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CFI FMVA Final Exam – Questions With Complete Solutions
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CFI FMVA Final Exam – Questions With Complete Solutions
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CFI FMVA Final Exam – Questions With CompleteSolutions
Where would 'accounts payable' most likely appear on a set of financial
statements? Right Ans - On the balance sheet under 'current liabilities'
Which is not a type of note found in a set of financial statements? Right Ans
- Significant internal controls
What is the correct syntax for the =YEARFRAC function? Right Ans -
=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? Right Ans -
Revolver
Which of the following is not a function of public accounting firms? Right
Ans - Due dilligence
Which ratio would you use to determine the profitability of the goods sold by
a company? Right Ans - Gross Profit Margin
Horizontal analysis allows us to analyze performance over: Right Ans -
Time
If a company wanted to finance the purchase of equipment without diluting
shareholders equity, which of the following operation could it consider?
Right Ans - Issuing convertible bonds
When calculating the quick ratio or "acid test" which current asset or liability
is omitted? Right Ans - Inventory
Using the PEST analysis, which of the following should a company like Apple
Inc. worry about the most? Right Ans - Technological forecasting and
trends
Identify which of the following is NOT a good way for managers to use a
budget. Right Ans - Managers can use budgets alone to estimate how well
they perform over a period of time
, Which of the following components is not necessary to have in every master
budget? Right Ans - Direct material purchase budget
What does variable cost with economies of scale mean? Right Ans - The
higher the volume of output, the less it costs to produce one extra unit
Before protecting a worksheet to avoid people from editing the formulas, you
must Right Ans - unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000, and the
gross profit margin is 40%.
The receivable days estimated from the data above is _____. Right Ans - 27.4
The PP&E gross book value at the start of the month is 60,000, and the CAPEX
of the month is 12,000. The accumulated depreciation at the start of the
month is 25,000; the depreciation expense of the month is 750. The net book
value of PP&E calculated from the data above is _____. Right Ans - 46,250
Simple interest is important framework to start learning about Time value of
MoneyIf you are going to receive $2,000 in six years from now, how much is
that worth today, assuming 5% annual simple interest? Right Ans -
$1,538.46
The formula contained in the yellow highlighted cell (I39) is = ( , I9,I24). This
formula can be copied over to the entire live scenario section without any
manual modification. (Hint: do not forget to use absolute references.) Right
Ans -
You should perform sensitivity analysis when: Right Ans - You need to
determine which assumptions matter the most
Which charts would be better choices to visualize a company's actual
performance ratio in comparison to a target ratio? Select TWO best answers.
Right Ans - Two-series line chart, column and marker chart
Building a heat map would be an appropriate way to visualize data in which of
the following? Right Ans - Sensitivity Analysis
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