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Chapter 03
1. Projected future financial statements are called:

A. plug statements.
B. pro forma statements.
C. reconciled statements.
D. aggregated statements.
E. comparative statements.

2. The extended version of the percentage of sales method:

A. assumes that all net income will be paid out in dividends to stockholders.
B. assumes that all net income will be retained by the firm and offset by a reduction in debt.
C. is based on a capital intensity ratio of 1.0.
D. requires that all financial statement accounts change at the same rate.
E. separates accounts that vary with sales from those that do not vary with sales.

3. Which statement expresses all accounts as a percentage of total assets?

A. pro forma balance sheet

B. common-size income statement
C. statement of cash flows
D. pro forma income statement
E. common-size balance sheet
4. Ratios that measure a firm's ability to pay its bills over the short run without undue stress
are known as:

A. asset management ratios.

B. long-term solvency measures.
C. liquidity measures.
D. profitability ratios.
E. market value ratios.
5. The current ratio is measured as:

A. current assets minus current liabilities.

B. current 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.

6. The quick ratio is measured as:

A. current 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.

7. Ratios that measure a firm's financial leverage are known as ratios.

A. asset management
B. long-term solvency
C. short-term solvency
D. profitability
E. market value

8. The debt-equity ratio is measured as:

A. total equity divided by long-term debt.

B. total equity divided by total debt.
C. total debt divided by total equity.
D. long-term debt divided by total equity.
E. total assets minus total debt, divided by total equity.

9. The equity multiplier 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.
10. Ratios that measure how efficiently a firm uses its assets to generate sales are known as
ratios.

A. asset management
B. long-term solvency
C. short-term solvency
D. profitability
E. market value

11. The inventory turnover ratio is measured as:

A. total sales minus inventory.

B. inventory times total sales.
C. cost of goods sold divided by inventory.
D. inventory divided by cost of goods sold.
E. inventory divided by sales.

12. The financial ratio days' sales in inventory 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.

13. The receivables 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.

14. The total asset turnover ratio measures the amount of:

A. total assets needed for every $1 of sales.

B. sales generated by every $1 in total assets.
C. fixed assets required for every $1 of sales.
D. net income generated by every $1 in total assets.
E. net income than can be generated by every $1 of fixed assets.
15. Ratios that measure how efficiently a firm's management uses its assets and equity to
generate bottom line net income are known as ratios.

A. asset management
B. long-term solvency
C. short-term solvency
D. profitability
E. market value

16. The financial ratio measured as net income divided by sales is known as the firm's:

A. profit margin.
B. return on assets.
C. return on equity.
D. asset turnover.
E. earnings before interest and taxes.

17. The measure of net income returned from every dollar invested in total assets is the:

A. profit margin.
B. return on assets.
C. return on equity.
D. asset turnover.
E. earnings before interest and taxes.

18. The financial ratio that measures the accounting profit per dollar of book equity is referred to
as the:

A. profit margin.
B. price-earnings ratio.
C. return on equity.
D. equity turnover.
E. market profit-to-book ratio.

19. The amount that investors are willing to pay for each dollar of annual earnings is reflected in the:

A. return on assets.
B. return on equity.
C. debt-equity ratio.
D. price-earnings ratio.
E. DuPont identity.
20. The market-to-book ratio is measured as the:

A. market price per share divided by the par value per share.
B. net income per share divided by the market price per share.
C. market price per share divided by the net income per share.
D. market price per share divided by the dividends per share.
E. market value per share divided by the book value per share.

21. The external funds needed (EFN) equation projects the addition to retained earnings as:

A. PM × Sales.
B. PM ×Δ Sales× (1 - d).
C. PM × Projected sales × (1 - d).
D. Projected sales × (1 - d).
E. PM ×Projected sales.

22. Which one of the following statements is correct concerning ratio analysis?

A. A single ratio is often computed differently by different individuals.

B. Ratios do not address the problem of size differences among firms.
C. Only a very limited number of ratios can be used for analytical purposes.
D. Each ratio has a specific formula that is used consistently by all analysts.
E. Ratios cannot be used for comparison purposes over periods of time.

23. Which one of the following is a liquidity ratio?

A. quick ratio
B. cash coverage ratio
C. total debt ratio
D. EV multiple
E. times interest earned ratio

24. An increase in which one of the following accounts increases a firm's current ratio
without affecting its quick ratio?

A. accounts payable
B. cash
C. inventory
D. accounts receivable
E. fixed assets
25. A supplier, who requires payment within ten days, should be most concerned with which one
of the following ratios when granting credit?

A. current
B. cash
C. debt-equity
D. quick
E. total debt

26. A firm has a total debt ratio of .47. This means the firm has 47 cents in debt for every:

A. $1 in total equity.
B. $.53 in total assets.
C. $1 in current assets.
D. $.53 in total equity.
E. $1 in fixed assets.

27. The long-term debt ratio is probably of most interest to a firm's:

A. credit customers.
B. employees.
C. suppliers.
D. mortgage holder.
E. stockholders.

28. A banker considering loaning money to a firm for ten years would most likely prefer the firm
have a debt ratio of and a times interest earned ratio of .

A. .50; .75
B. .50; 1.00
C. .45; 1.75
D. .40; .75
E. .40; 1.75

29. From a cash flow position, which one of the following ratios best measures a firm's ability to
pay the interest on its debts?

A. times interest earned ratio

B. cash coverage ratio
C. cash ratio
D. quick ratio
E. interval measure
30. The higher the inventory turnover, the:

A. less time inventory items remain on the shelf.

B. higher the inventory as a percentage of total assets.
C. longer it takes a firm to sell its inventory.
D. greater the amount of inventory held by a firm.
E. lesser the amount of inventory held by a firm.

31. Which one of the following statements is correct if a firm has a receivables turnover of 10?

A. It takes the firm 10 days to collect payment from its customers.

B. It takes the firm 36.5 days to sell its inventory and collect the payment from the sale.
C. It takes the firm an average of 36.5 days to sell its items.
D. The firm collects on its sales in an average of 36.5 days.
E. The firm has ten times more in accounts receivable than it does in cash.

32. A capital intensity ratio of 1.03 means a firm has $1.03 in:

A. total debt for every $1 in equity.

B. equity for every $1 in total debt.
C. sales for every $1 in total assets.
D. total assets for every $1 in sales.
E. long-term assets for every $1 in short-term assets.

33. Puffy's Pastries generates five cents of net income for every $1 in equity. Thus, Puffy's has
of 5 percent.

A. a return on assets
B. a profit margin
C. a return on equity
D. an EV multiple
E. a price-earnings ratio

34. If a firm produces a return on assets of 15 percent and also a return on equity of 15 percent,
then the firm:

A. has no debt of any kind.

B. is using its assets as efficiently as possible.
C. has no net working capital.
D. also has a current ratio of 15.
E. has an equity multiplier of 2.
35. If stockholders want to know how much profit the firm is making on their entire investment in
that firm, the stockholders should refer to the:

A. profit margin.
B. return on assets.
C. return on equity.
D. equity multiplier.
E. earnings per share.

36. Assume BGL Enterprises increases its operating efficiency by lowering its costs while holding
its sales constant. As a result, given all else constant, the:

A. return on equity will increase.

B. return on assets will decrease.
C. profit margin will decline.
D. equity multiplier will decrease.
E. price-earnings ratio will increase.

37. Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will
be depreciated over eight years. If Joe’s and Moe’s have the same sales, costs, tax rate, and
enterprise value, then:

A. Joe's will have a lower profit margin.

B. Joe's will have a lower return on equity.
C. Moe's will have a higher net income.
D. Moe's and Joe’s will have the same EV multiple.
E. Moe's will have a lower EV multiple.

38. Last year, Alfred's Automotive had a price-earnings ratio of 15 and earnings per share of
$1.20. This year, the price earnings ratio is 18 and the earnings per share is $1.20. Based on
this information, it can be stated with certainty that:

A. the price per share decreased.

B. the earnings per share decreased.
C. investors are paying a lower price per share this year as compared to last year.
D. investors are receiving a higher rate of return this year.
E. the investors’ outlook for the firm has improved.
39. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19.
Thus, you can state with certainty that one share of stock in Alfred's:

A. has a higher market price than one share of stock in Turner's.

B. has a higher market price per dollar of earnings than does one share of Turner's.
C. sells at a lower price per share than one share of Turner's.
D. represents a larger percentage of firm ownership than does one share of Turner's stock.
E. earns a greater profit per share than does one share of Turner's stock.

40. Which one of the following is most apt to cause a firm to have a higher price-earnings ratio?

A. slow industry outlook

B. very low current earnings
C. low market share
D. low prospect of firm growth
E. low investor opinion of firm

41. Vinnie's Motors has a market-to-book ratio of 3.4. The book value per share is $34 and
earnings per share are $1.36. Holding the market-to-book ratio and earnings per share
constant, a $1 increase in the book value per share will:

A. decrease the price-earnings ratio.

B. decrease the EV multiple.
C. decrease the market price per share.
D. increase the price-earnings ratio.
E. increase the return on equity.

42. Which one of the following sets of ratios would generally be of the most interest to stockholders?

A. return on assets and profit margin

B. quick ratio and times interest earned
C. price-earnings ratio and debt-equity ratio
D. return on equity and price-earnings ratio
E. cash coverage ratio and equity multiplier

43. The DuPont identity can be computed as:

A. Net income × Profit margin × (1 + Debt-equity ratio).

B. Profit margin × (1 / Capital intensity) × (1 + Debt-equity ratio).
C. Net income × Total asset turnover × Equity multiplier.
D. Profit margin × Total asset turnover × Debt-equity ratio.
E. Return on equity × Profit margin × Total asset turnover.
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