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Multiple Choice
1. Which of the following financial ratios is market-based?
a.
debt-to-equity
b.
price-to-earnings
c.
return on investment
d.
gross profit margin
b
2. A low financial ratio may be caused by a ____ or a(n) ____.
a.
low denominator; accounting error
b.
high denominator; accounting error
c.
low denominator; high numerator
d.
high denominator; low numerator
d
3. ____ indicate the ability of the firm to meet its short-term financial obligations.
a.
Activity ratios
b.
Liquidity ratios
c.
Leverage ratios
d.
Profitability ratios
b
4. ____ indicate the firm’s capacity to meet its debt obligations, both short-term and long-term.
a.
Liquidity ratios
b.
Activity ratios
c.
Financial leverage management ratios
d.
Profitability ratios
c
5. The current ratio is not the most stringent measure of liquidity, because it ____.
a.
is difficult to calculate
b.
includes some items, such as inventory, that may not be readily liquid
c.
requires many years of past data
d.
includes many non-current items in its calculation
b
6. The quick ratio is similar to the current ratio except it does NOT include ____.
a.
cash
b.
accounts receivable
c.
prepaid items
d.
inventories
d
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7. The fixed asset turnover ratio is influenced by ____.
a.
the length of time since acquisition
b.
the depreciation policies adopted by the firm
c.
the extent to which fixed assets are leased rather than owned
d.
All of these are correct
d
8. The greater the amount of financial leverage used by a firm, the greater its ____, all other things being equal.
a.
profitability
b.
liquidity
c.
risk
d.
size
c
9. The ____ ratio measures the relative profitability of a firm’s sales after the cost of sales has been deducted.
a.
gross profit margin
b.
net profit margin
c.
return on investment
d.
return on stockholders’ equity
a
10. A financial ratio is a(n) ____ that indicates something about a company’s activities.
a.
analysis
b.
theory
c.
management philosophy
d.
relationship
d
11. A firm’s return on stockholders’ equity is a function of its net profit margin, ____, and equity multiplier.
a.
current ratio
b.
cost of goods
c.
total asset turnover
d.
fixed asset turnover
c
12. Primary sources of comparative financial data include ____.
a.
Dun and Bradstreet
b.
New York Times
c.
Richard Moore, Inc.
d.
Framingham Financial Library
a
13. The data from ____ is especially useful when analyzing smaller firms.
a.
Prentice-Hall
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b.
The Risk Management Association
c.
Dan Bradbury Ltd.
d.
the Securities and Exchange Commission
b
14. In an inflationary period, a firm is likely to show short-lived profit increases because ____.
a.
accounts receivable collections increase
b.
cash balances decline
c.
inventory profits are realized
d.
All of these are correct
c
15. If a firm wanted to report high profits, it would choose which method of inventory accounting in inflationary times?
a.
FIFO
b.
LIFO
c.
FILO
d.
GIGO
a
16. Financial ratios can be used to make a comparison of a company’s financial condition from ____.
a.
day to day
b.
period to period
c.
purchase to purchase
d.
sale to sale
b
17. The earnings per share figure ____.
a.
is a comparative ratio
b.
is the best measure of a firm’s profitability
c.
can be computed only if a firm has no debt
d.
is part of the price-to-earnings ratio
d
18. A firm wants to receive cash earnings. Management’s viewpoint is that cash earnings are ____.
a.
stock dividends
b.
high quality earnings
c.
retained earnings
d.
debt retirement
b
19. Bondholders and other long-term creditors tend to prefer a ____ debt ratio because it provides ____ a major financial
problem.
a.
low; greater protection in the event of
b.
high; greater protection in the event of
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c.
low; less likelihood of
d.
high; less likelihood of
20. Current assets include the cash a firm already has on hand and in the bank plus any assets that can be converted into
cash within a “normal” operating period of ____ month(s).
a.
1
b.
6
c.
12
d.
18
21. Which of the following is consistent with an increase in a firm’s return on investment?
a.
costs increase more than revenues do
b.
costs decrease less than revenues do
c.
an increase in the asset level required to maintain current sales volume
d.
an increase in sales revenue
d
22. If a firm wishes to retain the same return on equity when its net profit margin and total asset turnover has declined, it
must ____.
a.
decrease its equity multiplier
b.
increase its equity multiplier
c.
increase sales and increase assets
d.
reduce sales and increase assets
b
23. A fresh fruit wholesaler has high sales volume, with most selling prices not greatly exceeding costs. This wholesaler
would normally be expected to have ____.
a.
high profit margin and high asset turnover
b.
low profit margin and low asset turnover
c.
low profit margin and high asset turnover
d.
high profit margin and low asset turnover
24. The ratio group most likely to be used to indicate a firm’s ability to meet short-term financial obligations would be
____.
a.
liquidity ratios
b.
financial leverage ratios
c.
activity ratios
d.
profitability ratios
25. Which of the following ratios would probably not be used to assess the profitability of a firm?
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a.
return on stockholders’ equity
b.
return on investment
c.
times interest earned
d.
None of these are correct
c
26. In general, firms with ____ risk and ____ earnings growth prospects will have higher P/E multiples.
a.
low; low
b.
high; low
c.
low; high
d.
high; high
c
27. The analysis of financial statements is affected by inflation because ____.
a.
the value of long-term debt will increase
b.
the value of fixed assets may be understated
c.
the life of long-term assets is decreased
d.
inventory increases
b
28. An increase in the average collection period may suggest all of the following EXCEPT ____.
a.
the company caters to slow-paying customers
b.
customers are not paying their bills on time
c.
sales have decreased
d.
an overly liberal credit policy
c
29. Asset management ratios indicate ____.
a.
how well a firm is using its assets to generate sales
b.
how efficiently a firm is allocating its liabilities
c.
the return on assets
d.
the profitability of the firm
a
30. Christy would like to improve the current ratio of her firm, which is now 0.5, so that she will have a better chance of
obtaining a working capital loan. Which of the following options would improve her current ratio?
a.
use cash to pay off notes payable
b.
collect some of her accounts receivables
c.
purchase additional inventory on credit
d.
borrow short-term funds to pay off some payables
c
31. The major types of financial ratios include all of the following EXCEPT ____.
a.
market-based
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b.
liquidity
c.
financial leverage management
d.
equity
d
32. Financial leverage management ratios measure the ____.
a.
amount of interest paid by the firm
b.
firm’s use of fixed-charge financing
c.
amount of equity funds retired by the firm
d.
static ratio
b
33. ____ ratios indicate how efficiently a firm is using its assets to generate sales.
a.
Liquidity
b.
Asset management
c.
Financial leverage
d.
Equity
b
34. A common-size balance sheet shows the firm’s assets and liabilities as a percentage of ____.
a.
stockholders’ equity
b.
industry averages
c.
total assets
d.
net sales
c
35. A common-size income statement shows the firm’s income and expense items as a percentage of ____.
a.
stockholders’ equity
b.
net sales
c.
industry averages
d.
total assets
b
36. ;he ____ ratio, sometimes called the “acid test,” is a more stringent measure of ____ than the current ratio.
a.
quick; liquidity
b.
fixed-asset turnover; activity
c.
net profit margin; gross profit margin
d.
equity; activity
a
37. Return on stockholders’ equity is equal to ____ times ____ times ____.
a.
net profit margin; fixed asset turnover; equity multiplier
b.
gross profit margin; total asset turnover; equity multiplier
c.
net profit margin; total asset turnover; equity multiplier
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d.
net profit margin; total asset turnover; debt-to-equity ratio
c
38. When considering the quality of a firm’s earnings, high quality earnings tend to be ____
a.
cash earnings
b.
derived from infrequently recurring transactions
c.
earnings per sale
d.
earnings per share
a
39. The fixed-charge coverage ratio includes all of the following in the denominator EXCEPT ____ .
a.
lease payments
b.
preferred dividends before tax
c.
Before-tax sinking fund
d.
common stock dividends
d
40. The ____ ratio is a more severe measure of a firm’s ability to meet fixed financial obligations.
a.
acid test
b.
debt
c.
fixed-charge coverage
d.
debt-to-equity
c
41. If a firm’s current ratio is 1.5, then ____.
a.
its current liabilities exceed its current assets
b.
it is possible for its quick ratio to be 2.0
c.
it is possible for its quick ratio to be 1.0
d.
its current assets equal its current liabilities
c
42. If a firm’s total asset turnover ratio is 2.0, then ____.
a.
its annual sales are less than its total assets
b.
it is possible that its fixed asset turnover ratio is 1.5
c.
its total assets are two times its annual sales
d.
its annual sales are two times its total assets
d
43. If a firm’s return on investment (i.e., earnings after taxes divided by total assets) is 7% and the firm has no preferred
stock financing, it is ____.
a.
possible that its return on stockholders’ equity is 10%
b.
possible that its return on stockholders’ equity is 5%
c.
impossible for its debt-to-equity ratio to be 1.0
d.
impossible for its net profit margin to be 7%
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a
44. If a firm’s price to earnings (P/E) ratio is 10, ____.
a.
it is not possible for it to be paying dividends also
b.
its market to book ratio has to be at least 2.0
c.
its net profit margin is positive
d.
its return on stockholders’ equity is negative
c
45. The analysis of the financial performance and condition of a firm with sizable international operations is generally
more complicated than analyzing a firm whose operations are largely domestic for all of the following reasons EXCEPT
____.
a.
problems with the translation of foreign operating results
b.
problems with definition of capital
c.
fluctuating exchange rates
d.
All of these are correct
b
46. Which of the following is NOT true about generally accepted accounting principles (GAAP)?
a.
They are outlined in Statements of Financial Accounting Standards.
b.
In the United States, they are issued by the Financial Standards Accounting Board.
c.
They are stringent, giving firms little latitude in reporting financial situations.
d.
Two firms that both follow GAAP can still have significant differences in how they compute their financial
outcomes.
c
47. The Market Value Added (MVA) is ____.
a.
an indicator of how successful a firm has been at increasing its financing its assets
b.
the return on total capital minus cost of capital
c.
an indication of an increase in operating efficiency
d.
the present value of all expected future EVA
d
48. Economic value added (EVA) is a measure of operating performance that indicates how successful a firm has been at
____.
a.
increasing the growth in earnings
b.
increasing the MVA of the enterprise in any given year
c.
increasing the rate of return on investment
d.
All of these are correct
b
49. Firms with a positive economic value added (EVA) have a(n) ____.
a.
increased growth in earnings
b.
increasing rate of return on investment
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c.
return on capital greater than their cost of capital
d.
high return on book value
c
50. Income taxes on inventory profits can be deferred by ____.
a.
different tax schedules
b.
different inventory valuation methods
c.
long-term equipment
d.
different cash flow methods
b
51. The ____ ratio indicates the percentage of a firm’s earnings that are distributed as dividends.
a.
dividend yield
b.
payout
c.
return on earnings
d.
earnings
b
52. Which of the following firms would be most likely to pay out a high proportion of its earnings as dividends?
a.
a firm with a lot of ongoing high-return investment projects
b.
a firm with stable earnings
c.
a firm with volatile earnings
d.
All of these are equally likely to pay out a high proportion of their earnings as dividends
a
53. Stocks with ____ dividend yield often indicate ____ expected future growth.
a.
high; high
b.
low; low
c.
low; high
d.
high; low
c
54. To increase the return on stockholders’ equity, management could increase the ____.
a.
current ratio
b.
price-to-earnings ratio
c.
dividend yield
d.
equity multiplier
d
55. Although ratios can provide valuable information, they can also be misleading for which of the following reasons?
a.
Ratios are only as reliable as the accounting data on which they are based.
b.
Compilation of industry norms often does not report information about the distribution of values.
c.
Comparative analysis depends on the availability of data for appropriately defined industries.
d.
All of these are correct.
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d
56. A trend analysis indicates a firm’s performance ____.
a.
more accurately than any other type of analysis
b.
over time
c.
at one given point in time
d.
without relying on financial ratios
b
57. Companies can avoid paying income taxes on inventory profits by using the ____ inventory valuation method.
a.
LIFO
b.
FIFO
c.
Priced out
d.
Priced in
a
58. Nuking Gnats Pest Service, Inc. has a debt ratio of 50% and an equity multiplier of 2. What is Nuking Gnats’
stockholders’ equity if total debt is $100,000?
a.
$100,000
b.
$150,000
c.
$200,000
d.
$50,000
a
59. Given the following information, calculate the inventory for Big Show Videos: Quick ratio = 1.2; Current assets =
$12,000; Current ratio = 2.5
a.
$4,800
b.
$6,240
c.
$7,200
d.
$5,660
b
60. A firm with an equity multiplier of 4.0, will have a debt ratio of ____.
a.
0.25
b.
1.00
c.
0.75
d.
4.00
c
61. firm with a debt ratio of 0.75, will have an equity multiplier of ____.
a.
0.25
b.
1.00
c.
0.75
d.
4.00
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d
62. What is the market price of a share of stock for a firm that pays dividends of $1.20 per share, has a P/E of 14, and a
dividend payout ratio of 0.4?
a.
$16.80
b.
$42
c.
$3
d.
$28
b
63. What is the return on investment for a firm that has a debt ratio of 0.65, a net profit margin of 6.5%, sales of $740,000,
and a total asset turnover of 4?
a.
26.0%
b.
16.9%
c.
6.5%
d.
4.6%
a
64. What is the return on stockholders’ equity for a firm with a net profit margin of 5.2 percent, sales of $620,000, an
equity multiplier of 1.8, and total assets of $380,000?
a.
8.48%
b.
5.74%
c.
15.27%
d.
9.36%
c
65. What is the cost of sales for a firm with a gross profit margin of 30 percent, a net profit margin of 4 percent, and
earnings after taxes of $20,000?
a.
$200,000
b.
$350,000
c.
$150,000
d.
$125,000
b
66. If a firm has a total asset turnover of 8 times and a return on investment of 15%, its net profit margin must be ____.
a.
1.875%
b.
1.95%
c.
2.05%
d.
2.25%
a
67. A firm’s current ratio is 1.5 and its quick ratio is 1.0. If its current liabilities are $10,000, what are its inventories?
a.
$ 5,000
b.
$10,000
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c.
$15,000
d.
$20,000
a
68. A firm’s price-to-earnings ratio is 8 and its market-to-book ratio is 2. If its earnings per share are $4.00, what is the
book value per share?
a.
$ 8.00
b.
$32.00
c.
$64.00
d.
$16.00
d
69. Trend analysis requires that ____.
a.
asset management ratios be excluded from the analysis
b.
financial ratios not be used at all
c.
the same ratio be plotted over several years
d.
many different ratios be calculated over several years
d
70. A(n) ____ calculates a firm’s total assets and total liabilities and stockholders’ equity, in dollars.
a.
income statement
b.
balance sheet
c.
common-size balance sheet
d.
common-size income statement
b
71. A(n) ____ calculates a firm’s earnings after taxes, in dollars.
a.
income statement
b.
balance sheet
c.
common-size balance sheet
d.
common-size income statement
a
72. Trend analysis reveals whether a firm’s performance over a given time period has improved or deteriorated relative to
____.
a.
that firm’s likely performance in the future
b.
that firm’s performance in earlier time periods
c.
companies in other industries
d.
other companies in the same industry
d
73. If a firm has interest expenses of $10,000 per year, sales of $700,000, a tax rate of 40%, and a net profit margin of 7%,
what is the firm’s times interest earned ratio (round to two decimals)?
a.
8.17
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b.
4.90
c.
13.25
d.
9.17
d
74. How much cash and marketable securities does Gray Day Computer Co. have if the firm has a current ratio of 2.5, a
quick ratio of 1.2, and current liabilities of $12,000? Gray’s credit sales are $98,000, and its average collection period is 40
days? (Assume 365 days per year.)
a.
$3,660
b.
$14,440
c.
$10,740
d.
$12,660
a
75. What is the market price per share of Big Whoop Inc. if the firm had net income of $200,000, earnings per share of
$2.70, total equity of $800,000, and a market-to–book ratio of 1.5?
a.
$16.20
b.
$10.80
c.
$7.20
d.
$12.40
a
76. If Power-On Inc. has a total asset turnover of 1.8, a fixed asset turnover of 3.2, a debt ratio of 0.5, and a total debt of
$200,000, what would fixed assets be?
a.
$56,250
b.
$711,111
c.
$225,000
d.
$62,250
c
77. What would be the times interest earned of a company if its total interest charges are $20,000, sales are $220,000, and
its net profit margin is 6 percent? Assume a tax rate of 40 percent.
a.
2.65
b.
1.1
c.
2.1
d.
1.2
c
78. Determine the cost of sales for a firm with the following financial ratios and data:
Current ratio = 3.0; Quick ratio = 2.0; Current liabilities $1,000,000; Inventory turnover 6 times
a.
$2,000,000
b.
$6,000,000
c.
$3,000,000
d.
$1,000,000
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b
79. AK, Inc. is considering issuing additional long-term debt to finance an expansion. The company currently has $20
million in 5% debt outstanding. Its earnings after-tax (EAT) are $3.0 million, and its marginal and average tax rate is 40
percent. The company is required by the debt holders to maintain its times interest earned ratio at 3.0 or greater. How
much additional 10 percent debt can the company issue now and maintain its times interest earned ratio at 3.0? Assume
for this calculation that earnings before interest and taxes remains at its present level.
a.
$10 million
b.
$ 6 million
c.
$ 1 million
d.
$5 million
a
80. Given the following information, determine Salem Company’s fixed assets.
Sales = $10,000,000
Total asset turnover = 4 times
Current ratio = 2.40
Current liabilities = $500,000
Total assets = current assets + fixed assets
a.
$1,200,000
b.
$4,800,000
c.
$1,300,000
d.
Cannot be determined
c
81. Given the following information, determine Taylor Company’s cash balance.
Sales = $10,000,000 (all on credit)
Current ratio = 3.0
Current liabilities = $800,000
Average collection period = 36.5 days (Assume 365 days/year)
Quick ratio = 1.50
Current assets = cash + accounts receivable + inventory
a.
$200,000
b.
$1,400,000
c.
$2,400,000
d.
$500,000
a
82. What is the net profit margin for TJX Inc. if the current ratio = 2; total asset turnover =1.5; total assets = $100,000;
and EBIT = $30,000? Assume the marginal tax rate for TJX is 40% and that interest expenses are $10,000.
a.
20%
b.
8%
c.
12%
d.
6%
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b
83. Your current assets consist of cash, accounts receivable, and inventory. Total current liabilities equal $200,000. The
average collection period is 20 days on average daily credit sales of $2,500. The current ratio is 1.3 and the quick ratio is
0.625. What is the balance in the cash account?
a.
$ 75,000
b.
$ 65,000
c.
$135,000
d.
$ 50,000
a
84. Wall Mart Pictures and Decor Company has a net profit margin of 10% and its inventory turnover is 9. What is its
annual cost of sales? You also know that Wall Mart’s average inventory is $96,700, and its annual sales are $1,000,000.
a.
$870,000
b.
$850,000
c.
$870,300
d.
$790,000
c
85. Greg is interested in investing in a small company, and he thinks Good Buy Co. might be a good investment. He has
been given the following information and would like to know the return on stockholder’s equity. Assume Good Buy’s
marginal tax rate is 40%.
Earning before taxes
$3 million
Net profit margin
3.6%
Total liabilities
$15.0 million
Total stockholder’s equity
$10.0 million
a.
12%
b.
20%
c.
15%
d.
18%
d
86. Given the following information, calculate the return on equity for Regrets Only Dating Services, Inc.:
Net Profit margin = 5%
Total asset turnover = 2
Debt ratio = 0.73
a.
14%
b.
7.3%
c.
37%
d.
21%
c
87. All of the following are users of financial information EXCEPT ____.
a.
customers
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b.
bankers
c.
security analysts
d.
unions
a
88. Each of the following is true of successful financial ratio analysis EXCEPT ____.
a.
some industries use special ratios that are unique to the activities of firms in those industries
b.
a single ratio is all that is needed to indicate specific areas of weakness that must be addressed
c.
ratios are meaningful only when compared to a standard
d.
ratios must be used in conjunction with other data to obtain meaningful information
b
89. If a firm’s common-size income statement shows that the earnings after tax percentage is too low, the firm may have
spent too much money on ____.
a.
total assets as a percentage of long-term liabilities
b.
expenses as a percentage of current assets
c.
cost of sales as a percentage of net sales
d.
taxes paid as a percentage of stockholders’ equity
c
90. The sales-to-inventory ratio is ____.
a.
superior to the inventory turnover ratio.
b.
a good comparison tool for determining financial performance
c.
technically inferior to other commonly used ratios
d.
satisfactory when used to make comparisons between the firm and the industry as a whole and was developed
by the Dupont Corporation
c
91. The type of ratio that indicates the firm’s ability to provide adequate returns in the form of dividends and share price
appreciation is the ____.
a.
profitability ratios
b.
asset management ratios
c.
liquidity ratios
d.
financial leverage management ratios
a
92. A firm has revenue of $60,000, its total operating costs (excluding depreciation) and cost of goods sold are $50,620,
depreciation is $4,620, and its interest expense on outstanding loans is $2,000. What is the firm’s EBITDA?
a.
$55,380
b.
$2,760
c.
$9,380
d.
$12,000
c
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Class:
Date:
93. Market-based ratios can be which of the following:
I. Price-to-earnings ratio
II. Dividend yield
a.
Statement I only is correct.
b.
Statement II only is correct.
c.
Both statements I and II are correct
d.
Neither statement I nor statement II is correct.
a
94. Nukin’ Gnats Pest Control is trying to determine its cash flow per share. It has revenue of $50,000, $35,000 of
expenses, $4,000 of depreciation, and $3,000 of interest expense. The firm is in the 40% tax bracket. The firm has 75,000
shares of common stock outstanding. Its cash flow per share is ____.
a.
$0.08
b.
$0.12
c.
$0.92
d.
$0.46
b
95. Most analysts prefer using price to free cash flow rather than price-to-earnings (P/E) ratio because price to free cash
flow is ____.
a.
easier to compute
b.
more accurate than cash flow per share
c.
a stricter measure that reduces the cash flow by the amount of capital expenditures
d.
more reliable as a measure of performance
c
96. Nukin’ Gnats Pest Control is trying to determine its cash flow per share. It has revenue of $50,000, $35,000 of
expenses, $4,000 of depreciation, and $3,000 of interest expense. The firm is in the 40% tax bracket. The firm has 75,000
shares of common stock outstanding. The firm has a $15 stock price per share. Its stock price to cash flow is ____.
a.
150
b.
75
c.
100
d.
125
d
97. Heavily using debt to finance assets results in higher ____ as compared to ROI.
a.
return on sales
b.
return on stockholders’ equity
c.
return on assets
d.
times interest earned
b
98. The financial analysis tool that takes into account the entire capital structure of the firm is the ____.
a.
EBITDA multiple
b.
price-to–book ratio
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c.
P/E ratio
d.
total asset turnover ratio
a
99. When using financial ratios to analyze a company‘s ability to maximize shareholders’ wealth, all of the following
cautions should be considered EXCEPT ____.
a.
financial ratios are flags indicating potential areas of strength or weakness
b.
a financial ratio must be dissected to discover its true meaning
c.
a financial ratio must be compared to some standard
d.
although there may be accounting differences between companies, these differences do not impact financial
ratios
d
100. How does a firm determine its enterprise value?
a.
price per share of its stock X the common shares outstanding.
b.
sales X (1 + growth rate in sales)
c.
EBIT X (1 – tax rate)
d.
net income + depreciation
a
101. Common stock prices are dependent on the amount and stability of a firm’s cash flows so common stockholders are
especially interested in ____.
a.
profitability measurements
b.
accounting profits
c.
earnings after tax
d.
NOPAT
a
102. Stockholder’s equity is also known by another name, which is ____.
a.
dividend liability
b.
equity earnings
c.
net worth
d.
cash flow
c
Essay
103. What is the main purpose of financial analysis and what does it identify?
management policy; sufficient plant, property and equipment; and an adequate capital structure. These are
necessary in determining whether or not the firm is maximizing shareholder wealth.
104. List the major financial ratio groups and briefly indicate what they analyze.
1. Liquidity ratios – they indicate the firm’s ability to meet short-term financial obligations and
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105. What information can be determined by common-size financial statements?
106. What information can asset management ratios provide?
107. What factors make it possible for firms with virtually identical plants to have significantly different fixed-asset
turnover ratios?
108. There are numerous sources that provide financial analysis via the Internet. List some of those resources.
109. List various earnings management tricks used by some companies.
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