第七章单元测试
- Assume that you are comparing two mutually exclusive projects. Which of the following statements is most correct? ( )
- Which of the following statements is incorrect?( )
- Project J has the same internal rate of return as Project K. Which of the following statements is most correct? ( )
- Project X has an internal rate of return of 20 percent. Project Y has an internal rate of return of 15 percent. Both projects have a positive net present value. Which of the following statements is most correct?( )
- A capital investment’s internal rate of return ( )
A:None of the statements above is correct.
B:All of the statements above are correct.
C:If a conflict exists between the NPV and the IRR, the conflict can always be eliminated by dropping the IRR and replacing it with the MIRR.
D:The NPV and IRR rules will always lead to the same decision unless one or both of the projects are “non-normal” in the sense of having only one change of sign in the cash flow stream, that is, one or more initial cash outflows (the investment) followed by a series of cash inflows.
E:There will be a meaningful (as opposed to irrelevant) conflict only if the projects’ NPV profiles cross, and even then, only if the cost of capital is to the left of (or lower than) the discount rate at which the crossover occurs.
答案:There will be a meaningful (as opposed to irrelevant) conflict only if the projects’ NPV profiles cross, and even then, only if the cost of capital is to the left of (or lower than) the discount rate at which the crossover occurs.
A:The NPV method is not affected by the multiple IRR problem.
B:If IRR = k (the cost of capital), then NPV = 0.
C:Assuming a project has normal cash flows, the NPV will be positive if the IRR is less than the cost of capital.
D:NPV can be negative if the IRR is positive.
E:If the multiple IRR problem does not exist, any independent project acceptable by the NPV method will also be acceptable by the IRR method.
A:If the projects have the same size (scale) they will have the same NPV, even if the two projects have different levels of risk.
B:If the two projects have the same risk they will have the same NPV, even if the two projects are of different size.
C:All of the statements above are correct.
D:None of the statements above is correct.
E:If the two projects have the same size (scale) they will have the same discounted payback, even if the two projects have different levels of risk.
A:Project X must have a shorter payback than Project Y.
B:Project X must have a higher net present value than Project Y.
C:None of the statements above is correct.
D:Statements b and c are correct.
E:If the two projects have the same WACC, Project X must have a higher net present value.
A:Must exceed the cost of capital in order for the firm to accept the investment.
B:Is equal to the annual net cash flows divided by one half of the project’s cost when the cash flows are an annuity.
C:Statements c and d are correct.
D:Changes when the cost of capital changes.
E:Is similar to the yield to maturity on a bond.
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