1. Among the following expressions about the formula for calculating the net cash flow of investment projects, there are () errors.

A. Net cash flow = sales revenue-cash cost-income tax

B. Net cash flow = after-tax profit+depreciation? ( 1? Income tax rate)

C. Net cash flow = profit before tax+depreciation? Income tax rate

D. Net cash flow = sales revenue-cash cost-depreciation? Income tax rate

E. Net cash flow = (sales revenue-cash cost)? (1- income tax rate)+depreciation? tax rate

2. Without considering the income tax, among the following items, the cash flow at the end of the period is ().

A. Purchase cost of raw materials

B. Expenditure on improvement of fixed assets

C. Net income from price change of fixed assets

D. Recovery of advance working capital

E. Estimated net residual value of fixed assets

3. In the case of other factors unchanged, among the following financial evaluation indicators, the greater the index value, the stronger the feasibility of the project is ().

A. net present value

B. profitability index

C. Internal rate of return

D. Dynamic payback period

E. Static payback period

4. Among the following budgets, () belongs to the financial budget.

A. Cash budget

B. Capital expenditure budget

C. sales revenue budget

D. Expected income statement

E. Projected balance sheet

5. Among the following statements about comprehensive budget, the correct one is ().

A. The income statement budget and balance sheet budget are the summary of comprehensive budgets.

B. The operating budget is related to all aspects of business, so it belongs to the comprehensive budget.

C. Financial budget is a budget about capital expenditure.

D in the overall budget, the production budget is the only one that is not measured in currency.

E. The operating budget is a long-term budget.

Reference answer and analysis

1. Answer BCD. Analysis: Net cash flow = sales revenue-cash cost-income tax = net profit+depreciation = (sales revenue-cash cost)? (1- income tax rate)+depreciation? Income tax rate.

2. answer CD. Analysis: Without considering the income tax, the cash flow in the final stage is mainly cash inflow, including the net income of fixed assets and the recovery of working capital in advance.

3. Answer ABC. Analysis: the advantages and disadvantages of the scheme are measured by the length of payback period. The shorter the investment time, the smaller the risk. So options d and e are incorrect.

4. answer ADE. Analysis: Financial budget mainly includes cash budget, estimated income statement, estimated balance sheet and estimated cash flow statement.

5. answer AD. Analysis: the operating budget is a special budget, and B is wrong. Financial budget is a budget about profit, cash and financial situation, C error.