试题与答案

某企业拟投产一新项目,预计新项目产品的市场适销期为5年,新产品的生产可利用原有旧设备

题型:问答题

题目:

某企业拟投产一新项目,预计新项目产品的市场适销期为5年,新产品的生产可利用原有旧设备,该设备的原值为400万元,税法规定的使用年限为4年,已使用1年,按双倍余额递减法计提折旧,税法规定的残值为20万元。目前变现价值为150万元.5年后的变现价值为10万元。生产A产品需垫支营运资本50万元,项目投产后,每年可以为企业增加税前经营利润80万元。该企业目前的资产负债率为60%,投产新项目后资本结构不变,负债的税后资本成本为7%;该企业过去没有投产过类似项目,但新项目与一家上市公司的经营项目类似,该上市公司权益的β值为1.6,其资产负债率为50%。目前证券市场的无风险收益率为5%,证券市场的平均收益率为10%。两个公司的所得税税率均为40%。
要求:
(1)计算类比企业无负债的B值
(2)计算目标企业的加权平均资本成本
(3)计算设备每年的折旧额
(4)计算项目的投资额
(5)计算项目结束时回收的资金数额
(6)按照“税后经营利润+折旧+回收额”计算经营期各年的实体现金流量
(7)计算该项目引起企业价值增加的数额

答案:

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参考答案:A, B, C, E

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阅读理解

     When many of us take a vacation,relaxing is what we want.But we usually return home  tired and weak.It doesn't have to be this way.

     Come home refreshed after an active trip! Don't be too tired!

     Active vacations are often the most relaxing of all.It's all in defining (定义) what an active  vacation is.We don't expect you to run slowly,or go backpacking.Well,we ask the vacationers who are not active not to sit too long but to spend two to four hours a day doing things,such as walking the city streets,exploring a nature protect,going to a zoo or biking along the ocean.

     These kinds of activities aren't just good for your physical health.They improve your mental health,even your spiritual health.And they make vacations memorable and worthwhile.And after all,isn't that what you want from your vacation?Here are some fresh ideas to make your vacations as pleasurable as they are

active and healthy.

     A walk at dawn or dusk is necessary.Try to make this a daily routine of life away from home,and you

will ensure yourself both physical and spiritual adding.

     Don't allow yourself to spend your entire time sitting in front of the water.Whether it is the ocean,a

swimming pool,or a treelined lake,make sure you get into the water for swimming or games or even

walking.Heck,merely standing in waisthigh water is a good exercise,thanks to the action of the water.And

you will feel so much more alive!

     Many of us spend a large piece of our vacations on the road,either getting to and from our destinations,or using the car for sightseeing.But no matter how beautiful the scenery is,great,memorable vacations don't happen in a car seat.Don't wait for tiredness or nature's call to get you to pull over.Frequently get out and

stretch,walk,picnic,shop,visit,and have fun.It's important for your health and energy,and it makes traveling a lot more active and interesting.

1. The writer writes the text mainly to________.

A. introduce the relationship between vacations and health

B. tell us how to make our vacations relaxing

C. show us where we should go for our vacations

D. explain to us why we feel tired when traveling

2. What does the underlined word "refreshed" mean?

A. Full and excited.  

B. Pleasant but fired.

C. Feeling less tired.  

D. Feeling regretted.

3. What advantage can "the activities" in Paragraph 5 bring?

A. They can improve our health as well as making us feel easy.

B. They just can keep us feel excited and confident.

C. They can bring us more chances to get out.

D. They can save us much time and make the trip meaningful.

4. In the last paragraph,the writer seems to advise us to________.

A. go on vacation by car

B. not to spend too much time on the road

C. make a trip on foot

D. get out of the car for sightseeing

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