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BUNDLE FOR WGU C214 TEST EXAM, GRADED A+
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WGU C214 Pre-Assement Questions and Answers graded A+
How can a private firm appropriately maximize shareholder value? By making decisions that keep the control of the business with the owners Why are ... [Show More] American regulators focused on international investing in a global marketplace? Because international investing in a global marketplace is the concern of American investors What is one of the two basic types of financial instruments? Bonds If a company outsources the manufacturing of its products to a foreign country, what are the likeliest outcomes? Consumer prices will decrease and Domestic employment will decrease. What is true about the content and structure of a balance sheet? It reports the assets, liabilities, and equity at a point in time. A company reported an increase in accounts receivable of $5,000 during the recent period. Half of this amount is expected to be collected next period. How will this change in accounts receivable affect the cash flows from the operating activities section? The change will decrease cash flows from operations by $5,000. Which statement accurately explains the recognition of revenues and expenses under accounting income and income for tax purposes? Revenues and expenses may be recognized in one period for accounting income purposes and in a different period for income tax purposes. Selected Data for 20x2 for ABD Inc. Netincome $ 1,000 Depreciation expense $ 300 Change in operating assets $ 600 Change in net property, plant, and equipment$ 5,000 Changes in long-term liabilities $ 1,000 Dividends paid $ 200 What is the firm's cash flow from investments, using the data above and assuming no asset disposals? $5,300 outflow What is the basic equation for a balance sheet? Assets = Liabilities + Equity What do cash flows from investing activities generally relate to? A firm's purchase and sale of long-term assets Which transaction is reflected in cash flow from operating activities? Cash sales to customers What does free cash flow represent? Cash available for distribution after funding required reinvestment An analyst is comparing the ratios of two firms and needs to address timing differences. What would be considered an example of a timing difference between the two firms? The firms have different fiscal years. A company's year-end balance sheetfor 2013 shows the following: Accounts receivable: $900 Inventory: $1200 Fixed assets: $1000 Accounts payable: $1300 Sales: $4000 Salaries expense: $275 What is their fixed asset turnover ratio? 4.0 A firm has a ROE (return on equity) of 0.27 and the industry average ROE is 0.24. Which conclusion would an analyst draw when comparing the firm to the industry? The firm is generating higher returns to owners than the industry. What must have taken place for a firm to recognize revenue, in order for the firm to comply with the accrual accounting rules? The product must have been delivered. A teacher won $100,000 and invests this money for 5 years at an interest rate of 4% (compounded annually). How much will the teacher have in principal and interest at the end of the 5 years? $121,665 An accountantis 40 years old with an anticipated retirement age of 70 years old. The accountant plans to save $6,000 per year at the end of the next 30 years to fund retirement. $336,510 An investor deposits $2,000 per year (beginning today) for 10 years in a 4% interest bearing account. The last cash flow is received 1 year prior to the end ofthe tenth year. What is the investor's future balance after 10 years? $24,973 What is the par value (face value) of a bond? The sum of money that the corporation promises to pay upon expiration of the bond. A broker is considering purchasing common stock in a company that has average but consistent operating performance. Which factor should lead the broker to purchase shares in this company? The current price of the stock is 25% below its intrinsic value. A broker is considering buying a dividend-paying stock. The dividend will be paid atthe end of the year. The analyst consensus is the stock will be worth $36 in one year. The company pays a $2.25 annual dividend (ex dividend date is not a consideration,the broker will receive the full $2.25), and the broker expects a 12% rate of return What is the highest price the broker should be willing to pay for the stock? $34.15 A person buys shares of a company at $45. They recently paid a $2 annual dividend which is expected to grow by 10% per year. What is the expected return per year? 14.9% Which investment option is less desirable for a prudent investor? Quadrant 4, bottom left, 3/4 to right side. Also E. for answer. The market rate of return is 9%. The face value ofthe bond is $1000,the coupon rate is 9% with annual compounding, and the bond matures in 10 years. What is the value of the bond? $1,000 Which statement is true about fluctuations in bond prices? When the market interest rates fluctuate, the required rate of return equals the bond coupon rate. A company issues bonds at a market price of $925. The face value is $1,000. The bonds mature in 10 years, and the coupon rate is 6% compounded semiannually. What is the yield to maturity (YTM) on the company's bonds? 7.06% Which securities are issued by local governments and are usually tax exempt at the federal level? Municipal bonds A bond pays $27.50 semiannually, matures in 9 years, and is currently priced at $1,090. What is the yield to maturity for this bond? 4.28% A bond that matures in 30 months is sold at a premium. What is the yield to maturity (YTM)? Lower than the coupon rate Why does a long-term bond resemble an interest-only loan? None of the principle is repaid until the bond matures. Under which circumstances will annual percentage yield (APY) be greater than the annual percentage rate (APR)? Any time the number of compounding periods is greater than annual. What is the difference between a common stock and a preferred stock? Skipping a declared preferred stock dividend results in dividends in arrears. Which happens to the risk level in a portfolio as the number of assets in the portfolio increases? Risk decreases at a slower rate. Where along this line will a highly risk-averse investor likely fall? C1 - Three up vertical on the graph curve and also that would be on the most arched part of the graph. What are two primary benefits of the capital asset pricing model (CAPM)? CAPM provides a way to determine the expected return for stocks. & CAPM provides a way to estimate the required return. A company has a before-tax cost of common equity of 14%, a pre-tax cost of debt 6%, a cost of preferred equity 8%, and a marginaltax rate of 34%. The current market value ofthe company is $150 million, with $75 million common equity, $50 million debt, and $25 million preferred equity. What is the company's weighted average cost of capital? 9.7% Which two techniques would be considered effective ways to manage the growth of a firm, if additional financing is not available? Increase sales prices and Alter capacity Partial financial data for a company is as follows: Assets: $10,000,000 Liabilities: $4,000,000 Equity: $6,000,000 Sales: $25,000,000 Netincome: $5,000,000 Profit margin: 20% Dividends: $500,000 Dividend payout ratio: 10% ROA: 50% ROE: 83% What is the sustainable growth rate for the company? 75% A machine will reach the end of its useful life in Year 5. The realizable salvage value is expected to be $50,000 with a book value of zero. The company's marginaltax rate is 34%. What is the tax implication on the sale of the new machine at Year 5? Tax liabilities of $17,000 What is the acceptance criteria when using internal rate of return to evaluate a project? Accept when the project return is greater than the required return. A company would like to invest in a capital budget project that will be worth $500,000 in 40 years. How much should the company investtoday, assuming an average inflation rate of 2% and a 10% annual return? $24,393 A company has a market value of $500 million. It has a market value of equity of $200 million, a market value of long-term debt of $150 million, and a market value of short-term debt of $150 million. The cost of equity is 12%,the cost of long-term debtis 8%, and the cost of short-term debtis 6%. The marginal tax rate is 35%. What is the weighted average pre-tax cost of capital (WACC) for this company? 9.00% What advantage does the capital asset pricing model (CAPM) have over the Gordon growth model? CAPM considers risk of a stock relative to the market to determine expected return. Why do companies strive for a lower cost of capital? Less money dedicated to financing means more money is available for production and operations. A corporation established its projected sales at $210 million. Itis using its current year balance sheet as a basis for creating a pro forma balance sheet. They estimate cash will be 7% of projected sales, accounts receivable will be 19% of projected sales, and PP&E will be 55% of projected sales. Accounts payable are estimated to be 12% of projected sales. Owners' equity is $34 million. Long-term debtis $90 million. Additionally,the firm raised $12.9 million of equity capital. What is the amount of discretionary financing needed? $8 million Year 2010 ending retained earnings were $2,000,000. Year 2011 forecasted sales are $100,000 with a 25% net margin and 20% dividend payout ratio. What are the forecasted retained earnings for Year 2011? $2,020,000 How is the amount of discretionary financing that is needed by a firm determined? Projected total assets − projected total liabilities + projected owner's equity null null Which three pieces of data are needed to perform a capital budget analysis? Annual cash flows for the life of the new project., Cash flow when the firm terminates the project., & The initial cost of the new project. What are two examples of sunk costs? The cost of a market study conducted prior to the decision and The cost of feasibility consulting incurred before the decision point. Company A has a degree of operating leverage of 1.85 and Company B has a degree of operating leverage of 6.5. What does the degree of operating leverage say about the two companies? Company A has lower risk than Company B. Which action is an important part of managing accounts receivable? Setting credit terms. [Show Less]
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C214 Financial Management (VCC2 Terms) Questions and Answers 100% correct
Economics is a subfield of Finance False Which of the following is not an example of firm capital? Financial markets Capital is defined... [Show More] as a financial asset. True Corporate finance is devoted to understanding various types of financial instruments. False Which of the following is an example of firm capital? Cash Corporate finance focuses on the decision making by the management of the firm. True What are the three important areas of finance discussed in this section? Corporate Finance, Investments, and Banking/financial institutions Banks make money when interest rates they charge to borrowers are less than interest rates they pay depositors. False Stocks and bonds are two types of financial instruments. True Stock represents ownership in a particular company. True Companies can raise capital by issuing bonds or stocks. True A stock is a debt instrument issued by corporations. False A Treasury bond is a debt instrument issued by corporations. False A bond is a debt instrument issued by corporations or governments. True A stock is a share of ______________ in a particular company. ownership A bond is similar to a loan. True Primary financial markets are markets where issuers place new securities with investors. True What are the two ways a syndicate can place a bond? Competitive sale or negotiated sale An IPO is a seasoned equity offering. False An IPO occurs on the primary market. True Syndicates are generally made up of investment banks and other institutional investors. True While competitive sales allow underwriters to submit bids to purchase bonds, negotiated sales do not. False NASDAQ is the world's largest secondary financial market. False Auction markets have a physical location. True Dealer markets have a physical location. False Nasdaq is an example of an auction market. False Stocks that are listed on dealer markets generally have a single dealer for each stock. False When dealers have to compete with one another, transaction costs will generally ___________. Decrease Markets are where prices are determined. True The NYSE specialist has an objective to provide liquidity to the market. True The NYSE specialist will charge a higher price to sellers of the stock and a lower price to the buyer of the stock. False The ask price of stock A is $56.75 while the bid price for stock A is $56.71. What is the bid ask spread? .04 The ask price of stock A is $215.54 while the bid price for stock A is $215.14. What is the bid ask spread? .40 The bid-ask spread is compensation to the specialist for providing liquidity to the market. True What are the two types of orders that are used by investors? Market Orders and Limit Orders Market orders are __________ sensitive while limit orders are _____________ sensitive. time, price A market order to buy a stock would execute at the current ask price. True A market order to sell a stock would execute at the current ask price. False A limit order to buy a stock at $101.55 would execute at the current ask price. False A limit order to buy a stock at $101.55 would execute when the ask price is at or below $101.55. True Which of the following best explains the role of prices? All of these choices Efficient markets are those in which prices are volatile. False Efficient markets will often have mispriced securities. False Inefficient markets are those in which prices will respond quickly to new information. False Inefficient markets will often have mispriced securities. True Because in an efficient market all available information is built into the price of a stock - investment patterns and trends to "get rich quickly" are not easily discernable and it is difficult to predict the price True [Show Less]
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WGU C214 Financial Management Fast and Furious Questions Answered 100% correct
T1 Primary financial markets the markets in which securities (stocks and bonds) are first issued. This is where the issuers (the firms) and the buyers (th... [Show More] e investors) will engage in an exchange. T1 Syndicate When a company wants to issue stock, bonds, or other publicly traded securities, it hires an underwriter to manage what is often a long and complex process. After determining the offering structure, the underwriter usually assembles what is called a syndicate to get help manage the minutiae (and risk) of large offerings. A syndicate is a group of investment banks and brokerage firms that commit to sell a certain percentage of the offering. A group of intermediaries that is used to oversee the issuance of stocks and bonds. Syndicates are generally made up of large investment banks or other types of institutional investors. Competitive sale those wishing to underwrite the bond issue will submit bids (on the bond's prices and interest rate) to the issuing firm. The firm will then select the underwriter that offered the highest price and lowest interest rate. The underwriter will then sell the bonds to various investors at (hopefully) a slightly higher price than that at which the bonds were purchased Negotiated sale is the process of underwriters submitting proposals including bids. involves a more thorough interview process with the underwriters. The issuing firm will carefully select the management team that will place these bonds. Secondary Financial Markets Where securities after they are sold for the first time are traded. Auction Market A market with a physical location and prices are set by the investors willingness to pay. (New york Stock Exchange) Dealer Market No physical location made up of multiple dealers who take inventory of stocks and prices (NASDAQ) The bid Ask spread the difference between the bid price and the ask price Limit orders orders that are price contingent - orders are only executed if the value of the market reaches the price of the limit. Market Orders Orders that are time contingent - First come first serve Friedmans three roles of prices. 1. Prices convey information to consumers. 2. prices affect incentives 3. prices affect the distribution of income Price Efficiency whether prices fully reflect all of the available information about a particular security Dollar Returns calculated by taking the difference between the price of the security during the previous time period and the price of the security at the current time period, plus any additional cash flow that came from the security Percentage Returns Percentage returns are calculated by simply dividing the dollar returns by the price of the security at time t-1, or the previous time period. Agency Cost costs that are incurred when management does not act in the best interests of shareholders 2 issues that effect profit maximization 1. Agency Costs 2. Potential effect of focusing solely on profits (Ethics) Cash Flow Statement Cash flows from operations, investing and financing activities Cash accounting counts cash out as expense and cash in as revenue Accrual accounting Revenue is recognized when the earnings process is complete. Revenue Recognition Timing of recognition of sales or income based on certain rules. Gross Profit Revenue - Cost of goods sold (COGS) EBIT Earnings before Interest and Taxes (AKA Operating Income) COGS Cost of goods sold = direct labor and materials. Gross Fixed Assets the original cost of the firm's fixed assets before accumulated depreciation Net PP&E original purchase price (historical cost) minus accumulated depreciation Historical Cost What the asset was originally purchased for not the current value. Used in accrual accounting. (most assets are stated at the original cost less depreciation) Retained Earnings money put back into the company from prior net income. Net Income = Dividends + Change in retained Earnings there are only two things a company can do with net income 1) pay it out as dividends to shareholders, or 2) retain it within the firm. New Retained Earnings = Old Retained Earnings + Net Income - Dividends Free cash flow (FCF) the cash that can be distributed after funding required reinvestment in PP&E as well as increased working capital. Gross Cash Flows the sum of CFO, CFI, and CFF Things that cause managers to move cash from one category to another Core activities Cash flow management Market pressure Difference between CFO and Net income ... indirect method start with net income and adjust for differences between net income and CFO. CFO= Net Income + depreciation expenses + Change in Operating accounts CFI = Changes in PPE End Gross PPE - Begining Gross PPE Net PPE Gross PPE- Accumulated Depreciation. Gross PPE Net PPE+ Accumulated Depreciation FCFF the cash distributable to all the providers of capital (i.e., to both debt and equity holders) and is most commonly used in financial analysis FCFE the cash distributable to the equity holders after satisfying all obligations to debt holders Dividends the cash actually distributed to stockholders; CAPEX Capital Expenditures How much the firm spends on fixed assets. Ratio one number from a financial statement and divide it by another so that you can analyze the health of a firm or compare two firms. 4 categories of ratios liquidity asset use efficiency financing profitability Benefits of Ratios Standardization flexibility focus Current Ratio A liquidity tool Current assets/ current liabilities Higher number is better number of assets the firm has for every liability Current liability Debt requiring payment within the next 12 months Current assets Assets that will earn revenue within the next year. Quick Ratio A liquidity tool (Current assets - inventory)/current liabilities High number is better number of assets the firm has minus the inventory for every liability. Inventory is the least liquid of assets. Accounts receivable turnover A liquidity tool Credit sales / Accounts receivable AR turnover and ACP provide the same information Average collection period (ACP) Liquidity tool 365/Accounts receivable turnover AR turnover and ACP provide the same information number of times a year that AR turns over. inventory turnover liquidity tool COGS/INVENTORY Days on hand (DOH) Liquidity tool 365/inventory turnover conclusion will tell how much inventory the firm has on hand in number of days. Efficiency Ratios Used to determine how well a company uses assets to generate sales and profits. Total Asset Turnover (TAT) An efficiency ratio tool Sales / Total Assets Tells how many dollars in sales the company generates from every dollar of assets. Fixed Asset Turnover (FAT) An efficiency ratio tool Sales/Fixed Assets Calculates sales generated per dollar of fixed assets. Fixed assets all non current assets Operating Income Return on Investment (OIROI) An efficiency ratio tool EBIT / Total Assets the relationship between operating profit (aka EBIT) and the company's asset base Financing ratios describe in what proportions the firm uses equity and/or debt to finance assets. Debt Ratio A financing ratio Total Liabilities / Total Assets portion of the firms assets that are financed with debt Interest-Bearing Debt to Total Capital (IBDTC) A financing Ratio Interest-Bearing Debt / (Interest-Bearing Debt + Owners' Equity) The Times Interest Earned Ratio (TIE) A financing Ratio EBIT / Interest Expense this ratio tells us how many times a company covers (or can pay) interest expense given operating profit [Show Less]
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WGU C214 Financial Mgmt Pass the OA Questions and Answers 2023
Characteristics of preferred stock includes -dividends in arrears -dividends are cumulative -higher payoff claim in a BK (has first dibs in a BK) -cons... [Show More] idered "hybrid" (part stock/part bond) -no fixed maturity date -no voting rights -can skip dividend payments -dividends don't change year-after-year -used in start ups (IPO) Preferred stock dividends can go without payment and pay in arrears the following year Characteristics of common stock are -voting rights -no maturity date -corporate governance -lower payoff claim in BK -variable returns -unlimited earnings potential -earnings are in dividends & the increase in price of stock New start up ventures often issue preferred stock (in an IPO) What stock is considered a hybrid preferred stock One thing common stock and preferred stock have in common is both have no maturity date Which type of security has voting rights common stock Debt covenants and restrictions help to ensure that management is meeting bond and shareholder expectations NOTE: covenants are promises meant to be kept What is true regarding bonds -when bond matures, bondholder gets lump sum back -coupon rate doesn't change -maturity is in years -PAR value is typically $1000 -Future value (same as PAR) is typically $1000 Bond sells at face value when required rate of return is equal to the coupon rate Why are bonds the primary method for raising capital because bonds remove the intermediary costs NOTE: IPO's require an intermediary known as a syndicate - a group of banks underwriting the security issue What type of bond can be traded for stock convertible bonds What is the interest rate for annual payments of a bond known as the coupon rate NOTE: coupon rate is the established interest rate for the life of the bond and will remain unchanged Coupon rate is the established rate of the bond and should never change Debentures are secured bonds NOTE: debentures are a debt instrument (bond) issued to raise cash, secured against a company's assets and backed by credit, transferable by the holder, and may also be unsecured Secured loan has collateral like a mortgage The amount repaid at the expiration date of a bond is PAR value NOTE: expiration date is also known as maturity date PAR (or Face Value) is typically $1000 Duration measures the market risk of a bond and is the percentage drop in price caused by a 1% increase in yield (rate) NOTE: measurement of the drop in price after a rate increase Maturity of bonds is calculated in years A bond premium occurs when bonds are issued for an amount greater than their face or maturity amount; caused by the bonds having a stated interest rate that is higher than the market interest rate for similar bonds Junk Bonds are high yield bonds without any stability "Leveraged" results in having more debt (bonds) than equity (stock) and lower stock prices NOTE: recall that debt is safer and levels out risk in a portfolio In current assets, inventory is the LEAST liquid of current assets NOTE: current assets take less than 12 months to make liquid Net fixed assets are long term assets such as buildings, land, equipment, machinery NOTE: assets that are not current A/P represents money paid to suppliers for what is bought on credit and amount owed by a business to suppliers by agreement NOTE: A/P is supplies, inventory, or PP&E Notes payable involves an explicit interest bearing arrangement with the lender at interest cost NOTE: notes payable is a long-term liability Current liabilities are listed in order of maturity NOTE: current liabilities are to be paid within 12 months Two things you can do with net income pay out as dividends or retain (plow back into the firm) On the Statement of Cash Flows, CFO's include -cash receipts from customers (inflow) -cash paid for inventory (outflow) -cash paid for wages (outflow) NOTE: receipts of cash is inflow & what is paid out is outflow Which is NOT considered an operating expense interest expense is NOT considered an operating expense On the Statement of Cash Flows, CFI includes cash receipts from sale of property and equipment (inflow), cash paid for purchase of equipment (outflow) NOTE: receipts of cash is inflow & what is paid out is outflow Which of the following is true with respect to CFO an increase in inventory indicates a reduction in CFO NOTE: there is a cost (reduction) to purchasing (increasing) inventory The Statement of Cash Flows is not useful when addressing the financial health of a firm due to the impact of accrual accounting FALSE - the impact of accrual accounting is seen as MOST useful in relation to net income Which is true with respect to CFF an increase in notes payable indicates an increase in CFF Which is not a part of the Statement of Cash Flows cash flows from liquidating activities NOTE: cash flows are operating, investing, and financing The sum of CFO + CFI + CFF is equal to the change in cash during the period Depreciation expense is a significant source of difference between net income and CFO because depreciation is a non-cash expense on the Income Statement associated with the acquisition of long-term assets Subordinated bonds are bonds not backed by collateral For visualization purposes, CFI accounts are generally non-current assets on the bottom of the asset side of the Balance Sheet TRUE NOTE: CFI is investing in PP&E and is considered long-term assets shown as assets on the Balance Sheet Increases in operating assets and decreases in operating liabilities will decrease CFO NOTE: an increase in PP&E (assets) consumes operating cash; decreases in equipment (liabilities) also consumes operating cash (CFO) Unsecured loan has no collateral NOTE: a credit card is an example Assuming no asset disposals, CFI is the change in Gross PP&E -or- CFI is the change in NET PP&E plus depreciation expense Assuming no asset disposals, depreciation expense is equal to the change in ACCUMULATED depreciation Assets are financed by other people's money or equity Dividends are considered CFF (financing section) A firm with positive CFO should be considered healthy FALSE NOTE: a positive CFO can still be detrimental to the firm depending on other factors The increase in yield (rate) causes the bond prices to decrease (and vice-versa) NOTE: when interest rates increase, bond prices decrease A working capital increase caused by an increase in inventory will be a cash outflow NOTE: capital increase is inventory purchased so money goes out A firm can sustain negative CFO indefinitely by borrowing, selling equity, and/or by selling assets FALSE NOTE: a firm can NOT sustain negative CFO forever Which should NOT be included in the calculation of CFF a change in retained earnings Dividing CFO among the owners of a firm is a sustainable policy FALSE NOTE: CFO doesn't allow for required reinvestment Dividing CFO among owners of a firm is NOT a sustainable policy TRUE NOTE: CFO doesn't allow for required reinvestment A firm reports the following cash flow data CFO 1 million, CFI 750K, and CFF -100K. Is the firm sustainable Yes, the firm is sustainable. CFF may be due to paying down debt, buying back stock, or paying dividends When calculating CFO, an increase in an operating liability such as A/P or accrued wages represents an inflow to the firm NOTE: if the firm owes to suppliers, more inventory is purchased and on hand (inflow) NOTE: Operating liability accounts are: Increases: an inflow of cash Decreases: an outflow of cash CFO can be dramatically impacted by managerial discretion in the financial reporting process TRUE NOTE: management has discretion which is why financial statements can be misleading Management of cash flow from operations is dramatically impacted by managerial decisions The impact of accrual accounting is seen as MOST useful in relation to net income A change in notes payable (bank loans) will impact CFF NOTE: A/P and A/R impacts CFO; while notes payable (bank loans) are considered long-term and affect CFF Which will decrease CFO an increase in A/R & a decrease in A/P NOTE: -when A/R is increased, product has been sold -when A/P is decreased, suppliers have been paid These actions decrease CFO Which represents assets in CFO A/R and inventory Depreciation expense is added back in FCF because depreciation expense is a non-cash expense FCFF can sustainably be distributed to the providers of capital A company that increases A/R by $5000 in the recent period but expects to collect half in the next period, will see the change in A/R affect cash flows from the operating section as an inflow of cash a decrease of cash flows by $5000 NOTE: the $5000 received is an expected inflow of cash; however receiving $5000 indicates that the firm is down $5000 in inventory which is shown as a decrease Retained Earnings (RE) are the earnings plowed back to finance the firm's asset base and is NOT cash The evolution of retained earnings is retained earnings left over is either retained in the company -or- paid out in dividends How do you calculate the change in retained earnings (RE) RE = Net Income - Dividends NOTE: this equation can be inverted from formula sheet) What is the equation for FCFF FCFF = EBIT * (1-tax rate) + depreciation - capital expenditures - increase in net working capital (NWC) NOTE: this equation can be easily located on the provided formula sheet [Show Less]
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WGU C214 Study Guide Questions and Answers 2023
Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) F Stocks and bonds are two types of financial instruments (T/F) ... [Show More] True The matching principle in accrual accounting requires that: a. Revenues be recognized when the earnings process is complete and matches expenses to revenues recognized. b. Expenses are matched to the year in which they are incurred c. Revenues are matched to the year in which they are booked d. Revenues should be large enough to match expenses a A high-quality customer just purchased $500,000 worth of product from your company. The contract calls for immediate delivery of the product with a cash payment of $300,000 today and $200,000 to be paid 60 days. The expense associated with the product is $300,000, of which $100,000 has not been paid to your supplier. Under accrual based accounting system, you will most likely report a. revenues of $300,000 and expenses of $300,000. b. revenues of $300,000 and expenses of $200,000. c. revenues of $500,000 and expenses of $300,000. d. revenues of $500,000 and expenses of $200,000. c A firm reported retained earnings of $300 in 12/31/20x2. For 12/31/20x3, the firm reports retained earnings of $400 and pays dividends of $25. What was net income in 20x3 a. 300 b. 400 c. 125 d. 100 c A basic equation for the balance sheet is: a. Equity = Assets - Liabilities b. Liabilities = Equity + Assets c. Assets = Liabilities - Equity d. Assets = Equity - Liabilities a Why is the Balance Sheet known as a permanent statement? a. Because the statement is sent to the SEC. b. Because the other statements are reset at the end of the fiscal year c. Because it is printed out and archived d. Because it persists in the minds of the shareholders. b How do you calculate the change in Retained Earnings? a. Ending Retained Earnings - Change in Cash b. EBIT divided by Total Assets + Dividends c. EBIT - Change in Cash - Dividends d. Net Income - Dividends d Which of the following is generally true? a. Gross Profit and Operating Income are the same b. Cost of Goods Sold + Operating Expenses = Net Income c. Operating Income and EBIT are the same d. EBIT + Income Taxes = Net income c Which components are part of total assets? a. Cash, Accounts Receivable, Short Term Debt b. Cash Accounts Receivable, Inventory, Long Term Assets c. Accounts Payable, Long Term Assets, Long Term Debt d. Accounts Payable, Net Income, Equity b Which components are part of current assets? a. Cash, Accounts Receivable, Property Plant & Equipment b. Accounts Receivable, Accounts Payable, Inventory c. Long Term Debt, Property Plant & Equipment, Common Stock d. Inventory, Cash, Accounts Receivable, Short Term Investments d Which components are part of Total Liabilities? a. Accounts Payable, Accounts Receivable, Short Term Debt b. Long Term Debt, Common Stock, Retained Earnings c. Bonds, Accounts Payable, Mortgage d. Common Stock, Long Term Debt, Short Term Investments c Intel reported the following for 2014: Net Income 100,000 Depreciation 20,000 Change in A/R 10,000 What is the cash flow from operating activities (CF0)? a. 100,000 b. 110,000 c. 120,000 d. (130,000) b Intel reported the following for 2014: Gross Equipment (1/1/14) 50,000 Gross Equipment (12/31/14) 65,000 Net income 100,000 Depreciation 20,000 What is the cash flow from investing activities for 2014? a. 100,000 b. 80,000 c. (15,000) d. 15,000 c What is the Cash Flow from Operations given the following information? Net Income 450,000 Change in Accounts Receivable 120,000 Change in Inventory - 90,000 Change in PP&E 60,000 Depreciation Expense 110,000 Change in Accounts Payable 50,000 Change in Accrued Expenses - 75,000 Change in Common Stock 300,000 a. $570,000 b. $410,000 c. $505,000 d. $375,000 c When Fixed Assets increase what happens to Cash? a. Cash stays the same b. Cash increases c. Cash decreases d. Assets decrease c Last year a firm recorded Net PP&E of $4,600 while this year the same firm recorded Net PP&E of $4,500. If the depreciation expense for last year and this year are $500 and $800 respectively, what is the CFI of the company? (assume no asset disposals) a. 100 outflow b. 900 outflow c. 100 inflow d. 700 outflow d Which is the purpose of the statement of cash flows? a. serves as the replacement for the income statement and balance sheet b. explains the change in cash balance at one point in time c. explains the change in cash balance for one period of time d. both (a) and (b) above c . Financial data for Intel is given below for 2014: • EBIT 1,000,000 • Depreciation 30,000 • Change in working capital (10,000) • Net capital expenditures 15,000 • Tax rate 40% Compute the Free Cash Flow for 2014 a. 610,000 b. 675,000 c. 625,000 d. 600,000 c .A company has cash sales of 200 and credit sales of 750. It's average accounts receivable is 90. What is the A/R turnover? What is the Average Collection Period? a. Turnover: 8.33 ACP: .694 b. Turnover: 10.56 ACP: 43.8 c. Turnover 8.33 ACP : 43.8 d. Turnover 10.56 ACP: 24.9 c The OIROI (Operating Income Return on Investment) uses what elements on the income statement? a. Operating Income, EBIT, Total Liabilities b. EBIT, Total Assets c. Sales, Total Assets, Equity d. Net Margin, Total Current Assets b Why would a company be interested in the TAT(Total Asset Turnover) ratio? a. How efficient assets are at producing income b. What the turnover of sales is to liabilities c. How efficient assets are at producing sales d. How efficient assets are to liabilities and equity c If a company has current assets of 80 and fixed assets of 120, if Sales are 150 and EBIT is 35, what is the Fixed Asset Turnover? a. 5.71 b. 2.29 c. 0.80 d. 1.25 d If a company has current assets of 90 and fixed assets of 140, if it has debt of 125, what is its debt ratio? a. 1.12 b. 0.54 c. 1.36 d. 1.84 b A company has sales of 300, expenses of 200 and interest expense of 25, what is its Times Interest Earned ratio? a. 2.00 b. 4.00 c. 1.75 d. 3.00 b A couple wants to save up for a down payment on a house. They think they need to save 100,000 in five years. If the interest rate is 4% and they start at the end of the year when they both get bonuses from their employers, what do they have to put aside annually? a. 22,096.37 b. 17,752.61 c. 15,962.84 d. 18,462.71 d A person wants to put aside $500 at the beginning of each month for 10 years. If she estimates an interest rate of 5.5%, what will she have in her savings account at the end? a. 86,437.68 b. 70,154.99 c. 80,118.33 d. 76,905.66 c [Show Less]
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WGU C214 Questions and Answers graded A+
1. The goal of the corporation is to: Maximize stock price 2. Which of the following is a requirement for an efficient market Competitive markets,... [Show More] transparency, liquidity 3. What is the relationship between risk and required return? Higher risk causes higher required return 4. The value of money depends upon The timing of the receipt, the certainty of the receipt, and the riskiness of the receipt 5. What is the purpose of the SEC 10-K filing requirement? To promote transparency and market efficiency 6. Which line items are a part of net working capital? Inventory, accounts payable and accrued expenses. (not bonds) 7. Which action causes a cash outflow? Increase in inventory 8. Which of the following is correct? Gross PPE equals net PPE plus accumulated depreciation 9. Net Margin is defined as: Net income divided by sales 10. Which item is transferred from the income statement to the balance sheet? Depreciated expense and addition to retained earnings 11. What item is added to net income to calculate net cash flow? Depreciation expenses 12. Which cash flow statement represents cash earned by producing and selling the product Cash flow from operations 13. Which ratio reflects a firm's reliance on debt financing? Financial leverage 14. If two firms use different inventory valuation methods, it is called: accounting differences 15. What affects the required return on a security? Perceived riskiness of the security, financial decisions of the firm, trading in financial market 16. Which is the most frequent type of transaction in financial markets? Secondary market trades 17. Which of the 5 white financial function keys represents a series of cash disbursements? PMT 18. If payments are made semi-annually, which key inputs must be adjusted? PMT, I/Y, & N 19. Which can be defined as "change in value of cash over time"? Interest rate, inflation rate, and discount rate [Show Less]
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WGU - C214 Financial Management – Final Questions and Answers 2023
Statement of Cash Flows Shows the change in cash balance for a period of time. Focuses only on items where cash is received, or cash is paid. Cash ... [Show More] Flow from Operating Activities (CFO) Cash flow that a company generates as a result of day-to-day business operations. Deals with Current Assets and Current Liabilities. Cash Flow from Investing Activities (CFI) Cash flow that is generated from investments in long term assets. Cash Flow from Financing Activities (CFF) Cash flow that is used to fund the company. Cash flow that is generated from financing the business. Includes Debt & Equity. How does an increase in Accounts receivable impact CFO? An Increase in Accounts receivable will decrease CFO How does an increase in Accounts payable impact CFO? An Increase in Accounts Payable will increase CFO What financial statement is prepared at a point in time Balance Sheet What financial statements are prepared for a period of time? · Income Statement · Retained Earnings Statement · Statement of Cash Flows Define Efficient Frontier Maximizes expected return for a given level of risk Where would a risk averse investor fall on the efficient frontier? 100% Bonds Where would a risk-taking investor fall on the efficient frontier? 100% Stocks What is a Beta? A Measure of Risk - A Beta 1 is the average risk of all stocks. Anytime a beta is below 1, it is less risk. If it is more than 1, it is high risk. Define efficient market hypothesis as it relates to a firm? For any company to survive, they need to make profitable decisions. Otherwise, investors will shun their business. The firm needs to invest where the return is more than the cost. What is the intrinsic value of a stock under efficient market hypothesis? The intrinsic value of stock is the present value of the stock's after tax net cash flows. Whenever the question states that dividend was paid recently or was just paid, what must be calculated first? Expected Dividend For every Bond question, what must be entered? FV must be entered as 1000 PMT must be entered as 1000 x Coupon Rate What is Capital Budgeting? Refers to long term investment decision making. Refers to the process used in making investment decisions involving projects that generate cash flows over a multi-year horizon. What information is needed for capital budgeting? Initial Outlay (How much money the company is going to invest in the company right now) Differential Annual Cash Flows (Cash flow that the project will generate year after year) Terminal Cash Flow (Cash flow generated at the end of the project) Define NPV? Net Present Value method is the method that is universally used by companies to evaluate long term investment decisions. NPV is defined as the present value of after-tax net tax flows and is most common used method in capital budgeting. The Net Present value should be positive in order for a company to proceed with an investment. If it is negative, the company should not proceed. Define IRR? Another method used for long term investment decisions is the internal rate of return (IRR) method. This method is considered inferior to NPV. Internal Rate of Return (IRR) is defined as the discount rate that results in a Zero Net Present Value. Define Free Cash Flow Cash flows from operating activities minus cash necessary for reinvestment in PPE. Free cash flows represent Cash available for distribution after funding required reinvestment What ratio is used to value a firm using the comparables method? P/E Ratio or Price/Earnings Ratio Define WACC Weighted Average Cost of Capital. The WACC is the weighted average of the various costs of equity and costs of debt. How does a rating downgrade/upgrade impact the cost of capital? A positive credit rating lowers the cost of capital and a negative credit rating increases the cost of capital. Define DFN Discretionary Financing Needed. The difference between total assets and total liabilities and owner's equity is referred to as discretionary financing needed. In other words, this is the amount of discretionary financing that the firm thinks it will need to raise in the next year. What is the risk posed by excessive debt? Excessive debt can lead to a company not able to meet its financial obligations to pay back liabilities or result in potential bankruptcy. What is the relationship between increases or decreases in sales revenue and increases or decreases in EBIT? There is a direct relationship between sales revenue and EBIT. Any change in sales will magnify EBIT in either direction. If there is an increase in sales revenue EBIT will go up. If there is a decrease in sales revenue, EBIT will go down. How do firms manage working capital? Try to collect funds as quickly from customers as possible and pay bills as slowly as possible. What ratios are used to determine effective working capital management? - Current Ratio - Cash Ratio - Receivables Turnover Ratio Name two basic types of financial instruments? Stocks and Bonds What are Primary Markets? Where companies sell securities directly to investors What are Secondary Markets? Where securities are bought and sold from third parties like the New York Stock Exchange Name two types of secondary markets? New York Stock Exchange (NYSE) and the NASDAQ Define or describe an income statement? Reports the company's revenues and expenses during a particular period of time. Also reports net income or net loss. Always prepared first. Define Free Cash Flow Represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets Give two examples of accounting estimates used in financial accounting? Depreciation and Salvage Value Give an example of an accounting difference? Companies using different accounting methods / such as Inventory. What securities issued by the federal government is taxable? Treasury Bonds What is a secured loan? Means that some type of asset is being used as collateral to back the loan. What is an unsecured loan? loan is one that is not backed by a specific asset. An example of an unsecured loan is the line of credit offered by credit card companies. [Show Less]
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WGU C214 Financial Management Questions and Answers Scored A+
Initial Outlay The total dollar amount to begin a project. Cost of Equity How much it costs a firm (in percentage terms) to use equity financing. ... [Show More] From the investor's perspective, it is what they require given the riskiness/opportunity cost of the company. From the companies perspective, it is the same rate, but it is what it "costs" to attract those potential investors. It is the return they must give investors for them to invest with their company. American Depository Receipts (ADRs) Certificates issued by U.S. banks and traded on U.S. markets but represent shares of foreign stocks Degree of Operating Leverage (DOL) Business risk examines the %change in operating cash flow relative to the %change in quantity sold Degree of Financial Leverage (DFL) Financial Risk examines %change earnings per share relative to %change in OI (EBIT) National Banking Act of 1863 Federal regulation to deal with "wildcat banking" (state-mandated remote and inaccessible banks not federally regulated) Federal Reserve Act of 1913 Federal regulation to deal with bank runs and recessions; gave the 12 Federal Reserve banks the ability to print money to ensure economic stability. The Federal Reserve System created the dual mandate to maximize employment and keep inflation low. Form S-1 Original prospectus (registration statement) filed with the SEC by firms prior to the sale of new securities to the public. Net Present Value (NPV) Capital budgeting with TVM to analyze the projected profitability. Difference between the present value of cash inflows and the present value of cash outflows over a period of time. Internal Rate of Return (IRR) Capital budgeting with TVM to evaluate the attractiveness of a project or investment. The discount rate that forces a project's NPV to equal zero. Sarbanes-Oxley Act of 2002 Federal regulations resulting from corporate frauds such as Enron and designed to protect investors from fraud. Securities Act of 1933 Federal regulation as a result of the Great Depression. Requires firms to register with the SEC to sell public securities. Bank Holding Company Act of 1956 Federal regulation designed to protect the banking industry from competition. Gram-Leach-Bliley Act of 1999 Repeals the last vestiges of the Glass-Stegall Act of 1933 and created new financial holding companies allowed to engage in underwriting, selling insurance and securities and conducting both commercial and merchant banking Volcker Rule A federal regulation that prohibits banks from conducting certain investment activities with their own accounts, and limits their ownership of and relationship with hedge funds and private equity funds, also called covered funds. Form 10-Q Quarterly report that publicly traded companies must file with the SEC McFadden Act of 1927 Federal regulation designed to provide greater accessibility for bank customers. Glass-Steagall Act of 1933 federal regulation to curb bank failures by separating commercial/consumer banks from investment banks Degree of Combined Leverage (DCL) =DOL * DFL; measure of the sensitivity of pre-tax profits to changes in sales. Net Operating Profit After Taxes (NOPAT) =EBIT (1-tax rate); measure of profit that excludes the costs and tax benefits of debt financing Firm Analysis 1) Basic Data 2) Differences 3) Deepen Analysis 4) Cause + Cure Cost of Capital the rate of return a company must earn in order to meet the demands of its lenders and expectations of its equity holders Current Yield =investment's annual income (interest or dividends)/current security price; measure examines the current price of a bond, rather than looking at its face value. Discounted Cash Flow (DCF) Using TVM to forecast/estimate the present value of an investment/company based on its future cash flows Flotation Costs the transaction cost incurred when a firm raises funds by issuing a particular type of security dividends in arrears unpaid dividends on cumulative preferred stock; concern for common stock holders as common dividends can't be paid until arrears is paid off. Beta A measure of systematic security risk quantifies a security's price sensitive to changes in the market. Rule 144A Safe harbor for SEC to allow secondary trading of private securities to large accredited investors fixed/pegged Exchange Rate Currency matched to another currency Managed Floating Exchange Rate An exchange rate that is allowed to change (float) as a result of changes in currency supply and demand but at times is altered (managed) by governments via their buying and selling of particular currencies. S+P 500 Standard and Poor's index designed to approximate total stock market; benchmarks against 500 companies how well the market performs overall FINRA (Financial Industry Regulatory Authority) Private corporation that acts as a self-regulatory organization for its members Dodd-Frank Act of 2010 Federal regulation to regain control of financial institutions by the federal government after the 2008 meltdown; expanded authority over non-depository financial institutions FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989) Created requirements of banks issuing capital; anti-fraud tool to prosecute banks making intentionally bad loans and regulation of competency of the appraisers, supervisory standards, and accurate and full documentation. SEC (Securities and Exchange Commission) 1934 enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets Form 10-K Annual comprehensive summary report of a company's performance that must be submitted to SEC [Show Less]
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WGU c214 Concept Quiz Questions Answered 100% accurate
The goal of the corporation is to Maximize the stock price Which of the following is not a requirement for an efficient market Well-managed firms ... [Show More] What is the relationship between risk and required return? Higher risk causes higher required return The value of money depends upon The timing of the receipt The certainty of receipt and theRiskiness of receipt What is the purpose of the SEC 10-K filing requirement? Promote transparency and market efficiency Which line item is not part of net working capital? Bonds Which action causes a cash outflow? Increase in inventory Which of the following is correct? Gross PPE equals Net PPE plus accumulated depreciation Net Margin is defined as Net Income divided by sales Which item is transferred from the income statement to the balance sheet? Depreciation expense and Addition to retained earnings What item is added to net income to calculate net cash flow? Depreciation expense Which cash flow statement represents cash earned by producing and selling the product Cash flow operations Which ratio reflects a firm's reliance on debt financing? Financial leverage If two firms use different inventory valuation methods it is called:, Accounting difference What affects the required return on a security? Perceived riskiness of the security, Financial decisions of the firm, Trading in financial markets Which ratio might be used in working capital management? Quick Ratio How might a firm incent customers to pay sooner? Larger discount Which ratio is used to value a private firm? PE The SEC regulates financial markets to achieve what goal? Protect investors Increase transparency and Increase market efficiency The Accredited Investor designation is used for... Rule 144A and Hedge funds FX hedging is used to... Reduce FX risk A strong dollar has what effect? Increases imports Relatively high interest rates in the U.S. has what effect? Strong dollar If a firm's combined leverage is high what is the implication? Profits are more volatile as sales fluctuate Why would a company buy back outstanding stock? To boost the price of the stock increase financial leverage and Lack of investment opportunities Which can best be described as a present value problem? Valuation of bonds Valuation of stock and Evaluation of potential investment What attributes of cash should be considered in evaluating investments? Size of cash flow Timing of the cash flow and Risk of cash flows ... Firms use "sensitivity analysis" because: To anticipate impact of erroneous forecasts If IRR is greater than WACC an adopted project Increases shareholder value If firm increases leverage Indeterminant impact on price Which measures sales growth that can be financed internally? SGR Why are accurate sales forecast desirable? To plan resource acquisition [Show Less]
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WGU C214 Financial Management OA Study Set Questions and Answers 2023
Trading on the NYSE is executed without a specialist (i.e. a market maker). True or False? False Stocks and Bonds are two types of financial instru... [Show More] ments. True or False? True When revenue is matched with cost of sales in an Income statement it is called? Matching principle Basic balance sheet equation is what? Equity = Assets - Liabilities Why is the balance sheet known as the permanent statement? Because the other statements are reset at the end of the fiscal year. How do you calculate the change in retained earnings? Net income-dividends Sales - Cost of Sales - other expenses = Operating Income or EBiT Name four accounts that are part of total assets? Cash, Accounts receivable, inventory, long term assets Name three accounts that are part of total liabilities? Bonds, accounts payable and mortgage Name four accounts that are part of current assets? Inventory, cash, accounts receivable and short term investments. Name three accounts that are only included in cash flow from financing? Common stock, dividends paid and bonds payable Define the statement of cash flows? Calculated for the same period of time as the incomes statement is calculated based on the income statement and changes in the balance sheet is one of the three basic accounting statements. When fixed assets increase what happens to cash? Cash will decrease What is the purpose of the statement of cash flows? Explains the change in cash over the course of the specified time frame. Suppose the inventory turnover of a company is higher than the industry. Based on this observation, which of the following is most likely? The firm has too little inventory resulting in lost sales or stock-outs. If a company wishes to obtain a bank loan, will it want to have a higher current ratio or a lower current ratio? Higher The Operating Income Return on Investment (OIROI) uses what elements on the income statement? EBIT and total assets Why would a company be interested in the Total Asset Turnover (TAT) ratio? To see how efficient are at producing sales What annual interest will be paid for a zero coupon bond? 0% What is the most significant characteristic of subordinated debt? Senior debt is paid off first If a company wants to increase its debt capital, how will they raise the funds? Sell bonds What is the lowest level investment bond BBB What can cause the bond price to fluctuate? A change in the bond rating, a change in the financial condition, general change in interest rates. What does a company use as security for a bond? Credit worthiness Under the efficient market hypothesis, what will companies endeavor to do? Maximize profits for a given level of risk What does the beta coefficient represent? It is a statistically derived measure of volatility. If an investor knows the idiosyncratic risk, the investor knows the? Beta Coefficient Why is the depreciation expense taken out of the net income calculation, yet added back at the end? Because depreciation expense is tax deductible. Why would we reject a project based on NPV? The NPV is a negative number Why would we reject a project based on IRR? The discount rate is higher than the IRR What are two key elements of differential cash flow? Depreciation expense and net income Why is the NPV preferred over the IRR? It measures the dollar value and is more reliable. When a company uses more leverage as evidenced by a higher degree of either financial or operating leverage, what effect does it have on changes in profitability? Higher leverage leads to higher profitability for a given sale level. What does the degree of financial leverage indicate? The reliance on debt If a company has a high degree of financial leverage, what does that tell us about the firms risk profile? Financial leverage also means that more financing is done through debt, not equity. Higher profits to shareholders. What is the cash cycle? The amount of time to regenerate cash. Why is float important to understand? To time cash expenditures What should a company do to manage its working capital? Collect quickly and pay slowly Name what characterizes increased collection float? Increased float indicates slower processing time. In regards to Accounts Payable Balances, what is a good policy? Paying off A/P on the last day due is a good policy. What would be a good source of information to determine replacement cost? Building Appraisal Dodd-Frank Act regulates which segment of the U.S economy? Banking industry What is the regulatory body that overseas the systematic risk in banking? Financial stability oversight council The SEC securities and Exchange Commission requires companies to do the following three things: Register all public offerings, regulate stock sales and ensure transparency through uniform reporting. What does the Sarbanes-Oxley Act require companies to do? Have internal control audits, senior management responsible for signing off on statements and places restrictions on auditors. Financial Industry Regulatory Authority (FINRA) does the following? Licenses stock brokers and audits brokerage firms. If a product is made 100% domestically, what can affect its domestic market? International competition If a company makes a product in a foreign country where labor costs are much lower, what happens? Profits go up and domestic employment decreases. If the value of a dollar increases, the price of imports does what? Decreases Why would a farmer buy a hedge when he signs a contract to sell products oversees? To reduce currency risk The goal of a corporation is to? Minimize risk Which of the following is not a requirement for an efficient market? Liquidity The value of money depends upon? The timing of receipts, certainty of receipt and riskiness of receipt. What is the purpose of the SEC 10-K filing? Prevent monopolies Which line item is not part of net working capital? Bonds Increase in accounts payable, decrease in accounts payable and increase in inventory are examples of cash flow. True/False False Net margin is defined as? Retained earnings / sales Which item is transferred from the income statement to the balance sheet? Depreciation expense and addition to retained earnings What item is added to net income to calculate net cash flow? Depreciation expense Which cash flow statement represents cash earned by producing and selling the product? Cash flow operations Which ratio reflects a firms reliance on debt financing? Financial leverage Which action causes a cash outflow? Increase in inventory If two firm use different money valuation methods, it is called? Accounting Difference What thee things affect the required return on a security? Perceived riskiness Financial decisions of the firm Trading in financial markets Which is the most frequent type of transaction in financial markets? Secondary markets Which of the 5 white financial function keys represents a series of cash disbursements? PMT If payments are made semi-annually, which key inputs must be adjusted? PMT, I/Y and N Which can be defined as change in value of cash over time? Interest rate, inflation rate, and discount rate [Show Less]
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