A.7.33%B.7.68%C.8.32%D.6.68%
Original investment analysis = annual net cash flow × annuity present value coefficient.
Then: present value coefficient of annuity = annual net cash flow of original investment.
(P/A，I，3)= 12000÷4600=2.6087
Look-up table approaches 2.6087. The present value coefficients of 2.6243 and 2.577 1 point to 7% and 8% respectively, and the internal rate of return of this project is determined by interpolation method =7%+=7.33%.
2. When measuring the incremental cash flow of investment schemes, Scheme (D) is generally not needed.
A. Future costs B. Difference costs C. Related replacement costs D. Inevitable costs
Analysis of incremental cash flow refers to adopting or rejecting the increase of cash flow of a project, so there is no need to consider the cost unrelated to decision-making, and the inevitable cost belongs to the cost unrelated to decision-making.
3. A company's "current net operating cash inflow is equal to the sum of current net profit plus depreciation" refers to (d).
A. the company will not have a debt repayment crisis.
B. undistributed dividends of the company in this period.
C. The company's current operating income is all cash income.
D. The company's current operating costs and expenses are cash expenses other than depreciation.
Analyze the net inflow of operating cash = net profit+non-cash cost. If you only write net profit plus depreciation, only depreciation is non-cash cost.
An enterprise needs a kind of parts to produce a certain product. If self-made, the enterprise has plant equipment; However, if purchased, the plant equipment can be rented, and the rental income can reach 8,000 yuan per year. When choosing between self-made and outsourcing, enterprises should (c).
A 8,000 yuan is considered as the annual opportunity cost of outsourcing.
B: 8,000 yuan considers the annual cost of outsourcing in the future.
C 8,000 yuan is considered as the opportunity cost of self-control every year.
D 8,000 yuan is not considered as the annual sunk cost of self-control.
The test center for analyzing this question is the determination of relevant cash flow, which requires candidates to master flexibly. In order to correctly calculate the incremental cash flow of investment scheme, we should pay attention to distinguish related costs from irrelevant costs, consider opportunity costs, consider the impact of investment scheme on other departments of the company, and consider the impact on net working capital. When determining the cash flow related to the investment scheme, the most basic principle is that only incremental cash flow is the cash flow related to the project. The so-called incremental cash flow refers to the change of total cash flow after an enterprise accepts or rejects an investment plan. If you choose self-made, the existing plant equipment will lose the opportunity to rent, so the rental income is the opportunity cost of self-made.
A company plans to build a new workshop to produce product A which is very popular in the market. It is predicted that product A will generate an annual income of 6.5438+0 million yuan after it is put into production. However, the original A product produced by the company will be affected, and the annual income will be reduced from the original 2 million yuan to 6.5438+0.8 million yuan. Then the cash flow related to the new workshop is (b) ten thousand yuan.
A. 100B.80C.20D
6. When analyzing the investment plan, the data on the income tax rate should be determined according to (c).
A. average tax rate in the past few years
C. Possible future tax rates D. National average tax rates
7. Under normal circumstances, the discount rate (b) that makes the net present value of the investment scheme less than zero.
A. it must be less than the internal rate of return of investment plan b and must be greater than the internal rate of return of investment plan B.
C. it must be equal to the internal rate of return of investment plan D. It must make the profitability index greater than 1.
8. Under the IRR method, if the investment is made at the beginning and the cash inflow in each year is equal, then (b).
A The present value coefficient of annuity used to calculate IRR is inversely proportional to the original investment.
B The present value coefficient of annuity used to calculate the internal rate of return is directly proportional to the original investment.
C the present value coefficient of annuity used to calculate IRR has nothing to do with the original investment.
D the present value coefficient of annuity used to calculate the internal rate of return is equal to the original investment.
After analysis, under the condition that the original investment amount is invested in one time and the annual cash inflow is equal, the following equation is established, that is, the original investment amount = annual cash inflow × annuity present value coefficient. The greater the original investment, the greater the present value coefficient of annuity, which is in direct proportion.
9. A company purchased a batch of special materials worth 200,000 yuan, which could not be put into use because the specifications did not match. It is planned to change the price to 6,543,800 yuan+0.5 million yuan, and the purchasing unit has been found. At this time, the technical department completed the development of a new product, and prepared to spend 500 thousand to buy equipment, which was put into production that year. After testing, the above-mentioned special materials fully meet the use requirements of new products, and will not be treated externally, which can avoid the loss of 50 thousand yuan for enterprises, and there is no need to advance working capital for new projects. Therefore, if the influence of income tax is not considered, the cash outflow in the first year when evaluating the project should be (a) ten thousand yuan.
A.65B.50C.70D. 15
The variable present value of special materials used for analysis should be considered as 6.5438+0.5 million yuan, so the cash outflow in the first year of the project = 50+654.38+0.5 = 65 (ten thousand yuan).
10. When the discount rate is 10%, the net present value of a project is 500 yuan, indicating the internal rate of return (A) of the project.
A. higher than10% B. lower than10% C. equal to10% D. cannot be defined.
The main evaluation point of analyzing this problem is the relationship between discount rate and net present value. The discount rate is inversely proportional to the net present value, so when the discount rate is 10%, the net present value of a project is 500 yuan greater than zero. In order to make the net present value approach zero (the discount rate at this time is IRR), that is, it is necessary to further increase the discount rate, so it is known that the IRR of the project is higher than 10%.
1 1. Among the following statements about the static payback period method for evaluating investment projects, (d) is incorrect.
A. it ignores the time value of funds.
B a subjectively determined and acceptable longest payback period is needed as the evaluation basis.
C. it cannot measure the profitability of the project.
D. it cannot measure the liquidity of the project.
The main evaluation point of analyzing this problem is the characteristics of static payback period. Static payback period refers to the number of years required to recover the investment. The shorter the payback period, the better the scheme. This method does not consider the time value of money, and it is measured by the time it takes for the net cash inflow caused by investment to equal the investment amount. Because it does not consider the cash flow after the payback period expires, it cannot measure the profitability of the project, but only the liquidity of the project.
12. In cash flow estimation, the assumption that operating cash inflow is replaced by operating income is (a).
A. The amount of credit sales in each period in the normal operating year is roughly equivalent to the recovered accounts receivable.
B. the operating period is consistent with the depreciation period.
C. Operating costs are all cash costs.
D. No other cash inflows
The main assessment point of this question is the reason why operating income replaces operating cash inflow. The estimation of operating income should be based on the estimated unit price (excluding value-added tax) and estimated sales volume of related products (output) during the project operation period. As the main item of cash inflow during the operation period, it should be confirmed according to the current cash sales income and the total amount of accounts receivable recovered in the previous period. However, in order to simplify accounting, it can be assumed that the amount of credit sales in each period in the normal operating year is roughly equal to the recovered accounts receivable.
13. Among the following items, the factor that will not affect the IRR of investment projects is (D).
A. Original investment B. Cash flow C. Project duration D. Setting discount rate
14. The present value coefficient of ordinary annuity obtained by calculating IRR should be equal to (c) of the project under the condition that all investment is invested at the construction starting point, the preparation period is zero, and the annual net cash flow after production is equal.
A. profitability index value B. expected service life C. static payback period index value D. accounting rate of return index value.
The main evaluation point of analyzing this problem is the calculation of internal rate of return. Under the conditions that all investment is put into the construction starting point, the preparation period is zero, and the annual net cash flow is equal after the project is completed, the present value coefficient of ordinary annuity calculated for calculating IRR should be equal to the value of the static payback period index of the project.
15. When the discount rate of an investment project is 10%, the net present value is 500 yuan, and when the discount rate is 15%, the net present value is -480 yuan, then the internal rate of return of the investment project is (c).
a 13. 15% b 12.75% c 12.55% d 12.25%
16. It is known that the preparation period of an investment project is 2 years, the fixed assets investment in the preparation period is 6 million yuan, the net working capital is 4 million yuan, the annual net cash flow in the first four years of the operation period is 2.2 million yuan, and the net cash flows in the fifth and sixth years of the operation period are10.4 million yuan and 2.4 million yuan respectively, so the static payback period of the project including the preparation period is as follows.
A.6.86B.5.42C.4.66D
The static payback period excluding the preparation period is 4+(600+400-220× 4)/140 = 4.86 (year), and the static payback period including the preparation period is 4.86+2 = 6.86 (year).
17. Among the following items, (b) cash outflow not belonging to investment projects.
A. Investment in fixed assets B. Depreciation
C. Increase in net working capital D. Increase in cash cost
The evaluation point of analyzing this problem is the content of cash outflow from investment projects. Depreciation is a non-cash cost and will not cause cash outflow, so it does not belong to the content of cash outflow of investment projects. But they can't directly reflect the actual rate of return of investment projects.
18. Related costs refer to future costs related to specific decisions that must be considered in analysis and evaluation. Among the following items, (c) is not related cost.
A. differential cost B. future cost C. sunk cost D. opportunity cost
19. The project duration is (b).
A. initial period+operation period B. initial period+operation period+disposal period
C. Initial period+operation period-disposal period D. Operation period+disposal period
20. In the following statement about the cost of capital, (b) is incorrect.
When the return rate of investment projects exceeds the cost of capital, the value of enterprises will increase.
B. The cost of capital here refers to the cost of equity capital.
C. If the systematic risk of the project is the same as the average systematic risk of the company's assets, the company's capital cost will be used as the comparison standard for evaluation.
D if the systematic risk of the project is different from the average systematic risk of the company's assets, the capital cost of the project will be used as the comparison standard for evaluation.