公司理财-习题库-Chap010.docx

CHAPTERIOMakingCapita1.bn'cs1.mctuDecisions1. DEFINITIONSINCREMENTA1.CASHF1.OWSa1.Thechangesinafirm'sfuturecashf1.owsthatarcadirectconsequenceofacceptingaprojectarcca1.1.edcashf1.ows.a. incrementa1.b. stand-a1.onec. after-taxd. neipresen1.va1.uee. erosionSTANDA1.ONEPRINCIP1.Eb2.Theeva1.uationofaprojectbasedso1.e1.yonitsincremena1.cashf1.owsisthebasisofthe:a. incrementa1.cashf1.owmethod.b. stand-a1.oneprincip1.e.c. dividendgrowthm(x1.c1.d. aftertaxsa1.vageva1.ueana1.ysis.e. discountedpaybackmethod.SUNKCOsTSc3.Acostthathasa1.readybeenpaid,orthe1.iabi1.itytopayhasa1.readybeenincurred,isa(n):a. sa1.vageva1.ueexpense.b. networkingcapita1.expense.c. sunkcose.d. opportunitycost.c.erosioncost.OPPORTUNITYCOSTSd4.Themostva1.uab1.einvestmentgivenupifana1.ternativeinvestmentischosenisa(n):I1.sa1.vageva1.ueexpense.b. neiworkingcapita1.expense.c. sunkcost.d. oppr1.uni1.ycost.e. erosioncost.EROSIONCOSTSe5.Thecashf1.owsofanewxqjectthatcomeattheexpenseofafirm'sexistingprojectsarcca1.1.ed:a. sa1.vageva1.ueexpenses.b. netwkingcapita1.expenses.c. sunkcosts.d. opportunitycosts.e. erosioncosts.PROEORMAFINANCIA1.STATEMENTSa6.Aprofbmafinancia1.SIa记InenIisonethat:a. projectsfutureyears*operations.b. isexpressedasapercentageof(hetota1.assetsofthefirm.c. isexpressedasapercentageofthetota1.sa1.esofthefirm.d. isexpressedre1.ativetoachosenbaseyear'sfinancia1.statement.e. ref1.ectsthepastandcurrentoperationsofthefirm.MACRSDEPRECIATIONb7.ThedepreciationIne1.hOdCurrendya1.1.owedunderUS1.ax1.awgoverningtheacce!eraiedwrite-offofp11>)ertyundervarious1.ifetimec1.assit1.ca(ionsisca1.1.eddepreciation.a. FIFOb. MACRSc. straight-1.ined. sum-of-ycarsdigitse. curvi1.inearDEPRECIATIONTAXSH1.E1.Dc8.Thecashf1.owtaxsavingsgeneratedasaresu1.tofafirm'stax-deductib1.edepreciationexpenseisca1.1.edthe:a. after-1.axdepreciationsavings.b. depreciab1.ebasis.c. depreciation(axshie1.d.d. operatingcashf1.ow.e. after-taxsa1.vageva1.ue.CASHF1.OWFROMPROJECTSd9.Thecashf1.owfromprojectsfi)racompanyiscomputedasthe:Ioperatingcash11owgeneratedbytheProjeCt.1.essanysunkcostsande11>soncosts.b. sumoftheincrementa1.operatingcashf1.owandafter-taxsa1.vageva1.ueoftheProJCe1.c. ne1.incomegeneratedby(hePfQieC1.p1.ustheannua1.depreciationexpense.d. sumoftheincrenen1.a1.ope111.ingcashf1.ow,capita1.spending,andne1.workingcapita)expensesincurredbytheproject.e. sumofthesunkcosts,opportunitycosts,anderosioncostsoftheproject.EQU1.VA1.ENTANNUA1.COSTc10.Theannua1.annuitystreamofpaynntswiththesamepresentva1.ueasaproject'scostsisca1.1.edtheproject'scost.I1.incrementa1.b.sunkC.opportunityd. erosione. equiva1.entannua1.II.CONCEPTSINCREMENTA1.CASHF1.OWb11.Onepurposeofidentifyinga1.1.oftheincrementa1.cashf1.owsre1.atedtoaPrOPOSedprojectisto:a. iso1.atethetota1.sunkcostssotheycanbeeva1.uatedtodetermineiftheprojectwi1.1.addva1.uetothefirm.b. e1.iminateanycostwhichhasprevious1.ybeenincurredsothatitcanbeomittedfromtheana1.ysisoftheproject.c. makeeachPrqjeC1.appearasprofitab1.easpossib1.eIbnhe1111n.d. inc1.udeboththeproposedand(hecurrentoperationsofamin(heana1.ysisoftheproject.e. i<(ifyanyanda1.1.changesinthecashf1.owsofthefirmtorthepastyearsotheycanbeinc1.udedinIhCana1.ysis.INCREMENTA1.CASHF1.OWc12.Whichofthefo1.1.owingarcexamp1.esofanincrementa1.cashf1.ow?I.anincreaseinaccountsreceivab1.eII.adecreaseinnetworkingcapita1.III.anincreaseintaxesa.hcd,c.IV.adecreaseinIheCOS1.ofgoodsso1.dIandIIIon1.yIIIandIVon1.yIandIVon1.yI.I1.1.andIVon1.y1.II,II1.andIVINCREMENTA1.CASHF1.OWc13.Whichoneofthefo1.1.owingisanexamp1.eofanincrementa1.cashf1.ow?a. theannua1.Saiaryofthecompanypresidentwhichisacontractua1.ob1.igationb. therentonawarehousewhichiscurrent1.ybeinguti1.izedc. therentonsomenewmachinerythatisrequiredforanupcomingPrQjeCtd. thepropertytaxesonthecurrent1.yownedwarehousewhichhasbeensittingid1.ebutisgoingtobeuti1.izedforanewPrQieC1.e. theinsuranceonaconpany-o½nedbui1.dingwhichwi1.1.beuti1.izedforanewPrQjeC1.STANDA1.ONEPRINCIP1.Ed14,Thestand-a1.oneprincip1.eadvocatesPrQjeC1.ana1.ysiswhichisfocusedoncosts,a.sunkb.tota1.c.variab1.ed.incrementa1.c.fixedSUNKCOSTc15,Sunkcostsinc1.udeanycostthat:a. wi1.1.changeifaprojectisundertaken.b. wi1.1.beincurredifaprojectisaccepted.c. hasprevious1.ybeenincurredandcannotbechanged.d. ispaidtoathirdpartyandcannotberefundedforanyreasonwhatsoever.e. wi1.1.(KxUrifaProjatisacceptedandonceincurred,cannotberecouped.SUNKCOSTd16.Youspent$5001.astweekfixingIhetransmissioninyourcar.Now.thebrakesareactingupandyouaretryingiodecidewhetheriofixthemortradethecarinforanewermode1.Inana1.yzing(hebrakesituation,(he$500youspen1.fixingIbetransmissionisa(n)com.a. opportunityb. fixedc. incrementa1.d. sunkc.re1.evantEROSIONb17.Erosioncanbeexp1.ainedashe:a. additiona1.incon>egeneratedfromthesa1.esofanew1.yaddedproduct.b. 1.ossofcurrentsa1.eduetoanewPrOjee1.