罗斯 公司理财 英文练习题 附带答案.doc

CＨＡＰTER ９Rｉsｋ Analｙsis, Ｒeal　Opｔions， ａnｄ　Capitaｌ BuｄgetinｇMulｔipｌe Ｃｈoice Ｑｕeｓtｉｏns:I.ﻩDEＦＩNＩTIOＮSSCENＡRIO ＡNALYSISb 1.ﻩAn　aｎａlysis oｆ　whａt ｈappens to tｈe　esｔiｍate oｆ ｔhe net presｅnt valｕe　wheｎ you ｅxaｍine ａ ｎumber of diｆfｅrenｔ likｅly sｉtuatiｏns iｓ ｃalled ___＿_ anaｌysis. ａ.ﻩfｏreｃastｉｎg b．ﻩｓcenario c.ﻩseｎsitｉｖｉtｙﻩｄ．ﻩsimulationﻩｅ. ｂｒeak-even Difficulty lｅvｅl：　 ＥaｓｙSENSITIVIＴY ANALＹＳＩＳｃﻩ2． Ａｎ　aｎalyｓis ｏf　ｗｈａｔ hapｐｅns to　the esｔｉmａte　oｆ ｎet　ｐｒesent　ｖalue when onｌy ｏne vａriable is chaｎged is ｃａlｌed　＿__＿＿ ａnaｌｙsis. ａ. fｏrｅcastingﻩb．ﻩscｅnaｒio c.ﻩsｅｎsitｉvｉｔyﻩd. ｓimulation e. break－evenﻩDifficulty levｅl: 　ＥasySIMＵLＡTIOＮ ANALYSISdﻩ3．ﻩＡn　analysｉs　which combiｎes sｃeｎaｒｉｏ analｙsis wiｔh sensitiviｔy anａlysis ｉｓ caｌlｅｄ _＿_＿＿ analｙsis. a． foｒecaｓtingﻩｂ.ﻩscｅnariｏﻩｃ.ﻩｓｅnｓiｔivity d．ﻩsimｕlation ｅ. brｅak-eveｎ Difｆiculty　level:　 EaｓｙBREAK-EVEN ANALYＳISe 4. Aｎ aｎalysｉs of　thｅ ｒelatioｎship ｂetｗeｅn ｔhe　saｌeｓ　volｕme aｎd　various　ｍｅａsuｒeｓ　of prｏfｉtability　iｓ　calleｄ ＿___＿ ａnaｌysis. ａ.ﻩforｅｃastｉng ｂ． ｓcｅnarｉoﻩc．ﻩsensiｔｉvity d.ﻩsimｕlatｉoｎ e．ﻩbreak－evenﻩDiｆficulty leｖel: EａsyVARIAＢLE　COSTSaﻩ5.ﻩVａｒiable costs: ａ. ｃｈａnge　in　diｒect　reｌａtｉoｎshｉp to thｅ quantity of outpｕt ｐｒoduced.ﻩb. aｒe coｎsｔａｎｔ in the sｈorｔ-run regarｄleｓs oｆ the quａntiｔy of oｕｔput proｄuced． c.ﻩｒｅｆlect the　cｈａnge iｎ a variable ｗhen　one ｍｏre　uｎiｔ of ｏｕｔput is produced．ﻩd. ａｒe ｓubtrａｃteｄ froｍ　fiｘed ｃｏsｔs　tｏ cｏmpｕte　the　contriｂution　mａrgin. ｅ. fｏｒm　the ｂasis　that is uｓed to ｄetｅrmine tｈe ｄeｇreｅ of ｏpeｒａtｉng　leveraｇe employeｄ by a firm. Difficuｌｔy level： EａsyFIXEＤ　COSTSb ６. Fixeｄ ｃosｔs： a. ｃｈangｅ as thｅ qｕａntity of　ｏｕtput　producｅd ｃhａｎgeｓ．ﻩb.ﻩaｒe conｓtａｎt over　the　shorｔ－ｒun ｒeｇａｒdleｓｓ　of　tｈe quantｉtｙ ｏf ｏutpuｔ ｐroduced. c．ﻩrｅｆlect　the change iｎ a vaｒiａble　whｅn ｏｎe　mｏrｅ unit ｏf outpuｔ is　ｐroduced．ﻩd．ﻩare subtrａcted from ｓａｌｅs　tｏ coｍpuｔe the coｎtriｂutioｎ margｉn. ｅ.ﻩcan be igｎorｅd ｉn　sｃｅnaｒｉｏ　ａnalyｓｉs　since they are constanｔ over tｈｅ liｆｅ ｏｆ　ａ pｒoｊｅcｔ.ﻩDｉfｆiculty level: EaｓyAＣＣＯUNTING BＲEAK-EVENｃﻩ７.ﻩThｅ ｓales　lｅvel thａｔ ｒｅsults in a ｐroject’s　neｔ ｉｎcｏｍe eｘａｃtｌy ｅquａlｉng zeｒo is　cａlled tｈe _____　breaｋ-even. a. opeｒaｔionalﻩｂ.ﻩlevｅｒaｇedﻩc.ﻩaccounｔｉｎgﻩｄ.ﻩcash e.ﻩpresent ｖaluｅ Dｉfｆicultｙ　lｅvｅl: EasyPRESEＮT VALUＥ BREＡK-EVENe 8． Ｔhe sａｌｅｓ leveｌ tｈat rｅsｕlｔｓ in ａ　projｅct’s nｅt　ｐreseｎｔ value eｘacｔly eｑualｉng zｅro　ｉs ｃａlｌed the __＿__ ｂreak-ｅｖen.ﻩa.ﻩoperationａlﻩb. leverａgedﻩc.ﻩaｃcouｎting d. cash e.ﻩpresent　vaｌｕeﻩDifｆｉｃｕltｙ ｌｅvel： ＥａsyII． CONCＥPTSSＣEＮＡＲIＯ ANAＬYSISb 9.ﻩConduｃting scenarｉo　anａlysis　ｈelｐs manaｇeｒｓ see thｅ:ﻩａ. imｐaｃt　of an inｄividｕal vａｒｉable oｎ　ｔhe oｕtcome oｆ ａ projeｃt. b.ﻩpｏtｅnｔiaｌ ｒange of outcomes frｏm　a proｐosｅd projｅｃt．ﻩc.ﻩｃhａnｇes ｉn ｌｏng-term ｄebt over the courｓe ｏf ａ pｒｏｐosｅd project.ﻩd.ﻩposｓible range ｏｆ　marｋｅt　pricｅs for tｈｅｉr stoｃｋ ｏver　ｔｈｅ liｆｅ oｆ a pｒoject.ﻩe. allocation distributｉｏn ｏf　fｕｎｄs for ｃａpital prｏjects under cｏnditioｎs　of hａrd ratioｎｉng．ﻩＤｉｆfｉculty level:　 EａsySENSＩTIVＩTＹ AＮALYSIＳb 10.ﻩSensiｔivｉty analysｉs　heｌps yｏu dｅｔermiｎｅ　the：ﻩａ.ﻩrangｅ of　pｏsｓｉblｅ ｏutcomes ｇiven posｓｉble ｒａnｇeｓ　for everｙ variable.ﻩｂ. degｒee tｏ ｗhicｈ tｈe net prｅsent　value　reacｔｓ　to ｃhaｎgｅs iｎ　a siｎgle ｖariablｅ. c. net　preseｎt　ｖalue gｉven the ｂest ａnｄ the ｗｏrst possiｂle　situａｔions.ﻩd. dｅgree ｔｏ wｈich　a pｒoject ｉｓ relｉant upoｎ ｔｈｅ fｉxeｄ costｓ．ﻩe. level ｏf vａrｉａble　ｃｏsｔs in　relation to　the fiｘeｄ cosｔs of　a　ｐｒojecｔ.ﻩDｉffｉculty lｅvｅl: EaｓySEＮSITＩＶIＴY ＡNALYSISc 11． Ａs the　dｅｇreｅ of ｓensｉtivity of a projｅｃｔ to a　siｎｇle variablｅ rises, the:ﻩａ． lower thｅ forecaｓｔiｎg　ｒiｓk ｏｆ the ｐｒojecｔ. b． smaｌler ｔｈe rａnge　of possible oｕtcomeｓ ｇｉven a pre-dｅfｉned　ranｇe oｆ vａlueｓ foｒ thｅ　ﻩﻩｉnput. ｃ. more atteｎtion manａgemｅnt shｏuld plaｃe on accｕratｅly fｏrecaｓtinｇ thｅ fｕtuｒe value of ﻩ ﻩｔｈaｔ　variａble. ｄ. loｗｅr ｔhe maxiｍum poｔeｎtial value ｏｆ　thｅ pｒｏｊect. ｅ．ﻩlｏweｒ thｅ　maｘimum pｏtentｉal loss of thｅ ｐroｊeｃt. Dｉffｉcuｌty ｌeveｌ: MeｄｉuｍＳENSITIＶITY AＮＡLYSＩSc 12. Ｓensitivｉtｙ aｎaｌysiｓ is conｄｕｃted ｂy：ﻩa.ﻩｈoｌding　all　variablｅs　at　their base ｌeｖel aｎd cｈanginｇ thｅ　requirｅd　rａte ｏｆ　retｕｒn ﻩ aｓsiｇned　to a　projeｃt.ﻩb． chaｎgｉng the valuｅ of　two　varｉabｌｅｓ ｔo deｔｅrmiｎe　tｈeir interdepｅndency. c．ﻩchanｇｉng the vaｌuｅ　ｏf a　sｉnｇle ｖaｒiable　anｄ　computing the resultｉｎg ｃhanｇｅ ｉn thｅ　ﻩ cｕrrent vａlue ｏf　a project.ﻩd. assｉｇning　eithｅr ｔｈe　beｓt or　thｅ　ｗorst possiｂle value　ｔo　ｅａch　vａｒiａble　aｎd compａｒiｎg ｔhe ﻩresｕlts to ｔhｏse achieved by ｔhe　baｓe　cａse．ﻩe.ﻩmａnageｒs after　a project has ｂeen impleｍｅnteｄ to　ｄeterｍine　hoｗ eａch varｉable relates tｏ　tｈｅ　levｅl of ｏuｔｐut rｅａlized.ﻩDｉfｆiｃulｔy level: 　MｅdiumSENSITIＶIＴY ANＡLYSＩSｄ １３. Tｏ ａsｃertain whethｅr ｔhe accｕracy　of ｔhe variabｌe cosｔ esｔｉmate for a ｐrojecｔ will haｖe ｍｕcｈ effｅｃt on ｔhe　final　ｏｕtcome of the ｐroｊeｃｔ, you　ｓhｏuld ｐrobaｂly condｕｃt　___＿_　ﻩ ａnalｙsis.ﻩa.ﻩｌevｅrａｇｅﻩb. ｓceｎariｏ ｃ. breａk-evｅ。