大学MOOC 公司金融-连英祺-31050043-04(东北财经大学)1461182179 最新慕课完整章节测试答案

Quiz 3

1、单选题：
Which of the following statements is FALSE?​‍​
选项：
A: About 75% of firms surveyed used the NPV rule for making investment decisions.
B: If you are unsure of your cost of capital estimate, it is important to determine how sensitive your analysis is to errors in this estimate.
C: To decide whether to invest using the NPV rule, we need to know the cost of capital.
D: NPV is positive only for discount rates greater than the internal rate of return.
答案: 【 NPV is positive only for discount rates greater than the internal rate of return.】

2、单选题：
‎Sarah Palin reportedly was paid a $11 million advance to write her book Going Rogue. The book took one year to write. In the time she spent writing, Palin could have been paid to give speeches and appear on TV news as a political commentator. Given her popularity, assume that she could have earned $8 million over the year (paid at the end of the year) she spent writing the book.  Assume that she was unable to fulfill her media commitments of appearing on TV news as a political commentator or give speeches. while she was writing the book. Assuming that Palin's cost of capital is 10%, then the NPV of her book deal is closest to:​
选项：
A: $2.00 million
B: $2.20 million
C: $3.00 million
D: $3.75 million
答案: 【 $3.75 million】

3、单选题：
Sarah Palin reportedly was paid a $11 million advance to write her book Going Rogue. The book took one year to write. In the time she spent writing, Palin could have been paid to give speeches and appear on TV news as a political commentator. Given her popularity, assume that she could have earned $8 million over the year (paid at the end of the year) she spent writing the book.  Assume that she was unable to fulfill her media commitments of appearing on TV news as a political commentator or give speeches. while she was writing the book.​The IRR of Palin's book deal is closest to:​
选项：
A: -27.25%
B: -37.50%
C: 27.25%
D: 37.50%
答案: 【 -27.25%】

4、单选题：
‌The NPV profile‏
选项：
A: shows the payback period - the point at which NPV is positive.
B: shows the internal rate of return - the point at which NPV is zero.
C: shows the NPV over a range of discount rates.
D: B and C are correct.
答案: 【 B and C are correct.】

5、单选题：
Rearden Metals is considering opening a strip mining operation to provide some of the raw materials needed in producing Rearden metal. The initial purchase of the land and the associated costs of opening up mining operations will cost $100 million today. The mine is expected to generate $16 million worth of ore per year for the next 12 years. At the end of the 12th year Rearden will need to spend $20 million to restore the land to its original pristine nature appearance. The number of potential IRRs that exist for Rearden's mining operation is equal to:‏‏‏
选项：
A: 0
B: 1
C: 2
D: 12
答案: 【 2】

6、单选题：
Which of the following statements is FALSE?‍‎‍
选项：
A: The IRR investment rule will identify the correct decision in many, but not all, situations.
B: By setting the NPV equal to zero and solving for r, we find the IRR.
C: If you are unsure of your cost of capital estimate, it is important to determine how sensitive your analysis is to errors in this estimate.
D: The simplest investment rule is the NPV investment rule.
答案: 【 The simplest investment rule is the NPV investment rule.】

7、单选题：
When using the internal rate of return (IRR) investment rule, we compare:‏
选项：
A: the average return on the investment opportunity to returns on all other investment opportunities in the market.
B: the average return on the investment opportunity to returns on other alternatives in the market with equivalent risk and maturity.
C: the NPV of the investment opportunity to the average return on the investment opportunity.
D: the average return on the investment opportunity to the risk-free rate of return.
答案: 【 the average return on the investment opportunity to returns on other alternatives in the market with equivalent risk and maturity.】

8、单选题：
Consider the following two projects:‌Alpha       -79   20     25     30     35     40     N/A N/A‌Beta -80   25     25     25     25     25     25     25    ‌ ‌Which of the following statements is correct if both are mutually exclusive? Suppose the discount rate is 10%.‌​‌
选项：
A: You should invest in project Beta since NPVBeta > NPVAlpha.
B: You should invest in project Alpha since IRRAlpha > IRRBeta.
C:  Your should invest in project Alpha since NPVAlpha < 0.
D: You should invest in project Beta since EAABeta > EAAAlpha.
答案: 【 You should invest in project Beta since EAABeta > EAAAlpha.】

9、单选题：
 The internal rate of return rule can result in the wrong decision if the projects being compared have:‎‌‎
选项：
A: differences in scale.
B: differences in timing.
C: differences in NPV.
D: A and B are correct.
答案: 【 A and B are correct.】

10、单选题：
​Which of the following statements is FALSE?‎
选项：
A: When using the incremental IRR rule, you must keep track of which project is the incremental project and ensure that the incremental cash flows are initially positive and then become negative.
B: Picking one project over another simply because it has a larger IRR can lead to mistakes.
C: Problems arise using the IRR method when the mutually exclusive investments have differences in scale.
D: When the risks of two projects are different, only the NPV rule will give a reliable answer.
答案: 【 When using the incremental IRR rule, you must keep track of which project is the incremental project and ensure that the incremental cash flows are initially positive and then become negative.】

Quiz 4

1、单选题：
Which of the following statements is FALSE?‏‍‏
选项：
A: Many projects use a resource that the company already owns.
B: When evaluating a capital budgeting decision, we generally include interest expense.
C: Only include as incremental expenses in your capital budgeting analysis the additional overhead expenses that arise because of the decision to take on the project.
D: As a practical matter, to derive the forecasted cash flows of a project, financial managers often begin by forecasting earnings.
答案: 【 When evaluating a capital budgeting decision, we generally include interest expense.】

2、单选题：
Which of the following cash flows are relevant incremental cash flows for a project that you are currently considering investing in?‎‏‎
选项：
A: The tax savings brought about by the project's depreciation expense.
B: The cost of a marketing survey you conducted to determine demand for the proposed project
C:  Interest payments on debt used to finance the project
D: Research and Development expenditures you have made
答案: 【 The tax savings brought about by the project's depreciation expense.】

3、单选题：
Which of the following statements is FALSE?‍
选项：
A:  Sales will ultimately decline as the product nears obsolescence or faces increased competition.
B: Managers sometimes continue to invest in a project that has a negative NPV because they have already invested a large amount in the project and feel that by not continuing it, the prior investment will wasted.
C: With straight-line depreciation the asset's cost is divided equally over its life.
D: