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1、CHAPTER13REALOPTIONSANDOTHERTOPICSINCAPITALBUDGETING(DifficultyLevels:Easy,Easy/Medium,Medium,Medium/Hard,andHard)PleaseseetheprefaceforinformationontheAACSBletterindicators(F,M,etc.)onthesubjectlines.MultipleChoice:True/False(13-1)RealoptionsFIAnswer
2、:aEASY.(13-1)RealoptionsFIAnswer:aEASY.Realoptionsexistwhenevermanagershavetheopportunity,afteraprojecthasbeenimplemented,tomakeoperatingchangesinresponsetochangedconditionsthatmodifytheproject'scashflows.a.Trueb.False(13-1)RealoptionsFIAnswer:aEASY.(
3、13-1)RealoptionsFIAnswer:aEASY.Traditionaldiscountedcashflow(DCF)analysis--whereaproject'scashflowsareestimatedandthendiscountedtoobtainanexpectedNPV--hasbeenthecornerstoneofcapitalbudgetingsincethe1950s.However,inrecentyears,ithasbeendemonstratedthat
4、DCFtechniquesdonotalwaysleadtopropercapitalbudgetingdecisionsduetotheexistenceofrealoptions.a.Trueb.False(13-1)RealoptionsFIAnswer:bEASY.(13-1)RealoptionsFIAnswer:bEASY.Realoptionsareoptionstobuyrealassets,especiallystocks,ratherthaninterest-bearingas
5、sets,likebonds.a.Trueb.False(13-1)RealoptionsFIAnswer:aEASY.(13-1)RealoptionsFIAnswer:aEASY.Thefollowingareallexamplesofrealoptionsthatarediscussedinthetext:(1)growthoptions,(2)flexibilityoptions,(3)timingoptions,and(4)abandonmentoptions.a.Trueb.False
6、(13-1)RealoptionsFIAnswer:bEASY.(13-1)RealoptionsFIAnswer:bEASY.Thefollowingareallexamplesofrealoptionsthatarediscussedinthetext:(1)protectionoptions,(2)flexibilityoptions,(3)timingoptions,and(4)abandonmentoptions.a.Trueb.FalseChapter13:RealOptionsTru
7、e/FalsePage477©2013CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.(13-1)RealoptionsFI
8、Answer:bEASY.(13-1)RealoptionsFIAnswer:bEASY.Thefollowingareallexamplesofrealoptionsthatarediscussedinthetext:(1)naturalresourceoptions,(2)flexibilityoptions,(3)timingoptions,and(4)abandonmentoptions.a.Trueb.False(13-1)RealoptionsFIAnswer:aEAS
