答案和详解如下： Question 71 The correct answer was B) The project that maximizes the firm's value is the one that has the highest positive NPV. This question tested from Session 11, Reading 44, LOS e, (Part 2) Question 72 The correct answer was C) “I prefer expansion projects because they require the least amount of detailed analysis.” Expansion projects are undertaken to grow the business. They require a very detailed analysis which includes explicit forecasts of future demand. This question tested from Session 11, Reading 44, LOS a Question 73 The correct answer was C) It is desirable for the chairman of the board to be the firm’s current CEO or former CEO. The willingness of independent board members to express opinions that are not aligned with managements’ may be impaired when the chairman is the firm’s current CEO or a former CEO. This question tested from Session 11, Reading 48, LOS c Question 74 The correct answer was B) The internal rate of return is independent of the firm’s cost of capital. It is a function of the amount and timing of a project’s cash flows. This question tested from Session 11, Reading 45, LOS j Question 75 The correct answer was A) the weighted average cost of capital and the after-tax cost of debt will be lower for Company X. The weighted average cost of capital (WACC) may be expressed as: WACC = [(wd)(kd)(1 − t)] + (wps)(kps) + (wce)(kce) where: | | | wd, wps, and wce | = | the percentage of debt, preferred stock, and common equity, respectively, in the firm's capital structure. | kd, kps, and wce | = | the cost of debt, preferred stock, and common equity, respectively. | t | = | the marginal corporate tax rate. |
Assuming identical capital structures (percentages) and identical component costs of capital before taxes, both the after-tax cost of debt and the WACC for the firm with the higher tax rate will be lower. This question tested from Session 11, Reading 45, LOS b | 
发表于 2008-11-13 06:02
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