【正文】 He said it is one thing to pare a firm’s performance against petitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also pare performance to any well run panyboth in and outside of their industry. 2 Ratio analysis allows a firm to pare its performance to: D A) other firms in the industry B) other time periods within the firm C) other industries D) all of the above Feedback: Trend analysis gives an analyst a longterm perspective. As a security analyst and a portfolio manager with Oppenheimer Capital, Dick Glasebrook spoke to a Senior Finance Managers’ Meeting at the Boeing Company on May 4, 1999. He said it is one thing to pare a firm’s performance against petitors within the same industry. But investors are not limited to specific industries. In fact, investors seek to diversify their investments across many different industries. So management should also pare performance to any well run panyboth in and outside of their industry. 3 Usually, a firm39。s suppliers are most interested in its ___D_____ ratios. A) profitability B) debt C) asset utilization D) liquidity Feedback: The suppliers are most interested in getting paid, as shown by the liquidity of the firm. 4 CORRECT __________D_____ would be most interested in a firm39。s debt utilization ratios. A) bondholders B) stockholders C) shortterm creditors D) Both A and B Feedback: Debt is indicated by a firm issuing bonds but is also a function of the debt to equity relationship or the degree of financial leverage. Both bond holders and stockholders are interested in this relationship although frof opposing viewpoints. 5 CORRECT The _______C______ ratio indicates the return firm shareholders are earning. A) return on assets B) return on investment C) return on equity D) net profit margin Feedback: The shareholders represent equity, or ownership in the firm. 6 CORRECT Which of the following is an example of a profitability ratio? C A) Quick ratio B) Average collection period C) Return on equity D) Times interest earned Feedback: This is the only profitability ratio that is listed. All profitability ratios have net ine in the denominator. 7 Total asset turnover will indicate if there is a problem with the ___C______ ratio. A) debt to assets B) times interest earned C) fixed asset turnover D) current Feedback: Fixed asset turnover is part of total asset turnover. 8 CORRECT All of the following are asset utilization ratios except: D A) average collection period B) inventory turnover C) receivables turnover D) return on assets Feedback: Return on assets is a profitability ratio. Any ratio with net ine in the denominator is a profitability ratio. 9 CORRECT If a firm39。s debt ratio is 55%, this means ____C__ of the firm39。s assets are financed by equity financing. A) 55% B) 50% C) 45% D) not enough information to answer question Feedback: The equity portion plus the debt portion must add up to 100%. 10 CORRECT All of the following can present problems for ratio analysis except: D A) inflation B) inventory accounting methods C) disinflation D) all of the above Feedback: These all may cause problems. 第四章 Planning for future growth is called: C A) capital budgeting B) working capital management C) financial forecasting D) none of the above Feedback: This involves looking ahead to the future. 2 INCORRECT Which one of the following is NOT a tool of financial forecasting? B A) cash budget B) capital budget C) pro forma balance sheet D) pro forma ine statement Feedback: The other three are all tools used by an analyst. 3 CORRECT The first step in developing a pro forma ine statement is to: A A) build a sales forecast B) determine the production schedule C) determine cost of goods sold D) none of the above Feedback: A sales forecast begins the process. 4 INCORRECT Pro forma statements are _B______ statements. A) actual B) projected C) a previous year39。s D) none of the above Feedback: Pro forma statements are based on estimates or projections. 5 INCORRECT All of the following pose cost of goods sold except ______D__________. A) raw material B) labor C) overhead D) all of the above are part of cost of goods sold Feedback: The cost of good sold involves all three of these items. 6 INCORRECT Financial managers use the ______B_______ to plan for monthly financing needs. A) capital budget B) cash budget C) pro forma ine statement D) none of the above Feedback: The cash budget allows for planning cash needs. 7 INCORRECT The payments that a firm collects from its customers are called _______C________. A) cash disbursements B) cash outflows C) cash receipts D) none of the above Feedback: Cash receipts represent cash ing into the firm. 8 INCORRECT Examples of cash disbursements are all but _________B________. A) payment for materials purchased B) collection of accounts receivable C) payment of dividends D) payment of taxes Feedback: The collection of accounts receivable is an example of a cash receipt, not a cash disbursement. 9 CORRECT In developing the pro forma balance sheet, we get mon stock from __________A_______. A) the firm39。s previous balance sheet B) the firm39。s cash budget C) the firm39。s ine statement D) none of the above Feedback: Common stock appears on the balance sheet. 10 INCORRECT The percent of sales method of financial forecasting shows