英文p2investment decision知識(shí)點(diǎn)選題60道答案解析

A.B.C.D.您的答案：未作答正確答案題目翻譯300,000，使用直折舊，會(huì)計(jì)上年限5年，稅法要求3年。在第年年末，設(shè)備的去除成本是0,0，處置價(jià)格是3,0,營運(yùn)資本要增加0,0，產(chǎn)品的售價(jià)0，材料和人工成本是每位6，每年的間接成本會(huì)增加5,00，稅率，求在計(jì)算V中第年的凈現(xiàn)金流考點(diǎn)：thecalculationofincrementalcash：attime+$300,000+顯示答顯示答題點(diǎn)擊提問，或查看大家對(duì)本題的回答第2 平均正確率Thestageofthecapitalraisingfundstoinitiallysupporttheforecastingcash您的答案：未作答正確答案資本預(yù)算的哪個(gè)過程風(fēng)險(xiǎn)最A(yù).籌集初始B.確認(rèn)可能的項(xiàng)目C.績效評(píng)估和學(xué)習(xí) 考點(diǎn):資本預(yù)算:capitalbudgeting解題思路：了解資本預(yù)算過程,識(shí)別風(fēng)險(xiǎn)最大的環(huán)節(jié)，所有環(huán)節(jié)中，風(fēng)險(xiǎn)最大的過程是預(yù)測現(xiàn)金流，因?yàn)辄c(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第3 平均正確率 isconsideringthepurchaseofanewmachinetoreceafive-yearoldmachineandhasgatheredthefollowinginformation:If recestheoldmachinewiththenewmachine,whatisthecashflowinperiod您的答案：未作答正確答案題目翻譯公司正在慮臺(tái)新設(shè)來代替經(jīng)使用了的老備，提可以下：新機(jī)器的價(jià)格 5000新機(jī)器的安裝成 4舊機(jī)器的市場價(jià)格（價(jià)格）5舊機(jī)器的賬面價(jià) 000如果新機(jī)器已安裝，凈營運(yùn)資本的增加 000有效的所得稅稅 考點(diǎn)：Calculatingtheincrementalcashflows：nperiod0設(shè)備購置成本=50資本化費(fèi)用=4營運(yùn)資本流出=1舊設(shè)備處置凈流入=5-（5- 初始現(xiàn)金流出=50+4+1-點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第4 平均正確率CalamityCauliflowerCorporationisconsideringundertakingacapitalproject.The wouldhavetocommit$24,000ofworkingcapitalinadditiontoanimmediateoutlayof$160,000fornewequipment.Theprojectisexpectedtogenerate$100,000ofannual efor10years.Attheendofthattime,thenewequipment,whichwillbedepreciatedonastraight-linebasis,isexpectedtohaveasalvagevalueof$10,000Theexistingequipmentthatwouldbesoldtomakeroomfortheprojecthasahistoricalcostof$220,000andaccumulateddepreciationof$208,000.Ithasanestimatedremainingusefullifeof2yearsandtheremainingcarryingamountisbeingdepreciatedonastraight-linebasis.Ascrapdealerhasagreedtobuyitfor$8,’seffectivetaxrateis40%.Iftheprojectisaccepted,CalamityCauliflower’sexpectednetcashinflowattheendofthefirstyearis您的答案：未作答正確答案題目翻譯CalamityCauliflower企業(yè)正考慮采取一個(gè)資本項(xiàng)目，新設(shè)備的購置成本是160K，營運(yùn)資本是24K，這個(gè)項(xiàng)目每年可以產(chǎn)生100K的收入，持續(xù)10年。在期末，新設(shè)備預(yù)計(jì)殘值是10K，使用直折舊。舊設(shè)備的歷史成本是20,累積折舊是20K，預(yù)計(jì)剩余使用年限年，使用直折舊，可以賣出K的價(jià)格，稅率4，求第一年年末的凈現(xiàn)金流：attheendofthefirst解題思路：第一年年末就是期間增量凈現(xiàn)金流=(收入–費(fèi)用)×(1–稅率)+折舊費(fèi)用×稅率 收入-費(fèi)用 折舊費(fèi)用=新設(shè)備折舊額-舊設(shè)備折舊 新設(shè)備折舊額=(160- 舊設(shè)備折舊=（220-期間增量凈現(xiàn)金流=100*0.6+（15-點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第5 平均正確率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.AfiveyearMACRSdepreciationschedule(20%,32%,19.2%,11.52%,11.52%,5.76%)withthehalf-yearconventionwillbeemployed.Existingequipment,withabookvalueof$100,000andanestimatedmarketvalueof$80,000,willbesoldimmediayafterinstallationofthenewequipment.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.After-taxcashflowforthefirstyearoftheprojectwouldamountto您的答案：未作答正確答案題目翻譯S公司用折現(xiàn)現(xiàn)金流分析資本投資.新設(shè)備花費(fèi)250000,安裝和的25000需要資本化.5年的折舊率如下(20%,32%,19%,14.5%,14.5%)舊設(shè)備會(huì)在新設(shè)備安裝后立刻被，舊設(shè)備的稅基是10,0，預(yù)計(jì)市價(jià)8,0，每年的稅前增量現(xiàn)金流是70,稅率是第年項(xiàng)目的稅后凈現(xiàn)金流是多少考點(diǎn)：thecalculationofcash：first解題思路：第1年則是期間增量凈現(xiàn)金流=(費(fèi)用1稅率折舊稅收入-費(fèi)用=$75,000折舊費(fèi)用$250,000$25,00020$55,000期間增量凈現(xiàn)金點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第6 平均正確率TheFinancial ysisDepartmentofStoverInc.has yzedaproposedcapitalinvestmentandcalculatedtheappropriateincrementalcashflowsasfollows.Anetpresentvalue(NPV)ofapproximay$25,000andaninternalrateofreturn(IRR)ofminus29%werecalculatedfortheprojectandtheprojectwassubmittedtotheboardofdirectorsforapproval.Whichoneofthefollowingstatementsiscorrect?IntheIRRcalculation,theproject’scashflowsareassumedtobereinvestedatStover’scostofTheprojecthasanotherIRRinadditiontotheminus29%TheIRRcalculationmusthavecontainedanTheboardofdirectorsshouldnotapprovethe您的答案：未作答正確答案 (100000流 80 流 80 流 80000流 (100000流投資的NPV接近25000,IRR為-29%,下面哪一項(xiàng)說法是正確的在IRR計(jì)算中，項(xiàng)目的現(xiàn)金流假定在投資率為資除了IRR，-29%,項(xiàng)目還有另一個(gè)內(nèi)部IRR考點(diǎn):IRR的缺點(diǎn):解題思路:NPV>0，IRR<0，所以項(xiàng)目的現(xiàn)金流方向有問題，因?yàn)樵诔跏纪顿Y之后有流出現(xiàn)金流,所以IRR的計(jì)算有兩點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第7 平均正確率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.Existingequipmentwillbesoldimmediayafterinstallationofthenewequipment.Theexistingequipmenthasataxbasisof$100,000andanestimatedmarketvalueof$80,000.Skytopestimatesthatthenewequipment’scapacitywillgenerateadditionalreceivablesandinventoryof$30,000,whilepayableswillincreaseby$15,000.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.Totalafter-taxcashoutflowsoccurringinYear0wouldbe您的答案：未作答正確答案題目翻譯Sto工廠正在使用折現(xiàn)現(xiàn)金流方法分析一個(gè)資本投資項(xiàng)目，新設(shè)備會(huì)花費(fèi)25,0，安裝費(fèi)和運(yùn)費(fèi)是,00，舊設(shè)備會(huì)在新設(shè)備安裝后立刻被，舊設(shè)備的稅基是1,00，預(yù)計(jì)市價(jià),00，Sto預(yù)計(jì)新設(shè)備會(huì)產(chǎn)生額外的應(yīng)收賬款和存貨,00，而應(yīng)付賬款增加了,0.每年的稅前增量現(xiàn)金流是500，Sto的稅率是0，第0年的稅后總現(xiàn)金流出額是考點(diǎn)：thecalculationofincrementalcash：Year設(shè)備購置成本=250資本化費(fèi)用=25舊設(shè)備處置凈流入=處置價(jià)格-（處置價(jià)格-稅基）*稅率=80-（80-100）*0.4=88營運(yùn)資本流出=30-15=-15初始現(xiàn)金流出=250+25-88+15=202注意，營運(yùn)資本就是的占用，應(yīng)收和存貨是被占用，應(yīng)付是占用別人的資點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第8 平均正確率VerlaIndustriesistryingtodecidewhichoneofthefollowingtwooptionstopursue.EitheroptionwilltakeeffectonJanuary1stofthenextyear.OptionOne-AcquireaNewFinishingThecostofthemachineis$1,000,000andwillhaveausefullifeoffiveyears.Netpretaxcashflowsarisingfromsavingsinlaborcostswillamountto$100,000peryearforfiveyears.Depreciationexpensewillbecalculatedusingthestraight-linemethodforbothfinancialandtaxreportingpurposes.Asanincentivetopurchase,Verlawillreceiveatrade-inallowanceof$50,000ontheircurrentfullydepreciatedfinishingmachine.OptionTwo-OutsourcetheFinishingWork.VerlacanoutsourcetheworktoLMInc.atacostof$200,000peryearforfiveyears.Iftheyoutsource,willscraptheircurrentfullydepreciatedfinishingmachine.Verla’seffective etaxrateis40%.Theweighted-averagecostofcapitalis10%.Whencomparingthetwooptions,the$50,000trade-inallowancewouldbeirrelevantbecausetdoesnotaffectrelevantbecausetisadecreaseincashirrelevantbecauseitdoesnotaffectrelevantbecauseitisanincreaseincash您的答案：未作答正確答案題目翻譯Vla公司正在決定從以下個(gè)方案中選擇個(gè)。每個(gè)選項(xiàng)都在明年的月日開始。方案一–購置一臺(tái)加工機(jī)法的目的，使用直來計(jì)算折舊。作為一種的，現(xiàn)有已全額折舊的設(shè)備會(huì)讓Verla獲得$50,000以舊換新的折備。Verla適用的稅率為40%。平均的資本成本為10%在比較兩個(gè)方案時(shí)，$50,000以舊換新的折扣應(yīng)被視不相關(guān)的，因?yàn)樗粫?huì)影響到相關(guān)的，因?yàn)樗档同F(xiàn)金流不相關(guān)的，因?yàn)椴粫?huì)影響到現(xiàn)考點(diǎn)：relevantcost：trade-in解題思路：題目長，都是干擾項(xiàng)，從選項(xiàng)開始讀題。跟決策有關(guān)的是相關(guān)成本，相關(guān)成本：.在未來發(fā)生.在決策之間有而以舊換新的$50,000是方案一才有的成本，是相關(guān)成本，這是折扣，會(huì)抵減額，所以會(huì)減低現(xiàn)金的流點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第9 平均正確率IfaninvestmentprojecthasaprofitabilityindexofTheproject’sinternalrateofreturnisTheproject’scostofcaptalisgreaterthanitsinternalrateofTheproject’sinternalrateofreturnexceedstsnetpresentThenetpresentvalueoftheprojectis您的答案：未作答正確答案題目翻譯如果投資項(xiàng)目的性指數(shù)是內(nèi)部收益率是資本成本大于內(nèi)部收益內(nèi)部收益率超過凈現(xiàn)凈現(xiàn)值大于考點(diǎn)：PI和NPV、IRR的關(guān)解題思路：PI>1=NPV>0=IRR>貼現(xiàn)點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第10 平均正確率Theprimaryadvantageofusingtheinternalrateofreturnmethodtoevaluatecapitalbudgetingprojectsisthatitresultsindecisionsthat iseasytounderstandand izeshareholder您的答案：未作答正確答案答案題目解釋用internalrateofreturn評(píng)價(jià)資本項(xiàng)目的主要優(yōu)點(diǎn)是什么A.做出收入最大化的決策 B.易于理解和交流 C.假設(shè)一個(gè)保守的再投資率 D.做出股東最大化的決策考點(diǎn):internalrateofreturn的優(yōu)點(diǎn):解題思路:了解internalrateofreturn的優(yōu)點(diǎn)點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第11 平均正確率Thenetpresentvalue(NPV)profilesofprojectsAandBareasTheapproximateinternalratesofreturn(IRR)forProjectsAandB,respectively,20.5%and0%and19.0%and19.5%and您的答案：未作答正確答案題目翻譯A和B兩個(gè)項(xiàng)目的凈現(xiàn)值如下所解題思路：根據(jù)NPV=0時(shí)的折現(xiàn)率=IRR，可以判斷A項(xiàng)目在18-20之間，B項(xiàng)目在24-26之點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第12 平均正確率ThedirectorofcapitalbudgetingofBethesdaCorporationisevaluatingtwomutuallyexclusiveprojectswiththefollowingnetcashflowsIftherequiredrateofreturnontheseprojectsis14%,whichprojectshouldbechosenandProjectX,becauseithasthehigherinternalrateofreturnProjectY,becauseithasthelowernetpresentvalueProjectY,becauseithasthehighernetpresentvalueProjectX,becauseitthelowerinternalrateofreturn您的答案：未作答正確答案題目翻譯評(píng)估兩個(gè)互斥項(xiàng)目的凈現(xiàn)金流如下年X項(xiàng)目的凈現(xiàn)金Y項(xiàng)目的凈現(xiàn)金0(100(100137023703370437185如果要求的投資回報(bào)率是14%，應(yīng)X項(xiàng)目，因?yàn)樗膬?nèi)含率（IRR）更Y項(xiàng)目，因?yàn)樗膬衄F(xiàn)值(NPV)更X項(xiàng)目，因?yàn)樗膬衄F(xiàn)值(NPV)更：mutuallyexclusive解題思路：互斥項(xiàng)目的首選都是NPV，計(jì)算兩個(gè)項(xiàng)目的NPV，選擇較大者即根據(jù)的折現(xiàn)，XP=,.6 Y的V=,.5點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第13 平均正確率TheEat-Righthasbeendisappointedbypreviouscapitalbudgetingdecisionsusingthepaybackmethod.Anewrequirementhasbeenimplementedthatrequiresdiscountedcashflow ysistobeusedtocomputethenetpresentvalueofproposedpurchasesover$300,000.TheFoodProcessingDepartmentoftheEat-Rightisconsideringtheacquisitionofanewmachinethatwillreducelaborcostsbyapre-taxamountof$175,000peryear.Otherinformationregardingthepossibleacquisitionisasfollows:Themachinewillcost$450,000.Installationchargeswillamounttoanadditional$25,000.Themachinewillhaveausefullifeofthreeyears,withnosalvagevalue.Depreciationratesfortaxpurposesare25%,38%,and37%foryearsone,twoandthree,respectively.Eat-Right'scostofcapital,12%,isconsideredtheappropriatediscountrate. etaxrateis40%.Cashflowsareassumedtooccurattheendofthecalendaryear,whichcoincideswithEat-Right'sfiscalyear-end.Whichofthefollowingbestindicatesthenetpresentvalueoftheproposedinvestment,andtheappropriateacquisitiondecision?Approximay mendnotmakingtheApproximay mendmakingtheApproximay mendnotmakingtheApproximay mendmakingthe您的答案：未作答正確答案題目翻譯要求項(xiàng)目的凈現(xiàn)值大于300K，新設(shè)備減少了每年的稅前人工成本175K，其他相關(guān)信息如下大約（73000）；推薦不投大約55000；推薦投資解題思路：NPV=稅后凈現(xiàn)金流總和-初始投資稅后凈現(xiàn)金流=(費(fèi)用1稅率折舊費(fèi)用稅每年的（收入-費(fèi)用）=175三年的折舊額分別是（450+25）*25%=118.75、（450+25）*38%=180.5*PVIFA(12%,3)+118.75*0.4*PVIF(12%,1)+180.5*0.4*PVIF(12%,2)+175.75*0.4*PVIF(12%,3)(450+25)=大約是$(73,000)，由于點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第14 平均正確率WebsterProductsisperformingacapitalbudgeting ysisonanewproductitisconsidering.Annualsalesareexpectedtobe50,000unitsinthefirstyear,100,000unitsinthesecondyear,and125,000unitstheyearthereafter.Sellingpricewillbe$80inthefirstyearandisexpectedtodecreaseby5%peryear.Annualcostsareforecastedasfollows.Theinvestmentof$2millionwillbedepreciatedonastraight-linebasisover4yearsforfinancialreportingandtaxpurposes.Webster'seffectivetaxrateis40%.Whencalculatingnetpresentvalue(NPV),thenetcashflowforyear3wouldbe:您的答案：未作答正確答案題目翻譯Wber正對(duì)一個(gè)新產(chǎn)品做資本預(yù)算分析，每年的銷售額預(yù)計(jì)是第一年5,00，第二年1,00，第三年2,0，第一年的售價(jià)是固定成本每年$300 投資額Phecllionofinretlchlow：year解題思路：第三年說明就是期間增量凈現(xiàn)金流費(fèi)用-折舊1稅率折舊費(fèi)用；其中，費(fèi)用=人工+材+固第三年的收入是(125,000units)($80perunit)(0.95)(0.95$9,025,000，人工=125,000units)($20)(1.05)(1.05)=$2,756,250，材料=(125,000units)($30)(1.1)(1.1)=$4,537,500折舊額=$2,000,000/4years= $300,000?$500,000)(1-0.4)+$500,000=點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第15 平均正確率Ifaprojecthasaprofitabilityindexthatisgreaterthan1.0,itmeansthatinitialinvestmentexceedsthecash-requiredreturnislessthantheinternalrateofinternalrateofreturnisequaltotherequiredcash-flowsexceedtheinitial您的答案：未作答正確答案如果一個(gè)項(xiàng)目的PI大于1,表明什A.初始投資超過現(xiàn)金流 B.要求的回報(bào)率小于內(nèi)部收益率 C.內(nèi)部率等于要求率 考點(diǎn):PI和IRR的關(guān)系:greater解題思路:PI>1==IRR>要求率點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第16 平均正確率Jorelle'sfinancialstaffhasbeenrequestedtoreviewaproposedinvestmentinnewcapitalequipment.Applicablefinancialdataispresentedbelow.Therewillbenosalvagevalueattheendoftheinvestment'slifeand,duetorealisticdepreciationpractices,itisestimatedthatthesalvagevalueandnetbookvalueareequalattheendofeachyear.Allcashflowsareassumedtotakeceattheendofeachyear.Forinvestmentproposals,Jorelleusesa12%after-taxtargetrateofreturn.Thenetpresentvalue(NPV)fortheinvestmentproposal您的答案：未作答正確答案題目翻譯Jorelle公司正做資本預(yù)算，相應(yīng)的財(cái)務(wù)信息如下年購置成本和賬面價(jià)每年稅后現(xiàn)金每年凈收0$2500011681203521001083935096434188447507251基于12%的折現(xiàn)年$1在每期期末的現(xiàn)$1年金在每期期末的現(xiàn)123456PV考點(diǎn)：thecalculationof解題思路：NPV=稅后增量現(xiàn)金流的現(xiàn)值之和-=($120,000)(0.89)+($108,000)(0.80)+($96,000)(0.71)+($84,000)(0.64)+($72,000)(0.57)-$250,000=$106,160.注意，使用 這一列數(shù)據(jù)而不 e這點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第17 平均正確率KellInc.is yzinganinvestmentforanewproductexpectedtohaveannualsalesof100,000unitsforthenext5yearsandthenbedis .Newequipmentwillbepurchasedfor$1,200,000andcost$300,000toinstall.Theequipmentwillbedepreciatedonastraight-linebasisover5yearsforfinancialreportingpurposesand3yearsfortaxpurposes.Attheendofthefifthyear,itwillcost$100,000toremovetheequipment,whichcanbesoldfor$300,000.Additionalworkingcapitalof$400,000willberequiredimmediayandneededforthelifeoftheproduct.Theproductwillsellfor$80,withdirectlaborandmaterialcostsof$65perunit.Annualindirectcostis$500,000.Kell'seffectivetaxrateis40%.Inacapitalbudgeting ysis,whatistheexpectedcashflowattime=3(3rdyearofoperation)thatKellshouldusetocomputethenetpresentvalue?您的答案：未作答正確答案K公司準(zhǔn)備投資一項(xiàng)新產(chǎn)品,能實(shí)現(xiàn)未來5年每年100,000的銷售額.新設(shè)備買價(jià)1,200,000,安裝費(fèi)300,000,5年內(nèi)直攤在第五年年末,要花100000移除設(shè)備,設(shè)備可賣300000.開始需要400000的營運(yùn)資本,產(chǎn)品可賣80一個(gè),人工和材料用共65,非直接費(fèi)用每年500000,稅率是40%,問第三年的現(xiàn)金流是多少:time=3解題思路第三年說明是期間增量凈現(xiàn)金流=(收入費(fèi)用1稅率折舊費(fèi)用稅率單位=100,000units邊際貢獻(xiàn)=80-65=15固定費(fèi)用=500,000收入-費(fèi)用=100*15-500=1,000,000注意：折舊費(fèi)應(yīng)按照稅法要求的年限攤銷折舊費(fèi)用 期間增量凈現(xiàn)金點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第18 平均正確率Whichoneofthefollowingcapitalbudgetingtechniqueswouldalwaysresultinthesameinvestmentdecisionforaprojectasthenetpresentvaluemethod?AccountingRateofProfitabilityDiscountedInternalRateof您的答案：未作答正確答案題目翻譯下面哪個(gè)資本預(yù)算方法總會(huì)在一個(gè)項(xiàng)目中，跟使用NPV導(dǎo)致會(huì)計(jì)回報(bào)指折現(xiàn)回收內(nèi)含考點(diǎn)：NPV和PI：aP>P>點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第19 平均正確率SkytopIndustriesisyzingacapitalinvestmentprojectusingdiscountedcashflow(DCF)ysis.Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbecapitalized.Theappropriatefiveyeardepreciationschedule(20%,32%,19%,14.5%,14.5%)willbeemployedwithnoterminalvaluefactoredintothecomputations.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.AssumingthemachineissoldattheendofYear5for$30,000,theafter-taxcashflowforYear5oftheprojectwouldamountto您的答案：未作答正確答案S公司用折現(xiàn)現(xiàn)金流分析資本投資.新設(shè)備花費(fèi)250000,安裝和的25000需要資本化5年的折舊率如下(20321914.514.5%),每年的稅前增量現(xiàn)金流是75000,稅率是40%,假設(shè)設(shè)備在第五年底:Year5解題思路第5年是期末，期末增量凈現(xiàn)金流=[(費(fèi)用1稅率折舊費(fèi)稅率營運(yùn)資新設(shè)MACRS法下，設(shè)備處置凈流入=處置價(jià)格*（1-稅率）=$30,000× （收入-費(fèi)用 折舊=（250+25）*點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第20 平均正確率FastFreight,Inc.isnningtopurchaseequipmenttomakeitsoperationsmoreefficient.Thisequipmenthasanestimatedlifeof6years.Aspartofthisacquisition,a$75,000investmentinworkingcapitalisanticipated.Inadiscountedcashflowysis,theinvestmentinworkingcapitalShouldbeamortizedovertheusefullifeoftheShouldbetreatedasanimmediatecashoutflowthatislaterrecoveredattheendof6ShouldbetreatedasanimmediatecashCanbedisregardedbecausenocashis您的答案：未作答正確答案題目翻譯FtFig打算新設(shè)備使運(yùn)營更有效率，設(shè)備預(yù)計(jì)使用年限6年，為了獲取設(shè)備，營運(yùn)資本要7,0。在折現(xiàn)現(xiàn)金流應(yīng)該在設(shè)備的使用年限中分應(yīng)該在期初被確認(rèn)為現(xiàn)金流出，在第6年年末回應(yīng)該立即被確認(rèn)為現(xiàn)金流因?yàn)椴簧婕艾F(xiàn)金，可以被忽考點(diǎn)：theinvestmentinworking：theinvestmentinworking解題思路：營運(yùn)資本就是在期初流出，在期末收點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第21 平均正確率SkytopIndustriesis yzingacapitalinvestmentprojectusingdiscountedcashflow(DCF) Thenewequipmentwillcost$250,000.Installationandtransportationcostsaggregating$25,000willbeAfiveyearMACRSdepreciationschedule(20%,32%,19.2%,11.52%,11.52%,5.76%)withthehalf-yearconventionwillbeemployed.Existingequipment,withabookvalueof$100,000andanestimatedmarketvalueof$80,000,willbesoldimmediayafterinstallationofthenewequipment.Annualincrementalpre-taxcashinflowsareestimatedat$75,000.Skytop'seffective etaxrateis40%.After-taxcashflowforthefirstyearoftheprojectwouldamount您的答案：未作答正確答案題目翻譯新設(shè)備的購置成本安裝費(fèi)和運(yùn)費(fèi)25，可以資本5年MACRS(203219.211.5211.52舊設(shè)備賬面價(jià)值100，市價(jià)80，在新設(shè)備安裝好就稅率 在第一年的稅后現(xiàn)金流考點(diǎn)：thecalculationofincrementalcash：first解題思路：第一年就是期間增量凈現(xiàn)金流=(費(fèi)用1稅率稅率折舊費(fèi)用=($250,000$25,000)(0.2)=期間增量凈現(xiàn)金流=點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第22 平均正確率LunarInc.isconsideringthepurchaseofamachinefor$500,000whichwilllast5years.Afinancial ysisisbeingdevelopedusingthefollowinginformation.Themachinewillbedepreciatedover5yearsonastraight-linebasisfortaxpurposesandLunarissubjecttoa40%effective etaxrate.AssumingLunarwillhavesignificanttaxable efromotherlinesofbusiness,andusinga20%discountrate,thenetpresentvalueoftheprojectwouldbe:您的答案：未作答正確答案題目翻譯正在考慮臺(tái)機(jī)器，置成本,，使用年給出一財(cái)務(wù)析信息如下年，稅率，折現(xiàn)率PV考點(diǎn)：thecalculationof解題思路：NPV=稅后折現(xiàn)現(xiàn)金流總和-初始投每年的折舊額=$500,000/5=$100,000Cashflow,Year1=($50,000?$100,000)(1?0.4)+Cashflow,Year1=(?$50,000)(0.6)+$100,000=?$30,000+$100,000=Cashflow,Year2=($50,000?$100,000)(1?0.4)+Cashflow,Year2=(?$50,000)(0.6)+$100,000=?$30,000+$100,000=Cashflow,Year3=($400,000?$100,000)(1?0.4)+Cashflow,Year3=(?$300,000)(0.6)+$100,000=?$180,000+$100,000=Cashflow,Year4=($400,000?$100,000)(1?0.4)+Cashflow,Year4=(?$300,000)(0.6)+$100,000=?$180,000+$100,000=Cashflow,Year5=($400,000?$100,000)(1?0.4)+Cashflow,Year5=(?$300,000)(0.6)+$100,000=?$180,000+$100,000=Thenetpresentvalue(NPV)oftheprojectcanthenbecalculatedasPVofYear0cashflow=PVofYear1cashflow=$70,000(0.833PVlumpsumi=20,n=1)=$58,310PVofYear2cashflow=$70,000(0.694PVlumpsumi=20,n=2)=$48,580PVofYear3cashflow=$280,000(0.579PVlumpsumi=20,n=3)=$162,120PVofYear4cashflow=$280,000(0.482PVlumpsumi=20,n=4)=$134,960PVofYear5cashflow=$280,000(0.402PVi=20,n=5)=$112,560Thesumofthesecashflows,whichisalsothenetpresentvalueoftheproject,is點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第23 平均正確率ThemanagementofPelicanInc.isevaluatingaproposedacquisitionofanewmachineatapurchaseprice$180,000,andwithinstallationcostsof$10,000.A$9,000increaseinworkingcapitalwillberequired.Themachinewillhaveausefullifeoffouryearsafterwhichitcanbesoldfor$30,000.Theestimatedannualincrementaloperatingrevenuesandcashoperatingexpensesare$450,000and$300,000,respectively,foreachofthefouryears.Pelican’seffective etaxrateis40%andthecostofcapitalis12%.Pelicanusesstraight-linedepreciationforbothfinancialreportingand etaxpurposes.Iftheprojectisaccepted,theestimatedincrementalafter-taxoperatingcashflowsattheendofthefirstyearwillbe$您的答案：未作答正確答案題目翻譯Pelican公司的管理層正在評(píng)估新設(shè)備的事項(xiàng)，該設(shè)備的購置成本為$180,000，安裝費(fèi)為$10,000。增加的營運(yùn)資本$9,000。設(shè)備的使用年限為4年，到期后處置的收入為$30,000。預(yù)計(jì)每年增量的營業(yè)收入和現(xiàn)金營業(yè)費(fèi)用別為$450,000和$300,000。Pelican公司的所得稅率為40%，資本成本為12%Pelican使用直線折舊法如果接受該項(xiàng)目的話，第1年年考點(diǎn)：thecalculationofincrementalcash：attheendofthefirst期間現(xiàn)金流=（收入-費(fèi)用）*（1-稅率）折舊*稅率收入=450000費(fèi)用=300000折舊=(180 -$30,000)/4=期間現(xiàn)金150000*0.6+40,000*0.4=90000+16000106注：在直線折舊法下，殘值是要扣除點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第24 平均正確率WhichoneofthefollowingmethodsforevaluatingcapitalprojectsistheleastusefulfromaninvestmentysispointofAccountingrateofInternalrateofNetpresent您的答案：未作答正確答案題目翻譯從投資分析的角度來說，下列哪種方法對(duì)于評(píng)估資本項(xiàng)目而言是最不起作用的A會(huì)計(jì)收益率法B.C凈現(xiàn)值法D回收期法解題思路：在資本預(yù)算中，我們都是用現(xiàn)金流來做預(yù)算，而會(huì)計(jì)收益率法是權(quán)責(zé)發(fā)生制，不是現(xiàn)金流，所以不適用，后三都是分析點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第25 平均正確率WhichoneofthefollowingstatementsconcernscashflowdeterminationforcapitalbudgetingpurposesisnotTaxdepreciationmustbeconsideredbecauseitaffectscashpaymentsforBookdepreciationisrelevantbecauseitaffects SunkcostsarenotincrementalflowsandshouldnotbeNetworkingcapitalchangesshouldbeincludedincashflow您的答案：未作答正確答案題目翻譯對(duì)于確定資本預(yù)算的現(xiàn)金流，下列哪項(xiàng)陳述是錯(cuò)誤的必須考慮折舊的，因?yàn)樗鼤?huì)影響賦稅的金折舊賬面值是相關(guān)的，因?yàn)樗鼤?huì)影響凈收沉沒成本不是增量的流量，不應(yīng)在未來發(fā)凈營運(yùn)資本應(yīng)該包括在現(xiàn)金流的預(yù)測考點(diǎn)：cashflowdeterminationforcapital解題思路：在做預(yù)算時(shí)，只考慮相關(guān)成本，折舊賬面價(jià)值是歷史成本，是無關(guān)點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第26 平均正確率Whichofthefollowingmethodsofevaluatingcapitalinvestmentprojectsestimatesthediscountratethatwillmakethepresentvalueofnetcashinflowsequaltotheinitialinvestment?InternalrateofProfitabilityNetpresentvaluePayback您的答案：未作答正確答案題目翻譯下面哪個(gè)方法在評(píng)估資本投資項(xiàng)目中，使得凈現(xiàn)金流的現(xiàn)值等于初始投內(nèi) 指考點(diǎn)：theformulaof：解題思路：NPV=初始投資額是IRR的計(jì)算原點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第27 平均正確率FullerIndustriesisconsderinga$1millioninvestmentinstamequipmenttoproduceanewproduct.Theequipmentexpectedtolastnineyears,producerevenueof$700,000peryear,andhaverelatedcashexpensesof$450,000peryear.Attheendofthe9thyear,theequipmentisexpectedtohaveasalvagevalueof$100,000andcost$50,000toremove.TheIRScategorizesthisas5-yearModifiedAcceleratedCostRecoverySystem(MACRS)propertysubjecttothefollowingdepreciatonFuller’seffectiveetaxrateis40%andFullerexpects,onanoverall basis,tocontinuetobeprofitableandhavesignificanttaxablee.IfFullerusesthenetpresentvaluemethodtoyzeinvestments,whatistheexpectednettaximpactoncashflowinYear2beforediscounting?Positive$28,000$0Negative$100,000Negative$128,000您的答案：未作答正確答案題目翻譯Fuller公司正在考慮投資$100萬購置沖壓設(shè)備來生產(chǎn)新產(chǎn)品。該設(shè)備預(yù)計(jì)用年限為9年，每年產(chǎn)生的收入為$70萬，相關(guān) 折舊20321911.5211.52之前，第2年年末的稅賦對(duì)于現(xiàn)金流的凈影響為$0的影考點(diǎn)：thecalculationofincrementalcash：nettaximpactoncashflowinYear *32%）*0.4=-28,000,即稅賦減少了28000(注意是第二年年末，用MACRS折舊，則直接用金額*折舊率即可)點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第28 平均正確率KunkleProductsis yzingwhetherornottoinvestinequipmenttomanufactureanewproduct.Theequipmentwillcost$1million,isexpectedtolast10years,andwillbedepreciatedonastraight-linebasisforbothfinancialreportingandtaxpurposes.Kunkle'seffectivetaxrateis40%,anditshurdlerateis14%.Otherinformationconcerningtheprojectisasfollows.Salesperyear=10,000unitsSellingprice=$100perunitVariablecost=$70perunitA10%reductioninvariablecostswouldresultinthenetpresentvalueincreasingbyapproxima您的答案：未作答正確答案題目翻譯設(shè)備購置本，續(xù)，直折舊，率，最低望，他相關(guān)信如下：每年銷售量=0個(gè)每個(gè)$100變動(dòng)成本=每個(gè)考點(diǎn)：thecalculationofNPV解題思路：NPV=稅后凈現(xiàn)金流之和-初始投 每年的稅后凈現(xiàn)金流=（-變動(dòng)成本）*銷量*（1-稅率）+折舊費(fèi)用稅折舊費(fèi)用=1000/10=100現(xiàn)在的稅后凈現(xiàn)金流=（100-70）*10*0.6+100*0.4=220變動(dòng)成本減少后=（100-凈現(xiàn)值增加額=（262-220）*(5.216presentvalueofannuityi=14,n=10)=$219,072orapproximay點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第29 平均正確率TheHopkinshasestimatedthataproposedproject’s10-yearannualnetcashbenefit,receivedeachyearend,willbe$2,500withanadditionalterminalbenefitof$5,000attheendofthe10thyear.AssumingthatthesecashinflowssatisfyexactlyHopkins’requiredrateofreturnof8%,calculatetheinitialcashoutlay.您的答案：未作答正確答案題目翻譯Hopis公司估計(jì)一個(gè)1年的項(xiàng)目，每年的凈現(xiàn)金收益是,50，每年年末流入，最后一年年末還有額外收益50，假考點(diǎn)：thecalculationofinitialcash 折現(xiàn)即可初始額=($2,500)(PVIFAat8%for10periods)+($5,000)(PVIFat8%for10periods)=($2,500)(6.710)+($5,000)(.463)=$19,090點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第30 平均正確率TheChiefFinancialOffcerofPauleyInc.hasrequestedanevaluationofaproposedacquistonofanewmachineatapurchaseprceof$60,000,andwthinstallatoncostsof$10,000.A$3,000increaseinworkingcapitalwillberequired.Themachinewillhaveausefullifeoffouryearsafterwhichtcanbesoldfor$10,000.Theestimatedannualincrementaloperatingrevenuesandcashoperatingexpensesare$150,000and$100,000,respectively,foreachofthefouryears.Pauley'seffective etaxrateis40%andthecostofcaptalis12%.Pauleyusesstraight-linedepreciatonforbothfinancialreportingand etaxpurposes.Pauley'sestimatedafter-taxcashflowin year,atwhichtimetheequipmentwillbesold,will您的答案：未作答正確答案題目翻譯Pauley公司的CFO要求評(píng)估價(jià)值為$60,000的新設(shè)備的方案，相關(guān)的安裝費(fèi)用為$10,000。該購置計(jì)劃會(huì)增用分別為$150,000和$100,000。Pauley的稅率為40%，資本成本為12%。Pauley公司使用直線折舊法考點(diǎn)：thecalculationofincrementalcashflows 解題思路：第4年新設(shè)備，所以是計(jì)算期末增量凈現(xiàn)金流=[(收入–費(fèi)用)×(1–稅率)+折舊費(fèi)用×稅率]+營運(yùn)資本流入+新設(shè)備處置凈流入注意此題的處置收入等于殘值收入-費(fèi)用=150-100=50折舊費(fèi)用=（60+10-10）/4=15營運(yùn)資本流入=3直下，新設(shè)備處置凈流入=處置價(jià)=點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第31 平均正確率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin'seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Ifthenewmachineispurchased,whatisthenetamountoftheinitialcashoutflowatTime0fornetpresentvaluecalculationpurposes?Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.IfthenewmachineispurchasedCalvinexpectstorealizea$30,000before-taxannualreductioninlaborcosts.您的答案：未作答正確答案題目翻譯Calvin正在考慮是否一款技術(shù)的設(shè)備來替代目前手動(dòng)操作的設(shè)備。Calvin適用的稅率為40%，其資本成本12%。新舊設(shè)備相關(guān)數(shù)據(jù)如下所示如果新設(shè)備，就凈現(xiàn)值計(jì)算而言，在第0年時(shí)的凈現(xiàn)金流出量為考點(diǎn)：thecalculationofincrementalnetcashflow：atTime解題思路：在第0時(shí)，說明是求初始現(xiàn)金流出量=設(shè)備購置成本+資本化費(fèi)用+營運(yùn)資本流出-舊設(shè)備處置凈流設(shè)備購置成本=90資本化費(fèi)用=4+6=10營運(yùn)資本流出=0在直下，舊設(shè)備處置凈流入=處置價(jià)格-（處置價(jià)格-殘 舊設(shè)備處置凈流入=25-（25- 初始現(xiàn)金流出量=90+10-點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第32 平均正確率KellInc.is yzinganinvestmentforanewproductexpectedtohaveannualsalesof100,000unitsforthenext5yearsandthenbedis Newequipmentwillbepurchasedfor$1,200,000andcost$300,000toTheequipmentwillbedepreciatedonastraight-linebasisover5yearsforfinancialreportingpurposesand3yearsfortaxpurposes.Attheendofthefifthyear,itwillcost$100,000toremovetheequipment,whichcanbesoldfor$300,000.Additionalworkingcapitalof$400,000willberequiredimmediayandneededforthelifeoftheproduct.Theproductwillsellfor$80,withdirectlaborandmaterialcostsof$65perunit.Annualindirectcostswillincreaseby$500,000.Kell'seffectivetaxrateis40%.Inacapitalbudgeting ysis,whatistheexpectedcashflowattime=3(3rdyearofoperation)thatKellshouldusetocomputethenetpresentvalue?您的答案：未作答正確答案答案題目解釋K公司準(zhǔn)備投資一項(xiàng)新產(chǎn)品,能實(shí)現(xiàn)未來5年每年100,000的銷售額.新設(shè)備買價(jià)1200000,安裝費(fèi)300000,5年內(nèi)直攤銷,稅法要求是3年攤在第五年年末,要花100000移除設(shè)備,設(shè)備可賣300000.開始需要400000的營運(yùn)資本,產(chǎn)品可賣80一個(gè),人工和材料費(fèi)用共65,非直接費(fèi)用每年500000,稅率是40%,問第三年的現(xiàn)金流是多少?考點(diǎn)Calculatingtheincrementalcashflows:time=3解題思路第三年說明是期間增量凈現(xiàn)金流=(費(fèi)用1稅率稅率單位=100,000units邊際貢獻(xiàn)=80-65=15固定費(fèi)用=500,000收入-費(fèi)用=100*15-500=1,000,000=（1,200,000+300,000)/3=500,000點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第33 平均正確率ColvernCorporationisconsideringtheacquisitionofanewcomputer-aidedmachinetooltoreceanexisting,outdatedmodel.Relevantinformationincludesthefollowing.Annualafter-taxcashflowsfortheprojectwouldamount您的答案：未作答正確答案題目翻譯考點(diǎn)：thecalculationofAnnualafter-taxcash：期間增量凈現(xiàn)金流=（收入-費(fèi)用）*（1-稅率）+折舊費(fèi)用*稅這個(gè)項(xiàng)目比較新的設(shè)備，收入費(fèi)用就節(jié)約=.4 折舊費(fèi)=新設(shè)的折舊舊設(shè)的折舊=.=.4每年稅后金流=..+..=.8點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第34 平均正確率Assumethataninvestmentproject'sassumedcashflowsarenotchanged,buttheassumedweightedaveragecostofcapitalisreduced.Whatimpactwouldthishaveonthenetpresentvalue(NPV)andtheinternalrateofreturn(IRR)ofthisproject?NPVwouldincreaseandIRRwouldnotNPVwouldincreaseandIRRwouldNPVwoulddecreaseandIRRwouldNPVwouldnotchangeandIRRwouldnot您的答案：未作答正確答案答案解析題目解釋如果投資的現(xiàn)金流不變,但平均成本降低,問對(duì)NPV和IRR的計(jì)算有什么影NPV會(huì)增加，IRR不會(huì)變NPV會(huì)增加，IRR會(huì)增NPV會(huì)減少，IRR會(huì)增考點(diǎn):IRR和NPV:weightedaveragecostofcapital解題思路:NPV計(jì)算中 資本成本是作為分母，所以分母減少，分值變IRR計(jì)算中，不涉 資本成本，所以不點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第35 平均正確率CalvinInc.isconsideringthepurchaseofanewstate-of-artmachinetoreceitshand-operatedmachine.Calvin’seffectivetaxrateis40%,anditscostofcapitalis12%.Dataregardingtheexistingandnewmachinesarepresentedbelow.Theexistingmachinehasbeeninserviceforsevenyearsandcouldbesoldcurrentlyfor$25,000.Calvinexpectstorealizeabefore-taxannualreductioninlaborcostsof$30,000ifthenewmachineispurchasedandcedinservice.Ifthenewmachineispurchased,theincrementalcashflowsforthefifthyearwouldamount您的答案：未作答正確答案題目翻譯Calvin正在考慮是否一款技術(shù)的設(shè)備來替代目前手動(dòng)操作的設(shè)備。Calvin適用的稅率為40%，其資本成本12%。新舊設(shè)備相關(guān)數(shù)據(jù)如下所示現(xiàn)有設(shè)備已使用7年，目前能以$25,000的價(jià)格。Calvin預(yù)計(jì)，如果并使用新設(shè)備，每年能節(jié)省的稅前人力成本如果新設(shè)備，第5年的增量現(xiàn)金流考點(diǎn)：thecalculationofincrementalcash：fifth（費(fèi)用）（）折舊++收入-費(fèi)用=節(jié)省額=30,000新設(shè)備的折舊額直，新設(shè)備處置凈流入=殘值 所以期末增量現(xiàn)金流點(diǎn)擊提問，或查看大家對(duì)本題的回答點(diǎn)擊提問，或查看大家對(duì)本題的回答第36 平均正確率TherelevanceofaparticularcosttoadecisionisdeterminedRiskinesso