答案和详解如下： 1.Economic value added (EVA®) is calculated as net operating profit after taxes minus: A) a charge for equity capital. B) a charge for total capital. C) a charge for debt capital. D) capital expenditures. The correct answer was B) EVA = NOPAT – (C% × TC), where NOPAT is a firm’s net operating profit after taxes, C% is the cost of capital, and TC is total capital. 2.Market value added is calculated as: A) net operating profit after taxes minus a charge for total capital. B) market value of the company minus a charge for equity capital. C) market value of the company minus total capital. D) net operating profit after taxes minus capital expenditures. The correct answer was C) Market value added is the market value of the company minus total capital. It is used to measure the effect on value of management’s decisions since the firm’s inception. 3.A common adjustment in calculating economic value added (EVA®) is to: A) add back deferred taxes. B) treat capital leases as operating leases. C) capitalize and amortize research and development expenses. D) amortize goodwill. The correct answer was C) It is common to capitalize and amortize research and development (R&D) expenses and add R&D expenses back to earnings. Deferred taxes are eliminated to pick up only cash taxes. Goodwill is capitalized and not amortized and operating leases are treated as capital leases. | 
发表于 2008-5-21 10:10
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