The present value of the four new outlets is only $954,316.78. The outlets are worth less than they
cost. The Trojan Pizza Company should not make the investment because the NPV is –$45,683.22. If the
Trojan Pizza Company requires a 15 percent rate of return, the new outlets are not a good investment.
SPREADSHEET APPLICATIONS
How to Calculate Present Values with Multiple Future Cash Flows
Using a Spreadsheet
We can set up a basic spreadsheet to calculate the present values of the individual cash flows asfollows. Notice that we have simply calculated the present values one at a time and added them up:
Summary and Conclusions
1. Two basic concepts, future value and present value, were introduced in the beginning of this
chapter. With a 10 percent interest rate, an investor with $1 today can generate a future value of
Fundamentals of Corporate Finance, 12e (Ross)
Chapter 15 Raising Capital
1) Business Aid is funded by a group of wealthy investors for the sole purpose of providing
funding for individuals and small firms that are trying to convert their new ideas into viable
products. What is this type of funding called?
A) Green shoe funding
B) Tombstone underwriting
C) Venture capital
D) Red herring funding
E) Life cycle capital
2) It is common for venture capitalists to receive at least ________ percent of a start-up
company's equity in exchange for the venture capital.
A) 10
B) 15
C) 20
D) 30
E) 40
3) Equity financing of new, non-public companies is broadly referred to as:
A) singular-risk financing.
B) mezzanine-level stock.
C) stylized financing.
D) private equity.
E) exit funding.
4) Which one of the following statements concerning venture capital financing is correct?
第三章 长期方案与财务预测
本章考情分析
本章是容易和其他章节综合出题的章节。从题型看单项选择、多项选择、计算、综合都有可能考查。
本章大纲要求：了解长期方案和预测的概念和程序，掌握预测的销售百分比法，能够运用其原理预测资金需求。
最近三年题型题量分析
年度
题型 2022年 2022年 2022年
单项选择题 1题1分
多项选择题 1题2分
判断题
计算分析题
综合题
合计 0题0分 1题1分 1题2分
2022年教材主要变化
本章内容只有个别地方的文字做了修改，无实质性变动。
本章根本结构框架
第一节 长期方案
测试内容 能力等级
〔1〕长期方案的内容 1
〔2〕财务方案的步骤 1
长期方案一般以战略方案为起点，涉及公司理念、公司经营范围、公司目标和公司战略。长期方案包括经营方案和财务方案。
第二节 财务预测
测试内容 能力等级
〔1〕财务预测的意义和目的 1
〔2〕财务预测的步骤 1
〔3〕销售百分比法 3
〔4〕财务预测的其他方法 1
一、 财务预测的意义和目的〔了解〕
内容 狭义的财务预测仅指估计企业未来的融资需求，广义的财务预测包括编制全部的预计财务报表。
目的 〔1〕财务预测是融资方案的前提；
〔2〕财务预测有助于改善投资决策；
〔3〕预测的真正目的是有助于应变。
二、财务预测的方法
〔一〕销售百分比法 1.根本原理〔1〕根本原理：利用会计等式确定融资需求。
〔2〕具体方法：可以根据统一的财务报表数据预计，也可以使用经过调整的管理用财务报表数据预计。 长期方案与财务预测 第1节 长期方案
第2节 财务预测
第3节 增长率与资金需求 2.使用经过调整的管理用财务报表数据来预计
〔1〕假设前提
各项经营资产和经营负债与销售收入保持稳定的百分比。
〔2〕融资顺序:
①动用现存的金融资产；
②增加留存收益；
③增加金融负债；
④增加股本。
◆总额法
Fundamentals of Corporate Finance, 12e (Ross)
Chapter 11 Project Analysis and Evaluation
1) Forecasting risk is defined as the possibility that:
A) some proposed projects will be rejected.
B) some proposed projects will be temporarily delayed.
C) incorrect decisions will be made due to erroneous cash flow projections.
D) some projects will be mutually exclusive.
E) tax rates could change over the life of a project.
2) The key means of defending against forecasting risk is to:
A) rely primarily on the net present value method of analysis.
B) increase the discount rate assigned to a project.
C) shorten the life of a project.
D) identify sources of value within a project.
E) ignore any potential salvage value that might be realized.
3) Steve is fairly cautious when analyzing a new project and thus he projects the most optimistic,
