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1. FIN 571 Final Exam
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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 firm’s 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.

2.  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
 managementcompensation tied to the market value of the firm’s 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 annuallyfor 25 years at 4
percent. (Do not round intermediate calculations and round your answerto
2 decimal places, e.g., 32.16.)
Future value $_________

3. 6. For each of the following, compute the present value (Do not round
intermediate calculations and round your answers to 2 decimal places,e.g.,
32.16.):
Present Value Years Interest Rate Future value
 $_________ 14 8 % $15,551
 $_________ 5 14 $52,557
 $_________ 30 15 $887,073
 $_________ 35 8 $551,164
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

4. 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 generallyaccepted accountingprinciples (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.
11. Sankey, Inc., has current assets of $4,230, net fixed assets of $25,700,
current liabilities of $3,500, and long-term debt of $14,400. (Do not round
intermediate calculations.)
 What is the value of the shareholders' equity account for this firm?
 Shareholders' equity $_________
 How much is net working capital?
 Net working capital $_________
12. The financial statement summarizing a firm's accounting performance
over a period of time is the:
 statement of equity..

5.  income statement.
 tax reconciliation statement.
 balance sheet.
 statement of cash flows.
13. Net working capital is defined as:
 current assets minus current liabilities.
 total assets minus total liabilities.
 fixed assets minus long-term liabilities.
 current assets plus stockholders' equity.
 current assets plus fixed assets.
14. Jessica's Boutique has cash of $59, accounts receivable of $62, accounts
payable of $210, and inventory of $140. What is the value of the quick
ratio?
 .30
 1.82
 .67
 .58
 1.24
15. Al's Sport Store has sales of $2,940, costs of goods sold of $2,090,
inventory of $526, and accounts receivable of $445. How many days, on
average, does it take the firm to sell its inventory assuming that all sales
are on credit?
 90.6
 65.3
 119.9
 91.9
 120.4

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