BEC試験無料問題集「AICPA CPA Business Environment and Concepts 認定」
Capital investments require balancing risk and return. Managers have a responsibility to ensure that the
investments that they make in their own firms increase shareholder value. Managers have met that
responsibility if the return on the capital investment:
investments that they make in their own firms increase shareholder value. Managers have met that
responsibility if the return on the capital investment:
正解：A
解答を投票する
解説: (GoShiken メンバーにのみ表示されます)
Karen Parker wants to establish an environmental testing company that would specialize in evaluating the
quality of water found in rivers and streams. However, Parker has discovered that she needs either
certification or approval from five separate local and state government agencies before she can
commence business. Also, the necessary equipment to begin would cost several million dollars.
However, Parker believes that if she is able to obtain capital resources, she can gain market share from
the two major competitors.
The market structure Karen Parker is attempting to enter is best described as:
quality of water found in rivers and streams. However, Parker has discovered that she needs either
certification or approval from five separate local and state government agencies before she can
commence business. Also, the necessary equipment to begin would cost several million dollars.
However, Parker believes that if she is able to obtain capital resources, she can gain market share from
the two major competitors.
The market structure Karen Parker is attempting to enter is best described as:
正解：D
解答を投票する
解説: (GoShiken メンバーにのみ表示されます)
The Frame Supply Company has just acquired a large account and needs to increase its working capital
by $100,000. The controller of the company has identified a source of funds which is given below:
Pay a factor to buy the company's receivables, which average $125,000 per month and have an average
collection period of 30 days. The factor will advance up to 80 percent of the face value of receivables at 10
percent and charge a fee of 2 percent on all receivables purchaseD. The controller estimates that the firm
would save $24,000 in collection expenses over the year. Assume the fee and interest are not deductible
in advance.
Assume a 360-day year in all of your calculations.
The cost of factoring is:
by $100,000. The controller of the company has identified a source of funds which is given below:
Pay a factor to buy the company's receivables, which average $125,000 per month and have an average
collection period of 30 days. The factor will advance up to 80 percent of the face value of receivables at 10
percent and charge a fee of 2 percent on all receivables purchaseD. The controller estimates that the firm
would save $24,000 in collection expenses over the year. Assume the fee and interest are not deductible
in advance.
Assume a 360-day year in all of your calculations.
The cost of factoring is:
正解：D
解答を投票する
解説: (GoShiken メンバーにのみ表示されます)
Youngsten Electric is contemplating new projects for the next year that will require $30,000,000 of new
financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:
. Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of
2 .5% of par value.
. Use internal funds generated from earnings of $20,000,000.
The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta
coefficient for Youngsten's common stock is estimated to be .8. Youngsten is subject to a 40% corporate
income tax rate. Youngsten has a price/earnings ratio of 10, a constant dividend payout ratio of 40%, and
an expected growth rate of 12%.
Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%.
Youngsten's weighted average cost of capital is:
financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows:
. Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of
2 .5% of par value.
. Use internal funds generated from earnings of $20,000,000.
The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta
coefficient for Youngsten's common stock is estimated to be .8. Youngsten is subject to a 40% corporate
income tax rate. Youngsten has a price/earnings ratio of 10, a constant dividend payout ratio of 40%, and
an expected growth rate of 12%.
Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%.
Youngsten's weighted average cost of capital is:
正解：C
解答を投票する
解説: (GoShiken メンバーにのみ表示されます)