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Uop Students serve new or short STR 581 Capstone Final Examination, Part Two
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32%
16%
12%
40%
5. External financing needed: Jockey Company has total assets worth $4,417,665.
At year-end it will have net income of $2,771,342 and pay out 60 percent as
dividends. If the firm wants no external financing, what is the growth rate it can
support?
30.3%
27.3%
32.9%
25.1%
6. An unrealistic budget is more likely to result when it:
has been developed by all levels of management.
has been developed in a top down fashion.
has been developed in a bottom up fashion.
is developed with performance appraisal usages in mind.
7. Which of the following financial statements is concerned with the company at a
point in time?
balance sheet
retained earnings statement
statement of cash flows
income statement
8. Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its
dividend by $0.25 in each of the following three years. If their required rate of
return if 14 percent, what is the present value of their dividends over the next four
years?
$12.50
$11.63
$9.72
$13.50
begins when the firm uses its cash to purchase raw materials and ends when the
firm collects cash payments on its credit sales.
shows how long the firm keeps its inventory before selling it.
19. Ajax Corp. is expecting the following cash flows - $79,000, $112,000,
$164,000, $84,000, and $242,000 over the next five years. If the companys
opportunity cost is 15 percent, what is the present value of these cash flows?
(Round to the nearest dollar.)
$480,906
$429,560
$414,322
$477,235
20. Jack Robbins is saving for a new car. He needs to have $21,000 for the car in
three years. How much will he have to invest today in an account paying 8 percent
annually to achieve his target? (Round to nearest dollar)
$26,454
$19,444
$22,680
$16,670
21. Which of the following presents a summary of changes in a firms balance
sheet from the beginning of an accounting period to the end of that accounting
period?
the statement of net worth
the statement of cash flows
the statement of working capital
the statement of retained earnings
22. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is
expected to exist forever. The company is currently financed with 75 percent
equity and 25 percent debt. Your analysis tells you that the appropriate discount
rates are 10 percent for the cash flows, and 7 percent for the debt. You currently
own 10 percent of the stock.
26. Firms that achieve higher growth rates without seeking external financing:
Have a low plowback ratio
are highly leveraged
have less equity and/or are able to generate high net income leading to a high ROE.
None of these
27. In a process cost system, product costs are summarized:
on job cost sheets.
when the products are sold.
after each unit is produced.
on production cost reports.
28. The convention of consistency refers to consistent use of accounting principles:
within industries
among accounting periods
throughout the accounting period
among firms
29. If a companys weighted average cost of capital is less than the required return
on equity, then the firm:
is financed with more than 50% debt
is perceived to be safe
partnership
has debt in its capital structure
30. Your firm has an equity multiplier of 2.47. What is the debt-to-equity ratio?
0
1.74
0.60
1.47
31. The accumulation of accounting data on the basis of the individual manager
who has the authority to make day-to-day decisions about activities in an area is
called:
master budgeting
static reporting
responsibility accounting
flexible accounting
32. Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon
rate. Investors buying the bond today can expect to earn a yield to maturity of
6.875 percent. What should the companys bonds be priced at today? Assume
annual coupon payments. (Round to the nearest dollar.)
$1014
$972
$923
$1,066
33. Variance reports are:
internal reports for management
SEC financial reports
external financial reports
all of these
34. The break-even point is where:
contribution margin equals total fixed costs.
total sales equal total variable costs.
total sales equal total fixed costs.
total variable costs equal total fixed costs.
35. When a company assigns the costs of direct materials, direct labor, and both
variable and fixed manufacturing overhead to products, that company is using:
operations costing
product costing
absorption costing
variable costing
36. Which of the following is considered a hybrid organizational form?
sole proprietorship
8
partnership
limited liability partnership
corporation
37. Gateway, Corp. has an inventory turnover of 5.6. What is the firms dayss
sales in inventory?
57.9
61.7
65.2
64.3
38. The process of evaluating financial data that change under alternative courses
of action is called:
incremental analysis
contribution margin analysis
cost-benefit analysis
double entry analysis
39. What decision criteria should managers use in selecting projects when there is
not enough capital to invest in all available positive NPV projects?
the modified internal rate of return
the profitability index
the discounted payback
the internal rate of return
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