公司理财 习题库 Chap011

CHAPTER11ProjectAnalysisandEvaluationI.DEFINITIONSFORECASTINGRISKa1.Thepossibilitythaterrorsinprojectedcashflowscanleadtoincorrectestimatesofnetpresentvalueiscalled_____risk.a.forecastingb.projectionc.scenariod.MonteCarloe.accountingSCENARIOANALYSISb2.Ananalysisofwhathappenstotheestimateofthenetpresentvaluewhenyouconsiderthebestcaseandtheworstcasesituationsiscalled_____analysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenSENSITIVITYANALYSISc3.Ananalysisofwhathappenstotheestimateofnetpresentvaluewhenonlyonevariableischangediscalled_____analysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenSIMULATIONANALYSISd4.Ananalysiswhichcombinesscenarioanalysiswithsensitivityanalysisiscalled_____analysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenCHAPTER11BREAK-EVENANALYSISe5.Ananalysisoftherelationshipbetweenthesalesvolumeandvariousmeasuresofprofitabilityiscalled_____analysis.a.forecastingb.scenarioc.sensitivityd.simulatione.break-evenVARIABLECOSTSa6.Variablecosts:a.changeindirectrelationshiptothequantityofoutputproduced.b.areconstantintheshort-runregardlessofthequantityofoutputproduced.c.reflectthechangeinavariablewhenonemoreunitofoutputisproduced.d.aresubtractedfromfixedcoststocomputethecontributionmargin.e.formthebasisthatisusedtodeterminethedegreeofoperatingleverageemployedbyafirm.FIXEDCOSTSb7.Fixedcosts:a.changeasthequantityofoutputproducedchanges.b.areconstantovertheshort-runregardlessofthequantityofoutputproduced.c.reflectthechangeinavariablewhenonemoreunitofoutputisproduced.d.aresubtractedfromsalestocomputethecontributionmargin.e.canbeignoredinscenarioanalysissincetheyareconstantoverthelifeofaproject.MARGINALCOSTSc8.Marginalcosts:a.areusedsolelyforaccountingandtaxpurposes.b.areequaltothetotalcostsdividedbythenumberofunitsproduced.c.reflectchangescreatedbyproducingonemoreunitofoutput.d.arethetotalproductionexpensesofafirmforsomestatedperiodoftime.e.arethevariablecostsincurredovertheentirelifeofaproject.TOTALCOSTSd9.Totalcosts:a.mustequaltotalrevenueforaproject.b.areconstantnomatterwhatquantityofoutputisproduced.c.plusthechangeinretainedearningsmustequaltotalrevenue.d.arethesummationofalltheexpensesofafirmforastatedperiodoftime.e.areequaltofixedcostsplusthemarginalcost.AVERAGECOSTSe10.Averagetotalcost:a.increasesindirectproportiontoanincreaseinoutput.b.isconstantnomatterwhatquantityofoutputisproduced.c.changesasafunctionofthenextunitofoutputproduced.d.isthesummationofalltheexpensesofafirmforastatedperiodoftime.e.isequaltotheaveragefixedcostplustheaveragevariablecost.CHAPTER11MARGINALREVENUEa11.Thechangeinrevenuethatoccurswhenonemoreunitofoutputissoldiscalledthe_____revenue.a.marginalb.averagec.totald.fixede.variableCONTRIBUTIONMARGINb12.Thedifferencebetweentheunitsalespriceandthevariablecostperunitiscalled:a.operatingleverage.b.thecontributionmargin.c.thegrossprofit.d.thenetprofit.e.themarginalrevenue.ACCOUNTINGBREAK-EVENc13.Thesaleslevelthatresultsinaproject’snetincomeexactlyequalingzeroiscalledthe_____break-even.a.operationalb.leveragedc.accountingd.cashe.financialCASHBREAK-EVENd14.Thesaleslevelthatresultsinaproject’soperatingcashflowexactlyequalingzeroiscalledthe_____break-even.a.operationalb.leveragedc.accountingd.cashe.financialFINANCIALBREAK-EVENe15.Thesaleslevelthatresultsinaproject’snetpresentvalueexactlyequalingzeroiscalledthe_____break-even.a.operationalb.leveragedc.accountingd.cashe.financialCHAPTER11OPERATINGLEVERAGEa16.Thedegreetowhichafirmreliesonfixedproductioncostsiscalledits:a.operatingleverage.b.financialbreak-even.c.contributionmargin.d.costsensitivity.e.fixedbreak-even.DEGREEOFOPERATINGLEVERAGEb17.Thepercentagechangeinoperatingcashflowrelativetothepercentagechangeinquantitysoldiscalledthe:a.marginalprofit.b.degreeofoperatingleverage.c.grossprofit.d.netprofit.e.financialbreak-even.SOFTRATIONINGc18.Theprocedureofallocatingafixedamountoffundsforcapitalspendingtoeachbusinessunitiscalled:a.marginalspending.b.averagespending.c.softrationing.d.hardrationing.e.marginalrationing.HARDRATIONINGe19.Thesituationthatexistswhenafirmhasnomeansoffinancinganyofitspositivenetpresentvalueprojectsisreferredtoas:a.financialstop-loss.b.contingencyplanning.c.marginallossplanning.d.softrationing.e.hardrationing.CAPITALRATIONINGe20.Whenfirmsdonothavesufficientavailablefinancingtoinvestinallofthepositivenetpresentvalueprojectstheyhaveidentified,_____is(are)saidtoexist.a.excessfinancingb.contingencyoptionsc.strategicoptionsd.managerialoptionse.capitalrationingCHAPTER11II.CONCEPTSFORECASTINGRISKa21.Forecastingriskemphasizesthepointthatthesoundnessofanymanagementdecisionbasedonthenetpresentvalueofaproposedprojectishighlydependentuponthe:a.accuracyofthecashflowprojectionsusedintheanalysis.b.thetimeframeinwhichtheprojectisimplemented.c.amountofthenetpresentvalueinrelationtothelengthoftheproject’slife.d.levelofcapitalspendinginrelationtothedollaramountofthenetpresentvalue.e.frequencyanddurationoftheproject’scashflows.SCENARIOANALYSISd22.TheBetterBiltCo.isfairlycautiouswhenconside