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1.D 2.A 3.D 4.C 5.C 6.

1.BDE 2.BCDE 3.ABCD 4.ABCDE

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2.

3.
4.

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2.
1
2
3
3.1
2
3
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4.1
2
3
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5.

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1.

1






2)

A.
B.
C.D.


3


4

1.D 2.A 3.D 4.C 5.B 6.B 7.C 8.A


9.B 10.B 11.B 12.D 13.C 14.B 15.B

1.ABE 2.ABCD 3.ABD 4.ABC 5.ACD


6.CD 7.AD 8.ABE 9.AD 10.ABCDE

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2.

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3.

1.





2. 1
2
3
3.
1
2
3
4.1
=
=360
2
=
=360
3
=100
(4)
=
5
=
6
=

1. [EBIT 3008% - 30010% 1 33%] / 70 =[EBIT-3008%1-
33%] / 100
EBIT = 124

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2
1999 2000
22.86% 27.06%
1.43 1.47
1.60 1.45
43.55% 46.84%
29.53% 30.66%
3. =600 0001.5=400 000
1=160 000 - 80 000 + 600 000(80 000 + 400 000) =1.42
(2)=160 000 - 80 000 + 600 000 30 000(80 000 + 400 000 +
20 000)=1.3
4.


+
+
-
0
-
-
0

5.
1=3940 1800=2.19
2=3940-880 1800=1.7
3=15000 [1080 + 1200 2]=13.16
4=8500 [808 + 880 2]=10.07
5=4400 + 60 60=74.33
6=1800 + 500 6400=0.36
7=15000 6400=2.34
8=15000-8500 15000=0.43
9=2200 15000-4310=20.58
10=2200 15000=14.67


1.C 2.B 3.A 4.B 5.C 6.D 7.B

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8.D 9.C 10.C 11.B 12B



1.ABCDE 2.ABC 3.AB 4.ACD 5.BC 6.ABD
7.ACD 8.AC 9.ABCD 10.CD 11.ABD

1.
2.

1.=320000-20000/10=30000
=250000-178000-30000*1-35%=27300
NCF0= 320000
NCF1~9=30000+27300=57300
NCF10=30000+27300+20000=77300
= 320000+57300*P/A12%9+77300*P/F12%10
= 320000+57300*5.650+77300*0.322
=28635.6>0

2.A100031000300002000
BA50020005001500
CB335001000150033500100034000
D100010002000
E370003000D370003000200038000
F25003000500
G250036500400001000
H4000502000
IHG200010003000
3.
400080500005028200

800070500084001600090035900

80002820035900100009700

50001000015000

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1500097005300
4. 14000070%4100020%3600010%39800
2800070%50008400(80004000)100019004000010%
29900
380398002990012000-2020()
410020202120
54 4000030%4100010%16100


1.B 2.C 3.C 4.C 5.D

1. ABD 2. AD

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2.

3.
4.

1.

2.

1
2
3
4

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1.
12002
10000001 + 102=1200000
22002
2002200000 [1 1+101]=2000000.909=181800
2003300000[1 1+102]=3000000.833=249900
2004400000[1 1+103]=4000000.769=307600
2005500000[1 1+104]=5000000.714=357000
: 1096300
2.
1200511
1001+ 3 =1001.331=133.10
(2)
100[1+104] 34 =1001.345=134.50
3.
(1)2002
2
50000
t 1
1+9 t 1 1+9

=500002.091.09=113905
22002
4
35000
t 1
[11+9 t ]=350003.24=113400

4.(1)
V = AFVIFA(1 + i) = 3003.246(1 + 8) = 1051.7 1052 ()
V = 300(1 + 8) + 300(1 + 8)2 + 300(1 + 8)3
= 1051.83 1052 ()
(2)
P = APVIFA = 1006.710 = 671 ()
(3)

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1.C 2.D 3.B 4.C 5.A


6.A 7.C 8.B 9.C 10.D

1. ACDE 2. DE 3. ABCE 4. ABCD 5.BCDE


6. CDE 7.ABD 8.CE 9.BCDE 10.ABDE

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1
2
3
4
2.

1
2
3.1
2
3
4.

1
2
3
4
5.


DFL

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EPS
DFL=
EPS
EBIT
EBIT

1 130200500=75
80200500=200
60300500=100
2
0-75 8%*0.4+14%*0.6=11.6%
75-100 9%*0.4+14%*0.6=12%
100-200 9%*0.4+16%*0.6=13.2%
200 10%*0.4+16%*0.6=13.6%

2 1
7%1-33%/1-2%=4.79% 2
9%1-33%/1-3%=6.22% 2
12%/1-4%=12.5% 1
1.2/[10*1-6%]+8%=20.77% 2
1.2/10+8%=20% 1
2
79% *0.1+ 6.22%*0.15+12.5%*0.25+20.77%*0.4+20%*0.1 2
=14.845%
3.=9%(133%)/(13%)=6.2%
=11%(13%)+5%=16.3%
=8%/(13%)=8.2%
=6.2%(1600/3000)+16.3%(1000/3000)+8.2%(400/3000)
=9.8%
4.1
150
150 40010 0 0 =1.364

:
(150 40010 0 0 )(133 0 0 )
=1.23()
60
215
1.23151.364=1.2320.46=0.25()

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5. 12002
400+40010=80

80 80
192 0 0 = 8 0 =1000
0


80
80 40010 0 0 =2


(80 40010 0 0 )(1 40 0 0 ) 4060 0 0
= =1.20
20 20
22002

96
96 40010 0 0 = 96
56 =1.71


( 96 40010 0 0 )(1 40 0 0 ) 5660 0 0
= =1.68
20 20
32003
400+60010=100

100 100
192 0 0 = 8 0 =1250
0


120
120 60010 0 0 = 120
60 =2


(120 60010 0 0 )(1 40 0 0 ) 6060 0 0
= =1.80
20 20
1



1.C 2.C 3.C 4.C 5.B
6.B 7.D 8.D 9.A 10.C

1.BCD 2.ABCD 3.ABCE 4.ABC

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5.AC 6.BD 7.ABCE 8.ABCE

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2. 1

2

3.

1
2
3
4

1
2
3
4
4.

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1
2

3

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4




1.
656000 16000 32000
1 1000 =64

2300064=192000
2.

60000004000006000002400001000003000006360000

600000080000040000060000020000080000240000300
0001200005820000

9 6 3
6000000800000400000 12 600000 12 200000 12 240000 12
12
3

300000 12 6
12 52000003000003000005000018000015000055200

00

55200006=331200
3.(1)=40000/10=4000
4000(107)=0
=12000
(2)=(107)/10=30%
P =3+2(1+20%)+2=7.4
(P7.4)/P=30%
P=10.57
0.57

4. =9%(133%)/(13%)=6.2%
=11%(13%)+5%=16.3%
=8%/(13%)=8.2%
=6.2%(1600/3000)+16.3%(1000/3000)+8.2%(400/3000)
=9.8%

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1.A 2.A 3.D 4.C 5.A 6.A
7.C 8.D 9.B 10.C 11.C 12.A

1. ABCD 2. ACE 3. ABCDE 4. ABCDE 5. ABCD
6. ABDE 7. ABCE 8. ABE 9. ABCDE 10. ABCDE

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1
2
3
2.
1

2

3.

4.:




5.

1
1.A

(1)A 1440
90 =16

(2)A 1640000=640000
(3)A
40
16 =2.5

2.5+1+3=6.5

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(4) A
6400006.5=4160000
2.


A B
1. 40001-75=+1000 80001-75=+2000

2. 20000 20 30
10=+56 20000 25 30
10=+28
360 360

30 25
4000 360 10=-22 8000 360 10=-56
3. 24000402=-192 28000502.5=-350

4. 20000(6040-6)=+720 20000(503-6)=+90
4000604=-96 0
8000503=-120
+1466 +2402

+-
A
3.

1


1 2 3= 4=32 5=1600 6=4+
( 2) 5
2
1 14000 72000 144000 16000 160000
2 72000 36000 72000 32000 104000
3 48000 24000 48000 48000 96000
4 36000 18000 36000 64000 100000
5 28800 14400 28800 80000 108800
2
2 NP 214400016000
Q= M
= 2
=48000

4.
1600000-2000001+101-5=1463000

.

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1.B 2.A 3.D 4.B 5.D 6.C 7.D 8.C9.D 10.B


.
1.ABCD 2. ABD 3. AC 4. ABCD 5. BC
6. ABC 7. ABCD 8. BCD
.
1.30200500=75
80200500=200
60300500=100
0-75 8%*0.4+14%*0.6=11.6%
75-100 9%*0.4+14%*0.6=12%
100-200 9%*0.4+16%*0.6=13.2%
200 10%*0.4+16%*0.6=13.6%
1.A =100*8%P/A10%5+100*P/F10%5
=8*3.791+100*0.621=92.428
=[8%1-33%]/1-3%=5.53%
2.
7%1-33%/1-2%=4.79%
9%1-33%/1-3%=6.22%
12%/1-4%=12.5%
1.2/[10*1-6%]+8%=20.77%
1.2/10+8%=20%

79% *0.1+ 6.22%*0.15+12.5%*0.25+20.77%*0.4+20%*0.1
=14.845%
1.
10*10 1-60%-15 =25
25 -5 =20
DOL=10*10 1-60%/[10*10 1-60%-15 ]=1.6
DFL=EBIT/(EBIT-I)=25 /25 -5 =1.25
.
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2.

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3.

1.D 2.B 3.C 4.D 5.B


6.B 7.B 8.B 9.B 10.B
11.C 12.C 13.C 14.C 15.C
1.ADE 2.ABD 3.ABCDE 4.BC 5.ABCD
6.ABCDE 7.ABCE 8.ABCE 9.ABC 10.AC

1.(1)=40000/10=4000
4000(107)=0 =12000
(2)=(107)/10=30%
P =3+2(1+20%)+2=7.4
(P7.4)/P=30%
P=10.57
0.57
2.=21000=2000
=11000=1000
=20001000=1000
=0.51000=500
=20001000500=500
3.=9%(133%)/(13%)=6.2%
=11%(13%)+5%=16.3%
=8%/(13%)=8.2%
=6.2%(1600/3000)+16.3%(1000/3000)+8.2%(400/3000)
=9.8%
4.(3018)100000=80000 =1.5
=1.5 30=45
1.5 (27-18)100000=35000

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