链剥挂将发多大号 公司理财 ANSWERS FOR EXAM PAPER 1 I.(10%,1 mark each) 1.T2.F3.F 4.F5.T 6.T7.T 8.T9.F10.F ll.(30%,two marks each) 1.B2.A 3.C 4.B 5.c 6.D7.D 8.A9.C 10.B 11.C12.B 13.C 14.C15.D Ill.(60%,20marks each) 1.(a)Annual operating cash flows can be calculated as follows: $m Sm Sales(800x$10,000) 80 Less Variable costs(800 x $7,000) 56 Fixed costs 05 61 19 (2 marks) Cash flows relating to the project are as follows: Year0 1 2 3 4 Sm Sm Sm $m Sm Machinery (47) 0.8 Opportunity cost (13) Annual cash flows 19 19 19 19 (6-0) 19 19 19 27 (2 marks) The net present value of the project is: 第10页共14页公司理财 ANSWERS FOR EXAM PAPER 1 I. (10%, 1 mark each) 1. T 2. F 3. F 4. F 5. T 6. T 7. T 8. T 9. F 10. F II. (30%, two marks each) 1. B 2. A 3. C 4. B 5. C 6. D 7. D 8. A 9. C 10. B 11. C 12. B 13. C 14. C 15. D III. (60%, 20marks each) 1. (a) Annual operating cash flows can be calculated as follows: $m $m Sales (800 x $10,000) Less Variable costs (800 x $7,000) Fixed costs 5·6 0·5 8·0 6·1 1·9 (2 marks) Cash flows relating to the project are as follows: Year0 $m 1 $m 2 $m 3 $m 4 $m Machinery Opportunity cost Annual cash flows (4·7) (1·3) (6·0) 1·9 1·9 1·9 1·9 1·9 1·9 0.8 1·9 2·7 (2 marks) The net present value of the project is: 第 10 页 共 14 页