FIN 320 Week 8 Quiz – Strayer



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Quiz 6 Chapter 14 and 15
Chapter 14: ___________________________________________________________________________
1.
Which of the following assets is most liquid? 
 

A. 
Cash equivalents

B. 
Receivables

C. 
Inventories

D. 
Plant and equipment

2.
Cost of goods sold refers to ___________. 
 

A. 
direct costs attributable to producing the product sold by the firm

B. 
salaries, advertising, and selling expenses

C. 
payments to the firm's creditors

D. 
payments to federal and local governments

3.
Many observers believe that firms "manage" their income statements to _______. 
 

A. 
minimize taxes over time

B. 
maximize expenditures

C. 
smooth their earnings over time

D. 
generate level sales

4.
Depreciation expense is in what broad category of expenditures? 
 

A. 
Operating expenses

B. 
General and administrative expenses

C. 
Debt interest expense

D. 
Tax expenditures

5.
Firm A acquires firm B when firm B has a book value of assets of $155 million and a book value of liabilities of $35 million. Firm A actually pays $175 million for firm B. This purchase would result in goodwill for firm A equal to _____. 
 

A. 
$175 million

B. 
$155 million

C. 
$120 million

D. 
$55 million

6.
One of the biggest impediments to a global capital market has been _________. 
 

A. 
volatile exchange rates

B. 
the lack of common accounting standards

C. 
lower disclosure standards in the United States than abroad

D. 
the lack of transparent reporting standards across the EU

7.
Benjamin Graham thought that the benefits from detailed analysis of a firm's financial statements had _________ over his long professional life. 
 

A. 
increased greatly

B. 
increased slightly

C. 
remained constant

D. 
decreased

8.
If the interest rate on debt is higher than the ROA, then a firm's ROE will _________. 
 

A. 
decrease

B. 
increase

C. 
not change

D. 
change but in an indeterminable manner


9.
Which of the following is not one of the three key financial statements available to investors in publicly traded firms? 
 

A. 
Income statement

B. 
Balance sheet

C. 
Statement of operating earnings

D. 
Statement of cash flows

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