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Chapter 03

Financial Statements Analysis and Long-Term Planning

Multiple Choice Questions

1. 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 connections 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.

2. Projected future financial statements are called:

A. plug statements.

B. pro forma statements.

C. reconciled statements.

D. aggregated statements.

E. none of the above.

3. 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 vary 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.

4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.

A. tax reconciliation statement

B. statement of standardization

C. statement of cash flows

D. common-base year statement

E. common-size statement

5. Relationships determined from a firm's financial information and used for comparison purposes are known as:

A. financial ratios.

B. comparison statements.

C. dimensional analysis.

D. scenario analysis.

E. solvency analysis.

6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.

A. asset management

B. long-term solvency

C. short-term solvency

D. profitability

E. market value

7. The current ratio is measured as:

A. current assets minus current liabilities.

B. current assets pided by current liabilities.

C. current liabilities minus inventory, pided by current assets.

D. cash on hand pided by current liabilities.

E. current liabilities pided by current assets.

8. The quick ratio is measured as:

A. current assets pided by current liabilities.

B. cash on hand plus current liabilities, pided by current assets.

C. current liabilities pided by current assets, plus inventory.

D. current assets minus inventory, pided by current liabilities.

E. current assets minus inventory minus current liabilities.

9. The cash ratio is measured as:

A. current assets pided by current liabilities.

B. current assets minus cash on hand, pided by current liabilities.

C. current liabilities plus current assets, pided by cash on hand.

D. cash on hand plus inventory, pided by current liabilities.

E. cash on hand pided by current liabilities.

10. 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

11. The financial ratio measured as total assets minus total equity, pided by total assets, is the:

A. total debt ratio.

B. equity multiplier.

C. debt-equity ratio.

D. current ratio.

E. times interest earned ratio.

12. The debt-equity ratio is measured as total:

A. equity minus total debt.

B. equity pided by total debt.

C. debt pided by total equity.

D. debt plus total equity.

E. debt minus total assets, pided by total equity.

13. The equity multiplier ratio is measured as total:

A. equity pided by total assets.

B. equity plus total debt.

C. assets minus total equity, pided by total assets.

D. assets plus total equity, pided by total debt.

E. assets pided by total equity.

14. The financial ratio measured as earnings before interest and taxes, pided 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.

15. The financial ratio measured as earnings before interest and taxes, plus depreciation, pided 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.

16. 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

17. The inventory turnover ratio is measured as:

A. total sales minus inventory.

B. inventory times total sales.

C. cost of goods sold pided by inventory.

D. inventory times cost of goods sold.

E. inventory plus cost of goods sold.

18. 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, pided by 365 days.

D. 365 days pided by the inventory.

E. 365 days pided by the inventory turnover.

19. The receivables turnover ratio is measured as:

A. sales plus accounts receivable.

B. sales pided by accounts receivable.

C. sales minus accounts receivable, pided by sales.

D. accounts receivable times sales.

E. accounts receivable pided by sales.

20. The financial ratio days' sales in receivables is measured as:

A. receivables turnover plus 365 days.

B. accounts receivable times 365 days.

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