财务管理 chapter3 习题.docx

1、财务管理 chapter3 习题Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1.One key reason a long-term financial plan is developed is because:A.the plan determines your financial policy.B.the plan determines your investment policy.C.there are direct connectio

2、ns between achievable corporate growth and the financial policy.D.there is unlimited growth possible in a well-developed financial plan.E.None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNING Type: DEFINITIONSc2.Projected future financial statements are called:A.plug statements.B.pro for

3、ma statements.C.reconciled statements.D.aggregated statements.E.none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONSB3.The percentage of sales method:A.requires that all accounts grow at the same rate.B.separates accounts that vary with sales and those that do not var

4、y with sales.C.allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D.Both A and B.E.Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONSE4.A _ standardizes items on the income statement and balance sheet as a percenta

5、ge of total sales and total assets, respectively.A.tax reconciliation statementB.statement of standardizationC.statement of cash flowsD.common-base year statementE.common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONSE5.Relationships determined from a firms financ

6、ial information and used for comparison purposes are known as:A.financial ratios.B.comparison statements.C.dimensional analysis.D.scenario analysis.E.solvency analysis.ADifficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6.Financial ratios that measure a firms ability to pay its bills over

7、 the short run without undue stress are known as _ ratios.A.asset managementB.long-term solvencyC.short-term solvencyD.profitabilityE.market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONSC7.The current ratio is measured as:A.current assets minus current liabilities.B.c

8、urrent assets divided by current liabilities.C.current liabilities minus inventory, divided by current assets.D.cash on hand divided by current liabilities.E.current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONSB8.The quick ratio is measured as:A.c

9、urrent assets divided by current liabilities.B.cash on hand plus current liabilities, divided by current assets.C.current liabilities divided by current assets, plus inventory.D.current assets minus inventory, divided by current liabilities.E.current assets minus inventory minus current liabilities.

10、Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONSD9.The cash ratio is measured as:A.current assets divided by current liabilities.B.current assets minus cash on hand, divided by current liabilities.C.current liabilities plus current assets, divided by cash on hand.D.cash on hand plus invento

11、ry, divided by current liabilities.E.cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONSE10.Ratios that measure a firms financial leverage are known as _ ratios.A.asset managementB.long-term solvencyC.short-term solvencyD.profitabilityE.market value

12、Difficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONSB11.The financial ratio measured as total assets minus total equity, divided by total assets, is the:A.total debt ratio.B.equity multiplier.C.debt-equity ratio.D.current ratio.E.times interest earned ratio.Difficulty level: EasyT

13、opic: TOTAL DEBT RATIOType: DEFINITIONSA12.The debt-equity ratio is measured as total:A.equity minus total debt.B.equity divided by total debt.C.debt divided by total equity.D.debt plus total equity.E.debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType

14、: DEFINITIONSC13.The equity multiplier ratio is measured as total:A.equity divided by total assets.B.equity plus total debt.C.assets minus total equity, divided by total assets.D.assets plus total equity, divided by total debt.E.assets divided by total equity.Difficulty level: MediumTopic: EQUITY MU

15、LTIPLIERType: DEFINITIONS14.The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A.cash coverage ratio.B.debt-equity ratio.C.times interest earned ratio.D.gross margin.E.total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType:

16、 DEFINITIONS15.The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A.cash coverage ratio.B.debt-equity ratio.C.times interest earned ratio.D.gross margin.E.total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType:

17、DEFINITIONS16.Ratios that measure how efficiently a firm uses its assets to generate sales are known as _ ratios.A.asset managementB.long-term solvencyC.short-term solvencyD.profitabilityE.market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17.The inventory turnover rati

18、o is measured as:A.total sales minus inventory.B.inventory times total sales.C.cost of goods sold divided by inventory.D.inventory times cost of goods sold.E.inventory plus cost of goods sold.Difficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18.The financial ratio days sales in inven

19、tory is measured as:A.inventory turnover plus 365 days.B.inventory times 365 days.C.inventory plus cost of goods sold, divided by 365 days.D.365 days divided by the inventory.E.365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS SALES IN INVENTORYType: DEFINITIONS19.The re

20、ceivables turnover ratio is measured as:A.sales plus accounts receivable.B.sales divided by accounts receivable.C.sales minus accounts receivable, divided by sales.D.accounts receivable times sales.E.accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINI

21、TIONS20.The financial ratio days sales in receivables is measured as:A.receivables turnover plus 365 days.B.accounts receivable times 365 days.C.accounts receivable plus sales, divided by 365 days.D.365 days divided by the receivables turnover.E.365 days divided by the accounts receivable.Difficulty

22、 level: MediumTopic: DAYS SALES IN RECEIVABLESType: DEFINITIONS21.The total asset turnover ratio is measured as:A.sales minus total assets.B.sales divided by total assets.C.sales times total assets.D.total assets divided by sales.E.total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TUR

23、NOVERType: DEFINITIONS22.Ratios that measure how efficiently a firms management uses its assets and equity to generate bottom line net income are known as _ ratios.A.asset managementB.long-term solvencyC.short-term solvencyD.profitabilityE.market valueDifficulty level: EasyTopic: PROFITABILITY RATIO

24、SType: DEFINITIONS23.The financial ratio measured as net income divided by sales is known as the firms:A.profit margin.B.return on assets.C.return on equity.D.asset turnover.E.earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24.The financial ratio measure

25、d as net income divided by total assets is known as the firms:A.profit margin.B.return on assets.C.return on equity.D.asset turnover.E.earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25.The financial ratio measured as net income divided by total equit

26、y is known as the firms:A.profit margin.B.return on assets.C.return on equity.D.asset turnover.E.earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26.The financial ratio measured as the price per share of stock divided by earnings per share is known as

27、the:A.return on assets.B.return on equity.C.debt-equity ratio.D.price-earnings ratio.E.Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27.The market-to-book ratio is measured as:A.total equity divided by total assets.B.net income times market price per share of sto

28、ck.C.net income divided by market price per share of stock.D.market price per share of stock divided by earnings per share.E.market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28.The _ breaks down return on e

29、quity into three component parts.A.Du Pont identityB.return on assetsC.statement of cash flowsD.asset turnover ratioE.equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29.The External Funds Needed (EFN) equation does not measure the:A.additional asset requirements give

30、n a change in sales.B.additional total liabilities raised given the change in sales.C.rate of return to shareholders given the change in sales.D.net income expected to be earned given the change in sales.E.None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30.To calculate sustainable growth rate without using return on equity, the analyst needs the:A.profit margin.B.payout