16.Earnings before interest and taxes (EBIT) is also known as:
A) gross profit.
B) net profit.
C) operating profit.
D) earnings before income taxes.
17.Given the following information about a firm:
§ Net Sales = $1,000
§ Cost of Goods Sold = $600
§ Operating Expenses = $200
§ Interest Expenses = $50
§ Tax Rate = 34%
What are the gross and operating profit margins?
| Gross Operating Margin | Operating Profit Margin |
A) 20% 15%
B) 40% 10%
C) 40% 20%
D) 20% 10%
18.An analyst has collected the following data about a firm:
§ Receivables turnover = 20 times
§ Inventory turnover = 16 times
§ Payables turnover = 24 times
What is the cash conversion cycle?
A) 56 days.
B) 20 days.
C) Not enough information is given.
D) 26 days.
19.An analyst has collected the following data about a firm:
§ Receivables turnover = 10 times
§ Inventory turnover = 8 times
§ Payables turnover = 12 times
What is the average receivables collection period, the average inventory processing period, and the average payables payment period respectively? (assume 360 days in a year)
| Receivables | Inventory | Payables |
A) 36 days 45 days 30 days
B) 45 days 36 days 30 days
C) 33 days 45 days 20 days
D) 30 days 30 days 60 days
20.Which of the following is NOT a routinely used operating profitability ratio?
A) Gross profit/net sales.
B) EBIT/net sales.
C) Sales/Total Assets
D) Net income/net sales.
答案和详解如下：
16.Earnings before interest and taxes (EBIT) is also known as:
A) gross profit.
B) net profit.
C) operating profit.
D) earnings before income taxes.
The correct answer was C)
Operating profit = earnings before interest and taxes (EBIT)
Gross profit = net sales – COGS
Net income = earnings after taxes = EAT
17.Given the following information about a firm:
§ Net Sales = $1,000
§ Cost of Goods Sold = $600
§ Operating Expenses = $200
§ Interest Expenses = $50
§ Tax Rate = 34%
What are the gross and operating profit margins?
| Gross Operating Margin | Operating Profit Margin |
A) 20% 15%
B) 40% 10%
C) 40% 20%
D) 20% 10%
The correct answer was C)
Gross profit margin = ($1000 net sales - $600 COGS)/$1000 net sales = 400/1000 = .4
Operating profit margin = ($1000 net sales - $600 COGS – $200 operating expenses)/$1000 net sales
= $200/$1000
= .2
18.An analyst has collected the following data about a firm:
§ Receivables turnover = 20 times
§ Inventory turnover = 16 times
§ Payables turnover = 24 times
What is the cash conversion cycle?
A) 56 days.
B) 20 days.
C) Not enough information is given.
D) 26 days.
The correct answer was D)
Cash conversion cycle = receivables collection period + inventory processing period – payables payment period.
Receivables collection period = 365/20 = 18
Inventory processing period = 365/16 = 23
Payables payment period = 365/24 = 15
Cash conversion cycle = 18 + 23 – 15 = 26
19.An analyst has collected the following data about a firm:
§ Receivables turnover = 10 times
§ Inventory turnover = 8 times
§ Payables turnover = 12 times
What is the average receivables collection period, the average inventory processing period, and the average payables payment period respectively? (assume 360 days in a year)
| Receivables | Inventory | Payables |
A) 36 days 45 days 30 days
B) 45 days 36 days 30 days
C) 33 days 45 days 20 days
D) 30 days 30 days 60 days
The correct answer was A)
Receivables collection period = 360/10 = 36 days
Inventory processing period = 360/8 = 45 days
Payables payment period = 360/12 = 30 days
20.Which of the following is NOT a routinely used operating profitability ratio?
A) Gross profit/net sales.
B) EBIT/net sales.
C) Sales/Total Assets
D) Net income/net sales.
The correct answer was C)
Sales/Total Assets, or Total Asset Turnover is a measure of operating efficiency, not operating profitability.
CBDAC
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