101 Financial Solutions: Diagnosis and Remedy. Course #5915B/QAS5915B Exam Packet
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1 101 Financial Solutions: Diagnosis and Remedy Course #5915B/QAS5915B Exam Packet
2 101 FINANCIAL SOLUTIONS: DIAGNOSIS AND REMEDY (COURSE #5915B/QAS5915B) COURSE DESCRIPTION AND INTRODUCTION A manager s success depends largely on his or her ability to manage a company s assets. This mission is complicated by the interdependent nature of a company s finances. One short-term financial problem, such as a cash flow shortage, can cause a longer-term credit problem, such as denials for bank loans. The successful manager must be able to quickly identify and resolve such short-term problems in order to prevent their longterm deleterious effects. This course is intended for effective business managers and entrepreneurs. Covering every facet of the daily management of a business s finances, it is designed to help managers pinpoint, remedy, and prevent business and financial problems. In each case, it also points out potential ripple effects the ways in which a problem in one sector can disrupt operations in other areas. Uses the text entitled 101 Financial Solutions: Diagnosis and Remedy. Prerequisites: None. Course level: Basic. Course #5915B/QAS5915B 12 CPE hours. LEARNING ASSIGNMENTS and OBJECTIVES As a result of studying each assignment, you should be able to meet the objectives listed below each individual assignment ASSIGNMENT SUBJECT 1 Chapter 1: Pricing, Sales, and Advertising Miss Margins Chapter 2: Inventory and Production Shortfalls Study the course materials from pages 1-1 to 2-24 Complete the review questions at the end of each chapter Answer the final exam questions 1 to 13 Objectives: To explain why sales may not support advertising expenditures To define the concept of revenue base erosion To explain how a high level of merchandise returns can affect business profits To relate how increased product pricing causes a reduction in sales To indicate how lowered prices shrink margins To describe the causes of lower turnover of merchandise To explain deficient inventory balances To distinguish between excessive inventory ordering and carrying costs To discuss the negative effect of ordering incorrect quantities of inventory To indicate how a high rate of inventory stock-out effects profit To describe how to protect against high theft rates of inventories To explain how to reduce errors related to miscounted inventory To state how a high rate of product obsolescence can be remedied To explain how to prevent missed manufacturing schedules To describe how to decrease or eliminate production of poor-quality goods To identify remedies for the lack of inventory storage space To list ways to compensate for delayed receipt of new inventory Exam Page -1
3 ASSIGNMENT SUBJECT 2 Chapter 3: Profit Targets Are Off Chapter 4: Risk-Return Imbalance Study the course materials from pages 3-1 to 4-17 Complete the review questions at the end of each chapter Answer the final exam questions 14 to 27 Objectives: To state how to avoid unrealistic break-even points To explain why a product or service does not break even To explain how to remedy excessive cost-to-production volume To list the causes of weak profit centers To identify the causes of a potential loss of a contract To state how a product refinement can generate a loss To describe the relationship of disproportionate risk to return To differentiate between risk and uncertainty in the industry To explain the effect of risk in corporate decisions To describe ways to remedy the lack of diversification To discuss inflationary risk To identify the causes of political risk exposure To discuss the effect of excessive exposure due to foreign exchange risk To differentiate between social and environmental risks To develop an awareness for existing or potential financial problems Exam Page -2
4 ASSIGNMENT SUBJECT 3 Chapter 5: Inability to Finance Weakens Business Development Chapter 6: Business Control Threatened Study the course materials from pages 5-1 to 6-12 Complete the review questions at the end of each chapter Answer the final exam questions 28 to 36 Objectives: To explain the concept of market price of stock falls To identify the conditions leading to bond rating drops To discuss the causes for the inability to obtain financing To describe the inability to issue new securities To explain the conditions where dividends are restricted To clarify the terms where a restrictive loan agreement is breached To list the conditions when bankruptcy looms To explain the inability to curb corporate financial problems to avoid business failure To indicate the factors where you cannot repay debt To identify and remedy a takeover threat To identify the causes of cost increases following an acquisition To differentiate financial inconsistencies between an acquirer and the acquired companies ASSIGNMENT SUBJECT 4 Chapter 7: Cash Flow Disturbances Chapter 8: Accounts Payable and Receivable Study the course materials from pages 7-1 to 8-9 Complete the review questions at the end of each chapter Answer the final exam questions 37 to 45 Objectives: To identify the reasons for an inadequate cash position To enumerate the best uses for surplus funds To describe ways to avoid or remedy delayed customer payments To discuss methods to prevent and remedy the early payment of cash To identify and remedy the causes where cash outflows exceed cash inflows To prevent and avoid the pitfalls of going broke while maintaining profits To identify the causes of the inefficient use of cash To identify the reasons for vendor price increases To identify and take advantage of hidden discount costs To cite and remedy the reasons for poor credit ratings To identify and prevent check signing fraud and improper payments To explain how to develop and implement stringent credit requirements Exam Page -3
5 ASSIGNMENT SUBJECT 5 Chapter 9: Lackluster Financial Statements Chapter 10: Costs Out of Control Study the course materials from pages 9-1 to Complete the review questions at the end of each chapter Answer the final exam questions 46 to 56 Objectives: To discuss and avoid the pitfalls of inadequate working capital To identify and prevent the causes for inadequate liquidity To describe how to predict and remedy the pitfalls leading to insolvency To identify and prevent the factors that incur excessive debt To list and explain off-balance sheet liabilities To describe how to trace and remedy the causes of deficient asset utilization and turnover To give the reasons for a low rate of return To explain causes for the lack of residual income To articulate and defend the high cash realization risk in assets To distinguish the relationship between poor profitability and growth To identify and remedy the causes for poor quality of earnings To clarify and avoid the causes creating an instability in operations and earnings To identify unstable sources of income To interpret low price-earnings (P/E) ratios To identify excessive labor costs To articulate the concepts associated with excessive operating leverage To detail and remedy the causes for inadequate cost of controls To identify the reasons for a lack of cost information To explain the conditions that can create distorted cost information To state why critical supplies/raw materials may have increased in cost or are unavailable To explain how austerity cost reduction measures hamper development To detail why a reduction in discretionary costs can hurt the business To explain why up-front costs can impede new product authorization To describe how pricing can lead to lower profits Exam Page -4
6 ASSIGNMENT SUBJECT 6 Chapter 11: Budgeting and Cost Control Problems Chapter 12: Fragile Internal Controls Chapter 13: Tax Planning and Preparation Study the course materials from pages 11-1 to Complete the review questions at the end of each chapter Answer the final exam questions 57 to 60 Objectives: To list reasons why actual costs may exceed standard (budgeted) costs To explain why actual revenue may be less than standard revenue To articulate the reasons why sales and expense estimates are not necessarily reasonably accurate To state reasons why you might not have the right product at the right time To identify the poor use of production capacity To cite the reasons why expansion can exceed the financial resources To identify costs that are not closely tracked To identify and track assets that are not monitored To clarify and remedy record-keeping errors To explain how to prevent and remedy the causes leading to credit card fraud To describe ways to minimize cumbersome accounting procedures To identify and prevent incomplete and inaccurate tax record-keeping To explain how to remedy the underpayment of corporate estimated taxes To explain why a regular corporation is subject to double taxation To discuss how to avoid tax on the transfer of property To identify the incorrect classification of employees To explain why miscellaneous fringe benefits are not recorded as income To enumerate reasons why excessive compensation is paid to employees who are also corporate shareholders ASSIGNMENT 7 Complete the Answer Sheet and Course Evaluation and submit to PES for credit NOTICE This course and test have been adapted from materials and information contained in materials entitled 101 Financial Solutions: Diagnosis and Remedy and any supplemental material provided. This course is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice. Professional Education Services, LP 2012 Program publication date 1/25/12 Exam Page -5
7 101 FINANCIAL SOLUTIONS: DIAGNOSIS AND REMEDY (COURSE #5915B/QAS5915B) EXAM OUTLINE COURSE EXPIRATION DATE: Per AICPA and NASBA standards, this course must be completed within one year from the date of purchase. TEST FORMAT: The following final exam, consisting of 60 true/false and/or multiple choice questions, is based specifically on the material included in this course. The answer sheet must be completed and returned to PES for CPE certification. You will find the answer sheet at the back of this exam packet so that you may easily remove it and use it while taking your test. LICENSE RENEWAL INFORMATION: The 101 Financial Solutions: Diagnosis and Remedy course (#5915B/QAS5915B) qualifies for 12 CPE hours. PROCESSING: Your exam will be graded promptly. You must score 70% or better to pass. When you pass, your certificate of completion will be mailed. If you do not pass, we will give you a courtesy call to inform you of this and then another answer sheet will be sent to you free of charge. GRADING OPTIONS: Please choose only one of the following. There is no additional charge for any of these grading options. Make sure to fill out your answer sheet completely prior to submitting it. ONLINE GRADING Visit our website at Login to your account (if you are a first-time user you must set up a new user account). Go to the MY CPE tab and click the My CPE Exams in Progress folder. If your exam is not already located in this folder, click Add Exam Previously Purchased and follow the instructions. MAIL Your exam will be graded and your certificate of completion mailed to you the same day we receive it. Your certificate will be dated according to the postmark date; therefore, you do not need to overnight your exam. Please mail your answer sheet to: Professional Education Services, LP 4208 Douglas Blvd., Ste 50 Granite Bay, CA FAX Your exam will be graded and you will be contacted either via phone or fax with your results within 4 business hours of receipt. A copy of your graded exam and certificate of completion will be mailed to you the same day we receive it. Your certificate will be dated according to the fax date. If you choose to fax your exam, please do not mail it. Your fax will serve as the original. Please refer to the attached answer sheet for further instructions on fax grading. Fax number (916) Thank you for using Professional Education Services. We appreciate your business!! Exam Page -6
8 101 FINANCIAL SOLUTIONS: DIAGNOSIS AND REMEDY (COURSE #5915B/QAS5915B) FINAL EXAM The following questions are either true or false and/or multiple choice. Please indicate your choice on the enclosed Answer Sheet. 1. is not a sign of revenue base erosion. a) a decline in sales and other sources of revenue b) a loss in market share to competitors c) an early stage in product s life cycle d) selling prices marked down 2. When considering a special order that will enable a company to make use of currently idle capacity, which of the following costs is irrelevant: a) materials b) fixed costs (e.g., depreciation, rent) c) direct labor d) variable overhead 3. High levels of merchandise returns are caused by all of the following except: a) poor-quality merchandise b) detailed advertising c) incorrect or excessive pricing d) failure to meet specifications 4. is not a cause for low turnover of merchandise: a) slow sales b) lack of demand for products c) inventory and sales meeting demands d) deficiencies in the product line 5. Which condition justifies a low inventory turnover ratio: a) high carrying costs b) high stockout costs c) short inventory order lead times d) low ordering costs 6. For inventory management, which of the following is a valid computation of the reorder point ignoring safety stocks: a) the economic order quantity b) the economic order quantity times the anticipated demand during lead time c) the anticipated demand per day during lead time times lead time in days d) the square root of the anticipated demand during the lead time 7. The carrying costs associated with inventory management include: a) insurance costs, shipping costs, storage costs, and obsolescence b) storage costs, handling costs, insurance, and property tax c) purchasing costs, shipping costs, setup costs, and quantity discounts lost d) obsolescence, setup costs, interest on capital invested, and purchasing costs 8. The purpose of the economic order quantity (EOQ) model is to: a) minimize the safety stock b) minimize the sum of the order costs and the carrying costs c) minimize the inventory quantities d) minimize the sum of the demand cost and the backlog costs 9. The economic order quantity (EOQ) will rise following: a) a decrease in annual unit sales b) an increase in carrying costs c) an increase in the per-unit purchase price of inventory d) an increase in the variable costs of placing and receiving an order Exam Page -7
9 10. The economic order quantity (EOQ) formula assumes that: a) purchase costs per unit differ because of quantity discounts b) costs of placing an order vary with quantity ordered c) periodic demand for the good is known d) erratic usage rates are cushioned by safety stocks 11. The costs associated with an inventory buildup include: a) lost sales, drain on cash flow, obsolescence, setup costs b) excess carrying costs, drain on cash flow, obsolescence c) purchasing costs, shipping costs, spoilage, and customer dissatisfaction d) quantity discounts lost, lost sales, obsolescence, and spoilage 12. is used in enterprise supply chain management to improve the efficiency of inventory tracking and management. a) RFID b) JIT c) EOQ d) SkU 13. Lack of inventory storage space may be a result of: a) a decrease in production efficiency b) missed production deadlines c) improper production planning d) missing parts 14. The givens of break-even analysis are all of the following except: a) the company always achieves sales to match their break-even point b) the selling price is constant c) manufacturing efficiency is constant d) the variable cost per unit is constant 15. The cash break-even point will usually be the regular break-even point: a) more than b) less than c) the same as d) the cash break-even point does not exist 16. The difference between sales and total variable costs is: a) gross operating profit b) net profit c) the breakeven point d) the contribution margin 17. Generally, the lower the break-even point, the higher the profit and the less the, other things being equal. a) operating risk b) financial risk c) systematic risk d) market risk 18. The most likely strategy to reduce the breakeven point would be to: a) increase both the fixed costs and the contribution margin b) decrease both the fixed costs and the contribution margin c) decrease the fixed costs and increase the contribution margin d) increase the fixed costs and decrease the contribution margin 19. Basic break-even models are subject to limiting assumptions when multiple products are produced and sold, such as: a) the selling price is nonlinear b) the sales mix will not change during the planning period c) variable costs change through the planning period d) inventories change from period to period Exam Page -8
10 20. Problems of weak sales mix are caused by all of the following except: a) easier to sell cheaper items than top-of-theline models b) sales mix occurs as budgeted c) sales quotas are set in number of units sold rather than profit d) shift in sales mix toward less profitable products 21. Falling sales and/or profit margin is usually not caused by: a) quality control b) cost overruns c) inaccurate pricing d) ineffective advertising 22. What is the risk-return trade-off: a) the lesser the risk, the greater the return expected b) the greater the risk, the greater the return expected c) the greater the investment, the lesser the risk expected d) the greater the investment, the greater the return expected 23. Which of the following are components of interest-rate risk: a) purchasing-power risk and default risk b) price risk and market risk c) portfolio risk and reinvestment-rate risk d) price risk and reinvestment-rate risk 24. The type of risk that is not diversifiable and affects the value of a portfolio is: a) purchasing-power risk b) market risk c) nonmarket risk d) interest-rate risk 25. The risk that securities cannot be sold at a reasonable price on short notice is called: a) default risk b) liquidity risk c) interest-rate risk d) purchasing-power risk 26. Lack of diversification can be caused by all of the following except: a) overreliance on a single product b) continuous innovation in a variety of fields c) all company operations located in one geographic region d) demand for all products moving in one direction 27. A warning sign of financial problems does not include: a) costly inventory buildups b) incompatible and uncoordinated programs c) actual costs below standard production costs d) operating inefficiencies 28. Market price drops of stock can be caused by all except: a) market conditions b) excessive business risk c) foreign competition d) updated technology to meet market needs 29. Moody's and Standard & Poor's debt ratings depend on: a) the chances of default b) the size of the company c) the size and the type of issue d) the firm's industry 30. If a bond is rated below BBB, it is called: a) a zero-coupon bond b) an investment grade bond c) a junk bond d) an income bond 31. Dividends per share/market price per share is: a) current yield b) dividend yield c) yield to maturity d) dividend payout ratio Exam Page -9
11 32. Which of the following is not a stated early warning sign of bankruptcy: a) declining profitability b) cash flow inadequacies c) unavailability of financing d) expansion/growth of business 33. An investor has calculated Altman s Z-Score for each of four possible investment alternatives. Each firm is a public industrial firm. The calculated scores for the four investment were as follows: Firm W = 3.89 Firm X = 2.48 Firm Y = 2.00 Firm Z = 1.10 Which statement is true: a) Z is least risky and W is most risky b) Y is least risky and W is most risky c) W is least risky and Z is most risky d) X is least risky and W is most risky 34. Management can take many steps to protect itself against business failure, including all of the following except: a) avoiding excessive debt b) reducing prices on fast-moving inventory c) restricting capital expansion d) selling off unprofitable business segments 35. Inability to repay debt can be remedied by: a) obtaining additional financing or selling assets b) better planning for acquisitions of capital facilities c) improved financial planning to anticipate future conditions in the economy and market d) secure lines of credit 36. A defensive measure defined as when the target buys back stock accumulated by the raider at a premium price is: a) greenmail b) poison pill c) golden parachute d) white knight 37. Cash-related ratios to be computed by management do not include: a) cash from sales to total sales b) cash debt coverage equal to cash flow from operations less dividends divided by total debt c) cash dividends coverage equal to cash flow from operations divided by total dividend d) current ratio 38. To generate adequate cash flow, you do the following except: a) obtain immediate financing b) do not delay cash payments c) establish open lines of credit d) sell assets to generate cash 39. When investing surplus funds, aggressive cash managers seek: a) maximizing yields b) minimizing taxes c) investing in Treasury bonds since they have no default risk d) liquidity and safety 40. Which of the following is not an early warning sign for going broke: a) the company shows a profit but has no cash b) management mistakes accounts receivable for cash, while daily payments are made for inventory purchases, payroll, and taxes c) the company fails to budget properly for capital expenditures and emergencies d) the company shows increasing overhead 41. The average collection period for a firm measures the number of days: a) after a typical credit sale is made until the firm receives the payment b) for a typical check to clear through the banking system c) beyond the end of the credit period before a typical customer payment is received d) before a typical account becomes delinquent Exam Page -10
12 42. Vendor s price increases can be prevented by all except: a) accumulate stocks of supplies and raw materials b) enter into futures contracts for later date delivery c) enter into long-term supply arrangements d) use horizontal integration 43. Using a 360-day year, what is the opportunity cost to a buyer of not accepting terms 2/10 net 30: a) 24.70% b) 31.81% c) 36.70% d) % 44. do(does) not affect credit ratings. a) market conditions b) excessive new and innovative assets c) excessive business risk d) the quality of management 45. Which of the following does not aim at preventing check fraud and improper payments: a) review, evaluate, and install new internal control procedures for cash disbursement b) perform a monthly bank reconciliation c) purchase an insurance policy for reimbursement of any actual future losses d) account for all check numbers issued during the month ending on the audit date 46. Early warning signals of inadequate liquidity do not include: a) failure to pay bills or debts on time b) higher profitability c) inability to buy inventory or assets d) a deteriorating credit rating 47. is not an example of a liquidity ratio. a) cash ratio b) cash burn rate c) times interest earned d) current ratio 48. A lower rate of return can be detected early by: a) high asset turnover b) lower earnings estimates by brokerage analysts c) lower beta rankings d) lower management turnover 49. ROE is: a) ROI x equity multiplier net profit after taxes b) total assets c) net profit margin x total asset turnover d) ROI x debt ratio 50. To enhance ROI: a) improve margin by reducing expenses, raising selling prices, or increasing sales faster than expenses b) improve turnover by increasing sales while holding the investment in assets relatively constant, or by reducing assets c) both a and b d) enhance residual income 51. Which of the following is not a sign for poorquality earnings: a) lower price/earnings ratio b) lower cost of financing c) unavailability of suitable financing d) higher compensating balances and security for loan agreements 52. Stability in product revenue can be determined by computing the in sales over five to ten years. a) coefficient of variation b) beta coefficient c) standard deviation d) expected return 53. Excessive labor costs are caused by all of the following except: a) lack of supervision b) giving-in to the union c) adequate training d) obsolete machinery and equipment Exam Page -11
13 54. The percentage change in operating income associated with the percentage change in sales volume is the degree of: a) operating leverage b) financial leverage c) breakeven leverage d) combined leverage 55. An accounting system that focuses on activities as the fundamental cost objects is called: a) activity-based costing b) target costing c) cycle-time costing d) variable costing 60. Assuming all other requirements are met, a corporation may elect to be treated as an S corporation under the Internal Revenue Code if it has: a) both common and preferred shareholders b) a partnership as a shareholder c) one hundred or fewer shareholders d) the consent of a majority of the shareholders Congratulations you ve completed the exam! 56. A profit-maximizing firm would never choose to lower its price in the range of its demand curve. a) inelastic b) elastic c) unitary d) extreme 57. Actual costs exceeding budgeted costs are caused by all of the following except: a) economy of scale b) lack of cost control and planning c) lack of efficiency and cost management d) duplication of effort and facilities 58. An efficiency variance equals: a) a flexible budget amount minus a static budget amount b) (standard quantity - actual quantity) x standard price c) actual operating income minus flexible budget operating income d) actual unit price minus budgeted unit price, times the actual units produced 59. Early warning signals of recordkeeping errors include all of the following except: a) misstated financial statement figures b) extension of the audit report due date c) stable audit fees d) restatement of previously prepared financial statements Exam Page -12
14 101 FINANCIAL SOLUTIONS: DIAGNOSIS AND REMEDY #5915B/QAS5915B (12 CPE hours) ANSWER SHEET (01/12) Important Note: For certification, this answer sheet must be completed and submitted to PES for grading within one year from the date of purchase. Please use black ink and print for quicker processing thank you. Name (as it appears on your license) Address City State Zip Home Work Daytime Phone ( ) address (for online grading) License Number State Expiration Date CPA, CFP, EA (circle one) If course was ordered by another party, please indicate name here: GRADING OPTIONS Please choose only ONE of the following: ONLINE GRADING Visit our website at o Login to your account (if you are a first-time user, you must set up a new user account). o Go to the MY CPE tab and click the My CPE Exams in Progress folder. o If your exam is not already located in this folder, click Add Exam Previously Purchased and follow the instructions. Mail Mail your exam to: PES, 4208 Douglas Blvd., Ste 50, Granite Bay, CA Fax Fax your exam to (916) and choose one of the following options: Please: mail my results only or fax phone my results to: ( ) PLEASE INDICATE YOUR ANSWER BY FILLING IN THE APPROPRIATE CIRCLE A B C D A B C D A B C D 1. O O O O 21. O O O O 41. O O O O 2. O O O O 22. O O O O 42. O O O O 3. O O O O 23. O O O O 43. O O O O 4. O O O O 24. O O O O 44. O O O O 5. O O O O 25. O O O O 45. O O O O 6. O O O O 26. O O O O 46. O O O O 7. O O O O 27. O O O O 47. O O O O 8. O O O O 28. O O O O 48. O O O O 9. O O O O 29. O O O O 49. O O O O 10. O O O O 30. O O O O 50. O O O O 11. O O O O 31. O O O O 51. O O O O 12. O O O O 32. O O O O 52. O O O O 13. O O O O 33. O O O O 53. O O O O 14. O O O O 34. O O O O 54. O O O O 15. O O O O 35. O O O O 55. O O O O 16. O O O O 36. O O O O 56. O O O O 17. O O O O 37. O O O O 57. O O O O 18. O O O O 38. O O O O 58. O O O O 19. O O O O 39. O O O O 59. O O O O 20. O O O O 40. O O O O 60. O O O O Please complete the attached course evaluation your opinion is extremely valuable. Exam Page -13
15 101 Financial Solutions: Diagnosis and Remedy #5915B/QAS5915B - Course Evaluation Rate on a scale of 1-10 with 1 being poor and 10 being excellent. 1. The course met the course objectives described in the promotional material. 2. The course was up to date, held my interest, was timely, and effective. 3. The course materials were understandable, valuable, and suitable for a correspondence course. 4. The amount of advance knowledge and stated prerequisites were appropriate. 5. The completion time was appropriate for the number of credits allowed. 6. The course met my professional education needs. Please answer the following questions mark/rate any and all that may apply 1. How would you rate PES s order desk customer service 2. What can PES do to keep you as a valued customer? 3. Any other comments regarding this course or our company would be appreciated. 4. What other courses/subjects would you like to see PES offer in the future? Mail to: Professional Education Services, LP 4208 Douglas Blvd., Ste 50, Granite Bay, CA Exam Page -14
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