Financial Analysis
Exam Bank
Course Introduction
Financial Analysis is a course designed to equip students with the essential skills and tools needed to evaluate the financial health and performance of organizations. The course covers key topics such as financial statement analysis, ratio analysis, trend analysis, and the interpretation of financial data for decision-making purposes. Students will learn to assess profitability, liquidity, solvency, and operational efficiency using real-world financial statements and case studies. Emphasis is placed on practical application, enabling learners to make informed financial decisions and develop insights into the strategic implications of financial information.
Recommended Textbook
Fundamentals of Corporate Finance 2nd Canadian Edition by Jonathan Berk
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Page 2
Chapter 1: Corporate Finance and the Financial Manager
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Sample Questions
Q1) Why is it in general difficult to determine the market price of a private corporation's shares at any point in time?
A) It is difficult to obtain enough information to accurately value such a company.
B) The price of its shares is fixed by the owners.
C) It has a limited number of owners.
D) There is no organized market for its shares.
E) Buyers do not wish to reveal their bid price.
Answer: D
Q2) Why is a stock exchange like NASDAQ considered a secondary market?
A) It trades the second-largest volume of shares in the world.
B) Shares sold on it are exchanged between investors without any involvement of the issuing corporation.
C) The exchange has rules that attempt to ensure that bid and ask prices do not get too far apart.
D) NASDAQ is called a secondary market because NYSE is considered a primary market.
E) Smaller companies are listed on the NASDAQ.
Answer: B
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Chapter 2: Introduction to Financial Statement Analysis
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Sample Questions
Q1) Refer to the statement of financial position above.If in 2015 Luther has 10.2 million shares outstanding and these shares are trading at $16 per share,then Luther's market-to-book ratio would be closest to:
A) 0.39
B) 0.76
C) 1.29
D) 2.57
E) 0.31
Answer: C
Q2) What will be the effect on the statement of financial position if a firm buys a new processing plant through a new loan?
Answer: The Assets side will increase under Net property,plant,and equipment with the net effect of the new processing plant while the Liabilities side will correspondingly show the new debt that was incurred in paying for the plant.
Q3) How can we cross check the statement of cash flows?
Answer: The last item in the statement of cash flows should equal the difference in cash balances between two adjacent balance sheets.
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4
Chapter 3: The Valuation Principle: the Foundation of Financial Decision Making
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Sample Questions
Q1) Why are arbitrage opportunities short-lived?
A) Federal regulations will kick in to restrict trade and effectively shut the opportunity down.
B) Prices will fluctuate up and down as traders take advantage of the opportunity, resulting in the net present value (NPV) fluctuating between positive and negative values.
C) Once investors take advantage of the opportunity, prices will respond so that the buying and selling price become equal.
D) Arbitrage opportunities need a lot of information processing, which is very slow to arrive.
E) Investors will stop taking advantage of them for fear of being caught by regulators. Answer: C
Q2) Whenever a good trades in a competitive market,the price the good trades for determines the value of the good.
A)True
B)False
Answer: True
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Chapter 4: The Time Value of Money
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Q1) Micha offers to pay an investor of a lump sum in her business today $1000 in one year's time,$2000 in two years' time,$3000 in three years' time and $4000 in 4 years' time.If the interest rate is 8%,what is the minimum value of the lump sum she must ask of an investor if the net present value (NPV)is to be equal to zero?
A) $6,660.02
B) $6,836.34
C) $7,962.22
D) $8,468.56
E) $7,350.30
Q2) A consol bond (perpetual bond)pays $27,500 every year.If its present value is $3,000,000,what is the interest rate?
A) 9.17%
B) 3%
C) 0.275%
D) 0.917%
E) 2.75%
Q3) If a few intermediate cash flows in valuing a stream of cash flows are zero,can we delete those points on the timeline and squeeze the timeline to show only nonzero cash flows?
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Page 6
Chapter 5: Interest Rates
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Sample Questions
Q1) An 8% APR with monthly compounding is closest to which of the following?
A) an EAR of 6.7%
B) an EAR of 7.72%
C) an EAR of 8.3%
D) an EAR of 8.5%
E) an EAR of 9.14%
Q2) You decide to take out a car loan at 4.5% APR for 60 months.If your monthly payments are $512.68,what is the price of your car?
A) $30,000
B) $10,581
C) $30,761
D) $32,145
E) $27,500
Q3) The real interest rate is the rate of growth of one's purchasing power due to money invested.
A)True
B)False
Q4) What is a mortgage?
Q5) How are interest and return of principal handled in an amortizing loan payment?
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Chapter 6: Bonds
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Q1) A $3000 bond with a coupon rate of 7.2% paid semi-annually has six years to maturity and a yield to maturity of 4.6%.If interest rates fall and the yield to maturity decreases by 0.4%,what will happen to the price of the bond?
A) rise by $24.13
B) rise by $54.77
C) fall by $68.04
D) fall by $67.71
E) fall by $48.65
Q2) The yield to maturity for the three-year zero-coupon bond is closest to:
A) 5.4%
B) 5.8%
C) 5.6%
D) 6.0%
E) 5.0%
Q3) Before it matures,the price of any bond is always less than its face value.
A)True
B)False
Q4) Why do bond prices increase as the next coupon payment gets closer?
Q5) Assuming that this bond trades for $1035.44,then what is the YTM for this bond?
Page 8
Q6) Why do bond prices fall as interest rates rise?
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Chapter 7: Valuing Stocks
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Sample Questions
Q1) Canberra Corp expects to have earnings per share of $8.40 in the coming year.Canberra has a return on new investment of 14%.If the firm's dividend payout rate is 75%,and its equity cost of capital is 9%,what is the value of Canberra's stock?
A) $114.55
B) $152.72
C) $70.00
D) $93.33
E) $129.23
Q2) If a manager wishes to raise his stock's price,he should do which of the following?
I.Focus on maximizing the present value (PV)of the free cash flow.
II Focus on accounting earnings.
III)Focus on financial policy.
A) I only
B) II only
C) I and II
D) II and III
E) III only
Q3) What are the major limitations of the dividend-discount model?
Q4) What is the difference between cumulative and non-cumulative preferred stock?
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Chapter 8: Investment Decision Rules
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Sample Questions
Q1) When comparing two projects with different lives,why do you compute an annuity with an equivalent present value (PV)to the net present value (NPV)?
A) so that you can see which project has the greatest net present value (NPV)
B) so that the projects can be compared on their cost or value created per year
C) to reduce the danger that changes in the estimate of the discount rate will lead to choosing the project with a shorter time frame
D) to ensure that cash flows from the project with a longer life that occur after the project with the shorter life has ended are considered
E) to avoid complications arising from alternating cash inflows and outflows
Q2) Most corporations measure the value of a project in terms of which of the following?
A) discount value
B) discount factor
C) future value (FV)
D) present value (PV)
E) market value
Q3) Under what situation can the net present value (NPV)profile be upward sloping?
Q4) What is the decision criteria while using the payback rule?
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Chapter 9: Fundamentals of Capital Budgeting
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Sample Questions
Q1) You are considering adding a microbrewery onto one of your firm's existing restaurants.This will entail an investment of $40,000 in new equipment.The new equipment falls under asset class 43 and has a capital cost allowance (CCA)rate of 30%.If your firm's marginal corporate tax rate is 35%,then what is the value of the microbrewery's CCA tax shield in the first year of operation?
A) $2100
B) $14,000
C) $5200
D) $26,000
E) $6000
Q2) Capital budgeting is the process of allocating funds to the firm's investment projects.
A)True
B)False
Q3) Why does the option to abandon a project have value?
Q4) What is the ultimate goal of capital budgeting?
Q5) What are project externalities?
Q6) What do you understand by break-even analysis?
Q7) What is the major difference between scenario analysis and sensitivity analysis?
Q8) What are sunk costs?
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Chapter 10: Risk and Return in Capital Markets
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Sample Questions
Q1) In general,it is possible to eliminate ________ risk by holding a large portfolio of assets.
A) unsystematic
B) systematic
C) unsystematic and systematic
D) unwanted
E) market
Q2) Bombardier Inc had realized returns of -3%,-2%,-5%,and -7% over four quarters.What is the quarterly standard deviation of returns for Bombardier?
A) 1.9%
B) 3.7%
C) 4.9%
D) 2.2%
E) 3.4%
Q3) The average annual return on IBM from 1996 to 2005 is closest to:
A) 18.2%
B) 16.40%
C) 18.7%
D) 29.9%
E) 20.24%
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Chapter 11: Systematic Risk and the Equity Risk Premium
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Sample Questions
Q1) What role does the standard deviations of two assets play in computation of the expected return of the two asset portfolio?
Q2) The S&P 500 index traditionally is a ________ portfolio of the 500 largest U.S.stocks.
A) value weighted
B) equally weighted
C) chain weighted
D) price weighted
E) reputation weighted
Q3) The Capital Asset Pricing Model (CAPM)says that the excess return on a stock is equal to its beta times the market risk premium.
A)True
B)False
Q4) When we form an equally weighted portfolio of stocks and keep increasing the number of stocks in the portfolio,the volatility of the portfolio also increases.
A)True
B)False
Q5) Is it possible for a stock to have high total risk but low systematic risk?
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Chapter 12: Determining the Cost of Capital
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Q1) Xcom Industries will pay a dividend of $0.44 next year,and expects its dividends to grow at 8% per year.The current price of Xom stock is $6.45 per share.What is Xom's cost of equity?
A) 17%
B) 14.8%
C) 6.8%
D) 7.4%
E) 15.4%
Q2) Assume JUP has debt with a book value of $20 million,trading at 120% of par value.The firm has book equity of $20 million,and 2 million shares trading at $18 per share.What weights should JUP use in calculating its WACC?
A) 40% for debt, 60% for equity
B) 50% for debt, 50% for equity
C) 36% for debt, 64%% for equity
D) 45% for debt, 55% for equity
E) 30% for debt, 70% for equity
Q3) What types of adjustment to debt are prevalent in practice?
Q4) What is the assumption about leverage when using WACC to evaluate a project?
Q5) Why do we use market values rather than book values in calculation of WACC?
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Chapter 13: Risk and the Pricing of Options
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Sample Questions
Q1) How many of the January 2009 call options are in-the-money?
A) 2
B) 4
C) 1
D) 3
E) 0
Q2) Suppose a stock is currently trading for $23,and in one period it will either increase to $30 or decrease to $20.If the one-period risk-free rate is 5%,what is the price of a European call option that expires in one period and has an exercise price of $25?
A) $1.25
B) $1.98
C) $1.50
D) $2.21
E) $2.50
Q3) What is the long position of an options contract?
Q4) A share of stock can be thought of as a put option on the firm's assets with a strike price equal to the face value of debt.
A)True
B)False
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Chapter 14: Raising Equity Capital
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Sample Questions
Q1) At what stage of the IPO process do senior management and the lead underwriters travel to promote the company and explain their rationale for the offer price to the underwriters' largest customers?
A) when filing the preliminary prospectus
B) when filing the final prospectus
C) when managing risk
D) when matching buyers to sellers of the stock
E) when valuating the firm
Q2) A large publishing firm specializing in college textbooks wishes to expand into online delivery of its materials.In order to facilitate this,it invests in a number of small start-up companies that deliver college courses online and uses these companies to start diversifying the delivery of its content.Which of the following best describes the role of the publishing firm as described above?
A) a venture capitalist
B) an institutional investor
C) a corporate investor
D) a family investor
E) a sovereign wealth fund
Q3) What are some of the advantages of going public?
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Page 16
Chapter 15: Debt Financing
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Sample Questions
Q1) When a callable bond sells at a premium,the likelihood of a call is ________ and the yield to worst is the yield to ________.
A) high, call
B) low, call
C) low, maturity
D) high, maturity
E) high, par
Q2) What is a Canada call?
Q3) If a company issues both a straight bond and a convertible bond simultaneously,at par,then the straight bond will have a higher interest rate.
A)True
B)False
Q4) Which of the following is a type of call provision?
A) sinking fund
B) balloon payment
C) conversion feature
D) indenture
E) bond covenant
Q5) How might equity holders benefit from bond covenants?
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Chapter 16: Capital Structure
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Q1) According to MM Proposition I,the stock price for With is closest to:
A) $8.00
B) $24.00
C) $6.00
D) $12.00
E) $18.00
Q2) A firm requires an investment of $20,000.The firm's debt cost of capital is 6%,and its return on equity is 15%.If the firm's pre-tax WACC is 10.5%,how much did the firm borrow?
A) $8,000
B) $10,000
C) $12,000
D) $14,000
E) $20,000
Q3) What are the issues in determining the present value (PV)of financial distress?
Q4) Equity-debt holder conflicts are more likely to arise if the risk of financial distress is high.
A)True
B)False
Q5) How does the interest paid by a firm affect its value to investors?
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Chapter 17: Payout Policy
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Q1) CCR stock is currently trading at $63 per share.If CCR issues a 25% stock dividend,what would its new share price be?
A) $50.40
B) $78.75
C) $15.75
D) $252.00
E) $63.00
Q2) Because the dividend tax will be paid whether the firm pays cash immediately or retains cash and pays the interest over time,the dividend tax rate does not affect the cost of retaining cash.
A)True
B)False
Q3) Including its cash,Omicron's total market value is closest to:
A) $500 million
B) $900 million
C) $400 million
D) $450 million
E) $300 million
Q4) Why do firms issue stock dividends or split their stock?
Q5) What are the different ways a firm can repurchase shares?
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Chapter 18: Financial Modelling and Pro Forma Analysis
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Q1) What are a firm's options when it generates more cash than planned?
Q2) Is total net working capital or incremental net working capital more relevant for calculation of free cash flow?
Q3) Assuming that Ideko has a EBITDA multiple of 8.5,then the continuation enterprise value of Ideko in 2015 is closest to:
A) $152.8 million
B) $272.8 million
C) $301.7 million
D) $181.7 million
E) $147.1 million
Q4) A firm has $50 million in equity and $20 million in debt,has net income of $10 million and an internal growth rate of 6%.What is the firm's payout ratio?
A) 58%
B) 42%
C) 18%
D) 82%
E) 20%
Q5) The amount of net working capital for Ideko in 2016 is closest to:
Q6) Why is EBITDA multiple used for valuation rather than sales or earnings?
Page 20
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Chapter 19: Working Capital Management
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Q1) Your firm purchases $100,000 worth of goods from its supplier on terms of 2/20 net 60.How much more does your firm pay if it chooses not to take advantage of the trade discount?
A) $100,000
B) $10,000
C) $2,000
D) $40,000
E) $20,000
Q2) Which of the following best describes the collection float?
A) how long it takes the firm to receive the cheque after the customer has mailed it
B) how long it takes the firm to process the cheque and deposit it in the bank
C) how long it takes before the bank gives the firm credit for the funds
D) how long it takes for a firm to be able to use funds after a customer has paid for its goods
E) how long it takes before payments to suppliers actually result in cash outflow for the firm
Q3) What is the credit period?
Q4) What are the five Cs of Credit?
Q5) What is the cash discount?
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Chapter 20: Short Term Financial Planning
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Q1) What are commitment fees and what effect does it have on the loan?
Q2) A petroleum exploration company takes a short-term bank loan in order to finance the purchase of several truck-mounted,vibroseis shakers,which have unexpectedly come onto the market at a good price.Once the purchase is made,the company will obtain long-term financing.Which of the following best describes the short-term loan the company has taken?
A) a single, end-of-period payment loan
B) a promissory note
C) a bridge loan
D) an uncommitted line of credit
E) evergreen credit
Q3) What is the maximum maturity of commercial paper?
A) 60 days
B) 90 days
C) 180 days
D) one year
E) 270 days
Q4) How can the application of the matching principle increase firm value?
Q5) How can a conservative financing policy reduce firm value?
Q6) How can positive cash flow shocks affect short-term financing needs?
Page 22
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Chapter 21: Risk Management
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Q1) A company has a current tax rate of 30% and faces a 15% chance that the its output prices will drop and it will lose $100,000 over the next year.The firm would then be in a 10% tax bracket if it faces a loss.Compute the net present value (NPV)from purchasing insurance if the rate of interest is 5% and the beta of the output prices is 0.
A) $1932
B) $2178
C) $2857
D) $2591
E) $3122
Q2) A ________ contract is often used for hedging and is an exchange-traded agreement to purchase an asset at some future date at a price that is locked in today.
A) call option
B) futures
C) put option
D) long term
E) storage
Q3) How do futures contracts eliminate credit risk?
Q4) How might a decrease in interest rates reduce firm value?
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Chapter 22: International Corporate Finance
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Q1) Canadian tax liabilities are ________ until the foreign subsidiary profits are repatriated to Canada.
A) not incurred
B) incurred no matter what
C) accrued
D) increased
E) decreased
Q2) Your firm will be importing a large order of its inputs from the United States in three months and is concerned that the Canadian dollar might fall against the U.S.dollar over that time.To hedge your risk,you decide to enter into a currency forward contract to purchase 750,000 USD at a rate of 1.0114 CAD/USD.If the spot exchange rate in 3 months' time ends up being 1.0346 CAD/USD,what is your gain or loss from hedging compared to remaining unhedged?
A) $0
B) $17,400
C) $16,629
D) -$17,400
E) -$16,629
Q3) Why do firms prefer forward contracts rather than the cash-can-carry strategy?
Q4) What are internationally integrated capital markets?
Page 24
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Chapter 23: Leasing
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Q1) Justine decides to enter into a 6-year car lease agreement.The purchase price of the car is $24,995,and the expected residual value after 5 years is $9,500.If there is no risk of default and the risk-free rate is 7% APR with monthly compounding,what is the monthly lease payment for a 6-year lease in a perfect capital market?
A) $215.21
B) $423.67
C) $317.74
D) $319.59
E) $347.51
Q2) Suppose that instead of leasing the bulldozer,the company is considering purchasing a bulldozer outright by borrowing the purchase price using a four-year annuity loan.The monthly loan payments for a four-year loan to purchase the Bulldozer are closest to:
A) $2,115
B) $1,825
C) $1,870
D) $1,750
E) $1,945
Q3) What is the difference between an operating lease and a finance lease?
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Page 25
Chapter 24: Mergers and Acquisitions
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Q1) Martin Manufacturing has earnings per share (EPS)of $3.00,5 million shares outstanding,and a share price of $32.Martin is considering buying Luther Industries,which has earnings per share of $2.50,2 million shares outstanding,and a share price of $20.Martin will pay for Luther by issuing new shares.There are no expected synergies from the transaction.
Assume that Martin pays no premium to acquire Luther.Calculate Martin's price-earnings (P/E)ratio both pre- and post-merger.
Q2) Consider two firms,ABC and XYZ.Both companies will either make $5 million or lose $2 million every year with equal probability.The companies' profits are perfectly negatively correlated,so that in any year,one company makes $5 million and the other loses $2 million.The two firms decide to enter into a merger and combine operations.What are the expected after-tax profits of the combined company in any year,assuming a corporate tax rate of 35% and no tax loss carryback or carryforward,if they are run as two independent divisions?
A) $6 million
B) $3.25 million
C) $6.5 million
D) $3 million
E) $1.95 million
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Chapter 25: Corporate Governance
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Q1) The Smith family has a 45% stake in A company and A company has a 75% stake in B company.Finally,B company has a 35% stake in C company.What percentage ownership does the Smith family have in C company?
A) 21%
B) 12%
C) 34%
D) 26%
E) 16%
Q2) Directors who are not as directly connected to the firm but who have existing or potential business relationships with the firm are called A) grey directors.
B) independent directors.
C) advising directors.
D) inside directors.
E) unelected directors.
Q3) How does shareholder voice serve to discipline poorly performing managers?
Q4) What is a proxy contest?
Q5) Describe the "stakeholder" model of corporate governance.
Q6) How do securities analysts provide outside monitoring of a corporation?
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