罗斯 公司理财 英文练习题 附带答案 第九章

CHAPTER 9

Risk Analysis, Real Options, and Capital Budgeting Multiple Choice Questions:

I. DEFINITIONS

SCENARIO ANALYSIS

b 1. An analysis of what happens to the estimate of the net present value

when you examine a number of different likely situations is called

_____ analysis.

a. forecasting

b. scenario

c. sensitivity

d. simulation

e. break-even

Difficulty level: Easy

SENSITIVITY ANALYSIS

c 2. An analysis of what happens to the estimate of net present value when

only one variable is changed is called _____ analysis.

a. forecasting

b. scenario

c. sensitivity

d. simulation

e. break-even

Difficulty level: Easy

SIMULATION ANALYSIS

d 3. An analysis which combines scenario analysis with sensitivity analysis

is called _____ analysis.

a. forecasting

b. scenario

c. sensitivity

d. simulation

e. break-even

Difficulty level: Easy

BREAK-EVEN ANALYSIS

e 4. An analysis o

f the relationship between the sales volume and various

measures of profitability is called _____ analysis.

a. forecasting

b. scenario

c. sensitivity

d. simulation

e. break-even

Difficulty level: Easy

VARIABLE COSTS

a 5. Variable costs:

a. change in direct relationship to the quantity of output produced.

b. are constant in the short-run regardless of the quantity of output

produced.

c. reflect the change in a variable when one more unit of output is

produced.

d. are subtracted from fixed costs to compute the contribution margin.

e. form the basis that is used to determine the degree of operating

leverage employed by a firm.

Difficulty level: Easy

FIXED COSTS

b 6. Fixed costs:

a. change as the quantity of output produced changes.

b. are constant over the short-run regardless of the quantity of output

produced.

c. reflect the change in a variable when one more unit of output is

produced.

d. are subtracted from sales to compute the contribution margin.

e. can be ignored in scenario analysis since they are constant over the

life of a project.

Difficulty level: Easy

ACCOUNTING BREAK-EVEN

c 7. The sales level that results in a project’s net income exactly

equaling zero is called the _____ break-even.

a. operational

b. leveraged

c. accounting

d. cash

e. present value

Difficulty level: Easy

PRESENT VALUE BREAK-EVEN

e 8. The sales level that results in a project’s net present value exactly

equaling zero is called the _____ break-even.

a. operational

b. leveraged

c. accounting

d. cash

e. present value

Difficulty level: Easy

II. CONCEPTS

SCENARIO ANALYSIS

b 9. Conducting scenario analysis helps managers see the:

a. impact of an individual variable on the outcome of a project.

b. potential range of outcomes from a proposed project.

c. changes in long-term debt over the course of a proposed project.

d. possible range of market prices for their stock over the life of a project.

e. allocation distribution of funds for capital projects under conditions of hard rationing.

Difficulty level: Easy

SENSITIVITY ANALYSIS

b 10. Sensitivity analysis helps you determine the:

a. range of possible outcomes given possible ranges for every variable.

b. degree to which the net present value reacts to changes in a single variable.

c. net present value given the best and the worst possible situations.

d. degree to which a project is reliant upon the fixed costs.

e. level of variable costs in relation to the fixed costs of a project.

Difficulty level: Easy

SENSITIVITY ANALYSIS

c 11. As the degree of sensitivity of a project to a single variable rises, the:

a. lower the forecasting risk of the project.

b. smaller the range of possible outcomes given a pre-defined range of values for the

input.

c. more attention management should place on accurately forecasting the

future value of

that variable.

d. lower the maximum potential value of the project.

e. lower the maximum potential loss of the project.

Difficulty level: Medium

SENSITIVITY ANALYSIS

c 12. Sensitivity analysis is conducte

d by:

a. holding all variables at their base level and changing the required rate of return

assigned to a project.

b. changing the value of two variables to determine their interdependency.

c. changing the value of a single variable and computing the resulting change in the

current value of a project.

d. assigning either the best or the worst possible value to each variable and comparing the

results to those achieved by the base case.

e. managers after a project has been implemented to determine how each variable relates to the level of output realized.

Difficulty level: Medium

SENSITIVITY ANALYSIS

d 13. To ascertain whether th

e accuracy o

f the variable cost estimate for a project will have

much effect on the final outcome of the project, you should probably conduct _____

analysis.

a. leverage

b. scenario

c. break-even

d. sensitivity

e. cash flow

Difficulty level: Easy

SIMULATION

d 14. Simulation analysis is based on assigning a _____ and analyzing th

e results.

a. narrow range of values to a single variable

b. narrow range of values to multiple variables simultaneously

c. wide range of values to a single variable

d. wide range of values to multiple variables simultaneously

e. single value to each of the variables

Difficulty level: Medium

SIMULATION

e 15. The type o

f analysis that is most dependent upon the use of a computer is _____ analysis.

a. scenario

b. break-even

c. sensitivity

d. degree of operating leverage

e. simulation

Difficulty level: Easy

VARIABLE COSTS

d 16. Which on

e o

f the followin

g is most likely a variable cost?

a. office rent

b. property taxes

c. property insurance

d. direct labor costs

e. management salaries

Difficulty level: Easy

VARIABLE COSTS

a 17. Which of the following statements concerning variable costs is (are) correct?

I. Variable costs minus fixed costs equal marginal costs.

II. Variable costs are equal to zero when production is equal to zero.

III. A n increase in variable costs increases the operating cash flow.

a. II only

b. III only

c. I and III only

d. II and III only

e. I and II only

Difficulty level: Medium

VARIABLE COSTS

a 18. All else constant, as the variable cost per unit increases, the:

a. contribution margin decreases.

b. sensitivity to fixed costs decreases.

c. degree of operating leverage decreases.

d. operating cash flow increases.

e. net profit increases.

Difficulty level: Medium

FIXED COSTS

c 19. Fixe

d costs:

I. are variable over long periods of time.

II. must be paid even if production is halted.

III. a re generally affected by the amount of fixed assets owned by a firm.

IV. per unit remain constant over a given range of production output.

a. I and III only

b. II and IV only

c. I, II, and III only

d. I, II, and IV only

e. I, II, III, and IV

Difficulty level: Medium

CONTRIBUTION MARGIN

c 20. The contribution margin must increase as:

a. both the sales price and variable cost per unit increase.

b. the fixed cost per unit declines.

c. the gap between the sales price and the variable cost per unit widens.

d. sales price per unit declines.

e. the sales price minus the fixed cost per unit increases.

Difficulty level: Medium

ACCOUNTING BREAK-EVEN

a 21. Which of the following statements are correct concerning the accounting break-even

point?

I. The net income is equal to zero at the accounting break-even point.

II. The net present value is equal to zero at the accounting break-even point.

III. T he quantity sold at the accounting break-even point is equal to the total fixed costs plus depreciation divided by the contribution margin.

IV. The quantity sold at the accounting break-even point is equal to the total fixed costs divided by the contribution margin.

a. I and III only

b. I and IV only

c. II and III only

d. II and IV only

e. I, II, and IV only

Difficulty level: Medium

ACCOUNTING BREAK-EVEN

b 22. All else constant, the accounting break-even level of sales will decrease when the:

a. fixed costs increase.

b. depreciation expense decreases.

c. contribution margin decreases.

d. variable costs per unit increas

e.

e. selling price per unit decreases.

Difficulty level: Medium

PRESENT VALUE BREAK-EVEN

d 23. Th

e point where a project produces a rate o

f return equal to the required return is

known as the:

a. point of zero operating leverage.

b. internal break-even point.

c. accounting break-even point.

d. present value break-even point.

e. internal break-even point.

Difficulty level: Easy

PRESENT VALUE BREAK-EVEN

b 24. Which of the following statements are correct concerning the present value break-even

point of a project?

I. The present value of the cash inflows equals the amount of the initial investment.

II. The payback period of the project is equal to the life of the project.

III. T he operating cash flow is at a level that produces a net present value of zero.

IV. The project never pays back on a discounted basis.

a. I and II only

b. I and III only

c. II and IV only

d. III and IV only

e. I, III, and IV only

Difficulty level: Medium

INVESTMENT TIMING DECISION

b 25. The investment timing decision relates to:

a. how long the cash flows last once a project is implemented.

b. the decision as to when a project should be started.

c. how frequently the cash flows of a project occur.

d. how frequently the interest on the debt incurred to finance a project is compounded.

e. the decision to either finance a project over time or pay out the initial cost in cash.

Difficulty level: Medium

OPTION TO WAIT

e 26. The timing option that gives the option to wait:

I. may be of minimal value if the project relates to a rapidly changing technology.

II. is partially dependent upon the discount rate applied to the project being evaluated.

III. i s defined as the situation where operations are shut down for a period of time.

IV. has a value equal to the net present value of the project if it is started today versus the

net present value if it is started at some later date.

a. I and III only

b. II and IV only

c. I and II only

d. II, III, and IV only

e. I, II, and IV only

Difficulty level: Challenge

OPTION TO EXPAND

b 27. Last month you introduced a new product to the market. Consumer demand has been

overwhelming and appears that strong demand will exist over the long-term. Given this

situation, management should consider the option to:

a. suspend.

b. expand.

c. abandon.

d. contract.

e. withdraw.

Difficulty level: Easy

OPTION TO EXPAND

c 28. Including the option to expan

d in your project analysis will tend to:

a. extend the duration of a project but not affect the project’s net present value.

b. increase the cash flows of a project but decrease the project’s net present value.

c. increase the net present value of a project.

d. decrease the net present value of a project.

e. have no effect on either a project’s cash flows or its net present value.

Difficulty level: Medium

SENSITIVITY AND SENARIO ANALYSIS

d 29. Theoretically, th

e NPV is the most appropriate method to determine

the acceptability of a project. A false sense of security can be

overwhelm the decision-maker when the procedure is applied properly

and the positive NPV results are accepted blindly. Sensitivity and

scenario analysis aid in the process by

a. changing the underlying assumptions on which the decision is based.

b. highlights the areas where more and better data are needed.

c. providing a picture of how an event can affect the calculations.

d. All of the abov

e.

e. None of the above.

Difficulty level: Medium

DECSION TREE

a 30. In order to make a decision with a decision tree

a. one starts farthest out in time to make the first decision.

b. one must begin at time 0.

c. any path can be taken to get to the en

d.

d. any path can be taken to get back to the beginning.

e. None of the above.

Difficulty level: Medium

DECISION TREE

c 31. In a decision tree, the NPV to make the yes/no decision is dependent

on

a. only the cash flows from successful path.

b. on the path where the probabilities add up to one.

c. all cash flows and probabilities.

d. only the cash flows and probabilities of the successful path.

e. None of the above.

Difficulty level: Medium

DECISION TREE

e 32. In a decision tree, caution should be used in analysis because

a. early stage decisions are probably riskier and should not likely use

the same discount rate.

b. if a negative NPV is actually occurring, management should opt out of

the project and minimize their loss.

c. decision trees are only used for planning, not actually daily

management.

d. Both A and C.

e. Both A and B.

Difficulty level: Medium

SENSITIVITY ANALYSIS

d 33. Sensitivity analysis evaluates th

e NPV with respect to

a. changes in the underlying assumptions.

b. one variable changing while holding the others constant.

c. different economic conditions.

d. All of the abov

e.

e. None of the above.

Difficulty level: Medium

SENSITIVITY ANALYSIS

d 34. Sensitivity analysis provides information on

a. whether the NPV should be trusted, it may provide a false sense of

security if all NPVs are positive.

b. the need for additional information as it tests each variable in

isolation.

c. the degree of difficulty in changing multiple variables together.

d. Both A and B.

e. Both A and C.

Difficulty level: Medium

FIXED COSTS

b 35. Fixed production costs are

a. directly related to labor costs.

b. measured as cost per unit of time.

c. measured as cost per unit of output.

d. dependent on the amount of goods or services produced.

e. None of the above.

Difficulty level: Medium

VARIABLE COSTS

d 36. Variabl

e costs

a. change as the quantity of output changes.

b. are zero when production is zero.

c. are exemplified by direct labor and raw materials.

d. All of the abov

e.

e. None of the above.

Difficulty level: Easy

SENSITIVITY ANALYSIS

b 37. An investigation of the degree to which NPV depends on assumptions

made about any singular critical variable is called a(n)

a. operating analysis.

b. sensitivity analysis.

c. marginal benefit analysis.

d. decision tree analysis.

e. None of the above.

Difficulty level: Easy

SENSITIVITY AND SCENARIOS ANALYSIS

b 38. Scenario analysis is different than sensitivity analysis

a. as no economic forecasts are changed.

b. as several variables are changed together.

c. because scenario analysis deals with actual data versus sensitivity

analysis which deals with a forecast.

d. because it is short and simpl

e.

e. because it is 'by the seat of the pants' technique.

Difficulty level: Medium

EQUIVALENT ANNUAL COST

c 39. In the present-value break-even the EAC is use

d to

a. determine the opportunity cost of investment.

b. allocate depreciation over the life of the project.

c. allocate the initial investment at its opportunity cost over the life

of the project.

d. determine the contribution margin to fixed costs.

e. None of the above.

Difficulty level: Medium

BREAK-EVEN

b 40. The present value break-even point is superior to the accounting

break-even point because

a. present value break-even is more complicated to calculate.

b. present value break-even covers the economic opportunity costs of the

investment.

c. present value break-even is the same as sensitivity analysis.

d. present value break-even covers the fixed costs of production, which

the accounting break-even does not.

e. present value break-even covers the variable costs of production,

which the accounting break-even does not.

Difficulty level: Easy

ABANDONMENT

d 41. Th

e potential decision to abandon a project has option value because

a. abandonment can occur at any future point in time.

b. a project may be worth more dead than alive.

c. management is not locked into a negative outcome.

d. All of the abov

e.

e. None of the above.

Difficulty level: Easy

TYPES OF BREAK-EVEN ANALYSIS

d 42. Which of th

e following are types o

f break-even analysis?

a. present value break-even

b. accounting profit break-even

c. market value break-even

d. Both A and B.

e. Both A and C.

Difficulty level: Easy

MONTE CARLO SIMULATION

c 43. The approach that further attempts to model real wor

d uncertainty by

analyzing projects the way one might analyze gambling strategies is

called

a. gamblers approach.

b. blackjack approach.

c. Monte Carlo simulation.

d. scenario analysis.

e. sensitivity analysis.

Difficulty level: Medium

MONTE CARLO SIMULATION

c 44. Monte Carlo simulation is

a. the most widely used by executives.

b. a very simple formula.

c. provides a more complete analysis that sensitivity or scenario.

d. the oldest capital budgeting techniqu

e.

e. None of the above.

Difficulty level: Easy

OPTIONS IN CAPITAL BUDGETING

d 45. Which of th

e following are hidden options in capital budgeting?

a. option to expand.

b. timing option.

c. option to abandon.

d. All of the abov

e.

e. None of the above.

Difficulty level: Easy

III. P ROBLEMS

Use this information to answer questions 46 through 50.

The Adept Co. is analyzing a proposed project. The company expects to sell 2,500

units, give or take 10 percent. The expected variable cost per unit is $8 and the expected fixed costs are $12,500. Cost estimates are

considered accurate within a plus or minus 5 percent range. The

depreciation expense is $4,000. The sale price is estimated at $16 a

unit, give or take 2 percent. The company bases their sensitivity

analysis on the expected case scenario.

SCENARIO ANALYSIS

d 46. What is th

e sales revenue under the optimistic case scenario?

a. $40,000

b. $43,120

c. $44,000

d. $44,880

e. $48,400

Difficulty level: Medium

SCENARIO ANALYSIS

d 47. What is th

e contribution margin under the expected case scenario?

a. $2.67

b. $3.00

c. $7.92

d. $8.00

e. $8.72

Difficulty level: Medium

SCENARIO ANALYSIS

c 48. What is the amount of the fixe

d cost per unit under th

e pessimistic case scenario?

a. $4.55

b. $5.00

c. $5.83

d. $6.02

e. $6.55

Difficulty level: Medium

SENSITIVITY ANALYSIS

b 49. The company is conducting a sensitivity analysis on the sales price using a sales

price estimate of $17. Using this value, the earnings before interest and taxes will be:

a. $4,000

b. $6,000

c. $8,500

d. $10,000

e. $18,500

Difficulty level: Medium

SENSITIVITY ANALYSIS

b 50. The company conducts a sensitivity analysis using a variable cost of $9. The total

variable cost estimate will be:

a. $21,375

b. $22,500

c. $23,625

d. $24,125

e. $24,750

Difficulty level: Medium

Use this information to answer questions 51 through 55.

The Can-Do Co. is analyzing a proposed project. The company expects to

sell 12,000

units, give or take 4 percent. The expected variable cost per unit is $7 and the expected fixed cost is $36,000. The fixed and variable cost

estimates are considered accurate within a plus or minus 6 percent range.

The depreciation expense is $30,000. The tax rate is 34 percent. The

sale price is estimated at $14 a unit, give or take 5 percent. The

company bases their sensitivity analysis on the expected case scenario.

SCENARIO ANALYSIS

a 51. What is the earnings before interest and taxes under the expected case scenario?

a. $18,000

b. $24,000

c. $36,000

d. $48,000

e. $54,000

Difficulty level: Medium

SCENARIO ANALYSIS

c 52. What is the earnings before interest an

d taxes under anoptimistic cas

e scenario?

a. $22,694.40

b. $24,854.40

c. $37,497.60

d. $52,694.40

e. $67,947.60

Difficulty level: Challenge

SCENARIO ANALYSIS

b 53. What is the earnings before interest and taxes under the pessimisti

c case scenario?

a. -$566.02

b. -$422.40

c. -$278.78

d. $3,554.50

e. $5,385.60

Difficulty level: Challenge

SENSITIVITY ANALYSIS

d 54. What is th

e operating cash flow for a sensitivity analysis using total fixed costs of

$32,000?

a. $14,520

b. $16,520

c. $22,000

罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](风险、资本成本和资本预算)【圣才

罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解] 第13章风险、资本成本和资本预算[视频讲解] 13.1复习笔记 运用净现值法，按无风险利率对现金流量折现，可以准确评价无风险现金流量。然而，现实中的绝大多数未来现金流是有风险的，这就要求有一种能对有风险现金流进行折现的方法。确定风险项目净现值所用的折现率可根据资本资产定价模型CAPM（或套利模型APT）来计算。如果某无负债企业要评价一个有风险项目，可以运用证券市场线SML来确定项目所要求的收益率r s，r s也称为权益资本成本。 当企业既有债务融资又有权益融资时，所用的折现率应是项目的综合资本成本，即债务资本成本和权益资本成本的加权平均。 联系企业的风险贴现率与资本市场要求的收益率的原理在于如下一个简单资本预算原则：企业多余的现金，可以立即派发股利，投资者收到股利自己进行投资，也可以用于投资项目产生未来的现金流发放股利。从股东利益出发，股东会在自己投资和企业投资中选择期望收益率较高的一个。只有当项目的期望收益率大于风险水平相当的金融资产的期望收益率时，项目才可行。因此项目的折现率应该等于同样风险水平的金融资产的期望收益率。这也说明了资本市场价格信号作用。 1．权益资本成本 从企业的角度来看，权益资本成本就是其期望收益率，若用CAPM模型，股票的期望收益率为：

其中，R F是无风险利率，是市场组合的期望收益率与无风险利率之差，也称为期望超额市场收益率或市场风险溢价。 要估计企业权益资本成本，需要知道以下三个变量：①无风险利率；②市场风险溢价； ③公司的贝塔系数。 根据权益资本成本计算企业项目的贴现率需要有两个重要假设：①新项目的贝塔风险与企业风险相同；②企业无债务融资。 2．贝塔的估计 估算公司贝塔值的基本方法是利用T个观测值按照如下公式估计： 估算贝塔值可能存在以下问题：①贝塔可能随时间的推移而发生变化；②样本容量可能太小；③贝塔受财务杠杆和经营风险变化的影响。 可以通过如下途径解决上述问题：①第1个和第2个问题可通过采用更加复杂的统计技术加以解决；②根据财务风险和经营风险的变化对贝塔作相应的调整，有助于解决第3个问题；③注意同行业类似企业的平均β估计值。 根据企业自身历史数据来估算企业贝塔系数是一种常用方法，也有人认为运用整个行业的贝塔系数可以更好地估算企业的贝塔系数。有时两者计算的结果差异很大。总的来说，可以遵循下列原则：如果认为企业的经营与所在行业其他企业的经营十分类似，用行业贝塔降低估计误差。如果认为企业的经营与行业内其他企业的经营有着根本性差别，则应选择企业的贝塔。 3．贝塔的确定 前面介绍的回归分析方法估算贝塔并未阐明贝塔是由哪些因素决定的。主要存在以下三个因素：收入的周期性、经营杠杆和财务杠杆。

公司理财(英文版)题库2说课讲解

公司理财(英文版)题 库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholde rs. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 20 Issuing Securities to the Public Multiple Choice Questions 1. An equity issue sold directly to the public is called: A. a rights offer. B. a general cash offer. C. a restricted placement. D. a fully funded sales. E. a standard call issue. 2. An equity issue sold to the firm's existing stockholders is called: A. a rights offer. B. a general cash offer. C. a private placement. D. an underpriced issue. E. an investment banker's issue. 3. Management's first step in any issue of securities to the public is: A. to file a registration form with the SEC. B. to distribute copies of the preliminary prospectus. C. to distribute copies of the final prospectus. D. to obtain approval from the board of directors. E. to prepare the tombstone advertisement. 4. A rights offering is: A. the issuing of options on shares to the general public to acquire stock. B. the issuing of an option directly to the existing shareholders to acquire stock. C. the issuing of proxies which are used by shareholders to exercise their voting rights. D. strictly a public market claim on the company which can be traded on an exchange. E. the awarding of special perquisites to management.

公司理财(英文版)题库2

CHAPTER 2 Financial Statements & Cash Flow Multiple Choice Questions: I. DEFINITIONS BALANCE SHEET b 1. The financial statement showing a firm’s accounting value on a particular date is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. shareholders’ equity sheet. Difficulty level: Easy CURRENT ASSETS c 2. A current asset is: a. an item currently owned by the firm. b. an item that the firm expects to own within the next year. c. an item currently owned by the firm that will convert to cash within the next 12 months. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of all items currently owned by the firm. Difficulty level: Easy LONG-TERM DEBT b 3. The long-term debts of a firm are liabilities: a. that come due within the next 12 months. b. that do not come due for at least 12 months. c. owed to the firm’s suppliers. d. owed to the firm’s shareholders. e. the firm expects to incur within the next 12 months. Difficulty level: Easy NET WORKING CAPITAL e 4. Net working capital is defined as: a. total liabilities minus shareholders’ equity. b. current liabilities minus shareholders’ equity. c. fixed assets minus long-term liabilities. d. total assets minus total liabilities. e. current assets minus current liabilities. Difficulty level: Easy LIQUID ASSETS d 5. A(n) ____ asset is on e which can be quickly converted into cash without significant loss in value.

罗斯公司理财题库全集

Chapter 30 Financial Distress Multiple Choice Questions 1. Financial distress can be best described by which of the following situations in which the firm is forced to take corrective action? A. Cash payments are delayed to creditors. B. The market value of the stock declines by 10%. C. The firm's operating cash flow is insufficient to pay current obligations. D. Cash distributions are eliminated because the board of directors considers the surplus account to be low. E. None of the above. 2. Insolvency can be defined as: A. not having cash. B. being illiquid. C. an inability to pay one's debts. D. an inability to increase one's debts. E. the present value of payments being less than assets. 3. Stock-based insolvency is a: A. income statement measurement. B. balance sheet measurement. C. a book value measurement only. D. Both A and C. E. Both B and C. 4. Flow-based insolvency is: A. a balance sheet measurement. B. a negative equity position. C. when operating cash flow is insufficient to meet current obligations. D. inability to pay one's debts. E. Both C and D.

罗斯公司理财题库全集

Chapter 13 Risk, Cost of Capital, and Capital Budgeting Answer Key Multiple Choice Questions 1. The weighted average of the firm's costs of equity, preferred stock, and after tax debt is the: A. reward to risk ratio for the firm. B. expected capital gains yield for the stock. C. expected capital gains yield for the firm. D. portfolio beta for the firm. E. weighted average cost of capital (WACC). Difficulty level: Easy Topic: WACC Type: DEFINITIONS 2. If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the: A. return on the stock minus the risk-free rate. B. difference between the return on the market and the risk-free rate. C. beta times the market risk premium. D. beta times the risk-free rate. E. market rate of return. Difficulty level: Easy Topic: CAPM Type: DEFINITIONS

罗斯公司理财Chap004全英文题库及答案

Chapter 04 Discounted Cash Flow Valuation Answer Key Multiple Choice Questions 1. An annuity stream of cash flow payments is a set of: A.level cash flows occurring each time period for a fixed length of time. B. level cash flows occurring each time period forever. C. increasing cash flows occurring each time period for a fixed length of time. D. increasing cash flows occurring each time period forever. E. arbitrary cash flows occurring each time period for no more than 10 years. Difficulty level: Easy Topic: ANNUITY Type: DEFINITIONS

2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period. A. ordinary annuities; early annuities B. late annuities; straight annuities C. straight annuities; late annuities D. annuities due; ordinary annuities E.ordinary annuities; annuities due Difficulty level: Easy Topic: ANNUITIES DUE Type: DEFINITIONS

公司理财-罗斯课后习题答案

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 { 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。（3）就像市场需求其他劳动力一样，市场也需求首席执行官，首席执行官的薪酬是由市

罗斯公司理财题库cha16

Chapter 16 Capital Structure: Basic Concepts Multiple Choice Questions 1. The use of personal borrowing to change the overall amount of financial leverage to which an individual is exposed is called: A. homemade leverage. B. dividend recapture. C. the weighted average cost of capital. D. private debt placement. E. personal offset. 2. The proposition that the value of the firm is independent of its capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 3. The proposition that the cost of equity is a positive linear function of capital structure is called: A. the capital asset pricing model. B. MM Proposition I. C. MM Proposition II. D. the law of one price. E. the efficient markets hypothesis. 4. The tax savings of the firm derived from the deductibility of interest expense is called the: A. interest tax shield. B. depreciable basis. C. financing umbrella. D. current yield. E. tax-loss carry forward savings.

完整word版公司理财英文版题库8

CHAPTER 8 Making Capital Investment Decisions I. DEFINITIONS INCREMENTAL CASH FLOWS a 1. The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. a. incremental b. stand-alone c. after-tax d. net present value e. erosion Difficulty level: Easy EQUIVALENT ANNUAL COST e 2. The annual annuity stream o f payments with the same present value as a project's costs is called the project's _____ cost. a. incremental b. sunk c. opportunity d. erosion e. equivalent annual Difficulty level: Easy SUNK COSTS c 3. A cost that has already been paid, or the liability to pay has already been incurred, is a(n): a. salvage value expense. b. net working capital expense. c. sunk cost. d. opportunity cost. e. erosion cost. Difficulty level: Easy OPPORTUNITY COSTS d 4. Th e most valuable investment given up i f an alternative investment is chosen is a(n): a. salvage value expense. b. net working capital expense.

公司理财罗斯课后习题答案

公司理财罗斯课后习题 答案 集团标准化工作小组 [Q8QX9QT-X8QQB8Q8-NQ8QJ8-M8QMN]

第一章 1.在所有权形式的公司中,股东是公司的所有者。股东选举公司的董事会,董事会任命该公司的管理层。企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。在这种环境下,他们可能因为目标不一致而存在代理问题。 2.非营利公司经常追求社会或政治任务等各种目标。非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。 3.这句话是不正确的。管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。 4.有两种结论。一种极端,在市场经济中所有的东西都被定价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。然而,该公司认为提高产品的安全性只会节省20美元万。请问公司应该怎么做呢” 5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。 6.管理层的目标是最大化股东现有股票的每股价值。如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。 7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。较少的私人投资者能减少不同的企业目标。高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。 8.大型金融机构成为股票的主要持有者可能减少美国公司的代理问题，形成更有效率的公司控制权市场。但也不一定能。如果共同基金或者退休基金的管理层并不关心的投资者的利益，代理问题可能仍然存在,甚至有可能增加基金和投资者之间的代理问题。

英文版罗斯公司理财习题答案Chap020

CHAPTER 20 INTERNATIONAL CORPORATE FINANCE Answers to Concepts Review and Critical Thinking Questions 1. a. The dollar is selling at a premium because it is more expensive in the forward market than in the spot market (SFr 1.53 versus SFr 1.50). b.The franc is expected to depreciate relative to the dollar because it will take more francs to buy one dollar in the future than it does today. c.Inflation in Switzerland is higher than in the United States, as are nominal interest rates. 2.The exchange rate will increase, as it will take progressively more pesos to purchase a dollar. This is the relative PPP relationship. 3.a.The Australian dollar is expected to weaken relative to the dollar, because it will take more A$ in the future to buy one dollar than it does today. b.The inflation rate in Australia is higher. c.Nominal interest rates in Australia are higher; relative real rates in the two countries are the same. 4. A Yankee bond is most accurately described by d. 5. No. For example, if a cou ntry’s currency strengthens, imports bee cheaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation. 6.Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations. 7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.

英文版罗斯公司理财习题答案

CHAPTER 8 MAKING CAPITAL INVESTMENT DECISIONS Answers to Concepts Review and Critical Thinking Questions 1. In this context, an opportunity cost refers to the value of an asset or other input that will be used in a project. The relevant cost is what the asset or input is actually worth today, not, for example, what it cost to acquire. 2. a.Yes, the reduction in the sales of the company’s other products, referred to as erosion, and should be treated as an incremental cash flow. These lost sales are included because they are a cost (a revenue reduction) that the firm must bear if it chooses to produce the new product. b. Yes, expenditures on plant and equipment should be treated as incremental cash flows. These are costs of the new product line. However, if these expenditures have already occurred, they are sunk costs and are not included as incremental cash flows. c. No, the research and development costs should not be treated as incremental cash flows. The costs of research and development undertaken on the product during the past 3 years are sunk costs and should not be included in the evaluation of the project. Decisions made and costs incurred in the past cannot be changed. They should not affect the decision to accept or reject the project. d. Yes, the annual depreciation expense should be treated as an incremental cash flow. Depreciation expense must be taken into account when calculating the cash flows related to a given project. While depreciation is not a cash expense that directly affects c ash flow, it decreases a firm’s net

罗斯公司理财题库全

Chapter 21 Leasing Multiple Choice Questions 1.In a lease arrangement, the owner of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 2.In a lease arrangement, the user of the asset is: A.the lesser. B.the lessee. C.the lessor. D.the leaser. E.None of the above. 3.Which of the following would not be a characteristic of a financial lease? A.They are not usually fully amortized. B.They usually do not have maintenance necessary for the leased assets. C.They usually do not include a cancellation option. D.The lessee usually has the right to renew the lease at expiration. E.All of the above are characteristics of financial leases.

4.An independent leasing company supplies ___________ leases versus the manufacturer who supplies ________________ leases. A.leveraged; direct B.sales and leaseback; sales-type C.capital; sales-type D.direct; sales-type E.None of the above

罗斯公司理财答案第六版(英文)

Chapter 2: Accounting Statements and Cash Flow 2.1 Assets Current assets Cash $ 4,000 Accounts receivable 8,000 Total current assets $ 12,000 Fixed assets Machinery $ 34,000 Patents 82,000 Total fixed assets $116,000 Total assets $128,000 Liabilities and equity Current liabilities Accounts payable $ 6,000 Taxes payable 2,000 Total current liabilities $ 8,000 Long-term liabilities Bonds payable $7,000 Stockholders equity Common stock ($100 par) $ 88,000 Capital surplus 19,000 Retained earnings 6,000 Total stockholders equity $113,000 Total liabilities and equity $128,000 2.2 One year ago Today Long-term debt $50,000,000 $50,000,000 Preferred stock 30,000,000 30,000,000 Common stock 100,000,000 110,000,000 Retained earnings 20,000,000 22,000,000 Total $200,000,000 $212,000,000 2.3 Income Statement $500,000 Less: Cost of goods sold $200,000 Administrative expenses 100,000 300,000 Earnings before interest and taxes $200,000 Less: Interest expense 50,000 Earnings before Taxes $150,000 Taxes 51,000 Net income $99,000

公司理财精要版原书第12版习题库答案Ross12e_Chapter11_TB

Fundamentals of Corporate Finance, 12e (Ross) Chapter 11 Project Analysis and Evaluation 1) Forecasting risk is defined as the possibility that: A) some proposed projects will be rejected. B) some proposed projects will be temporarily delayed. C) incorrect decisions will be made due to erroneous cash flow projections. D) some projects will be mutually exclusive. E) tax rates could change over the life of a project. 2) The key means of defending against forecasting risk is to: A) rely primarily on the net present value method of analysis. B) increase the discount rate assigned to a project. C) shorten the life of a project. D) identify sources of value within a project. E) ignore any potential salvage value that might be realized. 3) Steve is fairly cautious when analyzing a new project and thus he projects the most optimistic, the most realistic, and the most pessimistic outcome that can reasonably be expected. Which type of analysis is he using? A) Simulation testing B) Sensitivity analysis C) Break-even analysis D) Rationing analysis E) Scenario analysis 4) Scenario analysis is best suited to accomplishing which one of the following when analyzing a project? A) Determining how fixed costs affect NPV B) Estimating the residual value of fixed assets C) Identifying the potential range of reasonable outcomes D) Determining the minimal level of sales required to break-even on an accounting basis E) Determining the minimal level of sales required to break-even on a financial basis 5) Which one of the following will be used in the computation of the best-case analysis of a proposed project? A) Minimal number of units that are expected to be produced and sold B) The lowest expected salvage value that can be obtained for a project's fixed assets C) The most anticipated sales price per unit D) The lowest variable cost per unit that can reasonably be expected E) The highest level of fixed costs that is actually anticipated