题目内容（请给出正确答案）

[主观题]

A decrease in the sales of a current project because of the launching of a new project is:

A、cannibalization.

B、a sunk cost.

C、an overhead expense.

D、irrelevant to the investment decision.

提问人：网友queenie 发布时间：2022-01-07

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For a project, an initial cash outlay of $1.4 million is made. In year 1 the expected annual cash flow is $900,000, years 2-5 the expected annual cash flow is $1,000,000 and in year 6 the expected annual cash flow is $1.3 million. A cost of capital of 15% is used. The IRR (internal rate of return) is _________. 对于一个项目，最初的现金支出为140万美元。第1年的预期年现金流量为900,000美元，第2-5年的预期年现金流量为1,000,000美元，第6年的预期年现金流量为130万美元。使用了15％的资金成本。 IRR（内部收益率）为_________。

A、40.0%

B、72.1%

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第2题

Which of the following statements is FALSE?

A、With no debt, the WACC is equal to the unlevered equity cost of capital.

B、With perfect capital markets, a firm's WACC is dependent of its capital structure and is equal to its equity cost of capital only the firm it is unlevered.

C、As the firm borrows at the low cost of capital for debt, its equity cost of capital rises, but the net effect is that the firm's WACC is unchanged.

D、Although debt has a lower cost of capital than equity, leverage does not lower a firm's WACC.

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第3题

Which of the following statements is FALSE?

A、The unlevered beta measures the market risk of the firm’s business activities, ignoring any additional risk due to leverage.

B、If a firm holds $1 in cash and has $1 of risk-free debt, then the interest earned on the cash will equal the interest paid on the debt. The cash flows from each source cancel each other, just as if the firm held no cash and no debt.

C、The unlevered beta measures the market risk of the firm without leverage, which is equivalent to the beta of the firm's assets.

D、When a firm changes its capital structure without changing its investments, its levered beta will remain unaltered, however, its asset beta will change to reflect the effect of the capital structure change on its risk.

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第4题

Suppose that Taggart Transcontinental currently has no debt and has an equity cost of capital of 10%. Taggart is considering borrowing funds at a cost of 6% and using these funds to repurchase existing shares of stock. Assume perfect capital markets. If Taggart borrows until they achieved a debt -to-value ratio of 20%, then Taggart's levered cost of equity would be closest to:

A、8.0%

B、9.2%

C、10.0%

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第5题

Which of the following statements is FALSE?

A、While debt itself may be cheap, it increases the risk and therefore the cost of capital of the firm's equity.

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C、We can use Modigliani and Miller's first proposition to derive an explicit relationship between leverage and the equity cost of capital.

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第6题

Which of the following is NOT one of the simplifying assumptions made for the three main methods of capital budgeting?

A、The firm pays out all earnings as dividends.

B、The project has average risk.

C、Corporate taxes are the only market imperfection.

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第7题

Which of the following is NOT a step in the WACC valuation method?

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D、Adjust the WACC for the firm's current debt/equity ratio.

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第8题

Which of the following is NOT a step in valuation using the flow to equity method?

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C、Determine the free cash flow to equity of the investment.

D、Determine the before-tax cost of capital, rU.

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第9题

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