练习五(1-8)
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第一单元知识点巩固一、读拼音,写词语。
jīnɡ qiǎo pèi héshēn duàn shì yíbái hè( ) ( ) ( ) ( ) ( )shēnɡ yìnɡxún chánɡwànɡ quèjìnɡ xiáqīnɡ chén( ) ( ) ( ) ( ) ( ) ɡū dúyōu rán huánɡ hūn ēn huìměi zhōnɡ bù zú( ) ( ) ( ) ( ) ( ) bō zhǒnɡjiāo shuǐfēn fùzhà yóu ài mù( ) ( ) ( ) ( ) ( )二、按要求填空。
1.《白鹭》是一篇的散文,作者,代表作《》《》。
课文描写了白鹭的和、、。
表达了。
2、《落花生》的作者是,代表作《》《》。
课文围绕落花生写了、、、。
作者运用了的表现手法: 由花生的特点道出“。
体现了。
3、《桂花雨》的作者是。
桂花带给“我”的美好回忆有“”“”“”。
本文借助这一具体事物回忆了作者童年时与桂花相关的生活场景,抒发了作者对故乡和。
4、《珍珠鸟》的作者是。
写珍珠鸟由的情感变化,表现了作者与珍珠鸟之间的情谊,表达了。
三、句子加工厂。
1、这里的桂花怎么比得上家乡院子里的桂花香呢?(改为陈述句)2、我将珍珠鸟放在一个简易的竹条编成的笼子里。
(缩句)3、母亲常给我们讲过去的“摇花乐”的往事。
(修改病句)4、父亲说:“这是我对你们的希望。
”(改为转述句)四、制定班级公约,分别从学习、纪律、卫生三个方面提出三条班级公约,要求具体。
五、根据词语的不同意思写句子。
1、体面:①光荣、光彩;面子上好看。
句子:②(相貌或样子)好看;美丽。
选择()1.The crow is thirsty and _______. A.hungry B. tired C. happy ()2.The crow sees _____.A.some water in the jarB.some milk in the jarC.some coffee in the jar()3.The crow drops _____ into the jar.A.some waterB. some stonesC. some pebbles()4.The crow finds a house _______.A.in a parkB.at the foot of the mountainC. in the hill()5.The crow rests _______.A.in a treeB. on a chairC. in a bed()6.The crow sees many pebbles ____ the house.A.inB.insideC. beside()7.The glass jar is _____.A.tall and bigB. small and softC.short and hard()8.Finally, the crow _________.A.gives up and flies awayB.drinks the water happilyC.dies of thirst()9.What do you think of the crow? A.clever B. silly C. greedy()10.What do you learn from the story?A.Never too old to learn.B.Where there is a will there is a way.C.A friend in need is a friend in deed.判断()1.The story is happens in a summer day.()2.The crow rests in a tree in a forest.()3.The crow wants some bread to eat.()4.There is a glass jar outside the house.()5.There is a little water in the glass jar.()6.There are some pebbles inside the house.()7.At last, the crow doesn’t drink the water.()8.The crow is thirsty and hungry.()9.The glass jar is small, so the crow can drink water easily.()10.The crow gives up after a long time of flying.阅读短文,选出正确答案It’s a hot summer. A thirsty crow rests in a tree in a desert. He wants to drink some water. After a long time flying, he finds a house at the foot of the mountain. The crow is excited to find a glass jar with a little water inside the house. However, he can’t reach the water because the jar is tall and big. There are many pebbles beside the house. He has an idea. He keeps collecting pebbles and dropping them into the jar. Finally, the water is close to the top of the jar. He drinks the water happily.()1.Which season is it? A.spring B. summer C.winter()2.What does the crow want ? A.some food B. some water C. some pebbles ()3.How can the crow drink the water finally?A.He drops some pebbles into the jar.B.He breaks the glass jar.C.He flies away.()4.What do you learn from the story?A.Never too old to learn.B.Where there is a will there is a way.C.A friend in need is a friend in deed.选择()1.There is a swan with________ feathers. A.yellow B.golden ()2.The swan with golden feathers lives in a________. ke B.river ()3.A woman lives with her two________. A.daughters B.sons()4.The woman is very __,because their life gets much better. A.happy B.greedy()5.The golden feathers on the floor change into ___ feathers. A.chicken B.bird ()6.The woman wants to take all the swan's ____ A.wings B.feathers()7.The swan leaves_____on the table each day. A.some money B.a golden feather()8.At first,the woman and her daughters live a _______ life. A.rich B.poor ()9.At last,the woman and her daughters live a _______life. A.rich B.poor ()10.But day after day, the woman becomes ______. A.kind B.greedy判断()1.There is a swan with golden feathers.()2.A woman lives in a small house near the lake with her two sons.()3.At first,the woman lives a happy life.()4.The woman has enough money to buy food.()5.In the evening,the swan flies to the poor woman's house and leaves a golden feather on the table.()6.The daughters want to take all the swan's feathers.()7.The woman listens to her daughters.()8.The golden feathers on the floor change into duck feathers.()9.At last,the greedy woman lives a rich life again.()10.The swan flies away,and never comes back.阅读短文,选出正确答案There is a swan with golden feathers. She lives in a lake.A woman lives in a small house near the lake with her two daughters. They work hard all year round, but they still live a hard life. Sometimes they even don't have enough money to buy food. The swan is sad to see that. She says to herself, “I'll give one of my feathers to them each day, then they can sell my feathers for money and live a happy life.”In the evening, she flies to the poor woman's house and leaves a golden feather on the table. From then on, the swan comes every day and gives them a feather. The woman is very happy because their life gets much better.But day after day, the woman becomes greedy. She says to her daughters, “The swan may fly away one day. We should take all her feathers when she comes next time.” The daughters cry, “Oh no, Mum! Please don't hurt the swan. She helps us a lot!” But their mother wouldn't listen.When the swan comes as usual, the woman catches her and takes her feathers.Suddenly, the golden feathers on the floor change into chicken feathers. The swan says to the woman, “Poor woman, I come to help you, but you want to kill me. Now I'm leaving and will never come back!”With these words, the swan flies away. The woman lives a poor life again.()1.At first,the woman and her daughters live a ______ life. A.rich B.hard ()2.The swan leaves____on the table each day. A.some money B.a golden feather ()3.The golden feathers on the floor change into ___feathers. A.chicken B.duck ()4.But day after day, the woman becomes ______. A.kind B.greedy ()5.At last,the woman and her daughters live a _______life. A.rich B.poor五上《快乐英语阅读》Unit 3练习题选择题( ) 1. The tortoise has a running race with_____.A. the bear B. the birds C. the rabbit ( ) 2. The ants leave the shell on the river bank because ______.A.They don’t like it.B.It’s too heavy for them to take home.C.They want give it back to the tortoise.( ) 3. The tortoise’s shell is____. A.big and soft B.big and hard C.small and ugly ( ) 4. The bear likes the shell because ______________.A.it can make a beautiful soundB.it can make honeyC.it looks like a boat( ) 5. The birds like the shell because____________.A.it can be their new houseB.it seems like a boatC.it can make a beautiful sound ( ) 6. The ants like the shell because____________.A.it can make honeyB.it looks like a boatC.it can be a drum( ) 7. Three little ants are trapped on ____.A.the river bank B. a big tree C. the rock ( ) 8. What happens to the tortoise after he throws the shell?A.The mosquitoes bite the tortoise’s soft back.B.The tortoise wins in a running race.C.The tortoise is trapped on a big tree. ( ) 9. At last, the tortoise puts on his shell with __. A.anger B. pride C.sadness ( ) 10. What do you learn from the story?A.Two heads are better than one.B.Everyone is unique in the world. Just be yourself.C.Never too old to learn.判断题( )1. At first, the tortoise likes his shell very much.( ) 2.The bear like the shell because it can make honey.( ) 3. The birds give some honey to the bear.( ) 4. A heavy rain rushes the shell into the river.( ) 5. The ants put the shell on the rock.( ) 6.The shell is too heavy for the three ants.( ) 7. The ants like the shell because it seems like a drum.( ) 8. The birds like the shell because it can make a beautiful sound.( ) 9. The shells helps three ants cross the river.( ) 10. Finally the tortoise puts on his shell with pride.阅读短文,选出正确答案A bear sees the shell.Bear: Oh, it’s interesting. It can make a beautiful sound. I think it is a drum.The bear plays it happily.Two birds come when they hear the sound.Bird1: What is it? It is big and hard. Bird2: It can be our new house.Bird1: Mr.Bear, would you please give it to us? Bear: But... I like it very much.Bird2: Give it to us and you can get the honey. Bear:Oh, honey! Take the drum.The two birds put the shell on a big tree. What a warm house! But then, a heavy rain comes. It rushes the shell into the river. The two birds are very sad.( ) 1. The bear thinks the shell is ___. A.a boat B.a drum C.a swan ( ) 2. The birds like the shell because____________.A.it can be their new houseB.it seems like a boatC.it can make a beautiful sound ( ) 3. In order to get the shell, the birds give some ______ to the bear.A.applesB. honeyC.fruits( ) 4. The two birds put the shell on the ____. A.tree B.bank C. desert ( ) 5. ___ rushes the shell into the river.A.Some mosquitoesB.Some fishC.A heavy rain五上《快乐英语阅读》Unit 4练习题选择题( )1.The little horse was asked to carry the wheat to the___.A.riverlC.hill( )2.After hearing the little horse's story, mother horse asked him to__.A. try it by himselfB.stay at homeC.listen to the squirrel( )3.The mill was _____ the river. A.on B.about C.on the other side ( )4.What do you learn from the story? A. No pains,no gainsB.Real knowledge comes from practiceC. Do not listen to others( )5.There was ____ over the river. A. a bridge B. no bridge C. a mill ( )6.The water was ____ for the little horse.A. too deepB. too shallowC.just right( )7.The water was ___ for the cow. A. too deep B. too shallow C.just right ( )8.When the little horse put his legs in the water,( )stopped him again.A. The squirrelB.a cow( )9.___ tells the little horse that the river is very shallow and he can cross it easily.A.The cowB.The squirrelC.The mother horse( )10.____ tells the little horse that the river is too deep and he will drown.A.The cowB.The squirrelC.The mother horse判断题( )1.Mother horse ask the little horse to carry a bag of wheat to the mill.( )2.A cow told the little horse the river was very shallow.( )3.The cow’s friend drowned in the river just last night.( )4.The story told us it’s not enough if you only listen to others ,you must try it by yourself,you will find the truth.( )5.A squirrel told the little horse the river was shallow.( )6.After hearing the little horse's story ,the mother horse asks him to listen to the squirrel .( )7.The little horse comes to a river and he doesn't know if he can cross it.( )8.There was a bridge over the river.( )9.The little horse was asked to carry the wheat to the hill.( )10.The river is on the other side of the river.阅读短文,完成选择或判断。
(部编)五年级数学下册选择题练习(1-8单元)第一单元:分数的概念与比较选择题1下列分数中,哪一个分数的值最大?A. 1/2B. 3/4C. 2/5D. 5/6选择题2如果分数的分子和分母都乘以同一个非零数,那么这个分数的值会:A. 保持不变B. 变大C. 变小D. 不能确定第二单元:小数的概念与比较选择题1将分数1/2转换成小数,得到的结果是:A. 0.5B. 0.2C. 1.0D. 2.0选择题2小数0.3和0.30是:A. 相等的B. 不相等的C. 在数值上相等,但表示意义不同D. 不能确定第三单元:整数的乘法选择题17乘以8等于:A. 56B. 63C. 70D. 80选择题2如果一个因数不变,另一个因数扩大2倍,那么积也会:A. 扩大2倍B. 扩大4倍C. 保持不变D. 缩小2倍第四单元:图形的认识选择题1下列哪个图形是三角形?A. 正方形B. 长方形C. 梯形D. 圆选择题2一个长方形的长是10厘米,宽是5厘米,那么它的周长是:A. 30厘米B. 40厘米C. 50厘米D. 60厘米第五单元:混合运算选择题125加上36再减去17等于:A. 44B. 51C. 58D. 62选择题2下列哪个算式计算结果最大?A. 25 + 36 - 17B. 36 - 25 + 17C. 17 + 25 - 36D. 25 - 17 + 36第六单元:分数的加减法选择题11/2加上3/4等于:A. 1/4B. 1/2C. 3/4D. 5/4选择题2下列哪个算式计算结果最小?A. 1/2 - 1/3B. 1/3 - 1/2C. 2/3 - 1/2D. 1/2 - 2/3第七单元:小数的加减法选择题10.5加上0.3等于:A. 0.6B. 0.8C. 0.85D. 0.55选择题2下列哪个算式计算结果最大?A. 0.5 - 0.3B. 0.3 - 0.5C. 0.4 - 0.2D. 0.2 - 0.4第八单元:数据的收集与处理选择题1下列哪个图形最适合表示一组数据:A. 柱状图B. 饼图C. 折线图D. 散点图选择题2一组数据的中位数是20,那么这组数据中:A. 至少有一个数大于20B. 至少有一个数小于20C. 所有数都等于20D. 不能确定。
人教版五年级语文上册期末复习资料1-8单元(附练习题)第一单元复习宝典《窃读记》作者:林海音【主要内容】描写了作者放学后急匆匆赶往书店,藏身于众多顾客、借雨天窃读,到晚上才依依不舍离开的读书过程。
【中心思想】表现了作者对读书的热爱,对知识的渴望。
一、四会字:窃炒锅踮哟饿惧充檐皱碗酸撑柜侣娱盒豫趟诵零编某二、两会字:腋婪辘彭侠嗯喻扉呐瘾囫囵莎磁锻鉴呕沥三、【注意字音】转(zhuǎn)过街角目的(dì)地踮(diǎn)起脚尖暂(zàn)时四、多音字dí(的确) zhuǎn(转达) dài(等待) yān (咽喉) bēn(飞奔)的dì(目的) 转zhuàn(旋转) 待咽yàn (咽下) 奔de好的) zhuǎi(转文) dāi(待会) yè (哽咽) bèn(投奔)gōng (提供) sì(似乎) lǜ(绿色) fēn (十分) jīn(禁受)供似绿分禁gòng(供品) shì(似的) lù(绿林) fèn(分外) jìn(禁止)sā(撒谎) chà(差不多) 撒chā(差别) sǎ(撒播) 差chāi(邮差) cī(参差)chài(指病愈的意思,可组词“小差”,形容病情小愈)词关一、近义词担忧――担心贪婪――贪心惧怕――害怕适宜――适合熟悉――熟识喜欢――喜爱困难――艰难起码――至少鼓励――激励欣赏――观赏品味――品尝愉悦――喜悦遭遇――遭受悲惨――凄惨领悟――领会毫不犹豫――毫不迟疑二、反义词担忧――放心贪婪――知足隐藏――公开暂时――长久悲惨――幸福喜欢――讨厌困难――容易起码――至多鼓励――打击寂寞――热闹模仿――独创熟悉――陌生欣赏――讨厌愉悦――不快毫不犹豫――犹豫不决三、四字词1课:花花绿绿倾盆大雨饥肠辘辘舒舒服服依依不舍 2课:绿林好汉滚瓜烂熟能文能理 3课:毫不犹豫想去就去4课:流光溢彩呐喊助威津津有味如痴如醉浮想联翩泪落如珠囫囵吞枣不求甚解牵肠挂肚如饥似渴不言而喻花纹驳杂黯然神伤千篇一律一片一片天高气爽云淡日丽香飘四野又圈又点别出心裁与众不同古今中外大显身手眼泪花花真情实感心安理得念念不忘呕心沥血天长日久悲欢离合【重点词句】 (1)重点词:适宜:适合,相宜。
人教版语文五年级上册词语盘点、日积月累(1-8单元修正版)读读写写(一)zhāo pái dān yōu jí qièjù pà huán jìng zhī qù guāng gù( 招牌) ( 担忧) (急切) (惧怕 ) ( 环境 ) (知趣 ) ( 光顾 )kǒng pàchōng zú lǐ yóu wū yán qí shízhīchēng gǔ lì( 恐怕 ) ( 充足) ( 理由) ( 屋檐) ( 其实) ( 支撑) ( 鼓励)huán rào yú lègǎn tàn zhōuyóu sīkǎo pǐn wèi piàn duàn( 环绕) ( 娱乐) ( 感叹) ( 周游) ( 思考) ( 品味) ( 片段)hū lüè yì yìfāng shìqīng pén dàyǔ háo bù yóu yù( 忽略) ( 意义) ( 方式 ) ( 倾盆大雨 ) ( 毫不犹豫 )读读记记(一)tān lán tōnɡ shùn kě kào péi yǎnɡqímǎbǐ yù xīn fēi( 贪婪) ( 通顺) ( 可靠) ( 培养) ( 起码) ( 比喻) ( 心扉)nàhǎn bǎo lǎnɡuòyǐn bào chánɡ bó zákuì zènɡ cí shí( 呐喊) ( 饱览) (过瘾) ( 报偿) ( 驳杂) ( 馈赠) ( 磁石)duàn liàn jiè jiàn jī chánɡ lù lù gǔn guā làn shú liú guāng yìcǎi( 锻炼) ( 借鉴) ( 饥肠辘辘) (滚瓜烂熟 ) (流光溢彩)jīn jīn yǒu wèi tiān cháng rìjiǔrú zuì rú chīfú xiǎng lián piān(津津有味 ) (天长日久 ) (如醉如痴 ) (浮想联翩 )hú lún tūn zǎo bù qiú shèn jiěbēi huān lí héqiān cháng guà dù(囫囵吞枣 ) (不求甚解 ) (悲欢离合 ) (牵肠挂肚 )rú jī sìkě bù yán ér yù qiān piān yílǜ biéchūxīn cái yǔ zhòng bù tong(如饥似渴 ) (不言而喻 ) (千篇一律 ) (别出心裁) (与众不同)dàxiǎn shēn shǒu xīnān lǐ dé niàn niàn bú wàng ǒu xīn lì xuè(大显身手 ) (心安理得 ) (念念不忘 ) (呕心沥血)日积月累(一)1.一日无书,百事荒芜。
Unit 1 Goldilocks and the three bears1. There is______ ______ on the table.桌子上有一些汤。
2. There are ______ ______ in front of _____.在她前面有三只熊。
3.There ____ a pie and two hamburgers on the plate.盘子里有一个派和两个汉堡包。
4. There _____ two computer rooms and a table tennis on ______ ______ floor.在二楼有两个电脑室和一个乒乓球室。
5.There are some oranges in the fridge.冰箱里有一些桔子。
(对划线部分提问)_______ _______ in the fridge?6. _______ ______ beautiful house! 多么漂亮的一栋房子啊!7. There is a lovely dog between the ______ (monkey) and the ________(panda).在猴子和熊猫之间有一只可爱的小狗。
Unit 2 A new student1._____ there a music room? 有一间音乐室吗?Yes, there ____.是的,有。
No,there _____.不,没有。
2._____ there _____classrooms? 有一些教室吗?Yes, there ____.是的,有。
No, there _______. 不,没有。
3.There is a table tennis on the first floor.一楼有一间乒乓球室。
(改为否定句)There _____ _____ a table tennis on the first floor. 一楼没有有一间乒乓球室。
Unit One【词汇】1. bear 熊2. forest 森林3. there (与be连用) 有4. house 房子5. soup 汤6. room 房间7. hard 硬的8. soft 柔软的9. afraid 害怕的10. her 她11. beside 在……旁边12. between 在……中间13. really 真的14. then 然后15. find 找到,发现16. their 他们的【短语】1. in the forest 在森林里2. What a beautiful house! 多漂亮的一座漂亮的房子!3. hungry and thirsty 又饿又渴4. some soup 一些汤5. on the table 在桌子上6. just right 正好7. too cold/ hot/ hard/ soft 太冷/太热/太硬/太软8. be afraid/ tired/ hungry 害怕/ 疲倦/ 饥饿9. three bears 三只熊10. in front of 在……之前11. have a cold 感冒12. put on your coat 穿上你的外套13. have some cakes 吃些蛋糕14. in the fridge 在冰箱里15. in the kitchen 在厨房里16. find their cousin 找到他们的表弟17. a glass of milk 一杯牛奶18. remember these words 记住(得)这些单词19. between…and…在……和……中间【知识点分析】一、there be结构的用法1. there be 句型的基本结构为:There + be ( is , are ) + 主语+ 地点状语,表示“在什么地方有什么东西。
”它与汉语语序的排列有所不同。
Eg: There is an apple on the table.桌上有一个苹果2. is 可数名词单数/ 不可数名词thereare 可数名词复数如:There is some milk in the glass. (is后面加不可数名词)There is a book on the desk. (is 后面加可数名词单数)There are a lot of books on the desk. (are后面加可数名词复数)there be 就近原则:如果there be 句型中有几个并列主语时,be动词的形式要与离其最近的一个名词在数上保持一致。
北师大版数学五年级上册《练习五》教学设计1一. 教材分析北师大版数学五年级上册《练习五》主要是对前面所学知识点的巩固和拓展。
本练习包括分数的加减法、几何图形的面积、整数的乘除法等内容的练习。
教材通过一系列具有代表性的例题和练习题,帮助学生巩固数学知识,提高解决问题的能力。
二. 学情分析五年级的学生已经掌握了分数的加减法、几何图形的面积、整数的乘除法等基本数学知识。
他们在学习过程中善于思考,有较强的学习兴趣。
然而,部分学生在解决实际问题时,仍存在一定的困难,需要老师在教学中给予引导和帮助。
三. 教学目标1.知识与技能:使学生能够熟练运用分数的加减法、几何图形的面积、整数的乘除法等知识解决实际问题。
2.过程与方法:培养学生的逻辑思维能力、分析问题解决问题的能力。
3.情感态度与价值观:激发学生的学习兴趣,培养他们积极向上的学习态度。
四. 教学重难点1.重点:运用所学知识解决实际问题。
2.难点:在解决实际问题时,如何正确运用分数的加减法、几何图形的面积、整数的乘除法等知识。
五. 教学方法1.情境教学法:通过设置生活情境,让学生在实际问题中运用所学知识。
2.启发式教学法:引导学生主动思考,发现问题,解决问题。
3.小组合作学习:鼓励学生相互讨论,共同完成任务。
六. 教学准备1.教学课件:制作与本节课相关的课件,以便于展示和讲解。
2.练习题:准备一定数量的练习题,用于巩固所学知识。
3.教学道具:准备一些几何图形模型,便于学生直观理解。
七. 教学过程1.导入(5分钟)利用课件展示一些生活中的实际问题,引导学生发现数学在生活中的应用,激发学生的学习兴趣。
2.呈现(10分钟)通过展示课件和讲解,让学生回顾分数的加减法、几何图形的面积、整数的乘除法等知识,为新课的学习做好铺垫。
3.操练(15分钟)让学生独立完成练习题,检验他们对分数的加减法、几何图形的面积、整数的乘除法等知识的掌握程度。
老师在这个过程中要进行巡回指导,帮助有困难的学生。
五年级数学竞赛综合练习(一)姓名姓名得分1、找规律:0、1、3、8、21、()、144。
2、如果△+△+△-□-□=12,□+□+□-△-△=2。
那么△=(),□=()。
3、王叔叔买了3千克荔枝和4千克桂圆,共付156元。
已知5千克荔枝的价钱等于2千克桂圆的价钱。
每千克荔枝()元,每千克桂圆()元。
4、将0、1、3、5、6、8、9这七个数字填在圆圈和方框里,每个数字恰好出现一次,组成一个整数算式。
○×○=□=○÷○5、用长18厘米的铁丝围成各种长方形,要求长和宽的长度都是整厘米数,围成的长方形的面积最大是()平方厘米。
6、1+2-3+4+5-6+7+8-9+……+58+59-60=()。
7、被减数、减数、差相加得2076,差是减数的一半。
如果被减数不变,差增加42,减数应变为()。
8、两数相除,商是4,余数是10。
如果被除数和除数同时扩大50倍,商是(),余数是()。
9、小明在计算除法时,把被除数1350写成1305,结果得到商是52,余数是5,正确的商应该是()。
10、从1——8这八个数中,每次取两个数,要使它们的和大于8,有()种取法。
11、城东小学有篮球、足球和排球共95只,其中足球比排球少5只,排球的只数是篮球只数的2倍。
篮球有()只,足球有()只,排球有()只。
12、有一幢10层的大楼,由于停电电梯停开,某人从1层走到3层需要30秒,照这样计算,他从3层走到10层需要()秒。
13、一个长方形的木板,如果长减少5分米,宽减少2分米,那么它的面积就减少66平方分米,这时剩下的部分恰好是一个正方形,原来长方形的面积是()平方分米。
14、假期里有一些同学相约每两人互通一次电话,他们一共打了78次电话,问有()位同学相约互通电话。
15、数一数下图中共有()个三角形。
16、A、B两城相距300千米,摩托车行完全程要5小时,自行车要25小时,王亮从A 城出发,先骑自行车5小时,后改骑摩托车。
练习五
1、三通公司发行期限为5年、利率为12%的债券一批,发行总价格
为250万元,发行费率3.25%;该公司所得税税率规定为33%。
要求:试测算三通公司该债券的资本成本。
解:资本成本率12%(1-33%)÷(1-3.25%)=8.31%
2、十全公司拟发行优先股150万元,预定年股利率12.5%,预计筹
资费用5万元。
要求:试测算十全公司该优先股的资本成本。
解:资本成本率(150×12.5%)÷(150-5) =12.93%
3、海鸿股份有限公司普通股现行市价每股20元,现增发新股80000
股,预计筹资费用率6%,第一年每股发放股利2元,股利增长率5%。
要求:试测算本次增发普通股的资本成本。
解:普通股的资金成本率=[2÷(20-20×6%)]+5%=15.64%
4、某企业年销售净额为280万元,息税前利润为80万元,固定成本
为32万元,变动成本率为60%;资本总额为200万元,债务比率40%,
债务利率12%。
要求:试分别计算该企业的营业杠杆系数、财务杠杆系数和联合
杠杆系数。
解:(A)经营杠杆系数为:(280-280×60%)÷(280-280×60%-32)=1.4 (B)财务杠杆系数为:(280-280×60%-32)÷(280-280×60%-32-200×40%×12%)=1.14
(C)总杠杆系数=1.4×1.14=1.6
5、某公司在初创时拟筹资500万元,现有甲、乙两个备选筹资方案。
有关资料经测算列入下表,甲、乙方案其他有关情况相同。
要求:试测算比较该公司甲、乙两个筹资方案的综合资本成本并据以选择筹资方案。
解:甲方案:
各种筹资占筹资总额的比重:长期借款为0.16,公司债券为0.24,普通股为0.60 则加权平均资金成本率为:7%×0.16+8.5%×0.24+14%×0.60=11.56%
乙方案:
各种筹资占筹资总额的比重:长期借款为0.22,公司债券为0.08,普通股为0.70 则加权平均资金成本率为:7.5%×0.22+8%×0.08+14%×0.70=12.09%
甲、乙两个方案,甲方案加权平均资金成本低于乙方案,故甲方案较佳。
6、(1)某公司拟追加筹资200万元,现有A、B、C三个追加筹资方案可供选择,有关资料经整理列示如下表。
(2)该公司原有资本结构见上题计算、选择的结果。
要求:(1)测算该公司A、B、C三个追加筹资方案的边际资本成本,并比较选择最优追加筹资方案。
(2)确定该公司追加筹资后的资本结构,并测算其综合资本成本。
解:(1)
A方案:各种筹资占筹资总额的比重:长期借款为0.125,公司债券为0.375,优先股为0.375, 普通股为0.375
则边际资本成本为:7%×0.125+9%×0.375+12%×0.375+14%×0.125=10.5%
B方案:
各种筹资占筹资总额的比重:长期借款为0.375,公司债券为0.125,优先股为0.125, 普通股为0.375
则边际资本成本为:8%×0.375+8%×0.125+12%×0.125+14%×0.375=10.75%
C方案:
各种筹资占筹资总额的比重:长期借款为0.25,公司债券为0.25,优先股为0.25, 普通股为0.25
则边际资本成本为:7.5%×0.25+8.25%×0.25+12%×0.25+14%×0.25=10.44% C方案边际资本成本最低,故C方案较佳。
(2)
追加筹资后该公司的综合资本成本率为:
(
80501205050350 7%7.5%)(8.5%8.25%)12%14% 700700700700700700⨯+⨯+⨯+⨯+⨯+⨯
=0.8%+0.54%+1.46%+0.59%+0.86%+7%=11.25%
7、(1)A公司2002年资本总额为1000万元,其中普通股600万元(24万股),债务400万元。
债务利率为10%,假定公司所得税税率40%(下同)。
(2)该公司2003年预定将资本总额增至1200万元,需追加资本200万元。
现有两个追加筹资方案可供选择:
①发行债券,年利率12%,②增发普通股,8万股。
预计2003年息税前利润为200万元。
要求:(1)测算2003年两个追加筹资方案下无差别点的息税前利润和无差别点的普通股每股税后利润。
(2)测算两个追加筹资方案下2003年普通股每股税后利润,并依此作出评价。
解:(1)(EBIT-400*10%-200*12%)*(1-40%)/24=(EBIT-400*10%)(1-40%)/32 解得无差别点的息税前利润EBIT=136(万元)
带入上面任意两个式子得出无差别点的普通股每股税后利润EPS=1.8元/股(2)
发行债券每股利润=(200-400*10%-200*12%)*(1-40%)/24=3.4元/股
增发普通股每股利润=(200-400*10%)*(1-40%)/32=3元/股
预计EBIT=200万元,增发债券优于普通股,所以应采取方案(1),来提高债券每股利润。
8、天亿公司有关资料如下:
(1)现全部资本均为股票资本,账面价值为1000万元。
该公司认为目前的资本结构不合理,打算举债购回部分股票予以调整。
(2)公司预计年息税前利润为300万元,所得税率假定为40%。
(3)经测算,目前的债务利率和股票资本成本见下表。
要求:试测算不同债务规模下公司价值,据以判断公司最佳资本结构。
解:解:(1)测算结果如下:
(2)测算结果说明如下:
债务为0时:
股票市场价值=300×(1-40%)/16%=1125
债务为400时:
股票市场价值=(300-400×14%)×(1-40%)/20%=732
企业价值=732+400=1132
加权平均资本成本=20%×732/1132+14%(1-40%)×400/1132=15.90%。
其余同理计算。
(3)当债权资本达到300万元时,公司的价值最大,这时资本结构最佳,即债权人资本为300万元,股权资本为834万元。