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BSA 35P > Chapter 1 TB > Flashcards

Chapter 1 TB Flashcards

1
Q

A firm is a business organization that sells goods and services.

T or F?

A

TRUE

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2
Q

In finance we say that the goal of the firm ought to be to maximize profits.

T or F?

A

FALSE

Maximize shareholder wealth

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3
Q

Other things being equal, it is better to receive money sooner rather than later.

T or F?

A

TRUE

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4
Q

Financial managers evaluating decision alternatives or potential actions must consider ________.

A) only risk
B) only return
C) either risk or return
D) risk, return, and the impact on share price

A

risk, return, and the impact on share price

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5
Q

If a firm earns a profit, it will necessarily also generate a positive cash flow.

T or F?

A

FALSE

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6
Q

If a firm’s stockholders are risk averse, the firm can make its stockholders better off by earning the highest possible returns on its investments

T or F?

A

FALSE

high returns, high risk

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7
Q

Which of the following is an example of a firm’s stakeholder?

A) suppliers
B) Federal Reserve
C) media
D) competitors

A

suppliers

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8
Q

In the most recent year, two different companies generated the same earnings per share. The stocks of these two companies should trade at the same price.

T or F?

A

FALSE

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9
Q

One reason that firms exist is that most investors are risk averse, so they are not willing to make the kinds of risky investments that firms typically undertake

T or F?

A

FALSE

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10
Q

Which of the following is true of stakeholders?

A) They are the owners of a firm.
B) They are groups to whom a firm has financial obligations.
C) They are groups having a direct economic link to a firm.
D) They include only the bondholders, common stockholders, and preferred stockholders

A

They are groups having a direct economic link to a firm.

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11
Q

Which of the following is true regarding cash flow?

A) Profits do not necessarily result in cash flows available to the stockholders.
B) It is guaranteed that the board of directors will increase dividends when net cash flows increase.
C) A firm’s income statement will never show a positive profit when its cash outflows exceed its cash inflows.
D) An increase in revenue will always result in an increase in cash flow.

A

Profits do not necessarily result in cash flows available to the stockholders.

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12
Q

Investors who are risk averse will make risky investments as long as they expect compensation for doing so.

T or F?

A

TRUE

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13
Q

Which of the following is true of cash flows and risk?

A) Lower cash flow and lower risk result in an increase in share price.
B) Higher cash flow and lower risk result in an increase in share price.
C) Higher cash flow and higher risk result in an increase in share price.
D) Lower cash flow and higher risk result in an increase in share price.

A

Higher cash flow and lower risk result in an increase in share price.

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14
Q

The goal of business ethics is to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations in all aspects of business and professional practice.

T or F?

A

TRUE

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15
Q

The primary goal of a financial manager is ________.

A) minimizing risk
B) maximizing profit
C) maximizing wealth
D) minimizing return

A

maximizing wealth

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16
Q

Corporate owners earn a return ________.

A) by realizing gains through increases in share price and interest earnings
B) by realizing gains through increases in share price and cash dividends
C) through capital appreciation and retained earnings
D) through interest earnings and earnings per share

A

by realizing gains through increases in share price and cash dividends

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17
Q

The wealth of the owners of a corporation is represented by ________.

A) profits
B) earnings per share
C) share value
D) cash flow

A

share value

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18
Q

Wealth maximization as the goal of a firm implies enhancing the wealth of ________.

A) the auditors
B) the creditors
C) the federal reserve
D) the firm’s stockholders

A

the firm’s stockholders

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19
Q

The amount earned during the accounting period on each outstanding share of common stock is called ________.

A) dividend per share
B) earnings per share
C) net profits after taxes
D) book value per share

A

earnings per share

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20
Q

Firm A generates more cash flow while taking less risk than Firm B. The stock price of Firm A should be higher than the stock price of Firm B.

T or F?

A

TRUE

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21
Q

Which of the following is NOT a reason that a firm that maximizes profits may fail to maximize shareholder wealth.

A) The timing of profits matters. Shareholders might prefer lower profits that arrive sooner.
B) Risk matters. Shareholders are risk averse, so they prefer less risky investments that generate lower profits.
C) Shareholder wealth depends on cash flow which is not the same as profit.
D) If a firm maximizes profits by engaging in unethical business practices, it’s stock price may be adversely affected.

A

Risk matters. Shareholders are risk averse, so they prefer less risky investments that generate lower profits.

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22
Q

________ pool investment capital, make risky investment decisions, and manage risky investments on behalf of investors who would otherwise not be able to do so own their own.

A) Firms
B) Stockholders
C) Stakeholders
D) Regulators

A

Firms

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23
Q

Finance is ________.

A) the system of verifying, analyzing, and recording business transactions
B) the science of the production, distribution, and consumption of goods and services
C) the science and art of how individuals and businesses raise, allocate, and invest money
D) the art of merchandising products and services

A

the science and art of how individuals and businesses raise, allocate, and invest money

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24
Q

In March 2017, Amazon and Clorox reported nearly identical earnings per share, but the stock price of Amazon was more than six times higher than the Clorox stock price. The most likely explanation for that difference is that ________.

A) Clorox is bad for the environment
B) Amazon is a riskier company
C) investors see better long-term prospects for Amazon
D) Amazon has more shares of stock outstanding

A

investors see better long-term prospects for Amazon

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25
Q

The wealth of corporate owners is measured by the share price of the stock.

T or F?

A

TRUE

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26
Q

Risk, the magnitude and timing of cash flows are the key determinants of share price, which represent the wealth of the owners in the firm

T or F?

A

TRUE

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27
Q

A higher earnings per share (EPS) does not necessarily translate into a higher stock price.

T or F?

A

TRUE

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28
Q

The profit maximization goal ignores the timing of returns, does not directly consider cash flows, and ignores risk.

T or F?

A

TRUE

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29
Q

When considering a firm’s financial decision alternative, financial managers should accept only those actions that are expected to maximize shareholder value.

T or F?

A

TRUE

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30
Q

An increase in a firm’s risk will always result in a higher share price since the stockholder must be compensated for the greater risk.

T or F?

A

FALSE

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31
Q

An objection to managing a firm on behalf of stakeholders rather than shareholders is that ________.

A) stakeholders have no economic interest in the firm
B) stakeholders have an interest only in short-term outcomes
C) there is no clear way to satisfy all stakeholders whose economic interests may be at odds with each other
D) the goal of managing on behalf of stakeholders is too narrow

A

there is no clear way to satisfy all stakeholders whose economic interests may be at odds with each other

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32
Q

An effective ethics program ________.

A) can weaken corporate value
B) has no effect on a corporation’s value
C) can enhance a corporation’s value
D) will result in high employee attrition rat

A

can enhance a corporation’s value

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33
Q

When considering a firm’s financial decision alternative, financial managers should accept only those actions that are expected to increase the firm’s profitability

T or F?

A

FALSE

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34
Q

________ are the standards of conduct or moral judgment that apply to persons engaged in commerce.

A) Government regulations
B) The Uniform Commercial Codes
C) The rules of fair play
D) Business ethics

A

Business ethics

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35
Q

Cash flows and risk are the key determinants in share price. Increased risk, other things remaining the same, results in ________.

A) a lower share price
B) a higher share price
C) an unchanged share price
D) an undetermined share price

A

a lower share price

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36
Q

Cash flows and risk are the key determinants in share price. Increased cash flow results in ________, other things remaining the same.

A) a lower share price
B) a higher share price
C) an unchanged share price
D) an undetermined share price

A

a higher share price

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37
Q

A treasurer is responsible for the firm’s accounting activities, such as corporate accounting, tax management, financial accounting, and cost accounting

T or F?

A

FALSE

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38
Q

________ decisions focus on how a company will spend its financial resources on long-term projects that ultimately determine whether the firm successfully creates value for its owners.

A) Investment
B) Financing
C) Working capital
D) Risk management

A

Investment

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39
Q

The principle of the time value of money basically says that ________.

A) because firms pay managers a great deal, managers need to use their time very effectively
B) money received today is more valuable than money received in the future because money in the future is more risky
C) money received today is more valuable than money received in the future because firms and individuals can invest money they have today and earn a return on that money
D) because of the principal-agent problem, investors cannot trust that money firms promise to pay in the future will ever arrive

A

C

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40
Q

The primary principle that finance borrows from economics is ________.

A) generally accepted accounting principles
B) cash is king
C) marginal cost-benefit analysis
D) shareholder value maximization

A

marginal cost-benefit analysis

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41
Q

Financing decisions deal with the left-hand side of the firm’s balance sheet.

T or F?

A

FALSE.

Right-hand side: current liabilities and long-term funds

42
Q

Which of the following activities of a finance manager determines the types of assets the firm holds?

A) budget allocation
B) investment decisions
C) financing decisions
D) analyzing and planning cash flows

A

investment decisions

43
Q

You own a building supply store. Today you sold construction materials to a contractor for $10,000 that you acquired a week ago for $8,000. You paid for the materials in cash, but you sold them to the contractor on credit, and you expect him to pay his bill in a few months. Based on this information during the week you earned a positive profit but experienced a negative cash flow.

T or F?

A

TRUE

44
Q

There is a tendency for CEOs of larger companies to earn more money than CEOs of smaller companies. Suppose a CEO decides to acquire another company, thus increasing the size of the CEO’s firm. Suppose also that the price of the stock of the acquiring firm falls when it learns of the upcoming acquisition. This appears to be an example of ________.

A) a CEO pursuing profit maximization rather than wealth maximization
B) the principal-agent problem
C) a CEO behaving unethically
D) the general principal that acquisitions are generally not good investments

A

the principal-agent problem

45
Q

A corporation’s stockholders elect its CEO.

T or F?

A

FALSE

Board of Directors

46
Q

The money that firms raise to finance their activities is called ________.

A) the capital budget
B) working capital
C) capital
D) accruals

A

capital

47
Q

Marginal cost-benefit analysis states that financial decisions should be made and actions should be taken only when the added benefits exceed the added costs.

T or F?

A

TRUE

48
Q

The treasurer typically manages a firm’s cash, investing surplus funds when available and securing outside financing when needed.

T or F?

A

TRUE

49
Q

A corporate treasurer’s focus tends to be more external, while the controller’s focus is more internal.

T or F?

A

TRUE

50
Q

The accrual method recognizes revenue at the point of sale and recognizes expenses when incurred.

T or F?

A

TRUE

51
Q

A treasurer is commonly responsible for handling ________.

A) tax management
B) corporate accounting
C) investing surplus funds
D) cost accounting

A

investing surplus funds

52
Q

Which of the following is true of accrual basis accounting?

A) Expenses are recognized either when they are incurred or cash is paid.
B) Revenue is recognized when a customer pays cash.
C) Expenses are recognized when they are incurred.
D) Revenue is recognized when a customer pays cash or shows interest to purchase the product or service.

A

Expenses are recognized when they are incurred.

53
Q

Johnson, Inc. has just ended the calendar year making a sale in the amount of $10,000 of merchandise purchased during the year at a total cost of $7,000. Although the firm paid in full for the merchandise during the year, it is yet to collect at year end from the customer. The net profit and cash flow from this sale for the year are ________.

A) $3,000 and $10,000, respectively
B) $3,000 and -$7,000, respectively
C) $7,000 and -$3,000, respectively
D) $3,000 and $7,000, respectively

A

$3,000 and -$7,000, respectively

54
Q

A firm has just ended its calendar year making a sale in the amount of $150,000 of merchandise purchased during the year at a total cost of $112,500. Although the firm paid in full for the merchandise during the year, it is yet to collect at year end from the customer. The net profit and cash flow from this sale for the year are ________.

A) $0 and $150,000, respectively
B) $37,500 and -$150,000, respectively
C) $37,500 and -$112,500, respectively
D) $150,000 and $112,500, respectively

A

$37,500 and -$112,500, respectively

55
Q

Stockholders expect to earn higher rates of return on investments with lower risk and lower rates of return on investments with higher risk

T or F?

A

FALSE

56
Q

As the risk of a stock investment increases, investors’ ________.

A) return will increase
B) return will decrease
C) required rate of return will decrease
D) required rate of return will increase

A

required rate of return will increase

57
Q

The principal-agent problem arises when ________.

A) the owners of the firm are not the people managing the firm
B) the owners of the firm also manage the firm
C) managers serve on a firm’s board of directors
D) a firm is organized as a sole proprietorship

A

the owners of the firm are not the people managing the firm

58
Q

Which of the following works as a conduit of information between the firm and its investors?

A) the treasurer
B) the controller
C) the director of internal audit
D) the director of investor relations

A

the director of investor relations

59
Q

________ decisions refer to how a firm manages its short-term resources on a day-to-day basis.

A) Financing
B) Investment
C) Working capital
D) Managerial finance

A

Working capital

60
Q

There is a tradeoff between risk and return (i.e., to earn higher returns you generally have to take more risk) because ________.

A) investors like risk and return and want more of both
B) investors are risk averse, so they will not accept riskier investments unless they offer higher returns
C) to earn higher returns you have to make bigger investments and bigger investments are always riskier than smaller ones
D) investors care about returns but not about risk

A

investors like risk and return and want more of both

61
Q

The time value of money principle implies that all other things being equal, investments that produce profits faster are preferred over those that produce more distant profits.

T or F?

A

TRUE

62
Q

The ________ has a role that focuses on budgeting, accounting, and tracking the performance of a single business unit.

A) controller
B) treasurer
C) chief financial officer
D) director of risk management

A

controller

63
Q

When managers are trying to create value for shareholders, their primary focus should be on earnings rather than cash flow.

T or F?

A

FALSE

64
Q

Which of the following legal forms of organization is most expensive to organize?

A) sole proprietorships
B) partnerships
C) corporations
D) limited partnership

A

corporations

65
Q

Which of the following legal forms of organization has the ease of dissolution?

A) sole proprietorships
B) partnerships
C) limited partnerships
D) corporations

A

sole proprietorships

66
Q

Under which of the following legal forms of organization is ownership readily transferable?

A) sole proprietorships
B) partnerships
C) limited partnerships
D) corporations

A

corporations

67
Q

Which of the following forms of organizations is the easiest to form?

A) sole proprietorships
B) limited liability corporation
C) limited partnership
D) S-corporations

A

sole proprietorships

68
Q

A major weakness of a partnership is ________.

A) the difficulty in maintaining owners’ control
B) the difficulty in liquidating or transferring ownership
C) the double taxation of income
D) its high organizational costs

A

the difficulty in liquidating or transferring ownership

69
Q

Which of the following is a strength of a corporation?

A) low taxes
B) limited liability
C) low organization costs
D) less government regulation

A

limited liability

70
Q

Which of the following legal forms of organizations is characterized by unlimited liability?

A) sole proprietorship
B) limited partnership
C) corporation
D) C-corporation

A

sole proprietorship

71
Q

Which of the following is true of a partnership and a corporation?

A) In a corporation, income is taxed at the corporate level; whereas, in a partnership, income is taxed twice.
B) In a partnership, income is taxed once at the individual level; whereas, in a corporation, income is taxed twice.
C) Income from both forms of organizations are double-taxed.
D) In a partnership, income is exempted from tax up to $10 million; whereas, in a corporation, income is taxed twice.

A

In a partnership, income is taxed once at the individual level; whereas, in a corporation, income is taxed twice

72
Q

Which of the following is true of sole proprietorships and corporations?

A) It is difficult to transfer ownership of corporations compared to that of sole proprietorships.
B) Income from both forms of organizations are taxed only at the corporate level.
C) Both sole proprietorships and corporations are equally scrutinized and regulated by government
bodies.
D) In sole proprietorships, owners have unlimited liability; whereas, in corporations, owners have limited liability.

A

In sole proprietorships, owners have unlimited liability; whereas, in corporations, owners have limited liability.

73
Q

In partnerships, partners can readily transfer their wealth to other partners.

T or F?

A

FALSE

74
Q

A sole proprietor has unlimited liability; his or her total investment in the business, but not his or her personal assets, can be taken to satisfy creditors.

T or F?

A

FALSE

75
Q

In a limited partnership, all partners’ liabilities are limited to their investment in the partnership.

T or F?

A

TRUE

76
Q

Under a progressive tax structure in which tax rates rise with income levels ________.

A) the marginal tax rate and the average tax rate are the same
B) the average tax rate is what really matters when an individual or business is making a financial decision
C) the marginal tax rate is usually less than the average tax rate
D) the marginal tax rate is usually greater than the average tax rate

A

the marginal tax rate is usually greater than the average tax rate

77
Q

The term “double taxation” means that ________.

A) partnerships and sole proprietorships pay tax on the income that they earn, and then income distributed from the business to the owner is taxed again at the individual level
B) the highest federal income tax rate faced by corporations is twice the highest tax rate faced by individuals
C) corporations pay tax on the income they earn and then shareholders pay tax on income that the corporation distributes to them
D) a corporation pays tax on the interest it pays to bondholders and then bondholders pay tax again on the interest payments they receive from firms

A

corporations pay tax on the income they earn and then shareholders pay tax on income that the corporation distributes to them

78
Q

Suppose a certain business pays 10% tax on its first $10,000 in come, 12% tax on income above $10,000 but below $40,000, and 22% tax on income above $40,000. Suppose the business earns $50,000 in income this year. It’s marginal tax rate is ________.

A) 10%
B) 12%
C) 22%
D) greater than 22%

A

22%

79
Q

Corporate governance refers to ________.

A) the rules, processes, and laws by which companies are operated, controlled, and regulated
B) the fact that corporations heavily influence the actions of governments through their lobbying efforts
C) the notion that corporations act like a democracy in the sense that every shareholder has an equal vote on corporate decisions
D) the idea that a corporate CEO is really accountable to no one and must be constrained by government action

A

the rules, processes, and laws by which companies are operated, controlled, and regulated

80
Q

Agency costs are ________.

A) costs that managers bear when they do not act in the interests of shareholders
B) costs that firms must pay to comply with the regulations imposed by federal government agencies
C) costs that are exempt from taxation
D) costs that shareholders bear because managers pursue their own interests rather than acting in the interests of shareholders

A

costs that shareholders bear because managers pursue their own interests rather than acting in the interests of shareholders

81
Q

Firms are legally required to pay dividends to stockholders just as they must make interest payments to lenders

T or F?

A

FALSE

82
Q

Suppose a certain business pays 10% tax on its first $10,000 in come, 12% tax on income above $10,000 but below $40,000, and 22% tax on income above $40,000. Suppose the business earns $50,000 in income this year. Its average tax rate is closest to ________.

A) 22%
B) 14%
C) 10%
D) 17%

A

14%

83
Q

Dividends are periodic distributions of cash to the stockholders of a firm.

T or F?

A

TRUE

84
Q

Under a flat tax structure, where the same tax rate applies to all income levels ________.

A) the marginal tax rate is greater than the average tax rate
B) the marginal tax rate is less than the average tax rate
C) the marginal tax rate is equal to the average tax rate
D) the marginal tax rate is irrelevant

A

the marginal tax rate is equal to the average tax rate

85
Q

In partnerships, owners have unlimited liability and may have to cover debts of other less financially sound partners

T or F?

A

TRUE

86
Q

The board of directors is responsible for managing day-to-day operations and carrying out the policies established by the chief executive officer.

T or F?

A

FALSE

CEO

87
Q

Institutional investors are professional investors who work on behalf of individuals, business, and government.

T or F?

A

TRUE

88
Q

The major purpose of the Sarbanes-Oxley Act of 2002 was to place caps on the compensation that could be paid to corporate executives.

T or F?

A

FALSE

89
Q

The board of directors is typically responsible for ________.

A) approving strategic goals and plans
B) managing day-to-day operations
C) arranging finance for approved long-term investments
D) maintaining and controlling the firm’s daily cash balances

A

approving strategic goals and plans

90
Q

The responsibility for managing day-to-day operations and carrying out corporate policies belongs to the ________.

A) board of directors
B) chief executive officer
C) stockholders
D) creditors

A

chief executive officer

91
Q

Which of the following is an example of agency cost?

A) costs incurred for setting up an agency
B) failure to make an investment that would make shareholders wealthier
C) payment of income tax
D) payment of interest

A

failure to make an investment that would make shareholders wealthier

92
Q

Which of the following is a routine way that boards try to align the interests of managers and stockholders?

A) fire managers who are inefficient
B) remove management’s perquisites
C) tie management compensation to the performance of the company’s common stock price
D) tie management compensation to the level of dividend per share

A

tie management compensation to the performance of the company’s common stock price

93
Q

The marginal tax rate paid on a firm’s ordinary income can be calculated by dividing its taxes by its net income

T or F?

A

FALSE

94
Q

The average tax rate paid on the firm’s ordinary income can be calculated by dividing its taxes by its taxable income.

T or F?

A

TRUE

95
Q

The tax deductibility of various expenses such as general and administrative expenses ________.

A) increases their pretax cost
B) reduces their after-tax cost
C) has no effect on their after-tax cost
D) has an unpredictable effect on their after-tax cost

A

reduces their after-tax cost

96
Q

If a corporation sells certain capital equipment for more than its initial purchase price, the difference between the sale price and the purchase price is called a(n) ________.

A) ordinary gain
B) revenue gain
C) capital gain
D) abnormal gain

A

capital gain

97
Q

In general, most corporate capital gains are taxed at ________ tax rate.

A) the average
B) the regular corporate
C) the historic
D) a 30 percent

A

the regular corporate

98
Q

The marginal tax rate represents the rate at which the next dollar of income is taxed.

T or F?

A

TRUE

99
Q

All dividend income received by a corporation is exempted from taxation.

T or F?

A

FALSE

100
Q

Communication skills are very important to financial and nonfinancial managers because ________.

A) they will be communicating with the investment community regularly
B) they work together in cross-functional teams and need to understand how members of their teams think
C) they will write reports that are disclosed in the firm’s financial reports
D) they are all responsible for selling the firms goods and services to customers

A

they work together in cross-functional teams and need to understand how members of their teams think

101
Q

Developing financial computing skills, such as expertise with software like Excel, is important because ________.

A) everyone in the firm must be an Excel expert to have success
B) everyone in the firm needs to understand financial reports and models at some level, and those are usually constructed and presented in Excel
C) there are no good alternatives to Excel
D) mistakes are more likely to occur when people do financial work by hand rather than using a product like Excel

A

everyone in the firm needs to understand financial reports and models at some level, and those are usually constructed and presented in Excel

BSA 35P (9 decks)

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