Chapter15-19_F2考试试题及答案P4-新东方在线职业题库

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Daps Co makes spades and forks. The following budgeted information is available:

Month one Month two

Fork production 220 units 240 units

Spade production 170 units 180 units

Each fork uses 1.5 kg of steel, and each spade uses 2 kg of steel.

No finished goods inventory is held, but Daps Co's raw material inventory policy is to hold enough material to cover half of the next month's production requirements.

A spreadsheet for the material purchases budget is being prepared for month one:

A B

kgs

1 Steel required for production Gap 1

2 Opening inventory Gap 2

3 Closing inventory Gap 3

4 Material purchases

68

【简答题】

Calculate the figure that should be entered into: (i) Gap 1 (ii) Gap 2 (iii) Gap 3

A capital investment project has an initial investment followed by constant annual returns.How is the payback period calculated?

A

Initial investment / annual profit

B

Initial investment / annual net cash inflow

C

(Initial investment - residual value) / annual profit

D

(Initial investment - residual value) / annual net cash inflow

A machine has an investment cost of $60,000 at time 0. The present values (at time 0) of the expected net cash inflows from the machine over its useful life are：

Discount rate Present value of cash inflows

10% $64,600

15% $58,200

20% $52,100

What is the internal rate of return (IRR) of the machine investment?

A

Below 10%

B

Between 10% and 15%

C

Between 15% and 20%

D

Over 20%

An investment project has a positive net present value (NPV) of $7,222 when its cash flows are discounted at the cost of capital of 10% per annum. Net cash inflows from the project are expected to be $18,000 per annum for five years. The cumulative discount (annuity) factor for five years at 10% is 3.791.What is the investment at the start of the project?

A

$61,016

B

$68,238

C

$75,460

D

$82,778

Which of the following accurately defines the internal rate of return (IRR)?

A

The average annual profit from an investment expressed as a percentage of the investment sum

B

The discount rate (%) at which the net present value of the cash flows from an investment is zero

C

The net present value of the cash flows from an investment discounted at the required rate ofreturn

D

The rate (%) at which discounted net profits from an investment are zero

An investment project has the following discounted cash flows ($'000)：

Year Discount rate

0% 10% 20%

0 90 90 90

1 30 27.3 25.0

2 30 24.8 29.8

3 30 22.5 17.4

4 30 20.5 14.5

30 5.1 (12.3)

The required rate of return on investment is 10% per annum. What is the discounted payback period of the investment project

A

Less than 3.0 years

B

3.0 years

C

Between 3.0 years and 4.0 years

D

More than 4.0 years

What is the effective annual rate of interest of 2.1% compounded every three months?

A

6.43%

B

8.40%

C

8.67%

D

10.87%

If the interest rate is 8%, what would you pay for a perpetuity of $1,500 starting in the nearest $)

A

$1,620

B

$17,130

C

$18,750

D

$20,370

How much should be invested now (to the nearest $) to receive $24,000 per annum in perpetuity if the annual rate of interest is 5%?

A

$1,200

B

$478,800

C

$480,000

D

$481,200

Which is worth most, at present values, assuming an annual rate of interest of 8%?

A

$1,200 in exactly one year from now

B

$1,400 in exactly two years from now

C

$1,600 in exactly three years from now

D

$1,800 in exactly four years from now

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