1.Which of the following ratios will most likely result in an increase in a company's sustainable growth rate?

 

　　A.Lower interest burden.

 

　　B.Higher dividend payout.

 

　　C.Higher tax burden.

 

　　Answer=C

 

　　Sustainable growth rate=Retention ratio×ROE.

 

　　The higher a company's return on equity(ROE)and its ability to finance itself from internally generated funds(a higher retention ratio),the greater its sustainable growth rate.

 

　　In the five-factor ROE,any factor that increases ROE will increase sustainable growth:

 

　　ROE=Tax burden×Interest burden×Earnings before interest and taxes margin×Asset turnover×Leverage.

 

　　A higher tax burden ratio(Net income/Earnings before tax)implies that the company can keep a higher percentage of pretax profits;this result implies a lower tax rate and a higher ROE.

 

　　解析：

 

　　这题******是几个公式的分解和记忆

 

　　首先问的是g，那么公式该是g=b*ROE。

 

　　所以，当g提高的情况下，应该是b提高，或者ROE提高。

 

　　同时，payout ratio=1-b，所以payout ratio相应是降低。

 

　　而选项B是payout ratio是higher的，所以是错的。

 

　　再看，选项A和C都是杜邦分解的内容，五要素分解是如下：

 

　　其中，******项是tax burden，第二项是interest burden，要ROE提高，两者必须是提高。

 

　　所以，选项A错误，选项C正确。

 

　　答案C

　　2.Given the following inventory data about a firm:

 

　　§Beginning inventory 20 units at$50/unit

 

　　§Purchased 10 units at$45/unit

 

　　§Purchased 35 units at$55/unit

 

　　§Purchased 20 units at$65/unit

 

　　§Sold 60 units at$80/unit

 

　　What is the inventory value at the end of the period using first in,first out(FIFO)?

 

　　A.$1,575.

 

　　B.$3,475.

 

　　C.$3,100.

 

　　Answer=A

 

　　Ending inventory equals 20+10+35+20−60=25 of last units purchased in inventory.

 

　　(20 units)($65/unit)+(5 units)($55/unit)=$1,300+$275=$1,575

 

　　解析：

 

　　这是inventory的题目，确认计算方法是FIFO

 

　　所以刚开始是（50元*20个）的东西，接着是（50元*20个+45元*10个）的东西

 

　　然后是（50元*20个+45元*10个+55元*35个），

 

　　然后是（50元*20个+45元*10个+55元*35个+65元*20个），

 

　　******是（55元*5个+65元*20个）的东西。

 

　　价值是1575元，答案A

 

　　3.Washburn Motors signs a contract to sell a$100,000 luxury sedan to be delivered next month,and receives a$20,000 cash down payment from the buyer.How will the transaction most likely affect Washburn’s assets and liabilities?

 

　　Assets Liabilities

 

　　A.Unchanged Unchanged

 

　　B.Increase Unchanged

 

　　C.Increase Increase

 

　　Answer=C

 

　　The down payment will increase cash(an asset)and unearned revenue(a liability).Revenues(and thus retained earnings and owner’s equity)will not increase because the car has not been delivered.

 

　　解析：

 

　　这是Accrued Accounting的内容。

 

　　该赚10万，但是还未开始造（下个月才造好），所以是没赚到；

 

　　可是收到了2万，意味着是unearned revenue，所以是liability增加；

 

　　但是另一边，asset因为收到了cash，所以增加；

 

　　所以是C。