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Question 1 of 20 Defective house wiring is an example of a: A. hazard. B. peril. C. risk. D. speculation. Question 2 of 20 Which of the following would be covered by a home insurance policy? A.Hospital expenses for surgery B. Damage to another person's car when driving C. Accidental injury to a coworker on the job D. Wind damage to your roof Question 3 of 20 An umbrella policy is designed to cover: A. expensive personal property. B. additional buildings on your property. C. property when traveling away from home. D. major personal liability suits. Question 4 of 20 Renter's insurance would include coverage for: A. flood damage. B. personal property. C. building and other structures. D. earthquake damage. Question 5 of 20 Joan Stone owns a home in Edmond, Oklahoma. She is worried her property might be damaged due to some unforeseen event. This worry about a loss is an example of: A. a peril. B. a hazard. C. a risk. D. a premium. Question 6 of 20 has bought a ...

Antigua Trading Co. recently received its bank statement for the month of July 2001. However, the bank balance as stated in its cash book differ from the balance which appeared on the bank statement. The accountant of Antigua Trading Co. discovered the following items that accounted for the difference in the two balances: (i) Nine cheques totalling $14,823, which had been issued during the month of July 2001 did not appear on the bank statement. (ii) An overseas debtor of the firm had her bank transfer funds to the bank of Antigua Trading to settle a debt of $8,178. (iii) The bank through a standing order had paid the firm’s insurance premium of $3,515. (iv) A cheque for $6,238 drawn on the account of Antigua Trust Co. was incorrectly debited by the bank to the account of Antigua Trading Co. (v) A cheque received from a customer for $2,504 was lodged to the bank account but it was incorrectly recorded in the books of the firm as $2,584. (vi) Bank charges of $180 were debi...

A financial manager at General Talc Mines has gathered the financial data essential to prepare a pro forma balance sheet for cash and profit planning purposes for the coming year ended December 31, 2004. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet in order to answer the following multiple choice questions. (a) The firm estimates sales of $1,000,000. (b) The firm maintains a cash balance of $25,000. (c) Accounts receivable represents 15 percent of sales. (d) Inventory represents 35 percent of sales. (e) A new piece of mining equipment costing $150,000 will be purchased in 2004. Total depreciation for 2004 will be $75,000. (f) Accounts payable represents 10 percent of sales. (g) There will be no change in notes payable, accruals, and common stock. (h) The firm plans to retire a long term note of $100,000. (i) Dividends of $45,000 will be paid in 2004. (j) The firm predicts a 4 percent net profit margin. Balance ...

It’s been 2 months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesitant about unleashing you without supervision. Your next assignment involves both the calculation of the cash flows associated with a new investment under consideration and the evaluation of several mutually exclusive projects. Given your lack of tenure at Caledonia, you have been asked not only to provide a recommendation but also to respond to a number of questions aimed at judging your understanding of the capital-budgeting process. The memorandum you received outlining your assignment follows: To: The Assistant Financial Analyst From: Mr. V. Morrison, CEO, Caledonia Products Re: Cash Flow Analysis and Capital Rationing We are considering the introduction of a new product. Currently we are in the 34 percent marginal tax bracket with a 15 percent required rate of return or cost of capital. ...

1) The goal of the firm should be A. maximization of profits B. maximization of shareholder wealth C. maximization of consumer satisfaction D. maximization of sales 2) An example of a primary market transaction is A. a new issue of common stock by AT&T B. a sale of some outstanding common stock of AT&T C. AT&T repurchasing its own stock from a stockholder D. one stockholder selling shares of common stock to another individual 3) According to the agency problem, _________ represent the principals of a corporation. A. shareholders B. managers C. employees D. suppliers 4) Which of the following is a principle of basic financial management? A. Risk/return tradeoff B. Derivatives C. Stock warrants D. Profit is king 5) Another name for the acid test ratio is the A. current ratio B. quick ratio C. inventory turnover ratio D. average collection period 6) The accounting rate of return on ...

The WXY Corporation has fixed costs of $50. Its total variable costs (TVC) vary with output as shown in the following table. Output/TVC 1 / $0 2 / 70 3 / 110 4 / 160 5 / 220 Refer to the table. The average total cost of 4 units of output is: A) $27.50 B) $40.00 C) $52.50 D) $210.00 2 Use the following graph to answer the next question: The diagram shows the short-run average total cost curves for five different plant sizes for a firm. The firm experiences economies of scale over the range of plant sizes: A) 1 through 2 only B) 1 through 3 only C) 1 through 5 D) 3 through 5 only 3 Explicit costs and implicit costs: A) are alike in that both represent opportunity costs B) are alike in that both reflect an outlay of cash C) are alike in that both are deducted from revenue to find accounting profit D) differ in that only explicit costs are deducted from revenue to find economic profit 4 Suppose that a business incurred implicit costs of $300,000 ...

ACCT320 Strategic Management Accounting Chapter 13 Target Costing Hydraulic Solutions manufactures hydraulic components for large automated machine tools. Hydraulics' sales for its main valve are declining because of aggressive pricing by competitors. Hydraulics’ valve sells for $775 compared to the competitor’s price of $605 for the same valve. The marketing manager has determined that a decrease to a new price of $600 is necessary to regain market share and annual sales of 3,200 units. Hydraulic Solutions uses Activity Based Costing (ABC) to determine product costs and profitability. Current cost data based on sales of 3,200 valves follows: Actual Cost Item (cost driver) ABC Rate Actual Cost Driver Usage activity. Direct materials (square feet of sheet metal) 66.50 12,000 sq. ft Direct labor 20.00 ...