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Question 1 (TRUE or FALSE?) Current assets normally includefixed assets such as buildings, land, and machinery.

Question 2 (TRUE or FALSE?) ROE = Gross income/Preferredequity.

Question 3 (TRUE or FALSE?) The times-interest-earned (TIE) usesnet income rather than EBIT because dividends is paid with pre-taxdollars and therefore the firm’s ability to pay current dividendsis not affected by taxes.

Question 4 (TRUE or FALSE?) The ratio of gross income to commonequity measures the return on total assets (ROE).

Question 5 (TRUE or FALSE?) Inventories may result in losses ina bankruptcy because inventories are the least liquid of a firm’scurrent assets.

Question 6 (TRUE or FALSE?) The return on total assets is theratio of gross income to total debt.

Question 7 (TRUE or FALSE?) If the firm’s assets generate ahigher pre-tax return than the interest rate on debt, then theshareholders’ returns are magnified, or “leveraged.”

Question 8 (TRUE or FALSE?) The net profit margin identifies thegross profit per dollar of sales before any other expenses arededucted.

Question 9 (TRUE or FALSE?) If the ROIC is greater than thecompany’s weighted average cost of capital (WACC), then the companyusually is adding value.

Question 10 (TRUE or FALSE?) The net profit margin is calculatedby dividing sales by taxable income.

Question 11 (TRUE or FALSE?) Market debt ratio = Totaldebt/(Total debt + Market value of equity).

Question 12 (TRUE or FALSE?) The current ratio measuresliquidity by comparing the current assets to the currentliabilities and it is equal to current assets divided by currentliabilities.

Question 13 (TRUE or FALSE?) If a company has high leverage,even a small decline in performance might cause the firm’s value tofall below the amount it owes to creditors.

Question 14 (TRUE or FALSE?) Window dressing is a techniqueemployed by firms to make their financial statements look worsethan they really are.

Question 15 (TRUE or FALSE?) The extent to which a firm usesdebt financing is called financial leverage.

Question 16 (TRUE or FALSE?) Net operating working capital isoperating current liabilities minus operating current assets.

Question 17 (TRUE or FALSE?) The income statement begins withassets, which are the “things” the company owns.

Question 18 (TRUE or FALSE?) Taxable income is defined as grossincome less a set of exemptions and deductions which are spelledout in the instructions to the tax forms individuals must file.

Question 19 (TRUE or FALSE?) Assets such as stocks, bonds, andreal estate are defined as capital assets and if a capital asset issold for more than its cost, the profit is called a capitalgain.

Question 20 (TRUE or FALSE?) Preferred stock is a hybrid or across between common stock and debt.

Question 21 (TRUE or FALSE?) Investing activities such as sellsa building increases cash at the time of the sale.

Question 22 (TRUE or FALSE?) A progressive tax means the higherone’s income, the smaller the percentage paid in taxes.

Question 23 (TRUE or FALSE?) An S corporation is a smallcorporation which, under Subchapter S of the Internal Revenue Code,elects to be taxed as a proprietorship or a partnership yet retainslimited liability and other benefits of the corporate form oforganization.

Question 24 (TRUE or FALSE?) Interest income received by acorporation is not taxed under the new tax law, 2017 Tax Cut andJobs Act (TCJA).

Question 25 (TRUE or FALSE?) A proprietorship is is a smallcorporation which, under Subchapter S of the Internal Revenue Code,elects to be taxed as S corporation yet retains limited liabilityand other benefits of the corporate form of organization.

Question 26 (TRUE or FALSE?) Operating current assets are thecurrent assets used to support operations, such as cash, accountsreceivable, and inventory and does not include short-terminvestments.

Question 27 (TRUE or FALSE?) Increases in current liabilitiessuch as accounts payable decrease cash.

Question 28 (TRUE or FALSE?) Dividing net income by the numberof shares outstanding gives earnings per share (EPS).

Question 29 (TRUE or FALSE?) Total net operating capital = NOWC+ Operating long-term assets.

Question 30 (TRUE or FALSE?) When a firm takes out a loan thatmust be repaid within a year, it signs an IOU called a bond.