兹维博迪金融学第二版试题库6TB.docx
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兹维博迪金融学第二版试题库6TB
ChapterSix
TheAnalysisofInvestmentProjects
Thischaptercontains41multiplechoiceproblems,20shortproblemsand8longerproblems.
MultipleChoice
1.Theobjectiveofafirm'smanagementistoonlyundertaketheprojectsthat________themarketvalueofshareholders'equity.
a）decrease
b）donotdecrease
c）change
d）donotchange
Answer:
（b）
2.Thedecisionrulethatmanagementuseswiththenetpresentvalueistoundertakeonlythoseprojectswith________NPV.
a）adiscounted
b）acontingent
c）apositive
d）negative
Answer:
（c）
3.Ifafirmdecidestoinvestinautomatedmachinesthatwillallowthefirmtoreducelaborcosts,thisisanexampleofa________capitalexpendituresproject.
a）newproducts
b）replacementofexistingassets
c）costreduction
d）advertising
Answer:
（c）
4.TheNPVofaprojectrepresentstheamountbywhichitisexpectedtoincrease________.
a）thebreak-evenpoint
b）capitalbudgeting
c）capitalexpenditures
d）shareholderwealth
Answer:
（d）
5.Considerthefollowingannualcashflows:
YearCashFlows（inthousandsofdollars）
0–2,000
11,200
21,500
31,800
Usingacostofcapitalof15%,computethisproject'sNPV.
a）$5,361,000
b）$3,548,000
c）$3,361,000
d）$1,361,000
Answer:
（d）
6.Considerthefollowingannualcashflows:
YearCashFlows（inthousandsofdollars）
0–5,000
14,100
23,800
33,500
Usingacostofcapitalof12%,computethisproject'sNPV.
a）$14,181,000
b）$9,181,000
c）$4,181,000
d）$3,548,000
Answer:
（c）
7.Anegativesigninfrontofacash-flowforecastforaparticularyearmeansthatitisan________.
a）inflow
b）outflow
c）indeterminateflow
d）moreinformationisrequiredtomakethisdetermination
Answer:
（b）
8.
Netcashinflowsfromoperationscanbecomputedinwhichofthefollowingways?
a）CashFlow=Revenue–CashExpenses–Taxes
b）CashFlow=NetIncome+NoncashExpenses
c）CashFlow=Revenue–TotalExpenses–Taxes+NoncashExpenses
d）alloftheabove
Answer:
（d）
9.Considerthedevelopmentofanewtypeoflaptopmachine.Inyourestimatesyoudeterminethatyouwillsell5,000laptopunitsperyearatapriceof$2,500perlaptop.Productionequipmentwillhavetobepurchasedatacostof$2million.Theequipmentwillbedepreciatedoverfiveyearsusingthestraight-linemethod.Networkingcapitalof$1.9millionwillalsorequiredtofinancethisproject.Thecashexpensesforthisprojectare$1,700perlaptop.Thetaxrateis40%.Computethenetcashinflowsfromoperations.
a）$4million
b）$2.56million
c）$2.16million
d）$1.76million
Answer:
（b）
10.Refertoquestion9.Whatistheannualdepreciationamountforthisproject?
a）$4million
b）$1million
c）$0.78million
d）$0.4million
Answer:
（d）
11.Refertoquestion9.Ifweuseacostofcapitalequalto13%,whatistheNPVforthisproject?
a）$2.3million
b）$3.7million
c）$5.1million
d）$9million
Answer:
（c）
12.
Incomputingaproject'scostofcapitaltherisktouseis________.
a）theriskofthefinancinginstrumentsusedtofundtheproject
b）theriskoftheproject'scashflows
c）arisk-freerate
d）ahistoricalriskrateusingT-bills
Answer:
（b）
13.Acapitalbudgetingproject'scostofcapitalshouldreflectonlythe________riskoftheproject,nottheproject's________risk.
a）unsystematic,systematic
b）unsystematic,market-related
c）systematic,unsystematic
d）systematic,market-related
Answer:
（c）
14.Thepointofindifferencebetweenacceptingandrejectingaprojectisreferredtoasthe________point.
a）payback
b）NPV
c）rejection
d）break-even
Answer:
（d）
15.Consideraprojectthathastotalfixedcostsof$400,000,anannualdepreciation（basedonthestraight-linemethod）of$150,000,annualcashflowsof$255,000,andataxrateof34%.Thedifferencebetweentherevenueandvariablecost（onaperunitbasis）is$1,600（soweuse1,600Q）.Determinethebreak-evenvolumeforthisproject.
a）Q=443units
b）Q=349units
c）Q=230units
d）Q=194units
Answer:
（b）
16.
Foraproject,aninitialcashoutlayof$1.4millionismade.Inyear1theexpectedannualcashflowis$900,000,years2-5theexpectedannualcashflowis$1,000,000andinyear6theexpectedannualcashflowis$1.3million.Acostofcapitalof15%isused.TheIRR（internalrateofreturn）is________.
a）72.1%
b）65.8%
c）51.7%
d）40.0%
Answer:
（b）
17.Aninitialcashoutlayof$1.4millionismadeforacapitalbudgetingproject.Inyear1,theexpectedannualcashflowis$900,000,years2-5,theexpectedannualcashflowis$1,000,000andinyear6,theexpectedannualcashflowis$1.3million.Ifacostofcapitalof15%isused,computetheNPVofthisproject.
a）$1,800,000
b）$2,100,000
c）$2,427,225
d）$3,296,790
Answer:
（c）
18.The________isdefinedastheannualcashpaymentthathasapresentvalueequaltotheinitialoutlay.
a）annualizedcostofdebt
b）costofdebt
c）costoffinancing
d）annualizedcapitalcost
Answer:
（d）
19.ProjectAhasaninitial$3.5millioncapitaloutlaywhichisconvertedintoanequivalentsevenyearannuityatadiscountrateof12%peryear.ProjectBhasa$7millioninitialcapitaloutlayandwilllastfor14years.ProjectBhasthesamediscountrateasProjectA.Whatisthepreferredalternativebasedontheannualizedcapitalcost?
a）ProjectA;itsannualizedcapitalcost=$528,050
b）ProjectA;itsannualizedcapitalcost=$766,912
c）ProjectB;itsannualizedcapitalcost=$1,056,099
d）ProjectB;itsannualizedcapitalcost=$1,533,824
Answer:
（b）
20.ProjectAhasaninitialcapitaloutlayof$3million.Itwillbeconvertedintoanequivalent5yearannuityatadiscountrateof12%peryear.ProjectBhasaninitialcapitaloutlayof$6million.ItwillbeatenyearannuityatthesamediscountrateasProjectA.Whataretheannualizedcapitalcostsofbothprojects?
a）a.ProjectA:
$832,229ProjectB:
$1,664,458
b）b.ProjectA:
$530,952ProjectB:
$1,664,458
c）c.ProjectA:
$832,229ProjectB:
$1,061,905
d）d.ProjectA:
$530,952ProjectB:
$1,061,905
Answer:
（c）
21.Incomparingalternativeannualizedcapitalcosts,thealternativewiththe________annualizedcapitalcostisthepreferredalternative.
a）lowest
b）highest
c）zero
d）amortized
Answer:
（a）
22.Aproject'sIRRis________itsscale,whichmakesIRRnotagoodmeasureforrankingmutuallyexclusiveprojects.
a）contingenton
b）independentof
c）inverselyproportionalto
d）halfof
Answer:
（b）
23.The________rateistheratethatprevailsinazero-inflationscenario.The________rateistheratethatoneactuallyobserves.
a）nominal,inflation
b）real,expected
c）nominal,real
d）real,nominal
Answer:
（d）
24.
Ifthenominalcostofcapitalis16%peryearandtheexpectedrateofinflationis5%peryear,thencomputetherealcostofcapital.
a）21.8%
b）11.5%
c）11%
d）10.5%
Answer:
（d）
25.Thenominalrateofinterestis15.7%andtheexpectedrateofinflationis6%.Computetherealrateofreturn.
a）22.6%
b）10.9%
c）9.15%
d）7.85%
Answer:
（c）
Usethefollowingtabletosolvequestions26through28.
YearRealCashFlowNominalCashFlow
1800,000840,000
2800,000882,000
3800,000926,100
4800,000972,405
Intheabovetable,therealcostofcapitalis11%peryear,andtheexpectedrateofinflationis5%peryear.Theinitialoutlayforthisprojectis$1.5million.
26.Usingtheinformationgivenabove,determinethenominalcostofcapital.
a）16.55%
b）15.45%
c）11.66%
d）5.7%
Answer:
（a）
27.ComputetheNPVoftherealcashflows.
a）$714,189
b）$981,957
c）$1,009,971
d）$1,290,317
Answer:
（b）
28.ComputetheNPVofthenominalcashflows.
a）$714,189
b）$981,957
c）$1,009,971
d）$1,290,317
Answer:
（b）
29.HowcanNPVbeproperlycalculated?
a）byusingthenominalcostofcapitaltodiscountnominalcashflows
b）byusingtherealcostofcapitaltodiscountrealcashflows
c）neither（a）nor（b）
d）both（a）and（b）
Answer:
（d）
Usethefollowinginformationtoanswerquestions30through35:
AnewtypeofcandybarisbeingconsideredbyChocoLicious.ThisprojectiscompletelyindependentofalltheotherprojectsatChocoLicious.Anoutlayof$3.1millionisrequiredforequipmenttoproducethenewproduct,andadditionalnetworkingcapitalintheamountof$1.5millionisalsorequired.Thefirmwillrecoverallworkingcapitalattheendoftheproject.Theprojectwillbeterminatedinfiveyearsandtheequipmentwillbefullydepreciatedoverfiveryearsusingthestraight-linemethod.Revenuesareexpectedtobe$5millionperyearduringtheproject,whileoperatingexpenses（excludingdepreciation）fortheprojectareexpectedtobe$2millionperyear.Therewillbeanadditional$0.5millionworkingcapitalrequirementduringthefirstyear,andnoworkingcapitaladditionsbeyondthattime.Therequiredrateofreturnforthisprojectis12%andtherelevanttaxrateis40%.CalculatetheNPVofthisproject.
30.Whatistheannualdepreciation?
a）$0.62million
b）$0.81million
c）$0.92million
d）$1.54million
Answer:
（a）
31.
Whatisthenetcashflowinyear1?
a）$1.428million
b）$1.548million
c）$2.048million
d）$2.458million
Answer:
（b）
32.Whatisthetotalcashflowinyear3?
a）$1.428million
b）$1.548million
c）$2.048million
d）$2.458million
Answer:
（c）
33.Whatisthetotalcashflowinyear5?
a）$2.048million
b）$2.548million
c）$3.548million
d）$4.048million
Answer:
（d）
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