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Which of the following statements is false?
a. While marginal and average tax rates often differ, it is the marginal tax rate that is relevant for most financial decisions.
b. Book value is an accounting summary of value and is inferior to market value as a source of current information regarding the true value of the firm.
c. Market value always less than book value.
d. Financial managers should rely on market values, and not book values, when making decisions for the firm’s strategic direction.
e. The cash flow identity states that all net cash flows earned by the firm are distributed in whole to its creditors and shareholders.
Relate your answers to the movie ‘Inside Job’. What are the unintended consequences of financial innovation? What are the unintended consequences of regulation? Explain how the financial crisis of 2008 occurred—who is to blame?
Seven years ago sara distributors purchased a mailing machine at the cost of $368000.This equipment is currently valued at $172200 on today’s balance sheet but could actually be sold for $211400 .this is the only fixed assets the firm owns.net workin..
Without changing anything regarding its product or operations, the CEO of a company wants to increase the ROE of his company. What could he possibly do? Be sure to state the steps.
The economy appears to be at a low point and interest rates are expected to rise in the near future. You own 10 MCD bonds in your investment portfolio, and the current market value (present value) of these bonds is $11,965. These bonds mature in 5 ye..
You recently purchased a stock that is expected to earn 18 percent in a booming economy, 13 percent in a normal economy, and lose 4 percent in a recessionary economy. There is a 21 percent probability of a boom, a 68 percent chance of a normal econom..
If the Fed increases bank reserves in the system by $75 million and the money supply increases by $680 million, what is the reserve requirement (assume that banks do not hold excess reserves)?
You expect that interest rates will fall sharply during the year and want to reduce your bank's risk position. The current yield curve is inverted with long- term rates below short- term rates that FSB loses in year two if rates either rise or fall s..
McDowell Industries sells on terms of 3/10, net 40. Total sales for the year are $779,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 54 days after their purchases. What is the average amount of ..
The Saunders Investment Bank has the following financing outstanding. Debt: 60,000 bonds with a coupon rate of 6 percent and a current price quote of 109.5; the bonds have 20 years to maturity. 230,000 zero coupon bonds with a price quote of 17.5 and..
At year-end 2013, Wallace Landscaping’s total assets were $1.0 million and its accounts payable were $350,000. Sales, which in 2013 were $2.5 million, are expected to increase by 25% in 2014. Total assets and accounts payable are proportional to sale..
Tappan, Inc., manufactures one product and accounts for costs using a job cost system. You have obtained the following information from the corporation's books and records for the year ended December 31, Year 1:
Diversification refers to the process of:
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