1、A financial analyst determines the after-tax operating cash flow for a proposed project’s first year using the following estimates. 财务分析师使用以下估计确定拟议项目第一年的税后经营现金流Sales revenue 销售收入 $2,000,000Operating costs 运营成本$1,000,000Depreciation 折旧$200,000Income tax rate 所得税率35% The after-tax operating cash flow for this project in its first year is:( )第一年的税后经营现金流为（ ）
A、$520,000
B、$650,000
C、$720,000
D、$850,000
参考答案：$720,000
2、 After calculating both the simple payback period and the discounted payback period for a project, the discounted payback period is:( )计算一个项目的静态投资回收期和动态投资回收期后，动态投资回收期为: ( )
A、shorter because the time value of money raises the value of the cash flows.更短，因为货币的时间价值提高了现金流的价值
B、longer because the time value of money raises the value of the cash flows.更长，因为货币的时间价值提高了现金流的价值
C、shorter because the time value of money lowers the value of the cash flows.更短，因为货币的时间价值降低了现金流的价值
D、longer because the time value of money lowers the value of the cash flows.更长，因为货币的时间价值降低了现金流的价值。
参考答案：longer because the time value of money lowers the value of the cash flows.更长，因为货币的时间价值降低了现金流的价值。
3、 A depreciation tax shield is a reduction in income taxes折旧税盾是折旧费用引起的所得税的减少
A、正确
B、错误
参考答案：A
4、Discounted cash flow model is generally considered the best model for long-range decision making ( ) 贴现的现金流模型被认为是长期决策的最佳模型
A、正确
B、错误
参考答案：A
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