CFA Level 1 － Mock Exam 1 模拟真题－Q76-80 face, following, likely, normal, least

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76、Which of the following is least likely classified as an opportunity cost?

Select exactly 1 answer(s) from the following:   

A. The market value of vacant land used for a distribution center.

B. The cash savings related to adopting a new production process.

C. The cash flows generated by an old machine that is to be replaced.

D. The rent that could be received on a building if it were not used for a project.        

 

77、An analyst determined the following cash flows for a capital project:

Year	0	1	2	3	4	5
Cash flow (

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3975

答案和详解如下：

76 Correct answer is B

“Capital Budgeting,” John D. Stowe and Jacques R. Gagné
2008 Modular Level I, Vol. 4, pp. 10-12
Study Session 11-44-b
discuss the basic principles of capital budgeting, including the choice of the proper cash flows and determining the proper discount rate
The cash savings related to adopting a new production process is an incremental cash flow, not an opportunity cost.

77 Correct answer is D

“Capital Budgeting,” John D. Stowe and Jacques R. Gagné
2008 Modular Level I, Vol. 4, pp. 12-19
Study Session 11-44-d
calculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, average accounting rate of return (AAR), and profitability index (PI)
Using a calculator, the IRR is 19.25%.
The discounted payback period is the number of years (and fractional part of a year) that it takes to recover the initial investment in terms of discounted future cash flows discounted at the project’s required rate of return. The discounted cash flows for the first four years are:

3975

答案和详解如下：

76 Correct answer is B

“Capital Budgeting,” John D. Stowe and Jacques R. Gagné
2008 Modular Level I, Vol. 4, pp. 10-12
Study Session 11-44-b
discuss the basic principles of capital budgeting, including the choice of the proper cash flows and determining the proper discount rate
The cash savings related to adopting a new production process is an incremental cash flow, not an opportunity cost.

77 Correct answer is D

“Capital Budgeting,” John D. Stowe and Jacques R. Gagné
2008 Modular Level I, Vol. 4, pp. 12-19
Study Session 11-44-d
calculate and interpret the results using each of the following methods to evaluate a single capital project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, average accounting rate of return (AAR), and profitability index (PI)
Using a calculator, the IRR is 19.25%.
The discounted payback period is the number of years (and fractional part of a year) that it takes to recover the initial investment in terms of discounted future cash flows discounted at the project’s required rate of return. The discounted cash flows for the first four years are:

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