财务报表分析（全英文）知到章节答案智慧树2023年北京第二外国语学院

财务报表分析（全英文）知到章节测试答案智慧树2023年最新北京第二外国语学院第一章测试Thepassiveinvestorassumesthemarketisefficientandthatstocksarecorrectlypricedtoreflecttheriskinvolvedinbuyingthestock.（）

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对Thetermfinancialstatementrefersto…（）

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AlltheanswersarecorrectWhichofthefollowingisfalseregardingwhyaSWOTAnalysisisused?()

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Toreduceopportunitiesavailabletoabusiness__________oftheprofitabilityofthefirmoveraperiodoftimesuchasayear.()

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TheincomestatementisasummaryFinancialstatementspresentanumericalpictureofacompany’sfinancialandoperatinghealth.()

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对WhichofthefollowingSWOTelementsareexternalfactorsforabusiness?（）

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OpportunitiesandThreatsThe________doesnotrepresentcontinuingoperationsinanyway,butissimplyasnapshotofthetotalworthofafirmatagivenpointintime.()

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balancesheetCashinflowsarisefrom_____assets,________liabilities,and___________stockholders’equity.()

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decreasing;increasing;increasingWhatisacreditor’sobjectiveinperformingananalysisoffinancialstatements?()

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Todecidewhetherornottheborrowerhastheabilitytorepayinterestandprincipalonborrowedfunds.Themajordeviceformeasuringtheprofitabilityofafirmoveradefinedperiodoftimeisthe()

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incomestatement.第二章测试Thetransactionsbetweenthetwoclaimants(debtorsandshareholders)andthefirmarethefirm’s_activities.()

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FinancingFreecashflowdoesnotaffectcommonshareholder’sequity.（）

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对Theprocessofcomparingvariousfinancialfactorsofacompanyoveraperiodoftimeisknownas（）

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Intra‐firmcomparisonIfananalysthasreformulatebalancesheetsandincomestatements,shedoesnotneedacashflowstatementtocalculatefreecashflow.()

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对Afirmgeneratedfreecashflow$2,348millionandpaidnetinterestof$23millionaftertax.Itpaidadividendof$14millionandissuedsharesfor$54million.Therewerenosharerepurchases.Whatdidthetreasurerdowiththeremainingcashflowandforhowmuch?（）

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Therewas$2,365ofcashleftoverfromthefreecashflowandthetreasurerusedittobuydebt.Whatdrivesfreecashflow?()

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operationsReformulatedbalancesheetsinformanalystsaboutthefirm’sstrategyforrunningthebusiness.()

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对WhichofthefollowingactivitiesisNOTaninvestingactivity?（）

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borrowingmoneyAnoperatingassetis()

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usedtoproducegoodsorservicestoselltocustomersinoperations.Comparisonoffinancialstatementshighlightsthetrendofthe_________ofthebusiness.()

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Alltheanswersarecorrect第三章测试Lowprofitmarginsalwaysimplylowreturnonnetoperatingassets.（）

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错Whichthefollowingmeasuredrivereturnoncommonequity(ROCE)positively?（）

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GrossmarginUnderwhatconditionwouldafirm’sreturnoncommonequity(ROCE)beequaltoitsreturnonnetoperatingassets(RNOA)?

（）

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TheSPREADiszero,thatis,returnonnetoperatingassets(RNOAreductionintheadvertisingexpenseratioincreasereturnoncommonequity?()

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对Afirmshouldalwayspurchaseinventoryandsuppliesoncreditratherthanpayingcash.（）

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错Afirmhasareturnof11.2percentonnetoperatingassetsof$400million,ashorttermborrowingrateof4.0percentaftertaxandareturnonoperatingassetsof8.5percent.Whatisthefirm’soperatingliabilityleverage?（）

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0.600Netborrowingcostdrivereturnoncommonequity(ROCE)negatively.()

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对Whichofthefollowingwouldexplainanobserveddecreaseinreturnonequity,allelseequal?（）

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IncreaseininterestrateondebtThefollowinginformationisfromreformulatedfinancialstatements(inmillion)whatisthefirm’sROCEandRNOA?()

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15.0%and13.0%Underwhatconditionwouldafirm’sreturnonnetoperatingassets(RNOA)beequaltoitsreturnonoperatingassets(ROOA)?

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Theoperatingliabilityleveragespread(OLSPREAD)iszero,thatis,ROOAequalstheimplicitborrowingrateforoperatingliabilities.第四章测试Whatmeasurestellsyouthatafirmisano-growthfirm?()

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AfirmhaszeroornegativeresidualearningsgrowthWhichthefollowingitemispartofunusual(transitory)income?()

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GainonthedisposalofpropertyFirmscangrowearnings,butnotcreate(share)value（）

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对Thefollowingnumberwerecalculatedfromthefinancialstatementsforafirmfor2012and2011:HowmuchofthechangeinROCEfrom2011to2012isduetofinancingactivities?（）

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3.37%Transitoryearningsarecurrentearningsthatarelikelytobemaintainedinthefuture.()

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错Whichofthefollowingcouldcausereturnonnetoperatingassetstoincrease,allotherthingsequal?（）

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IncreaseininventoryturnoverBelowisselectedinformationfromTricorpReturnonnetoperatingassetsforYear1is:()

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15.4%.RErepresentsextraprofitavailabletothecompany/shareholdersthisiswhatdrivesgrowthinacompany’s(share)value.（）

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对Returnonoperatingassetsisameasureofwhichofthefollowing?（）

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EfficiencyBelowisselectedinformationfromTricorpcompanyWhichofthefollowingiscorrectconcerningchangesatTricropfromYear1toYear2?()

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RNOADecreased,ROCEDecreased第五章测试Afirmcancreatefutureincomebytemporarilyincreasingitsbaddebtallowance.（）

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对Whichofthefollowingitemaremanagedtoincreasegrossrevenue?（）

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IncreasereceivablesIncreasingprofitmarginsbyunderestimatingexpensescreatesnetoperatingassets.()

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对Whydoanalystscomparecashflowfromoperationswithearningstoassessthequalityoftheearnings?（）

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nullAdecreaseinwarrantyliabilitiesincreasesnetsales.()

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错IBMreporteda3percentincreaseinincomeforitsfirstquarterof2000,beatinganalysts’estimates.Butitalsoreportedadeclineinrevenue.Itsstockpricedroppedinresponsetothereport.Whichofthefollowingstatementisincorrectforthedropinstockpriceonanearningsincrease?（）

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Theassetturnoverisexpectedtoincrease.Lowdepreciationchargesforecastlossesinfutureincomestatements.()

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对Whichofthefollowingisleastlikelytobeassociatedwithlow-qualityearnings?（）

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Decreaseinborrowings.Accountingqualityanalysisisnotpartofthewideranalysisofsustainableearnings.（）

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错WhichofthefollowingisnotanindicatorofaccountingManipulation?（）

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Lossonsaleofdiscontinuedbusinesssegments第六章测试Iftheintrinsicvalueofastockisgreaterthanitsmarketvalue,whichofthefollowingisareasonableconclusion?()

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Themarketisundervaluingthestock.The_______isdefinedasthepresentvalueofallcashproceedstotheinvestorinthestock.()

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intrinsicvalueFCFandDDMvaluationsshouldbe____________iftheassumptionsusedareconsistent.()

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similarforallfirmsBecausetheDDMrequiresmultipleestimates,investorsshould()

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carefullyexamineinputstothemodelandperformsensitivityanalysisonpriceestimates.Apreferredstockwillpayadividendof$2.75intheupcomingyear,andeveryyearthereafter,i.e.,dividendsarenotexpectedtogrow.Yourequireareturnof10%onthisstock.UsetheconstantgrowthDDMtocalculatetheintrinsicvalueofthispreferredstock.()

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$27.50Attheendof2012,youforecastthatafirm’sfreecashflowfor2013willbe$430million.Ifyouforecastthatfreecashflowwillgrowat5%peryearthereafter,whatistheenterprisevalue?Usearequiredreturnof10percent.()

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8,600millionCompanyXhasnegativefreecashflowbutstrongearningsthatyieldareturnonequityof27percent.Whichofthefollowingstatementsismorelikelytobetrue?()

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thecompanyisinvestingheavilyAttheendof2012,youforecastthefollowingcashflows(inmillions)forafirmwithnetdebtof$759million:Youforecastthatfreecashflowwillgrowatarateof4%peryearafter2015.Usearequiredreturnof10%tocalculateboththefirms’enterprisevalueandthevalueoftheequityattheendof2012?()

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7,900million,7,141millionValueisbasedonexpecteddividends,butforecastingdividendsisnotrelevanttovalueasapracticalmatter.（）

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对Afirmthathashigherfreecashflowhaveahighervalue?（）

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错第七章测试Thefollowingareearningsanddividendforecastsmadeattheendof2012forafirmwith$20.00bookvaluepercommonshareatthattime.Thefirmhasarequiredequityreturnof10%peryear.Forecastreturnofcommonequityandresidualearningsfortheyearof2015.（）

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ROCEis15.71%andREis1.49AfirmcannotmaintainaROCElessthanrequiredreturnandstayinbusinessindefinitely.（）

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错Informationindicatesthatafirmwillearnareturnoncommonequityaboveitscostofequitycapitalinallyearsinallyearsinthefuture,butitssharetradebelowbookvalue.Thosesharemustbemispriced.（）

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对ThefollowingareROCEforecastsmadeforafirmattheendof2010.ROCEisexpectedtocontinueatthesamelevelafter2013.Thefirmreportedbookvalueofcommonequityof$3.2billionattheendof2010,with500millionsharedoutstanding.Iftherequiredequityreturnis12%,whatisthepersharevalueoftheseshares?（）

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$6.40ResidualearningsvaluationdoesnotworkwellforcompanieslikeCoca-cola,CiscoSystem,orNike,whichhavesubstantialassets,likebrands,R&Dassets,andentrepreneurialknow-howoffthebooks.Alowbookvaluemustgiveyoualowvaluation.()

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错Afirmwithbookvalueof$15.60pershareand100percentdividendpayoutisexpectedtohaveareturnoncommonequityof15%peryearindefinitelyinthefuture.Itscostofequitycapitalis10%.Calculatetheintrinsicpricetobookratio.（）

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1.5WhichofthefollowingitemsarethedriversofResidualearnings?()

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ReturnoncommonequityandgrowthinbookvalueInSeptember2008thesharesofDell,Inc,thecomputermaker,tradedat$20.50each.Initslastannualreport,Dellhadreportedbookvalueof$3,735millionwith2,060millionsharesoutstanding.Analystswereforecastingearningspershareof$1.47forfiscalyear2009and$1.77for2010Dellpaysnodividends.Calculatetheper-sharevalueofDellin2008basedontheanalysts’forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.theBPSattheendoffiscal-year2008willbe()

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$1.813Calculatetheper-sharevalueofDellin2008basedontheanalysts’forecasts,withanadditionalforecastthatresidualearningswillgrowattheanticipatedGDPgrowthrateof4percentperyearafter2010.Usearequiredreturnof10percent.()

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24.84第八章测试Abnormalearningsgrowthisalwaysequaltogrowthof(changein)residualearnings.（）

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对Afirm’searningsareexpectedtogrowatarateequaltotherequiredrateofreturnforitsequity,12%.whatisthetrailingP/Eratio?（）

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9.33whatistheforwardP/Eratio?()

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8.33AP/Eratioforabondisalwayslessthanthatforastock.（）

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错whichofthefollowingstatementiscorrect?（）

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thenormalforwardP/EandthenormaltrailingP/Ealwaysdifferby1.0Thefollowingareearningsanddividendforecastsmadeattheendof2010.Thefirmhasarequiredequityreturnof10%peryear.Forecastabnormalearningsgrowthfor2012.()

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0.325Forecastabnormalearningsgrowthfor2013.()

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0.165CalculatethenormalforwardP/Eforthisfirm.()

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10Firmcanincreaseitsearningsgrowthbutnotaffectthevalueofitsequity（）

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对Inearlyfiscalyear2009,analystswereforecasting$3.90forNike’searningspershareforthefiscalyearendingMay2009and$4.45for2010,withadividendpershareof92cents(0.92)expectedfor2009.Forecastthecum-dividendearningsgrowthratefor2010.（）

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16.46%第九章测试Whichofthefollowingsituationdiversificationdosenotreducerisk？()

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returnsonsecuritiesintheportfolioareperfectlycorrelatedAstatisticalmeasureofthevariabilityofadistributionarounditsmeanisreferredtoas__________.()

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thestandarddeviationNormaldistributionofreturnscancharacterizetheriskofinvestinginabusiness?（）

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错Asetofpossiblevaluesthatarandomvariablecanassumeandtheirassociatedprobabilitiesofoccurrencearereferredtoas__________.（）

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probabilitydistributionBelowarethereformulatebalancesheetfortwofirmswithsimilarrevenues.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?Notethatcashhasbeentreatedasoperatingcash.()

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FirmBUsingtheCAPM,ßisameasureof:()

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sharepricevolatilityWhichofthefollowingisnotameasureofrisk?()

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correlationcoefficientBelowarethereformulateincomestatementfortwofirmsinthesamelineofbusiness.Amountsareinmillionsofdollars.Whichfirmlookmoreriskyforshareholders?Reformulatetheincomestatements:()

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FirmAwhichofthefollowingstatementisnotcorrect?()

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variationinreturnonnetoperatingassetsisonlydrivenby