C22051S 资本预算与自由现金流调整
【第一部分 单项选择】
1:The Modified Free Cash Flow approach to evaluate corporate performance uses a charge for the amount of capital employed by the business by multiplying the prior year’s total capital employed by the firm’s cost of capital. State whether the given statement is True or False.
用于评估公司业绩的调整后的自由现金流法采用公司资本成本所使用的上一年度总资本乘以对公司所使用的资本金额的收费比例。 说明上述语句是对还是错。 A
A.True正确
B.False错误
2:Corporations can compare and prioritize unique and mutually exclusive capital projects using capital budgeting techniques because:
公司可以使用资本预算技术来比较独特和互相排斥的资本项目并确定其优先顺序，因为： 添加微信查看全部答案
A.EachcapitalbudgetproducesameasureofNetPresentValue,whichrepresentstheprojectedvalueofincrementalcashflowsdiscountedataratethatisreflectiveoftheriskoftheunderlyingproject.Becauseofthemethodology,measuresofindividualNetPresentValuescanbedirectlycompared.每个资本预算产生一个净现值的度量值，它表示增量现金流量的预测值以反映项目风险的比率贴现后的价值。由于该方法，可以直接比较各投资项目净现值的度量值。
B.Thepaybackperiodforeachprojectcanbecompared.可以比较每个项目的回收期。
C.TheEarningsPerSharecontributionofeachprojectcanbedirectlycompared.可以直接比较每个项目的每股收益贡献。
D.CapitalBudgetinghighlightstherevenuecontributionofeachindividualproject,whichisthemostimportantmeasureoftheinvestment’sattractiveness.资本预算强调了每个项目的收入贡献，这是衡量投资吸引力的最重要指标。
3:Value creation by the managers of a firm can be more easily observed by using Modified FCF, because value creation occurs when Modified FCF’s:
使用调整后的FCF可以更容易地观察到公司经理创造的价值，因为发生价值创造时，调整的自由现金流： 添加微信查看全部答案
A.Increaseorremainconstantovertime.随时间增加或保持不变
B.Increaseovertime.随时间增加
C.Declineovertime.随时间减少
4:When a capital budgeting exercise is undertaken to evaluate a proposed project, which of the following guidelines is not considered important in the exercise?
Ignore sunk costs.
在进行资本预算编制工作以评估拟议项目时，以下哪些指导原则在实践中不重要？ 添加微信查看全部答案
A.Consideronlyincrementalcashflows.忽略沉没成本。
B.AlwaysuseFIFO(FirstIn,FirstOut)intheestimationofcashflowsofInventory.仅考虑增量现金流量。
C.Applyacostofcapitalthatreflectstheunderlyingriskoftheproject.始终使用FIFO（先进先出）估算库存现金流量。
【第二部分 多项选择】
1:Impact of proposed investment on other aspects of the business must be included in capital budgeting as either a benefit or a cost. Which of the followings must be included?
拟议投资对业务其他方面的影响必须作为收益或成本包括在资本预算内。以下哪些项应被包括在内？ 添加微信查看全部答案
A.Complementaryproductsmayalterthedemandforexistingproductsorservices补充产品可能会改变对现有产品或服务的需求
B.Newproductsmaycannibalizeexistingproducts新产品可能会蚕食现有产品
C.Equipmentexpendituresmayimprovethethroughputofnon-relatedproductsbyalleviatingbottlenecks设备支出可以通过缓解瓶颈来提高非相关产品的吞吐量
D.Improvementsinqualitymayincreasetheimageandthereforethedemandorprofitabilityofotherproductsorservices质量的提高可能会提升形象，从而提高其他产品或服务的需求或盈利能力
2:Which of the following are guidelines when people du capital budgeting?
以下哪些是做资本预算应遵循的指南？ ABCDE
A.Evaluateonanincrementalbasis以增量为基础来评估
B.Includeallinvestmentrequirements包括所有投资要求
C.Ignoresunkcosts忽略沉没成本
D.Includeallincidentaleffectsandsoftcosts包括所有附带影响和软成本
E.Applytheappropriatecostofcapital运用适当的资本成本
【第三部分 判断题】
1:Not only the revenue and costs dependent on the project should be considered in capital budgeting.
在资本预算中不应仅考虑依赖于项目的收入和成本。 添加微信查看全部答案
对 错
2:Relationship between market value and modified free cash flow is: Total Market Value (Debt & Equity)=Invested Capital+Discounted Yearly Modified FCF.
市值和调整后的自由现金流的关系是：（债务和股权）总市值=投资资本+调整后的年度贴现自由现金流。 添加微信查看全部答案
对 错
3:Modified free cash flow looks at the total investment in any given period, and makes a charge of the cost of that investment to be included in the evaluation of corporate performance.
调整后的自由现金流着眼于任何给定时期的总投资，并将该投资的成本计入公司绩效评估中。 添加微信查看全部答案
对 错
4:Though an investment with negative Modified FCFs in early years, as long as Modified FCFs increase in later years, it has evidence of a good (value-creating) investment.
尽管早期调整后的自由现金流为负值的投资，但只要调整后的自由现金流在以后几年增加，就有证据表明这是一项良好的（创造价值的）投资。 添加微信查看全部答案
对 错
5:The Modified Free Cash Flow approach to evaluate corporate performance uses a charge for the amount of capital employed by the business by multiplying the prior year’s total capital employed by the firm’s cost of capital.
用于评估公司业绩的调整后的自由现金流法采用公司资本成本所使用的上一年度总资本乘以对公司所使用的资本金额的收费比例。 对
对 错
6:In determining resource needs for the project, total investment over the project life needs to be considered
在确定项目的资源需求时，需要考虑项目生命周期内的总投资。 添加微信查看全部答案
对 错