Midterm note Flashcards

1
Q

trách nhiệm corporation

A

limited liability

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2
Q

decision of financing

A

stock, bond

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3
Q

CA

A

turn into cash in 12 months

level of liquidity giảm: cash -> AR -> inventory

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4
Q

CA - CL =

A

NWC

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5
Q

EBIT =

A

Revenue(Sales) - Cost - Selling expense - Depreciation expense

EBIT - Interest = EBT

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6
Q

NI (net income) =

A

EBT - Tax

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7
Q

OCF =

A

EBIT + Depreciation - Tax

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8
Q

Comparison of decision of investment and financing

A

investment: fixed assets
financing: bond, stock

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9
Q

Leverage Ratio

A

“Debt/Equity Ratio = value long term debt / value long term equity”
Debt/Equity = TD / TE = (TA - TE) / TE

Total debt ratio = (TA-TE)/TA
Equity multiplier=TA/TE=1+D/E

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10
Q

Times Interest Earned =

A

EBIT / Interest (đv là times)

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11
Q

Days’ Sales in inventory

or Days in inventory =

A

365 / Inventory turnover = 365 / (COGS/inventory) (đv là days)

Inventory turnover = Cost of Goods Sold / Inventory (đv là times)

Decrease days in inventory

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12
Q

Net Profit Margin ( đề cho EBIT, revenue, total assets)

A

Net income / Sales

(Revenue-Cost)/Revenue

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13
Q

Return on Assets (ROA)

A

Net income / Total assets

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14
Q

Return on Equity (ROE)

A

Net income / Total equity

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15
Q

Market Capitilization

A

Number of outstanding stocks x market value or price per share

vd: $88 per share x 33 million shares = $2,904 mill.

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16
Q

Future Value

A

one period case:
Present Value x (1 + r)
-> PV=FV(1+r)

Multiperiod case:
FV = PV x (1+r)^t

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17
Q

Annuity

A

Equal payment, equal interval for the “limited time”

equal cash flows occurring each time period over a fixed length of time

18
Q

Perpetuity

A

Equal payment, equal interval “forever”

19
Q

NPV =

A
  • Cost + PV
    (present value of the future cash flows minus the initial cost)

Outflow (năm đầu, initial investment)
Chỉ chấp nhận khi NPV>0
((Chấp nhận dự án khi rate of return>0 (SAI))

20
Q

Có chữ “except”

A

chọn câu sai

21
Q

Make investment decisions

A

based on CF “after taxes”

22
Q

NWC

A

firm or company must invest cash in short term assets to produce finished goods

23
Q

Opportunity cost

A

mất đi do chọn làm việc khác

24
Q

Sunk cost

A

money already spent

25
NPV (tử và mẫu phải consistent)
tử (nominal, gồm lạm phát)/(real, ko lạm phát) thì mẫu cũng phải (nominal)/(real)
26
Fisher Inflation
(1+nominal) = (1+real) (1+inflation)
27
Fisher Inflation
(1+nominal) = (1+real)x(1+inflation) | 1+R)=(1+r)(1+h
28
Book Value of equipment (at the end of...years) =
GT mua ban đầu - Accumulated depreciation = 1,000-100=900 Depr 1st: $50 Depr 2st: $50 -> Accumulated depreciation =50+50=100
29
Tax shield on depreciation
depreciation x tax rate = 100,000x35%=35,000
30
Bond valuation (Face value/Par value, Price of bond, coupon rate, N, YTM)
PMT = Face value x coupon rate (Price of bond, ytm, n?)
31
Stock valuation (focus on constant growth)
P0 = D1/(R-g) | Trong bài thường cho D0 (just paid) -> D1 = D0x(1+g expected, will -> D1)
32
Value of common stock depend on
Future dividend, discount rate
33
Stock valuation (focus on constant growth)
P0 = D1/(R-g) Trong bài thường cho D0 (just paid) -> D1 = D0x(1+g) (expected, will -> D1) Đk: g tăng ổn định, forever; R>g (mẫu dương, khác 0)
34
R =
(D1/P0)+g D1/P0: divided yield g: rate of growth in dividend or capital gains yield
35
Average tax rate =
Tổng taxes/revenue | (lũy tiến) 0-50: 15%, 50-75: 25%... -> tính từng khoảng -> cộng lại -> chia thu nhập
36
DuPont
equity multiplier thể hiện cho financial laverage profit margin -> operating efficiency total asset turnover -> asset used efficiency
37
ROA = ROE
=> company không vay mượn nợ
38
Khấu hao MACRS
1: 20% 2: 30% 3: 19.2% depreciation expense năm 1: $100,000x20%=20,000 depreciation expense năm 3: $100,000x19.2%=19,200
39
initial cash flow của project (5-6 dòng khá dài)
5 năm trước 1 tỷ bây h 2 tỷ -> tập trung vào 2 tỷ bây h (market value) cộng tiền cải tạo vào gt miếng đất
40
Total return =
Dividend yield + Capital gain yield
41
NPV (ghi ra từng năm)
thường CF từ năm 1 -> 4 giống nhau xem năm 5 có salvage value ko - > có thì cộng vô - > có capital gain ko Bài dường như có salvage value => CF từ năm 1->4 giống nhau
42
External financing needed
Pro forma balance sheet, sale tăng bn %, nợ và chi phí cũng tăng nhiêu đó EFN tăng bao nhiêu