# Quiz 10: Analysis of Financial Statements

Anthropology

Q 1Q 1

Financial Accounting Standards Board (FASB) recognizes that it would be improper for all companies to use identical and restrictive accounting principles.

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True False

True

Q 2Q 2

The balance sheet shows what assets the firm controls at a point in time and how it financed the assets.

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True False

True

Q 3Q 3

The income statement indicates the flow of sales, expenses, and earnings during a period of time.

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True False

True

Q 4Q 4

The statement of cash flows shows the effect on the firm's cash flows of earnings and changes in the assets, current liabilities, long-term liabilities and net worth.

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True False

Q 5Q 5

Cash flow from operations = Net Income + Non cash revenue and expenses Changes in net working capital.

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True False

Q 6Q 6

Free cash flow = Cash flow from operations Capital expenditures + Disposition of property and equipment.

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True False

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True False

Q 8Q 8

It is important to compare a firm's performance relative to: the aggregate economy, its industry, its major competitors and its past performance.

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True False

Q 9Q 9

The current ratio, receivables turnover and total asset turnover are measures of internal liquidity.

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True False

Q 10Q 10

Inventory turnover, net fixed asst turnover and equity turnover are measures of operating efficiency.

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True False

Q 11Q 11

According to the DuPont system ROE (return on equity) can be decomposed into the profit margin ratio and the total asset turnover ratio.

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True False

Q 12Q 12

Some factors that determine business risk include sales variability and debt to equity ratio.

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True False

Q 13Q 13

Some factors that determine financial risk include interest coverage and cash flow coverage.

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True False

Q 14Q 14

The growth of business depends on the percentage of earnings reinvested and the return on equity.

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True False

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True False

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True False

Q 17Q 17

Bond rating agencies include the analysis of financial ratios in arriving at corporate bond ratings.

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True False

Q 18Q 18

Financial ratios can be used to identify firms that might default on a loan or declare bankruptcy.

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True False

Q 19Q 19

A cross-sectional analysis compares a firm to a subset of industry firms comparable in size or characteristics.

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True False

Q 20Q 20

In common size analysis all assets and liabilities on the balance sheet are divided by total sales.

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True False

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True False

Q 22Q 22

Cross-sectional analysis is a useful technique for estimating future performance that involves examining a firm's relative performance over time.

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True False

Q 23Q 23

The DuPont equation breaks down a firm's return on equity into three components, which are profit margin, total asset turnover, and financial leverage.

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True False

Q 24Q 24

The comparisons with which ratios should be made include the following, except
A)The firm's own past performance.
B)The firm's major competitor within the industry.
C)The firm's suppliers and customers.
D)The firm's industry or industries.
E)The aggregate economy.

Free

Multiple Choice

Q 25Q 25

The five major classes of ratios include the following, except
A)Internal liquidity.
B)Risk analysis.
C)Growth analysis.
D)Market performance.
E)Operating performance.

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Multiple Choice

Q 26Q 26

Which of the following is not a flow ratio?
A)Interest coverage
B)Fixed charge coverage
C)Debt/equity
D)Cash flow/long term debt
E)Cash flow/total debt

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Multiple Choice

Q 27Q 27

Which ratio is considered an internal liquidity ratio?
A)Total asset turnover
B)Net fixed asset turnover
C)Receivables turnover
D)Equity turnover
E)Inventory turnover

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Multiple Choice

Q 28Q 28

Operating performance is divided into which two subcategories of ratios?
A)Efficiency and profitability
B)Efficiency and debt
C)Profitability and growth
D)Debt and equity
E)Liquidity and leverage

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Multiple Choice

Q 29Q 29

Which of the following is not a component of return on equity (ROE)?
A)Net income/sales
B)Total assets/equity
C)Equity/sales
D)Sales/total assets
E)Net Profit Margin

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Multiple Choice

Q 30Q 30

Which equation is valid?
A)g = Percent of earnings retained Return on equity
B)g = Return on equity Percent of earnings retained
C)g = Return on equity Return on total assets
D)g = Percent of earnings retained Return on equity
E)g = Total assets Return on total assets

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Multiple Choice

Q 31Q 31

Determinants of market liquidity include all except the
A)Number of shares traded.
B)Dollar value of shares traded.
C)Bid-ask spread.
D)Number of security owners.
E)Market price per share.

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Multiple Choice

Q 32Q 32

Which of the following is not a use of financial ratios?
A)Stock valuation
B)Assigning credit quality ratings on bonds
C)Predicting insolvency
D)Identification of internal corporate variables that affect a stock's systematic risk
E)None of the above (that is, all are uses of financial ratios)

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Multiple Choice

Q 33Q 33

Limitations on the use of ratios include
A)Accounting comparability.
B)Company homogeneity.
C)Consistent results.
D)A reasonable range within the industry.
E)All of the above

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Multiple Choice

Q 34Q 34

A common-size balance sheet expresses all balance sheet items
A)As a percentage of Current Assets.
B)As a percentage of Fixed Assets.
C)As a percentage of Total Assets.
D)As a percentage of Net Income.
E)As a percentage of Sales.

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Multiple Choice

Q 35Q 35

A common-size income statement expresses all income statement items
A)As a percentage of Current Assets.
B)As a percentage of Fixed Assets.
C)As a percentage of Total Assets.
D)As a percentage of Net Income.
E)As a percentage of Sales

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Multiple Choice

Q 36Q 36

Which of the following factors would be an indication of high quality earnings?
A)Earnings are close to cash.
B)Earnings are the result of repeat business.
C)Revenue recognition is based on the installment principle.
D)All of the above.
E)None of the above.

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Multiple Choice

Q 37Q 37

Which of the following factors would be indicative of a high quality balance sheet?
A)Book value is greater than market value.
B)The presence of off-balance sheet liabilities
C)Market value is greater than book value.
D)Very little unused borrowing capacity.
E)None of the above.

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Multiple Choice

Q 38Q 38

Which of the following ratios is not a measurement of the firm's liquidity?
A)Current ratio
B)Cash ratio
C)Receivables turnover
D)Inventory turnover
E)Total asset turnover

Free

Multiple Choice

Q 39Q 39

DuPont Analysis breaks down return on equity into major areas that can be used to identify a firm's strengths or weaknesses with respect to
A)Profitability
B)Leverage
C)Liquidity
D)Efficiency
E)All of the above are broken out in the basic DuPont equation.

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Multiple Choice

Q 40Q 40

Which of the following statements regarding financial risk and business risk is true?
A)The acceptable level of financial risk for a firm depends on its business risk.
B)A firm with a greater degree of business risk has the ability to take on more debt.
C)A firm with a greater degree of financial risk typically takes on less business risk.
D)Financial risk and business risk are both important but they are not related in any way.
E)Financial risk is more important for small firms and business risk is more important for large firms.

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Multiple Choice

Q 41Q 41

Financial ratios are only useful when they are compared to other ratios. All of the following are useful means of examining relative performance except
A)Aggregate economy
B)Industries
C)Competitors
D)Historical performance
E)All of the above are relevant comparison measures for financial ratios

Free

Multiple Choice

Q 42Q 42

The practice of comparing the firm to a subset of industry firms comparable in size or characteristics is referred to as
A)Common size analysis
B)Cross-sectional analysis
C)DuPont analysis
D)Proforma analysis
E)Time-series analysis

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Multiple Choice

Q 43Q 43

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S return on equity in 2004?
A)4.8%
B)5.9%
C)6.7%
D)8.3%
E)11.6%

Free

Multiple Choice

Q 44Q 44

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S quick ratio for 2004?
A)1.72
B)1.37
C)1.02
D)0.85
E)0.55

Free

Multiple Choice

Q 45Q 45

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S interest coverage for 2004?
A)6.82
B)3.04
C)2.74
D)2.04
E)1.41

Free

Multiple Choice

Q 46Q 46

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S total asset turnover for 2004?
A)0.23
B)1.28
C)1.46
D)0.87
E)0.68

Free

Multiple Choice

Q 47Q 47

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S current ratio at year-end 2004?
A)0.852
B)1.000
C)1.368
D)1.722
E)1.943

Free

Multiple Choice

Q 48Q 48

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S net profit margin?
A)0.058
B)0.037
C)0.125
D)0.015
E)0.165

Free

Multiple Choice

Q 49Q 49

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was BMC'S fixed asset turnover ratio?
A)0.680
B)0.780
C)1.278
D)1.874
E)8.220

Free

Multiple Choice

Q 50Q 50

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What was the financial leverage multiplier used in the BMC system?
A)2.058
B)2.289
C)3.014
D)1.903
E)0.904

Free

Multiple Choice

Q 51Q 51

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What is BMC'S traditional cash flow?
A)69
B)86
C)38
D)55
E)701

Free

Multiple Choice

Q 52Q 52

Exhibit 10.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.1. What is BMC'S operating profit margin?
A)0.800
B)0.054
C)0.080
D)0.540
E)5.480

Free

Multiple Choice

Q 53Q 53

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's return on equity in 2004?
A)5.8%
B)6.3%
C)6.8%
D)7.2%
E)8.1%

Free

Multiple Choice

Q 54Q 54

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's quick ratio for 2004?
A)0.11
B)0.44
C)0.38
D)0.74
E)0.98

Free

Multiple Choice

Q 55Q 55

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's interest coverage for 2004?
A)4.99
B)2.58
C)3.48
D)5.16
E)6.02

Free

Multiple Choice

Q 56Q 56

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's total asset turnover for 2004?
A)1.65
B)1.21
C)0.92
D)0.033
E)0.70

Free

Multiple Choice

Q 57Q 57

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's current ratio at year-end 2004?
A)1.59
B)1.00
C)0.82
D)0.74
E)0.33

Free

Multiple Choice

Q 58Q 58

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's net profit margin?
A)2.4%
B)3.8%
C)4.2%
D)4.7%
E)5.2%

Free

Multiple Choice

Q 59Q 59

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was Star's fixed asset turnover ratio?
A)1.65
B)1.21
C)1.01
D)0.82
E)0.42

Free

Multiple Choice

Q 60Q 60

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What was the financial leverage multiplier used in the Star system?
A)0.852
B)1.896
C)1.996
D)2.054
E)2.998

Free

Multiple Choice

Q 61Q 61

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What is Star's traditional cash flow?
A)81
B)72
C)51
D)102
E)131

Free

Multiple Choice

Q 62Q 62

Exhibit 10.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
-Refer to Exhibit 10.2. What is Star's operating profit margin?
A)0.104
B)0.094
C)0.084
D)0.067
E)0.047

Free

Multiple Choice

Q 63Q 63

Exhibit 10.3
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for a company.
-Refer to Exhibit 10.3. Calculate the receivables turnover ratio.
A)50
B)25
C)55
D)36
E)27

Free

Multiple Choice

Q 64Q 64

Exhibit 10.3
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for a company.
-Refer to Exhibit 10.3. Calculate the inventory turnover ratio.
A)27.23
B)23.3
C)55.43
D)8.67
E)11.67

Free

Multiple Choice

Q 65Q 65

Exhibit 10.3
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for a company.
-Refer to Exhibit 10.3. Calculate the payables turnover ratio.
A)30.3
B)23.3
C)55.4
D)11.6
E)56.6

Free

Multiple Choice

Q 66Q 66

Exhibit 10.3
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for a company.
-Refer to Exhibit 10.3. Calculate the cash conversion cycle.
A)27
B)46
C)27
D)55
E)22

Free

Multiple Choice

Q 67Q 67

Exhibit 10.4
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about MaxCorp.
-Refer to Exhibit 10.4. Calculate the return on equity (ROE).
A)20.4%
B)17.8%
C)22.4%
D)27.8%
E)30.4%

Free

Multiple Choice

Q 68Q 68

Exhibit 10.4
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about MaxCorp.
-Refer to Exhibit 10.4. Calculate the sustainable growth rate.
A)27.8%
B)30.4%
C)20.4%
D)27.8%
E)17.8%

Free

Multiple Choice

Q 69Q 69

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the operating margin.
A)15.5%
B)5.6%
C)8.6%
D)10.6%
E)6.5%

Free

Multiple Choice

Q 70Q 70

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the asset turnover ratio.
A)2.2
B)5.6
C)4.2
D)2.9
E)3.9

Free

Multiple Choice

Q 71Q 71

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the interest expense rate.
A)7%
B)0.5%
C)1.2%
D)5%
E)2.3%

Free

Multiple Choice

Q 72Q 72

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the financial leverage.
A)1.05
B)5.32
C)2.15
D)1.54
E)2.31

Free

Multiple Choice

Q 73Q 73

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the income tax rate.
A)40.6%
B)25.6%
C)16.8%
D)28.9%
E)44.9%

Free

Multiple Choice

Q 74Q 74

Exhibit 10.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information about Albermarle Corp.
-Refer to Exhibit 10.5. Calculate the return on equity (ROE).
A)15%
B)12%
C)32%
D)9%
E)7%

Free

Multiple Choice

Q 75Q 75

Exhibit 10.6
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for the Klandy Corporation.
During 2004 Klandy Corp. made capital expenditures totaling $500 and disposed property worth $400.
-Refer to Exhibit 10.6. The firm's cash flow from operating activities for the year 2004 is
A)$2100
B)$1900
C)$1800
D)$1700
E)$1600

Free

Multiple Choice

Q 76Q 76

Exhibit 10.6
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for the Klandy Corporation.
During 2004 Klandy Corp. made capital expenditures totaling $500 and disposed property worth $400.
-Refer to Exhibit 10.6. The firm's free cash flow is
A)$2100
B)$1900
C)$1800
D)$1700
E)$1600

Free

Multiple Choice

Q 77Q 77

Exhibit 10.7
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for the Nelson Corporation.
During 2004 Nelson Corp. made capital expenditures totaling $500 and disposed property worth $800.
-Refer to Exhibit 10.7. The firm's cash flow from operating activities for the year 2004 is
A)$2200
B)$2575
C)$2325
D)$2875
E)$1900

Free

Multiple Choice

Q 78Q 78

Exhibit 10.7
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following information for the Nelson Corporation.
During 2004 Nelson Corp. made capital expenditures totaling $500 and disposed property worth $800.
-Refer to Exhibit 10.7. The firm's free cash flow is
A)$2200
B)$1900
C)$2875
D)$2325
E)$2575

Free

Multiple Choice

Q 79Q 79

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Calculate Zeco Company's Net Profit Margin.
A)0.42%
B)0.97%
C)1.50%
D)19.60%
E)25.00%

Free

Multiple Choice

Q 80Q 80

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Calculate Zeco Company's Total Asset Turnover.
A)0.59
B)0.78
C)1.28
D)1.70
E)1.97

Free

Multiple Choice

Q 81Q 81

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Calculate Zeco Company's Total Assets/Equity ratio.
A)5.1
B)6.1
C)6.4
D)8.7
E)25.5

Free

Multiple Choice

Q 82Q 82

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Calculate the return on equity (ROE) for Zeco Company and the Industry. Zeco Industry Average
A)1.52% 0.55%
B)1.68% 5.40%
C)2.10% 1.80%
D)6.00% 5.40%
E)8.40% 9.32%

Free

Multiple Choice

Q 83Q 83

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Calculate the sustainable growth rate for Zeco Company.
A)0.4%
B)0.7%
C)1.3%
D)2.1%
E)4.1%

Free

Multiple Choice

Q 84Q 84

Exhibit 10.8
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Zeco Company has the following financial statements for year ending 12/31/2008.
The Zeco Company's industry averages are as follows:
Net Profit Margin = 4.5%; Total Asset Turnover = 0.8; Total Assets/Equity = 1.5
-Refer to Exhibit 10.8. Based on this information what are the strengths and concerns of Zeco Company?
A)Zeco needs to lower its leverage and improve profitability and efficiency.
B)Zeco needs to increase its leverage and improve efficiency.
C)Zeco needs to lower its leverage and improve efficiency.
D)Zeco needs to lower its leverage and improve profitability.
E)Zeco needs to increase its leverage and improve profitability.

Free

Multiple Choice

Q 85Q 85

Exhibit 10.9
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following year end information for All Systems Corporation.
-Refer to Exhibit 10.9. Calculate the profit margin for the firm.
A)22.5%
B)18.4%
C)17.6%
D)15.3%
E)11.9%

Free

Multiple Choice

Q 86Q 86

Exhibit 10.9
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following year end information for All Systems Corporation.
-Refer to Exhibit 10.9. Calculate the total asset turnover ratio for the firm.
A)0.76
B)1.31
C)1.64
D)2.81
E)3.24

Free

Multiple Choice

Q 87Q 87

Exhibit 10.9
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following year end information for All Systems Corporation.
-Refer to Exhibit 10.9. Calculate the financial leverage ratio used in DuPont analysis.
A)0.61
B)1.56
C)1.77
D)1.98
E)2.56

Free

Multiple Choice

Q 88Q 88

Exhibit 10.9
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following year end information for All Systems Corporation.
-Refer to Exhibit 10.9. Calculate the return on equity (ROE).
A)31.3%
B)23.2%
C)18.4%
D)13.2%
E)7.5%

Free

Multiple Choice

Q 89Q 89

Exhibit 10.9
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You are provided with the following year end information for All Systems Corporation.
-Refer to Exhibit 10.9. The industry norms for profit margin (PM), total asset turnover (TAT), and financial leverage are 10.9%, 1.2, and 1.0, respectively. Based on this information it appears that All Systems Corporation is
A)Better than the industry in terms of PM, but worse in terms of TAT
B)Better than the industry for all three ratios
C)Better than the industry for TAT and leverage, but worse for PM
D)Worse than the industry for all three measures
E)None of the above

Free

Multiple Choice