(完整版)财务管理CHAPTER9.pdf

CHAPTER 9 Net Present Value and Other Investment Criteria II.CONCEPTS CAPITAL BUDGETING DECISIONS a 16.Capital budgeting decisions generally:a.have long-term effects on a firm.b.are of short-duration.c.are easy to revise once implemented.d.focus solely on whether or not a particular asset should be purchased.e.have minimal effects on a firms operations.CAPITAL BUDGETING DECISIONS e 17.Which of the following are capital budgeting decisions?I.determining whether to sell bonds or issue stock II.deciding which product markets to enter III.deciding whether or not to purchase a new piece of equipment IV.determining which,if any,new products should be produced a.I only b.IIIonly c.II and IV only d.I,III,and IV only e.II,III,and IV only NET PRESENT VALUE d 18.All else constant,the net present value of a project increases when:a.the discount rate increases.b.each cash inflow is delayed by one year.c.the initial cost of a project increases.d.the rate of return decreases.e.all cash inflows occur during the last year of a projects life instead of periodically throughout the life of the project.NET PRESENT VALUE a 19.The primary reason that company projects with positive net present values are considered acceptable is that:a.they create value for the owners of the firm.b.the projects rate of return exceeds the rate of inflation.c.they return the initial cash outlay within three years or less.d.the required cash inflows exceed the actual cash inflows.e.the investments cost exceeds the present value of the cash inflows.NET PRESENT VALUE d 20.If a project has a net present value equal to zero,then:I.the present value of the cash inflows exceeds the initial cost of the project.II.the project produces a rate of return that just equals the rate required to accept the project.III.the project is expected to produce only the minimally required cash inflows.IV.any delay in receiving the projected cash inflows will cause the project to have a negative net present value.a.II and III only b.II and IV only c.I,II,and IV only d.II,III,and IV only e.I,II,and III only NET PRESENT VALUE b 21.When computing the net present value of a project,the net amount received from salvaging the fixed assets used in the project is:a.subtracted from the initial cash outlay.b.included in the final cash flow of the project.c.excluded from the analysis since it occurs only when the project ends.d.subtracted from the original cost of the assets.e.added to the net present value of the project to determine if the project is acceptable.NET PRESENT VALUE d 22.Net present value:I.when applied properly,can accurately predict the cash flows that will occur if a project is implemented.II.is highly independent of the rate of return assigned to a particular project.III.is the preferred method of analyzing a project even though the cash flows are only estimates.IV.is affected by the timing of each and every cash flow related to a project.a.I only b.IIIonly c.II and IV only d.IIIand IV only e.I,III,and IV only NET PRESENT VALUE b 23.Net present value:a.cannot be used when deciding between two mutually exclusive projects.b.is more useful to decision makers than the internal rate of return when comparing different sized projects.文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6c.is easy to explain to non-financial managers and thus is the primary method of analysis used by the lowest levels of management.d.is computed the same as present value when using excel spreadsheets to analyze a project.e.is very similar in its methodology to the average accounting return.文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6PAYBACK c 24.Payback is frequently used to analyze independent projects because:a.it considers the time value of money.b.all relevant cash flows are included in the analysis.c.the cost of the analysis is less than the potential loss from a faulty decision.d.it is the most desirable of all the available analytical methods from a financial perspective.e.it produces better decisions than those made using either NPV or IRR.PAYBACK c 25.The advantages of the payback method of project analysis include the:I.application of a discount rate to each separate cash flow.II.bias towards liquidity.III.ease of use.IV.arbitrary cutoff point.a.I and II only b.I and III only c.II and III only d.II and IV only e.II,III,and IV only PAYBACK d 26.Under the payback method of analysis:a.the initial cash outlay is ignored.b.the cash flow in year 3 is ignored if the required payback period is 4 years.c.a projects initial cost is discounted.d.the cash flow in year 2 is valued just as highly as the cash flow in year 1 as long as the required payback period is 3 years or more.e.a project will be acceptable whenever the payback period exceeds the pre-specified number of years.PAYBACK d 27.All else equal,the payback period for a project will decrease whenever the:a.initial cost increases.b.required return for a project increases.c.assigned discount rate decreases.d.cash inflows are moved forward in time.e.duration of a project is lengthened.DISCOUNTED PAYBACK e 28.Discounted payback is used less frequently than payback because:a.the methodology is less desirable from a financial perspective.b.it is so simple to calculate.c.it requires an arbitrary cutoff point.文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6d.it is biased towards liquidity.e.it includes time value of money calculations.文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 ZW7M4R5Y1Q6文档编码:CO9L9T1U8W6 HQ1B4W6U3Z3 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ZW7M4R5Y1Q6DISCOUNTED PAYBACK d 29.The discounted payback period of a project will decrease whenever the:a.discount rate applied to the project is increased.b.initial cash outlay of the project is increased.c.time period of the project is increased.d.amount of each project cash flow is increased.e.costs of the fixed assets utilized in the project increase.DISCOUNTED PAYBACK a 30.The discounted payback rule may cause:a.some positive net present value projects to be rejected.b.the most liquid projects to be rejected in favor of less liquid projects.c.projects to be incorrectly accepted due to ignoring the time value of money.d.projects with negative net present values to be accepted.e.some projects to be accepted which would otherwise be rejected under the payback rule.AVERAGE ACCOUNTING RETURN e 31.The average accounting rate of return:a.is actually based more on financial values than on accounting values.b.measures net income against the market value of a firm.c.is highly recommended by financial professionals as one of the two best methodologies used in the analysis of independent projects.d.is the primary methodology used in analyzing independent projects.e.is similar to the return on assets ratio.AVERAGE ACCOUNTING RETURN d 32.Assuming that straight line depreciation is used,the average accounting return for a project is computed as the average: income of a project divided by the average total assets of a firm.b.book value of a project multiplied by the average profit margin of the project.c.book value of a project divided by the average net income of the income of a project divided by the average investment in the income of the firm divided by the average investment in a project.AVERAGE ACCOUNTING RETURN d 33.Which of the following are disadvantages associated with the average accounting return?I.difficulty in obtaining necessary information to do computation II.exclusion of time value of money considerations III.the use of a cutoff rate as a benchmark IV.the accounting basis of the values used in the computation a.I and IV only 文档编码:CO