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公司理财精要版原书第12版习题库答案Ross12e_Chapter03_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 3 Working with Financial Statements1) Which one of the following is a source of cash for a tax-exempt firm?A) Increase in accounts receivableB) Increase in depreciationC) Decrease in accounts payableD) Increase in common stockE) Increase in inventory2) Which one of the following is a use of cash?A) Decrease in fixed assetsB) Decrease in inventoryC) Increase in long-term debtD) Decrease in accounts receivablesE) Decrease in accounts payable3) Which one of the following is a source of cash?A) Repurchase of common stockB) Acquisition of debtC) Purchase of inventoryD) Payment to a supplierE) Granting credit to a customer4) Which one of the following is a source of cash?A) Increase in accounts receivableB) Decrease in common stockC) Increase in fixed assetsD) Decrease in accounts payableE) Decrease in inventory5) On the statement of cash flows, which one of the following is considered a financing activity?A) Increase in inventoryB) Decrease in accounts payableC) Increase in net working capitalD) Dividends paidE) Decrease in fixed assets6) On the statement of cash flows, which one of the following is considered an operating activity?A) Increase in net fixed assetsB) Decrease in accounts payableC) Purchase of equipmentD) Dividends paidE) Repayment of long-term debt7) According to the statement of cash flows, an increase in inventory will ________ the cash flow from ________ activities.A) increase; operatingB) decrease; financingC) decrease; operatingD) increase; financingE) increase; investment8) According to the statement of cash flows, an increase in interest expense will ________ the cash flow from ________ activities.A) decrease; operatingB) decrease; financingC) increase; operatingD) increase; financingE) Increase; investment9) Activities of a firm that require the spending of cash are known as:A) sources of cash.B) uses of cash.C) cash collections.D) cash receipts.E) cash on hand.10) The sources and uses of cash over a stated period of time are reflected on the:A) income statement.B) balance sheet.C) tax reconciliation statement.D) statement of cash flows.E) statement of operating position.11) A common-size income statement is an accounting statement that expresses all of a firm's expenses as a percentage of:A) total assets.B) total equity.C) net income.D) taxable income.E) sales.12) Which one of the following standardizes items on the income statement and balance sheet relative to their values as of a chosen point in time?A) Statement of standardizationB) Statement of cash flowsC) Common-base year statementD) Common-size statementE) Base reconciliation statement13) On a common-size balance sheet all accounts for the current year are expressed as a percentage of:A) sales for the period.B) the base year sales.C) total equity for the base year.D) total assets for the current year.E) total assets for the base year.14) On a common-base year financial statement, accounts receivables for the current year will be expressed relative to which one of the following?A) Current year salesB) Current year total assetsC) Base-year salesD) Base-year total assetsE) Base-year accounts receivables15) Which one of the following ratios is a measure of a firm's liquidity?A) Cash coverage ratioB) Profit marginC) Debt-equity ratioD) Quick ratioE) NWC turnover16) An increase in current liabilities will have which one of the following effects, all else held constant? Assume all ratios have positive values.A) Increase in the cash ratioB) Increase in the net working capital to total assets ratioC) Decrease in the quick ratioD) Decrease in the cash coverage ratioE) Increase in the current ratio17) An increase in which one of the following will increase a firm's quick ratio without affecting its cash ratio?A) Accounts payableB) CashC) InventoryD) Accounts receivableE) Fixed assets18) A supplier, who requires payment within 10 days, should be most concerned with which one of the following ratios when granting credit?A) CurrentB) CashC) Debt-equityD) QuickE) Total debt19) A firm has an interval measure of 48. This means that the firm has sufficient liquid assets to do which one of the following?A) Pay all of its debts that are due within the next 48 hoursB) Pay all of its debts that are due within the next 48 daysC) Cover its operating costs for the next 48 hoursD) Cover its operating costs for the next 48 daysE) Meet the demands of its customers for the next 48 hours20) Ratios that measure a firm's liquidity are known as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) book value21) Which one of the following statements is correct?A) If the total debt ratio is greater than .50, then the debt-equity ratio must be less than 1.0.B) Long-term creditors would prefer the times interest earned ratio be 1.4 rather than 1.5.C) The debt-equity ratio can be computed as 1 plus the equity multiplier.D) An equity multiplier of 1.2 means a firm has $1.20 in sales for every $1 in equity.E) An increase in the depreciation expense will not affect the cash coverage ratio.22) If a firm has a debt-equity ratio of 1.0, then its total debt ratio must be which one of the following?A) 0B) .5C) 1.0D) 1.5E) 2.023) The cash coverage ratio directly measures the ability of a company to meet its obligation to pay:A) an invoice to a supplier.B) wages to an employee.C) interest to a lender.D) principal to a lender.E) a dividend to a shareholder.24) All-State Moving had sales of $899,000 in 2017 and $967,000 in 2018. The firm's current accounts remained constant. Given this information, which one of the following statements must be true?A) The total asset turnover rate increased.B) The days' sales in receivables increased.C) The net working capital turnover rate increased.D) The fixed asset turnover decreased.E) The receivables turnover rate decreased.25) The Corner Hardware has succeeded in increasing the amount of goods it sells while holding the amount of inventory on hand at a constant level. Assume that both the cost per unit and the selling price per unit also remained constant. This accomplishment will be reflected in the firm's financial ratios in which one of the following ways?A) Decrease in the inventory turnover rateB) Decrease in the net working capital turnover rateC) Increase in the fixed asset turnover rateD) Decrease in the day's sales in inventoryE) Decrease in the total asset turnover rate26) RJ's has a fixed asset turnover rate of 1.26 and a total asset turnover rate of .97. Sam's has a fixed asset turnover rate of 1.31 and a total asset turnover rate of .94. Both companies have similar operations. Based on this information, RJ's must be doing which one of the following?A) Utilizing its fixed assets more efficiently than Sam'sB) Utilizing its total assets more efficiently than Sam'sC) Generating $1 in sales for every $1.26 in net fixed assetsD) Generating $1.26 in net income for every $1 in net fixed assetsE) Maintaining the same level of current assets as Sam's27) Ratios that measure how efficiently a firm manages its assets and operations to generate net income are referred to as ________ ratios.A) asset managementB) long-term solvencyC) short-term solvencyD) profitabilityE) turnover28) If a company produces a return on assets of 14 percent and also a return on equity of 14 percent, then the firm:A) may have short-term, but not long-term debt.B) is using its assets as efficiently as possible.C) has no net working capital.D) has a debt-equity ratio of 1.0.E) has an equity multiplier of 1.0.29) Which one of the following will decrease if a firm can decrease its operating costs, all else constant?A) Return on equityB) Return on assetsC) Profit marginD) Total asset turnoverE) Price-earnings ratio30) Al's has a price-earnings ratio of 18.5. Ben's also has a price-earnings ratio of 18.5. Which one of the following statements must be true if Al's has a higher PEG ratio than Ben's?A) Al's has more net income than Ben's.B) Ben's is increasing its earnings at a faster rate than Al's.C) Al's has a higher market value per share than does Ben's.D) Ben's has a lower market-to-book ratio than Al's.E) Al's has a higher earnings growth rate than Ben's.31) Tobin's Q relates the market value of a firm's assets to which one of the following?A) Initial cost of creating the firmB) Current book value of the firmC) Average asset value of similar firmsD) Average market value of similar firmsE) Today's cost to duplicate those assets32) The price-sales ratio is especially useful when analyzing firms that have:A) volatile market prices.B) negative earnings.C) positive PEG ratios.D) a high Tobin's Q.E) increasing sales.33) Mortgage lenders probably have the most interest in the ________ ratios.A) return on assets and profit marginB) long-term debt and times interest earnedC) price-earnings and debt-equityD) market-to-book and times interest earnedE) return on equity and price-earnings34) Relationships determined from a company's financial information and used for comparison purposes are known as:A) financial ratios.B) identities.C) dimensional analysis.D) scenario analysis.E) solvency analysis.35) DL Farms currently has $600 in debt for every $1,000 in equity. Assume the company uses some of its cash to decrease its debt while maintaining its current equity and net income. Which one of the following will decrease as a result of this action?A) Equity multiplierB) Total asset turnoverC) Profit marginD) Return on assetsE) Return on equity36) Which one of these identifies the relationship between the return on assets and the return on equity?A) Profit marginB) Profitability determinantC) Balance sheet multiplierD) DuPont identityE) Debt-equity ratio37) Which one of the following accurately describes the three parts of the DuPont identity?A) Equity multiplier, profit margin, and total asset turnoverB) Debt-equity ratio, capital intensity ratio, and profit marginC) Operating efficiency, equity multiplier, and profitability ratioD) Return on assets, profit margin, and equity multiplierE) Financial leverage, operating efficiency, and profitability ratio38) An increase in which of the following must increase the return on equity, all else constant?A) Total assets and salesB) Net income and total equityC) Total asset turnover and debt-equity ratioD) Equity multiplier and total equityE) Debt-equity ratio and total debt39) Which one of the following is a correct formula for computing the return on equity?A) Profit margin × ROAB) ROA × Equity multiplierC) Profit margin × Total asset turnover × Debt-equity ratioD) Net income/Total assetsE) Debt-equity ratio × ROA40) The DuPont identity can be used to help managers answer which of the following questions related to a company's operations?I. How many sales dollars are being generated per each dollar of assets?II. How many dollars of assets have been acquired per each dollar in shareholders' equity? III. How much net profit is being generating per dollar of sales?IV. Does the company have the ability to meet its debt obligations in a timely manner?A) I and III onlyB) II and IV onlyC) I, II, and III onlyD) II, III and IV onlyE) I, II, III, and IV41) The U.S. government coding system that classifies a company by the nature of its business operations is known as the:A) Centralized Business Index.B) Peer Grouping codes.C) Standard Industrial Classification codes.D) Governmental ID codes.E) Government Engineered Coding System.42) Which one of the following statements is correct?A) Book values should always be given precedence over market values.B) Financial statements are rarely used as the basis for performance evaluations.C) Historical information is useful when projecting a company's future performance.D) Potential lenders place little value on financial statement information.E) Reviewing financial information over time has very limited value.43) The most acceptable method of evaluating the financial statements is to compare the company's current financial:A) ratios to the company's historical ratios.B) statements to the financial statements of similar companies operating in other countries.C) ratios to the average ratios of all companies located within the same geographic area.D) statements to those of larger companies in unrelated industries.E) statements to the projections that were created based on Tobin's Q.44) All of the following issues represent problems encountered when comparing the financial statements of two separate entities except the issue of the companies:A) being conglomerates with unrelated lines of business.B) having geographically varying operations.C) using differing accounting methods.D) differing seasonal peaks.E) having the same fiscal year.45) Which one of these is the least important factor to consider when comparing the financial situations of utility companies that generate electric power and have the same SIC code?A) Type of ownershipB) Government regulations affecting the firmC) Fiscal year endD) Methods of power generationE) Number of part-time employees46) At the beginning of the year, Brick Makers had cash of $183, accounts receivable of $392, accounts payable of $463, and inventory of $714. At year end, cash was $167, accounts payables was $447, inventory was $682, and accounts receivable was $409. What is the amount of the net source or use of cash by working capital accounts for the year?A) Net use of $16 cashB) Net use of $17 cashC) Net source of $17 cashD) Net source of $15 cashE) Net use of $15 cash47) During the year, Al's Tools decreased its accounts receivable by $160, increased its inventory by $115, and decreased its accounts payable by $70. How did these three accounts affect the sources of uses of cash by the firm?A) Net source of cash of $120B) Net source of cash of $205C) Net source of cash of $45D) Net use of cash of $115E) Net use of cash of $2548) Lani's generated net income of $911, depreciation expense was $47, and dividends paid were $25. Accounts payables increased by $15, accounts receivables increased by $28, inventory decreased by $14, and net fixed assets decreased by $8. There was no interest expense. What was the net cash flow from operating activity?A) $776B) $865C) $959D) $922E) $98549) For the past year, Jenn's Floral Arrangements had taxable income of $198,600, beginning common stock of $68,000, beginning retained earnings of $318,750, ending common stock of $71,500, ending retained earnings of $316,940, interest expense of $11,300, and a tax rate of 21 percent. What is the amount of dividends paid during the year?A) $157,280B) $159,935C) $163,200D) $153,555E) $158,70450) The Floor Store had interest expense of $38,400, depreciation of $28,100, and taxes of $19,600 for the year. At the start of the year, the firm had total assets of $879,400 and current assets of $289,600. By year's end total assets had increased to $911,900 while current assets decreased to $279,300. What is the amount of the cash flow from investment activity for the year?A) −$51,150B) $21,850C) $29,300D) −$70,900E) −$89,40051) Williamsburg Market is an all-equity firm that has net income of $96,200, depreciation expense of $6,300, and an increase in net working capital of $2,800. What is the amount of the net cash from operating activity?A) $91,300B) $99,700C) $93,400D) $105,300E) $113,70052) The accounts payable of a company changed from $136,100 to $104,300 over the course of a year. This change represents a:A) use of $31,800 of cash as investment activity.B) source of $31,800 of cash as an operating activity.C) source of $31,800 of cash as a financing activity.D) source of $31,800 of cash as an investment activity.E) use of $31,800 of cash as an operating activity.53) Oil Creek Auto has sales of $3,340, net income of $274, net fixed assets of $2,600, and current assets of $920. The firm has $430 in inventory. What is the common-size statement value of inventory?A) 12.22 percentB) 44.16 percentC) 16.54 percentD) 13.36 percentE) 46.74 percent54) Pittsburgh Motors has sales of $4,300, net income of $320, total assets of $4,800, and total equity of $2,950. Interest expense is $65. What is the common-size statement value of the interest expense?A) .89 percentB) 1.51 percentC) 1.69 percentD) 2.03 percentE) 1.35 percent55) Last year, which is used as the base year, a firm had cash of $52, accounts receivable of $223, inventory of $509, and net fixed assets of $1,107. This year, the firm has cash of $61,accounts receivable of $204, inventory of $527, and net fixed assets of $1,216. What is this year's common-base-year value of inventory?A) .67B) .91C) .88D) 1.04E) 1.1856) Duke's Garage has cash of $68, accounts receivable of $142, accounts payable of $235, and inventory of $318. What is the value of the quick ratio?A) 2.25B) .53C) .71D) .89E) 1.3557) Uptown Men's Wear has accounts payable of $2,214, inventory of $7,950, cash of $1,263, fixed assets of $8,400, accounts receivable of $3,907, and long-term debt of $4,200. What is the value of the net working capital to total assets ratio?A) .31B) .42C) .47D) .51E) .5658) DJ's has total assets of $310,100 and net fixed assets of $168,500. The average daily operating costs are $2,980. What is the value of the interval measure?A) 31.47 daysB) 47.52 daysC) 56.22 daysD) 68.05 daysE) 104.62 days59) Corner Books has a debt-equity ratio of .57. What is the total debt ratio?A) .36B) .30C) .44D) 2.27E) 2.7560) SS Stores has total debt of $4,910 and a debt-equity ratio of 0.52. What is the value of the total assets?A) $16,128.05B) $7,253.40C) $9,571.95D) $11,034.00E) $14,352.3161) JK Motors has sales of $96,400, costs of $53,800, interest paid of $2,800, and depreciation of $7,100. The tax rate is 21 percent. What is the value of the cash coverage ratio?A) 15.21B) 12.14C) 17.27D) 23.41E) 12.6862) Terry's Pets paid $2,380 in interest and $2,200 in dividends last year. The times interest earned ratio is 2.6 and the depreciation expense is $680. What is the value of the cash coverage ratio?A) 1.42B) 2.72C) 2.94D) 2.89E) 2.4663) The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $123,900, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit?A) 74.19 daysB) 84.69 daysC) 78.07 daysD) 96.46 daysE) 71.01 days64) Flo's Flowers has accounts receivable of $4,511, inventory of $1,810, sales of $138,609, and cost of goods sold of $64,003. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit?A) 11.88 daysB) 22.20 daysC) 16.23 daysD) 14.50 daysE) 18.67 days65) The Harrisburg Store has net working capital of $2,715, net fixed assets of $22,407, sales of $31,350, and current liabilities of $3,908. How many dollars' worth of sales are generated from every $1 in total assets?A) $1.08B) $1.14C) $1.19D) $84E) $9366) TJ's has annual sales of $813,200, total debt of $171,000, total equity of $396,000, and a profit margin of 5.78 percent. What is the return on assets?A) 8.29 percentB) 6.48 percentC) 9.94 percentD) 7.78 percentE) 8.02 percent67) Frank's Used Cars has sales of $807,200, total assets of $768,100, and a profit margin of 6.68 percent. The firm has a total debt ratio of 54 percent. What is the return on equity?A) 13.09 percentB) 12.04 percentC) 11.03 percentD) 8.56 percentE) 15.26 percent68) Bernice's has $823,000 in sales. The profit margin is 4.2 percent and the firm has 7,500 shares of stock outstanding. The market price per share is $16.50. What is the price-earnings ratio?A) 3.58B) 3.98C) 4.32D) 3.51E) 4.2769) Hungry Lunch has net income of $73,402, a price-earnings ratio of 13.7, and earnings per share of $.43. How many shares of stock are outstanding?A) 13,520B) 12,460C) 165,745D) 171,308E) 170,70270) A firm has 160,000 shares of stock outstanding, sales of $1.94 million, net income of $126,400, a price-earnings ratio of 21.3, and a book value per share of $7.92. What is the market-to-book ratio?A) 2.12B) 1.84C) 1.39D) 2.45E) 2.6971) Taylor's Men's Wear has a debt-equity ratio of 48 percent, sales of $829,000, net income of $47,300, and total debt of $206,300. What is the return on equity?A) 19.29 percentB) 11.01 percentC) 15.74 percentD) 18.57 percentE) 14.16 percent72) Nielsen's has inventory of $29,406, accounts receivable of $46,215, net working capital of $4,507, and accounts payable of $48,919. What is the quick ratio?A) 1.55B) .49C) 1.32D) .94E) .9273) The Strong Box has sales of $859,700, cost of goods sold of $648,200, net income of $93,100, and accounts receivable of $102,300. How many days of sales are in receivables?A) 57.60 daysB) 40.32 daysC) 54.53 daysD) 29.41 daysE) 43.43 days74) Corner Books has sales of $687,400, cost of goods sold of $454,200, and a profit margin of 5.5 percent. The balance sheet shows common stock of $324,000 with a par value of $5 a share, and retained earnings of $689,500. What is the price-sales ratio if the market price is $43.20 per share?A) 4.28B) 12.74C) 6.12D) 4.07E) 14.5175) Gem Jewelers has current assets of $687,600, total assets of $1,711,000, net working capital of $223,700, and long-term debt of $450,000. What is the debt-equity ratio?A) .87B) .94C) 1.21D) 1.15E) 1.0676) Russell's has annual sales of $649,200, cost of goods sold of $389,400, interest of $23,650, depreciation of $121,000, and a tax rate of 21 percent. What is the cash coverage ratio for the year?A) 8.43B) 10.99C) 11.64D) 5.87E) 18.2277) Lawn Care, Inc., has sales of $367,400, costs of $183,600, depreciation of $48,600, interest of $39,200, and a tax rate of 25 percent. The firm has total assets of $422,100, long-term debt of $102,000, net fixed assets of $264,500, and net working capital of $22,300. What is the return on equity?A) 24.26 percentB) 15.38 percentC) 38.96 percentD) 29.96 percentE) 17.06 percent78) Frank's Welding has net fixed assets of $36,200, total assets of $51,300, long-term debt of $22,000, and total debt of $29,700. What is the net working capital to total assets ratio?A) 12.18 percentB) 16.82 percentC) 14.42 percentD) 17.79 percentE) 9.90 percent79) The Green Fiddle has current liabilities of $28,000, sales of $156,900, and cost of goods sold of $62,400. The current ratio is 1.22 and the quick ratio is .71. How many days on average does it take to sell the inventory?A) 128.13 daysB) 74.42 daysC) 199.81 daysD) 147.46 daysE) 83.53 days80) Green Yard Care has net income of $62,300, a tax rate of 21 percent, and a profit margin of 6.7 percent. Total assets are $1,100,500 and current assets are $328,200. How many dollars of sales are being generated from every dollar of net fixed assets?A) $2.83B) $1.37C) $.84D) $1.20E) $1.2381) Jensen's Shipping has total assets of $694,800 at year's end. The beginning owners' equity was $362,400. During the year, the company had sales of $711,000, a profit margin of 5.2 percent, a tax rate of 21 percent, and paid $12,500 in dividends. What is the equity multiplier at year-end?A) 1.67B) 1.72C) 1.93D) 1.80E) 1.8682) Western Gear has net income of $12,400, a tax rate of 21 percent, and interest expense of $1,600. What is the times interest earned ratio for the year?A) 9.63B) 7.75C) 10.81D) 14.97E) 10.9783) Big Tree Lumber has earnings per share of $1.36. The firm's earnings have been increasing at an average rate of 2.9 percent annually and are expected to continue doing so. The firm has 21,500 shares of stock outstanding at a price per share of $23.40. What is the firm's PEG ratio?A) 2.27B) 11.21C) 4.85D) 3.94E) 5.9384) Townsend Enterprises has a PEG ratio of 5.3, net income of $49,200, a price-earnings ratio of 17.6, and a profit margin of 7.1 percent. What is the earnings growth rate?A) 2.48 percentB) 1.06 percentC) 3.32 percentD) 5.20 percentE) 10.60 percent85) A firm has total assets with a current book value of $71,600, a current market value of $82,300, and a current replacement cost of $90,400. What is the value of Tobin's Q?A) .85B) .87C) .90D) .94E) .9186) Dixie Supply has total assets with a current book value of $368,900 and a current replacement cost of $486,200. The market value of these assets is $464,800. What is the value of Tobin's Q?A) .79B) .76C) .96D) 1.26E) 1.0587) Dandelion Fields has a Tobin's Q of .96. The replacement cost of the firm's assets is $225,000 and the market value of the firm's debt is $101,000. The firm has 20,000 shares of stock outstanding and a book value per share of $2.09. What is the market-to-book ratio?A) 2.75 timesB) 3.18 timesC) 3.54 timesD) 4.01 timesE) 4.20 times88) The Tech Store has annual sales of $416,000, a price-earnings ratio of 18, and a profit margin of 3.7 percent. There are 12,000 shares of stock outstanding. What is the price-sales ratio?A) .97B) .67C) 1.08D) 1.15E) .8689) Lassiter Industries has annual sales of $328,000 with 8,000 shares of stock outstanding. The firm has a profit margin of 4.5 percent and a price-sales ratio of 1.20. What is the firm's price-earnings ratio?A) 21.9B) 17.4C) 18.6D) 26.7E) 24.390) Drive-Up has sales of $31.4 million, total assets of $27.6 million, and total debt of $14.9 million. The profit margin is 3.7 percent. What is the return on equity?A) 6.85 percentB) 9.15 percentC) 11.08 percentD) 13.31 percentE) 14.21 percent91) Corner Supply has a current accounts receivable balance of $246,000. Credit sales for the year just ended were $2,430,000. How many days on average did it take for credit customers to pay off their accounts during this past year?A) 44.29 daysB) 55.01 daysC) 55.50 daysD) 36.95 daysE) 41.00 days92) BL Industries has ending inventory of $302,800, annual sales of $2.33 million, and annual cost of goods sold of $1.41 million. On average, how long did a unit of inventory sit on the shelf before it was sold?A) 47.43 daysB) 22.18 daysC) 78.38 daysD) 61.78 daysE) 83.13 days93) Billings Inc. has net income of $161,000, a profit margin of 7.6 percent, and an accounts receivable balance of $127,100. Assume that 66 percent of sales are on credit. What is the days' sales in receivables?A) 21.90 daysB) 27.56 daysC) 33.18 daysD) 35.04 daysE) 36.19 days94) Stone Walls has a long-term debt ratio of .6 and a current ratio of 1.2. Current liabilities are $800, sales are $7,800, the profit margin is 6.5 percent, and return on equity is 15.5 percent. What is the amount of the firm's net fixed assets?A) $8,880.15B) $8,017.43C) $7,666.67D) $5,848.15E) $8,977.43。

公司理财精要版原书第12版习题库答案Ross12e_Chapter15_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 15 Raising Capital1) Business Aid is funded by a group of wealthy investors for the sole purpose of providing funding for individuals and small firms that are trying to convert their new ideas into viable products. What is this type of funding called?A) Green shoe fundingB) Tombstone underwritingC) Venture capitalD) Red herring fundingE) Life cycle capital2) It is common for venture capitalists to receive at least ________ percent of a start-up company's equity in exchange for the venture capital.A) 10B) 15C) 20D) 30E) 403) Equity financing of new, non-public companies is broadly referred to as:A) singular-risk financing.B) mezzanine-level stock.C) stylized financing.D) private equity.E) exit funding.4) Which one of the following statements concerning venture capital financing is correct?A) Venture capitalists desire shares of common stock but avoid preferred stock.B) Venture capital is relatively easy to obtain.C) Venture capitalists rarely assume active roles in the management of the financed firm.D) Venture capitalists should have key contacts and financial strength.E) Venture capital is relatively inexpensive in today's competitive markets.5) Which one of the following statements concerning venture capitalists is correct?A) Venture capitalists always assume management responsibility for the companies they finance.B) Exit strategy is a key consideration when selecting a venture capitalist.C) Venture capitalists limit their services to providing money to start-up firms.D) Most venture capitalists are long-term investors in the companies they finance.E) A venture capitalist normally invests in a new idea from conception through the IPO.6) When selecting a venture capitalist, which one of the following characteristics is probably the least important?A) Financial strengthB) Level of involvementC) ContactsD) Exit strategyE) Underwriting experience7) Trevor is the CEO of Harvest Foods, which is a privately held corporation. What is the first step he must take if he wishes to take Harvest Foods public?A) Select an underwriterB) Obtain SEC approvalC) Gain board approvalD) Prepare a registration statementE) Distribute a prospectus8) Which one of these describes an exception to the registration filing requirement of the SEC?A) Loans that mature in one year or lessB) Issues that have an approved prospectusC) Loans of $10 million or lessD) Issues of less than $5 millionE) Issues that have received an approved letter of comment9) The Securities and Exchange Commission:A) verifies the accuracy of the information contained in the prospectus.B) publishes red herrings on prospective new security offerings.C) examines the prospectus during the Green Shoe period.D) reviews registration statements to ensure they comply with current laws and regulations.E) determines the final offer price once they have approved the registration statement.10) What is the form called that is filed with the SEC and discloses the material information on a securities issuer when that issuer offers new securities to the general public?A) ProspectusB) Red herringC) IndentureD) Public disclosure statementE) Registration statement11) M&C Merchants is offering $2.5 million of new securities to the general public. Which SEC regulation governs this offering?A) Regulation AB) Regulation CC) Regulation GD) Regulation QE) Regulation R12) What is a prospectus?A) A letter issued by the SEC authorizing a new issue of securitiesB) A report stating that the SEC recommends a new security to investorsC) A letter issued by the SEC that outlines the changes required for a registration statement to be approvedD) A document that describes the details of a proposed security offering along with relevant information about the issuerE) An advertisement in a financial newspaper that describes a security offering13) Which one of the following is a preliminary prospectus?A) TombstoneB) Green shoeC) Registration statementD) Rights offerE) Red herring14) Advertisements in a financial newspaper announcing a public offering of securities, along with a list of the investment banks handling the offering, are called:A) red herrings.B) tombstones.C) Green Shoes.D) registration statements.E) cash offers.15) The raising of small amounts of capital from a large number of people is known as:A) a rights offering.B) over allocating.C) a diversified offer.D) crowdfunding.E) a standby offer.16) During a 12-month period, a company is permitted to issue new securities through crowdfunding up to a limit of:A) $200 thousand.B) $500 thousand.C) $1 million.D) $5 million.E) $50 million.17) What is an issue of securities that is offered for sale to the general public on a direct cash basis called?A) Best efforts underwritingB) Firm commitment underwritingC) General cash offerD) Rights offerE) Herring offer18) Alberto currently owns 2,500 shares of Southern Tools. He has just been notified that the company is issuing additional shares and he is being given a chance to purchase some of these shares prior to the shares being offered to the general public. What is this type of an offer called?A) Best efforts offerB) Firm commitment offerC) General cash offerD) Rights offerE) Priority offer19) JLK is a partnership that was formed two years ago and has been extremely successful thus far. The owners have decided to incorporate and offer shares of stock to the general public. What is this type of an equity offering called?A) Venture capital offeringB) Shelf offeringC) Private placementD) Seasoned equity offeringE) Initial public offering20) What is a seasoned equity offering?A) An offering of shares by shareholders for repurchase by the issuerB) Shares of stock that have been recommended for purchase by the SECC) Equity securities held by a company's founder that are being offered for sale to the general publicD) Sale of newly issued equity shares by a publicly owned companyE) Outstanding shares that are offered for sale by one of a company's original founders21) Executive Tours has decided to go public and has hired an investment firm to handle the offering. The investment firm is serving as a(n):A) aftermarket specialist.B) venture capitalist.C) underwriter.D) seasoned writer.E) primary investor.22) Underwriters generally:A) pay a spread to the issuing firm.B) provide only best efforts underwriting in the U.S.C) accept the risk of selling the new securities in exchange for the gross spread.D) market and distribute an entire issue of new securities within their own firm.E) pass the risk of unsold shares back to the issuing firm via a firm commitment agreement.23) A syndicate can best be defined as a:A) venture capitalist.B) group of attorneys providing services for an IPO.C) block of investors who control a firm.D) bank that loans funds to finance the start-up of a new company.E) group of underwriters sharing the risk of selling a new issue of securities.24) The difference between the underwriters' cost of buying shares in a firm commitment and the offering price of those securities to the public is called the:A) gross spread.B) under price amount.C) filing fee.D) new issue premium.E) offer price.25) Jones & Co. recently went public and received $23.07 a share on their entire offer of 30,000 shares. Keeser & Co. served as the underwriter and sold 28,500 shares to the public at an offer price of $26.50 a share. What type of underwriting was this?A) Best effortsB) ShelfC) OversubscribedD) Private placementE) Firm commitment26) Blue Stone Builders recently offered to sell 45,000 newly issued shares of stock to the public. The underwriters charged a fee of 8.2 percent and paid Blue Stone Builders the uniform auction price for each of those shares. Which one of the following terms best describes this underwriting?A) Dutch auctionB) Best effortsC) Public rightsD) Private placementE) Market commitment27) The 40-day period following an IPO during which the SEC places restrictions on the public communications of the issuer is known as the ________ period.A) auctionB) quietC) lockupD) Green ShoeE) red28) Mobile Units recently offered 75,000 new shares of stock for sale. The underwriters sold a total of 78,500 shares to the public at a price of $16 a share. The additional 3,500 shares were purchased in accordance with which one of the following?A) Green Shoe provisionB) Red herring provisionC) Quiet provisionD) Lockup agreementE) Post-issue agreement29) With firm commitment underwriting, the issuing firm:A) is unsure of the total amount of funds it will receive until after the offering is completed.B) is unsure of the number of shares it will actually issue until after the offering is completed.C) knows exactly how many shares will be purchased by the general public during the offer period.D) retains the financial risk associated with unsold shares.E) knows upfront the amount of money it will receive from the stock offering.30) Which one of the following is a key goal of the aftermarket period?A) Collecting the largest number of Dutch auction bids as possibleB) Determining a fair offer priceC) Supporting the market price for a new securities issueD) Establishing a broad-based underwriting syndicateE) Distributing red herrings to as many potential investors as possible31) Which one of the following statements is correct?A) The quiet period commences when a registration statement is filed with the SEC and ends on the day the IPO shares commence trading.B) Lockup agreements outline how oversubscribed IPO shares will be allocated.C) Additional IPO shares can be issued in accordance with the lockup agreement.D) Quiet period restrictions only apply to the issuer of new securities.E) A public interview with an issuer's CFO could cause a forced delay in the issuer's IPO.32) With Dutch auction underwriting:A) each winning bidder pays the minimum price offered by any bidder.B) all successful bidders pay the same price per share.C) all bidders receive at least a portion of the quantity for which they bid.D) the selling firm receives the maximum possible price for each security sold.E) the bidder for the largest quantity receives the first allocation of securities.33) Individual investors might avoid requesting 100 shares in an upcoming IPO because they:A) do not want to be bothered with submitting their bid to the SEC for approval.B) do not want to abide by the quiet period requirement.C) are prevented from entering orders for less than 1,000 shares.D) are more apt to receive shares if the IPO is under allocated.E) would have to pay a premium based on their small order size.34) If a firm commitment IPO is overpriced then the:A) investors in the IPO may consider suing the underwriters.B) Green Shoe provision will probably be utilized.C) stock price will generally increase on the first day of trading.D) issuing firm is guaranteed to be successful in the long term.E) issuing firm receives less money than it probably should have.35) All of the following are supporting arguments in favor of IPO underpricing except which one?A) Helps prevent the "winner's curse"B) Rewards institutional investors who share their market value opinionsC) Reduces potential lawsuits against underwritersD) Diminishes underwriting riskE) Provides better returns to issuing firms36) When a firm announces an upcoming seasoned stock offering, the market price of the firm's existing shares tends to:A) increase.B) decrease.C) remain constant.D) respond, but the direction of the response is not predictable as shown by past studies.E) decrease momentarily and then immediately increase substantially within an hour following the announcement.37) The total direct costs of underwriting an equity IPO:A) tend to increase on a percentage basis as the total proceeds of the IPO increase.B) are generally between 7 and 9 percent, regardless of the issue size.C) tend to be less than the direct costs of issuing bonds on a percentage of proceeds basis.D) exclude the gross spread.E) can be as low as 5.5 percent and as high as 25 percent of gross proceeds.38) Which one of the following statements is correct concerning the direct costs of issuing securities?A) Domestic bonds are generally more expensive to issue than equity IPOs.B) The gross spread as a percentage of proceeds is the same for similar-sized IPOs and SEOs.C) A seasoned offering is always more expensive on a percentage basis than an IPO.D) There tends to be substantial economies of scale when issuing any type of security.E) The costs of issuing convertible bonds tend to be less on a percentage basis than the costs of issuing straight debt.39) Shares of PLS United have been selling with rights attached. Tomorrow, the stock will sell independent of these rights. Which one of the following terms applies to tomorrow in relation to this stock?A) Pre-issue dateB) Aftermarket dateC) Declaration dateD) Holder-of-record dateE) Ex-rights date40) The date on which a shareholder is officially listed as the recipient of stock rights is called the:A) issue date.B) offer date.C) declaration date.D) holder-of-record date.E) ex-rights date.41) A rights offering in which an underwriting syndicate agrees to purchase the unsubscribed portion of an issue is called a(n) ________ underwriting.A) standbyB) best effortsC) firm commitmentD) direct feeE) oversubscription42) BK & Co. offered 15,000 shares in a rights offer. T.L. Moore & Co. was the underwriter that by prior agreement purchased the 639 unsold shares. For its participation in this rights offer, T.L. Moore & Co. is most likely entitled to:A) the gross margin.B) the optional spread.C) a standby fee.D) the subscription price.E) an oversubscription fee.43) Franklin Minerals recently had a rights offering of 12,000 shares at an offer price of $17 a share. Isabelle is a shareholder who exercised her rights option by buying all of the rights to which she was entitled based on the number of shares she owns. Currently, there are six shareholders who have opted not to participate in the rights offering. Isabelle would like to purchase these unsubscribed shares. Which one of the following will allow her to do so?A) Standby provisionB) Oversubscription privilegeC) Open offer privilegeD) New issues provisionE) Overallotment provision44) Existing shareholders:A) may or may not have a pre-emptive right to newly issued shares.B) must purchase new shares whenever rights are issued.C) are prohibited from selling their rights.D) are generally well advised to let the rights they receive expire.E) can maintain their proportional ownership positions without exercising their rights.45) To purchase a share in a rights offering, an existing shareholder generally just needs to:A) pay the subscription amount in cash.B) submit the required form along with the required number of rights.C) pay the difference between the market price of the stock and the subscription price.D) submit the required number of rights along with a payment for the underwriting fee.E) submit the required number of rights along with the subscription price.46) The value of a right depends upon the number of rights required for each new share as well as the:A) subscription price and book value per share.B) market and book values per share.C) market price, book value, and subscription price.D) market and subscription prices.E) difference between the market and book values per share.47) Before a seasoned stock offering, you owned 500 shares of a firm that had 20,000 shares outstanding. After the seasoned offering, you still owned 500 shares but the number of shares outstanding rose to 25,000. Which one of the following terms best describes this situation?A) OverallotmentB) Percentage ownership dilutionC) Green Shoe allocationD) Red herring allotmentE) Abnormal event48) Which one of the following statements concerning dilution is correct?A) Dilution of percentage ownership occurs whenever an investor fully participates in a rights offer.B) Market value dilution increases as the net present value of a project increases.C) Market value dilution occurs when the net present value of a project is negative.D) Neither book value dilution nor market value dilution has any direct bearing on individual shareholders.E) Book value dilution is the cause of market value dilution.49) Roy owns 200 shares of RTF Inc. He has opted not to participate in the current rights offering by this company. As a result, Roy will most likely be subject to:A) an oversubscription cost.B) underpricing.C) dilution.D) the Green Shoe provision.E) a locked-in period.50) Direct business loans typically ranging from one to five years are called:A) private placements.B) debt SEOs.C) notes payable.D) debt IPOs.E) term loans.51) The High-End mutual fund recently loaned $13.6 million to Henderson Hardware for 15 years at 6.8 percent interest. This loan is best described as a:A) private placement.B) debt SEO.C) note payable.D) debt IPO.E) term loan.52) Which one of the following statements is correct concerning the issuance of long-term debt?A) A direct private long-term loan has to be registered with the SEC.B) Direct placement debt tends to have more restrictive covenants than publicly issued debt.C) Distribution costs are lower for public debt than for private debt.D) It is easier to renegotiate public debt than private debt.E) Wealthy individuals tend to dominate the private debt market.53) Shelf registration allows a firm to register multiple issues at one time with the SEC and then sell those registered shares anytime during the subsequent:A) 3 months.B) 6 months.C) 180 days.D) 2 years.E) 5 years.54) Pearson Electric recently registered 180,000 shares of stock under SEC Rule 415. The company plans to sell 100,000 shares this year and the remaining 80,000 shares next year. What type of registration was this?A) Standby registrationB) Shelf registrationC) Regulation A registrationD) Regulation Q registrationE) Private placement registration55) The Boat Works decided to go public by offering a total of 135,000 shares of common stockto the public. The company hired an underwriter who arranged a firm commitment underwriting and an initial selling price of $24 a share with a spread of 8.3 percent. As it turned out, the underwriters only sold 122,400 shares to the public. What is the amount paid to the issuer?A) $2,227,280B) $3,074,420C) $2,971,080D) $2,692,820E) $2,477,38056) Nelson Paints recently went public by offering 50,000 shares of common stock to the public. The underwriters provided their services in a best efforts underwriting. The offering price was set at $17.50 a share and the gross spread was $2.30. After completing their sales efforts, the underwriters determined that they sold a total of 47,500 shares. How much cash did the company receive from its IPO?A) $722,000B) $717,000C) $735,000D) $705,000E) $748,00057) LC Delivery has decided to sell 1,800 shares of stock through a Dutch auction. The bids received are as follows: 600 shares at $37 a share, 800 shares at $36, 900 shares at $35, 200 shares at $34, and 100 shares at $32 a share. How much will the company receive in total from selling the 1,800 shares? Ignore all transaction and flotation costs.A) $63,100B) $52,500C) $63,000D) $58,800E) $52,10058) Bakers' Town Bread is selling 1,500 shares of stock through a Dutch auction. The bids received are as follows: 200 shares at $17 a share, 400 shares at $15, 700 shares at $14, 400 shares at $13, and 200 shares at $11 a share. How much cash will the company receive from selling these shares of stock? Ignore all transaction and flotation costs.A) $22,000B) $22,500C) $23,000D) $24,500E) $20,20059) Eastern Electric is offering 2,100 shares of stock in a Dutch auction. The bids include: 1,400 shares at $32 a share, 1,500 shares at $31, 1,400 shares at $30, and 900 shares at $29 a share. How much cash will Eastern Electric receive from selling these shares? Ignore all transaction and flotation costs.A) $62,100B) $64,200C) $60,000D) $63,000E) $63,30060) You have been instructed to place an order for a client to purchase 500 shares of every IPO that comes to market. The next two IPOs are each priced at $26 a share and will begin trading on the same day. The client is allocated 500 shares of IPO A and 240 shares of IPO B. At the end of the first day of trading, IPO A was selling for $23.90 a share and IPO B was selling for $29.40 a share. What is the client's total profit or loss on these two IPOs as of the end of the first day of trading?A) − $286B) − $234C) − $148D) $275E) $32961) Richard placed an order for 1,000 shares in each of three IPOs at $28 a share. He was allocated 1,000 shares of IPO A, 200 shares of IPO B, and 600 shares of IPO C. On the first day of trading, IPO A opened at $28 a share and ended the day at $24.25 a share. IPO B opened at $30 a share and finished the day at $37 a share. IPO C opened at $28 a share and ended the day at $27.65 a share. What is the total profit or loss on these three IPO purchases as of the end of the first day of trading?A) − $2,160B) − $1,850C) − $1,950D) $2,240E) $2,17562) Two IPOs will commence trading next week. Scott places an order to buy 600 shares of IPOA. Steve places an order to purchase 600 shares of IPO A and 600 shares of IPOB. Both IPOs are priced at $21 a share. Scott is allocated 300 shares of IPO A. Steve is allocated 300 shares of IPO A and 600 shares of IPO B. At the end of the first day of trading, IPO A is selling for $23.30 a share and IPO B is selling for $17.75 a share. How much additional profit did Steve have at the end of the first day of trading as compared to Scott?A) $1,950B) $1,260C) $1,870D) −$1,950E) −$1,26063) Davis Bros. and The Storage Shed have both announced IPOs at $32 per share. One of these is undervalued by $9, and the other is overvalued by $4, but you have no way of knowing whichis which. You plan on buying 1,000 shares of each issue. If an issue is underpriced, it will be rationed, and only half your order will be filled. What is the amount of the difference between your expected profit and the amount of profit you could earn if you could get 1,000 shares of both IPO offerings?A) $4,500B) $5,000C) $4,000D) $5,500E) $6,00064) Wear Ever is expanding and needs $6.8 million to help fund this growth. The company estimates it can sell new shares of stock for $43 a share. It also estimates it will cost an additional $352,000 for filing and legal fees related to the stock issue. The underwriters have agreed to a spread of 7.5 percent. How many shares of stock must be sold for the company to fund its expansion?A) 170,376B) 185,127C) 179,811D) 154,209E) 61,80665) Mountain Teas wants to raise $13.6 million to open a new production facility. The company estimates the issue costs for legal and accounting fees will be $386,000. The underwriters have set the stock price at $27.50 a share and the underwriting spread at 8.15 percent. How many shares of stock must be sold to meet this cash need?A) 528,414B) 553,709C) 569,315D) 492,144E) 501,90966) Outdoor Goods needs $3.8 million to modernize its production equipment. The underwriters set the stock price at $29.50 a share with an underwriting spread of 7.35 percent. This would be a firm commitment underwriting. The estimated issue costs are $272,000. How many shares of stock must be sold to finance this project?A) 148,984B) 188,917C) 152,311D) 186,299E) 162,40067) Flagler Inc. needs to raise $11.6 million, including all accounting and legal fees, to finance its expansion so has decided to sell new shares of equity via a general cash offering. The offer price is $22.50 per share and the underwriting spread is 7.85 percent. How many shares need to be sold?A) 559,474B) 604,011C) 566,667D) 571,008E) 538,40968) New Education needs to raise $8.79 million to finance its expansion and has decided to sell new shares of equity via a general cash offering. The offer price is $31.40 per share, the underwriting spread is 7.32 percent, and the associated administrative expenses and fees are $517,600. How many shares need to be sold?A) 348,907B) 361,222C) 311,111D) 329,937E) 319,83269) The Huff Co. has just gone public. Under a firm commitment agreement, the company received $17.64 for each of the 3.2 million shares sold. The initial offering price was $22.50 per share, and the stock rose to $24.15 per share in the first day of trading. The company paid $984,900 in direct legal and other costs and incurred $340,000 in indirect costs. What was the flotation cost as a percentage of the net amount raised?A) 38.56 percentB) 40.32 percentC) 41.68 percentD) 40.20 percentE) 39.09 percent70) Mountain Mining requires $3.3 million to expand its current operations and has decided to raise these funds through a rights offering at a subscription price of $18 a share. The current market price of the company's stock is $24.70 a share. How many shares of stock must be sold to fund the expansion plans?A) 140,015B) 133,603C) 148,909D) 183,333E) 195,60771) Northwest Rail wants to raise $27.8 million through a rights offering to upgrade its rail lines. How many shares of stock need to be sold if the current market price is $30.34 a share and the subscription price is $26.50 a share?A) 916,282B) 937,856C) 985,065D) 1,058,604E) 1,049,05772) S&S wants to raise $11.3 million through a rights offering with a subscription price of $15 a share. The company has 1.24 million shares outstanding and a market price of $17.50 a share. Each shareholder will receive one right for each share of stock owned. How many rights will be needed to purchase one new share of stock in this offering?A) 1.42B) 1.75C) 1.65D) 1.82E) 1.5573) P&T wants to raise $2.8 million through a rights offering with a subscription price of $20 a share. Currently, the company has 750,000 shares of stock outstanding at a market price of $24.50 a share. One right will be granted for each share of stock outstanding. How many rights are required to purchase one new share of stock in this offering?A) 5.36B) 6.02C) 5.55D) 6.56E) 6.6774) Miller Fruit wants to expand and needs $1.6 million to do so. Currently, the firm has 465,000 shares of stock outstanding at a market price per share of $32.50. The firm decided on a rights offering with one right granted for each share of outstanding stock. The subscription price is $28 a share. How many rights are needed to purchase one new share of stock in this offering?A) 8.14B) 7.17C) 8.22D) 8.63E) 9.45。

公司理财精要版原书第12版习题库答案Ross12e_Chapter20_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 20 Credit and Inventory Management1) Brown's Hardware offers a discount of two percent on their commercial accounts if payment is received within ten days. Otherwise, payment is due within 30 days. This credit offering is referred to as the:A) terms of sale.B) credit analysis.C) collection policy.D) payables policy.E) collection float.2) Jillian was recently hired to determine the probability that individual customers of a major retailer will fail to pay for their charge sales. Jillian's job best relates to which one of the following?A) Terms of saleB) Credit analysisC) Collection policyD) Payables policyE) Customer service3) Town Hardware sells goods on credit with payment due 30 days after purchase. If payment is not received by the 30th day, the store mails a friendly reminder to the customer. If payment is not received by the 45th day, the store calls the customer and requests payment and also stops offering credit to that customer. These procedures are referred to as the store's:A) customer service policy.B) credit policy.C) collection policy.D) payables policy.E) disbursements policy.4) The terms of sale generally include all of the following except the:A) credit period.B) cash discount.C) type of credit instrument.D) discount period.E) customer's credit capacity.5) The primary purpose of credit analysis is to:A) determine the optimal credit period.B) analyze the effects of granting a cash discount.C) determine the optimal discount period, if any.D) summarize the frequency and amount of sales by customer.E) evaluate whether or not a customer will pay.6) The period of time that extends from the day a credit sale is made until the day the bank credits the seller's account with the payment for that sale is known as the ________ period.A) floatB) cash collectionC) salesD) accounts receivableE) discount7) Which one of the following will increase a firm's investment in accounts receivables?A) An increase in the number of days for which credit is grantedB) A decrease in credit salesC) An increase in cash salesD) A decrease in the average collection periodE) A decrease in average daily credit sales8) A firm's total investment in accounts receivables depends primarily on the firm's:A) total sales and cash discount period.B) cash to credit sales ratio.C) bad debt ratio.D) average collection period and amount of credit sales.E) amount of credit sales and cash discount percentage.9) Which one of the following statements is correct if you purchase an item with credit termsof 3/15, net 45?A) If you pay within 3 days, you will receive a discount of 15 percent.B) If you pay within 15 days, you will receive a discount of 3 percent.C) If you do not pay within 15 days, you will be charged interest at a rate of 3 percent per month.D) If you pay 3 percent of your purchases within 15 days, you will have 45 days to pay for the remainder.E) One-third of your purchase is due in 15 days and the rest is due in 45 days.10) Assume you put your purchases on your credit card and then take advantage of any cash discounts offered. Which one of these credit terms do you prefer?A) 1/10, net 20B) 2/5, net 30C) 2/10, net 30D) 1/15, net 45E) 2/15, net 3011) You need to charge your purchases and know that you will not be able to pay within the discount period. Which one of these credit terms is best-suited to you?A) 1/5, net 15B) 2/5, net 30C) 2/5, net 20D) 1/10, net 45E) 2/10, net 3012) Which one of the following statements is correct?A) The credit period begins when the discount period ends.B) The discount period is the length of time granted to a customer to pay for a purchase.C) The credit period begins on the invoice date.D) With terms of 2/10, net 30, the net credit period is 20 days.E) With EOM dating, all sales are assumed to have occurred on the 15th of each month.13) Which one of these is frequently cited as an appropriate upper limit to the credit period offered by a seller?A) The buyer's inventory periodB) The seller's inventory periodC) The seller's operating cycleD) The buyer's operating cycleE) The buyer's receivables period14) Phil's Print Shop grants its customers the right to pay for their print jobs within 30 days of the ROG. Thus, the customers' credit period begins when they:A) review and approve the print order.B) renew their contract on a revolving print order.C) reorder a previously approved print job.D) receive their print jobs.E) request a new job be printed.15) Scott purchased a shovel, a rake, and a wheelbarrow from The Local Hardware Store yesterday. Today, the store issued a bill for these items and mailed it to Scott. What is the name given to this bill?A) Ledger statementB) WarrantyC) IndentureD) ReceiptE) Invoice16) Geoff Industries offers its credit customers a two percent discount if they pay within ten days. This discount is referred to as a ________ discount.A) cashB) purchaseC) collectionD) marketE) receivables17) Any written proof that a customer owes you money for goods or services provided is referred to as a(n):A) account document.B) sales draft.C) credit instrument.D) commercial paper.E) letter of debt.18) Which one of the following factors most supports a longer credit period being offered to customers?A) Higher consumer demandB) Lower priced merchandiseC) Increased credit riskD) More perishable merchandiseE) Increased competition19) Which one of the following statements related to credit periods is correct?A) Longer credit periods are granted for sales of perishable items.B) Inexpensive goods tend to have longer credit periods.C) Smaller accounts tend to have longer credit periods.D) Sellers may offer different credit periods to different customers.E) Newer products tend to have shorter credit periods.20) A trade discount of 2/5th, EOM terms:A) grants customers five days to pay after month end.B) offers no credit to customers.C) means the full amount is due by the 5th of the month following the month of sale.D) means the invoice is overdue only after month-end.E) means the full amount is due the last day of the month following the month of sale.21) Under credit terms of 1/5, net 15, customers should:A) Always pay on the 15th day.B) take the discount and pay immediately.C) take the discount and pay on the day following the day of sale.D) either take the discount or pay on the 15th day.E) both take the discount and pay on the 15th day.22) A 2/10, net 30 credit policy:A) is an expensive form of short-term credit if a buyer forgoes the discount.B) provides cheap financing to the buyer for 30 days.C) is an inexpensive means of reducing the seller's collection period if every customer takes the discount.D) tends to have little effect on the seller's collection period.E) tends to increase the seller's investment in receivables as compared to a straight net 30 policy.23) The Painted House offers credit terms of 2/10th, EOM. Assume you purchase an item on credit from this store on Monday, November 3. When is payment due for this purchase if you do not take the discount?A) November 3B) November 13C) November 30D) December 31E) December 1024) Which one of the following credit instruments is commonly used in international commerce?A) Open accountB) Sight draftC) Time draftD) Banker's acceptanceE) Promissory note25) A conditional sales contract:A) passes title to the goods sold to the buyer at the time the contract is signed.B) normally calls for one lump sum payment on the contract payment date.C) allows the seller to retain ownership of the goods sold until the customer has fully paid for the purchase.D) is payable immediately upon receipt.E) is a formal bid for a project.26) Which one of these statements is correct?A) A firm's cash cycle generally decreases when it switches from a cash to a credit policy, all else equal.B) Most customers will forgo the discount and pay at the end of the credit period.C) Total revenues generally decrease if both the quantity sold and the price per unit increase when credit is granted.D) Only the cost of default should be considered before granting credit.E) A firm may have to increase its long-term borrowing if it decides to grant credit to its customers.27) When considering a switch from an all-cash credit policy to a net 30 credit policy all of the following should be considered except the:A) revenue effects.B) effects on the variable costs.C) cost of the discount.D) probability of default.E) change in the fixed costs.28) The optimal amount of credit equates the incremental costs of carrying the increase in accounts receivable to the incremental:A) decrease in the cash cycle.B) benefit from decreasing the inventory level.C) cash flows from increased sales.D) increase in bad debts.E) gain in net profits.29) Assume you are viewing a graph that compares costs with the amount of credit extended. Both the carrying costs and the opportunity costs of credit are depicted. What is the function called that represents the summation of these carrying and opportunity costs?A) Opportunity cost curveB) Credit extension curveC) Credit cost curveD) Terms of sale graphE) Optimal sales graph30) Assume that RSF is a wholly owned subsidiary of the Rolled Steel Company. RSF provides credit financing solely for large ticket items purchased from the Rolled Steel Company. Which one of the following terms describes RSF?A) Credit departmentB) Parent companyC) Captive finance companyD) Credit unionE) Service unit31) When credit policy is at the optimal point, the:A) total costs of granting credit will be maximized.B) carrying costs of credit will be equal to zero.C) opportunity cost of credit will be equal to zero.D) carrying costs will equal the opportunity costs.E) total costs will equal the opportunity costs.32) Which of the following characteristics are most associated with a firm that adopts a liberal credit policy?A) Mostly one-time customers and excess capacityB) Low carrying costs and full productionC) Low carrying costs and high variable costsD) Low variable costs and predominately repeat customersE) Excess capacity and high variable costs33) If you extend credit for a one-time sale to a new customer, you risk an amount equal to the:A) sales price of the item sold.B) variable cost of the item sold.C) fixed cost of the item sold.D) profit margin on the item sold.E) fixed and variable costs of the item sold.34) Which one of the following statements is correct?A) If the majority of a firm's new customers become repeat customers, then there is a strong argument against extending credit even if the default rate is low.B) A customer's past payment history reveals little information in relation to his or her future tendency to pay.C) A suggested policy for offering credit to new customers is to limit the amount of their initial credit purchase.D) The risk of issuing credit is the same for a new customer as it is for an existing customer.E) The recommended policy for new customers is to extend an offer of a high credit limit as an enticement to get their business.35) When evaluating the creditworthiness of a customer, the term capital refers to the:A) type of goods the customer wishes to obtain.B) customer's financial reserves.C) types of assets the customer wants to pledge as collateral.D) customer's willingness to pay bills in a timely fashion.E) nature of the customer's line of work.36) Which one of the five Cs of credit refers to a customer's willingness to pay its bills?A) CharacterB) CapacityC) CollateralD) ConditionsE) Capital37) Which one of the five Cs of credit refers to the general economic situation in the customer's line of business?A) CapacityB) CharacterC) ConditionsD) CapitalE) Collateral38) The basic factors to be evaluated in the credit evaluation process, the five Cs of credit, are:A) conditions, control, cessation, capital, and capacity.B) conditions, character, capital, control, and capacity.C) capital, collateral, control, character, and capacity.D) character, capacity, control, cessation, and collateral.E) capacity, character, collateral, capital, and conditions.39) Roger's Home Appliances offers credit to customers it deems qualified based on a numerical value that estimates the probability that the customer will default if credit is granted to them. Theprocess of computing this numerical value is referred to as:A) credit scoring.B) Credit capacity.C) receipts assessment.D) conditions for credit.E) consumer analysis.40) You are an accounting intern and today you are compiling a spreadsheet with column headings of: Invoice number; Customer number; < 30 days; 31-60 days; 61-90 days; > 90 days. You will list every unpaid invoice with the amount owed entered into the appropriate column based on the number of days between the sale date and today. Once you have completed that, you will sort the report by customer number and total the amounts listed in each column. What is this report called?A) Credit reportB) Aging scheduleC) Risk assessment reportD) Turnover delineationE) Receivables consolidation report41) Which one of the following statements is correct?A) Firms may opt to refuse additional credit to a delinquent customer.B) Seasonal sales have little, if any, impact on aging schedule percentages.C) Normally, firms call their delinquent customers prior to sending them a past due letter.D) If a firm wishes to sell a delinquent receivable, it must do so prior to the customer filing for bankruptcy.E) Expected decreases in the average collection period are a cause of concern.42) Which one of the following inventory items is probably the least liquid?A) Plywood held in inventory by a home builderB) A wheel barrow held in inventory by a garden centerC) A partially assembled interior for a new vehicleD) A set of tires owned by an automobile manufacturerE) A toy owned by a retail toy store43) Which one of the following inventory items is probably the most liquid?A) A custom made set of kitchen cabinetsB) Metal cabinets for dishwashersC) Wheat stored in a grain siloD) A customized drill pressE) A partially built modular home44) Which one of the following inventory-related costs is considered a shortage cost?A) Storage costsB) Insurance costC) Loss of customer goodwillD) Theft costE) Opportunity cost of capital used for inventory purchases45) The ABC approach to inventory management is based on the concept that:A) inventory should arrive at the time it is needed in the manufacturing process.B) the inventory period should be constant for all inventory items.C) basic inventory items that are essential to production and also inexpensive should be ordered in small quantities only.D) a small percentage of inventory items represents a large percentage of inventory cost.E) one-third of a year's inventory needs should be on hand, another third should be on order, and the last third should be unordered.46) The EOQ model is designed to determine how much:A) total inventory a firm needs during any one year.B) total inventory costs will be for any one given year.C) inventory should be purchased at one time.D) inventory will be sold per day.E) a firm loses in sales per day when an inventory item is depleted.47) A particular inventory manager orders items only in quantities that minimize inventory costs. What is this restocking quantity called?A) Short order quantityB) Refill unit quantityC) Economic order quantityD) Minimum stock levelE) Re-order limit48) Allison has developed a set of procedures for determining the amount of each raw material she needs to have in inventory if she is to keep the assembly lines operating efficiently. These procedures are commonly referred to by which one of the following terms?A) First-in, first-out methodB) The Baumol modelC) Net working capital planningD) Economic order proceduresE) Materials requirements planning49) Which one of the following is a characteristic of a just-in-time inventory system?A) High level of dependence on supplier performanceB) Low inventory turnover ratesC) Long inventory periodsD) Unusually high inventory levelsE) Large, infrequent re-orders of raw materials50) At the optimal order quantity size, the:A) total cost of holding inventory is fully offset by the restocking costs.B) carrying costs are equal to zero.C) restocking costs are equal to zero.D) total costs equal the carrying costs.E) carrying costs equal the restocking costs.51) The EOQ model is designed to minimize:A) production costs.B) inventory obsolescence.C) the carrying costs of inventory.D) the costs of replenishing inventory.E) the total costs of holding inventory.52) Which one of the following items is most likely a derived-demand inventory item?A) Wrenches held in inventory by a hardware storeB) Tires held in inventory by a tractor manufacturerC) Shoes on display in a retail storeD) Toys just received by a toy storeE) Wheat harvested by a farmer53) Inventory needs under a derived-demand inventory system are:A) primarily dependent upon the competitive demands placed on a firm's suppliers.B) based on the anticipated demand for the finished product.C) based on minimizing the cost of restocking inventory.D) held constant over time.E) determined by a Kanban system.54) A just-in-time inventory system:A) eliminates all inventory costs.B) reduces the inventory turnover rate.C) averages long-term inventory needs.D) focuses on immediate production needs.E) maximizes inventory costs.55) The incremental investment in receivables under the accounts receivable approach is equal to:A) P −νQ'.B) PQ'.C) PQ + ν(Q'− Q).D) P(Q'− Q).E) PQ(Q'− Q).56) The accounts receivable approach to credit policy supports the theory that:A) a firm's risk of offering credit to a new customer is limited to the cost of the items sold.B) the best credit policy is an all-cash policy.C) the cost of offering credit to a new customer is the same as the cost of offering credit to an existing customer.D) increasing receivables guarantees increasing profits.E) the default risk of a credit policy is the same as the default risk under an all cash-policy if your customers remain the same.57) Which two of the following are the key elements in determining the break-even default rate on a credit policy?A) Credit price and cash price assuming a zero default rateB) Required rate of return and percentage discount for cash customersC) Variable cost per unit and required rate of returnD) Sales price and variable cost per unit for credit customersE) Credit price and discount rate for cash customers58) On average, CT Motors has daily credit sales of $42,390, an inventory period of 53 days, anda collection period of 26 days. What is the average accounts receivable balance?A) $757,900B) $968,810C) $1,102,140D) $1,015,500E) $896,30059) Music City has an average collection period of 34.6 days and an average daily investment in receivables of $71,407. What are the annual credit sales given a 365-day year?A) $668,407B) $577,109C) $753,282D) $625,893E) $767,12360) Turner's offers credit terms of net 30 with payments received an average of 2.8 days past their due date. Annual credit sales are $2.38 million. What is the average book value of accounts receivable? Assume a 365-day year.A) $213,874B) $223,333C) $211,667D) $215,407E) $223,59361) Winters' just purchased $42,911 of goods from its supplier with credit terms of 1/5, net 25. What is the discounted price?A) $40,765B) $41,209C) $42,482D) $42,911E) $43,30062) Today, October 12, Nadine's Fashions purchased merchandise from a supplier. The credit terms are 2/10, net 30. By what day does Nadine's have to make the payment to receive the discount? Assume a 30-day month.A) October 12B) October 14C) October 22D) October 27E) November 1263) The Green Hornet offers credit terms of 2/5, net 20. Based on experience, 93 percent of all customers will take the discount. The firm sells 487 units each month at a price of $649 each. What is the average book value of accounts receivable? Assume a 365-day year.A) $60,274B) $68,272C) $62,866D) $67,012E) $65,38764) A firm offers credit terms of 2/15, net 45. What effective annual interest rate does the firm earn when a customer forgoes the discount?A) 18.67 percentB) 20.45 percentC) 23.37 percentD) 25.34 percentE) 27.86 percent65) A supplier grants credit terms of 1/5, net 30. What is the effective annual rate of the discount on a purchase of $5,000?A) 17.24 percentB) 15.80 percentC) 18.80 percentD) 19.03 percentE) 12.27 percent66) Cape May Products currently sells 487 units a month at a price of $79 a unit. The firm believes it can increase its sales by an additional 42 units if it switches to a net 30 credit policy. The monthly interest rate is .25 percent and the variable cost per unit is $31.50. What is the incremental cash inflow from the proposed credit policy switch?A) $1,774B) $1,995C) $2,746D) $3,318E) $3,37567) Home Accents currently sells 219 units a month at a price of $46 a unit. If it switches to a net 30 credit policy, monthly sales are expected to increase by 28 units. The monthly interest rateis .57 percent and the variable cost per unit is $21. What is the net present value of the proposed credit policy switch?A) $112,145B) $108,895C) $106,507D) $586,799E) $621,13568) Currently, Glasgow Importers sells 855 units a month at a price of $39 a unit. By switching to a net 30 credit policy, sales should increase to 950 units while the price remains constant. The monthly interest rate is .61 percent and the variable cost per unit is $8. What is the net present value of the proposed credit policy switch?A) $513,360B) $516,892C) $490,200D) $537,520E) $448,68269) Currently, Tanner's sells 69 units a month at an average price of $499 a unit. The company thinks it can increase sales by an additional 32 units a month if it switches to a net 30 credit policy. The monthly interest rate is .48 percent and the variable cost per unit is $216. What is the incremental cash inflow of the proposed credit policy switch?A) $10,120B) $9,056C) $12,760D) $17,810E) $15,96870) New Products currently sells a product with a variable cost per unit of $23 and a unit selling price of $49. At the present time, the firm only sells on a cash basis with monthly sales of 733 units. The monthly interest rate is .48 percent. What is the value of Q' at the switch break-even point if the firm adopted a net 30 credit policy? Assume the selling price per unit and the variable costs per unit remain constant.A) 739.66 unitsB) 736.34 unitsC) 728.47 unitsD) 740.29 unitsE) 743.18 units71) Quest is considering a change in its cash-only sales policy. The new terms of sale would be net one month. The required return is .98 percent per month. Currently, the firm sells 420 units per month at $736 per unit. Under the new policy, the firm expects sales of 475 units also at $736 per unit. The variable cost per unit is $426. What is the NPV of switching?A) $1,228,750B) $1,407,246C) $1,335,021D) $1,238,250E) $1,056,78472) Saucier Co. currently sells 1,208 units a month for total monthly sales of $209,600. The firm is considering replacing its current cash only credit policy with a net 30 policy. The variable cost per unit is $106 and the monthly interest rate is .71 percent. What is the new sales quantity at the switch break-even level of sales? Assume the selling price per unit and the variable costs per unit remain constant.A) 1,143 unitsB) 1,267 unitsC) 1,230 unitsD) 1,306 unitsE) 1,148 units73) The Cellar Door currently sells 1,849 units a month for total monthly sales of $627,800. The company is considering replacing its current cash only credit policy with a net 30 policy. The variable cost per unit is $214 and the monthly interest rate is .87 percent. What is the new sales quantity at the switch break-even level of sales?A) 1,711 unitsB) 1,779 unitsC) 1,814 unitsD) 1,957 unitsE) 1,893 units74) The Dilana Corporation is considering a change in its cash-only policy. The new terms would be net one period. The required return is 1.5 percent per period. The firm has current sales of 3,500 units per month at a price of $71 per unit. The new policy is expected to increase sales to 3,550 units at a price of $71 per unit. The cost per unit is constant at $38. What is the incremental cash inflow of the new policy?A) $1,880B) $1,420C) $1,500D) $1,995E) $1,65075) A new customer has placed an order for a turbine engine that has a variable cost of $1.12 million per unit and a credit sales price of $1.64 million. Credit is extended for one period. Based on historical experience, payment for about 1 out of every 178 such orders is never collected. The required return is 2.1 percent per period. What is the NPV per unit if this is a one-time order?A) $516,407B) $421,819C) $477,244D) $534,290E) $351,05676) You can make a one-time sale if you will grant a new customer 30 days to pay. This customer wants to purchase an item with a sales price of $499 and a variable cost of $287. You estimate the probability of default at 33 percent. The monthly interest rate is .98 percent. Should you grant credit to this customer? Why or why not?A) Yes; because the NPV of the potential sale is $33.05B) Yes; because the NPV of the potential sale is $44.09C) Yes; because the NPV of the potential sale is $13.02D) No; because the NPV of the potential sale is −$13.05E) No; because the NPV of the potential sale is −$2.6577) The Cycle Shoppe has decided to offer credit to its customers during the spring selling season. Sales are expected to be 64 bikes with an average cost of $329 each. Four percent of customers are expected to default. To help identify those individuals, the shop is considering subscribing to a credit agency. The initial charge for their services is $250 with an additional charge of $7.50 per individual report. What is the amount of the net savings from subscribing to the credit agency?A) $108B) $92C) $84D) $112E) $10378) Assume all sales are one-time credit sales with a probability of collection of 96 percent. The variable cost per unit is $1.67, the sales price per unit is $4.99, and the monthly interest rate is1.35 percent. What is the NPV of a credit sale of one item?A) $3.18B) $2.87C) $3.38D) $2.92E) $3.0679) Assume a sales price of $119 per unit, a $76 per unit variable cost, an average default rate of 3 percent, and a monthly interest rate of 1.25 percent. What is the net present value of a new repeat customer who never defaults on his or her payment?A) $5,733B) $3,364C) $2,617D) $8,817E) $9,52080) Assume an average selling price of $547 per unit, a variable cost per unit of $339, a monthly interest rate of 1.1 percent, and a default rate of 3.1 percent. What is the NPV of extending credit for 30 days to all who are expected to become repeat customers?A) $17,984B) $19,787C) $12,304D) $18,662E) $13,60981) Lakeside Market sells 848 units of an item priced at $49 each year. The carrying cost per unit is $2.26 and the fixed costs per order are $46. What is the economic order quantity?A) 192 unitsB) 221 unitsC) 197 unitsD) 186 unitsE) 163 units82) High Mountain consistently sells 2,400 pairs of $189 skates annually. The fixed order costs is $56 and the carrying costs are $3.85 a pair. What is the economic order quantity?A) 246 pairsB) 215 pairsC) 229 pairsD) 264 pairsE) 248 pairs。

公司理财练习题-文档资料

• 6.某公司拟以40元购入一支股票，预期下一年将收到现金股利2元，预期一年后股票出售价格为48元，则此公司的预期收益率是多少？
• 7.决定债券发行价格的因素主要有 • A.债券面值 • B.债券利率 • C.市场利率 • D.债券到期日 • E.市场收益水平
• 8.某债券面值为1000元，期限为5年，以折价方式发行，期内不计利息，到期按面值偿还，当时市场利率为8%，如果公司决定购买，且这一决策较为经济，则债券当时的市场价格可能为？
• 市场风险溢酬可以根据历史资料进行估计，比如，美国1926年至2000年间平均的风险溢酬为9.1%。
年份天创公司收标准普尔500 益率（%）指数（%）
1
-9
-30
2
4
-20
3 20
10
4 13
20
ቤተ መጻሕፍቲ ባይዱ
• 16.www公司目前无风险资产收益率为5%, 整个市场的平均收益率为12%,该公司股票的预期收益率与整个股票市场平均收益率之间的协方差为360，整个股票市场收益率的标准差为18，则www公司的股票的必要收益率为多少？
• C.10.28% D.10.56%
• 18.假设市场无风险借贷利率均为6%，A股票的预期收益率为15%，标准差为12%.要求：
• (1)如果你将10 000元投资于A股票与无风险资产，其中6 000元投资于A股票，其余4 000元投资于无风险资产，计算该证券组合的预期收益率与标准差。
• (2)如果将拥有的10 000元全部投资于A股票，并另外介入5 000元投资于A股票，计算该证券组合的预期收益率和标准差。
• C.A项目取得更高收益和出现更大亏损的可能性均大于B。

公司理财精要版原书第12版习题库答案Ross12e_Chapter06_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 6 Discounted Cash Flow Valuation1) Which one of the following statements correctly defines a time value of money relationship?A) Time and future values are inversely related, all else held constant.B) Interest rates and time are positively related, all else held constant.C) An increase in a positive discount rate increases the present value.D) An increase in time increases the future value given a zero rate of interest.E) Time and present value are inversely related, all else held constant.2) Project X has cash flows of $8,500, $8,000, $7,500, and $7,000 for Years 1 to 4, respectively. Project Y has cash flows of $7,000, $7,500, $8,000, and $8,500 for Years 1 to 4, respectively. Which one of the following statements is true concerning these two projects given a positive discount rate? (No calculations needed)A) Both projects have the same future value at the end of Year 4.B) Both projects have the same value at Time 0.C) Both projects are ordinary annuities.D) Project Y has a higher present value than Project X.E) Project X has both a higher present and a higher future value than Project Y.3) Project A has cash flows of $4,000, $3,000, $0, and $3,000 for Years 1 to 4, respectively. Project B has cash flows of $2,000, $3,000, $2,000, and $3,000 for Years 1 to 4, respectively. Which one of the following statements is correct assuming the discount rate is positive? (No calculations needed)A) The cash flows for Project B are an annuity, but those of Project A are not.B) Both sets of cash flows have equal present values as of Time 0.C) The present value at Time 0 of the final cash flow for Project A will be discounted using an exponent of three.D) Both projects have equal values at any point in time since they both pay the same total amount.E) Project B is worth less today than Project A.4) You are comparing two investment options that each pay 6 percent interest, compounded annually. Both options will provide you with $12,000 of income. Option A pays $2,000 the first year followed by two annual payments of $5,000 each. Option B pays three annual payments of $4,000 each. Which one of the following statements is correct given these two investment options? Assume a positive discount rate. (No calculations needed.)A) Both options are of equal value since they both provide $12,000 of income.B) Option A has the higher future value at the end of Year 3.C) Option B has a higher present value at Time 0.D) Option B is a perpetuity.E) Option A is an annuity.5) Which one of the following statements related to annuities and perpetuities is correct?A) An ordinary annuity is worth more than an annuity due given equal annual cash flows for 10 years at 7 percent interest, compounded annually.B) A perpetuity comprised of $100 monthly payments is worth more than an annuity of $100 monthly payments provided the discount rates are equal.C) Most loans are a form of a perpetuity.D) The present value of a perpetuity cannot be computed but the future value can.E) Perpetuities are finite but annuities are not.6) Which one of these statements related to growing annuities and perpetuities is correct?A) You can compute the present value of a growing annuity but not a growing perpetuity.B) In computing the present value of a growing annuity, you discount the cash flows using the growth rate as the discount rate.C) The future value of an annuity will decrease if the growth rate is increased.D) An increase in the rate of growth will decrease the present value of an annuity.E) The present value of a growing perpetuity will decrease if the discount rate is increased.7) You are comparing two annuities that offer regular payments of $2,500 for five years and pay .75 percent interest per month. You will purchase one of these today with a single lump sum payment. Annuity A will pay you monthly, starting today, while annuity B will pay monthly, starting one month from today. Which one of the following statements is correct concerning these two annuities?A) These annuities have equal present values but unequal future values.B) These two annuities have both equal present and equal future values.C) Annuity B is an annuity due.D) Annuity A has a smaller future value than annuity B.E) Annuity B has a smaller present value than annuity A.8) An ordinary annuity is best defined as:A) increasing payments paid for a definitive period of time.B) increasing payments paid forever.C) equal payments paid at the end of regular intervals over a stated time period.D) equal payments paid at the beginning of regular intervals for a limited time period.E) equal payments that occur at set intervals for an unlimited period of time.9) A perpetuity is defined as:A) a limited number of equal payments paid in even time increments.B) payments of equal amounts that are paid irregularly but indefinitely.C) varying amounts that are paid at even intervals forever.D) unending equal payments paid at equal time intervals.E) unending equal payments paid at either equal or unequal time intervals.10) A Canadian consol is best categorized as a(n):A) ordinary annuity.B) amortized cash flow.C) annuity due.D) discounted loan.E) perpetuity.11) The interest rate that is most commonly quoted by a lender is referred to as the:A) annual percentage rate.B) compound rate.C) effective annual rate.D) simple rate.E) common rate.12) The actual interest rate on a loan that is compounded monthly but expressed as an annual rate is referred to as the ________ rate.A) statedB) discounted annualC) effective annualD) periodic monthlyE) consolidated monthly13) Your credit card charges you .85 percent interest per month. This rate when multiplied by12 is called the ________ rate.A) effective annualB) annual percentageC) periodic interestD) compound interestE) episodic interest14) Which one of the following statements related to loan interest rates is correct?A) The annual percentage rate considers the compounding of interest.B) When comparing loans you should compare the effective annual rates.C) Lenders are most apt to quote the effective annual rate.D) Regardless of the compounding period, the effective annual rate will always be higher than the annual percentage rate.E) The more frequent the compounding period, the lower the effective annual rate given a fixed annual percentage rate.15) Which one of the following statements concerning interest rates is correct?A) Savers would prefer annual compounding over monthly compounding given the same annual percentage rate.B) The effective annual rate decreases as the number of compounding periods per year increases.C) The effective annual rate equals the annual percentage rate when interest is compounded annually.D) Borrowers would prefer monthly compounding over annual compounding given the same annual percentage rate.E) For any positive rate of interest, the annual percentage rate will always exceed the effective annual rate.16) Which one of the following compounding periods will yield the lowest effective annual rate given a stated future value at Year 5 and an annual percentage rate of 10 percent?A) AnnualB) Semi-annualC) MonthlyD) DailyE) Continuous17) A loan where the borrower receives money today and repays a single lump sum on a future date is called a(n) ________ loan.A) amortizedB) continuousC) balloonD) pure discountE) interest-only18) A loan that calls for periodic interest payments and a lump sum principal payment is referred to as a(n) ________ loan.A) amortizedB) modifiedC) balloonD) pure discountE) interest-only19) Amortized loans must have which one of these characteristics over its life?A) Either equal or unequal principal paymentsB) One lump-sum principal paymentC) Increasing paymentsD) Equal interest paymentsE) Declining periodic payments20) A(n) ________ loan has regular payments that include both principal and interest but these payments are insufficient to pay off the loan.A) perpetualB) continuingC) balloonD) pure discountE) interest-only21) The entire repayment of a(n) ________ loan is computed simply by computing one single future value.A) interest-onlyB) balloonC) amortizedD) pure discountE) bullet22) With an interest-only loan the principal is:A) forgiven over the loan period; thus it does not have to be repaid.B) repaid in decreasing increments and included in each loan payment.C) repaid in one lump sum at the end of the loan period.D) repaid in equal annual payments.E) repaid in increasing increments through regular monthly payments.23) An amortized loan:A) requires the principal amount to be repaid in even increments over the life of the loan.B) may have equal or increasing amounts applied to the principal from each loan payment.C) requires that all interest be repaid on a monthly basis while the principal is repaid at the end of the loan term.D) requires that all payments be equal in amount and include both principal and interest.E) repays both the principal and the interest in one lump sum at the end of the loan term.24) You need $25,000 today and have decided to take out a loan at 7 percent interest for five years. Which one of the following loans would be the least expensive for you? Assume all loans require monthly payments and that interest is compounded on a monthly basis.A) Interest-only loanB) Amortized loan with equal principal paymentsC) Amortized loan with equal loan paymentsD) Discount loanE) Balloon loan where 50 percent of the principal is repaid as a balloon payment25) Southern Tours is considering acquiring Holiday Vacations. Management believes Holiday Vacations can generate cash flows of $218,000, $224,000, and $238,000 over the next three years, respectively. After that time, they feel the business will be worthless. If the desired rate of return is 14.5 percent, what is the maximum Southern Tours should pay today to acquire Holiday Vacations?A) $519,799.59B) $538,615.08C) $545,920.61D) $595,170.53E) $538,407.7126) You are considering two savings options. Both options offer a rate of return of 7.6 percent. The first option is to save $2,500, $2,500, and $3,000 at the end of each year for the next three years, respectively. The other option is to save one lump sum amount today. You want to have the same balance in your savings account at the end of the three years, regardless of the savings method you select. If you select the lump sum method, how much do you need to save today?A) $7,414.59B) $6,289.74C) $6,660.00D) $6,890.89E) $6,784.2027) Your parents have made you two offers. The first offer includes annual gifts of $5,000, $6,000, and $8,000 at the end of each of the next three years, respectively. The other offer is the payment of one lump sum amount today. You are trying to decide which offer to accept given the fact that your discount rate is 6.2 percent. What is the minimum amount that you will accept today if you are to select the lump sum offer?A) $16,707.06B) $16,407.78C) $16,360.42D) $17,709.48E) $17,856.4228) You want to start a business that you believe can produce cash flows of $5,600, $48,200, and $125,000 at the end of each of the next three years, respectively. At the end of three years you think you can sell the business for $250,000. At a discount rate of 16 percent, what is this business worth today?A) $258,803.02B) $314,011.33C) $280,894.67D) $325,837.81E) $297,077.1729) You are considering a project with cash flows of $16,500, $25,700, and $18,000 at the end of each year for the next three years, respectively. What is the present value of these cash flows, given a discount rate of 7.9 percent?A) $54,877.02B) $51,695.15C) $55,429.08D) $46,388.78E) $53,566.6730) You just signed a consulting contract that will pay you $38,000, $42,000, and $45,000 annually at the end of the next three years, respectively. What is the present value of this contract given a discount rate of 10.5?A) $102,138.76B) $108,307.67C) $112,860.33D) $92,433.27E) $96,422.1531) You have some property for sale and have received two offers. The first offer is for $89,500 today in cash. The second offer is the payment of $35,000 today and an additional guaranteed $70,000 two years from today. If the applicable discount rate is 11.5 percent, which offer should you accept and why?A) You should accept the $89,500 today because it has the higher net present value.B) You should accept the $89,500 today because it has the lower future value.C) You should accept the first offer as it is a lump sum payment.D) You should accept the second offer because it has the larger net present value.E) It does not matter which offer you accept as they are equally valuable.32) Your anticipated wedding is three years from today. You don't know who your spouse will be but you do know that you are saving $10,000 today and $17,000 one year from today for this purpose. You also plan to pay the final $12,000 of anticipated costs on your wedding day. At a discount rate of 5.5 percent, what is the current cost of your upcoming wedding?A) $36,333.11B) $41,065.25C) $36,895.17D) $38,411.08E) $35,248.1633) One year ago, JK Mfg. deposited $12,000 in an investment account for the purpose of buying new equipment four years from today. Today, it is adding another $15,000 to this account. The company plans on making a final deposit of $10,000 to the account one year from today. How much cash will be available when the company is ready to buy the equipment assuming an interest rate of 5.5 percent?A) $43,609.77B) $45,208.61C) $44,007.50D) $46,008.30E) $47,138.0934) Troy will receive $7,500 at the end of Year 2. At the end of the following two years, he will receive $9,000 and $12,500, respectively. What is the future value of these cash flows at the end of Year 6 if the interest rate is 8 percent?A) $38,418.80B) $32,907.67C) $36,121.08D) $39,010.77E) $33,445.4435) Sue plans to save $4,500, $0, and $5,500 at the end of Years 1 to 3, respectively. What will her investment account be worth at the end of the Year 3 if she earns an annual rate of 4.15 percent?A) $10,583.82B) $10,381.25C) $10,609.50D) $11,526.50E) $10,812.0736) A proposed project has cash flows of $2,000, $?, $1,750, and $1,250 at the end of Years 1 to 4. The discount rate is 7.2 percent and the present value of the four cash flows is $6,669.25. What is the value of the Year 2 cash flow?A) $2,450B) $2,750C) $2,500D) $2,250E) $2,80037) Waldo expects to save the following amounts: Year 1 = $50,000; Year 2 = $28,000; Year 3 = $12,000. If he can earn an average annual return of 10.5 percent, how much will he have saved in this account exactly 25 years from the time of the first deposit?A) $1,172,373B) $935,334C) $806,311D) $947,509E) $1,033,54538) A charity plans to invest annual payments of $60,000, $70,000, $75,000, and $50,000, respectively, over the next four years. The first payment will be invested one year fromtoday. Assuming the investment earns 5.5 percent annually, how much will the charity have available four years from now?A) $263,025B) $236,875C) $277,491D) $328,572E) $285,73739) Your broker is offering 1.2 percent compounded daily on its money market account. If you deposit $7,500 today, how much will you have in your account 15 years from now?A) $8,979.10B) $9,714.06C) $8,204.50D) $9,336.81E) $9,414.1440) Your grandmother will be gifting you $150 at the end of each month for four years while you attend college. At a discount rate of 3.7 percent, what are these payments worth to you on the day you enter college?A) $6,201.16B) $6,682.99C) $6,539.14D) $6,608.87E) $6,870.2341) You just won the grand prize in a national writing contest! As your prize, you will receive $500 a month for 50 months. If you can earn 7 percent on your money, what is this prize worth to you today?A) $21,629.93B) $18,411.06C) $21,338.40D) $20,333.33E) $19,450.2542) Phil can afford $240 a month for five years for a car loan. If the interest rate is 8.5 percent, how much can he afford to borrow to purchase a car?A) $11,750.00B) $12,348.03C) $11,697.88D) $10,266.67E) $10,400.0043) As the beneficiary of a life insurance policy, you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. If you can earn 6 percent on your money, which option should you take and why?A) You should accept the payments because they are worth $202,414 to you today.B) You should accept the payments because they are worth $201,846 to you today.C) You should accept the payments because they are worth $201,210 to you today.D) You should accept the $200,000 because the payments are only worth $189,311 to you today.E) You should accept the $200,000 because the payments are only worth $195,413 to you today.44) Assume you work for an employer who will contribute $60 a week for the next 20 years intoa retirement plan for your benefit. At a discount rate of 9 percent, what is this employee benefit worth to you today?A) $28,927.38B) $27,618.46C) $29,211.11D) $25,306.16E) $25,987.7445) The Distribution Point plans to save $2,000 a month for the next 3 years for future emergencies. The interest rate is 4.5 percent compounded monthly. The first monthly deposit will be made today. What would today's deposit amount have to be if the firm opted for one lump sum deposit that would yield the same amount of savings as the monthly deposits after 3 years?A) $70,459.07B) $67,485.97C) $69,068.18D) $69,333.33E) $67,233.8446) You need some money today and the only friend you have that has any is a miser. He agrees to loan you the money you need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much total interest is he charging?A) $4.50B) $3.60C) $9.50D) $4.68E) $8.6047) Sue just purchased an annuity that will pay $24,000 a year for 25 years, starting today. What was the purchase price if the discount rate is 8.5 percent?A) $241,309B) $245,621C) $251,409D) $258,319E) $266,49848) Marcus is scheduled to receive annual payments of $3,600 for each of the next 12 years. The discount rate is 8 percent. What is the difference in the present value if these payments are paid at the beginning of each year rather than at the end of each year?A) $2,170.39B) $2,511.07C) $2,021.18D) $2,027.94E) $2,304.9649) Two annuities have equal present values and an applicable discount rate of 7.25 percent. One annuity pays $2,500 on the first day of each year for 15 years. How much does the second annuity pay each year for 15 years if it pays at the end of each year?A) $2,331.00B) $2,266.67C) $2,500.00D) $2,390.50E) $2,681.2550) Trish receives $450 on the first of each month. Josh receives $450 on the last day of each month. Both Trish and Josh will receive payments for next four years. At a discount rate of 9.5 percent, what is the difference in the present value of these two sets of payments?A) $141.80B) $151.06C) $154.30D) $159.08E) $162.5051) What is the future value of $1,575 a year for 25 years at 6.3 percent interest, compounded annually?A) $76,919.04B) $72,545.78C) $90,152.04D) $92,006.08E) $91,315.0952) What is the future value of $8,500 a year for 40 years at 10.8 percent interest, compounded annually?A) $3,278,406.16B) $4,681,062.12C) $2,711,414.14D) $3,989,476.67E) $4,021,223.3353) Rosina plans on saving $2,000 a year and expects to earn an annual rate of 6.9 percent. How much will she have in her account at the end of 37 years?A) $406,429.10B) $338,369.09C) $297,407.17D) $313,274.38E) $308,316.6754) Theresa adds $1,500 to her savings account on the first day of each year. Marcus adds $1,500 to his savings account on the last day of each year. They both earn 6.5 percent annual interest. What is the difference in their savings account balances at the end of 35 years?A) $12,093.38B) $12,113.33C) $12,127.04D) $12,211.12E) $12,219.4655) You just obtained a loan of $16,700 with monthly payments for four years at 6.35 percent interest, compounded monthly. What is the amount of each payment?A) $387.71B) $391.40C) $401.12D) $419.76E) $394.8956) You borrowed $185,000 for 30 years to buy a house. The interest rate is 4.35 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.)A) $150,408B) $147,027C) $146,542D) $154,319E) $141,40657) Travis International has a one-time expense of $1.13 million that must be paid two years from today. The firm can earn 4.3 percent, compounded monthly, on its savings. How much must the firm save each month to fund this expense if the firm starts investing equal amounts each month starting at the end of this month?A) $38,416.20B) $45,172.02C) $51,300.05D) $47,411.08E) $53,901.1558) Nadine is retiring today and has $96,000 in her retirement savings. She expects to earn 5.5 percent, compounded monthly. How much can she withdraw from her retirement savings each month if she plans to spend her last penny 18 years from now?A) $809.92B) $847.78C) $919.46D) $616.08E) $701.1059) Island News purchased a piece of property for $1.79 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.75 percent, compounded monthly. What is the amount of each mortgage payment?A) $9,253.92B) $10,419.97C) $8,607.11D) $11,567.40E) $12,301.1660) You estimate that you will owe $40,200 in student loans by the time you graduate. If you want to have this debt paid in full within 10 years, how much must you pay each month if the interest rate is 4.35 percent, compounded monthly?A) $411.09B) $413.73C) $414.28D) $436.05E) $442.5061) Phil purchased a car today at a price of $8,500. He paid $300 down in cash and financed the balance for 36 months at 5.75 percent, compounded monthly. What is the amount of each monthly loan payment?A) $248.53B) $270.23C) $318.47D) $305.37E) $257.6262) An insurance annuity offers to pay you $1,000 per quarter for 20 years. If you want to earn arate of return of 6.5 percent, compounded quarterly, what is the most you are willing to pay as a lump sum today to obtain this annuity?A) $32,008.24B) $34,208.16C) $44,591.11D) $43,008.80E) $38,927.5963) Your car dealer is willing to lease you a new car for $190 a month for 36 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 6.5 percent, what is the current value of the lease?A) $10,331.03B) $6,232.80C) $9,197.74D) $7,203.14E) $11,008.3164) Your great aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and continuing for 20 years. What is the value of this inheritance today if the applicable discount rate is 4.75 percent?A) $24,890.88B) $31,311.16C) $33,338.44D) $28,909.29E) $29,333.3365) Chris has three options for settling an insurance claim. Option A will provide $1,500 a month for 6 years. Option B will pay $1,025 a month for 10 years. Option C offers $85,000 as a lump sum payment today. The applicable discount rate is 6.8 percent, compounded monthly. Which option should Chris select, and why, if he is only concerned with the financial aspects of the offers?A) Option A: It provides the largest monthly payment.B) Option B: It pays the largest total amount.C) Option C: It is all paid today.D) Option B: It pays the greatest number of payments.E) Option B: It has the largest value today.66) Racing Motors wants to save $825,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the first day of each quarter starting today. How much does the company need to save each quarter to achieve its goal if it can earn 4.45 percent on its savings?A) $63,932.91B) $62,969.70C) $63,192.05D) $62,925.00E) $64,644.1767) Stephanie is going to contribute $160 on the first of each month, starting today, to her retirement account. Her employer will provide a match of 50 percent. In other words, her employer will add $80 to the amount Stephanie saves. If both Stephanie and her employer continue to do this and she can earn a monthly interest rate of .45 percent, how much will she have in her retirement account 35 years from now?A) $336,264.14B) $204,286.67C) $199,312.04D) $268,418.78E) $299,547.9768) An annuity that pays $12,500 a year at an annual interest rate of 5.45 percent costs $150,000 today. What is the length of the annuity time period?A) 25 yearsB) 18 yearsC) 15 yearsD) 20 yearsE) 22 years69) You want to be a millionaire when you retire in 30 years and expect to earn 8.5 percent, compounded monthly. How much more will you have to save each month if you wait 10 years to start saving versus if you start saving at the end of this month?A) $947.22B) $1,046.80C) $808.47D) $841.15E) $989.1070) You are the recipient of a gift that will pay you $25,000 one year from now and every year thereafter for the following 24 years. The payments will increase in value by 2.5 percent each year. If the appropriate discount rate is 8.5 percent, what is the present value of this gift?A) $416,667B) $316,172C) $409,613D) $311,406E) $386,10171) You are preparing to make monthly payments of $100, beginning at the end of this month, into an account that pays 5 percent interest, compounded monthly. How many payments will youhave made when your account balance reaches $10,000?A) 97.30B) 83.77C) 89.46D) 100.00E) 91.1272) You want to borrow $27,500 and can afford monthly payments of $650 for 48 months, but no more. Assume monthly compounding. What is the highest APR rate you can afford?A) 6.33 percentB) 6.67 percentC) 5.82 percentD) 7.01 percentE) 7.18 percent73) Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $60?A) 6.87 yearsB) 6.28 yearsC) 6.64 yearsD) 7.23 yearsE) 7.31 years74) The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home?A) 23.09 yearsB) 14.85 yearsC) 35.46 yearsD) 48.82 yearsE) 59.39 years75) Today, you are retiring. You have a total of $289,416 in your retirement savings. You want to withdraw $2,500 at the beginning of every month, starting today and expect to earn 4.6 percent, compounded monthly. How long will it be until you run out of money?A) 29.97 yearsB) 8.56 yearsC) 22.03 yearsD) 12.71 yearsE) 18.99 years。

公司理财精要版参考答案

公司理财精要版参考答案公司理财精要版参考答案在当今竞争激烈的商业环境中，公司理财是确保企业可持续发展的关键要素之一。

良好的财务管理和有效的资金运作可以帮助企业实现利润最大化，并提供稳定的财务基础。

本文将探讨公司理财的精要版参考答案，以帮助企业管理者更好地理解和应用这一概念。

1. 财务规划与预算控制公司理财的核心是财务规划和预算控制。

财务规划是指根据企业的长期战略目标和短期业务需求，制定合理的财务目标和计划。

预算控制则是通过制定详细的预算和监控实际支出，确保企业在财务方面的稳定和可持续发展。

企业管理者应该根据市场环境和经济状况，合理制定财务目标和预算，并根据实际情况及时调整。

2. 资金管理与风险控制资金管理是公司理财的重要组成部分。

企业应该合理规划和运用资金，确保流动性和盈利能力。

资金管理包括现金流量管理、资本结构管理和投资决策等。

同时，风险控制也是资金管理的重要内容。

企业应该通过风险评估和控制措施，降低经营风险，保护企业的财务安全。

3. 资本运作与融资策略资本运作是公司理财的重要环节。

企业可以通过资本运作来优化资本结构，提高资金利用效率。

资本运作包括股权融资、债务融资和资产重组等。

企业管理者应该根据企业的实际情况和市场需求，选择适合的融资策略，并合理运用各种融资工具。

4. 利润管理与税务筹划利润管理是公司理财的核心目标之一。

企业应该通过成本控制、价格管理和销售策略等手段，提高利润水平。

同时，税务筹划也是利润管理的重要组成部分。

企业应该合法合规地进行税务筹划，降低税务成本，提高税务效益。

5. 绩效评估与报告披露绩效评估是公司理财的重要环节。

企业应该建立科学合理的绩效评估体系，对企业的财务状况和经营业绩进行定期评估和报告。

同时，企业还应该及时披露财务信息，提高透明度和信任度，为投资者和利益相关者提供准确可靠的财务数据。

综上所述，公司理财是企业管理中不可或缺的一部分。

良好的财务管理和有效的资金运作可以帮助企业实现利润最大化，并提供稳定的财务基础。

公司理财精要版原书第12版习题库答案Ross12e_Chapter18_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 18 Short-Term Finance and Planning1) Which one of the following actions represents a source of cash?A) Granting credit to a customerB) Purchasing new machineryC) Making a payment on a bank loanD) Purchasing inventoryE) Accepting credit from a supplier2) Which one of these actions represents a use of cash?A) Collecting a receivableB) Paying employee wagesC) Selling inventory for cashD) Obtaining a bank loanE) Purchasing inventory on credit3) Which one of these activities represents a source of cash?A) Increasing accounts receivableB) Decreasing inventoryC) Increasing fixed assetsD) Decreasing accounts payableE) Decreasing common stock4) Which one of the following actions will increase net working capital? Assume the current ratio is greater than 1.0.A) Paying a supplier for a previous purchaseB) Paying off a long-term debtC) Selling inventory at cost for cashD) Purchasing inventory on creditE) Selling inventory at a profit on credit5) Which one of the following will decrease net working capital? Assume the current ratio is greater than 1.0.A) Selling inventory at costB) Collecting payment from a customerC) Paying a dividend to shareholdersD) Selling a fixed asset for less than book valueE) Paying a supplier for prior purchases6) Which one of these actions will increase the operating cycle? Assume all else held constant.A) Decreasing the payables periodB) Decreasing the receivables turnover rateC) Increasing the payables periodD) Decreasing the average inventory levelE) Increasing the inventory turnover rate7) The operating cycle is equal to the:A) cash cycle plus the accounts receivable period.B) inventory period plus the accounts receivable period.C) inventory period plus the accounts payable period.D) accounts payable period minus the cash cycle.E) accounts payable period plus the accounts receivable period.8) Which one of the following will decrease the operating cycle?A) Decreasing the inventory turnover rateB) Decreasing the accounts payable periodC) Increasing the accounts receivable turnover rateD) Increasing the accounts payable periodE) Increasing the accounts receivable period9) The operating cycle describes how a product:A) is priced.B) is sold.C) moves through the current asset accounts.D) moves through the production process.E) generates a profit.10) Which one of these affects the length of the cash cycle but not the operating cycle?A) Inventory periodB) Accounts payable periodC) Both the accounts receivable and inventory periodsD) Accounts receivable periodE) Both the accounts receivable and the accounts payable periods11) Which one of these will decrease the cash cycle, all else held constant?A) Increasing the accounts receivable turnover rateB) Decreasing the accounts payable periodC) Increasing the inventory periodD) Decreasing the inventory turnover rateE) Increasing the accounts receivable period12) A decrease in which one of the following will increase the cash cycle, all else held constant?A) Payables turnoverB) Days sales in inventoryC) Operating cycleD) Inventory turnover rateE) Accounts receivable period13) Metal Designs historically produced products for inventory. Now, they only produce a product when an actual order is received from a customer. All else equal, this change will:A) increase the operating cycle.B) lengthen the accounts receivable period.C) shorten the accounts payable period.D) decrease the cash cycle.E) decrease the inventory turnover rate.14) Which one of these statements is correct? Assume all else held constant.A) A decrease in the accounts receivable turnover rate decreases the cash cycle.B) The cash cycle is equal to the operating cycle minus the inventory period.C) A negative cash cycle is preferable to a positive cash cycle.D) A decrease in the accounts payable period shortens the cash cycle.E) The cash cycle plus the accounts receivable period is equal to the operating cycle.15) Which one of the following statements is correct concerning the cash cycle?A) The longer the cash cycle, the more likely a company will need external financing.B) Increasing the accounts payable period increases the cash cycle.C) Accepting a supplier's discount for early payment decreases the cash cycle.D) The cash cycle can exceed the operating cycle if the payables period is equal to zero.E) Offering early payment discounts to customers will tend to increase the cash cycle.16) Which one of the following actions will tend to increase the inventory period?A) Discontinuing all slow-selling merchandiseB) Selling obsolete inventory below cost just to get rid of itC) Buying raw materials only as needed for the manufacturing processD) Producing goods on demand versus for inventoryE) Increasing inventory selection to attract more customers17) Which one of the following actions will tend to increase the accounts receivable period from its current 14 days?A) Tightening the standards for granting credit to customersB) Refusing to grant additional credit to any customer who pays lateC) Increasing the finance charges applied to all customer balances outstanding over 30 daysD) Granting discounts for cash salesE) Eliminating the discount for early payment by credit customers18) An increase in which one of the following is an indicator that an accounts receivable policy is becoming more restrictive?A) Bad debtsB) Accounts receivable turnover rateC) Accounts receivable periodD) Credit salesE) Operating cycle19) Assume all else held constant. If you pay your suppliers three days sooner, then:A) your payables turnover rate will decrease.B) you may require additional funds from other sources to fund the cash cycle.C) the cash cycle will decrease.D) your operating cycle will decrease.E) the accounts receivable period will decrease.20) Which one of the following will increase the accounts payable period, all else held constant?A) A decrease in the inventory periodB) An increase in the ending accounts payable balanceC) An increase in the cash cycleD) A decrease in the operating cycleE) An increase in the accounts payable turnover rate21) Which one of the following managers determines which customers must pay cash and which can charge their purchases?A) Purchasing managerB) Credit managerC) ControllerD) Production managerE) Payables manager22) Which one of the following managers determines when a supplier will be paid?A) ControllerB) Payables managerC) Credit managerD) Purchasing managerE) Production manager23) The length of time between the purchase of inventory and the receipt of cash from the sale of that inventory is called the:A) operating cycle.B) inventory period.C) accounts receivable period.D) accounts payable period.E) cash cycle.24) The length of time that elapses between the day at item of inventory is purchased and the day that item sells is called the:A) operating cycle.B) inventory period.C) accounts receivable period.D) accounts payable period.E) cash cycle.25) The length of time between the sale of inventory and the collection of the payment for that sale is called the:A) operating cycle.B) inventory period.C) accounts receivable period.D) accounts payable period.E) cash cycle.26) The length of time between the day an item is purchased from a supplier until the day that supplier is paid for that purchase is called the:A) operating cycle.B) inventory period.C) accounts receivable period.D) accounts payable period.E) cash cycle.27) Central Supply paid off an accounts payable for a toboggan it had purchased on credit three weeks ago. The time period between today and the day Central Supply will receive cash from the sale of this toboggan is called the:A) operating cycle.B) inventory period.C) accounts receivable period.D) accounts payable period.E) cash cycle.28) Costs that increase as a firm acquires additional current assets are called ________ costs.A) carryingB) shortageC) orderD) safetyE) trading29) Costs that decrease as a company acquires additional current assets are called ________ costs.A) carryingB) shortageC) debtD) equityE) payables30) A firm with a flexible short-term financial policy will:A) maintain a low balance in accounts receivables.B) only have minimal amounts, if any, invested in marketable securities.C) invest heavily in inventory.D) have low cash balances.E) have tight restrictions on granting credit to customers.31) Which one of these is indicative of a short-term restrictive financial policy?A) Purchasing inventory on an as-needed basisB) Granting credit to all customersC) Investing heavily in marketable securitiesD) Maintaining a large accounts receivable balanceE) Keeping inventory levels high32) If a company adheres to a restrictive short-term financial policy, then they will generally have:A) little, if any, investment in marketable securities.B) low inventory turnover rates.C) liberal credit terms for customers.D) few, if any, stockouts.E) high cash balances.33) The Lumber Mart recently replaced its management team. As a result, they are implementinga restrictive short-term financial policy in place of the flexible policy under which they had been operating. Which one of the following should the employees expect as a result of this policy change?A) Increasing monthly sales as compared to the prior yearB) Greater inventory selectionC) Fewer out-of-stock occurrencesD) Loss of credit customersE) More liberal credit terms34) A flexible short-term financial policy:A) increases the need for long-term financing.B) minimizes net working capital.C) avoids bad debts by only selling items for cash.D) maximizes fixed assets and minimizes current assets.E) is most appropriate when carrying costs are high and shortage costs are low.35) A flexible short-term financial policy:A) maximizes cashouts.B) increases shortage costs due to frequent cash-outs.C) tends to decrease sales as compared to a restrictive policy.D) incurs more carrying costs than a restrictive policy.E) requires only a minimum investment in current assets.36) Shortage costs are least associated with:A) stockouts and cashouts.B) lost customer goodwill.C) disruptions of production schedules.D) inventory ordering costs.E) opportunity costs incurred by high levels of working capital.37) The optimal investment in current assets for an active company occurs at the point where:A) both shortage costs and carrying costs equal zero.B) shortage costs are equal to zero.C) carrying costs are equal to zero.D) carrying costs exceed shortage costs.E) shortage costs and carrying costs are equal.38) A company:A) with a restrictive financing policy secures sufficient long-term financing to fund all its assets.B) with a flexible financing policy frequently invests in marketable securities.C) with a flexible financing policy tends to use short-term financing on an ongoing basis.D) will tend to avoid short-term financing under both restrictive and flexible financing policies.E) with seasonal sales must select flexible financing policies.39) Which one of the following statements is correct?A) Seasonal needs are financed with short-term loans when companies adhere to a flexible financing policy.B) A flexible financing policy tends to increase the risk of encountering financial distress.C) Long-term interest rates tend to be less volatile than short-term rates.D) Most companies tend to finance inventory with long-term debt.E) Short-term interest rates are generally higher than long-term rates.40) Which one of these best describes a characteristic of a flexible financing policy?A) All of a company's assets are financed with long-term debt.B) Only long-term assets are financed with long-term debt.C) Short-term financing will be used to finance seasonal peaks.D) Inventory is purchased with cash.E) Low levels of inventory are maintained.41) With a compromise financial policy companies will:A) borrow only long-term funds and refuse any loans that require compensating balances.B) borrow short-term funds and also invest in marketable securities.C) finance all of their assets with various short-term loans.D) finance their seasonal asset peaks with short-term debt and the remainder of their assets with equity.E) finance half of their fixed assets with long-term debt and half with short-term debt.42) Assume each month has 30 days and a company has a 30-day accounts receivable period. During the second calendar quarter of the year, that company will collect payment for the sales it made during which of the following months?A) February, March, and AprilB) April, May and JuneC) December, January, and FebruaryD) January, February, and MarchE) March, April, and May43) The Harvester collects 55 percent of sales in the month of sale, 40 percent of sales in the month following the month of sale, and 5 percent of sales in the second month following themonth of sale. During the month of April, they will collect:A) 55 percent of February sales.B) 5 percent of April sales.C) 40 percent of March sales.D) 5 percent of March sales.E) 40 percent of February sales.44) Timko has a 90-day collection period and produces seasonal merchandise. Sales are lowest during the first calendar quarter of a year and the highest during the third quarter. The company maintains a relatively steady level of production which means that its cash disbursements are fairly equal in all quarters. This company is most apt to face a cash-out situation in:A) the first quarter.B) the second quarter.C) the third quarter.D) the fourth quarter.E) any quarter with equal probabilities of occurrence.45) Summertime Adventures is a seasonal firm that enjoys its highest sales during July and August. The company purchases inventory one month before it is sold and pays for its purchases 60 days after the invoice date. Which one of the following statements is supported by this information?A) Inventory purchases will be highest during the months of July and August.B) Inventory purchases will be highest during the months of May and June.C) Payments to suppliers will be highest during the months of June and July.D) Payments to suppliers will be highest during the months of July and August.E) Payments to suppliers will be highest during the months of August and September.46) Which one of the following combinations is most apt to cause a company that is generally financially sound to have a negative net cash inflow for a particular quarter?A) Low fixed expenses and level monthly salesB) A one-time asset purchase and approaching high seasonal salesC) Highly seasonal sales and a flexible financing policyD) A flexible financing policy and level monthly salesE) A large cash sale and low fixed expenses47) Which one of the following statements is correct concerning a company's cash balance?A) Most firms attempt to maintain a zero cash balance at all times.B) The cumulative cash surplus shown on a cash budget is equal to the ending cash balance plus the minimum desired cash balance.C) On a cash balance report, the cumulative cash surplus at the end of May is used as June's beginning cash balance.D) A cumulative cash deficit indicates a borrowing need.E) The ending cash balance must equal the minimum desired cash balance.48) A cumulative cash deficit indicates a company:A) has at least a short-term need for external funding.B) is facing long-term financial distress.C) will go out of business within the year.D) is capable of funding all of its needs internally.E) is using its cash wisely.49) Steve has estimated the cash inflows and outflows for his hardware store for next year. The report that he has prepared recapping these cash flows is called a:A) pro forma income statement.B) sales projection.C) cash budget.D) receivables analysis.E) credit analysis.50) Taylor Supply has made an agreement with its bank that allows it to borrow up to $10,000 at any time over the next year. This arrangement is called a(n):A) floor loan.B) open loan.C) compensating balance.D) line of credit.E) bank note.51) Money deposited by a borrower with a bank in a low or non-interest-bearing account as a condition of a loan agreement is called a:A) compensating balance.B) secured credit deposit.C) letter of credit.D) line of cash.E) pledge.52) Brustle's Pottery either factors or assigns all of its receivables to other firms. This is known as:A) accounts receivable financing.B) pledged financing.C) capital funding.D) daily funding.E) capital financing.53) Rose's Gift Shop borrows money on a short-term basis by pledging its inventory as collateral. This is an example of a(n):A) debenture.B) line of credit.C) banker's acceptance.D) working loan.E) inventory loan.54) The most common way to finance a temporary cash deficit is with a:A) long-term secured bank loan.B) short-term secured bank loan.C) short-term issue of corporate bonds.D) long-term unsecured bank loan.E) short-term unsecured bank loan.55) The primary difference between a line of credit and a revolving credit arrangement is the:A) type of collateral used to secure the loan.B) length of the credit period.C) fact that the line of credit is a secured loan and the revolving credit arrangement is unsecured.D) fact that the line of credit is an unsecured loan and the revolving credit arrangement is secured.E) loan's classification as either a committed or a non-committed loan.56) A compensating balance:A) is required when a company acquires any bank financing other than a line of credit.B) is often used by banks as a means of rewarding their best credit customers.C) decreases the cost of short-term bank financing.D) only applies to zero-interest rate loans.E) may be required even if a company never borrows funds.57) High Point Hotel (HPH) has $218,000 in accounts receivable. To finance a major purchase, the company assigns these receivables to Cross Town Bank. Which one of the following statements correctly describes this transaction?A) HPH will immediately receive $218,000 and will have no further obligation related to these receivables.B) HPH will receive some amount of cash immediately while maintaining full responsibility for any uncollected receivables.C) Cross Town Bank accepts full responsibility for the collection of the accounts receivables and, in exchange, immediately pays HPH a discounted value for its receivables.D) Cross Town Bank accepts full responsibility for collecting the accounts receivables and pays HPH a discounted price for the accounts collected after the normal collection period has elapsed.E) HPH receives the full amount of its receivables upon assignment but must reimburse Cross Town Bank for any uncollected account.58) Which one of the following statements is correct?A) The assignment of receivables involves selling accounts receivables at full price.B) Lines of credit frequently require a cleanup period.C) With maturity factoring, the borrower receives the loan amount immediately.D) Commercial paper is short-term financing offered to highly rated corporations by major banks.E) Credit card receivables funding is a relatively inexpensive method of borrowing on a short-term basis.59) Which type of arrangement is a hardware store most apt to use to finance its inventory?A) Accounts receivable assignmentB) Blanket inventory lienC) Trust receiptD) Commercial paperE) Field warehouse financing60) An orange grower is most apt to use which type of financing for its crop?A) Accounts receivable assignmentB) Blanket inventory lienC) Trust receiptD) Commercial paperE) Field warehouse financing61) All of the following are benefits derived from short-term financial planning with the exception of:A) having advance notice of when your firm should require external financing.B) knowing for certain what your cash balance will be six months in advance.C) knowing if excess funds should be available for investing.D) being able to determine the approximate extent of time for which a loan is required.E) having the ability to time capital expenditures in order to place the least financial burden possible on a firm.62) Auto Detailers has a book net worth of $29,700. Long-term debt is $4,800. Net working capital, other than cash, is $3,700 and fixed assets are $27,400. How much cash does the company have?A) $3,900B) $4,800C) $4,300D) $3,400E) $3,70063) New Products has sales of $749,500 and cost of goods sold of $368,600. Beginning inventory is $54,700 and ending inventory is $58,200. What is the length of the inventory period?A) 15.01 daysB) 17.89 daysC) 55.90 daysD) 90.53 daysE) 113.67 days64) Mid-Western Markets has sales of $1,389,400 and costs of goods sold of $892,700. Beginning inventory is $94,300 and ending inventory is $110,200. What is the inventory turnover rate?A) 8.73 timesB) 10.78 timesC) 13.59 timesD) 11.37 timesE) 12.64 times65) North Side Wholesalers has sales of $1,648,900. The cost of goods sold is equal to 71 percent of sales and the average inventory is $75,800. How many days on average does it take to sell the inventory?A) 28.30 daysB) 23.63 daysC) 20.48 daysD) 33.28 daysE) 21.68 days66) The Bear Rug has sales of $647,000. The cost of goods sold is equal to 66 percent of sales. Accounts receivable has a beginning balance of $53,400 and an ending balance of $49,600. How long on average does it take to collect the receivables?A) 12.56 daysB) 29.05 daysC) 18.58 daysD) 20.44 daysE) 19.17 days67) Morning Star has credit sales of $1,032,800, costs of goods sold of $662,350, average accounts receivable of $86,300, and average accounts payable of $92,600. On average, how long does it take Morning Star's credit customers to pay for their purchases?A) 11.97 daysB) 39.24 daysC) 30.50 daysD) 21.88 daysE) 19.56 days68) The Mountain Top Shoppe has sales of $828,000, average accounts receivable of $64,100 and average accounts payable of $72,700. The cost of goods sold is equivalent to 68 percent of sales. How long does it take The Mountain Top Shoppe to pay its suppliers?A) 69.31 daysB) 68.38 daysC) 47.13 daysD) 35.89 daysE) 36.97 days69) HG Livery Supply has a beginning accounts payable balance of $68,800 and an ending accounts payable balance of $72,700. Sales for the period were $942,800 and costs of goods sold were $534,200. What is the payables turnover rate?A) 7.55 timesB) 8.39 timesC) 7.02 timesD) 13.33 timesE) 12.85 times70) Bradley's has an inventory turnover rate of 7.6, a payables turnover rate of 11.4, and a receivables turnover rate of 12.6. How long is the operating cycle?A) 20.20 daysB) 76.99 daysC) 70.63 daysD) 30.13 daysE) 24.11 days71) Meryl Enterprises currently has an operating cycle of 76.4 days. The company is implementing some operational changes that are expected to increase the accounts receivable period by 2.2 days, decrease the inventory period by 5.3 days, and increase the accounts payable period by 1.5 days. What is the new operating cycle expected to be?A) 78.0 daysB) 74.8 daysC) 73.3 daysD) 79.5 daysE) 71.8 days72) On average, Furniture & More is able to sell its inventory in 54.2 days and takes 65.3 days on average to pay for its purchases. Its average customer pays with a credit card which allows the company to collect its receivables in 2.9 days. Given this information, what is the length of operating cycle?A) 57.1 daysB) 88.3 daysC) −8.2 daysD) 116.6 daysE) 122.4 days73) Interior Designs has an inventory period of 84.6 days, an accounts payable period of 43.2 days, and an accounts receivable period of 41.7 days. Management is considering an offer from their suppliers to pay within 10 days and receive a discount of 2 percent. If the new discount is taken, the accounts payable period is expected to decline by 30.4 days. What will be the new operating cycle given the change in the payables period?A) 95.9 daysB) 115.0 daysC) 97.4 daysD) 126.3 daysE) 139.1 days74) Metal Products Co. has an inventory period of 94.2 days, an accounts payable period of 40.4 days, and an accounts receivable turnover rate of 17.6. What is the length of the cash cycle?A) 71.40 daysB) 74.54 daysC) 96.28 daysD) 114.94 daysE) 108.28 days75) West Chester Automation has an inventory turnover of 9.1 and an accounts payable turnover of 10.6. The accounts receivable period is 32.8 days. What is the length of the cash cycle?A) 35.67 daysB) 38.48 daysC) 41.02 daysD) 46.47 daysE) 48.81 days76) Peterson's Antiquities currently has a 32.6-day cash cycle. Assume the company changes its operations such that it decreases its receivables period by 3.1 days, increases its inventory period by 1.8 days, and increases its payables period by 2.2 days. What will the length of the cash cycle be after these changes?A) 33.5 daysB) 36.1 daysC) 30.2 daysD) 29.1 daysE) 27.6 days77) Rossiter's currently has a cash cycle of 43.4 days. Assume the operations are changed such that the receivables period decreases by 2.6 days, the inventory period by increases by 1.3 days, and the payables period increases by 3.4 days. What will be the length of the cash cycle after these changes?A) 39.2 daysB) 45.5 daysC) 38.7 daysD) 41.3 daysE) 48.1 days78) AC Corporation has beginning inventory of $11,062, accounts payable of $8,010, and accounts receivable of $7,844. The end of year values are $11,362 for inventory, $7,898 foraccounts payable, and $8,029 for accounts receivable. Net sales are $109,100 and costs of goods sold are $56,220. How many days are in the cash cycle?A) 47.7 daysB) 80.2 daysC) 55.8 daysD) 97.9 daysE) 67.8 days79) Wake-Up Coffee has projected next year's quarterly sales at $960, $890, $980, and $1,050 for Quarters 1 to 4, respectively. Accounts receivable at the beginning of the year are $212 and the collection period is 18 days. What is the amount of the accounts receivable balance at the end of Quarter 2? Assume a year has 360 days.A) $212B) $207C) $178D) $184E) $16780) Tall Guys Clothing has a 30-day collection period. Sales for the next calendar year are estimated at $1,950, $2,100, $2,650 and $3,200, respectively, by quarter, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a year has 360 days.A) The Quarter 2 collections will be $2,000.B) The accounts receivable balance at the beginning of Quarter 4 will be $940.C) The Quarter 3 collections will be $2,375.D) The end of Quarter 4 accounts receivable balance will be $2,133.E) The Quarter 4 collections will be $3,017.81) Plant Mart has a beginning receivables balance on February 1 of $1,648. Sales for February through May are $2,670, $2,940, $3,820, and $4,450, respectively. The accounts receivable period is 15 days. What is the amount of the April collections? Assume a year has 360 days.A) $3,010B) $3,380C) $2,805D) $3,545E) $3,470。

公司理财精要版第10版 Chap05-06

Today 1 Year 2 Years
5-6
5.1 终值和复利：单期投资的情形
终值（Future Value, FV）：
指在一定的利率水平下，现在一定量的资金在未来某一时
点上的价值。
如果你投资$10,000，收益率为5%，一年后你的投资将增长为
$10,500。其中，
$500 是利息 ($10,000 ×0.05) $10,000 是本金偿还 ($10,000 × 1) $10,500 是本息合计，可由下式计算得到： $10,500 = $10,000×(1.05) 该投资在期末的本息合计金额被称为终值。
5
$1.10
0
$1.54 $2.16 $3.02
1 2 3
$4.23
4
$5.92
5
5.1 终值和复利
终值和复利计算
如果资金按复利（compound interest）计算，利息将被进
行再投资；而在单利（simple interest）情况下，利息没有进行再投资，每期只赚取初始本金的利息。 $1×( 1 + r )2=1+2r+r2>1+2r 如果投资金额越大，期限越长，复利的威力就越大。 $V×( 1 + r )n >>V + V×r×n 附录表A-1给出了“1元钱在T期末的复利值（终值系数）”。
计算公式：r = (FV / PV)1/t – 1
FV C0 (1 r)T
$ 5 0 ,0 0 0 ( 1r) 1 0 $ 5 ,0 0 0
1 2
$50,000 $5,000 (1 r )12 (1 r) 10
1 12
r 10

公司理财精要版原书第12版习题库答案Ross12e_Chapter24_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 24 Option Valuation1) Travis owns a stock that is currently valued at $45.80 a share. He is concerned that the stock price may decline so he just purchased a put option on the stock with an exercise price of $45. Which one of the following terms applies to this strategy?A) Put-call parityB) Covered callC) Protective putD) StraddleE) Strangle2) According to put-call parity, the present value of the exercise price is equal to the:A) stock price plus the call premium minus the put premium.B) call premium plus the put premium minus the stock price.C) stock price minus the put premium minus the call premium.D) put premium plus the call premium minus the stock price.E) stock price plus the put premium minus the call premium.3) In the put-call parity formula, the present value of the exercise price is computed using the:A) nominal market rate.B) real market rate.C) real inflation rate.D) nominal inflation rate.E) risk-free rate.4) Which one of the following provides the option of selling a stock at a specified price on a stated date even if the market price of the stock declines to zero?A) American callB) European callC) American putD) European putE) Either an American or European put5) The primary purpose of a protective put is to:A) ensure a maximum purchase price in the future.B) offset an equivalent call option.C) limit the downside risk of asset ownership.D) lock in a risk-free rate of return on a financial asset.E) increase the upside potential return on an investment.6) Which one of the following can be used to replicate a protective put strategy?A) Riskless investment and stock purchaseB) Stock purchase and call optionC) Call option and riskless investmentD) Riskless investment and writing a putE) Call option, stock purchase, and riskless investment7) Which one of these is most equivalent to e− Rt?A) −2.71828RtB) −1/2.71828RtC) 1/2.71828RtD) 1 − 2.71828RtE) 1/2.71828R t8) Under European put-call parity, the present value of the strike price is equivalent to the present value of:A) the current value of the stock minus the call premium.B) the market value of the stock plus the put premium.C) a U.S. Treasury coupon bond with a face value equal to the strike price.D) a U.S. Treasury bill with a face value equal to the strike price.E) any risk-free security with a face value equal to the strike price and a coupon rate equal to the risk-free rate of return.9) In the Black-Scholes option pricing formula, N(d1) is the probability that a standardized, normally distributed random variable is:A) less than or equal to N(d2).B) less than 1.C) equal to 1.D) equal to d1.E) less than or equal to d1.10) In the Black-Scholes option pricing model, the symbol "σ" is used to represent the standard deviation of the:A) option premium on a call with a specified exercise price.B) rate of return on the underlying asset.C) volatility of the risk-free rate of return.D) rate of return on a risk-free asset.E) option premium on a put with a specified exercise price.11) All of the following affect the value of a call option except the:A) strike price.B) stock price.C) standard deviation of the returns on a risk-free asset.D) continuously compounded risk-free rate.E) time to maturity.12) To compute the value of a put using the Black-Scholes option pricing model, you:A) assume the equivalent call is worthless and then apply the put-call parity formula.B) have to compute the value of the put as if it is a call and then apply the put-call parity formula.C) subtract the value of an equivalent call from 1.0.D) subtract the value of an equivalent call from the market price of the stock.E) multiply the value of an equivalent call by e−rt.13) Which one of the following statements is correct?A) The price of an American put is equal to the stock price minus the exercise price.B) The value of a European call is greater than the value of a comparable American call.C) The value of a put is equal to one minus the value of an equivalent call.D) The value of a put minus the value of a comparable call is equal to the value of the stock minus the exercise price.E) The value of an American put will equal or exceed the value of a comparable European put.14) Which one of the following cannot be either used by or calculated by the Black-Scholes option pricing model?A) Risk-free rate of returnB) Premium on an American call optionC) Time to maturity greater than one yearD) Underlying asset valueE) An exercise price equal to the face value of a firm's debt15) When computing the value of a call option using the Black-Scholes option pricing model, d2 is calculated as:A) σt.5− 1.B) 1 − σt.5.C) d1− σt.5.D) 1 + σt.5.E) d1+ σt.5.16) Which one of the following statements related to options is correct?A) American stock options can be exercised but not resold.B) A European call is either equal to or less valuable than a comparable American call.C) European puts can be resold but can never be exercised.D) European options can be exercised on any dividend payment date.E) American options are valued using the Black-Scholes option pricing model.17) Assume all stocks are non-dividend paying. Given this assumption, which one of these statements is correct regarding stock options?A) European put options are more valuable than comparable American put options.B) Exercising a well-into-the-money American put option is generally not a good idea.C) It is never optimal to exercise an American call option early.D) You should wait to exercise a put option if the stock price falls to zero.E) You are better off exercising an in-the-money call option than selling it.18) Assume the risk-free rate increases by one percent. Which one of the following measures the effect this change will have on the value of a firm's stock options?A) ThetaB) VegaC) DeltaD) RhoE) Gamma19) Which one of the following defines the relationship between the value of an option and the option's time to expiration?A) ThetaB) VegaC) RhoD) DeltaE) Gamma20) Assume the standard deviation of the returns on ABC stock increases. This change will________ the value of the call options and ________ the value of the put options on ABC stock.A) increase; decreaseB) increase; increaseC) decrease; decreaseD) decrease; increaseE) not effect; not effect21) Assume the risk-free rate increases. This change will ________ the value of call options and ________ the value of put options on shares of stock.A) increase; decreaseB) increase; increaseC) decrease; decreaseD) decrease; increaseE) not affect; not affect22) The estimate of the future volatility of the returns on the underlying asset that is computed using the Black-Scholes option pricing model is referred to as the:A) residual error.B) implied mean return.C) derived case volatility.D) forecast rho.E) implied standard deviation.23) The value of a call option delta is best defined as a value that is:A) between zero and one.B) less than zero.C) greater than zero.D) greater than or equal to zero.E) less than or equal to zero.24) Given a small change in the value of the underlying stock, the change in an option's price is approximately equal to the change in stock value:A) divided by delta.B) divided by (1 − Delta).C) divided by (1 + Delta).D) multiplied by (1 − Delta).E) multiplied by delta.25) If the price of the underlying stock decreases, then the value of the call options ________ and the value of the put options ________.A) decrease; decreaseB) decrease; increaseC) increase; decreaseD) increase; increaseE) increase; remain unchanged26) Which one of the following statements is correct?A) Increasing the time to maturity may not increase the value of a European put.B) An increase in time decreases the value of a call option.C) Exercising an American option is always more valuable than selling the option.D) Call options tend to be less sensitive to the passage of time than are put options.E) Vega measures the sensitivity of an option's value to the passage of time.27) Theta measures an option's:A) intrinsic value.B) volatility.C) rate of time decay.D) sensitivity to changes in the value of the underlying asset.E) sensitivity to changes in the risk-free rate.28) Selling a call option is generally more valuable than exercising the option because of the option's:A) riskless value.B) intrinsic value.C) standard deviation.D) exercise price.E) time premium.29) Which one of the following statements is correct?A) The value of a call option decreases as the time to expiration increases.B) A decrease in the risk-free rate decreases the value of a put option.C) Increasing the risk-free rate decreases the value of a call option.D) The value of a put option increases when the standard deviation of the returns on the underlying stock increase.E) Increasing the strike price decreases the value of a put option.30) A decrease in which of the following will increase the value of a put option on a stock?A) Strike price and standard deviation of the returns on the underlying stockB) Stock price and risk-free rateC) Time to expiration and strike priceD) Risk-free rate and standard deviation of the returns on the underlying stockE) Time to expiration and stock price31) Which one of the five factors included in the Black-Scholes option pricing model cannot be directly observed?A) Risk-free rateB) Strike priceC) Standard deviationD) Stock priceE) Life of the option32) Which one of the following statements related to the implied standard deviation (ISD) is correct?A) The ISD is an estimate of the historical standard deviation of the underlying security.B) ISD is equal to (1 − d1).C) The ISD estimates the volatility of an option's price over the option's lifespan.D) The value of ISD is dependent upon both the risk-free rate and the time to option expiration.E) ISD confirms the observable volatility of the return on the underlying security.33) The implied standard deviation used in the Black-Scholes option pricing model is:A) based on historical performance.B) a prediction of the volatility of the return on the underlying asset over the life of the option.C) a measure of the time decay of an option.D) an estimate of the future value of an option given a strike price e.E) a measure of the historical intrinsic value of an option.34) The value of an option is equal to the:A) intrinsic value minus the time premium.B) time premium plus the intrinsic value.C) implied standard deviation plus the intrinsic value.D) summation of the intrinsic value, the time premium, and the implied standard deviation.E) summation of delta, theta, vega, and rho.35) For the equity of a firm to be considered a call option on the firm's assets, the firm must:A) be in default.B) be leveraged.C) pay dividends.D) have a negative cash flow from operations.E) have a negative cash flow from assets.36) Paying off a firm's debt is comparable to ________ on the assets of the firm.A) purchasing a put optionB) purchasing a call optionC) exercising an in-the-money put optionD) exercising an in-the-money call optionE) writing a put option37) The shareholders of a firm will benefit the most from a positive net present value project when the delta of the call option on the firm's assets is:A) equal to one.B) between zero and one.C) equal to zero.D) between zero and minus one.E) equal to minus one.38) The value of the risky debt of a firm is equal to the value of:A) a call option plus the value of a risk-free bond.B) a risk-free bond plus a put option.C) the equity of the firm minus a put.D) the equity of the firm plus a call option.E) a risk-free bond minus a put option.39) A firm has assets of $16.4 million and 2-year, zero-coupon, risky bonds with a total face value of $7.4 million. The bonds have a total current market value of $7.1 million. The shareholders of this firm can change these risky bonds into risk-free bonds by purchasing a ________ option with a 2-year life and a strike price of ________ million.A) call; $7.1B) call; $7.4C) put; $16.4D) put; $7.1E) put; $7.440) Purely financial mergers:A) are beneficial to stockholders.B) are beneficial to both stockholders and bondholders.C) are detrimental to stockholders.D) add value to both the total assets and the total equity of a firm.E) reduce both the total assets and the total equity of a firm.41) A purely financial merger:A) increases the risk that the merged firm will default on its debt obligations.B) has no effect on the risk level of the firm's debt.C) reduces the value of the option to go bankrupt.D) has no effect on the equity value of a firm.E) reduces the risk level of the firm thereby increasing the value of the firm's equity.42) Which one of the following statements is correct?A) Mergers benefit shareholders but not creditors.B) Positive NPV projects will automatically benefit both creditors and shareholders.C) There may be conflicts between the interests of bondholders and shareholders.D) Creditors prefer negative NPV projects while shareholders prefer positive NPV projects.E) Mergers rarely affect bondholders.43) If the risk-free rate is 6.5 percent compounded annually, what is the continuously compounded risk-free rate equal to?A) 1/ln1.065B) 6.10%C) ln1.065D) 6.24%E) e1.065− 144) This morning, Kate put a European protective put strategy in place when the cost of ABC stock was $29.15 per share and the 1-year $30 ABC put was priced at $1.05 per share. How much profit per share will she earn from this strategy if the stock is worth $28 a share on the put expiration date?A) $7.80B) −$1.05C) −$.20D) $8.85E) $1.2545) You need $15,400 in three years. How much do you need to deposit today to fund this need if you can earn 5 percent per year, compounded continuously? Assume this is the only deposit you make.A) $13,506B) $13,049C) $14,179D) $13,255E) $12,91646) A stock is selling for $62 per share. A call option with an exercise price of $65 sells for $3.85 and expires in three months. The risk-free rate of interest is 2.8 percent per year, compounded continuously. What is the price of a put option with the same exercise price and expiration date?A) $6.74B) $6.23C) $6.67D) $6.40E) $6.9547) A put option that expires in eight months with an exercise price of $55 sells for $7.34. The stock is currently priced at $52, and the risk-free rate is 3.1 percent per year, compounded continuously. What is the price of a call option with the same exercise price and expiration date?A) $5.67B) $5.47C) $5.34D) $4.71E) $4.9248) Today, you purchased 300 shares of Lazy Z stock for $49.80 per share. You also bought three 1-year, $50 put options on Lazy Z stock at a cost of $.55 per share. What is the maximum total amount you can lose over the next year on these purchases?A) −$15,105B) −$11,050C) −$160D) −$105E) $049) Today, Ted purchased 500 shares of ABC stock at a price of $42.20 per share. He also purchased five put option contracts on ABC at a price of $.10 per share, an exercise price of $40 and a 1-year term. What is the maximum loss Ted can realize on his investments over the next year?A) −$1,105B) −$1,050C) −$1,115D) −$1,150E) $050) Webster United stock is priced at $35.79 per share. The 6-month $35 call options are pricedat $1.40 and the risk-free rate is 3.2 percent, compounded continuously. What is the per share value of the 6-month put option?A) $.15B) $.05C) $0D) $.20E) $.2551) Day's End stock is selling for $43 a share. The 6-month call with a strike price of $45 is priced at $.30. Risk-free assets are currently returning 4.1 percent per year, compounded continuously. What is the price of a 6-month put with a strike price of $45?A) $1.39B) $1.46C) $1.28D) $1.51E) $1.3252) The one-year call on TLM stock with a strike price of $65 is priced at $2.20 while the one-year put with a strike price of $65 is priced at $11.18. The annual risk-free rate is 3.8 percent, compounded continuously. What is the current price of TLM stock?A) $53.60B) $48.90C) $56.70D) $50.10E) $47.6553) Grocery Express stock is selling for $22 a share. A three-month, $20 call on this stock is priced at $2.85. Risk-free assets are currently returning .2 percent per month. What is the price of a three-month put on Grocery Express stock with a strike price of $20?A) $.37B) $.73C) $.87D) $1.10E) $1.1854) J&N stock has a current market price of $51.97 a share and the annual risk-free rate is 4.2 percent, compounded continuously. The 1-year call on this stock with a strike price of $55 is priced at $2.30. What is the price of the one-year put with a strike price of $55?A) $3.07B) $2.86C) $3.22D) $2.94E) $2.9955) You invest $2,500 today at 5.5 percent, compounded continuously. How much will this investment be worth 12 years from now?A) $3,728B) $4,837C) $4,311D) $3,422E) $3,79156) Todd invested $12,000 in an account today at 4.5 percent, compounded continuously. What will this investment be worth in 15 years?A) $26,203B) $25,845C) $24,287D) $25,941E) $23,56857) WT Foods stock is selling for $38 a share. The 6-month $40 call on this stock is selling for $2.01 while the 6-month $40 put is priced at $3.60. What is the continuously compounded risk-free rate of return?A) 2.7 percentB) 2.4 percentC) 1.8 percentD) 1.5 percentE) 2.1 percent58) The stock of EHI has a current market value of $21.50 a share. The 3-month call with a strike price of $20 is selling for $2.07 while the 3-month put with a strike price of $20 is priced at $.41. What is the continuously compounded risk-free rate of return?A) 2.9 percentB) 3.0 percentC) 4.1 percentD) 3.7 percentE) 3.2 percent59) A call option with an exercise price of $25 and 9 months to expiration has a price of $4.92. The stock is currently priced at $26.90, and the risk-free rate is 4.1 percent per year, compounded continuously. What is the price of a put option with the same exercise price and expiration date?A) $3.89B) $1.57C) $1.24D) $2.69E) $2.2660) What is the value of a 6-month put with a strike price of $27.50 if the stock price is $22.60, the 6-month $27.50 call is priced at $1.46, and the risk-free rate is 3.5 percent, compounded continuously?A) $4.71B) $5.43C) $5.24D) $5.88E) $6.6261) A stock is priced at $52.90 a share, the 3-month $45 call is priced at $9.31 a share, and the risk-free rate is 4.5 percent, compounded continuously. What is the value of the 3-month put with a strike price of $45?A) $.57B) $.63C) $.91D) $1.36E) $1.5462) A stock is currently priced at $38. A call option with an expiration of one year has an exercise price of $40. The risk-free rate is 4.2 percent per year, compounded continuously, and the standard deviation of the stock's return is infinitely large. What is the price of the call option?A) $2.47B) $34.80C) $38.00D) $5.63E) $40.0063) Assume a stock price of $21.80, an exercise price of $20, three months to expiration, a risk-free rate of 3.40 percent, standard deviation of 46 percent, and a d1 value of .52664. What is the value of d2 as it is used in the Black-Scholes option pricing model?A) .31218B) .31225C) .29664D) .29535E) .3134064) Assume a stock price of $34.80, an exercise price of $35, nine months to expiration, risk-free rate of 2.40 percent, standard deviation of 57 percent, and a d1 value of .27167. What is the value of d2 as it is used in the Black-Scholes option pricing model?A) −.22196B) −.18657C) −.18241D) −.27427E) −.2223865) Assume a stock price of $31.18, risk-free rate of 3.6 percent, standard deviation of 44 percent, N(d1) value of .62789, and an N(d2) value of .54232. What is the value of a 3-month call option with a strike price of $30 given the Black-Scholes option pricing model?A) $3.38B) $3.99C) $3.68D) $1.76E) $3.4566) Assume a stock price of $16.80, risk-free rate of 2.7 percent, standard deviation of 59 percent, N(d1) value of .93116, and an N(d2) value of .85708. What is the value of a 6-month call with a strike price of $10 given the Black-Scholes option pricing model?A) $7.62B) $7.19C) $8.06D) $7.85E) $6.9767) A stock is currently selling for $39 a share. The risk-free rate is 2.5 percent and the standard deviation is 26 percent. What is the value of d1 of a 9-month call option with a strike price of $40?A) −.01506B) .08341C) .07746D) .06420E) −.0675268) A stock is currently selling for $34 a share. The risk-free rate is 3.1 percent and the standard deviation is 33 percent. What is the value of d1 of a 3-month call option with a strike price of $35?A) −.01872B) −.04621C) −.05047D) −.02950E) −.2035669) Use the information below to answer the following question.Assume a stock price of $42; a risk-free rate of 3.5 percent per year, compounded continuously;a six-month maturity; and a standard deviation of 64 percent per year. If a six-month call with an exercise price of $45 is priced at $6.66, what is the price of the six-month $45 put?A) $8.57B) $7.93C) $8.88D) $9.07E) $8.7470) Use the information below to answer the following question.You own a lot in Key West, Florida, that you are considering selling. Similar lots have recently sold for $1.2 million. Over the past five years, the price of land in the area has varied with a standard deviation of 19 percent. A potential buyer wants an option to buy the land in the next 9 months for $1,310,000. The risk-free rate of interest is 7 percent per year, compounded continuously. How much should you charge for the option? Round your answer to the nearest $100.A) $62,000B) $68,900C) $63,700D) $62,500E) $60,40071) Use the information below to answer the following question.Assume a stock price of $88; risk-free rate of 4 percent per year, compounded continuously; time to maturity of five months; standard deviation of 48 percent per year; and a put and call exercise price of $85. What is the delta of the put option?A) −.6850B) −.3742C) −.3158D) −.0525E) −.468572) A call option matures in six months. The underlying stock price is $37 and the stock's return has a standard deviation of 27 percent per year. The annual risk-free rate is 3.4 percent, compounded continuously. The exercise price is $0. What is the price of the call option?A) $39.65B) $32.14C) $36.37D) $32.23E) $37.0073) The delta of a call option on a firm's assets is .624. How much will a project valued at $48,000 increase the value of equity?A) $18,048B) $45,336C) $29,952D) $76,923E) $32,18974) The delta of a call option on a firm's assets is .408. By how much will a $220,000 project increase the value of equity?A) $89,760B) $71,622C) $309,760D) $130,240E) $539,21675) The current market value of the assets of AMN Co. is $47 million, with a standard deviation of 21 percent per year. The firm has zero-coupon bonds outstanding with a total face value of $35 million. These bonds mature in two years. The risk-free rate is 3.6 percent per year, compounded continuously. What is the value of d1 as it applies to the Black-Scholes option pricing model?A) 1.32471B) 1.48002C) 1.60067D) 1.38357E) .8900676) Use the information below to answer the following question.Upside Down has a zero coupon bond issue outstanding with a $10,000 face value that matures in one year. The current market value of the firm's assets is $12,400 while the standard deviation of the returns on those assets is 22 percent annually. The annual risk-free rate is 4.6 percent, compounded continuously. What is the market value of the firm's debt based on the Black-Scholes model?A) $8,415B) $8,900C) $9,413D) $8,962E) $9,31177) Use the information below to answer the following question.S&C Co. has a zero coupon bond issue outstanding with a face value of $20,000 that matures in one year. The current market value of the firm's assets is $23,000. The standard deviation of the return on the firm's assets is 52 percent per year, and the annual risk-free rate is 6 percent per year, compounded continuously. What is the firm's continuously compounded cost of debt?A) 11.24 percentB) 20.32 percentC) 16.48 percentD) 18.69 percentE) 17.09 percent78) Use the information below to answer the following question.Alpha is considering a purely financial merger with Beta. Alpha currently has a market value of $14 million, an asset return standard deviation of 55 percent, and pure discount debt of $6 million that matures in four years. Beta has a market value of $6 million, an asset return standard deviation of 60 percent, and pure discount debt of $2 million that matures in four years. The risk free rate, continuously compounded, is 3.5 percent. The combined equity value of the two separate firms is $14,180,806. By what amount will the combined equity value change if the merger occurs and the asset return standard deviation of the merged firm is 45 percent?A) −$548,285B) −$314,007C) $0D) $99,087E) $286,403。

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权益乘数和股东权益收益率 B汽车商店具有一个1.40倍的负债—权益比率。资产收益率为8.7%，股东权益为52万美元。 (1) 权益乘数是多少？ (2) 净利润是多少美元?

题目解析：

权益乘数 2.4000

净利润 108576.0000

可持续增长假设下列比率是固定的，可持续增长率是多少？总资产周转率=1.40 利润率=7.6% 权益乘数=1.50 股利支付比率=25%

题目解析：

0.1360

计算EFN ERT公司最新财务报表如下表所示（单位：美元）。2006年的销售收入预期增长20%。利息费用将维持固定；税率和股利支付比率也将维持固定。销货成本、其他费用、流动资产和应付账款随着销售收入自发增加。

ERT公司2005年损益表销售收入 905000 成本 710000 其他费用 12000 息前税前利润 183000 利息支付 19700 应税利润 163300 所得税(35%) 57155 净利润 106145 股利 42458 留存收益增加 63687 ERT公司资产负债表(截至2005年12月31日) 资产负债和所有者权益流动资产流动负债现金 25000 应付账款 65000 应收账款 43000 应付票据 9000 存货 76000 合计 74000 合计 144000 长期债务 156000 固定资产所有者权益厂房和设备净值 364000 普通股和股本溢价 21000 留存收益 257000 合计 278000 资产总计 508000 负债和所有者权益总计 508000

A. 如果该企业以完全产能运营且没有发行任何新的债务或权益，要支持20%销售收入增长率所需外部融资是多少? B. 假设该企业2005年仅以80%产能在运营。此时EFN是多少？ C. 假设该企业希望它的负债-权益比率固定，此时的EFN是多少？

题目解析：

外部融资 10639.0000

EFN -76721.0000 EFN -40861.1100

永久生命保险公司正在向你推荐一项保险政策，该政策规定，公司将永久性地每年向你和你的后代支付15 000美元。 a、如果必要的投资收益率为8%时，你愿意以什么价格购买该保险？ 1. 187500美元 2. 178500美元 3. 158700美元 4.185700美元 b、假定该保险公司告诉你这项保险的价格为19 5000美元，请你计算利率为多少？ 1. 6.79% 2. 7.96% 3. 7.69% 4. 9.76%

题目解析：

题号答案 a 1 b 3

南加利福尼亚出版公司正在决定是否修订其畅销的一本教材。他们估计，修订工作的成本为5万美元，由于销售增加而产生的现金流第1年为1.2万美元，在以后的年度中，预计该现金流将每年增长6%。5年后该教材将推出市场。假定初始成本现在就需要支付，而收入在每年的年末实现。如果公司的必要报酬率为11%，试问该教材由于销售增加产生的现金流的现值为多少？公司是否应该修订该教材？ 1. 49,398.78；不修订 2. 49,398.78；修订 3. 59,398.78；不修订 4. 59,398.78；修订

题目解析：

题号答案 23 1

一当地财务公司对1年期贷款的利率报价为14%。因此，如果你借入20 000美元，年利息将为2 800美元。因为你在1年后必须支付22 800美元，财务公司要求你在以后的12个月每月支付1900美元（22 800/12）。 a.这笔贷款的利率是14%吗？ 1.是 2.不是 b. 计算这笔贷款的月利率。 1. 2.076% 2. 1.076% 3. 3.076% 4. 4.076%

c. 计算名义年利率（APR）. 1. 24.91% 2. 30.91% 3. 34.91% 4. 8.91%

d. 计算实际年利率（EAR） 1. 7.96% 2. 47.96% 3. 27.96% 4. 97.96%

题目解析：

题号答案 a 2 b 1 c 1 d 3

T公司发行了一种债券，期限为14.5年，到期收益率为7.5%，当前价格为1,145美元，每半年支付1次利息。 a计算该债券的半年票面利息？ 1. 45.79 2. 54.79 3. 79.54 4. 97.54

b计算该债券的票面利率？ 1. 6.19% 2. 1.69% 3. 9.16% 4.6.91%

题目解析：

题号答案 a 1 b 3

假定你拥有一种资产，该资产去年的报酬率为13.4%。如果去年的通货膨胀率为4.5%，计算实际报酬率。 1. 8.52% 2. 17.9% 3. 8.9% 4.9%

题目解析：

题号答案 7 1

G公司债券的票面利率为11%，每年支付1次利息，到期收益率为8.5%，当期收益率为9.06%。计算该债券还有多少年到期？ 1. 16 2. 15 3. 14 4. 13

题目解析：

题号答案 13 1

布伦南公司(2renn1n 3o.)刚刚支付了每股1.40美元的股利。预计该股利每年的增长率为6%。如果投资者对该公司股票的必要报酬率为12%， a.计算该公司股票的当前价格？ 1. 24.73 2. 29.46 3. 59.27 4.36.45 b.3年后该股票的价格？ 1. 24.73 2. 29.46 3. 59.27 4.36.45

c.15年后该股票的价格？ 1. 24.73 2. 29.46 3. 59.27 4.36.45

题目解析：

题号答案 a 1 b 2 c 3

沃伦公司（W1rren 3orpor1tion）将在下一年发放每股3.60美元的股利。预计该股利每年的增长率为4.5%，如果必要的报酬率为13%，计算当前该股票的价格？ 1. 29.54 2. 25.94 3. 52.94 4.45.29

题目解析：

题号答案 a 3 b 3

SS公司计划在以后的4年中支付下列股利：8美元、6美元、3美元及2美元。此后公司承诺每年的股利增长率为5%。如果必要报酬率为13%，计算股票的当前价格？ 1. 26.25 2. 31.18 3. 62.25 4.38.11

题目解析：

题号答案 9 2

．笔纸公司有2个互斥项目如下表所示（单位：美元）：年份项目A 项目B 0 -7500 -5000 1 4000 2500 2 3500 1200 3 1500 3000 1．假设笔纸公司的目标回收期是2年，则A项目的投资回收期是 A.1 B. 2 C.3 D.4 2、B项目的投资回收期是 A.1.2 B. 2 C. 2.43 D.3 3．假设笔纸公司用净现值法来比较这两个项目。如果适用的贴现率为15%，那么A项目的净现值为 A.50 B. 400 C. -50 D.-389 4、B项目的净现值是 A. 53.82 B.389 C. -50 D.-387 5、公司应该选择哪个项目 A.选A项目 B.选 B项目

题目解析：

1 B 2 C 3 D 4 A 5 B

．请计算下表所示的项目的现金流的内部收益率。

现金流（美元）年份项目A 0 -3000 1 1000 2 1500 3 2000

A.12.35% B. 20.64% C.56.4% D.21.35% 题目解析：

1 B

五．H集团是一个消费者电子设备集成商，正评价它在无线技术上的年度预算。它考虑的是发展无线通讯设备的3项不同技术。请考虑H集团如下表所示的3个独立项目的现金流。假设H集团的贴现率为10%。另外，H集团今年只有3000万美元用于投资。现金流（百万美元）年份 A B C 0 -10 -20 -30 1 25 20 20 2 15 50 40 3 5 40 100 1．计算A项目的获利指数。 A. 3.888 B.2.34 C.5.38 D. 4.23 2．计算B项目的获利指数。 A.2.5 B.3.24 C. 5.36 D.4.4777 3．计算C项目的获利指数。 A.4.98 B. 4.212 C. 0.32 D. 1.352 4．计算AB组合的获利指数 A.2.35 B. 4.281 C. 7.89 D. 6.54 5．计算A项目的净现值。 A.356.3 B.-5.67 C.54.35 D.28.88 6．计算B项目的净现值。 A. 69.554 B.28.3 C. 5.2 D.985.3 7．计算C项目的净现值。 A. 96.368 B. 65.5 C.21.3 D.542.3 8．计算AB组合的净现值。 A. 123.5 B.107.6 C. 98.434 D.91.3 9．在考虑规模的情况下，公司应选择哪个或哪些项目？ A.选择A B.选择 AB组合 C. 选择B D.选择BC组合

题目解析：

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