开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

惠媛🍭 · 2022年12月07日

我没有用上 DOL，就是纯数学的办法，可以用么？

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000040

问题如下：

The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for $100 each. Variable production costs are $65 per unit and fixed production costs are $1.05 billion. Which of the following statements is most accurate? Holding all else constant, the Fulcrum Company would:

选项：

A.

generate positive operating income if unit sales were 25 million.

B.

have less operating leverage if fixed production costs were 10 percent greater than $1.05 billion.

C.

generate 20 percent more operating income if unit sales were 5 percent greater than 40 million.

解释：

C is correct.

Because DOL is 4, if unit sales increase by 5 percent, Fulcrum’s operating earnings are expected to increase by 4 × 5% = 20%. The calculation for DOL is:

DOL=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4DOL=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4

DOL= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4

A：直接建立方程：100x=65x+1050000000 x=30 因此25不对

B：固定成本增加，意味着要更多的销售才能覆盖，自然杠杆就增加了。

C：原来是40的时候，收入=40*35-1050=350

40*20%=42，收入=42*35-1050=420

因此，提升为：（420-350）/350

我这个解题思路是不是 很笨？能不能用？


添加评论
1 个答案

王琛_品职助教 · 2022年12月12日

嗨，从没放弃的小努力你好：


1）A：直接建立方程：100x=65x+1050000000 x=30 因此25不对

思路没问题

其实选项 A 的考点是 Operating Breakeven Points，同学的思路正是公式推导的过程

即讲义中的公式 Q_OBE = FC / (P-VC) 的由来

老师在课程中，也是这样推导的，请参考基础班讲义墨迹版 P418

2）B：固定成本增加，意味着要更多的销售才能覆盖，自然杠杆就增加了。

思路没问题

其实选项 B 的考点是 DOL 的「计算」式，参考基础班讲义墨迹版 P403

其中，分母上会减去 Fixed Cost （FC）；如果减去的 Fixed Cost 越多（分母越小），那么算出来的DOL 越大

B 选项是说，如果在原来的 Fixed cost 1.05 billion 的基础上，Fixed cost 增加 10%，他说 Operating Leverage 会降低

显然他说反了，Fixed Cost 增加使得 DOL 增加

3）C：原来是40的时候，收入=40*35-1050=350，40*20%=42，收入=42*35-1050=420，因此，提升为：（420-350）/350，我这个解题思路是不是 很笨？能不能用？

思路没问题

中间有一行我理解是手误，应该是：40*(1+5%)=42

解题思路可以用，只是可能相比直接使用 DOL，计算量会更大一些

另外，选项 C 其实考查的是 DOL 的「定义」式，咱们在做题的过程中，除了做对解答，也建议总结一下，看一下站在「出题人」的角度，想考查什么考点，考查的角度是什么，这样备考效率会更高哈

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 430

    浏览
相关问题

NO.PZ2016021705000040 问题如下 The Fulcrum Company proces corative swivel platforms for home televisions. If Fulcrum proces 40 million units, it estimates thit csell them for $100 each. Variable proction costs are $65 per unit anfixeproction costs are $1.05 billion. Whiof the following statements is most accurate? Holng all else constant, the Fulcrum Company woul A.generate positive operating income if unit sales were 25 million. B.have less operating leverage if fixeproction costs were 10 percent greater th$1.05 billion. C.generate 20 percent more operating income if unit sales were 5 percent greater th40 million. is correct.Because L is 4, if unit sales increase 5 percent, Fulcrum’s operating earnings are expecteto increase 4 × 5% = 20%. The calculation for L is:L=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4L=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4L=[40 million×(100−65)]−1.05 billion40 million×(100−65)​=0.351.4​=4 L= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4 我咋知道它是让我算L的

2023-06-07 06:18 1 · 回答

NO.PZ2016021705000040问题如下The Fulcrum Company proces corative swivel platforms for home televisions. If Fulcrum proces 40 million units, it estimates thit csell them for $100 each. Variable proction costs are $65 per unit anfixeproction costs are $1.05 billion. Whiof the following statements is most accurate? Holng all else constant, the Fulcrum Company woul A.generate positive operating income if unit sales were 25 million.B.have less operating leverage if fixeproction costs were 10 percent greater th$1.05 billion.C.generate 20 percent more operating income if unit sales were 5 percent greater th40 million. is correct.Because L is 4, if unit sales increase 5 percent, Fulcrum’s operating earnings are expecteto increase 4 × 5% = 20%. The calculation for L is:L=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4L=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4L=[40 million×(100−65)]−1.05 billion40 million×(100−65)​=0.351.4​=4 L= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4 老师麻烦一下C 。Q增加5%变成42，带入计算式L计算出来得3.5。跟40带入计算L得4相比反而小了呀。怎么会是greater20%呀？

2023-05-12 21:39 1 · 回答

NO.PZ2016021705000040 问题如下 The Fulcrum Company proces corative swivel platforms for home televisions. If Fulcrum proces 40 million units, it estimates thit csell them for $100 each. Variable proction costs are $65 per unit anfixeproction costs are $1.05 billion. Whiof the following statements is most accurate? Holng all else constant, the Fulcrum Company woul A.generate positive operating income if unit sales were 25 million. B.have less operating leverage if fixeproction costs were 10 percent greater th$1.05 billion. C.generate 20 percent more operating income if unit sales were 5 percent greater th40 million. is correct.Because L is 4, if unit sales increase 5 percent, Fulcrum’s operating earnings are expecteto increase 4 × 5% = 20%. The calculation for L is:L=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4L=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4L=[40 million×(100−65)]−1.05 billion40 million×(100−65)​=0.351.4​=4 L= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4 题中说TFC增大，L确实变小了啊。这个哪里不对呢？

2023-05-07 15:55 1 · 回答

NO.PZ2016021705000040 问题如下 The Fulcrum Company proces corative swivel platforms for home televisions. If Fulcrum proces 40 million units, it estimates thit csell them for $100 each. Variable proction costs are $65 per unit anfixeproction costs are $1.05 billion. Whiof the following statements is most accurate? Holng all else constant, the Fulcrum Company woul A.generate positive operating income if unit sales were 25 million. B.have less operating leverage if fixeproction costs were 10 percent greater th$1.05 billion. C.generate 20 percent more operating income if unit sales were 5 percent greater th40 million. is correct.Because L is 4, if unit sales increase 5 percent, Fulcrum’s operating earnings are expecteto increase 4 × 5% = 20%. The calculation for L is:L=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4L=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4L=[40 million×(100−65)]−1.05 billion40 million×(100−65)​=0.351.4​=4 L= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4 Ap*q - tvc - tfc = （100 - 65）*25，000，000 - 1，050，000，000= - 175，000，000 这样吗

2023-04-04 21:57 1 · 回答

NO.PZ2016021705000040 问题如下 The Fulcrum Company proces corative swivel platforms for home televisions. If Fulcrum proces 40 million units, it estimates thit csell them for $100 each. Variable proction costs are $65 per unit anfixeproction costs are $1.05 billion. Whiof the following statements is most accurate? Holng all else constant, the Fulcrum Company woul A.generate positive operating income if unit sales were 25 million. B.have less operating leverage if fixeproction costs were 10 percent greater th$1.05 billion. C.generate 20 percent more operating income if unit sales were 5 percent greater th40 million. is correct.Because L is 4, if unit sales increase 5 percent, Fulcrum’s operating earnings are expecteto increase 4 × 5% = 20%. The calculation for L is:L=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4L=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4L=[40 million×(100−65)]−1.05 billion40 million×(100−65)​=0.351.4​=4 L= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4 A 计算 Q（P-VC）≠ 25million 成立 直接不选

2023-03-15 03:37 1 · 回答