Financial Planning and Analysis
Financial Planning and Analysis
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Frage 1 
Which of the following is/are (an) advantage/s of sensitivity analysis?
A  It helps to identify factors that influence project profitability. 
B  It takes into account changes in only one assumption at a time while other assumptions remain unchanged. 
C  It helps to calculate the impact of a decline in the selling price by e.g. 5 % on project profitability. 
D  It helps to identify effects that changes in underlying assumptions have on NPV. 
E  It takes into account that some possible variations are more likely than others. 
Frage 2 
If an investment of $ 100 at a compound interest rate of 6 % is made, what is the value of the account after 7 years? (rounded to one decimal)
A  $ 142.0 
B  $ 160.0 
C  $ 140.6 
D  $ 153.2 
E  $ 150.4 
Frage 3 
What is/are the main difference/s between scenario analysis and sensitivity analysis?
A  Sensitivity analysis considers changes in only one factor whereas scenario analysis deliberates changes in several factors at a time. 
B  Scenario analysis is used in condition of uncertainty whereas sensitivity analysis is only used for definite changes in underlying assumptions. 
C  Scenario analysis usually considers more current information than sensitivity analysis. 
D  Sensitivity analysis considers changes in several factors whereas scenario analysis only deliberates changes in one factor at a time. 
E  Sensitivity analysis usually considers more current information than scenario analysis. 
Frage 4 
What conclusions can be drawn out of the knowledge that a company has high operating leverage?
A  The company will reach its breakeven point earlier than a company with low operating leverage. 
B  Once the company has passed its breakeven point further sales will largely turn into profit. 
C  The company has relatively high fixed costs in comparison to its total costs. 
D  The company is more sensitive to changes in the sales volume. 
E  The company has relatively low operating costs. 
Frage 5 
What can present values be used for?
A  Present value can be used to compare investment possibilities. 
B  Present value can be used to find the best repayment possibility for a loan. 
C  Present value can be used to find out what a future cash flow would be worth today. 
D  Present value can be used to find out how much money has to be put aside today in order to have a specified amount in the future. 
E  Present value can be used to find out how much money has been put aside to receive a payment of $ 20 000 after 12 years when the interest rate was 6 %. 
Frage 6 
Which of the following statements about financial ratios are true?
A  Net operating margin is the quotient of sales revenues and operating income. 
B  Return on equity is the proportion of net profit in comparison to shareholders’ equity. 
C  Return on financial assets is the quotient of interest yield and financial assets. 
D  Gross operating margin is the quotient of sales revenues and net profit. 
E  Return on assets is the quotient of net profit and total assets. 
Frage 7 
Capital absorbing expenditures to be capitalized (or that may be capitalized) are...
A  Expenditures for current assets 
B  Expenditures for real estate 
C  Research and development expenses 
D  Expenditures for current production and distribution costs 
E  Expenditures for investments and longterm investments 
Frage 8 
Which of the following statements about business valuation apply for the net present value method?
A  Decisive factor is the profit estimate for the achievable ongoing result that is to be expected at normal company performance. 
B  Decisive factor is the customary interest rate. 
C  The company value consists of the sum of the expected discounted period surpluses. 
D  The company’s present value of future profits is calculated by the difference of future profits and current returns.

E  The amount of profit is used as a success factor. 
Frage 9 
Which of the following statement/s concerning the investment principle is/are true?
A  The investment principle is one of the three first principles of corporate finance. 
B  The investment principle indicates that a project’s return should be greater than the hurdle rate to be reasonable. 
C  The investment principle answers the question of how much money should be reinvested into the business. 
D  The investment principle should help a business decide where to invest their resources in order to maximize the value of the business. 
E  The investment principle indicates that every business has to choose an appropriate financing mix including parts of borrowed money and owner’s funds. 
Frage 10 
Concerning the shareholder value approach: assess which of the following magnitudes has/have decisive influence on the market value of equity:
A  Priceearnings ratio 
B  Duration of capital tieup 
C  Return on equity 
D  Book value per share 
E  Price/book ratio (P/B) 
Frage 11 
Which of the following statements about capital, financial and cash requirements is/are true?
A  Capital requirements are the difference of capital absorbing expenditures and capital releasing revenues. 
B  Cash requirements of a point in time are determined by the expenditures incurred at that time. They have to be covered in order to guarantee solvency. 
C  Financial requirements are to be covered by capital injecting revenues. 
D  Financial requirements are drawn from the changes in capital requirements over the passage of time. 
Frage 12 
Which of the following statements concerning the idea and character of investments are correct?
A  Investments alter the production and selling capacity of an enterprise in an either quantitative or qualitative manner. 
B  Investments are also understood as expenditures that result in capital lookups. 
C  Offbalancesheet investments are fixed investments. 
D  Subject matter is the procurement of potential factors of production such as, in particular, operating funds, planning of the plant size and the development of a distribution system. 
E  Fixed investments show components in real terms and can only be captured with financial categories. 
Frage 13 
Which statements about internal financing are true?
A  Autofinancing is realized through the creation of visible reserves. 
B  In corporate financing, internal financing generally takes on a significantly bigger portion than debt financing. 
C  Internal financing is the opposite of cash flow financing. 
D  Internal financing is realized through a delayed distribution of profits. 
E  Internal financing is realized through the creation of hidden reserves. 
Frage 14 
Which of the following are components oft the financial equilibrium?
A  Profitability requires that a reasonable distribution of profit is possible without harming the necessity for retained earnings. 
B  Without profitability there is no chance for solvency in the long run, either. 
C  Without longterm solvency shortterm solvency is not met either. 
D  Longterm solvency is geared to the structural coherences between capital stock and employment of capital. It is particularly relevant for credit ratings. 
E  Shortterm solvency is a company’s ability to meet compelling payment obligations without restriction at the specified time they become due. 
Frage 15 
There are important imponderable factors when is comes to making investment decisions. Which of the following statements do apply?
A  Further training measures have nonmonetary effects on investments. 
B  An increase in the crash safety has nonmonetary effects on investments. 
C  Strategic intuitive investments have nonmonetary effects on investments. 
D  Nonmonetary investment goals are prestige, power and independency. 
E  A simplification of the appliance has nonmonetary effects on investments. 
Frage 16 
Which oft he following statements about capital budgeting are correct?
A  The cost effectiveness study asks for the profitability of investments with acquisition costs being calculated. 
B  Business valuation asks for the value in order to subsequently deviate the price. 
C  A simultaneous model is a optimal model that consists out of a system of linear equations. 
D  Static models consider the time flow of investment process and the subsequent disinvestment process. 
E  In praxis the multiple stage approaches are predominant; simple structure in the algorithm and a low information demand. 
Frage 17 
To the dynamic calculations of the cost effectiveness study count:
A  Net present value method 
B  Payoff time method (payback period rule) 
C  Annuity method 
D  Current interest model 
E  Profitability calculation 
Frage 18 
Which statement/s concerning the comparative cost methods is/are correct?
A  At continuous depreciation and a salvage value of zero, the average interest per period would be: interest rate x acquisition costs divided by 2. 
B  The alternative with the lowest cost will be chosen. 
C  The average interest per period is calculated by multiplying the interest rate with the acquisition costs. 
D  The average depreciation per period is calculated as the difference of the acquisition cost and the salvage value divided by the number of periods in use. 
E  The costs include operating expenses (material and labour expenses) and costs of capital (depreciation and interest expenses). 
Frage 19 
Which statement/s about breakeven analysis in the course of the profit comparison method is/are correct?
A  The safety coefficient indicates how many percent costs may decline per period until a loss occurs. 
B  Contribution margin ratio = contribution margin / sales 
C  Breakeven point = fixed cost / variable cost 
D  The contribution margin ratio indicates the increase in profit per unit of additional turnover. 
E  Safety coefficient S = costs per period/ contribution margin per period 
Frage 20 
Which statements concerning the cost effectiveness study do apply?
A  An investment is profitable every time its net present value is zero. 
B  The amount of the adequate target rate in the net present value method is designated by the return of alternative investments of the funds. 
C  The adequate target rate is an expression of the cap rate of the investment. 
D  A disadvantage of the net present value method is that the current market value is considered. 
E  The higher the adequate target rate the higher the net present value. 
Frage 21 
Which statements about the annuity method are applicable?
A  It is a variation of the static method. 
B  Its calculation is done with the help of capital recovery factors which result as the reciprocal of the present value of annuity factor. 
C  The single investment is negative if its annuity is negative. 
D  The net present value is converted into yearly increasing payments. 
E  Annuity A = net present value Co / present value of annuity factor. 
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