"Corporate Finance": sales risk

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2021/03/16 14:30:19　字體：大小

學(xué)習(xí)是一個(gè)不斷積累的過程，每天學(xué)習(xí)一點(diǎn)，每天進(jìn)步一點(diǎn)！為了幫助大家更高效地備考2021年CFA考試，正保會(huì)計(jì)網(wǎng)校每日為大家上新CFA習(xí)題供大家練習(xí)。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢(mèng)想成真！

Questions 1:

Business risk most likely incorporates operating risk and:

A、 financial risk.

B、 sales risk.

C、 interest rate risk.

Questions 2:

The following data apply to two companies producing similar products.

Corporate Finance: sales risk

Compared with Company B, Company A has:

A、 a higher degree of total leverage.

B 、a lower sensitivity of operating income to changes in units sold.

C、 the same sensitivity of operating income to changes in net income.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Business risk is the combination of sales risk and operating risk.

A is incorrect because does not include financial risk.

C is incorrect because business risk does not include interest rate risk.

【Answer to question 2】B

【analysis】

B is correct.

Corporate Finance: sales risk

The DOL is lower for Company A than Company B (as per the table), meaning Company A’s operating income is less sensitive to a change in the units sold relative to Company B.

A is incorrect. DTL for Company A is lower than for Company B (as per table above).

C is incorrect. DFL for both companies equal to 2.0. However, the interpretation of DFL should be the sensitivity of net income to changes in operating income.

成功=時(shí)間+方法，自制力是這個(gè)等式的保障。世上無天才，高手都是來自刻苦的練習(xí)。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習(xí)，即使是一點(diǎn)點(diǎn)的進(jìn)步，大家一定可以成為人人稱贊的“牛人”。

點(diǎn)擊了解更多CFA考試資訊>>

點(diǎn)擊了解CFA無憂直達(dá)班>>

上一篇："Corporate Finance": Floating coefficien...

下一篇："Corporate Finance":capital budget