FIN 571 Final Exam

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FIN 571 Final Exam 57 Questions, FIN 571 Final
Exam 4 Different and FIN 571 Final Exam 3 sets.
FIN 571 Final Exam (Newest)
1. In a general partnership, the general partners have _____
liability and have _____ control over day-to-day operations.
limited; no
no; total
unlimited; no
limited; total
unlimited; total

2.Which one of these is a correct definition?

Long-term debt is defined as a residual claim on a firms
assets.
Net working capital equals current assets plus current
liabilities.
Current liabilities are debts that must be repaid in 18 months
or less.
Tangible assets are fixed assets such as patents.
Current assets are assets with short lives, such as inventory.
3. The owners of a limited liability company generally prefer:
being taxed personally on all business income.
having liability exposure similar to that of a general partner.
having liability exposure similar to that of a sole proprietor.
being taxed like a corporation.
being taxed like a corporation with liability like a
partnership.
4. Which one of the following is least apt to help convince
managers to work in the best interest of the stockholders?pay
raises based on length of service
implementation of a stock option plan

 threat of a proxy fight

management compensation tied to the market value of the
firms stock
threat of a takeover of the firm by unsatisfied stockholders
5.
a. Compute the future value of $2,000 compounded annually for
20 years at 4 percent. (Do not round intermediate calculations
and round your answer to 2 decimal places, e.g., 32.16.)
Future value

$_________

b. Compute the future value of $2,000 compounded annually for

15 years at 10 percent. (Do not round intermediate calculations
and round your answer to 2 decimal places, e.g., 32.16.)
Future value

$_________

c. Compute the future value of $2,000 compounded annually for

25 years at 4 percent. (Do not round intermediate calculations
and round your answer to 2 decimal places, e.g., 32.16.)
Future value

$_________

6. The financial statement summarizing a firm's

accounting performance over a period of time is
the:
statement of equity..
income statement.

 tax reconciliation statement.

balance sheet.
statement of cash flows.
7. First City Bank pays 8 percent simple interest on its savings
account balances, whereas Second City Bank pays 8 percent
interest compounded annually.
If you made a $74,000 deposit in each bank, how much more
money would you earn from your Second City Bank account at
the end of 8 years? (Do not round intermediate calculations and
round your answer to 2 decimal places, e.g., 32.16.)
Difference in accounts

$_________

8. Winslow, Inc. stock is currently selling for $40 a share. The

stock has a dividend yield of 3.8 percent. How much dividend
income will you receive per year if you purchase 500 shares of this
stock?
$1,053
$152
$190
$329
$760

9. You bought 360 shares of stock at a total cost of $7,754.40. You

received a total of $403.20 in dividends and sold your shares for
$19.98 a share. What was your total rate of return?
5.38%
7.24%
-1.29%
3.67%
-2.04%
10. According to generally accepted accounting principles
(GAAP), revenue is recognized as income when:
income taxes are paid on the revenue earned.
the transaction is complete and the goods or services are
delivered.
a contract is signed to perform a service or deliver a good.
payment is requested.
managers decide to recognize it.

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