兹维博迪金融学第二版试题库3TB.docx

兹维博迪金融学第二版试题库3TB.docx

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兹维博迪金融学第二版试题库3TB

ChapterThree

ManagingFinancialHealthandPerformance

Thischaptercontains62multiplechoicequestions,19shortproblemsand9longerproblems.

MultipleChoice

1.Foracorporation,networthiscalled________.

（a）netincome

（b）assets

（c）stockholder’sequity

（d）retainedearnings

Answer:

（c）

2.Onacompany’spublishedbalancesheet,thevalueofassets,liabilitiesandnetworth,aremeasuredat________.

（a）expectedmarketvalue

（b）currentbookvalue

（c）currentmarketvalue

（d）historicalacquisitioncosts

Answer:

（d）

3.AnyU.S.ornon-U.S.companythatwishestolistitssharesonaU.S.exchangemustregularlyreportitsactivitiesbyfilingfinancialstatementswiththe________.

（a）SEC

（b）NYSE

（c）GAAP

（d）AMEX

Answer:

（a）

4.Noncurrentassetstypicallyconsistof________.

（a）accountspayable

（b）receivablesandinventories

（c）cashandmarketablesecurities

（d）property,plant,andequipment

Answer:

（d）

5.

Thedifferencebetweenafirm’scurrentassetsanditscurrentliabilitiesiscalled________.

（a）networth

（b）networkingcapital

（c）netincome

（d）stockholder’sequity

Answer:

（b）

6.________isthedifferencebetweenrevenuesandcostofgoodssold.

（a）Operatingincome

（b）Grossmargin

（c）Taxableincome

（d）Changeinretainedearnings

Answer:

（b）

7.________isthedifferencebetweengrossmarginandGS&Aexpenses.

（a）Operatingincome

（b）Grossmargin

（c）Taxableincome

（d）Netincome

Answer:

（a）

8.Althoughitdiffersfromtheincomestatement,thestatementofcashflowsisausefulsupplementtotheincomestatementbecause:

（a）itfocusesattentiononwhatishappeningtothefirm’scashpositionovertime

（b）itavoidsthejudgmentsaboutrevenueandexpenserecognitionthatgointotheincomestatement

（c）itisinfluencedbyaccrualaccountingdecisions

（d）（a）and（b）

Answer:

（d）

9.Onthestatementofcashflows,thepurchaseofnewplantandequipmentrepresentsa________.

（a）cashflowfromoperatingactivity

（b）cashflowfrominvestingactivity

（c）cashflowfromfinancingactivity

（d）totalcashflowfrom（a）+（b）+（c）

Answer:

（b）

10.Onthebalancesheet,thevalueofassets,liabilities,andnetwortharemeasuredinaccordancewith________.

（a）generallyacceptedeconomicprinciples

（b）generallyacceptedaccountingprinciples

（c）marketvalueaccreditation

（d）generallyadoptedandaccreditedprinciples

Answer:

（b）

11.________istheofficialaccountingvalueofassetsandshareholder’sequity.

（a）Marketvalue

（b）Historicalmarketvalue

（c）Bookvalue

（d）Economicvalueadded

Answer:

（c）

12.Buildingupagoodreputationforqualityandreliability,andbuildingupaknowledgebaseastheresultofpastresearchanddevelopment,arebothexamplesof________thataddtothefirm’s________.

（a）intangibleassets,bookvalue

（b）tangibleassets,marketvalue

（c）tangibleassets,bookvalue

（d）intangibleassets,marketvalue

Answer:

（d）

13.Thevalueofgoodwillisthedifferencebetweenthe________oftheacquisitionandits________.

（a）marketprice,bookvalue

（b）amortizedvalue,marketprice

（c）historicalacquisitioncost,bookvalue

（d）marketprice,aftertaxvalue

Answer:

（a）

14.Atthebeginningof19X7SuccessGalorehasamarketpriceof$250pershareandattheendoftheyear$225.50.Cashdividendsfortheyearare$7.50pershare.Computethetotalshareholderreturns.

（a）6.8%

（b）–6.8%

（c）12.8%

（d）–12.8%

Answer:

（b）

15.SuccessGalorehadamarketpriceof$178pershareatthebeginningof19X7andattheendoftheyearthepricepersharewas$205.50.Cashdividendsfortheyearwere$7pershare.Calculatethetotalshareholderreturns.

（a）19.38%

（b）–19.38%

（c）16.79%

（d）–16.79%

Answer:

（a）

16.In19X7,KangaInc.hadanetincomeof$40.2million,assetsof$600million,andshareholders’equityof$405million.Calculatethereturnonequity.

（a）4%

（b）6.7%

（c）9.93%

（d）20.62%

Answer:

（c）

17.Assetturnoverratios________.

（a）assessthefirm’sprofitability

（b）assessthefirm’sabilitytouseitsassetsproductivelyingeneratingrevenue

（c）highlightthecapitalstructureofthefirm

（d）measuretheabilityofthefirmtomeetitsshort-termobligations

Answer:

（b）

UsetheinformationbelowforBGBManufacturingtoanswerQuestions18-22.

ExhibitforBGBManufacturing1997-1999

BalanceSheet（Allfiguresin$millions）

1997

1998

1999

Cash&marketablesecurities

1.0

2.0

5.0

Accountsreceivable,net

2.0

3.0

4.0

Inventories

3.0

4.7

8.0

Totalcurrentassets

6.0

9.7

17.0

PropertyPlant&Equipment,net

14.0

13.0

12.0

Totalassets

20.0

22.7

29.0

Accountspayable

2.0

1.5

1.0

Othershorttermliabilities

2.0

2.5

3.0

Totalcurrentliabilities

4.0

4.0

4.0

Longtermdebt（bonds）

10.0

10.0

10.0

Totalliabilities

14.0

14.0

14.0

Stockholder’sequity

6.0

8.7

15.0

Totalliabilities&equity

20.0

22.7

29.0

IncomeStatement（Allfiguresin$millions）

1997

1998

1999

Revenues,net

10.0

15.0

25.0

CostofSales

5.0

7.0

10.0

Selling,Gen&AdminExpenses

1.0

1.5

2.0

EBIT

4.0

6.5

13.0

TotalInterest

1.5

2.0

2.5

EBT

2.5

4.5

10.5

Taxes（@40%）

1.0

1.8

4.2

EAT

1.5

2.7

6.3

18.CalculatethecurrentratioforBGBManufacturingfor1998.

（a）1.5times

（b）2.43times

（c）3.19times

（d）4.25times

Answer:

（b）

19.CalculatethequickratioforBGBManufacturingfor1997.

（a）0.25times

（b）0.5times

（c）0.75times

（d）1.5times

Answer:

（c）

20.Fromtheperspectiveofabankloanofficerfrom1997tothepresent,whichofthefollowingstatementsbestsummarizestheinformationrevealedbythecurrentratioandquickratioforBGBManufacturing?

（a）Theabilityofthefirmtomeetitslong-termobligationshasdeteriorated.

（b）Theabilityofthefirmtomeetitsshort-termobligationshasimproved.

（c）Theabilityofthefirmtomeetitsshort-termobligationshasdeteriorated.

（d）Theabilityofthefirmtomeetitslong-termobligationshasimproved.

Answer:

（b）

21.CalculatethedebtratioforBGBManufacturingfor1999.

（a）0.14%

（b）0.24%

（c）0.48%

（d）0.82%

Answer:

（c）

22.Calculatethetimesinterestearned（TIE）ratioforBGBManufacturingfor1998.

（a）2.25times

（b）2.7times

（c）3.25times

（d）5.2times

Answer:

（c）

23.Ifafirm’stotalassetturnoverratiois3.0:

（a）itsaveragetotalassetsareone-sixthofitsannualsales

（b）itsaveragetotalassetsarethreetimesitsannualsales

（c）itsannualsalesarethreetimesitsaveragetotalassets

（d）itsannualsalesareone-thirdofitstotalassets

Answer:

（c）

24.AfirmhasaP/Eof9andamarkettobookratioof2.5.IfEPSare$3.50,whatisthebookvaluepershare?

（a）$8.75

（b）$12.60

（c）$31.50

（d）$78.75

Answer:

（b）

25.AfirmhasEBITof$3million,salesof$15million,andaveragetotalassetsof$30million.CalculateitsROA.

（a）6.67%

（b）10%

（c）20%

（d）50%

Answer:

（b）

26.Iftheaverageinventoryforafirmis$17millionandinventoryturnoveris0.9times,whatisitscostofgoodssold?

（a）$15.3million

（b）$18.89million

（c）$153million

（d）$188.9million

Answer:

（a）

27.IftheaveragetotalassetsfortheHeartlandCorporationare$660millionandEATare$100million,calculateitsROA.Assumeataxrateof40%andinterestof$3million.

（a）15.15%

（b）15.6%

（c）25.15%

（d）25.71%

Answer:

（d）

28.Thebeginningofyearreceivablesforafirmare$40million.Ifthereceivablesturnoverforthefirmis4.2timesanditssalesare$220million,calculatethefirm’sendofyearreceivables.

（a）$24.76million

（b）$52.38million

（c）$64.76million

（d）$168million

Answer:

（c）

29.Indevelopingafinancialplan,thefirststepisto:

（a）distributerewardsandpunishmentstorelevantparties

（b）developthefirm’sstrategicplan

（c）establishspecificperformancetargetsforthefirmanditssuppliers

（d）adjusttargetsbasedonthepreviousyear’sdata

Answer:

（b）

30.Theplanninghorizonisanimportantcomponentofthefinancialplanningprocess.Generally,thelongerthehorizon:

（a）thelessdetailedthefinancialplan

（b）themoredetailedthefinancialplan

（c）themoreperformancetargetsthefinancialplanwillinclude

（d）thelessafinancialplanisneeded

Answer:

（a）

31.The“blueprints,”orthetangibleoutcomesofthefinancialplanningprocess,areintheformof:

（a）executivestockoptions

（b）auditor’srecommendations

（c）projectedfinancialstatementsandbudgets

（d）tacticalplansandbudgets

Answer:

（c）

32.Basedonaconsiderationoftheplanninghorizon,whichofthefollowingprojectsismostlikelytoconsistofthemostdetailedfinancialplans?

（a）afive-yearfinancialplan

（b）aone-yearfinancialplan

（c）asix-monthfinancialplan

（d）aone-monthfinancialplan

Answer:

（d）

33.Forecastingsalesforthenextyearandassumingthatmostoftheitemsontheincomestatementandbalancesheetwillmaintainthesameratiotosalesasinthepreviousyeariscalledthe_______________method.

（a）forecastratio

（b）percent-of-sales

（c）planninghorizon

（d）financialpredictor

Answer:

（b）

34.Usingthepercent-of-salesmethod,whichofthefollowingvariablesaretypicallyassumedtoincreaseproportionatelywithsales?

（a）costs

（b）EBIT

（c）assets

（d）alloftheabove

Answer:

（d）

35.Rupert’sGlassworksLtd.hasaninventoryperiodof50days,areceivablesperiodof55days,andapayablesperiodof40days.Computeitscashcycletime.

（a）35days

（b）45days

（c）65days

（d）105days

Answer:

（c）

Questions36through45refert