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SUNKCOSTS
c 3. Acostthathasalreadybeenpaid,ortheliabilitytopayhasalreadybeenincurred,isa（n）:
a. salvagevalueexpense.
b. networkingcapitalexpense.
c. sunkcost.
d. opportunitycost.
e. erosioncost.
OPPORTUNITYCOSTS
d 4. Themostvaluableinvestmentgivenupifanalternativeinvestmentischosenisa（n）:
EROSIONCOSTS
e 5. Thecashflowsofanewprojectthatcomeattheexpenseofafirm’sexistingprojectsarecalled:
a. salvagevalueexpenses.
b. networkingcapitalexpenses.
c. sunkcosts.
d. opportunitycosts.
e. erosioncosts.
PROFORMAFINANCIALSTATEMENTS
a 6. Aproformafinancialstatementisonethat:
a. projectsfutureyears’operations.
b. isexpressedasapercentageofthetotalassetsofthefirm.
c. isexpressedasapercentageofthetotalsalesofthefirm.
d. isexpressedrelativetoachosenbaseyear’sfinancialstatement.
e. reflectsthepastandcurrentoperationsofthefirm.
MACRSDEPRECIATION
b 7. ThedepreciationmethodcurrentlyallowedunderUStaxlawgoverningtheacceleratedwrite-offofpropertyundervariouslifetimeclassificationsiscalled_____depreciation.
a. FIFO
b. MACRS
c. straight-line
d. sum-of-yearsdigits
e. curvilinear
DEPRECIATIONTAXSHIELD
c 8. Thecashflowtaxsavingsgeneratedasaresultofafirm’stax-deductibledepreciationexpenseiscalledthe:
a. after-taxdepreciationsavings.
b. depreciablebasis.
c. depreciationtaxshield.
d. operatingcashflow.
e. after-taxsalvagevalue.
CASHFLOW
d 9. Thecashflowfromprojectsforacompanyiscomputedasthe:
a. netoperatingcashflowgeneratedbytheproject,lessanysunkcostsanderosioncosts.
b. sumoftheincrementaloperatingcashflowandafter-taxsalvagevalueoftheproject.
c. netincomegeneratedbytheproject,plustheannualdepreciationexpense.
d. sumoftheincrementaloperatingcashflow,capitalspending,andnetworkingcapitalexpensesincurredbytheproject.
e. sumofthesunkcosts,opportunitycosts,anderosioncostsoftheproject.
Medium
II. CONCEPTS
PROFORMAINCOMESTATEMENT
b 10. Theproformaincomestatementforacostreductionproject:
a. willreflectareductioninthesalesofthefirm.
b. willgenerallyreflectnoincrementalsales.
c. hastobepreparedreflectingthetotalsalesandexpensesofafirm.
d. cannotbepreparedduetothelackofanyprojectrelatedsales.
e. willalwaysreflectanegativeprojectoperatingcashflow.
INCREMENTALCASHFLOW
b 11. Onepurposeofidentifyingalloftheincrementalcashflowsrelatedtoaproposed
projectisto:
a. isolatethetotalsunkcostssotheycanbeevaluatedtodetermineiftheprojectwill
addvaluetothefirm.
b. eliminateanycostwhichhaspreviouslybeenincurredsothatitcanbeomittedfrom
theanalysisoftheproject.
c. makeeachprojectappearasprofitableaspossibleforthefirm.
d. includeboththeproposedandthecurrentoperationsofafirmintheanalysisofthe
project.
e. identifyanyandallchangesinthecashflowsofthefirmforthepastyearsotheycan beincludedintheanalysis.
e 12. Whichofthefollowingareexamplesofanincrementalcashflow?
I. anincreaseinaccountsreceivable
II. adecreaseinnetworkingcapital
III. anincreaseintaxes
IV. adecreaseinthecostofgoodssold
a. IandIIIonly
b. IIIandIVonly
c. IandIVonly
d. I,III,andIVonly
e. I,II,III,andIV
c 13. Whichoneofthefollowingisanexampleofanincrementalcashflow?
a. theannualsalaryofthecompanypresidentwhichisacontractualobligation
b. therentonawarehousewhichiscurrentlybeingutilized
c. therentonsomenewmachinerythatisrequiredforanupcomingproject
d. thepropertytaxesonthecurrentlyownedwarehousewhichhasbeensittingidlebut isgoingtobeutilizedforanewproject
e. theinsuranceonacompany-ownedbuildingwhichwillbeutilizedforanewproject
INCREMENTALCOSTS
d 14. Projectanalysisisfocusedon_____costs.
a. sunk
b. total
c. variable
d. incremental
e. fixed
SUNKCOST
c 15. Sunkcostsincludeanycostthat:
a. willchangeifaprojectisundertaken.
b. willbeincurredifaprojectisaccepted.
c. haspreviouslybeenincurredandcannotbechanged.
d. ispaidtoathirdpartyandcannotberefundedforanyreasonwhatsoever.
e. willoccurifaprojectisacceptedandonceincurred,cannotberecouped.
d 16. Youspent$500lastweekfixingthetransmissioninyourcar.Now,thebrakesare
actingupandyouaretryingtodecidewhethertofixthemortradethecarinfora
newermodel.Inanalyzingthebrakesituation,the$500youspentfixingthe
transmissionisa（n）_____cost.
a. opportunity
b. fixed
c. incremental
d. sunk
e. relevant
EROSION
b 17. Erosioncanbeexplainedasthe:
a. additionalincomegeneratedfromthesalesofanewlyaddedproduct.
b. lossofcurrentsalesduetoanewprojectbeingimplemented.
c. lossofrevenueduetoemployeetheft.
d. lossofrevenueduetocustomertheft.
e. lossofcashduetotheexpensesrequiredtofixaparkinglotafteraheavyrainstorm.
a 18. Whichofthefollowingareexamplesoferosion?
I. thelossofsalesduetoincreasedcompetitionintheproductmarket
II. thelossofsalesbecauseyourchiefcompetitorjustopenedastoreacrossthestreet
fromyourstore
III. thelossofsalesduetoanewproductwhichyourecentlyintroduced
IV. thelossofsalesduetoanewproductrecentlyintroducedbyyourcompetitor
a. IIIonly
c. I,IIIandIVonly
d. IIandIVonly
TYPESOFCOSTS
d 19. Whichofthefollowingshouldbeincludedintheanalysisofaproject?
I. sunkcosts
II. opportunitycosts
III. erosioncosts
IV. incrementalcosts
a. IandIIonly
c. IIandIVonly
d. II,III,andIVonly
e. I,II,andIVonly
NETWORKINGCAPITAL
d 20. Allofthefollowingareanticipatedeffectsofaproposedproject.Whichofthese shouldbeincludedintheinitialprojectcashflowrelatedtonetworkingcapital?
I. aninventorydecreaseof$5,000
II. anincreaseinaccountsreceivableof$1,500
III. anincreaseinfixedassetsof$7,600
IV. adecreaseinaccountspayableof$2,100
b. IandIIIonly
d. I,II,andIVonly
a 21. Changesinthenetworkingcapital:
a. canaffectthecashflowsofaprojecteveryyearoftheproject’slife.
b. onlyaffecttheinitialcashflowsofaproject.
c. areincludedinprojectanalysisonlyiftheyrepresentcashoutflows.
d. aregenerallyexcludedfromprojectanalysisduetotheirirrelevancetothetotal project.
e. affecttheinitialandthefinalcashflowsofaprojectbutnotthecashflowsofthe
middleyears.
c 22. Whichoneofthefollowingwilldecreasenetworkingcapitalofafirm?
a. adecreaseinaccountspayable
b. anincreaseininventory
c. adecreaseinaccountsreceivable
d. anincreaseinthefirm’scheckingaccountbalance
e. adecreaseinfixedassets
d 23. Networkingcapital:
a. canbeignoredinprojectanalysisbecauseanyexpenditureisnormallyrecoupedbythe
endoftheproject.
b. requirementsgenerally,butnotalways,createacashinflowatthebeginningofa
c. expenditurescommonlyoccurattheendofaproject.
d. isfrequentlyaffectedbytheadditionalsalesgeneratedbyanewproject.
e. istheonlyexpenditurewhereatleastapartialrecoverycanbemadeattheendofa project.
MACRS
d 24. AcompanywhichusestheMACRSsystemofdepreciation:
a. willhaveequaldepreciationcostseachyearofanasset’slife.
b. willexpensethecostofnonresidentialrealestateoveraperiodof7years.
c. candepreciatethecostofland,iftheysodesire.
d. willwriteofftheentirecostofanassetovertheasset’sclasslife.
e. cannotexpenseanyofthecostofanewassetduringthefirstyearoftheasset’slife.
a 25. Bet‘rBiltToysjustpurchasedsomeMACRS5-yearpropertyatacostof$230,000.
Whichofthefollowingwillcorrectlygiveyouthebookvalueofthisequipmentatthe
endofyear2?
MACRS5-yearpropert
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