Rate of return（or return）on capital 资本收益率（或资本收益）

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第1题：

(b) Calculate the internal rate of return of the proposed investment and comment on your findings. (5 marks)

正确答案：

第2题：

(ii) Briefly discuss TWO factors which could reduce the rate of return earned by the investment as per the

results in part (a). (4 marks)

正确答案：
(ii) Two factors which might reduce the return earned by the investment are as follows:
(i) Poor product quality
The very nature of the product requires that it is of the highest quality i.e. the cakes are made for human
consumption. Bad publicity via a ‘product recall’ could potentially have a catastrophic effect on the total sales to
Superstores plc over the eighteen month period.
(ii) The popularity of the Mighty Ben character
There is always the risk that the popularity of the character upon which the product is based will diminish with a
resultant impact on sales volumes achieved. In this regard it would be advisable to attempt to negotiate with
Superstores plc in order to minimise potential future losses.

第3题：

Which of the following is referred to as payback period:

A . the number of periods required to recover the initial investment

B . the rate of return on the investment

C . the number of periods required to bring project cost back to the original budget, based on current performance

D . loan payment schedule

E . None of the above

正确答案：A

第4题：

publicclassBlip{2.protectedintblipvert(intx){return0;}3.}4.classVertextendsBlip{5.／／insertcodehere6.}Whichfivemethods,insertedindependentlyatline5,willcompile?()

A.publicintblipvert（intx）{return0；}

B.privateintblipvert（intx）{return0；}

C.privateintblipvert（longx）{return0；}

D.protectedlongblipvert（intx，inty）{return0；}

E.protectedintblipvert（longx）{return0；}

F.protectedlongblipvert（longx）{return0；}

G.protectedlongblipvert（intx）{return0；}

参考答案：A, C, D, E, F

第5题：

下列函数的功能是【】。include int Func(int a,int b) {if (a>b) return 1; else if

下列函数的功能是【】。

include＜iostream. h＞

int Func(int a,int b)

{

if (a＞b) return 1;

else if(a==b) return 0;

else return -1;

}

正确答案：比较两个整数a和b的大小若a＞b则返回1若a等于b则返回0否则返回-1。
比较两个整数a和b的大小，若a＞b则返回1，若a等于b，则返回0，否则返回-1。

第6题：

appraisal methods such as payback, return on capital employed and internal rate of return. (9 marks)

正确答案：
(c) There are many reasons that could be discussed in support of the view that net present value (NPV) is superior to other
investment appraisal methods.
NPV considers cash flows
This is the reason why NPV is preferred to return on capital employed (ROCE), since ROCE compares average annual
accounting profit with initial or average capital invested. Financial management always prefers cash flows to accounting profit,
since profit is seen as being open to manipulation. Furthermore, only cash flows are capable of adding to the wealth of
shareholders in the form. of increased dividends. Both internal rate of return (IRR) and Payback also consider cash flows.
NPV considers the whole of an investment project
In this respect NPV is superior to Payback, which measures the time it takes for an investment project to repay the initial
capital invested. Payback therefore considers cash flows within the payback period and ignores cash flows outside of the
payback period. If Payback is used as an investment appraisal method, projects yielding high returns outside of the payback
period will be wrongly rejected. In practice, however, it is unlikely that Payback will be used alone as an investment appraisal
method.
NPV considers the time value of money
NPV and IRR are both discounted cash flow (DCF) models which consider the time value of money, whereas ROCE and
Payback do not. Although Discounted Payback can be used to appraise investment projects, this method still suffers from the
criticism that it ignores cash flows outside of the payback period. Considering the time value of money is essential, since
otherwise cash flows occurring at different times cannot be distinguished from each other in terms of value from the
perspective of the present time.
NPV is an absolute measure of return
NPV is seen as being superior to investment appraisal methods that offer a relative measure of return, such as IRR and ROCE,
and which therefore fail to reflect the amount of the initial investment or the absolute increase in corporate value. Defenders
of IRR and ROCE respond that these methods offer a measure of return that is understandable by managers and which can
be intuitively compared with economic variables such as interest rates and inflation rates.
NPV links directly to the objective of maximising shareholders’ wealth
The NPV of an investment project represents the change in total market value that will occur if the investment project is
accepted. The increase in wealth of each shareholder can therefore be measured by the increase in the value of their
shareholding as a percentage of the overall issued share capital of the company. Other investment appraisal methods do not
have this direct link with the primary financial management objective of the company.
NPV always offers the correct investment advice
With respect to mutually exclusive projects, NPV always indicates which project should be selected in order to achieve the
maximum increase on corporate value. This is not true of IRR, which offers incorrect advice at discount rates which are less
than the internal rate of return of the incremental cash flows. This problem can be overcome by using the incremental yield
approach.
NPV can accommodate changes in the discount rate
While NPV can easily accommodate changes in the discount rate, IRR simply ignores them, since the calculated internal rate
of return is independent of the cost of capital in all time periods.
NPV has a sensible re-investment assumption
NPV assumes that intermediate cash flows are re-invested at the company’s cost of capital, which is a reasonable assumption
as the company’s cost of capital represents the average opportunity cost of the company’s providers of finance, i.e. it
represents a rate of return which exists in the real world. By contrast, IRR assumes that intermediate cash flows are reinvested
at the internal rate of return, which is not an investment rate available in practice,
NPV can accommodate non-conventional cash flows
Non-conventional cash flows exist when negative cash flows arise during the life of the project. For each change in sign there
is potentially one additional internal rate of return. With non-conventional cash flows, therefore, IRR can suffer from the
technical problem of giving multiple internal rates of return.

第7题：

Rate of return（or return）on capital 资本收益率（或资本收益）

参考答案：

在一项投资或一件资本品上的收益（yield）。比如，一项耗费100美元的投资每年带来12美元的收益，那么这项投资的收益率就是每年12％。

第8题：

以下与库函数strcmp(char *s, chat *t)的功能相等的程序段是()。

A.strcmp1(char *s, chat *t)

{ for ( ;*s++==*t++ ;)

if (*s=='\0') return 0

return (*s-*t)

}

B.strcmp2(char *s, char *t)

{ for( ;*s++==*t++ ;)

if (!*s) return0

return (*s-*t)

C.strcmp3(char *s, char *t)

{ for ( ;*t==*s ;)

{ if (!*t) return 0

t++

s++}

return (*s-*t)

}

D.strcmp4(char *s, char *t)

{ for( ;*s==*t;s++,t++)

if (!*s) return 0

return (*t-*s)

}

答案：C

第9题：

Whichfivemethods,insertedindependentlyatline5,willcompile?()

A.publicintblipvert（intx）{return0；}

B.privateintblipvert（intx）{return0；}

C.privateintblipvert（longx）{return0；}

D.protectedintblipvert（longx）{return0；}

E.protectedlongblipvert（longx）{return0；}

F.protectedlongblipvert（intx，inty）{return0；}

参考答案：A, C, D, E, F

第10题：

classA{protectedintmethod1(inta,intb){return0;}}WhichtwoarevalidinaclassthatextendsclassA?()

A.publicintmethod1（inta，intb）{return0；}

B.privateintmethod1（inta，intb）{return0；}

C.privateintmethod1（inta，longb）{return0；}

D.publicshortmethod1（inta，intb）{return0：}

E.staticprotectedintmethod1（inta，intb）{return0；}

参考答案：A, C

Rate of return（or return）on capi

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