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Chapter 05 Operating and Financial Leverage
Student: ___________________________________________________________________________
| 1. | The concept of operating leverage involves the use of __________ to magnify returns at high levels of operation.
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| 2. | In break-even analysis the contribution margin is defined as:
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| 3. | At the break-even point, a firm’s profits are:
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| 4. | If a firm has a break-even point of 20,000 units and the contribution margin on the firm’s single product is $3.00 per unit and fixed costs are $60,000, what will the firm’s net income be at sales of 30,000 units?
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| 5. | If sales volume exceeds the break-even point, the firm will experience:
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| 6. | The break-even point can be calculated as:
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| 7. | A highly automated plant would generally have:
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| 8. | Which of the following is concerned with the change in operating profit as a result of a change in volume?
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| 9. | The degree of operating leverage is computed as:
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| 10. | Firm A employs a high degree of operating leverage; Firm B takes a more conservative approach. Which of the following comparative statements about firms A and B is true?
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| 11. | Firms with a high degree of operating leverage are:
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| 12. | If EBIT equals $140,000 and interest equals $21,000, with a tax rate of 31%, what is the degree of financial leverage?
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| 13. | Financial leverage is concerned with the relation between:
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| 14. | Heavy use of long-term debt may be beneficial in an inflationary economy because:
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| 15. | A conservative financing plan involves:
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| 16. | Combined leverage is concerned with the relationship between:
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| 17. | A firm would be indifferent between financing plans when:
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| 18. | If the business cycle were just beginning its upswing, which firm would you anticipate would be likely to show the best growth in EPS over the next year? Firm A has high combined leverage and Firm B has low combined leverage.
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| 19. | If fixed costs rise while other variables stay constant:
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| 20. | Under which of the following conditions could the overuse of financial leverage be detrimental to the firm?
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| 21. | Cash break-even analysis:
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| 22. | The degree of operating leverage may be defined as:
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| 23. | Conservatively leveraged Firm C and highly leveraged Firm H operate at the same level of earnings before interest and taxes where the return on assets is greater than the cost of debt.
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| 24. | Which of the following is not true about leverage?
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| 25. | When a firm employs no debt:
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| 26. | If the price per unit decreases because of competition but the cost structure remains the same:
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| 27. | Which of the following is true about the concept of leverage?
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| 28. | A firm’s indifference point between debt and equity financing plans would occur when the:
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| 29. | The Degree of Operating Leverage is:
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| 30. | The Degree of Financial Leverage is:
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| 31. | The Degree of Combined Leverage is:
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| 32. | This firm’s break-even point is:
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| 33. | The Degree of Operating Leverage (DOL) is:
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| 34. | The Degree of Financial Leverage (DFL) is:
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| 35. | The Degree of Combined Leverage (DCL) is:
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| 36. | Which of the following questions does break-even analysis not attempt to address?
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| 37. | If a firm has fixed costs of $30,000, a price of $4.00, and a break-even point of 15,000 units, the variable cost per unit is:
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| 38. | If a firm has fixed costs of $20,000, variable cost per unit of $0.50, and a break-even point of 5,000 units, the price is:
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| 39. | If a firm has a price of $4.00, variable cost per unit of $2.50, and a break-even point of 20,000 units, fixed costs are equal to:
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| 40. | Financial leverage primarily affects the _________ while operating leverage primarily affects the __________.
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| 41. | Operating leverage primarily affects the __________ while financial leverage primarily affects the __________.
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| 42. | Financial leverage is determined to a large extent by the firm’s:
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| 43. | A weakness of break-even analysis is that it assumes:
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| 44. | Financial leverage deals with:
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| 45. | A high DOL means:
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| 46. | In break-even analysis the contribution margin is defined as:
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| 47. | If the contribution margin on the firm’s single product is $2.00 per unit and fixed costs are $60,000, what will the firm’s net income be at sales of 30,000 units?
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| 48. | If sales volume is less than the break-even point, the firm will experience:
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| 49. | A plant relying mostly on manual labour would generally have:
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| 50. | If EBIT equals $280,000 and interest equals $20,000, with a tax rate of 31%, what is the degree of financial leverage?
|
| 51. | Heavy use of long-term debt may be detrimental in a deflationary economy because:
|
| 52. | If fixed costs decreases while other variables stay constant:
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| 53. | If the price per unit increases but the cost structure remains the same:
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| 54. | The Degree of Operating Leverage is:
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| 55. | The Degree of Financial Leverage is:
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| 56. | The Degree of Combined Leverage is:
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| 57. | Lever Products (LP) is considering the elimination of a press machine. The new press machine should reduce depreciation expenses by $80,000 annually. If LP’s total fixed costs were $420,000 last year, what would LP’s new break-even point in units if the contribution margin is 3.75 per unit?
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| 58. | If a firm has a 30% change in operating income, and its Degree of Operating Leverage is 3.63, what was its percentage change in unit volume, all other things considered?
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| 59. | Sales volumes lower than the break-even point result in a firm having ___________________.
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| 60. | ECG has a contribution margin of $196,000. If ECG earned $87,000 before taxes in the year, what is the firm’s Degree of Combined Leverage?
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| 61. | Operating Leverage is the use of fixed costs to magnify returns at high levels of operation. True False |
| 62. | Operating Leverage works best when volume is increasing. True False |
| 63. | Linear break-even analysis assumes that costs are linear functions of volume. True False |
| 64. | The closer a firm is to its break-even point, the lower the degree of operating leverage will be. True False |
| 65. | The degree of operating leverage is a number indicating the relationship between the percentage changes in sales to the percentage change in earnings per share. True False |
| 66. | Operating leverage is concerned with the use of capital assets in the business. True False |
| 67. | Operating leverage determines how income from operations is to be divided between debt holders and shareholders. True False |
| 68. | Financial leverage is concerned with the use of debt in the business. True False |
| 69. | The degree of financial leverage measures the percentage change in EPS for every 1 percent move in EBIT. True False |
| 70. | Financial leverage primarily affects the left-hand side of the balance sheet. True False |
| 71. | If a firm has a DFL of 2.0, EPS will change 2% for every 1% change in volume. True False |
| 72. | Operating income is not the same thing as EBIT. True False |
| 73. | Operating leverage influences the bottom half of the income statement while financial leverage deals with the top half. True False |
| 74. | The degree of combined leverage is the sum of the degree of operating leverage and the degree of financial leverage. True False |
| 75. | Firms with cyclical sales should employ a high degree of leverage. True False |
| 76. | If economic conditions were expected to be favourable, an investor would likely prefer a firm with a low degree of leverage. True False |
| 77. | The contribution margin is equal to price per unit minus total costs per unit. True False |
| 78. | As the contribution margin rises, the break-even point goes down. True False |
| 79. | Managers who are risk averse and uncertain about the future would most likely minimize combined leverage. True False |
| 80. | Cash break-even analysis eliminates the amortization expense and other non-cash charges from capital costs. True False |
| 81. | The analysis of operating leverage assumes that relationships between revenues and costs are constant. True False |
| 82. | Linear break-even analysis and operating leverage are only valid within a relevant range of production. True False |
| 83. | Operating leverage primarily affects the left hand side of the balance sheet while financial leverage affects the right hand side of the balance sheet. True False |
| 84. | The degree of financial leverage is not influenced by the interest rate on debt, only the amount borrowed. True False |
| 85. | Use of financial leverage must consider risk, not just maximizing profit. True False |
| 86. | A lower price for the firm’s product will reduce the firm’s break-even point. True False |
| 87. | Operating leverage will change when a firm alters the mix of capital resources and labour that it uses. True False |
| 88. | A firm with a high degree of combined leverage will, other things being equal, experience higher earnings in the expansionary part of the business cycle. True False |
| 89. | A firm with a high degree of financial leverage could face financial difficulty even though it is in a stable industry. True False |
| 90. | Management should tailor the use of leverage to meet its own risk-taking desires. True False |
| 91. | For firms in industries that offer some degree of stability, are in a positive stage of growth, and are operating in favourable economic conditions, the use of debt is not needed or recommended. True False |
| 92. | The interwoven boundaries of banks and different trading companies in Japan make it easier to acquire credit in Japan than in Canada. True False |
| 93. | For Japanese firms that have high levels of operating and financial leverage, maintaining sales volume is of critical importance even at the cost of price cuts. True False |
| 94. | Greater leverage can be used by firms in periods of strong economic growth? True False |
| 95. | Raw materials used in the manufacturing process are generally classified as fixed costs. In contrast, property taxes are classified as variable costs. True False |
| 96. | Break even in dollars is calculated by dividing sales by the contribution margin in percentage terms. True False |
| 97. | Leverage is a strategic choice made by management based on assessment of risk and potential positive cash flows and the availability of financing True False |
| 98. | The combined leverage is the result of the reduction in earnings from fixed costs and from amortization expense. True False |
| 99. | Nonlinear break-even analysis is the use of break-even analysis based on the assumption that cost and revenue relationships to quantity sold may vary at different levels of sales. True False |
| 100. | From the following income statement for 2005, calculate:
A) Degree of financial leverage
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| 101. | Heister Corporation produces class rings to sell to college and high school students. These rings sell for $75 each, and cost $35 each to produce. Heister has fixed costs of $50,000.
A) Calculate Heister’s break-even point.
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| 102. | A new restaurant is ready to open for business. It is estimated that the food cost (variable cost) will be 40% of sales, while fixed cost will be $450,000. The first year’s sales estimates are $1,250,000. The cost to start up this restaurant will be $2,000,000. Two financing alternatives are being considered: (a) 50% equity financing and 50% debt at 12%, or (b) all equity financing. Common stock can be sold at $5 per share.
A) Compute break-even point.
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| 103. | Jim Wilson is considering the possibility of opening his own machine shop. He expects first-year sales to be $600,000, and he feels that his variable costs will be approximately 50% of sales. His fixed costs in the first year will be $250,000. Jim is considering two ways of financing the firm: (a) 60% equity financing and 40% debt at 14%, or (b) 100% equity financing. He can sell common stock to his relatives for $10 per share. Either way, he will need to raise $800,000. A) Compute his break-even point in dollars.
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| Doug Robinson is considering the possibility of opening his own manufacturing facility. He expects first-year sales to be $800,000, and he feels that his variable costs will be approximately 40% of sales. His fixed costs in the first year will be $200,000. Doug is considering two ways of financing the firm: (a) 40% equity financing and 60% debt at 10%, or (b) 100% equity financing. He can sell common stock to his relatives for $10 per share. Either way, he will need to raise $1,000,000. |
| 104. | Compute his break-even point in dollars.
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| 105. | Calculate the Degree of Operating Leverage at the expected first-year sales volume.
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| 106. | Calculate the Degree of Financial Leverage and the Degree of Combined Leverage under each of the possible financing plans.
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| 107. | Explain the implications of your answers if the machine shop business is highly cyclical.
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Chapter 05 Operating and Financial Leverage Key
| 1. | The concept of operating leverage involves the use of __________ to magnify returns at high levels of operation.
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #1 Difficulty: Easy Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 2. | In break-even analysis the contribution margin is defined as:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #2 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Memory |
| 3. | At the break-even point, a firm’s profits are:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #3 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Memory |
| 4. | If a firm has a break-even point of 20,000 units and the contribution margin on the firm’s single product is $3.00 per unit and fixed costs are $60,000, what will the firm’s net income be at sales of 30,000 units?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #4 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 5. | If sales volume exceeds the break-even point, the firm will experience:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #5 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 6. | The break-even point can be calculated as:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #6 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Memory |
| 7. | A highly automated plant would generally have:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #7 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-04 A More Conservative Approach Type: Concept |
| 8. | Which of the following is concerned with the change in operating profit as a result of a change in volume?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #8 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 9. | The degree of operating leverage is computed as:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #9 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Memory |
| 10. | Firm A employs a high degree of operating leverage; Firm B takes a more conservative approach. Which of the following comparative statements about firms A and B is true?
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| Accessibility: Keyboard Navigation Block – Chapter 05 #10 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 11. | Firms with a high degree of operating leverage are:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #11 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-05 The Risk Factor Type: Concept |
| 12. | If EBIT equals $140,000 and interest equals $21,000, with a tax rate of 31%, what is the degree of financial leverage?
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| Accessibility: Keyboard Navigation Block – Chapter 05 #12 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 13. | Financial leverage is concerned with the relation between:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #13 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 14. | Heavy use of long-term debt may be beneficial in an inflationary economy because:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #14 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-10 Impact on Earnings Type: Concept |
| 15. | A conservative financing plan involves:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #15 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-10 Impact on Earnings Type: Concept |
| 16. | Combined leverage is concerned with the relationship between:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #16 Difficulty: Easy Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Memory |
| 17. | A firm would be indifferent between financing plans when:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #17 Difficulty: Medium Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-12 The Indifference Point Type: Concept |
| 18. | If the business cycle were just beginning its upswing, which firm would you anticipate would be likely to show the best growth in EPS over the next year? Firm A has high combined leverage and Firm B has low combined leverage.
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #18 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 19. | If fixed costs rise while other variables stay constant:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #19 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 20. | Under which of the following conditions could the overuse of financial leverage be detrimental to the firm?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #20 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 21. | Cash break-even analysis:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #21 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-06 Cash Break-Even Analysis Type: Concept |
| 22. | The degree of operating leverage may be defined as:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #22 Difficulty: Hard Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 23. | Conservatively leveraged Firm C and highly leveraged Firm H operate at the same level of earnings before interest and taxes where the return on assets is greater than the cost of debt.
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| Accessibility: Keyboard Navigation Block – Chapter 05 #23 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-04 A More Conservative Approach Type: Concept |
| 24. | Which of the following is not true about leverage?
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| Accessibility: Keyboard Navigation Block – Chapter 05 #24 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 25. | When a firm employs no debt:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #25 Difficulty: Easy Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 26. | If the price per unit decreases because of competition but the cost structure remains the same:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #26 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 27. | Which of the following is true about the concept of leverage?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #27 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 28. | A firm’s indifference point between debt and equity financing plans would occur when the:
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| Accessibility: Keyboard Navigation Block – Chapter 05 #28 Difficulty: Medium Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-12 The Indifference Point Type: Concept |
| Block – Chapter 05 |
| 29. | The Degree of Operating Leverage is:
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| Block – Chapter 05 #29 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 30. | The Degree of Financial Leverage is:
|
| Block – Chapter 05 #30 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 31. | The Degree of Combined Leverage is:
|
| Block – Chapter 05 #31 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Concept |
| Block – Chapter 05 |
| 32. | This firm’s break-even point is:
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| Block – Chapter 05 #32 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 33. | The Degree of Operating Leverage (DOL) is:
|
| Block – Chapter 05 #33 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 34. | The Degree of Financial Leverage (DFL) is:
|
| Block – Chapter 05 #34 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 35. | The Degree of Combined Leverage (DCL) is:
|
| Block – Chapter 05 #35 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 36. | Which of the following questions does break-even analysis not attempt to address?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #36 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 37. | If a firm has fixed costs of $30,000, a price of $4.00, and a break-even point of 15,000 units, the variable cost per unit is:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #37 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 38. | If a firm has fixed costs of $20,000, variable cost per unit of $0.50, and a break-even point of 5,000 units, the price is:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #38 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 39. | If a firm has a price of $4.00, variable cost per unit of $2.50, and a break-even point of 20,000 units, fixed costs are equal to:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #39 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 40. | Financial leverage primarily affects the _________ while operating leverage primarily affects the __________.
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #40 Difficulty: Medium Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 41. | Operating leverage primarily affects the __________ while financial leverage primarily affects the __________.
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #41 Difficulty: Medium Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 42. | Financial leverage is determined to a large extent by the firm’s:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #42 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Memory |
| 43. | A weakness of break-even analysis is that it assumes:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #43 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-08 Limitations of Analysis Type: Concept |
| 44. | Financial leverage deals with:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #44 Difficulty: Easy Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 45. | A high DOL means:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #45 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 46. | In break-even analysis the contribution margin is defined as:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #46 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-06 Cash Break-Even Analysis Type: Memory |
| 47. | If the contribution margin on the firm’s single product is $2.00 per unit and fixed costs are $60,000, what will the firm’s net income be at sales of 30,000 units?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #47 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 48. | If sales volume is less than the break-even point, the firm will experience:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #48 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 49. | A plant relying mostly on manual labour would generally have:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #49 Difficulty: Medium Learning Objective: 05-03 Define and calculate operating leverage and assess its opportunities and limitations. Topic: 05-02 Operating Leverage Type: Concept |
| 50. | If EBIT equals $280,000 and interest equals $20,000, with a tax rate of 31%, what is the degree of financial leverage?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #50 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 51. | Heavy use of long-term debt may be detrimental in a deflationary economy because:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #51 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-10 Impact on Earnings Type: Concept |
| 52. | If fixed costs decreases while other variables stay constant:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #52 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 53. | If the price per unit increases but the cost structure remains the same:
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #53 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-06 Cash Break-Even Analysis Type: Concept |
| Block – Chapter 05 |
| 54. | The Degree of Operating Leverage is:
|
| Block – Chapter 05 #54 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 55. | The Degree of Financial Leverage is:
|
| Block – Chapter 05 #55 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 56. | The Degree of Combined Leverage is:
|
| Block – Chapter 05 #56 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 57. | Lever Products (LP) is considering the elimination of a press machine. The new press machine should reduce depreciation expenses by $80,000 annually. If LP’s total fixed costs were $420,000 last year, what would LP’s new break-even point in units if the contribution margin is 3.75 per unit?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #57 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-06 Cash Break-Even Analysis Type: Concept |
| 58. | If a firm has a 30% change in operating income, and its Degree of Operating Leverage is 3.63, what was its percentage change in unit volume, all other things considered?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #58 Difficulty: Hard Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 59. | Sales volumes lower than the break-even point result in a firm having ___________________.
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #59 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 60. | ECG has a contribution margin of $196,000. If ECG earned $87,000 before taxes in the year, what is the firm’s Degree of Combined Leverage?
|
| Accessibility: Keyboard Navigation Block – Chapter 05 #60 Difficulty: Easy Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 61. | Operating Leverage is the use of fixed costs to magnify returns at high levels of operation. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #61 Difficulty: Easy Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 62. | Operating Leverage works best when volume is increasing. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #62 Difficulty: Easy Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 63. | Linear break-even analysis assumes that costs are linear functions of volume. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #63 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 64. | The closer a firm is to its break-even point, the lower the degree of operating leverage will be. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #64 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 65. | The degree of operating leverage is a number indicating the relationship between the percentage changes in sales to the percentage change in earnings per share. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #65 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 66. | Operating leverage is concerned with the use of capital assets in the business. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #66 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 67. | Operating leverage determines how income from operations is to be divided between debt holders and shareholders. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #67 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 68. | Financial leverage is concerned with the use of debt in the business. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #68 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 69. | The degree of financial leverage measures the percentage change in EPS for every 1 percent move in EBIT. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #69 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 70. | Financial leverage primarily affects the left-hand side of the balance sheet. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #70 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 71. | If a firm has a DFL of 2.0, EPS will change 2% for every 1% change in volume. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #71 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 72. | Operating income is not the same thing as EBIT. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #72 Difficulty: Easy Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 73. | Operating leverage influences the bottom half of the income statement while financial leverage deals with the top half. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #73 Difficulty: Medium Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 74. | The degree of combined leverage is the sum of the degree of operating leverage and the degree of financial leverage. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #74 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Type: Memory |
| 75. | Firms with cyclical sales should employ a high degree of leverage. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #75 Difficulty: Medium Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-13 Valuation Basics with Financial Leverage Type: Concept |
| 76. | If economic conditions were expected to be favourable, an investor would likely prefer a firm with a low degree of leverage. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #76 Difficulty: Medium Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-13 Valuation Basics with Financial Leverage Type: Concept |
| 77. | The contribution margin is equal to price per unit minus total costs per unit. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #77 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Memory |
| 78. | As the contribution margin rises, the break-even point goes down. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #78 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 79. | Managers who are risk averse and uncertain about the future would most likely minimize combined leverage. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #79 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-05 The Risk Factor Type: Concept |
| 80. | Cash break-even analysis eliminates the amortization expense and other non-cash charges from capital costs. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #80 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-06 Cash Break-Even Analysis Type: Concept |
| 81. | The analysis of operating leverage assumes that relationships between revenues and costs are constant. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #81 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 82. | Linear break-even analysis and operating leverage are only valid within a relevant range of production. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #82 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 83. | Operating leverage primarily affects the left hand side of the balance sheet while financial leverage affects the right hand side of the balance sheet. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #83 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 84. | The degree of financial leverage is not influenced by the interest rate on debt, only the amount borrowed. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #84 Difficulty: Medium Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-11 Degree of Financial Leverage Type: Concept |
| 85. | Use of financial leverage must consider risk, not just maximizing profit. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #85 Difficulty: Medium Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 86. | A lower price for the firm’s product will reduce the firm’s break-even point. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #86 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 87. | Operating leverage will change when a firm alters the mix of capital resources and labour that it uses. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #87 Difficulty: Medium Learning Objective: 05-03 Define and calculate operating leverage and assess its opportunities and limitations. Topic: 05-02 Operating Leverage Type: Concept |
| 88. | A firm with a high degree of combined leverage will, other things being equal, experience higher earnings in the expansionary part of the business cycle. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #88 Difficulty: Hard Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 89. | A firm with a high degree of financial leverage could face financial difficulty even though it is in a stable industry. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #89 Difficulty: Hard Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 90. | Management should tailor the use of leverage to meet its own risk-taking desires. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #90 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-05 The Risk Factor Type: Concept |
| 91. | For firms in industries that offer some degree of stability, are in a positive stage of growth, and are operating in favourable economic conditions, the use of debt is not needed or recommended. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #91 Difficulty: Medium Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-13 Valuation Basics with Financial Leverage Type: Concept |
| 92. | The interwoven boundaries of banks and different trading companies in Japan make it easier to acquire credit in Japan than in Canada. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #92 Difficulty: Medium Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-17 A Word of Caution Type: Concept |
| 93. | For Japanese firms that have high levels of operating and financial leverage, maintaining sales volume is of critical importance even at the cost of price cuts. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #93 Difficulty: Hard Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-17 A Word of Caution Type: Concept |
| 94. | Greater leverage can be used by firms in periods of strong economic growth? TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #94 Difficulty: Easy Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. Topic: 05-13 Valuation Basics with Financial Leverage Type: Concept |
| 95. | Raw materials used in the manufacturing process are generally classified as fixed costs. In contrast, property taxes are classified as variable costs. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #95 Difficulty: Easy Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. Topic: 05-01 Leverage in a Business Type: Concept |
| 96. | Break even in dollars is calculated by dividing sales by the contribution margin in percentage terms. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #96 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept Type: Memory |
| 97. | Leverage is a strategic choice made by management based on assessment of risk and potential positive cash flows and the availability of financing TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #97 Difficulty: Easy Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Topic: 05-09 Financial Leverage Type: Concept |
| 98. | The combined leverage is the result of the reduction in earnings from fixed costs and from amortization expense. FALSE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #98 Difficulty: Easy Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-16 Degree of Combined Leverage Type: Concept |
| 99. | Nonlinear break-even analysis is the use of break-even analysis based on the assumption that cost and revenue relationships to quantity sold may vary at different levels of sales. TRUE |
| Accessibility: Keyboard Navigation Block – Chapter 05 #99 Difficulty: Easy Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 100. | From the following income statement for 2005, calculate:
A) Degree of financial leverage A)
B)
C) |
| Block – Chapter 05 #100 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-07 Degree of Operating Leverage Topic: 05-09 Financial Leverage Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 101. | Heister Corporation produces class rings to sell to college and high school students. These rings sell for $75 each, and cost $35 each to produce. Heister has fixed costs of $50,000.
A) Calculate Heister’s break-even point. A)
|
| Block – Chapter 05 #101 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 102. | A new restaurant is ready to open for business. It is estimated that the food cost (variable cost) will be 40% of sales, while fixed cost will be $450,000. The first year’s sales estimates are $1,250,000. The cost to start up this restaurant will be $2,000,000. Two financing alternatives are being considered: (a) 50% equity financing and 50% debt at 12%, or (b) all equity financing. Common stock can be sold at $5 per share.
A) Compute break-even point. A)
B)
C) PLAN A
PLAN B
D) Subjective. |
| Block – Chapter 05 #102 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-07 Degree of Operating Leverage Topic: 05-09 Financial Leverage Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 103. | Jim Wilson is considering the possibility of opening his own machine shop. He expects first-year sales to be $600,000, and he feels that his variable costs will be approximately 50% of sales. His fixed costs in the first year will be $250,000. Jim is considering two ways of financing the firm: (a) 60% equity financing and 40% debt at 14%, or (b) 100% equity financing. He can sell common stock to his relatives for $10 per share. Either way, he will need to raise $800,000. A) Compute his break-even point in dollars. A)
B)
C) 60% Equity/40% Debt
100% Equity
D) The leveraged plan is highly risky if the machine shop business is very cyclical. |
| Block – Chapter 05 #103 Difficulty: Hard Learning Objective: 05-01 Calculate break-even in units and in dollars. Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-07 Degree of Operating Leverage Topic: 05-09 Financial Leverage Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| Doug Robinson is considering the possibility of opening his own manufacturing facility. He expects first-year sales to be $800,000, and he feels that his variable costs will be approximately 40% of sales. His fixed costs in the first year will be $200,000. Doug is considering two ways of financing the firm: (a) 40% equity financing and 60% debt at 10%, or (b) 100% equity financing. He can sell common stock to his relatives for $10 per share. Either way, he will need to raise $1,000,000. |
| Block – Chapter 05 |
| 104. | Compute his break-even point in dollars.
|
| Block – Chapter 05 #104 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-03 Break-Even Analysis Type: Concept |
| 105. | Calculate the Degree of Operating Leverage at the expected first-year sales volume. Degree of Operating Leverage |
| Block – Chapter 05 #105 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Topic: 05-07 Degree of Operating Leverage Type: Concept |
| 106. | Calculate the Degree of Financial Leverage and the Degree of Combined Leverage under each of the possible financing plans. 40% Equity/60% Debt
DCL = DOL × DFL = 1.71 × 1.27 = 2.17x 100% Equity
DCL = DOL × DFL = 1.71 × 1.0 = 1.71x |
| Block – Chapter 05 #106 Difficulty: Medium Learning Objective: 05-01 Calculate break-even in units and in dollars. Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-07 Degree of Operating Leverage Topic: 05-09 Financial Leverage Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
| 107. | Explain the implications of your answers if the machine shop business is highly cyclical. As the amount of leverage is not high for this scenario, the leveraged plan is not very risky. |
| Block – Chapter 05 #107 Difficulty: Hard Learning Objective: 05-01 Calculate break-even in units and in dollars. Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. Learning Objective: 05-06 Define and calculate combined leverage. Topic: 05-07 Degree of Operating Leverage Topic: 05-09 Financial Leverage Topic: 05-15 Combining Operating and Financial Leverage Type: Concept |
Chapter 05 Operating and Financial Leverage Summary
| Category | # of Questions |
| Accessibility: Keyboard Navigation | 89 |
| Block – Chapter 05 | 111 |
| Difficulty: Easy | 29 |
| Difficulty: Hard | 7 |
| Difficulty: Medium | 71 |
| Learning Objective: 05-01 Calculate break-even in units and in dollars. | 55 |
| Learning Objective: 05-02 Define leverage as a method to magnify earnings available to the firms common shareholders. | 9 |
| Learning Objective: 05-03 Define and calculate operating leverage and assess its opportunities and limitations. | 2 |
| Learning Objective: 05-04 Define and calculate financial leverage and assess its opportunities and limitations. | 26 |
| Learning Objective: 05-05 Calculate the indifference point between financing plans using EBIT/EPS analysis. | 6 |
| Learning Objective: 05-06 Define and calculate combined leverage. | 19 |
| Topic: 05-01 Leverage in a Business | 9 |
| Topic: 05-02 Operating Leverage | 2 |
| Topic: 05-03 Break-Even Analysis | 23 |
| Topic: 05-04 A More Conservative Approach | 2 |
| Topic: 05-05 The Risk Factor | 3 |
| Topic: 05-06 Cash Break-Even Analysis | 5 |
| Topic: 05-07 Degree of Operating Leverage | 21 |
| Topic: 05-08 Limitations of Analysis | 1 |
| Topic: 05-09 Financial Leverage | 12 |
| Topic: 05-10 Impact on Earnings | 3 |
| Topic: 05-11 Degree of Financial Leverage | 11 |
| Topic: 05-12 The Indifference Point | 2 |
| Topic: 05-13 Valuation Basics with Financial Leverage | 4 |
| Topic: 05-15 Combining Operating and Financial Leverage | 11 |
| Topic: 05-16 Degree of Combined Leverage | 8 |
| Topic: 05-17 A Word of Caution | 2 |
| Type: Concept | 98 |
| Type: Memory | 10 |
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