NOTE: FINAL TCDN
20 câu MCQ (3đ)
Định nghĩa, khái niệm chương 4,10, 11, 16,27,18,20
Exercise : hỏi gì phải trả lời đấy: con số, đơn vị( chấm phẩy), làm tròn
3 bài ( mỗi bài 1đ):
chap 4 về growth EFN (Roa, Roe)
Chap 10: CF sắp xếp vào đâu ? Tính OCF, NPV
Chap 27: Leasing NAL
Chap 18: Short term plan: tính cycle, turnover, effective rate
ESSAY (4đ) 4 -5 trang: chap 9,10,
Khái niệm, định nghĩa, phân loại, tính chất (5%đ)
MAIN: hỏi gì trả lời đấy (20%)
Ví dụ: thực tế real life (10%)
Comment, đánh giá (5%)
Risk Management Framework (Function, người thực hiện, communication:
Attitude
Tolerance
Policy
Who? Bottom-up - top down
Process: how to identỳy? Công cụ nào? Công nghệ nào
Measuring ( 5 cái) : con số
Price risk: volatility(quan trọng nhất).
Assessing ( cao, thấp): chủ quan
Responding( 5 thứ) tools
NOTE: làm theo dàn các bước thầy cho ở trên , đúng context
Đề process: ko cần chi tiết, nói cách thức process.
Đề tools: cách thức để giải quyết rủi ro: Cần chi tiết 5 cái responding- căn cứ dựa vào đâu để nói thế? How?
Đề Hedging? Hedging là gì? Dựa trên cái gì> có mấy loại? How does this work? Công cụ? How does it work? Comp
Có thể vẽ hình ( rất nên )
MCQ
Chapter 4 MCQ
16 MCQ
27 MCQ
18 MCQ
20 MCQ
10 MCQ
11 MCQ
FRM (5 bài) Short essays
ể nói thế? How?
How does it work? Compare advan dis tools?
Problem solving
Problem solving
Problem solving
Problem solving
Problem solving
Problem solving
Sections B
1/
2/
3/
1. Miller Bros Hardware is opera
assets of $469,000. The profit m
assets if sales are to increase b
2. Baxter Contractors is evaluati
The machine could be leased fo
9.5 percent and has a 35 percen
next 5 years. What is the net ad
2. Baxter Contractors is evaluati
The machine could be leased fo
9.5 percent and has a 35 percen
next 5 years. What is the net ad
3. The mountain Top Shoppe ha
and average accounts payable o
sales. How long does it take the
Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units,
give or take 5 percent. The expected variable cost per unit is $260 and the expected fixed
costs are $589,000. Cost estimates are considered accurate within a plus or minus 4 percent
range. The depreciation expense is $129,000. The sales price is estimated at $775 per unit,
give or take 2 percent. The tax rate is 34 percent. The company is conducting sensitivity
analysis with fixed costs of $590,000. What is the OCF given this analysis?
Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units,
give or take 5 percent. The expected variable cost per unit is $260 and the expected fixed
costs are $589,000. Cost estimates are considered accurate within a plus or minus 4 percent
range. The depreciation expense is $129,000. The sales price is estimated at $750 per unit,
plus or minus 2 percent.
a) What is the sales revenue under the worst case scenario?
b) What is the contribution margin per unit under the best case scenario?
c) What is the amount of the total costs per unit under the worst case scenario?
d) The tax rate at Precise Machinery is 35 percent. The company is conducting a sensitivity
analysis on the sales price using a sales price estimate of $755. What is the operating cash
flow based on this analysis?
e) The company is conducting a sensitivity analysis with fixed costs of $590,000. What is the OCF given this analysis?
SECTION C
Risk management
Identifying the risk: (observations ( giác qua
Exposure
Likelihood
Impacts
Risk events
Sources
Measuring
Exposure (Value at risk)
Possible (Possibility)
Volatility (Variance & standar
Regularity (Frequency)
Severity (Maximum gain or lo
Assessing / Evaluating vẽ mạng nhện
Compare with risk appetite ,p
High / medium / low
Responsing (ứng xử)
Reject
Accept
Mitigating: giảm 5 measuring
Overseeing / supervising
Sections B
full capacity sale = current sales / operating precentage
difference = full capacity sale - current capacity sales
Growth = Different / current capacity sales
after tax lease payment = pretax lease payment *(1- tax rate)
annual depreciation tax shield = annual depreciation * tax rate
after tax discount rate = pre tax discount rate * (1 - tax rate)
NAL = cost of buying - ( after tax lease payment + annual depreciation tax shield ) * (PVIFA after taxdiscount rate, numbers of
PVIFA = (1 - (1 / (1 + r)^n)) / r
0.0544
0.0638297872
average receivable = (beg + end) / 2 $
receivable turnover = net sales / average receivable times
accounts receivable period = 365/ account receivable turnover days
average payable = (beg + end)/2 $
payable turnover = COGS/ average payable times
account payable period = 365 / payable turnover days
average inventory = (beg + end)/2 $
inventory turnover = COGS/ average inventory times
inventory period = 365 / payable inventory days
=> cash cycle = receivable period + inventory period - payable period days
1. Miller Bros Hardware is operating at full capacity with a sales level of $689,700 and fixed
assets of $469,000. The profit margin is 7 percent. What is the required addition to fixed
assets if sales are to increase by 10%?
required addition to fixed asset = $468,000 * 10% = $ 46,800
2. Baxter Contractors is evaluating the lease vesus the purchase of a $329,000 machine.
The machine could be leased for $105.000 a year for 4 years. The firm can borrow money at
9.5 percent and has a 35 percent tax rate. The firm does not expect to pay any taxex for the
next 5 years. What is the net advantage to leasing?
2. Baxter Contractors is evaluating the lease vesus the purchase of a $329,000 machine.
The machine could be leased for $105.000 a year for 4 years. The firm can borrow money at
9.5 percent and has a 35 percent tax rate. The firm does not expect to pay any taxex for the
next 5 years. What is the net advantage to leasing?
NAL = 329000 - 105000 * PVIFA (9.5%,4)
NAL = -7470.5177286
3. The mountain Top Shoppe has sales of $512,000, average account receivable of $31,400
and average accounts payable of $24,800. The cost of goods sold is equivalent to 71% of
sales. How long does it take the Mountain Top Shoppe to pay its supplier?
COGS = $512,000 * 71% = $363,520
payable turnover = COGS / average account payable
= $363,520 / $24.800
= 14.7 times
account payable period = 365 / payable turnover
= 365 / 14.7
= 24 days
sale revenue = 2100 * 95% * 750 * 98%
Contribution margin = 750 * 102% - 260 * 96%
total cost per unit = [(2100*95%)*(260*104%)+(589000*104%)] / (2100*95%)
OCF given this analysis?
1 qư
management Process:
risk: (observations ( giác quan) / sensors (cảm biến)/ ask / record )
Likelihood
Risk events
Exposure (Value at risk)
Possible (Possibility)
Volatility (Variance & standard deviation )
Regularity (Frequency)
Severity (Maximum gain or loss)
Evaluating vẽ mạng nhện
Compare with risk appetite ,preference , tolerance
High / medium / low
Sharing (risk)
Diversifying (risk) for offsetting (bù trừ) (negative correlation)
Naive / random
Non-random
Transferring (risk)
Insurance (large number: quy luật số lớn, xstk )
Hedging (cân bằng rủi ro) offsetting (bù trừ) của nhiều hoặc hai
Mitigating: giảm 5 measuring
supervising
discount rate, numbers of years)
Sections B
1/
2/
3/
1. Miller Bros Hardware is opera
assets of $469,000. The profit m
sales are to increase by 10%?
2. Baxter Contractors is evaluati
machine could be leased for $10
percent and has a 35 percent ta
years. What is the net advantag
2. Baxter Contractors is evaluati
machine could be leased for $10
percent and has a 35 percent ta
years. What is the net advantag
3. The mountain Top Shoppe ha
average accounts payable of $2
How long does it take the Moun
Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units,
give or take 5 percent. The expected variable cost per unit is $260 and the expected fixed
costs are $589,000. Cost estimates are considered accurate within a plus or minus 4 percent
range. The depreciation expense is $129,000. The sales price is estimated at $775 per unit,
give or take 2 percent. The tax rate is 34 percent. The company is conducting sensitivity
analysis with fixed costs of $590,000. What is the OCF given this analysis?
Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units,
give or take 5 percent. The expected variable cost per unit is $260 and the expected fixed
costs are $589,000. Cost estimates are considered accurate within a plus or minus 4 percent
range. The depreciation expense is $129,000. The sales price is estimated at $750 per unit,
plus or minus 2 percent.
a) What is the sales revenue under the worst case scenario?
b) What is the contribution margin per unit under the best case scenario?
c) What is the amount of the total costs per unit under the worst case scenario?
d) The tax rate at Precise Machinery is 35 percent. The company is conducting a sensitivity
analysis on the sales price using a sales price estimate of $755. What is the operating cash
flow based on this analysis?
e) The company is conducting a sensitivity analysis with fixed costs of $590,000. What is the OCF given this analysis?
SECTION C
Risk management
Identifying the risk: (observations ( giác qua
Exposure
Likelihood
Impacts
Risk events
Sources
Measuring
Exposure (Value at risk)
Possible (Possibility)
Volatility (Variance & standar
Regularity (Frequency)
Severity (Maximum gain or lo
Assessing / Evaluating vẽ mạng nhện
Compare with risk appetite ,p
High / medium / low
Responsing (ứng xử)
Reject
Accept
Mitigating: giảm 5 measuring
Overseeing / supervising
ctions B
full capacity sale = current sales / operating precentage
difference = full capacity sale - current capacity sales
Growth = Different / current capacity sales
after tax lease payment = pretax lease payment *(1- tax rate)
annual depreciation tax shield = annual depreciation * tax rate
after tax discount rate = pre tax discount rate * (1 - tax rate)
NAL = cost of buying - ( after tax lease payment + annual depreciation tax shield ) * (PVIFA after taxdiscount rate, numbers of
PVIFA = (1 - (1 / (1 + r)^n)) / r
average receivable = (beg + end) / 2 $
receivable turnover = net sales / average receivable times
accounts receivable period = 365/ account receivable turnover days
average payable = (beg + end)/2 $
payable turnover = COGS/ average payable times
account payable period = 365 / payable turnover days
average inventory = (beg + end)/2 $
inventory turnover = COGS/ average inventory times
inventory period = 365 / payable inventory days
=> cash cycle = receivable period + inventory period - payable period days
Miller Bros Hardware is operating at full capacity with a sales level of $689,700 and fixed
ets of $469,000. The profit margin is 7 percent. What is the required addition to fixed assets if
s are to increase by 10%?
required addition to fixed asset = $468,000 * 10% = $ 46,800
axter Contractors is evaluating the lease vesus the purchase of a $329,000 machine. The
chine could be leased for $105.000 a year for 4 years. The firm can borrow money at 9.5
cent and has a 35 percent tax rate. The firm does not expect to pay any taxex for the next 5
rs. What is the net advantage to leasing?
axter Contractors is evaluating the lease vesus the purchase of a $329,000 machine. The
chine could be leased for $105.000 a year for 4 years. The firm can borrow money at 9.5
cent and has a 35 percent tax rate. The firm does not expect to pay any taxex for the next 5
rs. What is the net advantage to leasing?
NAL = 329000 - 105000 * PVIFA (9.5%,4)
NAL = -7470.5177286
he mountain Top Shoppe has sales of $512,000, average account receivable of $31,400 and
rage accounts payable of $24,800. The cost of goods sold is equivalent to 71% of sales.
w long does it take the Mountain Top Shoppe to pay its supplier?
COGS = $512,000 * 71% = $363,520
payable turnover = COGS / average account payable
= $363,520 / $24.800
= 14.7 times
account payable period = 365 / payable turnover
= 365 / 14.7
= 24 days
sale revenue = 2100 * 95% * 750 * 98%
Contribution margin = 750 * 102% - 260 * 96%
total cost per unit = [(2100*95%)*(260*104%)+(589000*104%)] / (2100*95%)
given this analysis?
1 qư
anagement Process:
: (observations ( giác quan) / sensors (cảm biến)/ ask / record )
posure (Value at risk)
ssible (Possibility)
atility (Variance & standard deviation )
gularity (Frequency)
verity (Maximum gain or loss)
uating vẽ mạng nhện
mpare with risk appetite ,preference , tolerance
h / medium / low
Sharing (risk)
Diversifying (risk) for offsetting (bù trừ) (negative correlation)
Naive / random
Non-random
Transferring (risk)
Insurance (large number: quy luật số lớn, xstk )
Hedging (cân bằng rủi ro) offsetting (bù trừ) của nhiều hoặc hai
gating: giảm 5 measuring
discount rate, numbers of years)
RISK difference between expectation and realization
- uncertainty
- exposure
- affecting: effect company valu + gain or loss
+ no risk no return
- risk events
- lilkelihood
- source
FINANCIAL RISK
- liquidity risk
- credit risk
- market risk + commodities risk
+ foreign exchange rate risk
+ interest rate risk
- operational risk
FRM FRAMEWORK
- framework + functions
+ who? => management business structure
owner
board of director
CEO
manager
employee
- risk profile
owner
risk appetite strong disire of the company
risk attitude
risk preference liking
risk tolerance level ( maximum amount willing to lose)
CEO
risk policy writen statement use to formulate
- appoarch
top down
bottom up
FRM PROCESS
- identify the risk
exposure
likelihood
Impacts
risk event
sources
- measuring exposure value at risk
possible possibility
volitality variance and standard deviation
regularity frequency
severity maximum gain or loss
- assessing subjective
- reponsding tools/ instruments sharing
divesifying off-setting of negative correlation
transferring insurance
hedging
mitigating reduce 5 factors of measuring
- overseeing
HEDGING
hedging is nearly perfectly negative offsetting => nearly balance outcome
type of hedging - natural hedging intrinsic or natural mechanisim
try to tranformed to same or similar situation/ characters
- financial hedging sales one currency
expenses is another currency
use derivatives to manage price risk
derivative: contract that agreed today and delivery later
forward contractobiligation thỏa thuận giữa 2 công ty
buy - long
sell - short
future contract are standardized (quality, quantity, time, pay
buy or sale on market
require upfront cash payment (margin)
option contract right
call-buy
put-sell
option premium
swaps
LT agreement to exchange cash flow
hedging non hedging
optimal maximum gain or loss
mount willing to lose)
e to formulate
ve correlation
For example: the company locates a factory in China to sell goods in China => avoid currency risk
situation/ characters
swap, option, future, forward
d today and delivery later
a thuận giữa 2 công ty
uality, quantity, time, payment)
h payment (margin)
change cash flow
d currency risk
