羅斯公司理財(cái)英文練習(xí)題附帶答案第九章十一月整理

羅斯公司理財(cái)英文練習(xí)題附帶答案第九章十一月整理CHAPTER111CHAPTER9RiskAnalysis,RealOptions,andCapitalBudgetingMultipleChoeQuestions:I.DEFINITIONSSCENARIOANALYSISb1.Ananalysisofwhathenstotheestimateofthepresentvaluewhenyoueamineanumberofdifferentlikelysituationsiscalledanalysis.a.b.scenarioc.sensitivityforecastingd.e.simulationbreak-evenDiffultylevel:EasySENSITIVITYANALYSISc2.Ananalysisofwhathenstotheestimateofpresentvaluewhenonlyonevariableischangediscalledanalysis.a.forecastingb.c.scenariosensitivityd.simulation第1頁共19頁

e.break-evenDiffultylevel:EasySIMULATIONANALYSISd3.Ananalysiswhhbinesscenarioanalysiswithsensitivityanalysisiscalledanalysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenDiffultylevel:EasyBREAK-EVENANALYSISe4.Ananalysisoftherelationshipbetweenthesalesvolumeandvariousmeasuresofprofitabilityiscalledanalysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenDiffultylevel:EasyVARIABLECOSTSa5.Variablecosts:changeindirectrelationshiptothequantityofoutputareconstantintheshort-runregardlessofthequantityofoutputproduced.c.reflectthechangeinaduced.b.whenonemoreunitofoutputisproduced.d.coststoputethecontributionmarn.e.aresubtractedfromfiedformthebasisthatis第2頁共19頁

usedtodeterminethedegreeofoperatingleverageemployedbyafirm.Diffultylevel:EasyFIEDCOSTSb6.changeasthequantityofoutputproducedchanges.areconstantovertheshort-runregardlessofthequantityofoutputproduced.c.reflectthechangeinavariablewhenonemoreunitofoutputisproduced.d.thecontributionmarn.e.Fiedcosts:a.b.aresubtractedfromsalestoputecanbeignoredinscenarioanalysissincetheyareconstantoverthelifeofaproject.Diffultylevel:EasyACCOUNTINGBREAK-EVENc7.Thesaleslevelthatresultsinaproject’sineeactlyequalingzeroiscalledthebreak-even.a.operationalb.c.d.e.leveragedaccountingcashpresentvalueDiffultylevel:EasyPRESENTVALUEBREAK-EVENe8.Thesaleslevelthatresultsinaproject’spresentvalueeactlyequalingzeroiscalledthebreak-even.a.operationalb.leveragedc.accountingd.e.cashpresentvalueDiffultylevel:Easy第3頁共19頁

II.CONCEPTSSCENARIOANALYSISb9.Conductingscenarioanalysishelpsmanagersseethe:impactofanindividualvariableontheouteofaproject.potentialrangeofoutesfromaproposedproject.changesinlong-termdebtoverthecourseofaproposedproject.possiblerangeofmarketpresfortheirstockoverthelifeofaproject.allocationdistributionoffundsforjectsunderconditionsofhardrationing.SENSITIVITYANALYSISDiffultylevel:Easyb10.Sensitivityanalysishelpsyoudeterminethe:a.rangeofpossibleoutesvenpossiblerangesforeveryvariable.b.degreetowhhthepresentvaluereactstochangesinasinglevariable.possiblesituations.thefiedcosts.e.costsofaproject.SENSITIVITYANALYSISc.presentvalueventhebestandtheworstdegreetowhhaprojectisreliantupond.levelofvariablecostsinrelationtothefiedDiffultylevel:Easyc11.Asthedegreeofsensitivityofaprojecttoasinglevariablerises,the:lowertheforecastingriskoftheproject.smallertherangeofpossibleoutesvenapre-definedrangeofvaluesfortheinput.c.accuratelyforecastingthefuturevalueofthatvariable.lowerthemaimumpotentialvalueoftheproject.e.lowerthemaimumpotentiallossoftheproject.Diffultylevel:Mediuma.b.moreattentionmanagementshouldplaceond.第4頁共19頁

SENSITIVITYANALYSISc12.Sensitivityanalysisisconductedby:a.holdingallvariablesattheirbaselevelandchanngtherequiredrateofreturnassignedtoaproject.b.channgthevalueoftwovariablestodeterminetheirinterdependency.c.channgthevalueofasinglevariableandputingtheresultingchangeinthecurrentvalueofaproject.d.assigningeitherthebestortheworstpossiblevaluetoeachvariableandparingtheresultstothoseachievedbythebasecase.e.managersafteraprojecthasbeenimplementedtodeterminehoweachvariablerelatestothelevelofoutputrealized.Diffultylevel:MediumSENSITIVITYANALYSISd13.Toascertainwhethertheaccuracyofthevariablecostestimateforaprojectwillhavemucheffectonthefinalouteoftheproject,youshouldprobablyconductanalysis.a.leverageb.scenarioc.break-evend.sensitivitye.cashflowDiffultylevel:EasySIMULATIONd14.Simulationanalysisisbasedonassigningaandanalyzingtheresults.a.narrowrangeofvaluestoasinglevariable第5頁共19頁

b.narrowrangeofvaluestomultiplevariablessimultaneouslyc.widerangeofvaluestoasinglevariabled.widerangeofvaluestomultiplevariablessimultaneouslye.singlevaluetoeachofthevariablesDiffultylevel:MediumSIMULATIONe15.Thetypeofanalysisthatismostdependentupontheuseofaputerisanalysis.a.scenariob.break-evenc.sensitivityd.degreeofoperatingleveragee.simulationDiffultylevel:EasyVARIABLECOSTSd16.Whhoneofthefollogismostlikelyavariablecost?a.offepertytaespropertyinsuranced.directlaborcostse.managementsalariesDiffultylevel:EasyVARIABLECOSTSa17.Whhofthefollogstatementsconcerningvariablecostsis(are)correct?I.Variablecostsminusfiedcostsequalmarnal第6頁共19頁

II.Variablecostsareequaltozerowhenproductionisequaltozero.III.Anincreaseinvariablecostsincreasestheoperatingcashflow.a.IIonlyb.IIIonlyc.IandIIIonlyd.IIandIIIonlye.IandIIonlyDiffultylevel:MediumVARIABLECOSTSa18.Allelseconstant,asthevariablecostperunitincreases,the:a.contributionmarndecreases.b.sensitivitytofiedcostsdecreases.c.degreeofoperatingleveragedecreases.d.operatingcashflowincreases.e.profitincreases.Diffultylevel:MediumFIEDCOSTSc19.Fiedcosts:I.II.mustbepaidevenifproductionishalted.III.aregenerallyaffectedbytheamountoffiedassetsownedbyafirm.IV.perunitremainconstantoveravenrangeofproductionoutput.a.IandIIIonlyb.IIandIVonlyc.I,II,andIIIonlyd.I,II,andIVonlye.I,II,III,andIVDiffultylevel:MediumCONTRIBUTIONMARNc20.Thecontributionmarnmustincreaseas:第7頁共19頁

a.boththesalespreandvariablecostperunitincrease.thefiedcostperunitdeclines.thegapbetweenthesalespreandthevariablecostperunitwidens.d.salespreperunitdeclines.thesalespreminusthefiedcostperunitb.c.e.increases.Diffultylevel:MediumACCOUNTINGBREAK-EVENa21.Whhofthefollogstatementsarecorrectconcerningtheaccountingbreak-evenpoint?I.Theineisequaltozeroattheaccountingbreak-evenpoint.II.Thepresentvalueisequaltozeroattheaccountingbreak-evenpoint.III.Thequantitysoldattheaccountingbreak-evenpointisequaltothetotalfiedcostsplusdepreciationdividedbythecontributionmarn.IV.Thequantitysoldattheaccountingbreak-evenpointisequaltothetotalfiedcostsdividedbythecontributionmarn.a.IandIIIonlyb.IandIVonlyc.IIandIIIonlyd.e.IIandIVonlyI,II,andIVonlyDiffultylevel:MediumACCOUNTINGBREAK-EVENb22.Allelseconstant,theaccountingbreak-evenlevelofsaleswilldecreasewhenthe:a.fiedcostsincrease.b.depreciationepensedecreases.c.contributionmarndecreases.d.variablecostsperunitincrease.e.sellingpreperunitdecreases.Diffultylevel:Medium第8頁共19頁

PRESENTVALUEBREAK-EVENd23.Thepointwhereaprojectproducesarateofreturnequaltotherequiredreturnisknownasthe:a.pointofzerooperatingleverage.b.internalbreak-evenpoint.c.accountingbreak-evenpoint.d.presentvaluebreak-evenpoint.e.Easyinternalbreak-evenpoint.Diffultylevel:PRESENTVALUEBREAK-EVENb24.Whhofthefollogstatementsarecorrectconcerningthepresentvaluebreak-evenpointofaproject?I.Thepresentvalueofthecashinflowsequalstheamountoftheinitialinvestment.II.Thepaybackperiodoftheprojectisequaltothelifeoftheproject.III.Theoperatingcashflowisatalevelthatproducesapresentvalueofzero.IV.Theprojectneverpaysbackonadiscountedbasis.a.IandIIonlyb.c.d.e.IandIIIonlyIIandIVonlyIIIandIVonlyI,III,andIVonlyDiffultylevel:MediumINVESTMENTTIMINGDECISIONb25.Theinvestmenttimingdecisionrelatesto:a.howlongthecashflowslastonceaprojectisimplemented.b.thedecisionastowhenaprojectshouldbestarted.c.howfrequentlythecashflowsofaprojectoccur.d.howfrequentlytheinterestonthedebtincurredtofinanceaprojectis第9頁共19頁

pounded.e.thedecisiontoeitherfinanceaprojectovertimeorpayouttheinitialcostincash.Diffultylevel:MediumOPTIONTOWAITe26.Thetimingoptionthatvestheoptiontowait:I.maybeofminimalvalueiftheprojectrelatestoarapidlychaII.ispartiallydependentuponthediscountrateliedtotheprojectbeingevaluated.III.isdefinedasthesituationwhereoperationsareshutdownforaperiodoftime.IV.hasavalueequaltothepresentvalueoftheprojectifitisstartedtodayversusthepresentvalueifitisstartedatsomelaterdate.a.IIIonlyb.IIandIVonlyIandc.d.e.IandIIonlyII,III,andIVonlyI,II,andIVonlyDiffultylevel:ChallengeOPTIONTOEPANDb27.Lastmonthyouintroducedanewproducttothemarket.Consumerdemandhasbeenoverwhelmingandearsthatstrongdemandwilleistoverthelong-term.venthissituation,managementshouldconsidertheoptionto:a.suspend.b.epand.c.abandon.d.contract.e.OPTIONTOEPANDwithdraw.Diffultylevel:Easyc28.Includingtheoptiontoepandinyourprojectanalysiswilltendto:第10頁共19頁

a.etendthedurationofaprojectbutnotaffecttheproject’spresentvalue.increasethecashflowsofaprojectbutdecreasetheproject’spresentvalue.c.increasethepresentvalueofaproject.d.decreasethepresentvalueofae.havenoeffectoneitheraproject’scashflowsject.itspresentvalue.Diffultylevel:MediumSENSITIVITYANDSENARIOANALYSISd29.Theoretally,theNPVisthemostropriatemethodtodeterminetheacceptabilityofaproject.Afalsesenseofsecuritycanbeoverwhelmthedecision-makerwhentheprocedureisliedproperlyandthepositiveNPVresultsareacceptedblindly.Sensitivityandscenarioanalysisaidintheprocessbya.channgtheunderlyingassumptionsonwhhthedecisionisb.highlightstheareaswheremoreandbetterdataarebased.needed.c.providingaptureofhowaneventcanaffectthecalculations.d.Alloftheabove.e.Noneoftheabove.Diffultylevel:MediumDECSIONTREEa30.Inordertomakeadecisionwithadecisiontreeonestartsfarthestoutintimetomakethefirstdecision.a.b.onemustbenattime0.c.anypathcanbetakentogettotheend.d.anypathcanbetakentogetbacktothebenning.e.Noneoftheabove.Diffultylevel:MediumDECISIONTREEc31.Inadecisiontree,theNPVtomaketheyes/nodecisionisdependentona.onlythecashflowsfromsuccessfulpath.b.onthepathwheretheprobabilitiesadduptoone.c.allcashflowsand第11頁共19頁

probabilities.d.onlythecashflowsandprobabilitiesofthesuccessfulpath.e.DECISIONTREENoneoftheabove.Diffultylevel:Mediume32.Inadecisiontree,cautionshouldbeusedinanalysisbecausea.earlystagedecisionsareprobablyriskierandshouldnotlikelyusethesamediscountrate.b.ifanegativeNPVisactuallyoccurring,managementshouldoptoutoftheprojectandminimizetheirloss.c.decisiontreesareonlyusedforplanning,notactuallydailymanagement.d.Diffultylevel:MediumSENSITIVITYANALYSISBothAandC.e.BothAandB.d33.SensitivityanalysisevaluatestheNPVwithrespecttochangesintheunderlyingassumptions.onevariabledifferenteconomNoneoftheabove.a.b.channgwhileholdingtheothersconstant.c.conditions.d.Diffultylevel:MediumSENSITIVITYANALYSISAlloftheabove.e.d34.Sensitivityanalysisprovidesinformationona.whethertheNPVshouldbetrusted,itmayprovideafalsesenseofsecurityifallNPVsarepositive.additionalinformationasittestseachvariableinisolation.thedegreeofdiffultyinchanngmultiplevariablestogether.BothAandB.e.BothAandC.Diffultylevel:b.theneedforc.d.MediumFIEDCOSTSb35.Fiedproductioncostsare第12頁共19頁

a.directlyrelatedtolaborcosts.perunitoftime.c.measuredascostperunitofoutput.dependentontheamountofgoodsorservesproduced.e.oftheabove.Diffultylevel:MediumVARIABLECOSTS36.Variablecostsa.changeasthequantityofoutputchanges.b.whenproductioniszero.areeemplifiedbydirectlaborandrawmaterials.Alloftheabove.e.Noneoftheabove.b.measuredascostd.Nonedarezeroc.d.Diffultylevel:EasySENSITIVITYANALYSISb37.AninvestigationofthedegreetowhhNPVdependsonassumptionsmadeaboutanysingularcritalvariableiscalleda(n)operatinganalysis.b.sensitivityanalysis.c.marnalbenefitanalysis.d.decisiontreeanalysis.e.Noneoftheabove.Diffultylevel:EasySENSITIVITYANDSCENARIOSANALYSISa.banalysisa.38.Scenarioanalysisisdifferentthansensitivityasnoeconomforecastsarechanged.b.asseveralvariablesarechangedtogether.c.becausescenarioanalysisdealswithactualdataversussensitivityanalysiswhhdealswithaforecast.d.becauseitisshortandsimple.becauseitDiffultylevel:Mediume.is#;bytheseatofthepants#;technique.EQUIVALENTANNUALCOSTc39.Inthepresent-valuebreak-eventheEACisusedtodeterminetheopportunitycostofinvestment.b.a.allocatedepreciationoverthelifeoftheproject.c.第13頁共19頁

allocatetheinitialinvestmentatitsopportunitycostoverthelifeoftheproject.determinethecontributionmarntofiedNoneoftheabove.Diffultylevel:Mediumd.costs.e.BREAK-EVENb40.Thepresentvaluebreak-evenpointissuperiortotheaccountingbreak-evenpointbecausea.presentvaluebreak-evenismoreplatedtocalculate.b.presentvaluebreak-evencoverstheeconomopportunitycostsoftheinvestment.c.presentvaluebreak-evenisthesameassensitivityanalysis.d.presentvaluebreak-evencoversthefiedcostsofproduction,whhtheaccountingbreak-evendoesnot.e.presentvaluebreak-evencoversthevariablecostsofproduction,whhtheaccountingbreak-evendoesnot.Diffultylevel:EasyABANDONMENTd41.Thepotentialdecisiontoabandonaprojecthasoptionvaluebecauseabandonmentcanoccuratanyfuturepointintime.a.b.aprojectmaybeworthmoredeadthanalive.isnotlockedintoanegativeoute.d.oftheabove.Diffultylevel:EasyTYPESOFBREAK-EVENANALYSISc.managementAlloftheabove.e.Noned42.Whhofthefollogaretypesofbreak-evenanalysis?presentvaluebreak-evena.b.c.d.accountingprofitbreak-evenmarketvaluebreak-evenBothAandB.e.BothAandC.Diffultylevel:EasyMONTECARLOSIMULATION第14頁共19頁

c43.Theroachthatfurtherattemptstomodelrealworduncertaintybyanalyzingprojectsthewayonemightanalyzegamblingstrateesiscalleda.gamblersroach.b.simulation.d.scenarioanalysis.Diffultylevel:MediumMONTECARLOblackjackroach.c.MonteCarloe.sensitivityanalysis.ca.44.MonteCarlosimulationisthemostwidelyusedbyeecutives.b.c.providesamorepleteanalysisthatsensitivityoraverysimpleformula.scenario.d.oftheabove.theoldestcapitalbudgetingtechnique.e.Diffultylevel:EasyNoneOPTIONSINCAPITALBUDGETINGdbudgeting?a.45.Whhofthefollogarehiddenoptionsincapitaloptiontoepand.b.timingoption.c.optiontoabandon.d.Alloftheabove.e.Noneoftheabove.Diffultylevel:EasyIII.PROBLEMSUsethisinformationtoanswerquestions46through50.TheAdeptCo.isanalyzingaproposedproject.Thepanyepectstosell2,500units,veortake10percent.Theepectedvariablecostperunitis$8andtheepectedfiedcostsare$12,500.Costestimatesareconsideredaccuratewithinaplusorminus5percentrange.Thedepreciationepenseis$4,000.Thesalepreisestimatedat$16aunit,veortake2percent.Thepanybasestheirsensitivityanalysisontheepectedcasescenario.SCENARIOANALYSIS第15頁共19頁

dscenario?a.46.Whatisthesalesrevenueundertheoptimistcase$40,000b.$43,120c.$44,000d.$44,880e.$48,400Diffultylevel:MediumSCENARIOANALYSISd47.Whatisthecontributionmarnundertheepectedcasescenario?a.b.c.d.e.$2.67$3.00$7.92$8.00$8.72Diffultylevel:MediumSCENARIOANALYSISc48.Whatistheamountofthefiedcostperunitunderthepessimistcasescenario?a.b.c.d.e.$4.55$5.00$5.83$6.02$6.55Diffulty