquidity】2、问题：Whatisthesituationcalledwhenthereisonlyonefirm,thesoleproducerofagood,whichhasnocloselycompetingsubstitutes?选项：A、DuopolyB、OligopolyC、MonopolyD、Totopoly正确答案:【Monopoly】3、问题：Whatarelikelytobethemainaimsofagovernment'seconomypolicy?选项：A、EconomicgrowthB、ControlofpriceinflationC、FullemploymentD、Balancebetweenimportsandexports正确答案:【Economicgrowth#Controlofpriceinflation#Fullemployment#Balancebetweenimportsandexports】4、问题：Whatarethereasonsforgovernmentinterventioninmarkets？选项：A、ImperfectcompetitionB、Socialcosts/externalitiesC、ImperfectinformationD、Equity正确答案:【Imperfectcompetition#Socialcosts/externalities#Imperfectinformation】5、问题：Agovernment'sfiscalpolicyisconcernedwithtaxation,borrowingandspendingandtheireffectsontheeconomy.Monetarypolicyisconcernedwithmoneyandinterestrates选项：A、正确B、错误正确答案:【正确】6、问题：Ahighinterestrateattractsforeigninvestment,thusincreasingthedemandforthecurrency.Theexchangeraterisesasaresult.选项：A、正确B、错误正确答案:【正确】7、问题：Externalitiesarepositiveeffectsonthirdpartiesresultingfromproductionandconsumptionactivities.选项：A、正确B、错误正确答案:【错误】8、问题：Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.选项：A、正确B、错误正确答案:【正确】第3章测试1、问题：Whichofthefollowingisnotafinancialintermediary?选项：A、unittrustcompaniesB、investmenttrustsC、venturecapitalorganisationsD、Theanswersaboveareallwrong.正确答案:【Theanswersaboveareallwrong.】2、问题：Whichofthefollowingtypesofinvestmentcarriesthehighestlevelofrisk?选项：A、CompanybondsB、PreferencesharesC、GovernmentbondsD、Ordinaryshares正确答案:【Ordinaryshares】3、问题：Forshort-termborrowing,acompanywillgotothecapitalmarkets.选项：A、正确B、错误正确答案:【错误】4、问题：Stockexchangeisamoneymarket.选项：A、正确B、错误正确答案:【错误】5、问题：IfanIndiancompanyborrowsUSdollarsinAustralia,theloanisknownasanEurocurrencyloan.选项：A、正确B、错误正确答案:【正确】第4章测试1、问题：Whichofthefollowingisthemostlikelytobeasymptomofovertrading?选项：A、StaticlevelsofinventoryturnoverB、RapidincreaseinprofitsC、IncreaseinthelevelofthecurrentratioD、Rapidincreaseinsales正确答案:【Rapidincreaseinsales】2、问题：Whichofthefollowingstatementsbestdefinesthecurrentratio?选项：A、TheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.B、TheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.C、TheratioofcurrentassetsexcludinginventoryForthemajorityofbusinessesitshouldbeatleast1.D、TheratioofcurrentassetsexcludinginventorytocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast2.正确答案:【TheratioofcurrentassetstocurrentliabilitiesForthemajorityofbusinessesitshouldbeatleast1.】3、问题：Whichistheworkingcapitalrequirementofacompanywiththefollowingaveragefiguresoverayear?Inventory3,750Tradeaccountsreceivable1,500Cashandbankbalances500Tradeaccountspayable1,800选项：A、3950B、3900C、3980D、4000正确答案:【3950】4、问题：Thatacompanywithexcessiveinvestmentinworkingcapitalisover-capitalisation?选项：A、正确B、错误正确答案:【正确】5、问题：Thatcompanytryingtosupporttoolargeavolumeoftradewiththecapitalresourcesatitsisdisposalovertrading?选项：A、正确B、错误正确答案:【正确】第5章测试1、问题：SwapCoisduetoreceivegoodscosting$2,500.Thetermsoftradestatethatpaymentmustbereceivedwithinthreemonths.However,adiscountof1.5%willbegivenforpaymentwithinonemonth.Whichofthefollowingistheannualpercentagecostofignoringthediscountandpayingwithinthreemonths?选项：A、6.23%B、9.34%C、6.14%D、9.49%正确答案:【9.49%】2、问题：Whichofthefollowingisanadvantageofimplementingjust-in-timeinventorymanagement?选项：A、QualitycontrolcostswillbeeliminatedB、MonthlyfinancecostsincurredinholdinginventorywillbekeptconstantC、ThefrequencyofrawmaterialsdeliveriesisreducedD、Theamountofobsoleteinventorywillbeminimized正确答案:【Theamountofobsoleteinventorywillbeminimized】3、问题：Whichofthefollowingstatementsis/arecorrect?(1)Factoringwithrecourseprovidesinsuranceagainstbaddebts(2)Theexpertiseofafactorcanincreasetheefficiencyoftradereceivablesmanagementforacompany选项：A、2onlyB、1onlyC、Neither1nor2D、1and2正确答案:【2only】4、问题：WhichofthefollowingwouldbeLEASTlikelytoarisefromtheintroductionofajust-in-timeinventoryorderingsystem?选项：A、LowerinventoryholdingcostsB、LessriskofinventoryshortagesC、MorefrequentdeliveriesD、Increaseddependenceonsuppliers正确答案:【Lessriskofinventoryshortages】5、问题：WhichofthefollowingisNOTgenerallyabenefitofa'justintime'approach?选项：A、LowerinventorylevelsB、BetterproductcustomisationC、EaseofproductionschedulingD、Higherquality正确答案:【Easeofproductionscheduling】6、问题：XYZCohasannualcreditsalesof$20millionandaccountsreceivableof$4million.Workingcapitalisfinancedbyanoverdraftat12%interestperyear.Assume365daysinayear.Whatistheannualfinancialeffectifmanagementreducesthecollectionperiodto60daysbyofferinganearlysettlementdiscountof1%thatallcustomersadopt?选项：A、$85,479benefitB、$114,521costC、$85,479costD、$285,479benefit正确答案:【$114,521cost】7、问题：Whichofthefollowingservicesmaybeprovidedbyadebtfactor?1.Baddebtinsurance2.Advancementofcredit3.Receivablesledgermanagement4.Managementofdebtcollectionprocesses选项：A、1,2and4onlyB、1and4onlyC、1,2and3onlyD、1,2,3and4正确答案:【1,2,3and4】8、问题：WhichofthefollowingisNOTapotentialhiddencostofincreasingcredittakenfromsuppliers?选项：A、DamagetogoodwillB、EarlysettlementdiscountslostC、BusinessdisruptionD、Increasedriskofbaddebts正确答案:【Increasedriskofbaddebts】9、填空题：TSCohasdailydemandforballbearingsof40adayforeachofthe250workingdays(50weeks)oftheyear.Theballbearingsarepurchasedfromalocalsupplierfor$2each.Thecostofplacinganorderis$64perorder,regardlessofthesizeoftheorder.Theinventoryholdingcosts,expressedasapercentageofinventorypurchaseprice,is25%perannum.Whatistheeconomicorderquantity?ballbearings正确答案:【1600】10、填空题：EECohascalculatedthefollowinginrelationtoitsinventories.Bufferinventorylevel50unitsOrdersize250itemsFixedordercosts$50perorderCostofholdingontooneitempa$1.25peryearAnnualdemand10,000itemsPurchaseprice$2peritemWhatarethetotalinventoryrelatedcostsforayear(tothenearestwhole$)?$正确答案:【22219】第6章测试1、问题：PopCoisswitchingfromusingmainlylong-termfixedratefinancetofunditsworkingcapitaltousingmainlyshort-termvariableratefinance.WhichofthefollowingstatementsaboutthechangeinPopCo’sworkingcapitalfinancingpolicyistrue?选项：A、FinancecostswillincreaseB、Re-financingriskwillincreaseC、InterestrateriskwilldecreaseD、Overcapitalizationriskwilldecrease正确答案:【Re-financingriskwillincrease】2、问题：Acompanyneeds$150,000eachyearforregularpayments.Convertingthecompany’sshort-terminvestmentsintocashtomeettheseregularpaymentsincursafixedcostof$400pertransaction.Theseshort-terminvestmentspayinterestof5%peryear,whilethecompanyearnsinterestofonly1%peryearoncashdeposits.AccordingtotheBaumolModel,whatistheoptimumamountofshort-terminvestmentstoconvertintocashineachtransaction?选项：A、$38,730B、$48,990C、$54,772D、$63,246正确答案:【$54,772】3、问题：Whichstatementbestreflectsanaggressiveworkingcapitalfinancepolicy?选项：A、Moreshort-termfinanceisusedbecauseitischeaperalthoughitisrisky.B、Investorsareforcedtoacceptlowerratesofreturn.C、Morelong-termfinanceisusedasitislessrisky.D、Inventorylevelsarereduced.正确答案:【Moreshort-termfinanceisusedbecauseitischeaperalthoughitisrisky.】4、问题：Acompanyispreparingitscashflowforecastforthenextfinancialperiod.WhichTHREEofthefollowingitemsshouldbeincludedinthecalculations?选项：A、AcorporationtaxpaymentB、AdividendreceiptfromashortterminvestmentC、ThereceiptoffundingforthepurchaseofanewvehicleD、Abaddebtwrittenoff正确答案:【Acorporationtaxpayment#Adividendreceiptfromashortterminvestment#Thereceiptoffundingforthepurchaseofanewvehicle】5、问题：WhataretheTWOkeyrisksfortheborrowerassociatedwithshort-termworkingcapitalfinance?选项：A、RateriskB、RenewalriskC、InflexibilityD、Maturitymismatch正确答案:【Raterisk#Renewalrisk】6、问题：Althoughcashneedstobeinvestedtoearnreturns,businessesneedtokeepacertainamountreadilyavailable.WhichTHREEofthefollowingarereasonsforholdingcash?选项：A、MovementmotiveB、TransactionsmotiveC、PrecautionarymotiveD、Investmentmotive正确答案:【Transactionsmotive#Precautionarymotive#Investmentmotive】7、问题：ThetreasurydepartmentinTBCohascalculated,usingtheMiller-Orrmodel,thatthelowestcashbalancetheyshouldhaveis$1m,andthehighestis$10m.Ifthecashbalancegoesabove$10mtheytransferthecashintomoneymarketsecurities.Arethefollowingtrueorfalse?1.Whenthebalancereaches$10mtheywouldbuy$6mofsecurities选项：A、正确B、错误正确答案:【正确】8、问题：ThetreasurydepartmentinTBCohascalculated,usingtheMiller-Orrmodel,thatthelowestcashbalancetheyshouldhaveis$1m,andthehighestis$10m.Ifthecashbalancegoesabove$10mtheytransferthecashintomoneymarketsecurities.Arethefollowingtrueorfalse?Whenthecashbalancefallsto$1mtheywillsell$3mofsecurities选项：A、正确B、错误正确答案:【正确】9、问题：ThetreasurydepartmentinTBCohascalculated,usingtheMiller-Orrmodel,thatthelowestcashbalancetheyshouldhaveis$1m,andthehighestis$10m.Ifthecashbalancegoesabove$10mtheytransferthecashintomoneymarketsecurities.Arethefollowingtrueorfalse?3.Ifthevarianceofdailycashflowsincreasesthespreadbetweenupperandlowerlimitwillbeincreased.选项：A、正确B、错误正确答案:【正确】10、填空题：JPCohasbudgetedthatsaleswillbe$300,100inJanuary20X2,$501,500inFebruary,$150,000inMarchand$320,500inApril.Halfofsaleswillbecreditsales.80%ofreceivablesareexpectedtopayinthemonthaftersale,15%inthesecondmonthaftersale,whiletheremaining5%areexpectedtobebaddebts.Receivableswhopayinthemonthaftersalecanclaima4%earlysettlementdiscount.WhatlevelofsalesreceiptsshouldbeshowninthecashbudgetforMarch20X2(tothenearest$)?正确答案:【290084】第7章测试1、问题：NWcompanyisconsideringinvesting$46,000inanewdeliverylorrythatwilllastfor4years,afterwhichtimeitwillbesoldfor$7,000.Depreciationischargeonastraight-linebasis.Forecastoperatingprofits/lossestobegeneratedbythemachineareasfollows.Year1234$16,50023,50013,500(1,500)WhatistheROCEforthelorry(usingtheaverageinvestmentmethod)?选项：A、70%B、28%C、49%D、36%正确答案:【49%】2、问题：Thesameinformationwithexample1.whatisthepaybackperiodforthisinvestment(tothenearestmonth)?选项：A、1year7monthsB、2years7monthsC、1year5monthsD、3year2months正确答案:【1year7months】3、问题：Whichofthefollowingarebenefitsofthereturnoncapitalemployedmethodofinvestmentappraisal?1.Itconsidersthewholeproject2.Itiscashflowbased3.Itisapercentagewhich,beingmeaningfultonon-financeprofessionals,helpscommunicatethebenefitsofinvestmentdecisions.选项：A、1,2and3B、1and3onlyC、1,and2onlyD、2and3only正确答案:【1and3only】4、问题：SWCohasabarrelofchemicalsinitswarehousethatitpurchasedforaprojectawhileagoatacostof$1,000.Itwouldcost$400foraprofessionaldisposalcompanytocollectthebarrelanddisposeofitsafely.However,thechemicalscouldbeusedinapotentialprojectwhichiscurrentlybeingassessed.Whatistherelevantcostofusingthechemicalsinanewprojectproposal?选项：A、$1,000costB、$400benefitC、$400costD、Zero正确答案:【$400benefit】5、问题：AnewprojectbeingconsideredbyBLWCowouldrequire1,000hoursofskilledlabour.Thecurrentworkforceisalreadyfullyemployedbutmoreworkerscanbehiredinatacostof$20perhour.Thecurrentworkersarepaid$15perhouronaprojectthatearnsacontributionof$10perhour.Whatistherelevantcostoflabourtobeincludedintheprojectappraisal?选项：A、$10,000B、$15,000C、$20,000D、$25,000正确答案:【$20,000】6、问题：LWCohasahalfemptyfactoryonwhichitpays$5,000parent.Ifittakesonanewproject,itwillhavetomovetoanewbiggerfactorycosting$17,000paanditcouldrenttheoldfactoryoutfor$3,000pauntiltheendofthecurrentlease.Whatistherentalcosttobeincludedintheprojectappraisal?选项：A、$14,000B、$17,000C、$9,000D、$19,000正确答案:【$14,000】7、问题：EECoisconsideringinvestinginanew40-yearprojectwhichwillrequireaninitialinvestmentof$50,000(withzeroscrapvalue)andhasapaybackperiodof20years.The40yearprojecthasconsistentcashflowseachyear.Whatisthereturnoncapitalemployed(usingtheaverageinvestmentmethod)?选项：A、2.5%B、10%C、7.5%D、5%正确答案:【5%】8、问题：Anaccountantispaid$30,000perannumandspendstwoweeksonemonthworkingonappraisingprojectAlpha.WhyshouldtheaccountantNOTchargehalfofhismonth’ssalarytotheproject?选项：A、BecausehissalarycannotbeapportionedB、BecausehissalaryisnotincrementalC、BecausehissalaryisnotacashflowD、Becausehissalaryisanopportunitycost正确答案:【Becausehissalaryisnotincremental】9、问题：Whichofthefollowingisadrawbackofthepaybackperiodmethodofinvestmentappraisal?选项：A、ItiscashflowbasedB、ItconsidersthetimevalueofmoneyC、Itdoesn'tmeasurethepotentialimpactonshareholderwealthD、Itisprofitbased正确答案:【Itdoesn'tmeasurethepotentialimpactonshareholderwealth】10、问题：WhichofthefollowingstatementsisNOTcorrect?选项：A、Returnoncapitalemployedcanbedefinedasprofitbeforeinterestandtaxdividedbythesumofshareholders’fundsandpriorchargecapitalB、ReturnoncapitalemployedistheproductofnetprofitmarginandnetassetturnoverC、DividendyieldcanbedefinedasdividendpersharedividedbytheexdividendsharepriceD、Returnonequitycanbedefinedasprofitbeforeinterestandtaxdividedbyshareholders’funds正确答案:【Returnonequitycanbedefinedasprofitbeforeinterestandtaxdividedbyshareholders’funds】第8章测试1、问题：Aninvestorhasacostofcapitalof10%.Sheisduetoreceivea5-yearannuitystartingin3year’timeof$7,000perannum.Whatlumpsumamountwouldyouneedtooffertodaytomakeherindifferentbetweentheannuityandyouroffer?选项：A、$26,537B、$19,936C、$16,667D、$21,924正确答案:【$21,924】2、问题：JCWcompanyisappraisinganopportunitytoinvestinsomenewmachinethathasthefollowingcashflows.Initialinvestment$40,000Netcashinflowsfor5yearsinadvance$12,000perannumDecommissioningcostsafter5years$15,000Atacostofcapitalof10%whatistheNPVofthisproject(tothenearest$100)?选项：A、negative$3,800B、positive$14,800C、positive$700D、negative$11,275正确答案:【positive$700】3、问题：Thesameinformationwithexample2.Whatistheinternalrateofreturnoftheproject(tothenearestwhole%)?选项：A、12%B、10%C、14%D、9%正确答案:【12%】4、问题：FourmutuallyexclusiveprojectshavebeenappraisedusingNPV,IRR,ROCE,andPP.thecompanyobjectiveistomaximizeshareholderwealth.Whichshouldbechose?NPVIRRROCEPPprojectA$1m40%34%4yearsprojectB$1.1m24%35%2.5yearsprojectC$0.9m18%25%3yearsprojectD$1.5m12%18%7years选项：A、projectAB、projectBC、projectCD、projectD正确答案:【projectD】5、问题：Anewspaperreaderhaswonfirstprizeinanationalcompetitionandtheyhaveachoiceastohowtheytaketheprize:Option1Take$90,000perannumindefinitelystartingin3years'time(andbequeaththisrighttotheirchildrenandsoon);orOption2Takealumpsumof$910,000in1year'stimeAssumingacostofcapitalof10%,whichwouldyouadviseandwhy?选项：A、Option1because$90,000paindefinitelyisaninfiniteamountofmoneycomparedtoaone-offpayment.B、Option1becauseitisworthmoreinpresentvalueterms.C、Option2becauseitisworthmoreinpresentvalueterms.D、Option2becausethelumpsumhastheflexibilitytobeinvestedandearnalargerreturnthan$90,000pa正确答案:【Option2becauseitisworthmoreinpresentvalueterms.】6、问题：Aleaseagreementhasanetpresentvalueof($26,496)atarateof8%.Theleaseinvolvesanimmediatedownpaymentof$10,000followedbyfourequalannualpayments.Whatistheamountoftheannualpayment?选项：A、$11,020B、$4,981C、$11,513D、$14,039正确答案:【$4,981】7、问题：Pauloplanstobuyaholidayvillainfiveyears’timeforcash.Heestimatesthecostwillbe$1.5m.Heplanstosetasidethesameamountoffundseachyearfor5years,startingimmediatelyandearningarateof10%interestperannumcompound.Tothenearest$100,howmuchdoesheneedtosetasideeachyear?选项：A、$223,400B、$245,600C、$359,800D、$395,600正确答案:【$223,400】8、问题：Acompanyisevaluatinganinvestmentprojectwiththefollowingforecastcashflows:Year01234Cashflow($m)(6·5)2·43·12·11·8Usingdiscountratesof15%and20%,whatistheinternalrateofreturnoftheinvestmentproject?选项：A、15.8%B、17.2%C、17.8%D、19.4%正确答案:【17.8%】9、问题：Whichofthefollowingstatementsaboutnetpresentvalue(NPV)andinternalrateofreturn(IRR)isaccurate?选项：A、TwoNPVcalculationsareneededtoestimatetheIRRusinglinearinterpolation.B、ThegraphicalapproachtoIRRisonlyanestimate;linearinterpolationusingtheformulaisrequiredforapreciseanswer.C、TheIRRisunique.D、AnIRRgraphwithNPVonthe'Y'axisanddiscountrateonthe'X'axiswillhaveanegativeslope.正确答案:【TwoNPVcalculationsareneededtoestimatetheIRRusinglinearinterpolation.】10、问题：WhichTWOofthefollowingareadvantagesoftheinternalrateofreturn(IRR)approachtoinvestmentappraisal?1.Cleardecisionrule2.Takesintoaccountthetimevalueofmoney3.Assumesfundsarere-investedattheIRR4.Considersthewholeproject选项：A、1,2and4onlyB、2,3and4onlyC、2and4onlyD、1,2and3only正确答案:【2and4only】第9章测试1、问题：SWcompanyhasabarrelofchemicalsinitswarehousethatitpurchasedforaprojectawhileagoatacostof$1,000.Itwouldcost$400foraprofessionaldisposalcompanytocollectthebarrelanddisposeofitsafely.However,thechemicalscouldbeusedinapotentialprojectwhichiscurrentlybeingassessed.Whatistherelevantcostofusingthechemicalsinanewprojectproposal?选项：A、$1,000costB、$400benefitC、$400costD、zero正确答案:【$400benefit】2、问题：SWCohasa31Decemberyearendandpayscorporationtaxatarateof30%,12monthsaftertheendoftheyeartowhichthecashflowsrelate.Itcanclaimtaxallowabledepreciationatarateof25%reducingbalance.Itpays$1mforamachineon31December20X4.SWCo'scostofcapitalis10%.Whatisthepresentvalueon31December20X4ofthebenefitofthefirstportionoftaxallowabledepreciation?选项：A、$250,000B、$227,250C、$68,175D、$75,000正确答案:【$68,175】3、问题：Acompanyreceivesaperpetuityof$20,000perannuminarrears,andpays30%corporationtax12monthsaftertheendoftheyeartowhichthecashflowsrelate.Atacostofcapitalof10%,whatistheaftertaxpresentvalueoftheperpetuity?选项：A、$140,000B、$145,454C、$144,000D、$127,274正确答案:【$145,454】4、问题：Aprojecthasthefollowingprojectedcashinflows.Year1100,000Year2125,000Year3105,000Workingcapitalisrequiredtobeinplaceatthestartofeachyearequalto10%ofthecashinflowforthatyear.Thecostofcapitalis10%.Whatisthepresentvalueoftheworkingcapital?选项：A、$NilB、$(30,036)C、$(2,735)D、$33,000正确答案:【$(2,735)】5、问题：AWConeedstohave$100,000workingcapitalinplaceimmediatelyforthestartofa2yearproject.Theamountwillstayconstantinrealterms.Inflationisrunningat10%perannum,andAWCo'smoneycostofcapitalis12%.Whatisthepresentvalueofthecashflowsrelatingtoworkingcapital?选项：A、A.$(21,260)B、$(20,300)C、$(108,730)D、$(4,090)正确答案:【A.$(21,260)】6、问题：NCWCoisconsideringinvesting$10,000immediatelyina1yearprojectwiththefollowingcashflows.Income$100,000Expenses$35,000Thecashflowswillariseattheendoftheyear.Theabovearestatedincurrentterms.Incomeissubjectto10%inflation;expenseswillnotvary.Therealcostofcapitalis8%andgeneralinflationis2%.Usingthemoneycostofcapitaltothenearestwhole%,whatisthenetpresentvalueoftheproject?选项：A、$68,175B、$60,190C、$58,175D、$78,175正确答案:【$58,175】7、问题：AMCowillreceiveaperpetuitystartingin2years'timeof$10,000perannum,increasingbytherateofinflation(whichis2%).Whatisthepresentvalueofthisperpetuityassumingamoneycostofcapitalof10.2%?选项：A、$90,910B、$125,000C、$115,740D、$74,403正确答案:【$115,740】8、问题：FWCoisexpectinganetoftaxreceiptof$10,000(inrealterms)in1year'stime.IfFWCoexpectsinflationtoincrease,whatimpactwillthishaveonthepresentvalueofthatreceipt?选项：A、NilB、ReduceC、IncreaseD、Cannotsay正确答案:【Nil】9、问题：JuicyCoisconsideringinvestinginanewindustrialjuicerforuseonanewcontract.Itwillcost$150,000andwilllast2years.JuicyCopayscorporationtaxat30%(asthecashflowsoccur)and,duetothehealthbenefitsofjuicing,themachineattracts100%taxallowabledepreciationimmediately.Givenacostofcapitalof10%,whatistheminimumvalueofthepre-taxcontractrevenuereceivablein2yearswhichwouldberequiredtorecoverthenetcostofthejuicer?选项：A、$150,000B、$105,000C、$127,050D、$181,500正确答案:【$181,500】10、问题：Whichofthefollowingistrueaboutthe'inflation'figurethatisincludedinthemoneycostofcapital?选项：A、Itishistoricandspecifictothebusiness.B、Itishistoricgeneralinflationsufferedbytheinvestors.C、Itisexpectedandspecifictothebusiness.D、Itisexpectedgeneralinflationsufferedbytheinvestors.正确答案:【Itisexpectedgeneralinflationsufferedbytheinvestors.】第10章测试1、问题：Aninvestmentprojecthasacostof$12,000,payableatthestartofthefirstyearofoperation.Thepossiblefuturecashflowsarisingfromtheinvestmentprojecthavethefollowingpresentvaluesandassociatedprobabilities:PVofPVofYear1cashflow($)ProbabilityYear2cashflow($)Probability16,0000·1520,0000·7512,0000·60(2,000)0·25(4,000)0·25Whatistheexpectedvalueofthenetpresentvalueoftheinvestmentproject?选项：A、$11,850B、$28,700C、$11,100D、$76,300正确答案:【$11,100】2、问题：Whichofthefollowingstatementsarecorrect?(1)Thesensitivityofaprojectvariablecanbecalculatedbydividingtheprojectnetpresentvaluebythepresentvalueofthecashflowsrelatingtothatprojectvariable(2)Theexpectednetpresentvalueisthevalueexpectedtooccurifaninvestmentprojectwithseveralpossibleoutcomesisundertakenonce(3)Thediscountedpaybackperiodisthetimetakenforthecumul