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1.Which of the following statements about the payback period method is least accurate？The payback period：

A.provides a rough measure of a project's liquidity.

B.considers all cash flows throughout the entire life of a project.

C.is the number of years it takes to recover the original cost of the investment.

【答案】B

【解析】

The payback period ignores cash flows that go beyond the payback period.

2.Which of the following statements is/east accurate？The discounted payback period：

A.frequently ignores terminal values.

B.is generally shorter than the regular payback.

C.is the time it takes for the present value of the project's cash inflows to equal the initial cost of the investment.


【答案】B

【解析】

The discounted payback is longer than the regular payback because cash flows are discounted to their present value.

3.Which of the following statements about NPV and IRR is least accurate？

A.The IRR can be positive even if the NPV is negative.

B.When the lRR is equal to the cost of capital，the NPV will be zero.

C.The NPV will be positive if the IRR is less than the cost of capital.

【答案】C

【解析】

If IRR is less than the cost of capital，the result will be a negative NPV.

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