Jan 17, 2018 sample paper

# ssume a firm is developing, manufacturing, and selling a basic software package at \$500 per copy.

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11. Assume a firm is developing, manufacturing, and
selling a basic software package at \$500 per copy. Raw materials and direct
labor total \$200 per copy. Fixed costs are \$250,000. If the firm sells 5,000
units per year, what will be the operating profit?

a. \$1,250,000

b. \$1,500,000

c. \$2,250,000

d. \$2,500,000

12. Assume a firm is developing, manufacturing,
and selling a basic software package at \$300 per copy. Raw material and direct
labor total \$100 per unit. Fixed costs are \$150,000. If unit sales are 3,000
per year, what will be the break-even point in units?

a. 375 units

b. 500 units

c. 750 units

d. 800 units

13. The current ratio of a firm with current
assets of \$300,000, current liabilities of \$100,000, and inventory of \$100,000
is:

a. 1:1

b. 2:1

c. 3:1

d. 4:1

14. The quick ratio of a firm with current assets
of \$300,000, current liabilities of \$100,000 and inventory of \$100,000 is:

a. 1:1

b. 2:1

c. 3:1

d. 4:1

15. If a firm’s sales are \$2,000,000, its cost of
goods sold is \$1,500,000, and its total assets are \$1,000,000, what is total
asset turnover?

a. 2.0 times

b. 1.5 times

c. 0.5 times

d. .67 times

16. If a firm’s sales are \$2,000,000, its cost of
goods sold is \$1,500,000, and its fixed assets are \$1,000,000, what is fixed
asset turnover?

a. 2.0 times

b. 1.5 times

c. 0.5 times

d. .67 times

17. If a firm’s inventories on hand are \$200,000,
its cost of goods sold is \$600,000, and its sales are \$800,000, what is the
inventory turnover using cost of goods sold?

a. 2 times

b. 3 times

c. 4 times

d. 5
times

18. In cost-volume-profit analysis, a firm “breaks
even” when its total revenues:

a. equal variable costs

b. equal total costs

c. equal fixed costs

d. are less than the sum of variable and fixed
costs

19. Which item is not included in the calculation
for both the quick ratio and the current ratio?

a. accounts receivable

b. current assets

c. inventories

d. current liabilities

20. Management of current assets does not involve
which one of the following areas?

a. cash and marketable securities

b. accounts receivable

c. inventory

d. plant and equipment

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