第七章财务管理课后习题答案

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财务管理学第7章课后重点题答案

第七章1某软件公司目前有两个项目A、B可供选择，其各年现金流量情况如下表所示。

（1）若公司要求的项目资金必须在2年内收回，应选择哪个项目？（2）公司现在采用净现值法，设定折现率为15%，应采纳哪个项目？年份项目A 项目B0 1 2 3 -7500400035001500-50002500120030003华荣公司准备投资一个新的项目以扩充生产能力，预计该项目可以持续5年，固定资产投资750万元。

固定资产采用直线法计提折旧，折旧年限为5年，估计净残值为50万元。

预计每年的付现固定成本为300万元，每件产品单价为250元，年销量30000件，均为现金交易。

预计期初需要垫支营运资本250万元。

假设资本成本率为10%，所得税税率为25%，要求：1、计算项目营业净现金流量2、计算项目净现值3、计算项目的内涵报酬率初始投资=-（750+250）万元1、计算（1）项目营业净现金流量固定资产年折旧额=（750-50）/5=140万元营业净现金流量=（营业收入-付现成本）*（1-所得税率）+折旧额*所得税率=（250*3-300）*（1-25%）+140*25%=372.5万元第0年：-1000万元第1-4年：372.5万元第5年：372.5+250+50=672.5万元2、计算（2）项目净现值NPV=372.5*(P/A,10%,4)+672.5*(P/F,10%,5)-1000 =372.5*3.1699+672.5*0.6209-1000=598.35（3）计算项目的内涵报酬率按28%估行的贴现率进行测试，372.5*(P/A,28%,4)+672.5*(P/F,28%,5)-1000=30.47万元按32%估行的贴现率进行测试，372.5*(P/A,32%,4)+672.5*(P/F,32%,5)-1000=-51.56万元内涵报酬率IRR=28%+((30.47-0)/(30.47+51.56))*(32%-28%)=29.49%3 某公司要在两个项目中选择一个进行投资：A项目需要160000元的初始投资，每年产生80000元的现金净流量，项目的使用寿命为3年，3年后必须更新且无残值；B项目需要210000元的初始投资，每年产生64000元的现金净流量，项目的使用寿命为6年，6年后必须更新且无残值。

财务管理课后习题答案(完美版)

财务管理课后习题答案第一章答案一、单项选择题1.C2.A3.D4.A5.B 二、多项选择题1.ABC2.BC3.ABCD4.AC5. AC 三、判断题1. ×2. ×3. ×4. √5. ×第二章答案一、单项选择题1.A2.C3.A4.D5.B6.B7.A8.C9.C 10.B 二、多项选择题1.AC2.ABD3.ACD4.ABCD5.ABD6.ABC7.BCD8.AC9.BD 10.ABCD 三、判断题1. √2. ×3. ×4. √5. × 四、计算题1．PV=8000×（P/A,8%12,240）=953,594（元）银行贷款的年利率为8%时，分期付款方式好，低于一次性付款。

PV=8000×（P/A,6%12,240）=1,116,646（元）银行贷款的年利率为6%时，一次性付款方式好，低于分期付款的现值。

2．（1）由100=10×（F/P,10%,n ）得：（F/P,10%,n ）=10 查复利终值系数表，i=10%，（F/P,10%,n ）=10，n 在24~25年之间；（2）由100=20×（F/P,5%,n ）得：（F/P,5%,n ）=5 查复利终值系数表，i=5%，（F/P,5%,n ）=5，n 在30~35年之间；（3）由100=10×（F/A,10%,n ）得：（F/A,10%,n ）=50 查年金终值系数表，i=10%，（F/A,10%,n ）=50，n 在18~19年之间；因此，第三种方式能使你最快成为百万富翁。

3.（1）2010年1月1日存入金额1000元为现值，2013年1月1日账户余额为3年后终值： F ＝P ×（F/P ，12%，3）＝1000×1.405＝1405（元）（2）F ＝1000×（1＋12%/4）3×4 ＝1000×1.426 ＝1426（元）（3）2013年1月1日余额是计算到期日的本利和，所以是普通年金终值：F ＝250×（F/A ，12%，4）＝250×4.779 ＝1194.75（元）（4）F ＝1405，i ＝12%，n ＝4 则：F ＝A ×（F/A ，i ，n ）即1405＝A ×（F/A,12%，4）＝A ×4.779 ,A ＝1405÷4.779=293.99（元） 4. 10=2×（P/A ，i ，8）（P/A ，i ，8）=5查年金现值系数表， i =8，（P/A, i.8）=5， i 在11~12年之间178.0146.0146.5%1%%11⎪⎪⎫⎪⎫⎪⎪⎫⎪⎫x2021 得,借款利率为11.82%5.递延年金现值P ＝300×（P/A ，10%，5）×（P/F ，10%，2）＝300×3.791×0.826＝939.4098（万元）。

财务管理学---第7章例题答案

第7章投资决策原理【例1·单选题】将企业投资区分为固定资产投资、流动资产投资、期货与期权投资等类型所依据的分类标志是（D）。

A.投入行为的介入程度B.投入的领域C.投资的方向D.投资的内容『答案解析』根据投资的内容，投资可以分为固定资产投资、无形资产投资、其他资产投资、流动资产投资、房地产投资、有价证券投资、期货与期权投资、信托投资和保险投资等。

【例2·判断题】直接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资（错）『答案解析』间接投资是指通过购买被投资对象发行的金融工具而将资金间接转移交付给被投资对象使用的投资，如企业购买特定投资对象发行的股票、债券、基金等。

【例3·计算题】某企业拟投资新建一个项目，在建设起点开始投资，历经两年后投产，试产期为1年，主要固定资产的预计使用寿命为10年。

据此，可以估算出该项目的如下指标：（1）建设期；（2）运营期；（3）达产期；（4）项目计算期。

『正确答案』建设期＝2年运营期＝10年达产期＝10－1＝9（年）项目计算期＝2＋10＝12（年）【例4·计算题】B企业拟新建一条生产线项目，建设期2年，运营期20年。

全部建设投资分别安排在建设起点、建设期第2年年初和建设期末分三次投入，投资额分别为100万元、300万元和68万元；全部流动资金投资安排在投产后第一年和第二年年末分两次投入，投资额分别为15万元和5万元。

根据项目筹资方案的安排，建设期资本化利息22万元。

要求：计算下列指标（1）建设投资；（2）流动资金投资；（3）原始投资；（4）项目总投资。

『正确答案』（1）建设投资合计＝100＋300＋68＝468（万元）（2）流动资金投资合计＝15＋5＝20（万元）（3）原始投资＝468＋20＝488（万元）（4）项目总投资＝488＋22＝510（万元）【例5·判断题】在项目投资决策中，净现金流量是指经营期内每年现金流入量与同年现金流出量之间的差额所形成的序列指标。

财务管理第四版练习题答案练习题答案(第七章)

第七章练习题答案：1．解：留存收益市场价值＝400500800250=⨯(万元) 长期资金＝200+600+800+400＝2000(万元)(1)长期借款成本=5％×（1-25％）＝3.75％比重=2001200010= (2)债券成本=5008%(125%) 5.21%600(14%)⨯⨯-=⨯- 比重=6003200010= (3)普通股成本=50010%(16%)6%12.97%800(15%)⨯⨯++=⨯- 比重=8004200010= (4)留存收益成本=25010%(16%)6%12.63%400⨯⨯++= 比重=4002200010= (5)综合资金成本=3.75%×110+5.21%×310+12.97%×410+12.63％×210=9.65%2. 解：（1）2009年变动经营成本=1800×50%=900（万元）2009年息税前利润EBIT 2009=1800-900-300=600（万元）2009/600450/450 1.67/18001500/1500EBIT EBIT DOL S S ∆===∆（-）（-） 2009200920102009200920091800(150%) 1.51800(150%)300S C DOL S C F -⨯-===--⨯-- （2）2008200920082008450 1.8450200EBIT DFL EBIT I ===-- 2010/22.5% 1.5/15%EPS EPS DFL EBIT EBIT ∆===∆ （3）200920092009 1.67 1.8 3.006DTL DOL DFL =⨯=⨯=201020102010 1.5 1.5 2.25DTL DOL DFL =⨯=⨯=3．解：（1）设每股利润无差别点为EBIT 0，那么220110)1)((EBIT )1)((EBIT N T I N T I --=-- 00(EBIT 40012%)(125%)(EBIT 40012%30014%)(125%)9060-⨯--⨯-⨯-= EBIT 0=174（万元）（2）如果预计息税前利润为150万元，应当选择第一个方案，即发行股票方案。

财务管理·课后作业·习题班第七章

C.可增强筹资灵活性，不受其他债权人的反对
D.若股价低迷，面临兑付债券本金的压力
3.下列关于资金成本的说法中，正确的有()。
A.资金成本的本质是企业为筹集和使用资金而发生的代价
B.资金成本并不是企业筹资决策中所要考虑的唯一因素
C.资金成本的计算主要以年度的相对比率为计量单位
D.资金成本可以视为项目投资或使用资金的机会成本
简要资产负债表
2007年12月31日单位：元
该公司2007年的营业收入为100000元，营业净利率为10%，现在还有剩余生产能力，即增加收入不需进行固定资产投资，此外流动资产和流动负债中的应付账款均随营业收入的增加而增加。
（1）如果2008年的预计营业收入为120000元，公司的股利支付率为50%，其他条件不变，那么需要从企业外部筹集多少资金？
A.定额预测法
B.比率预测法
C.资金习性预测法
D.成本习性预测法
6.某企业向银行借款100万元，期限1年，年利率为10%。按照贴现法付息，该项贷款的实际利率是（）。
A.11%
B.10%
C.9%
D.12%
7.相对于借款购置设备而言，融资租赁设备的主要缺点是( )。
A.筹资速度较慢
B.融资成本较高
C.到期还本负担重
【解析】本题的考点是各种筹资方式的优缺点。吸收直接投资属于增加自有资金，所以有利于壮大企业经营实力，有利于降低企业财务风险。但其资金成本较高，且会分散控制权。
6.
【答案】BCD
【解析】商业信用是短期筹资方式，其筹资风险较大。
7.
【答案】ABC
【解析】公司股票上市的不利影响主要有：
（1）使公司失去隐私权；
④第60天付款，付全额。

00067财务管理第七章练习及答案

第七章证券投资决策一、单项选择题1、市场利率上升时，债券价值的变动方向是（）。

A.上升B.下降C.不变D.随机变化【正确答案】：B【答案解析】：债券价值指的是未来收到的利息和本金的现值，其中的折现率是市场利率，因此，市场利率上升，债券价值会下降。

参见教材166页。

2、甲公司在2008年1月1日发行5年期债券，面值1000元，票面年利率8%，于每年6月30日和12月31日付息，到期时一次还本。

ABC公司欲在2011年7月1日购买甲公司债券100张，假设市场利率为6%。

则债券的价值为（）元。

已知（P/A，3%，3）＝2.8286；（P/F，3%，3）＝0.9151；（P/A，6%，2）＝1.8334；（P/F，6%，2）＝0.8900A.998.90B.1108.79C.1028.24D.1050.11【正确答案】：C【答案解析】：债券的价值＝1000×4%×（P/A，3%，3）＋1000×（P/F，3%，3）＝40×2.8286＋1000×0.9151＝1028.24（元）。

参见教材166页。

3、下列各项中，不会对债券价值的计算产生影响的是（）。

A.债券面值B.票面利率C.到期日D.发行价格【正确答案】：D【答案解析】：影响债券价值的因素主要有债券的面值、期限、票面利率和所采用的贴现率等因素。

债券的发行价格不影响债券价值。

参见教材166页。

4、假设市场上有甲乙两种债券，甲债券目前距到期日还有3年，乙债券目前距到期日还有5年。

两种债券除到期日不同外，其他方面均无差异。

如果市场利率出现了急剧上涨，则下列说法中正确的是（）。

A.甲债券价值上涨得更多B.甲债券价值下跌得更多C.乙债券价值上涨得更多D.乙债券价值下跌得更多【正确答案】：D【答案解析】：市场利率上涨，债券价值下降，A、C错误；距到期日越近受利率影响越小，选项B错误。

参见教材166页。

5、现有一份刚发行的面值为1000元，每年付息一次，到期归还本金，票面利率为14%，5年期的债券，若某投资者现在以1000元的价格购买该债券并持有至到期，则该债券的投资收益率应（）。

《财务管理》书课后习题第7章参考答案

《财务管理》参考答案第七章一．单项选择1.A2.A3.B4.C5.B6.A7.B8.D9.B 10.B二．多项选择1.CD2.BC3.ABCD4.AC5.BC6.ABCD7.AB8.ABC9.ABC 10.BC 三．判断1.×2.×3.×4.√5.√6.√7.×8.×9.×10.√四．计算题1.(1) 最佳现金持有量（Q）=%2500002⨯⨯500/10=50000（元）(2) 最佳现金持有量下的全年现金管理总成本（TC）=%⨯2⨯⨯10250000500=5000（元）全年现金转换成本 =（250000÷50000）×500=2500（元）全年现金持有机会成本 =（50000÷2）×10%=2500（元）(3) 最佳现金持有量下的全年有价证券交易次数（T/Q）= 250000/50000= 5（次）有价证券交易间隔期 = 360÷5 = 72(天)2.（1）赊销额 = 4500× 1/1+4 = 3600(万元)（2）应收账款平均余额 = 3600/360 ×60 = 600（万元）（3）维持赊销业务所需要的资金额 = 600×50% = 300（万元）（4）应收账款的机会成本额 = 300×10% = 30（万元）（5）应收账款平均收账天数 = 400÷(3600÷360) = 40(天)3.（1）第一种方案应收账款的平均收现期＝10×50％＋30×50％＝20（天）应收账款周转率＝360/20＝18（次）应收账款的机会成本＝400000/360×20×0.7×10%=1555.56（元）现金折扣＝400000×50％×2％＝4000（元）坏账损失＝400000×50％×3％＝6000（元）该折扣政策下的总成本＝1555.56+4000+6000=11555.56（元）第二种方案：平均收现期＝20×50％＋30×50％＝25（天）应收账款周转率＝360/25=14.4（次）应收账款的机会成本＝400000/360×25×0.7×10％＝1944.44（元）现金折扣＝400000×50％×1％＝2000（元）坏账损失＝400000×50％×3％＝6000（元）该折扣政策下的总成本＝1944.44+2000+6000=9944.44（元）应选择第二种折扣政策（2）第三种折扣政策：平均收现期＝20×1／3＋30×2／3≈26.7（天）应收账款周转率＝360/26.7＝13.48（次）应收账款的机会成本＝400000/360×26.7×0.7×10%=2076.67(元)现金折扣=400000×1/3×1%≈1333.33(元)坏账损失=400000×2/3×3%≈8000(元)该折扣政策下的总成本=2076.67+1333.33+8000=11410(元)所以应选择第二种折扣政策。

《财务管理学》第七章作业及答案

《财务管理学》第七章作业及答案《财务管理学》第七章作业及答案一、名词解释1．营运资金（狭义）2．企业的资产组合3．企业的筹资组合4．经济批量二、单选题1．在下列各项中，属于应收账款机会成本的是( )。

A 坏账损失B 收账费用C 对客户信用进行调查的费用D 应收账款占用资金的应计利息2．信用条件“1/10，n/30”表示( )。

A 信用期限为10天，折扣期限为30天B 如果在开票后10天～30天内付款可享受10%的折扣C 信用期限为30天，现金折扣为10%D 如果在10天内付款，可享受1%的现金折扣，否则应在30天内全额付款3．在对存货采用ABC法进行控制时，应当重点控制的是( )。

A 数量较大的存货B 占用资金较多的存货C 品种多的存货D 价格昂贵的存货4、某公司现金收支平稳，预计全年现金需要量为250000元，现金与有价证券的转换成本为每次500元，有价证券年利率为10%。

则最佳现金持有量为：A．50000元B．5000元C．2500元D．500元三、多选题1．不同的资产组合对企业报酬和风险的影响主要有( )。

A 较多地投资于流动资产可以降低企业的风险，但会减少企业的盈利B 流动资产投资过多，而固定资产又相对不足，会使企业生产能力减少C 如果企业的固定资产增加，会造成企业的风险增加，盈利减少D 如果企业的固定资产减少，会造成企业的风险增加，盈利减少E 企业采用比较冒险的资产组合，会使企业的投资报酬率上升2．为了评价两个可选择的信用标准孰优孰劣，必须计算两个方案各自带来的利润和成本，为此应测试的项目有( )。

A 信用条件的变化情况B 销售量变化对利润销售的影响C 应收账款投资及其机会成本的变化D 坏账成本的变化E 管理成本的变化3．利息率状况对企业筹资组合的影响是( )。

A 一般来说，由于长期资金的利息率高，因此企业较少使用长期资金，较多使用短期资金B 当长期资金的利息率和短期资金的利息率相差较少时，企业一般较多地利用长期资金，较少使用流动负债C 短期资金和长期资金利息率的波动都很大，不易确定D 当长期资金利息率远远高于短期资金利息率时，会促使企业较多地利用流动负债，以降低资金成本E 利息率对企业的筹资组合没有影响4．下列关于商业信用的叙述中正确的是( )。

财务管理课后答案第七章

Chapter 7Problems1. City Farm Insurance has collection centers across the country to speed up collections. The company alsomakes its disbursements from remote disbursement centers. The collection time has been reduced by two days and disbursement time increased by one day because of these policies. Excess funds are being invested in short-term instruments yielding 12 percent per annum.a. If City Farm has $5 million per day in collections and $3 million per day in disbursements, howmany dollars has the cash management system freed up?b. How much can City Farm earn in dollars per year on short-term investments made possible by thefreed-up cash?7-1. Solution:City Farm Insurancea. $5,000,000 daily collections× 2.0 days speed up = $10,000,000 additional collections$3,000,000 daily disbursements× 1.0 days slow down = $ 3,000,000 delayed disbursements$13,000,000 freed-up fundsb. $13,000,000 freed-up funds12% interest rate$1,560,000 interest on freed-up cash2. Nicholas Birdcage Company of Hollywood ships cages throughout the country. Nicholas has determined that through the establishment of local collection centers around the country, he can speed up the collection of payments by one and one-half days. Furthermore, the cash management department of his bank has indicated to him that he can defer his payments on his accounts by one-half day without affecting suppliers. The bank has a remote disbursement center in Florida.a. If the company has $4 million per day in collections and $2 million per day in disbursements, howmany dollars will the cash management system free up?b. If the company can earn 9 percent per annum on freed-up funds, how much will the income be?c. If the annual cost of the new system is $700,000, should it be implemented?7-2. Solution:Nicholas Birdcage Company of Hollywooda. $4,000,000 daily collections× 1.5 days speed up = $6,000,000 additional collections$2,000,000 daily disbursements× .5 days slow down = $1,000,000 delayed disbursements$7,000,000 freed-up fundsb.$7,000,000 freed-up funds9% interest rate$630,000 interest on freed-up cash⨯ c.No. The annual income of $630,000 is $70,000 less than the annual cost of $700,000 for the new system.3. Megahurtz International Car Rentals has rent-a-car outlets throughout the world. It also keeps funds for transactions purposes in many foreign countries. Assume in 2003, it held 100,000 reals in Brazil worth 35,000 dollars. It drew 12 percent interest, but the Brazilian real declined 20 percent against the dollar. a . What is the value of its holdings, based on U.S. dollars, at year-end (Hint: multiply $35,000 times 1.12 and then multiply the resulting value by 80 percent.)b .What is the value of its holdings, based on U.S. dollars, at year-end if it drew 9 percent interest and the real went up by 10 percent against the dollar? 7-3.Solution:Megahurtz International Car Rentala.$35,000 × 1.12 = $39,200$39,200 × 80% = $31,360 dollar value of real holdings b.$35,000 × 1.09 = $38,150$38,150 × 110% = $41,965 dollar value of real holdings4. Thompson Wood Products has credit sales of $2,160,000 and accounts receivable of $288,000. Computethe value of the average collection period. 7-4.Solution:Thompson Wood ProductsAccounts ReceivableAverage collection period Average daily credit sales$288,000$2,160,000/360$288,00048days $6,000====5. Lone Star Petroleum Co. has annual credit sales of $2,880,000 and accounts receivable of $272,000. Compute the value of the average collection period. 7-5.Solution:Lone Star Petroleum Co.Accounts ReceivableAverage collection period Average daily credit sales$272,000$2,288,000/360$272,0008,00034days====6. Knight Roundtable Co. has annual credit sales of $1,080,000 and an average collection period of 32 days in 2008. Assume a 360-day year. What is the company ’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. 7-6.Solution:Knight Roundtable Co.$1,080,000annual credit sales$3,000credit sales a day 360days per year=$3,000 average 32 average $96,000 average accounts daily credit sales collection period receivable balance=⨯ 7. Darla ’s Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days in 2008. Assume a 360-day year.What is the company ’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. 7-7.Solution:Darla ’s Cosmetic Company$1,440,000 annual credit sales/360 = $4,000 per day credit sales$4,000 credit sales × 45 average collection period = $180,000 average accounts receivable balance8. In Problem 7, if accounts receivable change to $200,000 in the year 2009, while credit sales are$1,800,000, should we assume the firm has a more or a less lenient credit policy? 7-8.Solution:Darla ’s Cosmetics (Continued)To determine if there is a more lenient credit policy, compute the average collection period.Accounts ReceivableAverage collection period Average daily credit sales$200,000$1,800,000/360$200,00040 days $5,000====Since the firm has a shorter average collection period, it appears that the firm does not have a more lenient credit policy.9. Hubbell Electronic Wiring Company has an average collection period of 35 days. The accounts receivable balance is $105,000. What is the value of its credit sales? 7-9.Solution:Hubbell Electronic Wiring CompanyAccounts receivable Average collection period Average daily credit sales$105,00035 days credit sales 360$105,000Credit sales/36035 daysCredit sales/360$3,000 credit sales per dayCredit sales $3,==⎛⎫ ⎪⎝⎭===000360$1,080,000⨯=10.Marv ’s Women ’s Wear has the following schedule for aging of accounts receivable.Age of Receivables, April 30, 2004(1) (2)(3) (4)Month of SalesAge of AccountAmounts Percent of AmountDue April ....................................... 0–30 $ 88,000 ____ March .....................................31–6044,000____February ................................. 61–90 33,000 ____January ................................... 91–120 55,000 ____Total receivables ................. $220,000 100%a. Fill in column (4) for each month.b. If the firm had $960,000 in credit sales over the four-month period, compute the averagecollection period. Average daily sales should be based on a 120-day period.c. If the firm likes to see its bills collected in 30 days, should it be satisfied with the averagecollection period?d. Disregarding your answer to part c and considering the aging schedule for accounts receivable,should the company be satisfied?e. What additional information does the aging schedule bring to the company that the averagecollection period may not show?7-10. Solution:Marv’s Women’s WearAge of Receivables, April 30, 2004a.(1)(2)(3)(4)Month of Sales Age of Account Amounts Percent of AmountDueApril 0-30 $ 88,000 40% March 31-60 44,000 20% February 61-90 33,000 15% January 91-120 55,000 25% Total receivables $220,000 100%b.Accounts receivable Average Collection PeriodAverage daily credit sales$220,000$960,000/120$220,000$8,00027.5 days====c. Yes, the average collection of 27.5 days is less than 30 days.d. No. The aging schedule provides additional insight that 60 percent of the accounts receivableare over 30 days old.e. It goes beyond showing how many days of credit sales accounts receivables represent, toindicate the distribution of accounts receivable between various time frames.11. Nowlin Pipe & Steel has projected sales of 72,000 pipes this year, an ordering cost of $6 per order, and carrying costs of $2.40 per pipe. a . What is the economic ordering quantity?b . How many orders will be placed during the year?c .What will the average inventory be? 7-11.Solution:Nowlin Pipe and Steel Companya.EOQ 600 units=====b. 72,000 units/600 units = 120 ordersc.EOQ/2 = 600/2 = 300 units (average inventory)12.Howe Corporation is trying to improve its inventory control system and has installed an online computer at its retail stores. Howe anticipates sales of 126,000 units per year, an ordering cost of $4 per order, and carrying costs of $1.008 per unit. a . What is the economic ordering quantity?b . How many orders will be placed during the year?c . What will the average inventory be?d .What is the total cost of inventory expected to be? 7-12.Solution:Howe Corp.a.EOQ 1,000 units ===b.126,000 units/1,000 units = 126 orders7-12. (Continued)c. EOQ/2 = 1,000/2 = 500 units (average inventory)d.126 orders × $4 ordering cost = $ 504 500 units × $1.008 carrying cost per unit = 504 Total costs= $1,00813. (See Problem 12 for basic data.) In the second year, Howe Corporation finds it can reduce ordering costs to $1 per order but that carrying costs will stay the same at $1.008 per unit. a . Recompute a, b, c , and d in Problem 12 for the second year. b .Now compare years one and two and explain what happened. 7-13.Solution:Howe Corp. (Continued)a.EOQ 500 units=====126,000 units/500 units = 252 ordersEOQ/2 = 500/2 = 250 units (average inventory) 252 orders × $1 ordering cost = $252 250 units × $1.008 carrying cost per unit = 252 Total costs = $504b.The number of units ordered declines 50%, while the number of orders doubles. The average inventory and total costs both decline by one-half. Notice that the total cost did not decline in equal percentage to the decline in ordering costs. This is because the change in EOQ and other variables (½) is proportional to the square root of the change in ordering costs (¼).14. Higgins Athletic Wear has expected sales of 22,500 units a year, carrying costs of $1.50 per unit, and an ordering cost of $3 per order. a . What is the economic order quantity?b . What will be the average inventory? The total carrying cost?c .Assume an additional 30 units of inventory will be required as safety stock. What will the new average inventory be? What will the new total carrying cost be? 7-14.Solution:Higgins Athletic Weara. EOQ==300 units ===b. EOQ/2 = 300/2 = 150 units (average inventory)150 units × $1.50 carrying cost/unit = $225 total carrying costc.EOQAverage inventory Safety Stock230030150301802=+=+=+=180 inventory × $1.50 carrying cost per year= $270 total carrying cost15. Dimaggio Sports Equipment, Inc., is considering a switch to level production. Cost efficiencies would occur under level production, and aftertax costs would decline by $35,000, but inventory would increase by $400,000. Dimaggio would have to finance the extra inventory at a cost of 10.5 percent.a. Should the company go ahead and switch to level production?b. How low would interest rates need to fall before level production would be feasible?7-15. Solution:Dimaggio Sports Equipment, Inc.a. Inventory increases by $400,000× interest expense 10.5%Increased costs $ 42,000Less: Savings 35,000Loss ($ 7,000)Don’t switch to level production. Increased ROI is less than the interest cost of moreinventory.b. If interest rates fall to 8.75% or less, the switch would be feasible.$35,000 Savings8.75%$400,000 increased inventory=16. Johnson Electronics is considering extending trade credit to some customers previously considered poorrisks. Sales will increase by $100,000 if credit is extended to these new customers. Of the new accounts receivable generated, 10 percent will prove to be uncollectible. Additional collection costs will be 3 percent of sales, and production and selling costs will be 79 percent of sales. The firm is in the 40percent tax bracket.a. Compute the incremental income after taxes.b. What will Johnson’s incremental return on sales be if these new credit customers are accepted?c. If the receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the newcustomers, what will Johnson’s incremental return on new average investment be?7-16. Solution:Johnson Electronicsa. Additional sales ............................................................................................ $100,000Accounts uncollectible (10% of new sales) .................................................. – 10,000Annual incremental revenue ......................................................................... $ 90,000Collection costs (3% of new sales) ............................................................... – 3,000Production and selling costs (79% of new sales) .......................................... – 79,000Annual income before taxes ......................................................................... $ 8,000Taxes (40%) .................................................................................................. – 3,200Incremental income after taxes ..................................................................... $ 4,800b.Incremental income Incremental return on salesIncremental sales$4,800/$100,000 4.8%===c. Receivable turnover = Sales/Receivable turnover = 6xReceivables = Sales/Receivable turnover= $100,000/6= $16,666.67Incremental return on new average investment = $4,800/$16,666.67 = 28.80%17. Collins Office Supplies is considering a more liberal credit policy to increase sales, but expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new sales, production and selling costs are 78 percent, and accounts receivable turnover is five times. Assume income taxes of 30 percent and an increase in sales of $80,000. No other asset buildup will be required to service the new accounts.a. What is the level of accounts receivable to support this sales expansion?b. What would be Collins’s incremental aftertax return on investment?c. Should Collins liberalize credit if a 15 percent aftertax return on investment is required?Assume Collins also needs to increase its level of inventory to support new sales and that inventory turnover is four times.d. What would be the total incremental investment in accounts receivable and inventory to support a$80,000 increase in sales?e. Given the income determined in part b and the investment determined in part d, should Collinsextend more liberal credit terms?7-17. Solution:Collins Office Suppliesa.$80,000 Investment in accounts receivable$16,0005==b. Added sales .................................................................................................. $ 80,000Accounts uncollectible (9% of new sales) .................................................... – 7,200Annual incremental revenue ......................................................................... $ 72,800Collection costs (5% of new sales) ............................................................... – 4,000Production and selling costs (78% of new sales) – 62,400Annual income before taxes ......................................................................... $ 6,400Taxes (30%) .................................................................................................. – 1,920Incremental income after taxes ..................................................................... $ 4,480Return on incremental investment = $4,480/$16,000 = 28%c. Yes! 28% exceeds the required return of 15%.7-17. (Continued)d.$80,000 Investment in inventory =$20,0004=Total incremental investmentInventory $20,000Accounts receivable 16,000Incremental investment $36,000 $4,480/$36,000 = 12.44% return on investmente. No! 12.44% is less than the required return of 15%.18. Curtis Toy Manufacturing Company is evaluating the extension of credit to a new group of customers.Although these customers will provide $240,000 in additional credit sales, 12 percent are likely to be uncollectible. The company will also incur $21,000 in additional collection expense. Production and marketing costs represent 72 percent of sales. The company is in a 30 percent tax bracket and has a receivables turnover of six times. No other asset buildup will be required to service the new customers.The firm has a 10 percent desired return on investment.a. Should Curtis extend credit to these customers?b. Should credit be extended if 14 percent of the new sales prove uncollectible?c .Should credit be extended if the receivables turnover drops to 1.5 and 12 percent of the accounts are uncollectible (as was the case in part a ). 7-18.Solution:Curtis Toy Manufacturing Companya.Added sales ...................................................................................................... $240,000 Accounts uncollectible (12% of new sales) ...................................................... 28,800 Annual incremental revenue ............................................................................. 211,200 Collection costs ................................................................................................ 21,000 Production and selling costs (72% of new sales) .............................................. 172,800 Annual income before taxes ............................................................................. 17,400 Taxes (30%) ...................................................................................................... 5,220 Incremental income after taxes .........................................................................$ 12,180$240,000Receivable turnover 6.0x6.040,000 in new receivables==$12,180Return on incremental investment 30.45%$40,000==b.Added sales .................................................................................................. $240,000 Accounts uncollectible (14% of new sales) .................................................. – 33,600 Annual incremental revenue ......................................................................... $206,400 Collection costs ............................................................................................ – 21,000 Production and selling costs (72% of new sales) .......................................... –172,800 Annual income before taxes ......................................................................... $ 12,600 Taxes (30%) .................................................................................................. – 3,780 Incremental income after taxes .....................................................................$ 8,820$8,820Return on incremental investment 22.05%$40,000==Yes, extend credit.7-18. (Continued)c.If receivable turnover drops to 1.5x, the investment in accounts receivable would equal $240,000/1.5 = $160,000. The return on incremental investment, assuming a 12% uncollectible rate, is 7.61%.$12,180==Return on incremental investment7.61%$160,000The credit should not be extended. 7.61% is less than the desired 10%.19. Reconsider problem 18. Assume the average collection period is 120 days. All other factors are the same(including 12 percent uncollectibles). Should credit be extended?7-19. Solution:Curtis Toy Manufacturing Company (Continued)First compute the new accounts receivable balance.Accounts receivable = average collection period × average daily sales240,000⨯=⨯=120 days120$667$80,040360 daysorAccounts receivable = sales/accounts receivable turnover360 days==Accounts receivable turnover3x120 days=$240,000/3$80,000Then compute return on incremental investment.$12,18015.23%=$80,000Yes, extend credit. 15.23% is greater than 10%.20. Apollo Data Systems is considering a promotional campaign that will increase annual credit sales by $600,000. The company will require investments in accounts receivable, inventory, and plant and equipment. The turnover for each is as follows:Accounts receivable (5x)Inventory (8x)Plant and equipment (2x)All $600,000 of the sales will be collectible. However, collection costs will be 3 percent of sales, and production and selling costs will be 77 percent of sales. The cost to carry inventory will be 6 percent of inventory. Depreciation expense on plant and equipment will be 7 percent of plant and equipment. The tax rate is 30 percent.a. Compute the investments in accounts receivable, inventory, and plant and equipment based on theturnover ratios. Add the three together.b. Compute the accounts receivable collection costs and production and selling costs and add thetwo figures together.c. Compute the costs of carrying inventory.d. Compute the depreciation expense on new plant and equipment.e. Add together all the costs in parts b, c, and d.f. Subtract the answer from part e from the sales figure of $600,000 to arrive at income before taxes.Subtract taxes at a rate of 30 percent to arrive at income after taxes.g. Divide the aftertax return figure in part f by the total investment figure in part a. If the firm has arequired return on investment of 12 percent, should it undertake the promotional campaigndescribed throughout this problem.7-20. Solution:Apollo Data Systemsa. Accounts receivable = sales/accounts receivable turnover=$120,000$600,000/5Inventory = sales/inventory turnover=$75,000$600,000/8Plant and equipment = sales/(plant and equipment turnover)=$600,000/2$300,000Total investment$495,0007-20. (Continued)b. Collection cost = 3% × $600,000 $ 18,000Production and selling costs = 77% × $600,000 = 462,000Total costs related to accounts receivable $480,000c. Cost of carrying inventory6% × inventory6% × $75,000 $4,500d. Depreciation expense7% × Plant and Equipment7% × $300,000 $21,000e. Total costs related to accounts receivable $480,000Cost of carrying inventory 4,500Depreciation expense 21,000Total costs $505,500f. Sales $600,000– total costs 505,500 Income before taxes 94,500 Taxes (30%) 28,350 Income after taxes $ 66,150g. Income after taxes$66,15013.36%Total investment495,000==Yes, it should undertake the campaignThe aftertax return of 13.36% exceeds the required rate of return of 12%21. In Problem 20, if inventory turnover had only been 4 times:a. What would be the new value for inventory investment?b. What would be the return on investment? You need to recompute the total investment and thetotal costs of the campaign to work toward computing income after taxes. Should the campaign beundertaken?7-21. Solution:Apollo Data Systems (Continued)a. Inventory = sales/inventory turnover$150,000 = $600,000/4b. New Total InvestmentAccounts receivable $120,000Inventory 150,000Plant and equipment 300,000$570,000Total Cost of the CampaignCost of carrying inventory6% × $150,000 = $9,000 ($4,500 more than previously)New Income After TaxesSales $600,000– total costs 510,000 ($505,500 + 4,500)Income before taxes 90,000Taxes (30%) 27,000Income after taxes $ 63,000Income after taxes$63,00011.05%Total investment570,000==No, the campaign should not be undertakenThe aftertax return of 11.05% is less than the required rate of return of 12%(Problems 22–25 are a series and should be taken in order.)22. Maddox Resources has credit sales of $180,000 yearly with credit terms of net 30 days, which is also theaverage collection period. Maddox does not offer a discount for early payment, so its customers take the full 30 days to pay.What is the average receivables balance? What is the receivables turnover?7-22. Solution:Maddox ResourcesSales/360 days = average daily sales$180,000/360 = $500Accounts receivable balance = $500 × 30 days = $15,000Receivable turnover =Sales$180,00012x Receivables$15,000==or360 days/30 = 12x23. If Maddox were to offer a 2 percent discount for payment in 10 days and every customer took advantageof the new terms, what would the new average receivables balance be? Use the full sales of $180,000 for your calculation of receivables.7-23. Solution:Maddox Resources (Continued)$500 × 10 days = $5,000 new receivable balance24. If Maddox reduces its bank loans, which cost 12 percent, by the cash generated from its reducedreceivables, what will be the net gain or loss to the firm?7-24. Solution:Maddox Resources (Continued)Old receivables – new receivables with discount = Funds freed by discount$15,000 – $5,000 .................................................................... = $10,000Savings on loan = 12% × $10,000 ............................................ = $ 1,200Discount on sales = 2% × $180,000 ......................................... = (3,600)Net change in income from discount ........................................ $(2,400) No! Don’t offer the discount since the income from reduced bank loans does not offset the loss onthe discount.25. Assume that the new trade terms of 2/10, net 30 will increase sales by 20 percent because the discountmakes the Maddox price competitive. If Maddox earns 16 percent on sales before discounts, should it offer the discount? (Consider the same variables as you did for problems 22 through 24.)7-25. Solution:Maddox Resources (Continued)New sales = $180,000 × 1.20 = $216,000 Sales per day = $216,000/360 = $600 Average receivables balance = $600 × 10 = $6,000 Savings in interest cost ($15,000 – $6,000) × 12% = 1,080Increase profit on new sales = 16% × $36,000* = $5,760Reduced profit because of discount = 2% × $216,000 = (4,320) Net change in income ................................................................................... $2,520 Yes, offer the discount because total profit increases.*New Sales $36,000 = $216,000 – $180,000COMPREHENSIVE PROBLEMBailey Distributing Company sells small appliances to hardware stores in the southern California area. Michael Bailey, the president of the company, is thinking about changing the credit policies offered by the firm to attract customers away from competitors. The current policy calls for a 1/10, net 30, and the new policy would call for a 3/10, net 50. Currently 40 percent of Bailey customers are taking the discount, and it is anticipated that this number would go up to 50 percent with the new discount policy. It is further anticipated that annual sales would increase from a level of $200,000 to $250,000 as a result of the change in the cash discount policy.The increased sales would also affect the inventory level. The average inventory carried by Bailey is based on a determination of an EOQ. Assume unit sales of small appliances will increase from 20,000 to 25,000 units. The ordering cost for each order is $100 and the carrying cost per unit is $1 (these values will not change with the discount). The average inventory is based on EOQ/2. Each unit in inventory has an average cost of $6.50.Cost of goods sold is equal to 65 percent of net sales; general and administrative expenses are 10 percentof net sales; and interest payments of 12 percent will be necessary only for the increase in the accounts receivable and inventory balances. Taxes will equal 25 percent of before-tax income.a. Compute the accounts receivable balance before and after the change in the cash discount policy.Use the net sales (Total sales – Cash discounts) to determine the average daily sales and theaccounts receivable balances.b. Determine EOQ before and after the change in the cash discount policy. Translate this intoaverage inventory (in units and dollars) before and after the change in the cash discount policy.c. Complete the income statement.Before Policy Change After Policy ChangeNet sales (Sales – Cash discounts)Cost of goods soldGross profitGeneral and administrativeexpenseOperating profitInterest on increase in accountsreceivable and inventory (12%)Income before taxesTaxesIncome after taxesd. Should the new cash discount policy be utilized? Briefly comment.CP 7-1. Solution:Bailey Distributing Companya. Accounts receivable = average collection × averageperiod daily sales Before Policy ChangeAverage collection period.40 × 10 days = 4.60 × 30 days = 1822 daysAverage daily sales。

《财务管理》书课后习题答案

第一章：一．单项选择1.C2.A3.D4.D5.B6.D7.B8.C9.C 10.B二．多项选择1.ABD2.BC3.BCE4.AB5.ABD6.ABC三．判断1. 2.√ 3.√ 4.× 5.× 6.×7.×8.×9.×10.√第二章:一．单项选择1.A2.C3.B4.B5.C6.A7.B8.B9.B 10.CD二．多项选择1.ABCD2.BD3.ABCD4.ABCD5.CD6.CD7.ABCD8.BCD9.BC三．判断1.√2.√3.√4. ×5. ×6. ×7. ×8.√9.√10.√四．计算题1.现值P=5000（P/A，10%，10）*（P/F，10%，10）=11843.722.（P/A，5%，20）=12.4622 （F/A，5%，20）=33.0663.预付年金终值系数=34.7193 预付年金现值系数=13.08534.P=10（P/A，10%，10）*（P/F，10%，3）=46.1644万元5.永续年金现值P=10/6%=166.67元五．案例分析（一）、（1）根据资料(1)计算系列租金的现值和终值?终值是（F/A，5%，6）A=38090.64；现值是（P/A，5%，6）A=28423.92如果年租金改按每年年初支付一次，再计算系列租金的现值和终值?终值是（F/A，5%，7）A-A=39995.2；现值是（P/A，5%，5）A+A=29845.2 （2）每年年金A=10000+5000*2+3000*3+1000*4=33000元利民公司应存入：P=A/i=33000÷4%=825000元（3）借入本金P=A(P/A,6%,8)-A(P/,6%,3)=70736元偿还本息F=A（F/A，6%，5）=20000*5.637=30043.36元（二）（1）太平洋保险股份期望报酬率-E=20%×0.2+30%×0.6+40%×0.2=30%高新实业股份期望报酬率-E =0%×0.2+30%×0.6+60%×0.2=30% σ太平洋=2.0%)30%40(6.0%)30%30(2.0%)30%20(222⨯-+⨯-+⨯-=0.063σ高新实业=2.0%)30%60(6.0%)30%30(2.0%)30%0(222⨯-+⨯-+⨯-=0.190 V 太平洋 =%30063.0=E -σ=0.21 V 高新实业= %30190.0=E -σ=0.63所以，太平洋保险股份风险小。

财务管理第九版第七章课后题答案

财务管理第九版第七章课后题答案1、下列项目中，应计入营业外收入的有（）。

[单选题] *A.处置交易性金融资产的收益B.固定资产盘盈C.接受捐赠(正确答案)D.无法收到的应收账款2、税金及附加核算的内容不包括（）。

[单选题] *A.增值税(正确答案)B.消费税C. 资源税D.资源税3、小规模纳税企业购入原材料取得的增值税专用发票上注明:货款20 000元。

增值税2 600元，在购入材料的过程中另支付包装费500元。

则该企业原材料的入账价值为（）元。

[单选题] *A.19 500B.20 500C.22 600D.23 100(正确答案)4、用盈余公积弥补亏损时，应借记“盈余公积”，贷记（）。

[单选题] *A.“利润分配——未分配利润”B.“利润分配——提取盈余公积”C.“本年利润”D.“利润分配——盈余公积补亏”(正确答案)5、固定资产报废清理后发生的净损失，应计入（）。

[单选题] *A.投资收益B.管理费用C.营业外支出(正确答案)D.其他业务成本6、．（年浙江省第三次联考）下列项目中不需要进行会计核算的是（）[单选题] *A签订销售合同(正确答案)B宣告发放现金股利C提现备发工资D结转本年亏损7、企业自创的专利权与非专利技术，其研究开发过程中发生的支出，应当区分研究阶段支出与开发阶段支出分别处理。

无法区分研究阶段支出和开发阶段支出，应当将其所发生的研发支出全部费用化，计入当期损益中的（）。

[单选题] *A.管理费用(正确答案)B.财务费用C.营业外支出D.销售费用8、A企业2014年12月购入一项固定资产，原价为600万元，采用年限平均法计提折旧，使用寿命为10年，预计净残值为零，2018年1月该企业对该项固定资产的某一主要部件进行更换，发生支出合计400万元，符合固定资产确认条件，被更换的部件的原价为300万元。

则对该项固定资产进行更换后的原价为( )万元。

[单选题] *A.210B.1 000C.820D.610(正确答案)9、．（年浙江省第三次联考）下列属于事前核算职能的是（）[单选题] *A记账B分析C考核D预测(正确答案)10、企业对应付的商业承兑汇票，如果到期不能足额付款，在会计处理上应将其转作（）。

财务管理(第三版)王化成_人民大学出版社_课后练习题答案

第1章案例思考题1．参见P8-112．青鸟的财务管理目标经历了从利润最大化到公司价值最大化的转变3．最初决策不合适，让步是对的，但程度、方式等都可以再探讨。

第20章练习题1．可节省的人工成本现值=15000*4.968=74520，小于投资额，不应购置。

2．价格=1000*0.893=893元3．（1）年金=5000/4.344=1151.01万元；（2）5000/1500 =3.333，介于16%利率5年期、6年期年金现值系数之间，年度净利需年底得到，故需要6年还清4．5．A=8%+1.5*14%=29%，同理，B=22%，C=13.6%，D=43%6．价格=1000*8%*3.993+1000*0.681=1000.44元7．K=5%+0.8*12%=14.6%，价格=1*（1+3%）/（14.6%-3%）=8.88元第二章案例思考题案例11．365721761+1%1+8.54% 1267.182⨯⨯⨯=（）（）亿元2．如果利率为每周1%，按复利计算，6亿美元增加到12亿美元需要70周，增加到1000亿美元需要514.15周案例21．2．可淘汰C，风险大报酬小3．当期望报酬率相等时可直接比较标准离差，否则须计算标准离差率来衡量风险第21章案例思考题假定公司总股本为4亿股，且三年保持不变。

教师可自行设定股数。

计算市盈率时，教师也可自行设定每年的股价变动。

趋势分析可做图，综合分析可用杜邦体系。

第四章练习题1.解：每年折旧=（140+100）4=60（万元）每年营业现金流量=销售收入（1税率）付现成本（1税率）+折旧税率=220（140%）110（140%）+6040%=13266+24=90（万元）投资项目的现金流量为：140 1004010%,610%,410%,210%,2100PVIF 10%,1140=400.564+903.1700.826400.8261000.909140=22.56+235.6633.0490.9140=-5.72（万元）（2）获利指数=（22.56+235.6633.04）/（90.9+140）=0.98（3）贴现率为10%时，净现值=-5.72（万元）贴现率为9%时，净现值=40PVIF 9%,6+90PVIFA 9%,4PVIF 9%,240PVIF 9%,2100PVIF 9%,1140=400.596+903.2400.842400.8421000.917140=23.84+245.5333.6891.7140=-3.99（万元）设内部报酬率为r ，则：72.599.3%9%1099.3%9+-=-rr=9.41%综上，由于净现值小于0，获利指数小于1，贴现率小于资金成本10%，故项目不可行。

财务管理第七章习题与答案

财务管理第七章习题与答案筹资方式一、单项选择题1.某企业按“2/10，n/50”的条件购进一批商品。

若企业放弃现金折扣，在信用期内付款，则其放弃现金折扣的机会成本为（）。

A．16.18％ B．20％ C．14％ D．18.37％2.下列关于企业筹资的基本原则的说法，不正确的是（）A．规模适当 B．筹措的资金充足 C．来源合理 D．方式经济3.公司增发的普通股的发行价为20元/股，筹资费用为发行价的5％，最近刚发放的股利为每股2元，已知该股票的资金成本为12％，则该股票的股利年增长率为（）。

A．2％ B．1.33％ C．4％ D．5％4.关于留存收益的成本，下列说法不正确的是（）A．留存收益是企业资金的一种重要来源B．它实际上是股东对企业进行追加投资，股东对这部分投资也要求有一定的报酬C．由于是自有资金，所以没有成本D．在没有筹资费用的情况下，留存收益的成本计算与普通股是一样的5.某企业用贴现的方式按年利率12％从银行借入款项1000万元，银行要求企业按贷款额的8％保留补偿性余额，该借款的实际年利率为（）。

A．15％ B．10％ C．12％ D．12.5％6.在财务管理中，依据财务比率与资金需求量之间的关系预测资金需求量的方法称为（）。

A．定性预测法 B．比率预测法 C．基本分析法 D．资金习性预测法7.留存收益的来源渠道（）。

A．只有盈余公积 B．只有未分配利润 C．包括盈余公积和未分配利润 D．指的是分配的股利二、多项选择题1.某企业拥有流动资产100万元（其中永久性流动资产为30万元），负债和权益资本共计400万元（其中权益资本150万元，长期负债100万元，自发性流动负债60万元），则以下说法正确的有（）。

A．该企业采取的是激进型组合策略B．该企业采取的是平稳型组合策略C．该企业的临时性流动负债为90万元D．该企业目前没有处于经营性低谷2.按有无特定的财产担保，可将债券分为（）。

A．信用债券B．有担保债券C．抵押债券D．无担保债券3.甲公司用贴现法以10％的年利率从银行贷款1000万元，期限为1年，则以下说法正确的有（）A．甲公司应付利息是90万元B．甲公司实际可用的资金为900万元C．甲公司的实际利率要比10％高D．甲公司的应付利息是100万元4.在短期借款的利息计算和偿还方法中，企业实际负担利率高于名义利率的有（）。

第七章财务管理课后习题答案

第七章营运资金管理思考练习一、单项选择题1.C2.B3.D4.C5.B6.B7.C8.C9.B 10.B 11.A 12.D 13.C 14．D 15．C二、多项选择题1．ACD 2．AB 3．BCD 4．ABC 5．ABCD 6．BC 7．AB 8．AC9.AB 10．BC 11．AC 12．ABCD 13．BC 14．BD 15．BD三、判断题1-5．×√×√× 6-10．√×××× 11-15 √×√×√四、计算题1.（1）最佳现金持有量=（2×400000×400/20%）1/2=40000元（2）转换成本=400000/40000×400=4000元机会成本=40000/2×20%=4000元（3）有价证券交易间隔期=360/（400000÷40000）=36天2.（1）收益增加＝800×5％×20％＝8（万元）（2）信用政策调整后的平均收现期＝20×30％+30×40％+40×30％＝30（天）收入增加使资金平均占用变动＝800×（1+5％）×80％/360×30-800×80％/360×25＝11.56（万元）（3）应计利息变动＝11.56×10％＝1.156（万元）（4）增加的收账费用＝800×5％×1％＝0.4（万元）（5）增加坏账损失＝800×（1+5％）×1.2％－800×1％＝2.08（万元）（6）增加的现金折扣＝800×（1+5％）×30％×2％+800×（1+5％）×40％×1％＝8.4（万元）（7）增加的各项费用合计＝1.156+0.4+2.08+8.4＝12.036（万元）（8）改变信用期的净损益＝8-12.036＝-4.036（万元），小于0。

《财务管理学》人大版)第七章习题+答案

第七章：投资决策原理一、名词解释1、企业投资2、间接投资3、短期投资4、长期投资5、对内投资6、对外投资7、初创投资8、独立项目9、互斥项目 10、相关项目11、常规项目 12、现金流量 13、净现值 14、内含报酬率15、获利指数 16、投资回收期 1 7、平均报酬率二、判断题1、对现金、应收账款、存货、短期有价证劵的投资都属于短期投资。

（）2、长期证劵投资因需要可转为短期投资。

（）3、对内投资都是直接投资，对外投资都是间接投资。

（）4、原有固定资产的变价收入是指固定资产更新时变卖原有固定资产所得的现金收入，不用考虑净残值的影响。

（）5、在互斥选择决策中，净现值法有时会做出错误的决策，而内含报酬率法则始终能得出正确的答案。

（）6、进行长期投资决策时，如果某一备选方案净现值比较小，那么该方案的内含报酬率也相对较低。

（）7、由于获利指数是用相对指数来表示，所以获利指数法优于净现值法。

（）8、固定资产投资方案的内含报酬率并不一定只有一个。

（）9、某些自然资源的储量不多，由于不断开采，价格将随储量的下降而上升‘因此对这些自然资源越晚开发越好。

（）三、单项选择题1、有关企业投资的意义，下列叙述中不正确的是（）A.企业投资是实现财务管理目标的基本前提。

B.企业投资是发展生产的必要手段C.企业投资是有利于提高职工的生活水平D.企业投资是降低风险的重要方法2、某企业欲购进一套新设备，要支付400万元，该设备的使用寿命为4年，无残值，采用直线法并计提折旧。

预计每年可生产税前净利140万元，如果所得税税率为40%，则回收期为（）年。

A、4.5B、2.9C、2.2 D3.23、当贴现率与内含报酬率相等时（）A、净现值小于零B、净现值等于零C、净现值大于零D、净现值不一定4、某企业准备新建一条生产线，预计各项支出如下：投资前费用2000元，设备购置费用8000元，设备安装费用1000元，建筑工程费用6000元，投产时需垫支营运资金3000元，不可预见费按总支出的5%计算，则该生产线的投资总额为（）元。

财务管理课本习题答案(全)

《财务管理》课后练习题答案第二章财务价值观1.(1) F=1000×(F/P,3%,2)=1000×(1+3%)2=1060.9(2) F=1000×(F/P,3%/4，8)=1000×(1+3%/4)8=1061.6(3) F=250×[(F/A,3%,3)-1]+250 =250×2.0909+250=772.725或：F=250×(F/P, 3%, 2)+250×(F/P,3%, 1)+250=772.725(4) A=1060.9/[(F/A, 3%, 5)－1] =(5) F=250×(F/P, 3%/4, 8)+250×(F/P,3%/4, 4)+250=772.47(6)设每年应存入x，则：x×(F/P, 0.75%, 12)+x×(F/P,0.75%, 8)+x×(F/P,0.75,4)+x=1060.9x=253.46或实际利率r=(1+3%/4)4-1=3.03%A=1060.9÷2.(1) P=A×[(P/A,i,n-1)+1] = 20×[(P/A,8%,9)+1] = 20×(6.2469+1) = 144.938(2) P = A×[(P/A,i,n-1)+1]（1+i）4=25×[(P/A,8%,9)+1]（1+8%）4=133.17应该选择方案二3.（1）已知βA=1.5 βB=1.8 βC=2.5 βD=3 R f=5% R m=12%所以：A股票的必要收益率＝R f +βA（R m-R f）= 5%+1.5×(12%-5%) = 15.5% B股票的必要收益率＝R f +βB（R m-R f）= 5%+1.8×(12%-5%) = 17.6% C股票的必要收益率＝R f +βC（R m-R f）= 5%+2.5×(12%-5%) = 22.5% D股票的必要收益率＝R f +βD（R m-R f）= 5%+3×(12%-5%) = 26% （2）已知：D0=6 g＝5% i＝12%P0 = D0（1+g）（i-g）＝6×（1+5%）15.5%-5%＝6.310.5%= 60（4）因为加权平均资本成本13.56%>投资收益率12.4%,因此不该筹资投资该项目。

财务管理课后答案第七章

财务管理第七章习题一、单项选择题1. 企业将资金占用在应收账款上而放弃其他方面投资可获得的收益是应收账款的（ A ）。

A.管理成本B.坏账成本C.资金成本D.机会成本2.经济批量是指（ D ）。

A.采购成本最低的采购批量B.订货成本最低的采购批量C.储存成本最低的采购批量D.存货总成本最低的采购批量3.在对存货采用ABC法进行控制时，应当重点控制的是（ B ）。

A.数量较大的存货B.占用资金较多的存货C.品种多的存货D.价格昂贵的存货4.信用标准常见的表示指标是（ A ）。

A.信用条件B.预期的坏账损失率C.现金折扣D.信用期 5.企业置存现金，主要是为了满足（ D ）。

A.交易性、预防性、盈利性需要B.交易性、预防性、投机性需要C.支付性、预防性、盈利性需要D.交易性、预防性、流通性需要 6.企业评价客户登记，决定给予或拒绝客户信用的依据是（ A ）。

A.信用标准B.收账政策C.信用条件D.信用政策7.下列各项属于应收账款机会成本的是（ C ）。

A.坏账损失B.收账费用C.应收账款占用资金的应计利息D.对客户信用进行调查的费用8.现金作为一种资产，它的（ A ）。

A.流动性强，盈利性差B.流动性强，盈利性强C.流动性差，盈利性强D.流动性差，盈利性强9.在存货ABC分类控制法中，对存货的最基本的分类标准为（A ）。

A.金额标准B.品质标准C.品种数量标准D.质量成容积标准二、多项选择题1.控制现金支出的有效措施包括（ ABCD ）A.推迟支付应付款B.采用汇票付款C.加速收款D.合理利用“浮游量”260 2.最佳现金持有量的模式包括（ ABC ）A.现金周转模式B.存货模式C.成本分析模式D.因素分析模式3.企业持有现金的动机包括（ ABC ）A.交易动机B.预防动机C.投机动机D.满足未来偿债要求建立偿债4.下列各项中，属于信用政策的有（ BCD ）A.现销政策B.信用标准C.收账政策D.信用条件5.存货成本包括（ ABCD ）A.缺货成本B.订货成本C.储存成本D.购置成本三、判断题1.根据存货经济订货量模型，经济订货量是能使订货总成本与储存总成本相等的订货批量（×）。

财务管理学第7章课后重点题答案

第七章1某软件公司目前有两个项目A、B可供选择，其各年现金流量情况如下表所示。

（1）若公司要求的项目资金必须在3 1500 30003华荣公司准备投资一个新的项目以扩充生产能力，预计该项目可以持续5年，固定资产投资750万元。

固定资产采用直线法计提折旧，折旧年限为5年，估计净残值为50万元。

预计每年的付现固定成本为300万元，每件产品单价为250元，年销量30000件，均为现金交易。

预计期初需要垫支营运资本250万元。

财务管理课后习题答案第7章

思考题1．答题要点：如果通过事后审计将赔偿责任引入投资项目的预测阶段，从积极的方面来说，由于赔偿责任的约束，一方面进行投资预测的工作人员会不断地改进预测方法，总结经验教训，更加认真踏实地做好本职工作，从而提高投资项目预测的准确度，从而持续提高投资管理的效率。

另一方面，进行投资预测的工作人员在进行项目预测时会更加谨慎，从而降低企业的投资风险。

从消极的方面来说，由于赔偿责任的存在，进行预测的工作人员为了规避这种风险，可能故意低估一些风险比较大的项目的决策指标，从而使公司丧失投资效率最高的项目。

另外，某一项目的实际值和预测值的偏差可能是多种原因导致的，其中可能有环境变化方面的原因，可能有投资实施阶段的原因，如果责任划分不清，会使投资项目预测的工作人员感到不公平，降低他们的工作满意度，从而影响他们的工作积极性，主动性和创造性，最终对投资项目造成不利影响。

2．答题要点：按照现金流量的发生时间，投资活动的现金流量可以被分为初始现金流量、营业现金流量和终结现金流量。

初始现金流量一般包括如下的几个部分：（1）投资前费用；（2）设备购置费用；（3）设备安装费用；（4）建筑工程费；（5）营运资金的垫支；（6）原有固定资产的变价收入扣除相关税金后的净收益；（7）不可预见费。

营业现金流量一般以年为单位进行计算。

营业现金流入一般是指营业现金收入，营业现金流出是指营业现金支出和交纳的税金。

终结现金流量主要包括：（1）固定资产的残值收入或变价收入（指扣除了所需要上缴的税金等支出后的净收入）；（2）原有垫支在各种流动资产上的资金的收回；（3）停止使用的土地的变价收入等。

投资决策采用折现现金流量指标更合理的的原因是：（1）非折现指标把不同时间点上的现金收入和支出当作毫无差别的资金进行对比，忽略了资金的时间价值因素，这是不科学的。

而折现指标则把不同时间点收入或支出的现金按照统一的折现率折算到同一时间点上，使不同时期的现金具有可比性，这样才能做出正确的投资决策。

财务管理课后习题答案第7章

另一方面，进行投资预测的工作人员在进行项目预测时会更加谨慎，从而降低企业的投资风险。

2．答题要点：按照现金流量的发生时间，投资活动的现金流量可以被分为初始现金流量、营业现金流量和终结现金流量。

营业现金流量一般以年为单位进行计算。

营业现金流入一般是指营业现金收入，营业现金流出是指营业现金支出和交纳的税金。

而折现指标则把不同时间点收入或支出的现金按照统一的折现率折算到同一时间点上，使不同时期的现金具有可比性，这样才能做出正确的投资决策。

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