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Chapter8
StrategyandAnalysisinUsingNetPresentValue
MultipleChoiceQuestions
1.Theoretically,theNPVisthemostappropriatemethodtodetermineheacceptabilityofaproject.A
falsesenseofsecuritycanbeoverwhelmthedecision-makerwhentheprocedureisapplied
properlyandthepositiveNPVresultsareacceptedblindly.Sensitivityandscenarioanalysisaidin
theprocessby
A)changingtheunderlyingassumptionsonwhichthedecisionisbased.
B)highlightstheareaswheremoreandbetterdataareneeded.
C)providingapictureofhowaneventcanaffectthecalculations.
D)Alloftheabove.
E)Noneoftheabove.
Answer:DDifficulty:MediumPage:213-216
2.Inordertomakeadecisionwithadecisiontree
A)onestartsfarthestoutintimetomakethefirstdecision.
B)onemustbeginattime0.
C)anypathcanbetakentogettotheend.
D)anypathcanbetakentogetbacktothebeginning.
E)Noneoftheabove.
Answer:ADifficulty:MediumPage:213
3.Atstage2ofthedecisiontreeitshowsthatifaprojectissuccessful,thepayoffwillbe$53,000with
a2/3chanceofoccurrence.Thereisalsothe1/3chanceofa$-24,000payoff.Thecostofgetting
tostage2(1yearout)is$44,000.Thecostofcapitalis15%.WhatistheNPVoftheprojectat
stage1?
A)$-13,275
B)$-20,232
C)$2,087
D)$7,536
E)Cannotbecalculatedwithouttheexacttimingoffuturecashflows.
Answer:BDifficulty:HardPage:213
Rationale:
$-44,000+[((2/3($53,000))+(1/3($-24,000)))/1.15]=$-20,232
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