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1、CHAPTERIOMakingCapita1.bncs1.mctuDecisions1. DEFINITIONSINCREMENTA1.CASHF1.OWSa1.Thechangesinafirmsfuturecashf1.owsthatarcadirectconsequenceofacceptingaprojectarcca1.1.edcashf1.ows.a. incrementa1.b. stand-a1.onec. after-taxd. neipresen1.va1.uee. erosionSTANDA1.ONEPRINCIP1.Eb2.Theeva1.uationofaprojec
2、tbasedso1.e1.yonitsincremena1.cashf1.owsisthebasisofthe:a. incrementa1.cashf1.owmethod.b. stand-a1.oneprincip1.e.c. dividendgrowthm(x1.c1.d. aftertaxsa1.vageva1.ueana1.ysis.e. discountedpaybackmethod.SUNKCOsTSc3.Acostthathasa1.readybeenpaid,orthe1.iabi1.itytopayhasa1.readybeenincurred,isa(n):a. sa1.
3、vageva1.ueexpense.b. networkingcapita1.expense.c. sunkcose.d. opportunitycost.c.erosioncost.OPPORTUNITYCOSTSd4.Themostva1.uab1.einvestmentgivenupifana1.ternativeinvestmentischosenisa(n):I1.sa1.vageva1.ueexpense.b. neiworkingcapita1.expense.c. sunkcost.d. oppr1.uni1.ycost.e. erosioncost.EROSIONCOSTSe
4、5.Thecashf1.owsofanewxqjectthatcomeattheexpenseofafirmsexistingprojectsarcca1.1.ed:a. sa1.vageva1.ueexpenses.b. netwkingcapita1.expenses.c. sunkcosts.d. opportunitycosts.e. erosioncosts.PROEORMAFINANCIA1.STATEMENTSa6.Aprofbmafinancia1.SIa记InenIisonethat:a. projectsfutureyears*operations.b. isexpress
5、edasapercentageof(hetota1.assetsofthefirm.c. isexpressedasapercentageofthetota1.sa1.esofthefirm.d. isexpressedre1.ativetoachosenbaseyearsfinancia1.statement.e. ref1.ectsthepastandcurrentoperationsofthefirm.MACRSDEPRECIATIONb7.ThedepreciationIne1.hOdCurrendya1.1.owedunderUS1.ax1.awgoverningtheacce!er
6、aiedwrite-offofp11)ertyundervarious1.ifetimec1.assit1.ca(ionsisca1.1.eddepreciation.a. FIFOb. MACRSc. straight-1.ined. sum-of-ycarsdigitse. curvi1.inearDEPRECIATIONTAXSH1.E1.Dc8.Thecashf1.owtaxsavingsgeneratedasaresu1.tofafirmstax-deductib1.edepreciationexpenseisca1.1.edthe:a. after-1.axdepreciation
7、savings.b. depreciab1.ebasis.c. depreciation(axshie1.d.d. operatingcashf1.ow.e. after-taxsa1.vageva1.ue.CASHF1.OWFROMPROJECTSd9.Thecashf1.owfromprojectsfi)racompanyiscomputedasthe:Ioperatingcash11owgeneratedbytheProjeCt.1.essanysunkcostsande11soncosts.b. sumoftheincrementa1.operatingcashf1.owandafte
8、r-taxsa1.vageva1.ueoftheProJCe1.c. ne1.incomegeneratedby(hePfQieC1.p1.ustheannua1.depreciationexpense.d. sumoftheincrenen1.a1.ope111.ingcashf1.ow,capita1.spending,andne1.workingcapita)expensesincurredbytheproject.e. sumofthesunkcosts,opportunitycosts,anderosioncostsoftheproject.EQU1.VA1.ENTANNUA1.CO
9、STc10.Theannua1.annuitystreamofpaynntswiththesamepresentva1.ueasaprojectscostsisca1.1.edtheprojectscost.I1.incrementa1.b.sunkC.opportunityd. erosione. equiva1.entannua1.II.CONCEPTSINCREMENTA1.CASHF1.OWb11.Onepurposeofidentifyinga1.1.oftheincrementa1.cashf1.owsre1.atedtoaPrOPOSedprojectisto:a. iso1.a
10、tethetota1.sunkcostssotheycanbeeva1.uatedtodetermineiftheprojectwi1.1.addva1.uetothefirm.b. e1.iminateanycostwhichhasprevious1.ybeenincurredsothatitcanbeomittedfromtheana1.ysisoftheproject.c. makeeachPrqjeC1.appearasprofitab1.easpossib1.eIbnhe1111n.d. inc1.udeboththeproposedand(hecurrentoperationsofamin(heana1.ysisoftheproject.e. iegeneratedfromthesa1.esofanew1.yaddedproduct.b. 1.ossofcurrentsa1.eduetoanewPrOjee1.
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