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 takes into account that some possible variations are more likely than others. 
B  It helps to identify effects that changes in underlying assumptions have on NPV. 
C  It takes into account changes in only one assumption at a time while other assumptions remain unchanged. 
D  It helps to calculate the impact of a decline in the selling price by e.g. 5 % on project profitability. 
E  It helps to identify factors that influence project profitability. 
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  $ 150.4 
D  $ 153.2 
E  $ 140.6 
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  Sensitivity analysis considers changes in several factors whereas scenario analysis only deliberates changes in one factor at a time. 
C  Sensitivity analysis usually considers more current information than scenario analysis. 
D  Scenario analysis usually considers more current information than sensitivity analysis. 
E  Scenario analysis is used in condition of uncertainty whereas sensitivity analysis is only used for definite changes in underlying assumptions. 
Frage 4 
What conclusions can be drawn out of the knowledge that a company has high operating leverage?
A  Once the company has passed its breakeven point further sales will largely turn into profit. 
B  The company has relatively high fixed costs in comparison to its total costs. 
C  The company has relatively low operating costs. 
D  The company is more sensitive to changes in the sales volume. 
E  The company will reach its breakeven point earlier than a company with low operating leverage. 
Frage 5 
What can present values be used for?
A  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. 
B  Present value can be used to find out what a future cash flow would be worth today. 
C  Present value can be used to compare investment possibilities. 
D  Present value can be used to find the best repayment possibility for a loan. 
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  Return on financial assets is the quotient of interest yield and financial assets. 
B  Return on equity is the proportion of net profit in comparison to shareholders’ equity. 
C  Gross operating margin is the quotient of sales revenues and net profit. 
D  Net operating margin is the quotient of sales revenues and operating income. 
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  Research and development expenses 
B  Expenditures for current production and distribution costs 
C  Expenditures for real estate 
D  Expenditures for investments and longterm investments 
E  Expenditures for current assets 
Frage 8 
Which of the following statements about business valuation apply for the net present value method?
A  The company’s present value of future profits is calculated by the difference of future profits and current returns.

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