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Financial Analysis and Reporting

A host of vital questions on all aspects of your company's financial activities, giving both internal and external stakeholders a comprehensive snapshot.

financial activities

business

politics

revenue

profit

operational efficiency

capital efficiency

solvency

liquidity

annual reports

analytics

charles gibson

accountancy

They usually use financial statement analysis to analyze the efficiency of operations and make important business decisions.

  • management
  • prospective investors
  • creditors
  • shareholders

If the inventory is liquid, the quick ratio is the preferred measure of overall liquidity.

  • True
  • False

Revenues are probably your business's main source of cash.

  • True
  • False

A legally binding agreement between two parties to buy or sell a specific quantity of shares of an individual stock or a narrow-based security index at a specified price, on a specified date in the future.

  • annuities
  • security futures contracts
  • commodity futures contracts
  • options

An income statement showing only component percentages is known as

  • Comparative income statement
  • Common-size income statement
  • Condensed income statement
  • Common pesos statement

Interested parties use ratio analysis to find information about the following: I. Profitability of the business firm/ II. The firm’s ability to meet its obligations III. Safety of the investment in the business IV. Effectiveness of management in running the firm

  • I & II
  • I, II, III, & IV
  • I & III
  • I, II, & III

As asset turnover decreases, a company will generate more sales per asset owned, resulting in a higher overall return on equity.

  • True
  • False

The following are debt ratios except

  • inventory turnover
  • times interest earned
  • debt-to-equity ratio
  • equity multiplier

The following are the qualitative factors for stock analysis, except

  • Business model
  • Cash flow statement
  • Competitive analysis
  • Corporate governance

This refers to putting money to work to start or expand a project or to purchase an asset or interest where those funds are then put to work, with the goal to income and increased value over time.

  • Investment
  • Portfolio
  • Stocks
  • Investing

It includes three sections: operating cash flow, investing cash flow, and financing cash flow.

  • Cash Flow Statement

The data that relates to the quality or character of something, such as how well a company is managed or whether a company has poor customer satisfaction ratings

  • Technical analysis
  • Quantitative fundamental analysis
  • Qualitative fundamental analysis
  • Competitive analysis

First statement: Penny stocks do not pay dividends and are highly speculative Second statement: Corporations raise funds by selling preferred and common stock to individuals; and other investors who are owners or shareholders in the firm.

  • Only first statement is true
  • Both statements are true
  • Both statements are false
  • Only second statement is true

Amy Corporation’s stockholders’ equity at December 31, 2019, consisted of the following: Preferred stock, P 50 par value, 10% noncumulative; 100,000 shares issued and outstanding P 5,000,000 Common stock, P 10 par value, 800,000 shares Issued and outstanding 8,000,000 Retained earnings 3,000,000 The preferred stock has a liquidating value of P 55 per share. At December 31,2019 the book value per share of common stock is

  • P 13.75
  • P 13.13
  • P 14.38
  • P 10

First statement: It is preferable to use audited financial statements for ratio analysis.

  • Only second statement is true
  • Only first statement is true
  • Both statements are false
  • Both statements are true

Also known as Cost of Goods Sold, this represents all the expenses directly related to the making and storing of a company's goods, such as raw materials, warehousing, and direct labor costs.

  • Cost of Sales

The debt ratio of 35 percent indicates that the company has financed more than half of its assets with debt.

  • True
  • False

Predicting any company's future profits and future growth with accuracy is pretty easy.

  • True
  • False

This is what remains for reinvestment into your business and for distribution to owners in the form of dividends.

  • Net profit margin

When investing in a stock, your goal should be to pay a price that's less than the value of the company's future profits.

  • True
  • False

How many types of stocks there are?

  • a. 4
  • b. 5
  • c. 2
  • d. 6

It involves methods of calculating and interpreting financial ratios to analyze and monitor the firm's performance.

  • ratio analysis
  • financial ratio
  • cross-sectional analysis
  • financial analysis

This used valuation metrics and other information about a company's business in order to determine whether a stock is attractively priced.

  • Fundamental analysis

The most commonly cited financial ratio that measures the firm's ability to measure its short-term obligations is

  • current ratio
  • debt-to-equity ratio
  • debt ratio
  • inventory turnover

Which statement about blue chips stocks is correct?

  • a. The stocks are consistently profitable with a dividend payment.
  • b. Earnings are used for reinvestment in order to maintain the growing trend of the stocks.

Revenue per employee (_____________ ÷ average number of employees)

  • revenue

The class of stock which has a claim on assets before common stock is known as

  • preferred stock
  • no-par value stock
  • common stock
  • treasury stock

This measures how efficiently you manage the credit you extend to customers.

  • Accounts receivables turnover

This is commonly cited measure of the firm's success with respect to the earnings on sales.

  • Net profit margin
  • Operating margin
  • Margin of error
  • Gross profit margin

This represents incurred expenses the company expects to pay within one year.

  • Accounts Payable

According to Dr. Dubos J. Masson, to effectively analyze the financial statements of a firm, it requires an understanding of three key areas, except

  • Projected financial statements
  • The structure of the financial statements
  • The economic characteristics of the industry in which the firm operates
  • The strategies the firm pursues to differentiate itself from its competitors.

They are concerned with the company’s ability to pay interest and principal when due and are concerned with the company’s cash flow ability.

  • prospective investors
  • creditors
  • management
  • shareholders

Technical analysis is based on the assumption that stock prices don't necessarily reflect the true intrinsic value of the underlying business.

  • True
  • False

This is an indirect analysis of a company's use of debt to finance its assets. This is also called equity multiplier.

  • Financial leverage
  • Total asset turnover
  • Net profit margin
  • Inventory turnover

The first section of the cash flow statement, which includes cash generated by and required for the daily operations of a business.

  • Operating Cash Flow

Below shows the current assets and current liabilities of Tala Company ASSETS LIABILITIES Current Assets Current Liabilities Cash P 2,550,000 Accounts payable P 9,500,000 Marketable securities 2,000,000 Short-term bank loan 11,375,000 Accounts receivable 16,675,000 Total current liabilities P 20,875,000 Inventories 26,470,000 Total current assets P 47,695,000 What is the company's quick ratio?

  • 1.50
  • 2.10
  • 1.20
  • 1.02

The very lowest priced stocks are known as

  • mid-cap stocks
  • small-cap stocks
  • micro-cap stocks
  • penny stocks

Amount calculated by subtracting cost of goods sold and operating expenses from revenue on the income statement.

  • EBIT

First statement: Technical analysts believe that stock prices move in trends. Second statement: Fundamental analysts usually look at the supply and demand for a particular stock in the market and identify patterns.

  • Both statements are true
  • Both statements are false
  • Only first statement is true
  • Only second statement is true

Cash used for investing in long-term assets, such as equipment or equity securities, and cash received from the sale of such investments.

  • Investing Cash Flow

Cash received or paid from borrowing money or paying back investors, creditors, and shareholders.

  • Financing Cash Flow

For example, if a stock trades for $30.00 and the company's earnings were $2.00 per share over the past year, we'd say it traded for a P/E ratio of 15, or "______________."

  • 15 times earnings

When calculating revenue growth, don't include one-time revenues, which can distort the analysis.

  • True
  • False

The flip side of fixed assets, this represents money the company needs to pay back in one or more years.

  • Long-Term Liabilities

For example, a stock with a P/E ratio of 20 and 10% expected earnings growth over the next five years would have a PEG ratio of __________.

  • 2

The following common size income statement are available for A.M.Y Corporation for two years ended December 31, 2019, and 2018: 2019 2018 The trend percentages for sales are as follows: Sales 100% 100% 2017 130% Cost of sales 55 70 2016 100% Gross profit 45 30 Operating expenses 20 18 Net income 25% 12% What should be the trend percentage for gross profit on sales for 2019?

  • 58.5%
  • 195%
  • 130%
  • 150%

A report published yearly by all publicly-held companies that details the financial condition of the company and includes the balance sheet, income statement, cash flow statement, and other relevant information.

  • a. KPI
  • b. bookkeeping
  • c. annual report

Lucena Corporation’s books disclosed the following information as of and for the year ended December 31, 2019: Net credit sales P 4,000,000 Net cash sales 1,000,000 Merchandise purchases 2,000,000 Inventory at beginning 1,200,000 Inventory at end 400,000 Accounts receivable at beginning 600,000 Accounts receivable at end 1,400,000 Net income 200,000 Marble’s percent of net income on sales is

  • 56%
  • 44%
  • 4%
  • 9%

If the firm extended 45-day credit term and their average collection period is 40 days, may indicate a poorly managed credit collection department.

  • True
  • False

Book value refers to:

  • a. the value of the company excluding its tangible assets
  • b. theoretical value of a company if all assets are liquidated or sold at prices shown on balance sheet

A company's book value is the _____________ of the value of its assets.

  • sum

One important distinction is that fundamental analysis is typically intended to find long-term investment opportunities, while technical analysis is often geared toward profiting from short-term _____.

  • price fluctuations

Lucena Corporation’s books disclosed the following information as of and for the year ended December 31, 2019: Net credit sales P 4,000,000 Net cash sales 1,000,000 Merchandise purchases 2,000,000 Inventory at beginning 1,200,000 Inventory at end 400,000 Accounts receivable at beginning 600,000 Accounts receivable at end 1,400,000 Net income 200,000 Marble’s percent of net income on sales is

  • 4%
  • 9%
  • 44%
  • 56%

This refers to putting money to work to start or expand a project or to purchase an asset or interest where those funds are then put to work, with the goal to income and increased value over time.

  • Investing
  • Portfolio
  • Investment
  • stocks

The section on a company's website under which you can find the company's financial statements.

  • Investor Relations

A grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds is called

  • Portfolio
  • Leverage
  • Investing
  • Investment

The 10 percent return on assets indicates that that company earned 10 centavos on each peso of asset invested.

  • True
  • False

These are assets held by an entity for accretion of wealth through distribution such as interest, royalties, dividends and rentals, for capital appreciation of for other benefits to the investing entity such as those obtained through trading relationships.

  • Investment
  • Portfolio
  • Stocks
  • Investing

There's no set rule in regards to how much debt is too much, but if a company's debt to __________ is significantly higher than its peers, it could be a sign of a higher-risk investment.

  • EBITDA

Which of the following does not belong to the list?

  • Common-size financial statement
  • Peso and percentage changes on financial statements
  • Long-form report
  • . Financial ratios

Southern Division reported the following results for 2019 Annual sales P 5,000,000 Net earnings 800,000 Investment 2,500,000 What is the Southern Division’s return on sales

  • 25%
  • 20%
  • 16%
  • 32%

In 2018, ASB Corporation’s net income was P 1,600,000 and in 2019 it was P 400,000. What percentage increase in net income must ASB achieve in 2019 to offset 2018 decline in net income?

  • 400%
  • 600%
  • 300%
  • 60%

The place where buyers and sellers meet to decide on the price to buy or sell securities,usually with the assistance of a broker is called

  • money market
  • stock market
  • bond market
  • mortgage market

First statement: Understanding fundamental analysis is necessary to determine whether a stock is valued correctly in the market. Second statement: Analysts typically look at macro and micro factors to identify stocks that are trading at higher and lower prices.

  • Both statements are true
  • Only second statement is true
  • Only first statement is true
  • Both statements are false

_______________________ (revenues – cost of goods sold – operating expenses) ÷ revenues

  • operating profit margin

This measures how efficiently you manage inventory.

  • Inventory turnover

This measures the efficiency with which the firm uses all of its assets to generate sales

  • Total asset turnover
  • Inventory turnover
  • Debt-to-equity ratio
  • Asset-to-equity ratio

A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange.

  • Stock market
  • Capital market
  • Financial market
  • Financial institution

First statement: Common stockholders can attend at annual general meeting to cast vote or use a proxy. Second statement: Noncumulative preferred stock is preferred stock for which the right to receive a basic dividend accumulates if the dividend is not paid.

  • Both statements are false
  • Both statements are true
  • Only second statement is true
  • Only first statement is true

What is the Stock Market?

  • a. The stock market is a market where people buy products which the merchants have a lot of stock of.
  • b. The stock market is a market where people can buy stocks which are shares of companies.

The breadth of the market shows:

  • a. the volume of trades
  • b. the difference between buying and selling
  • c. the number of stocks traded out of the ones listed

They use financial statement analysis to ensure the compliance of publicly traded companies to various rules and regulations.

  • shareholders
  • regulatory authorities
  • management
  • creditor

To compute for debt ratio, you have to divide current assets by current liabilities.

  • True
  • False

A method of arriving at net operating cash flow by adjusting the net income on the income statement for non-cash revenues and expenses.

  • Indirect Method

Market ratios capture both risk and return.

  • True
  • False

Revenue growth (___________________ - revenue last period) ÷ revenue last period

  • revenue this period

As profit margin decreases, every sale will bring more money to a company’s bottom line, resulting in a higher overall return on equity.

  • True
  • False

___________________ equips with the potential of a superior level of earnings in the future. The earnings are used for reinvestment in order to maintain the growing trend of these stocks. Therefore, growth stocks do not pay dividends.

  • a. growth stock
  • b. market stock
  • c. investment stock

They are the users of funds I. Lenders II. Borrowers III. Savers IV. Investors V. Intermediary

  • III, IV & V
  • II & IV
  • I & II
  • III & IV

In 2018, ASB Corporation’s net income was P 1,600,000 and in 2019 it was P 400,000. What percentage increase in net income must ASB achieve in 2020 to offset 2019 decline in net income?

  • 600%
  • 400%
  • 300%
  • 60%

Selected information from the operating records of Kaya Company is as follows: Net sales P 1,800,000 Cost of goods sold for 2019 1,200,000 Inventory at 12/31/2018 360,000 Inventory at 12/31/2019 312,000 Kay’s inventory turnover for 2019 is

  • Net sales P 1,800,000
  • Cost of goods sold for 2019 1,200,000
  • Inventory at 12/31/2018 360,000
  • Inventory at 12/31/2019 312,000
  • Kay’s inventory turnover for 2019 is
  • Select one:
  • 5.36 times
  • 3.57 times
  • 3.85 times
  • 5.77 times

Other terms for government bonds are enumerated below, except

  • treasury bonds
  • treasury notes
  • commercial paper
  • treasury bills

First statement: Penny stocks do not pay dividends and are highly speculative Second statement: Corporations raise funds by selling preferred and common stock to individuals; and other investors who are owners or shareholders in the firm.

  • Both statements are true
  • Only first statement is true
  • Both statements are false
  • Only second statement is true

This method is used when preparing the income statement and balance sheet.

  • a. accrual accounting system
  • b. accounts receivable
  • c. accounts payable

A financial statement that specifies the financial results of a business over a defined period of time and lists the revenue, expenses, and net income of the business.

  • P & L Statement

Assessing asset quality involves rating investment risk factors that the company may face and comparing them with the company's capital earnings.

  • True
  • False

Decrease in financial leverage will lead to an increase in return on equity.

  • True
  • False

By splitting ROE into three parts, companies can more easily understand changes in their returns on equity over time.

  • True
  • False

A higher number means your company is managing credit well; a lower number is a warning sign you should improve how you _____ from customers.

  • collect

Return on assets often called

  • Total asset turnover
  • Return on Common Equity
  • Inventory turnover
  • Return on Investment

Examiners assess institutions' capital adequacy through

  • observing how lending to specific industries affects an institution.
  • checking if institutions comply with regulations pertaining to risk-based net worth requirement.
  • assessing the company's growth, stability, valuation allowances, net interest margin, net worth level and the quality of the company's existing assets.
  • looking at interest rate risk sensitivity, availability of assets that can easily be converted to cash, dependence on short-term volatile financial resources and ALM technical competence.

First statement: Liquidity, activity and debt ratios primarily measure return.

  • Only first statement is true
  • Both statements are true
  • Only second statement is true
  • Both statements are false

First statement: The statements for two or more periods are used in horizontal analysis. Second statement: In vertical analysis all the items in a particular statement are represented as a percentage of a particular item.

  • Both statements are true
  • Only first statement is true
  • Only second statement is true
  • Both statements are false

First statement: A lower times interest earned ratio indicates greater capacity to meet scheduled payments.

  • Only second statement is true
  • Both statements are false
  • Both statements are true
  • Only first statement is true

The technique of securing funds for investment at a fixed rate of return to fund suppliers to enhance the well being of common stockholders.

  • Financial leverage
  • Fund management
  • Financial arbitrage
  • Prudent borrowing

As profit margin increases, every sale will bring more money to a company’s bottom line, resulting in a higher overall return on equity.

  • True
  • False

First statement: Fixed annuities are regulated by state insurance commissioners. Second statement: In variable annuity, the insurance company allows to direct annuity payments to different investment options, usually mutual funds.

  • Both statements are false
  • Only second statement is true
  • Only first statement is true
  • Both statements are true

Liquidity, activity and debt ratios primarily measure return.

  • True
  • False

The value of everything a company uses to conduct business, such as cash, equipment, land, inventories, office equipment, and money owed to the company by customers and clients.

  • a. cash basis of accounting
  • b. balance sheet
  • c. assets

They are the suppliers of funds I. Lenders II. Borrowers III. Savers IV. Investors V. Intermediary

  • I, II, III, & IV
  • I & II
  • 1 & III
  • I, II, & V

Stocks that have earnings growing at a faster rate than the market average are called

  • Blue-chip stocks
  • Growth stocks
  • Value stocks
  • Income stocks

It refers to the practice of financing assets with borrowed capital.

  • arbitrage
  • leverage
  • discounting
  • mortgage

Revenue concentration (revenue from client ÷ ____________________)

  • total revenue

Represents all interest paid by the company for loans it incurred and is part of the expenses deducted from revenues in the process of arriving at net income on the income statement.

  • Interest Expense

No client should represent more than 10 percent of your total revenues.

  • True
  • False

Selected information from the operating records of Kaya Company is as follows: Net sales P 1,800,000 Cost of goods sold for 2019 1,200,000 Inventory at 12/31/2018 360,000 Inventory at 12/31/2019 312,000 Kay’s inventory turnover for 2019 is

  • 3.57 times
  • 3.85 times
  • 5.36 times

The main reasons to use common-size analysis are enumerated below, except I. to evaluate information from one period to the next within a company II. to evaluate a company relative to its competitors. III. to evaluate the trend situation

  • I
  • II
  • III
  • I & III

All costs incurred in operating the business that are not directly related to the production and storage of a company's goods.

  • Operating Expenses

Below shows the current assets and current liabilites of Tala Company ASSETS LIABILITIES Current Assets Current Liabilities Cash P 2,550,000 Accounts payable P 9,500,000 Marketable securities 2,000,000 Short-term bank loan 11,375,000 Accounts receivable 16,675,000 Total current liabilities P20,875,000 Inventories 26,470,000 Total current assets P 47,695,000 Tala’s current ratio is

  • 5.75
  • 2.28
  • 2.50
  • 2.75

The ratio that measures the proportion of total assets financed by the creditors

  • Debt ratios
  • Market ratios
  • Liquidity ratios
  • Profitability ratios

First Statement: Investing involves the purchase of assets with the intent of holding them for the long term. Second Statement: Speculation involves attempting to capitalize on market inefficiencies for short-term profit.

  • Both statements are false
  • Only first statement is true
  • Only second statement is true
  • Both statements are true

It is recorded as part of current assets on the balance sheet.

  • Accounts Receivable

If a company has P 10 million net income and 4 million outstanding shares, the earnings per share would be

  • P 2.50
  • P 0.40
  • P 10.00
  • P 40.00

Fundamental analysis generally assumes that a stock's price reflects all available information and that prices generally move according to trends.

  • True
  • False

Money invested in a company by its owners/shareholders.

  • Contributed Capital

First statement: As profit margin decreases, every sale will bring more money to a company’s bottom line, resulting in a higher overall return on equity.

  • Both statements are true
  • Only second statement is true
  • Only first statement is true
  • Both statements are false

One of the most commonly used profitability metrics, return on equity or ___________ is calculated by dividing a company's net income by its shareholders equity (assets minus liabilities).

  • ROE

A method used to account for the diminishing value of an asset over the time it is used and to match profit with the expenses it took to generate that profit.

  • Depreciation

This represents the return investors are generating from your business.

  • Return on equity

The most informative approach to ratio analysis combines cross-sectional and time series analyses.

  • True
  • False

Value stocks are usually traded below the market price. They are considered having the low-term potential growth because of long-term growth of company associated with the stocks.

  • a. No
  • b. Yes
  • c. Sometimes

An ask and bid is the ______ price and _________ price.

  • a. highest price to sell, highest price to buy
  • b. lowest price to sell, lowest price to buy
  • c. highest price to sell, lowest price to buy
  • d. lowest price to sell, highest price to buy

An item included on the income statement of production companies, calculated by deducting cost of goods sold from revenues/sales generated from those goods.

  • Gross Profit

Southern Division reported the following results for 2019 Annual sales P 5,000,000 Net earnings 800,000 Investment 2,500,000 What is Southern Division’s return on investment?

  • 32%
  • 24%
  • 10%
  • 16%

First statement: Investing in government bonds means you are lending money to the government. Second statement: Investing in government bonds means that you are borrowing money from the government

  • Both statements are true
  • Both statements are false
  • Only first statement is true
  • Only second statement is true

This commonly measures the activity, or liquidity of the firm's inventory

  • Total asset turnover
  • Inventory turnover
  • Average collection period
  • Average payment period

A financial statement that gives a snapshot of a company's financial situation at a particular point in time and lists its different assets, liabilities, and owners' equity.

  • Balance Sheet

The ____________ takes a stock's P/E ratio and divides by the expected annualized earnings growth rate over the next few years.

  • PEG ratio

First statement: Investment banks do not take deposits.

  • Both statements are true
  • Both statements are false
  • Only first statement is true
  • Only second statement is true

Debts a company owes to its creditors and lenders.

  • Liabilities

Asset quality covers an institutional loan's quality, which reflects the earnings of the institution.

  • True
  • False

Operating profit margin measures the percentage of each peso sales remaining after

  • all costs and expenses other than interest, taxes, and preferred stock dividends are deducted.
  • all costs and expenses are deducted
  • all costs and expenses including interest and taxes are deducted.
  • all costs and expenses, including interest, taxes, and preferred stock dividends have been deducted.

First statement: When you invest in corporate bonds, it means that you are borrowing money to a corporation. Second statement: Corporate bonds are sometimes called long-term commercial papers.

  • Both statements are false
  • Only first statement is true
  • Only second statement is true
  • Both statements are true

Think of book value as the amount of money a company would theoretically have if it _____________its business and sold everything it owned – tangible property as well as things like patents, brand names, etc.

  • shut down

These are agreements to buy or sell a specific quantity of a commodity at a specified price on a particular date in the future.

  • annuities
  • commodity futures contracts
  • security futures contracts
  • options

Different costs, such as cost of goods sold, operating expenses, and interest expense, incurred during the normal operation of a business.

  • Expenses

Projected Earnings Growth or PEG

  • is a ratio that looks at the current sales price of a company as a whole and then compares it to the per-share earnings.
  • defines the price to equity and compares the stock’s “book” value to its market price
  • projects the one-year earnings and growth rate of a company’s stock price.
  • this gives the total return on equity

The Dupont analysis looks at three main components of the ROE ratio, except

  • Financial leverage
  • Total asset turnover
  • Inventory turnover
  • Net profit margin

The following are the categories of financial ratios, except

  • market ratios
  • liquidity ratios
  • activity ratios
  • cash ratios

This involves comparison of current to past performance, using ratios, enables analysts to assess the firm's progress.

  • Financial analysis
  • Time-series analysis
  • Ratio analysis
  • Cross-sectional analysis

Under this system, revenues are recorded when earned and expenses are recorded when incurred.

  • a. accrual accounting system
  • b. accounts receivable
  • c. accounts payable

The primary purpose of investment banks and investment companies is making loans to its members, usually for the purchase of real estate or homes.

  • True
  • False

Southern Division reported the following results for 2019 Annual sales P 5,000,000 Net earnings 800,000 Investment 2,500,000 What is the Southern Division’s return on sales

  • 32%
  • 16%
  • 25%
  • 20%

First statement: If the stock’s intrinsic or fair market value is higher than the current price on the market, then the stock is said to be "undervalued". Second statement: If the fair market value is lower than the price on the market, then it is “overvalued".

  • Only second statement is true
  • Both statements are true
  • Only first statement is true
  • Both statements are false

Stocks that have earnings growing at a faster rate than the market average.

  • growth stocks
  • income stocks
  • blue-chip stocks
  • value stocks

The quick ratio provides better measure of liquidity only when a firm's inventory cannot be easily converted into cash.

  • True
  • False

The definitions of debt and equity can vary, but generally this indicates how much leverage you're using to operate.

  • Debt to equity

Horizontal, vertical, and common-size analyses are techniques that are used by analysts in understanding the financial statements of companies. Which of the following is an example of vertical, common-size analysis?

  • Commission expense in 2019 is 5% of sales
  • Commission expense in 2019 is 10% greater than it was in 2018.
  • A comparison in financial form between two or more firms in the same industry
  • A comparison in financial ratio between two or more firms in the same industry

Price to Earnings Ratio or P/E

  • defines the price to equity and compares the stock’s “book” value to its market price
  • this gives the total return on equity
  • is a ratio that looks at the current sales price of a company as a whole and then compares it to the per-share earnings.
  • projects the one-year earnings and growth rate of a company’s stock price.

It is used to measure the flow of volume of stocks in positives and negatives over a period of time.

  • Relative strength index
  • Simple moving average
  • On-Balance Volume
  • Moving average convergence/ divergence

Southern Division reported the following results for 2019 Annual sales P 5,000,000 Net earnings 800,000 Investment 2,500,000 What is Southern Division’s asset turnover?

  • 2 to 1
  • 3.125 to 1
  • 0.5 to 1
  • 1 to 1

A company-sponsored retirement account that employees can contribute to

  • 401(k) plan
  • pension
  • 101(k) plan
  • lump-sum

In this financial statement analysis, trend percentages are computed by taking a base year and assigning its figures as a value of 100.

  • Vertical analysis
  • Trend analysis
  • Ratio analysis
  • Dupont analysis

Horizontal analysis is also referred to

  • vertical analysis
  • common-size analysis
  • trend analysis

They are considered users of funds I. Lenders II. Borrowers III. Savers IV. Investors V. Intermediary

  • III, IV & V
  • II & IV
  • III & IV
  • I & II

Shares in very small companies are sometimes called

  • large-cap stocks
  • micro-cap stocks
  • penny stocks
  • mid-cap stocks

Fundamental analysts focus more on quantitative measures listed below, except

  • earnings
  • assets
  • revenues
  • expenses

First statement: Fixed annuities are regulated by state insurance commissioners. Second statement: In variable annuity, the insurance company allows to direct annuity payments to different investment options, usually mutual funds.

  • Both statements are false
  • Only first statement is true
  • Both statements are true
  • Only second statement is true

This is the best choice for investors looking for excellent long-term returns.

  • Fundamental analysis

Gross profit margin (revenues – _________________) ÷ revenues

  • cost of goods sold

First statement: A single ratio is already enough in providing sufficient information to judge the overall performance of the firm.

  • Both statements are false
  • Only first statement is true
  • Only second statement is true
  • Both statements are true

Index numbers would probably be most interested in which ratio?

  • Vertical analysis
  • Common-size statements
  • Ratio analysis
  • Trend analysis

Tax levied by the government for income and part of the expenses deducted from revenues when arriving at net income on the income statement.

  • Income Tax

The quantity, quality, and timing of revenues can determine long-term success.

  • True
  • False

A method of arriving at net operating cash flow by adjusting each item on the income statement from the accrual basis of accounting to the cash basis of accounting.

  • Direct Method

The average collection period is meaningful only in relation to the firm's credit term.

  • True
  • False

The public usually buy stocks from stock brokers.

  • True
  • False

The financial institution that is responsible for the oversight and management of all other banks is

  • Commercial bank
  • Investment bank
  • Central bank
  • Credit union

These ratios give insight into how well investors in the market place feel the firm is doing in terms of risk and return.

  • Debt ratios
  • Market ratios
  • Profitability ratios
  • Liquidity ratios

A lower times interest earned ratio indicates greater capacity to meet scheduled payments.

  • True
  • False

In vertical analysis all the items in a particular statement are represented as a percentage of a particular item.

  • True
  • False

This represents uncollected revenues the company expects to receive within one year.

  • Accounts Receivable

Assets the company plans to convert to cash, sell, or use during the coming year, including cash, accounts receivable, and inventory on hand.

  • Current Assets

These are shares in large, well-known companies with a solid history of growth. They generally pay dividends.

  • Income stocks
  • Value stocks
  • Growth stocks
  • Blue-chip stocks

Stock analysis helps investors find the best investment opportunities at a given time.

  • True
  • False

This annuity combines features of securities and insurance products.

  • Fixed annuity
  • Variable annuity
  • Annuity
  • Indexed annuity

Which of the following statements is incorrect?

  • Companies where product costs present a high percentage of total costs could be expected to have a low gross profit percentage.
  • It is appropriate to compare a company’s current financial ratio with same financial ratio for (1) the company is prior years and/or (2) the ratio for the industry in which the company is affiliated.
  • Profitability evaluation ratios have a higher power than solvency determination ratios predicting for performance for both income and solvency.
  • Gross profit percentages do not vary a great deal among industries.

Operating expenses don't include _____ or taxes.

  • interest

The underlying assumption of fundamental analysis is that the price on the market does not reflect the stock’s actual value. This is called

  • intrinsic value
  • market value
  • extrinsic value
  • assessed value

Category of stocks that pay dividends consistently

  • Income stocks
  • Growth stocks
  • Blue-chip stocks
  • Value stocks

Price to Book Ratio or P/B

  • projects the one-year earnings and growth rate of a company’s stock price.
  • is a ratio that looks at the current sales price of a company as a whole and then compares it to the per-share earnings.
  • this gives the total return on equity
  • defines the price to equity and compares the stock’s book value to its market price

_____ and solvency are of interest to lenders and investors.

  • Capital efficiency

Publicly traded companies report their profits to shareholders as earnings per share, or ____________ for short.

  • EPS

This refers to the number of pesos earned during the period in behalf of each outstanding share of common stock.

  • Market ratio
  • Book value per share
  • Price/earnings ratio
  • Earnings per share

A lack of _____ leads to smaller profits and weaker growth.

  • operational efficiency

Investment banks do not take deposits.

  • True
  • False

This ratio of analytical measurement measures the productivity of assets regardless of capital structures.

  • Current ratio
  • Return on total assets
  • Quick ratio
  • Debt ratio

It involves the conversion of items appearing in financial statement columns into terms of percentages of a base figure to show the relative significance of the items to facilitate comparison.The percentage is computed by using this formula: Percentage of base = Amount of individual item x 100 Amount of base

  • Vertical analysis
  • Horizontal analysis
  • Trend analysis
  • Ratio analysis

The class of stock issued by all corporations and which represents the real equity account capital is

  • treasury stock
  • common stock
  • preferred stock
  • no-par value stock

First statement: If the stock’s intrinsic or fair market value is higher than the current price on the market, then the stock is said to be undervalued. Second statement: If the fair market value is lower than the price on the market, then it is “overvalued.

  • Both statements are false
  • Only second statement is true
  • Both statements are true
  • Only first statement is true

A financial ratio based on the return on equity ratio that is used to analyze a company’s ability to increase its return on equity.

  • Fundamental analysis
  • Dupont analysis
  • Break-even point analysis
  • Technical analysis

The average sales per day equals annual sales divided by twelve months.

  • True
  • False

Penny stocks refer to low-priced stock investments. These stocks are usually traded in stock exchange.

  • True
  • False

In CAMEL rating system, banks that are given scores greater than three are considered to be high-quality institutions.

  • True
  • False

It is preferable to use audited financial statements for ratio analysis.

  • True
  • False

In using CAMEL rating system, banks that are given an average score of less than two are considered to be less-than-satisfactory.

  • True
  • False

Stocks are

  • annuities
  • dividends
  • debt securities
  • equity securities

This is commonly used to assess the owner's appraisal of share value.

  • Book value per share
  • Earnings per share
  • Price/earnings ratio
  • Market ratio

The security futures contract specifications include

  • contract size, contract month, and manner of settlement only
  • contract size, contract month, last trading day and manner of settlement only
  • contract , contract month and last trading day only
  • contract size and contract month only

The bottom line of the income statement.

  • Net Loss

In using CAMEL rating system, banks with scores greater than three are considered to be less-than-satisfactory.

  • True
  • False

This is often used by short-term traders in search of quick profits, but is generally not well suited for long-term investors.

  • Technical analysis

A.M.Y. Company is preparing its common-size financial statements and revealed the following: (in thousands of pesos) Accounts receivable 20,000 Inventory 40,000 Total current assets 70,000 Total assets 168,000 Bonds payable 42,000 Retained earnings 14,000 Sales revenue 150,000 Cost of goods sold 124,000 Income tax expense 22,000 How’s would A.M.Y’s retained earnings appear on a common-size balance sheet?

  • 20.0%
  • 8.3%
  • 33.3%
  • 9.4%

What does the bear and the bull stand for?

  • a. The bear means the stocks are falling and the bull means stocks are going up.
  • b. The bear means stocks are rising and the bull means stocks are falling.

The assessment and evaluation of the firm's past performance, present condition, and future business potential is generally known as

  • Cross-sectional analysis
  • Ratio analysis
  • Financial statement analysis
  • Financial ratio

Bonds are

  • dividends
  • annuities
  • debt securities
  • equity securities

Financial statements presenting financial data for two or more periods are called

  • Interim financial statements
  • audited financial statements
  • Comparative financial statements
  • Annual financial statements

Earnings per share is the peso amount earned on behalf of each share outstanding.

  • True
  • False

This is another ratio that compares the yearly dividend to a share price.

  • dividend payable
  • dividend payout ratio
  • divided
  • dividend yield

Provides an assessment of how investors view firm's performance

  • Market ratio
  • Price/earnings ratio
  • Book value per share
  • Earnings per share

The comparison of different firm's financial ratios at the same point in time is known as

  • Cross-sectional analysis
  • ratio analysis
  • Time-series analysis
  • Combined analysis

What does "Short Selling" mean?

  • a. a trading strategy used to profit from a price decline
  • b. Both answers are acceptable.
  • c. selling securities that the investor has borrowed and prepared to buy back later at a lower price

If a single customer generates a high percentage of your revenues, you could face financial difficulty if that customer stops buying.

  • True
  • False

An institution's ability to create appropriate returns to be able to expand, retain competitiveness, and add capital is a key factor in rating its continued viability.

  • True
  • False

This term refers to the market dealing with the resale and purchase of securities or other titles to property or commodities.

  • primary market
  • secondary market
  • money market
  • auction market

This commonly measures the activity, or liquidity of a firm's inventory

  • total asset turnover
  • inventory turnover
  • average collection period
  • average payment period

Comparative statements are

  • financial statements presenting financial data for two or more periods
  • Notes to FS
  • financial ratios
  • long form reports

What factors affect stock market?

  • a. inflation
  • b. natural disasters
  • c. All the answers are possible.
  • d. labor strike

The risk that the issuer may fail to make timely interest or principal payments and thus default on its bonds is known as

  • credit risk
  • liquidity risk
  • call risk
  • Inflation risk

First statement: The majority of investment fund assets belong to close-end mutual funds. Second statement: Close-end funds are managed investment funds that issue a fixed number of shares, and trade on an exchange.

  • Both statements are true
  • Only first statement is true
  • Only second statement is true
  • Both statements are false

It involves methods of calculating and interpreting financial ratios to analyze and monitor firm's performance

  • Financial analysis
  • Financial ratio
  • Ratio analysis
  • Cross-sectional analysis

In Accrual Accounting System, earned revenues may include ___________ for which you have yet to receive cash and expenses may include bills that you have not yet paid.

  • a. gross profit
  • sales on debit
  • c. revenues
  • d. sales on credit

Below shows the current assets and current liabilities of Tala Company ASSETS LIABILITIES Current Assets Current Liabilities Cash P 2,550,000 Accounts payable P 9,500,000 Marketable securities 2,000,000 Short-term bank loan 11,375,000 Accounts receivable 16,675,000 Total current liabilities P 20,875,000 Inventories 26,470,000 Total current assets P 47,695,000 Tala’s current ratio is

  • 5.75
  • 2.28
  • 2.75
  • 2.50

A single ratio is already enough to provide sufficient information to judge the overall performance of the firm.

  • True
  • False

This contains more detailed information about a company's financials than the annual report and includes the three financial statements covered in this tutorial.

  • 10-K Report

This means that the data can be measured and stated in a numerical way.

  • Quantitative fundamental analysis
  • Comparative analysis
  • Qualitative fundamental analysis
  • competitive analysi

Insurance companies are financial institutions that

  • extend loans for investment with the aim of earning profit.
  • help individuals transfer risk of loss
  • perform the functions of accepting deposits from the general public
  • assist individuals and institutions in buying and selling securities among available investors.

Financial statement analysis is used by this interested party to evaluate the attractiveness of the investment in the business.

  • shareholders
  • management
  • prospective investors
  • creditors

The place where buyers and sellers meet to decide on the price to buy or sell equity securities,usually with the assistance of a broker.

  • mortgage market
  • money market
  • stock market
  • bond market

If the corporation issued only one kind of stock, it should be

  • treasury stock
  • no-par value stock
  • preferred stock
  • common stock

A financial statement analysis technique that shows changes in the amounts of corresponding financial statement items over a period of time.

  • Trend analysis
  • Common-size statements
  • Vertical analysis
  • Ratio Analysis

First statement: If inventory is liquid, the quick ratio is the preferred measure of overall liquidity.

  • Both statements are false
  • Only first statement is true
  • Both statements are true
  • Only second statement is true

The analytical tools used in financial statement analysis are I. Comparative financial statements such as horizontal and vertical analysis II. Technical analysis III. Common-size financial statements IV. Trend analysis V. Fundamental analysis VI. Ratio analysis

  • I, III, V, VI
  • I, III, IV, VI
  • I, II, III, IV, V, VI
  • I, II & III

This refers to the risk that investors won’t find a market for the bond, potentially preventing them from buying or selling when they want.

  • inflation risk
  • credit risk
  • call risk
  • liquidity risk

First statement: The borrower is the bond holder. Second statement: the lender is the bond issuer.

  • Both statements are false
  • Only first statement is true
  • Only second statement is true
  • Both statements are true

An investment is well-hedged if:

  • a. it is protected against losses
  • b. Both answers are acceptable.
  • c. an investor limits losses on a certain stock by establishing an opposite position in the same stock

Earnings left after subtracting the cost of goods sold and operating expenses from a company's revenues on the income statement.

  • Operating Earnings

This is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange.

  • Stock market
  • Financial market
  • Capital market
  • Financial institution

In times interest earned ratio, the higher its value, the better for the firm to fulfill its interest obligations.

  • True
  • False

In this kind financial statement analysis, trend percentages are computed by taking a base year and assigning its figures as a value of 100.

  • Dupont analysis
  • Vertical analysis
  • Trend analysis
  • Ratio analysis

The flip side of current assets, this is money the company expects to pay within one year and includes accounts payable and short-term borrowings.

  • Current Liabilities

This measures the percentage of each sales dollar remaining after the firm has paid for its goods.

  • operating profit margin
  • net profit margin
  • earnings per share
  • gross profit margin

It refers to the amount of money for investing for a particular purpose.

  • bonds
  • petty cash fund
  • investment fund
  • stocks

Examiners should determine earnings by

  • assessing the company's growth, stability, valuation allowances, net interest margin, net worth level and the quality of the company's existing assets.
  • looking at interest rate risk sensitivity, availability of assets that can easily be converted to cash, dependence on short-term volatile financial resources.
  • checking if institutions comply with regulations pertaining to risk-based net worth requirement.
  • observing how lending to specific industries affects an institution.

First statement: As profit margin increases, every sale will bring more money to a company’s bottom line, resulting in a higher overall return on equity. Second statement: As asset turnover increases, a company will generate more sales per asset owned, resulting in a higher overall return on equity.

  • Both statements are true
  • Only second statement is true
  • Both statements are false
  • Only first statement is true

As asset turnover increases, a company will generate more sales per asset owned, resulting in a higher overall return on equity.

  • True
  • False

Also known as Cost of Sales, this represents all the expenses directly related to the making and storing of a company's goods, such as raw materials, warehousing, and direct labor costs.

  • Cost of Goods Sold

These are some of the tools that professional analysts use to look at a company’s fundamentals, except

  • . Dividend payout ratio
  • Earnings per share (EPS)
  • Price to earnings ratio (P/E)
  • Times interest earned ratio

A measure of the company’s long-term debt paying ability is

  • Return on assets
  • Times interest earned
  • Length of the operating cycle
  • Dividend payout

First statement: Assessing asset quality involves rating investment risk factors that the company may face and comparing them with the company's capital earnings. Second statement: Asset quality covers an institutional loan's quality, which reflects the earnings of the institution.

  • Only first statement is true
  • Both statements are true
  • Both statements are false
  • Only second statement is true

It's not good for the company to have higher gross profit margin.

  • True
  • False

First statement: Common stockholders can attend at annual general meeting to cast vote or use a proxy. Second statement: Non-cumulative preferred stock is preferred stock for which the right to receive a basic dividend accumulates if the dividend is not paid.

  • Both statements are true
  • Only first statement is true
  • Only second statement is true
  • Both statements are false

They are interested to know company’s ability to pay dividend, and growth of dividends and maximize their wealth.

  • creditors
  • management
  • shareholders
  • prospective investors

ROE tells us how efficiently a company is using its ____________ to earn a profit, and like most metrics, is useful for comparing companies in the same industry.

  • invested capital

By analyzing a stock's price history, _____believe you can predict its future price behavior.

  • technical analysts

To assess a company's liquidity, the examiners should

  • assess the company's growth, stability, valuation allowances, net interest margin, net worth level and the quality of the company's existing assets.
  • look at interest rate risk sensitivity, availability of assets that can easily be converted to cash, dependence on short-term volatile financial resources.
  • observe how lending to specific industries affects an institution.
  • check if institutions comply with regulations pertaining to risk-based net worth requirement.

When a firm compare its ratio values to those of a key competitor or group of competitors, this analysis is known as

  • Benchmarking
  • Combined analysis
  • financial analysis
  • Ratio analysis

When securities are issued and offered by the corporation for the first time to the public, buyers of such issues are referred to

  • auction market
  • secondary market
  • primary market
  • money market

An "illliquid market"is also called a thin market and is characterized by:

  • a. the lack of stocks traded
  • b. the lack of alternative investment venues
  • c. the lack of buyers and sellers

Assets that the company does not plan to turn into cash within one year or that would take longer than one year to convert, including property, plants, machinery, and patents.

  • Fixed Assets

A.M.Y. Company is preparing its common-size financial statements and revealed the following: (in thousands of pesos) Accounts receivable 20,000 Inventory 40,000 Total current assets 70,000 Total assets 168,000 Bonds payable 42,000 Retained earnings 14,000 Sales revenue 150,000 Cost of goods sold 124,000 Income tax expense 22,000 How would A.M.Y.’s inventory appear on a common-size balance sheet?

  • 57.15%
  • 23.8%
  • 11.9%
  • 65.3%

The statements for two or more periods are used in horizontal analysis.

  • True
  • False

This measures the efficiency with which the firm uses all its assets to generate sales.

  • debt-to-equity ratio
  • asset-to-equity ratio
  • total asset turnover
  • inventory turnover

The data that relates to the quality or character of something, such as how well a company is managed or whether a company has poor customer satisfaction ratings.

  • Technical analysis
  • Competitive analysis
  • Qualitative fundamental analysis
  • Quantitative fundamental analysis

Net profit margin measures

  • all costs and expenses including interest and taxes are deducted.
  • all costs and expenses, including interest, taxes, and preferred stock dividends have been deducted
  • all costs and expenses are deducted
  • all costs and expenses other than interest, taxes, and preferred stock dividends are deducted.

A searchable database developed by the SEC that includes all documents and reports filed by U.S. publicly-traded companies since mid-1995.

  • EDGAR Database

This method is used when preparing the cash flow statement.

  • Cash Basis of Accounting

A higher times interest ratio indicates greater capacity to meet scheduled payments.

  • True
  • False

First statement: If the firm extended 45-day credit term and their average collection period is 40 days may indicate a poorly managed credit collection department.

  • Only first statement is true
  • Only second statement is true
  • Both statements are true
  • Both statements are false

Horizontal analysis is also referred to common-size analysis.

  • True
  • False

When the firm earns a profit even after making interest payments to creditors and paying dividends to preferred stockholders, the firm's use of leverage magnifies the return earned by common stockholders.

  • True
  • False

A firm's market value per share of P 3.50 means that the investors are paying P 3.50 for each P 1.00 of the firm's stock.

  • True
  • False

First statement: Decrease in financial leverage will lead to an increase in return on equity. Second statement: By splitting ROE into three parts, companies can more easily understand changes in their returns on equity over time.

  • Both statements are true
  • Only first statement is true
  • Both statements are false
  • Only second statement is true

The magnification of risk and return through the use of fixed cost financing, such as debt and preferred stock is called

  • profitability
  • solvency
  • liquidity
  • financial leverage

First statement: The borrower is the bond holder. Second statement: The lender is the bond issuer.

  • Both statements are true
  • Only second statement is true
  • Only first statement is true
  • Both statements are false

A company's ______________ should also be taken into consideration when analyzing its stock, and one good way to gauge financial health is by looking at the company's debts.

  • financial health

Norte Company reported the following results for 2019: Annual sales P5,000,000 Net earnings 800,000 Investment 2,500,000 What is Norte Company’s asset turnover?

  • 2 to 1
  • 3.125 to 1
  • 0.5 to 1
  • 1 to 1

It is recorded as part of current liabilities on the balance sheet.

  • Accounts Payable

_____ addresses your ability to generate sufficient cash to cover cash expenses.

  • Liquidity analysis
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