Chapter 03 Long term financial planning exercise answer.docx
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1、Chapter 03 Long term financial planning exercise answer Chapter 03 Long-Term Financial Planning and Growth Multiple Choice Questions 1. Which one of the following terms is applied to the financial planning method which uses the projected sales level as the basis for determining changes in balance sh
2、eet and income statement account values? A. percentage of sales method B. sales dilution method C. sales reconciliation method D. common-size method E. trend method 2. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? A. dividend retention ratio B
3、. dividend yield C. dividend payout ratio D. dividend portion E. dividend section 3. Which one of the following correctly defines the retention ratio? (5) A. one plus the dividend payout ratio B. addition to retained earnings divided by net income C. addition to retained earnings divided by dividend
4、s paid D. net income minus additions to retained earnings E. net income minus cash dividends 1 4. The internal growth rate of a firm is best described as the: A. minimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant
5、equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum growth rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. 5. The sustainable
6、 growth rate of a firm is best described as the: A. minimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum grow
7、th rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. 6. You are developing a financial plan for a corporation. Which of the following questions will be considered as you develop thi
8、s plan? I. How much net working capital will be needed? II. Will additional fixed assets be required? III. Will dividends be paid to shareholders? IV. How much new debt must be obtained? A. I and IV only B. II and III only C. I, III, and IV only D. II, III, and IV only E. I, II, III, and IV 2 7. Fin
9、ancial planning: A. focuses solely on the short-term outlook for a firm. B. is a process that firms employ only when major changes to a firm#39;s operations are anticipated. C. is a process that firms undergo once every five years. D. considers multiple options and scenarios for the next two to five
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