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| Section | Objectives |
|---|---|
| Capital Budgeting | - Net present value (NPV) - Internal rate of return (IRR) - Payback period analysis |
| Time Value of Money | - Annuities and perpetuities - Present and future value calculations |
| Cost of Capital and Valuation | - Bond and stock valuation basics - Weighted average cost of capital (WACC) |
| Financial Statement Analysis | - Cash flow analysis - Balance sheet and income statement interpretation - Financial ratios |
| Risk and Return | - Portfolio risk and diversification - Expected return |
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NEW QUESTION # 66
What is the relationship between the length of the cash cycle and the amount of cash a firm needs to operate?
Answer: B
Explanation:
The cash conversion cycle measures the time between cash outflows for production and cash inflows from customer payments. A longer cash cycle means that cash is tied up for a longer period in inventory and receivables before being recovered through sales. As a result, firms with longer cash cycles require larger cash balances or greater access to short-term financing to support ongoing operations. Financial managers aim to shorten the cash cycle by improving inventory turnover, accelerating collections, and managing payables efficiently. Option D correctly reflects this fundamental relationship emphasized in working capital management.
NEW QUESTION # 67
Why might a firm use a combination of methods to calculate the cost of common equity?
Answer: B
Explanation:
No single model perfectly estimates the cost of common equity under all conditions. CAPM focuses on systematic risk, the Gordon growth model emphasizes dividends and growth, and other approaches may rely on market comparables. Each method has strengths and weaknesses depending on firm characteristics and market conditions. Financial management best practice therefore recommends using multiple approaches and comparing results to arrive at a more reliable estimate. This triangulation reduces model-specific bias and highlights potential inconsistencies in assumptions.
Managers then apply judgment to select a reasonable cost of equity that reflects risk, growth prospects, and investor expectations. Option A correctly reflects this practical, widely accepted approach.
NEW QUESTION # 68
Why might tax expense on the income statement not reflect the actual taxes paid by a firm?
Answer: C
Explanation:
Tax expense reported on the income statement is calculated using accrual accounting, which recognizes revenues and expenses when they are earned or incurred, not necessarily when cash is paid. In contrast, actual taxes paid are based on tax laws and cash payments made to tax authorities. Differences arise due to temporary and permanent timing differences between financial reporting rules and tax regulations. Examples include depreciation methods, revenue recognition timing, loss carryforwards, and deferred tax assets or liabilities. These differences cause tax expense to diverge from cash taxes paid in a given period. Financial managers and analysts must understand this distinction to accurately assess cash flows, particularly when forecasting free cash flow or valuing firms. Option A correctly explains this discrepancy, whereas the other options either deny the existence of differences or incorrectly characterize tax expense accounting.
NEW QUESTION # 69
In the statement of cash flows, how should an increase in accounts receivable be treated when calculating cash collected from customers?
Answer: D
Explanation:
When calculating cash collected from customers, an increase in accounts receivable must be subtracted from revenue. This is because revenue includes both cash sales and credit sales, but cash collected reflects only the amount actually received during the period. If accounts receivable increased, it means some portion of reported sales has not yet been collected in cash. Therefore, that increase must be deducted to convert accrual- based revenue into a cash basis amount. The general relationship is: Cash Collected from Customers = Sales Revenue # Increase in Accounts Receivable, assuming no other unusual adjustments. This treatment is important in preparing or interpreting the operating section of the statement of cash flows, especially under the direct method. Financial management relies on this distinction because firms may appear profitable on the income statement while still facing liquidity pressure if collections are slow. The other answer choices are incorrect because accounts receivable relates to sales revenue, not cost of goods sold. Therefore, A is the correct answer because subtracting the increase in receivables properly adjusts reported revenue to the actual cash collected from customers during the accounting period.
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NEW QUESTION # 70
A company has just increased its dividend payout ratio.
What effect will this have on the company's sustainable growth rate?
Answer: C
Explanation:
The sustainable growth rate (SGR) represents the maximum rate at which a firm can grow its sales, assets, and earnings without raising new external equity. It is calculated as ROE × retention ratio, where the retention ratio equals one minus the dividend payout ratio. When a firm increases its dividend payout ratio, it retains less earnings for reinvestment, thereby reducing internally generated equity growth. Unless return on equity increases enough to offset this reduction-which is not assumed here-the sustainable growth rate will decline. Financial management theory emphasizes the trade-off between paying dividends and reinvesting earnings to support future growth. Option C correctly reflects this fundamental relationship between dividend policy and sustainable growth.
NEW QUESTION # 71
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