Financial Analysis
Final Test Solutions
Course Introduction
Financial Analysis is a course designed to equip students with the skills necessary to evaluate and interpret financial statements for informed decision-making. The course covers techniques for assessing the profitability, liquidity, and solvency of businesses by analyzing balance sheets, income statements, and cash flow statements. Students will learn to apply ratio analysis, trend analysis, and comparative financial statements to identify strengths and weaknesses within an organization. Emphasis is placed on understanding the implications of financial data, performing forecasting, and making recommendations based on rigorous quantitative and qualitative analysis, preparing students for roles in finance, accounting, and business management.
Recommended Textbook Fundamentals of Corporate Finance Third Canadian Edition by Jonathan Berk
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Chapter 1: Corporate Finance and the Financial Manager
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Q1) Windsor Windows earns $4.50 per share before taxes and pays a dividend of $2.00 per share.The corporate tax rate is 30%,the personal tax rate on dividends is 15%,and the personal tax rate on non-dividend income is 40%.What is the after-tax amount an individual would receive per share from the dividend?
A)$2.68
B)$2.15
C)$1.35
D)$1.65
E)$1.70
Answer: E
Q2) Which of the following types of firms do NOT have limited liability?
A)sole proprietorships
B)limited partnerships
C)private corporations
D)public corporations
E)limited liability partnerships
Answer: A
Q3) What is the term for the applicable price that I will pay,if I have to buy a stock?
Answer: The buyer of a stock pays the ask price when he buys the stock.
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Chapter 2: Introduction to Financial Statement Analysis
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Q1) Refer to the income statement above.Assuming that Luther has no convertible bonds outstanding,then for the year ending December 31,2015 Luther's diluted earnings per share are closest to:
A)$1.01
B)$1.04
C)$1.53
D)$3.92
E)$4.04
Answer: A
Q2) Refer to the statement of financial position above.Luther's current ratio for 2015 is closest to:
A)0.84
B)0.87
C)1.15
D)1.19
E)0.77
Answer: D
Q3) What role do external auditors play in the firm's financial reporting process?
Answer: As the name implies,external auditors act as third party monitors to the firms' financial reporting process.
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Chapter 3: The Valuation Principle: the Foundation of Financial Decision Making
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Sample Questions
Q1) A coin collector treasures his 1969-S Lincoln cent with a doubled die obverse because he found it in his pocket change,rather than purchasing it.He can sell it on the open market for $35,000,but would only sell it for at least twice that price,due to its sentimental value to him.It is anticipated that the coin will increase in market value in the foreseeable future.What is the value of the coin?
A)Nothing,since he paid nothing to obtain the coin.
B)$35,000,since this is the price that the coin would fetch on the open market.
C)At least $35,000,since he could replace the coin for $35,000,but the coin he owns has additional intangible value due to its sentimental value.
D)At least $35,000,since the value of the coin will increase in the future.
E)$0.01 since this is the face value of the coin.
Answer: B
Q2) If $476 invested today yields $500 in one year's time,what is the discount rate?
A)0.05
B)0.95
C)1.05
D)1.50
E)0.24
Answer: A
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Chapter 4: The Time Value of Money
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Q1) A perpetuity will pay $1000 per year,starting five years after the perpetuity is purchased.What is the present value (PV)of this perpetuity on the date that it is purchased,given that the interest rate is 4%?
A)$1410
B)$20,582
C)$20,548
D)$34,604
E)$25,000
Q2) Clarissa wants to fund a growing perpetuity that will pay $5000 per year to a local museum,starting next year.She wants the annual amount paid to the museum to grow by 5% per year.Given that the interest rate is 8%,how much does she need to fund this perpetuity?
A)$62,500.00
B)$102,112.33
C)$143,445.65
D)$166,666.67
E)$100,000.00
Q3) What is the decision criteria for the Net Present Value rule?
Q4) Can we apply the growth perpetuity equation for negative growth as well?
Q5) What is the difference between a perpetuity and an annuity?
Page 6
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Chapter 5: Interest Rates
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Q1) You are considering purchasing a new automobile that will cost you $28,000.The dealer offers you 4.9% APR financing for 60 months (with payments made at the end of the month).Assuming you finance the entire $28,000 and finance through the dealer,your monthly payments will be closest to:
A)$1454
B)$527
C)$467
D)$478
E)$497
Q2) Everything else remaining the same,under what situation will APR and EAR be equal?
Q3) Can the nominal interest rate ever be negative? Can the real interest rate ever be negative? Explain.
Q4) The yield curve is typically:
A)downward sloping.
B)upward sloping.
C)flat.
D)inverted.
E)fluctuating.
Q5) What is a mortgage?
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Chapter 6: Bonds
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Q1) Suppose that a zero-coupon bond has a face value of $10,000 and 5 years to maturity.If the YTM is 7.2%,at what price will this bond be traded?
A)$7,063.60
B)$6,965.59
C)$9,328.58
D)$7,129.86
E)$10,000
Q2) A bond has three years to maturity,a $2000 face value,and a 6.3% coupon rate with annual coupons.What is its yield to maturity if it is currently trading at $1801?
A)6.30%
B)8.48%
C)9.22%
D)10.32%
E)9.88%
Q3) Why do bond prices fall as interest rates rise?
Q4) Why do bond traders typically quote bond yields rather than bond prices?
Q5) Why do bond prices increase as the next coupon payment gets closer?
Q6) Under what situation can a zero-coupon bond be selling at par to its face value?
Q7) Under what situation can a zero-coupon bond be selling at a premium?
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Chapter 7: Valuing Stocks
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Q1) Credenza Industries is expected to pay a dividend of $1.20 at the end of the coming year.It is expected to sell for $62.00 at the end of the year.If its equity cost of capital is 8%,what is the expected capital gain from the sale of this stock at the end of the coming year?
A)$3.48
B)$4.86
C)$14.28
D)$58.52
E)$62.00
Q2) Individual investors' tendency to trade too much based on the mistaken belief that they can pick winners and losers better than investment professionals is known as:
A)the disposition effect.
B)the investor attention hypothesis.
C)the investor overconfidence hypothesis.
D)the excessive trading costs hypothesis.
E)the investor mood hypothesis.
Q3) What additional adjustments are required to find the share price,in case we are using the discounted cash flow model?
Q4) How can the dividend-discount model handle changing growth rates?
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Chapter 8: Investment Decision Rules
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Sample Questions
Q1) If your new strip mall will have 16,000 square feet of retail space available to be leased,to which businesses should you lease and why?
Q2) Given the cash flows in the table above,the point at which the NPV profile crosses the vertical axis is:
A)$6000
B)-$867
C)22.0%
D)15.0%
E)$0
Q3) A delivery service is buying 600 tires for its fleet of vehicles.One supplier offers to supply the tires for $85 per tire,payable in one year.Another supplier will supply the tires for $20,000 down today,then $50 per tire,payable in one year.What is the difference in PV between the first and the second offer,assuming interest rates are 8.5%?
A)$1000
B)$276
C)$645
D)-$1000
E)-$645
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Chapter 9: Fundamentals of Capital Budgeting
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Sample Questions
Q1) Why does the Canada Revenue Agency (CRA)have a half-year rule for capital cost allowance (CCA)calculations?
Q2) Cameron Industries is purchasing a new chemical vapour depositor in order to make silicon chips.It will cost $6 million to buy the machine and $10,000 to have it delivered and installed.Building a clean room in the plant for the machine will cost an additional $3 million.The machine is expected to have a working life of six years.Which of these activities will be reported as an operating expense?
A)the delivery and install cost only
B)the cost of the depositor only
C)the redesign of the plant only
D)the delivery and install cost and the cost of the depositor
E)the install cost only
Q3) What is the major difference between scenario analysis and sensitivity analysis?
Q4) What are project externalities?
Q5) Why does capital budgeting focus on incremental revenues and costs,instead of the projected total revenues and costs of the firm?
Q6) What is the ultimate goal of capital budgeting?
Q7) What are sunk costs?
Q8) What is the most important function of sensitivity analysis?
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Chapter 10: Risk and Return in Capital Markets
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Q1) Suppose that a stock gave a realized return of 20% over a two-year time period and a 10% return over the third year.The geometric average annual return is:
A)9.70%
B)11.20%
C)14.96%
D)15.00%
E)16.55%
Q2) Stocks with high returns are expected to have:
A)high variability.
B)low variability.
C)no relation to variability.
D)inverse relationship with variability.
E)no variability.
Q3) Risk that is linked across outcomes is called:
A)diversifiable risk.
B)common risk.
C)uncorrelated risk.
D)independent risk.
E)systematic risk.
Q4) Is volatility a reasonable measure of risk when evaluating large portfolios?
Page 12
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Chapter 11: Systematic Risk and the Equity Risk Premium
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Q1) Stocks tend to move together if they are affected by:
A)company-specific events.
B)common economic events.
C)events unrelated to the economy.
D)idiosyncratic shocks.
E)unforeseen events.
Q2) Diversification reduces the risk of a portfolio because ________ and some of the risks are averaged out of the portfolio.
A)stocks do not move identically
B)stocks have common risks
C)stocks are unpredictable
D)stocks are always affected by the market
E)some stocks have lower returns than others
Q3) The weight of Lowes in your portfolio is:
A)40%
B)20%
C)50%
D)30%
E)10%
Q4) Is it possible for a stock to have high total risk but low systematic risk?
Page 13
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Chapter 12: Determining the Cost of Capital
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Q1) Starling Capital has outstanding corporate debt paying a 10% coupon,with a current yield to maturity of 8%.If Starling's tax rate is 35%,what is the firm's effective cost of debt?
A)5.2%
B)6.5%
C)10%
D)8%
E)5.85%
Q2) What types of adjustment to debt are prevalent in practice?
Q3) A firm's cost of debt is the rate of interest it would have to pay to refinance its existing debt.
A)True
B)False
Q4) Which of the three costs-debt,preferred stock,and common equity-is most difficult to estimate?
Q5) The costs of external financing must be deducted from the net present value (NPV)of a project to evaluate if it is worth undertaking.
A)True B)False
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Chapter 13: Risk and the Pricing of Options
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Q1) ABX corporation is currently trading for $45 per share.The stock will pay a one-time dividend of $2.25 in exactly 3 months.A one-year European call option on ABX with a strike price of $50 is currently trading for $2.40.If the risk-free interest rate is 9% per year,then the price of a one-year European put option on ABX with a strike price of $50 will be closest to:
A)$3.73
B)$5.47
C)$0.88
D)$5.52
E)$1.07
Q2) The value of a call option ________ with the risk-free rate,and the value of a put option ________ with the risk-free rate.
A)increases,increases
B)decreases,decreases
C)increases,decreases
D)decreases,increases
E)increases,does not change
Q3) What are American options?
Q4) How is equity like a call option on the firm's assets?
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Chapter 14: Raising Equity Capital
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Q1) What will the offer price of these shares be if Luther is selling 1 million shares?
A)$17.00
B)$17.50
C)$17.25
D)$16.75
E)$18.00
Q2) Stock issued in an IPO usually trades significantly higher at the end of the first day of trading than the original IPO price.
A)True
B)False
Q3) Which of the following is a notable puzzle in IPOs?
A)The number of IPOs is highly underestimated.
B)The number of IPOs is highly seasonal.
C)The number of IPOs is almost the same every year.
D)The number of IPOs does not follow any pattern.
E)The number of IPOs is highly cyclical.
Q4) The announcement of an SEO usually raises a stock's price.
A)True
B)False
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Chapter 15: Debt Financing
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Sample Questions
Q1) Which of the following is a type of call provision?
A)sinking fund
B)balloon payment
C)conversion feature
D)indenture
E)bond covenant
Q2) 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
Q3) If a bond covenant is not met,then the bond goes into technical default and the bondholder can demand immediate repayment or force the company to renegotiate the terms of the bond.
A)True
B)False
Q4) Why are bond covenants necessary?
Q5) How might equity holders benefit from bond covenants?
Page 17
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Chapter 16: Capital Structure
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Q1) Market timing means that managers may sell ________ when they believe the stock is over-valued and rely on ________ when the stock is under-valued.
A)debt,shares
B)debt,preferred stock
C)new shares,debt
D)debt,debt
E)shares,preferred stock
Q2) In general,issuing equity may not dilute the ownership of existing shareholders if:
A)the value of new shares is equal to the value of debt.
B)the new shares are sold at a fair price.
C)the firm has no debt financing.
D)the firm uses debt conservatively.
E)the original owners do not sell their shares.
Q3) What are direct costs of financial distress?
Q4) Even if two firms operate in the same industry,they may prefer different choices of debt-equity ratios.
A)True
B)False
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Chapter 17: Payout Policy
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Q1) Why might a firm choose a spinoff instead of selling a division and distributing the cash?
Q2) BC Brewery has a current share price of $37.50,and has announced a dividend payment of $1.25 per share.Assuming perfect capital markets,what should the price of BC Brewery be once the stock begins trading ex-dividend?
A)$37.50
B)$36.25
C)$38.75
D)$35
E)$38
Q3) In a stock split or stock dividend,the company issues additional shares rather than cash to its shareholders.
A)True
B)False
Q4) If there is a tax disadvantage to retaining cash,why do some firms accumulate large cash balances?
Q5) Explain the different effects on a firm's share price for a dividend payment versus a share repurchase.
Q6) 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) XYZ plans to pay back $500,000 worth of debt this year.If the corporate tax rate is 25%,what is the free cash flow to equity?
A)$940,000
B)$440,000
C)$1.09 million
D)$1.44 million
E)$1 million
Q2) The maximum growth rate that a firm can achieve without issuing new equity or by increasing its debt-to-equity ratio is the firm's sustainable growth rate.
A)True
B)False
Q3) Assuming that Ideko has a EBITDA multiple of 8.5,then the continuation levered price-earnings ratio of Ideko in 2015 is closest to:
A)19.0
B)17.2
C)16.4
D)14.5
E)15.6
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Chapter 19: Working Capital Management
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Q1) Brilliant Balloons,a party balloon manufacturer,buys latex on credit on September 1.It processes this latex to make balloons on September 6 and pays cash for the latex on September 14.On September 19 it sells the balloons to a party supply retailer,and on October 5 receives cash payment for this sale.What is the length of the cash cycle in this case?
A)21 days
B)34 days
C)5 days
D)18 days
E)13 days
Q2) A firm had sales of $8 million,and,on average,takes 33 days to collect on its sales.What is the average daily amount of the firm's accounts receivable?
A)$1.1 million
B)$0.2 million
C)$1.4 million
D)$0.7 million
E)$0.4 million
Q3) Can a firm's cash cycle be longer than a firm's operating cycle?
Q4) What is the cash discount?
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Chapter 20: Short-Term Financial Planning
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Q1) A blanket lien exposes a lender to less risk and thus carries less interest than a trust receipt.
A)True
B)False
Q2) Which of the following best describes a loan where the firm must pay interest on the loan and pay back the principal in one lump sum at the end of the loan?
A)single,end-of-period payment loan
B)promissory note
C)bridge loan
D)committed line of credit
E)uncommitted line of credit
Q3) A short-term financial plan tracks a firm's cash balance and new and existing short-term financing,enabling managers to forecast shortfalls and plan to fund them in the least costly manner.
A)True
B)False
Q4) How can a conservative financing policy reduce firm value?
Q5) What are commitment fees and what effect does it have on the loan?
Q6) What are loan origination fees and what effect does it have on the loan?
Page 22
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Chapter 21: Risk Management
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Q1) A firm can borrow at a fixed rate of 6.5% on long-term loans.If it swaps its long-term payments so that it receives 4% and pays a floating rate of LIBOR,what is the rate of interest on its borrowing?
A)LIBOR + 2.5%
B)LIBOR
C)LIBOR + 6.5%
D)LIBOR - 2.5%
E)LIBOR - 4%
Q2) An interest rate that adjusts to current market conditions is called a(n):
A)floating rate.
B)fixed rate.
C)notional rate.
D)arbitrage rate.
E)preferential rate
Q3) What is a duration mismatch?
Q4) What are some of the disadvantages of long-term supply contracts?
Q5) What is adverse selection?
Q6) What is the purpose of a deductible?
Q7) What is a margin call?
Q8) How does insurance allow firms to reduce issuance costs?
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Chapter 22: International Corporate Finance
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Q1) A currency forward contract passes exchange rate risk from a firm to the bank that has written the forward contract.Why is the bank willing to bear this risk?
Q2) Exchange rate risk exists if the firm's free cash flows are correlated with the spot exchange rate.
A)True
B)False
Q3) The amount of the taxes paid in dollars for the Japanese operations is closest to:
A)$29.5 million
B)$5.1 million
C)$50.0 million
D)$20.5 million
E)$23.0 million
Q4) When would a firm be affected by exchange rate risk?
Q5) Why might firms prefer hedging with options rather than forward contracts?
Q6) What are the three factors that drive the supply and demand for each currency?
Q7) What is the best explanation for the existence of currency swaps,and how do they mitigate exchange rate risk?
Q8) How can deferring repatriation of earnings benefit a firm?
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) To evaluate a lease correctly,the appropriate comparison is not lease versus buy,but rather,lease versus borrow.
A)True
B)False
Q3) For a lease in which the lessor bears the risk of the residual value,why does the lease improve incentives and lower agency costs when the lessor is the manufacturer of the asset?
Q4) What is the difference between a security interest and a true lease in bankruptcy?
Q5) What is a lease-equivalent loan?
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Chapter 24: Mergers and Acquisitions
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Q1) Consider two firms,Blue and Berry.Both companies will either make $25 million or lose $5 million every year with equal probability.The companies' profits are perfectly negatively correlated,so that in any year,one company makes $25 million and the other loses $5 million.If the two firms merge but are run as two independent divisions,what is the change in expected after-tax profits of the combined company (BlueBerry)in any year versus the combined expected after-tax profits of the two separate companies in any year,assuming a corporate tax rate of 30% and no tax loss carryback or carryforward?
A)$1.5 million
B)$7.75 million
C)$0.75 million
D)-$5.5 million
E)$0
Q2) Merger activity is greater during economic expansions than during contractions and correlates with bull markets.
A)True
B)False
Q3) What is the major drawback of adopting a poison pill?
Q4) Why have conglomerate mergers fallen out of favour?
Q5) Why does a recapitalization make a firm a less attractive target for a takeover?
Page 26
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Chapter 25: Corporate Governance
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Q1) One way for families to gain control over firms,even when they do not own more than half the shares,is to issue:
A)dual class shares.
B)more debt.
C)more equity.
D)restricted shares.
E)commercial paper.
Q2) The optimal level of sensitivity of a manager's compensation to the firm's performance depends on the manager's level of risk aversion.
A)True
B)False
Q3) What is tunnelling?
Q4) Directors who are employees,former employees,or family members of employees are called:
A)managing directors.
B)independent directors.
C)inside directors.
D)grey directors.
E)unelected directors.
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