chapter one introduction to investment appraisal02 chapter one-04 return on investment随堂测验1、the following information relates to an investment project which is being evaluated by the directors of fence co, a listed company. the initial investment, payable at the start of the first year of operation, is $3.9 million. the directors believe that this investment project will increase shareholder wealth if it achieves a return on investment greater than 15%. based on the average investment method, what is the return on investment of the investment project?
a、13.3%
b、26.0%
c、52.0%
d、73.5%
2、link co has been prevented by the competition authorities from buying a competitor, twist co, on the basis that this prevents a monopoly position arising. link co has therefore decided to expand existing business operations instead and as a result the finance director has prepared a proposed investment project for the company: the project life is expected to be four years . the initial capital investment is $1,800,000. the investment project has no scrap value. using the average investment method and assuming profit before depreciation of $729,000 per year, what is the return on investment of the investment project?
a、16%
b、28%
c、31%
d、64%
06 chapter one-08 discounted cash flow techniques随堂测验1、annual maintenance costs of machines of ridag co. are as follows: (cumulative present value factor:3.037 ) what is the equivalent annual cost of machines of ridag co ?
a、$90,412
b、$68,646
c、$83,388
d、$70,609
第一章单元测验1、which of following is an operating expense?
a、general and administrative expenses
b、buy a new building
c、purchase a new vechile
d、add to the value of an existing asset
2、a qualitative evaluation of a proposal undertaken can be:
a、what is the purpose of the project?
b、what cash flows will arise from the project ?
c、when profits will arise from the project?
d、has any allowance been made for risk？
3、which of the following is not financial methods of project appraisal？
a、return on investment (roi)
b、payback period
c、discounted payback
d、a qualitative evaluation of a proposal
4、capital expenses are recorded as expenses on the income statement rather than as assets on a company's balance sheet.
5、capital budgeting is the process of identifying, analysing and selecting investment opportunities in non current assets whose returns are expected to extend within one year.
6、depreciation is not a cash flow item, and to work out the actual cash flow depreciation has to be added back to the accounting profit.
7、a legally binding contract cost that is the subject of payment in 3 years to mooc co. .this is a relevant cost.
8、if an employee will be paid his basic wage of $200 per week for attending work and doing nothing, this is a relevant cost.
9、costs of commissioning a market research survey in a previous accounting period are non-relevant costs.
10、working capital will be released again at the end of a project's life，it is a cash inflow at the end of a project's life.
discuss1、请抽到签的同学下载附件并回答附件里的相关问题
chapter three capital markets2 financial intermediaries随堂测验1、which of the following statements is true? i the australian securities exchange is a money market. ii money markets are markets for short-term capital. iii companies cannot be involved in money market operations.
a、ii only
b、i and iii only
c、i, ii and iii
d、none of the above
2、the asx can reasonably be described as
a、a primary market only.
b、a secondary market only
c、both a primary and secondary market.
d、neither a primary nor a secondary market.
3 regulation and the role of the government随堂测验1、which of the following is not an aim of regulating the financial markets?
a、to define property rights clearly
b、to allow investors to make a profit
c、to offer protection from fraud and misconduct
d、to ensure information is accurate and freely available
5 rates of interest and rates of return随堂测验1、which of the following types of investment carries the highest level of risk?
a、ordinary shares
b、company bonds
c、preference shares
d、government bonds
chapter four sources of finance4.3 debt finance随堂测验1、a company has issued 8% convertible loan notes which will be redeemed in five-year's time. they are currently quoted at $82 per $100 nominal. the loan notes can be converted into 25 shares in five years’time. the share price is currently $3.50 and is expected to grow at a rate of 3% p.a. assume a 30% rate of tax. required: calculate the conversion value.
chapter four test1、consider the following statements concerning sources of finance. i debentures are more similar to equity than preference shares. ii there is less risk for the equity shareholders if the company raises finance using preference shares rather than debt. are the statements above true or false?
a、statement i is true，statement ii is true.
b、statement i is true，statement ii is false.
c、statement i is false，statement ii is true.
d、statement i is false，statement ii is false.
2、which of the following sources of equity finance is a company most likely to use in practice?
a、rights issue
b、venture capital
c、new share issue
d、retained earnings
3、which of the following is least likely to be a reason for seeking a stock market flotation?
a、transfer of capital to other uses
b、access to a wider pool of finance
c、enhancement of the company's image
d、improving the existing owners' control over the business
4、which of the following is not true of a rights issue by a listed company?
a、rights issues do not require a prospectus.
b、if shareholders do not take up the rights, the rights lapse.
c、the rights issue price can be at a discount to market price.
d、relative voting rights are unaffected if shareholders exercise their rights.
5、what is the term for an arrangement whereby a listed company issues new shares which are bought by a small number of institutional investors, such as pension funds and insurance companies?
a、ipo
b、placing
c、offer for sale
d、offer for subscription
6、three important sources of long-term finance are loan capital, ordinary shares and preference shares. which one of the following correctly ranks these sources of finance according to their relative cost to the business? (where i represents the source of finance that is normally the most expensive and iii represents the source that is normally the least expensive.)
a、loan capital ordinary shares preference shares i ii iii
b、loan capital ordinary shares preference shares ii iii i
c、loan capital ordinary shares preference shares iii i ii
d、loan capital ordinary shares preference shares ii i iii
7、eurocurrency is currency which is held by individuals and institutions outside europe.
8、when a business has been set up by someone who has already put time and money into getting it started, a vc may be willing to provide finance to enable it to get off the ground.
chapter 6 cost of capitalchapter 6 test1、lepus has issued loan notes of $100 nominal value with annual interest of 9% per year, based on the nominal value. the current market price of the loan notes is $90. what is the cost of the loan notes?
a、10%
b、9%
c、11%
d、8%
2、haha is financed partly by equity and partly by debentures. the equity proportion is always kept at one thirds of the total. the cost of equity is 16% and that of debt 10%. ignore taxation. calculate the weighted average cost of capital for the entity.
a、16%
b、10%
c、12%
d、11%
3、the weighted average cost of capital can be used in investment appraisal if the project being appraised is small relative to the company.
4、the weighted average cost of capital can be used in investment appraisal if the existing capital structure will be maintained （same financial risk）.
5、11% bank term loan, corporate tax is 30%. kdat=？ please express the answer in percentage.
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