bi kim tra ngn - ti chnh doanh nghip 1.

NPV (dng tin ko i- 4 nm)(Constant cash flows; 4 years) Answer: c EASY Blanchford Enterprises ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di. Anh(ch) cho bit NPV ca d n l bao nhiu?
Year: 0 1 $475

WACC = 10%
2 $475 3 $475 4 $475

Dng tin

-$1,000

a. $482.16 b. $496.38 c. $505.69 d. $519.05 e. $524.72 2. NPV ( Dng tin khng i, 5 nm ) (Constant cash flows; 5 years) Answer: e EASY Tapley Dental Associates ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di. Anh(ch) cho bit NPV ca d n l bao nhiu? WACC = 10% Year: Dng tin $300 0 1 2 3 $300 4 $300 5 $300 : -$1,000$300

a. $116.73 b. $123.15 c. $128.47 d. $131.96 e. $137.24 3. IRR (Dng tin khng i, 3 nm) (Constant cash flows; 3 years) Answer: b EASY Blanchford Enterprises ang cn nhc 1 d n c s liu v dng tin c ghi di. Anh(ch) cho bit IRR ca d n l bao nhiu? Nm : Dng tin a. 16.20% b. 16.65% c. 17.10% d. 17.55% e. 18.00% 4. IRR (Dng tin khng i, 4 nm )(Constant cash flows; 4 years) Answer: d EASY 0 1 2 $450 3 $450 : -$1,000$450

Blanchford Enterprises ang cn nhc 1 d n c s liu v dng tin c ghi di. Anh(ch) cho bit IRR ca d n l bao nhiu? Year: 0 1 2 $400 3 $400 4 $400 Cash flows: -$1,000$400 a. 17.76% b. 19.17% c. 20.56% d. 21.86% e. 23.01% 5. IRR (Constant cash flows; 5 years) Answer: a EASY Smithfield Foods ang cn nhc 1 d n c s liu v dng tin c ghi di. Anh(ch) cho bit IRR ca d n l bao nhiu? Year: 5 Cash flows: -$1,000$350 $350 a. 22.11% b. 22.74% c. 23.58% d. 24.14% e. 24.93% $350 $350 $350 0 1 2 3 4

6. NPV (Dng tin ko bng nhau, 3 nm) A: a Edison Electric Systems Blanchford Enterprises ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di. Anh(ch) cho bit NPV ca d n l bao nhiu? WACC = 10% Year: 0 1 2 $460 3 $470 Cash flows: -$1,000$450 a. $142.37 b. $151.59 c. $166.51 d. $173.26 e. $189.94 7. NPV (Dng tin ko bng nhau , 3 nm) Answer: c EASY/MEDIUM Rockmont Recreation Inc. ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di. Anh(ch) cho bit NPV ca d n l bao nhiu? WACC = 10% Year: 0 1 2 $440 3 $430 Cash flows: -$1,000$450 a. $ 88.84 b. $ 92.25 c. $ 95.79

d. $ 98.49 e. $102.63 NPV (Dng tin ko bng nhau , 4 nm) EASY/MEDIUM 8. Ryngaert Medical Enterprises ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di.Anh(ch) cho bit NPV ca d n l bao nhiu? WACC = 10% Year: 0 1 2 $405 3 $410 4 $415 Cash flows: -$1,000$400 a. $241.24 b. $255.83 c. $268.54 d. $274.78 e. $289.84 Answer: e

NPV (Uneven cash flows; 5 years) EASY/MEDIUM

Answer: b

9. Richards Enterprises ang cn nhc 1 d n c s liu v dng tin v WACC c ghi di. Anh(ch) cho bit NPV ca d n l bao nhiu? WACC = 10%

Year: 5

2 $395

3 $390

4 $385

Cash flows: -$1,000$400 $380 a. $478.74 b. $482.01 c. $495.05 d. $507.98 e. $517.93

10. IRR (Dng tin khng u nhau- 4 nm) A : a Rockmont Recreation Inc. ang cn nhc 1 d n c s liu v dng tin c ghi di. Anh(ch) cho bit IRR ca d n l bao nhiu? Year: 0 1 2 $230 3 $210 4 $190 Cash flows: -$1,000$250 a. -5.15% b. -3.44% c. -1.17% d. 2.25% e. 3.72% IRR (Dng tin khng u nhau - 5 nm) A: c

11.

Sam's Stores Enterprises ang cn nhc 1 d n c s liu v dng tin c ghi di. Anh (ch) cho bit IRR ca d n l bao nhiu? WACC = 10% Year: 5 Cash flows: -$1,000 $285 a. 12.00% b. 13.00% c. 14.00% d. 15.00% e. 16.00% $280 $300 $295 $290 0 1 2 3 4

12. Thi gian hon vn CK A : e Blanchford Enterprises ang cn nhc 1 d n c s liu v dng tin v WACC 10%. Anh(ch) cho bit thi gian hon vn chit khu ca d n l bao nhiu? Nm a. 2.01 nm b. 2.26 nm c. 2.65 nm d. 2.84 nm e. 2.35 nm Payback Answer: b EASY 0 1 $500 2 $500 3 Dng tin: -$1,000$500

13. Cu no ng trong cc cu sau y ? gi s rng d n ang c quan tm c dng tin thng thng, vi 1 dng tin ra tip theo 1 chui dng tin vo. a. Chu k hon vn ca d n cng ngn, d n cng t thu ht b. S hn ch ca tiu ch hon vn i vi nh gi d n chnh l phng thc ny khng tnh ti cc dng tin da vo chu k hon vn c. Nu thi gian hon vn dng, th d n nn c chp nhn v n chc chn c NPV dng d. Thi gian hon vn khng quan tm n cc dng tin da vo chu k hon vn, nhng phng thc hon vn chit khu khc phc vn . e. S hn ch ca phng thc hon vn chit khu chnh l phng thc ny khng quan tm ti gi tr thi gian ca tin trong khi hon vn khng chit khu khc phc c vn ny IRR Answer: d EASY 14. Cu no ng trong cc cu sau y? Gi s rng d n ang c quan tm c dng tin thng thng, vi 1 dng tin ra tip theo 1 chui dng tin vo a.IRR ca d n c tnh bi kt hp cc dng tin vo vi WACC tm ra gi tr cui cng (TV), sau chit khu gi tr cui cng ny vi WACC

b.IRR ca d n c tnh bng cch chit khu dng tin vo ti WACC tm ra gi tr hin ti, sau kt hp gi tr hin ti tm ra IRR c. Nu IRR ln hn WACC th NPV ca n phi m d. tm IRR ca d n, ta phi tm ra t l chit khu, vi t l ny gi tr hin ti ca dng tin vo bng vi gi tr hin ti ca chi ph d n e. tm IRR ca d n, ta phi tm ra t l chit khu, sao cho t l chit khu bng vi WACC Ranking methods: Cu no ng trong cc cu sau y 15. NPV Answer: e MEDIUM a. Phng thc NPV l 1 trong ch tiu c xem xt nhiu nht trong nghin cu v thc tin, nhng ngy nay cc chuyn gia xem xt MIRR nh l 1 ch tiu quan trng nht ca 1 d n. b. Chi ph vn gim dn ti NPV ca d n gim c. Phng thc NPV l 1 trong ch tiu c xem nh ch tiu sinh li ca d n trong cc trng i hc, do cc trng i hc khuyn cc hng ( doanh nghip) ch nn dng phng thc ny. d. NPV ca d n ph thuc vo tng s dng tin ca d n, nhng v cc dng tin chit khu ti WACC, do s khng thnh vn nu cc dng tin xy ra trc hoc sau trong thi k sng ca d n e. Phng thc NPV v IRR c th a ra cc kt lun khc nhau khi xem xt 2 d n loi tr ln nhau, tuy vy 2

phng thc ny em li khuyn ging nhau khi xem xt kh nng chp nhn ca 1 d n thng thng v c lp. Payback period 16. Answer: b Cng ty The Seattle c c hi u t s ta ra cc dng tin 30.000 mi nm t nm th nht n nm th t, 35.000$ mi nm t nm th 5 n nm th 9 v 40.000 $ vo nm th 10. D n u t ny s c vn u t l 150.000$ , WACC ca cng ty l 10%. Anh (ch) cho bit thi gian hon vn ca d n u t ny l: a. 5.23 nm b. 4.86 nm c. 4.00 nm d. 6.12 nm e. 4.35 nm Payback period Answer: c 18. Cng ty Michigan Mattress ang quan tm vic thu t v xy dng to nh cn phng cho thu v bn.Chi ph thu t ti thi im hin ti (t=0) l 100.000 $, v to nh s c xy dng vo cui nm th nht (t=1) s mt khong 500.000$. D tnh dng tin sau thu ca cng ty s tng 100.000$ vo lc bt u nm th 2,v dng tin sau thu s tng 10% hng nm trong khong 10 nm tip theo.Thi gian hon vn l bao nhiu? a. 2 nm

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b. 4 nm c. 6 nm d. 8 nm e. 10 nm

Discounted payback Answer: e 19. Coughlin Motors ang xem xt 1 d n vi cc dng tin mong i nh sau : Project Year 0 1 2 3 4 Cash Flow -$700 million 200 million 370 million 225 million 700 million

Nu WACC ca d n l 10%, thi gian hon vn c chit khu ca d n l bao nhiu? a. 3.15 nm b. 4.09 nm c. 1.62 nm d. 2.58 nm e. 3.09 nm Discounted payback Answer: d

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20. Mt d n c cc dng tin nh sau : Project Year 0 1 2 3 4 l bao nhiu? a. 3.00 nm b. 3.30 nm c. 3.52 nm d. 3.75 nm e. 4.75 nm Cash Flow -$3,000 1,000 1,000 1,000 1,000

Nu WACC =10%, thi gian hon vn c chit khu ca d n

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NPV Answer: a 21.Vi cng v gim c thm nh ti chnh d n ca cho Denver Corporation, bn ang xem xt 2 d n loi tr ln nhau vi cc dng tin rng nh sau : D n X Nm 0 1 2 3 4 CF -$100,000 50,000 40,000 30,000 10,000 D n Z CF -$100,000 10,000 30,000 40,000 60,000

Nu WACC ca Denver l 15%,d n no bn s chn a.Khng chn d n no b.d n X v c IRR cao hn c.d n Z v c NPV cao hn d.D n X,v c NPV cao hn e.d n Z,v c IRR cao hn

NPV Answer: a 22. Hai d n loi tr ln nhau c cc dng tin c nh gi nh sau : D n X Nm 0 1 CF -$50,000 15,625 0 D n Z CF -$50,000

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2 3 4 5 chn v ti sao

15,625 15,625 15,625 15,625

0 0 0 99,500

Nu t l li tc yu cu ca d n l 10%, d n no s c a.D n B v d n c NPV cao hn b.D n B v c IRR cao hn c.D n A v c NPV cao hn d.D n Av c IRR cao hn e.Khng d n no v c 2 u c IRR t hn chi ph vn NPV Profiles 23. Answer: d HARD Cng ty X ang chn la 2 d n. D n ln c vn u t ban u l 100.000 $, cc dng tin hng nm l 30.000 vi khong thi gian l 5 nm v IRR l 15,24%. D n nh hn c vn u t ban u l 50.000$, cc dng tin hng nm l 16.000 vi khong thi gian l 5 nm v 1 IRR l 16,63%.Cc d n c ri ro nh nhau. Cu no ng trong cc cu sau y ; a. V d n nh c IRR cao hn, 2 ng NPV ca d n s khng ct nhau, v d n nh hn s c v s tt hn cn c vo NPV b. V d n nh hn c IRR cao hn, 2 ng NPV s khng ct nhau,v d n ln hn c v tt hn cn c vo NPV.

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c. Nu cng ty s dng phng php NPV, n s hng ti cc d n nh v ngn hn hn l cc d n ln v di hn, m khng xem xt IRR ln hay nh d. V d n nh hn c IRR cao hn nhng d n ln hn c NPV cao hn ti t l chit khu bng 20%, ng NPV s ct nhau v d n ln s c ng NPV cao hn nu WACC nh hn im ct (crossover point) e.V d n nh hn c IRR cao hn v NPV ln hn ti t l chit khu 20%, ng NPV ca 2 d n s ct nhau v d n nh hn s c v tt hn nu WACC nh hn t l crossover MIRR 24. Answer: c HARD Cu no ng trong cc cu sau y? gi s rng d n c cc dng tin thng thng vi 1 dng tin ra v 1 chui dng tin vo. a.MIRR ca d n thng ln hn IRR b.MIRR ca d n thng nh hn IRR c.Nu IRR ca d n ln hn WACC, th MIRR s nh hn IRR d.Nu IRR ca d n ln hn WACC, th MIRR s ln hn IRR e. tm MIRR ca d n , ta tnh gp cc dng tin vo ti IRR v chit khu gi tr n hn ( termianal value) ti WACC.

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NPV and project selection

Answer: c HARD

25. General Motor c WACC 10%. Cng ty ang xem 2 d n loi tr ln nhau c ri ro bng nhau. D n A c IRR 15% trong khi d n B c IRR 20%. Cu no ng trong cc cu sau y a.C 2 d n c NPV m b.V cc d n loi tr ln nhau, cng ty s chn d n B c. Nu t l crossover l 8%, d n B s c NPV cao hn d n A d. Ch 1 d n c NPV dng e. Nu t l crossover l 8%, d n A s c NPV cao hn d n B

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