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FIN 571 Week 1 Math & Accounting Review -

__Functions__

**Which Excel cell entry will calculate the square root of 165?**

- =SQRT[165]
- SQRT(165)
- SQR(165)
- =SQRT(165)

**Which statements about Excelâ€™s FV function are correct?**

- The FV function has five arguments, and their abbreviations are rate, nper, pmt, pv, and type.
- If the number for the pmt argument is entered as a positive value and the pv value is zero, the FV value is negative.
- If the interest rate is 10%, the rate argument can be entered as .1 or 10%.

- All of the options are correct.

**Which fields are required to calculate net present value (NPV) in Excel?**

- Rate of return and cash flows for each year

- Average cash flow and future value
- Future value and rate of return
- Cash flows for each year and average cash flow

**Which Excel function is used to calculate the amount of each annuity payment?**

- FV
- NPV

- PMT
- PV

**Which fields are required to calculate the rate of return (RATE) for a present value calculation in Excel?**

- Nper, PMT, and NPV
- Nper, PMT, and PV

- Type, PMT, and FV
- PMT, Type, and NPV

__Exponential Functions__

**A business acquaintance promises to deliver a $20 bill to you one year from today. How much should you be willing to pay**

- today for this promise?
- More than $20
- Exactly $20

- Less than $20

**What is the present value of $1,000 received three years from today if interest rates are currently 6 percent?**

- $943.40

- $839.62

- $1,191.02
- $1,000.00

**What is the interest rate on a three-year investment with a future value of $1000 and a present value of $863.84?**

- 5%

- 10%
- 7.36%
- 2.54%

**The product rule of exponents says that when multiplying two powers that have the same base, you need to ________.**

- divide the exponents

- add the exponents

- multiply the exponents
- subtract the exponents

**The fifth root of fifteen is equal to ________.**

- 15 raised to the power of 15
- one fifth of 15

- 15 raised to the power of 1/5

- one fifteenth of 15

__Accounting Concepts__

**________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources.**

- Expenses; Revenues; Net income
- Expenses; Revenues; Stockholders€™ equity

- Liabilities; Assets; Stockholders' equity

- Liabilities; Assets; Net income

**Under ________ accounting, revenues are recorded when earned and expenses are recorded with related revenues. Under________ accounting, revenues are recorded when cash is received and expenses are recorded when cash is paid out. Financial statements are prepared using ________ accounting.**

- cash-basis; accrual-basis; accrual-basis
- cash-basis; accrual-basis; cash-basis
- accrual-basis; cash-basis; cash-basis

- accrual-basis; cash-basis; accrual-basis

**The ________ retains the power and authority to set accounting standards. Currently, this responsibility has been delegated to the________.**

- Securities and Exchange Commission; International Accounting Standards Board
- International Accounting Standards Board; Financial Accounting Standards Board

- Securities and Exchange Commission; Financial Accounting Standards Board

- Financial Accounting Standards Board; Securities and Exchange Commission

**In what order are the four primary financial statements prepared?**

- Statement of stockholders' equity > Income statement > Balance sheet > Statement of cash flows
- Balance sheet> Income statement > Statement of cash flows> Statement of stockholders' equity
- Income statement > Statement of stockholders' equity > Balance sheet > Statement of cash flows

- Income statement > Balance sheet > Statement of stockholders' equity > Statement of cash flows

**The difference between net income and dividends paid is known as what?**

- Addition to retained earnings

- Ending balance in retained earnings
- Gross profit
- Total stockholders€™ equity

__The Income Statement__

**General Ledger for ABC Company**

**The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).**

**ABC Company General Ledger As of December 31, 20X1**

** Amount**

__Assets __

**Cash $29,400**

**Accounts receivable 8,100**

**Supplies 4,900**

**Prepaid rent 20,200**

**Equipment (net) 63,800**

__Liabilities__

**Accounts payable $ 6,300**

**Salaries payable 4,000**

**Interest payable 1,100**

**Utilities payable 3,700**

**Bonds payable 38,400**

__Stockholders' equity__

**Common stock $60,900**

**Retained earnings 0**

**Dividends 2,100**

__Revenues__

**Sales revenue $54,200**

**Interest revenue 1,400**

__Expenses__

**Cost of goods sold $15,100**

**Salaries expense 7,100**

**Rent expense 4,900**

**Supplies expense 1,300**

**Utilities expense 4,800**

**Depreciation expense 2,500**

**Interest expense 2,100**

**Income tax expense 3,700**

**What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?**

- $40,500
- $14,100

- $39,100

- $17,800

**What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?**

- $36,100

- $18,500

- $14,800
- $14,100

**What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?**

- $15,000

- $17,800

- $12,000
- $18,500

**What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?**

- $17,800
- $12,000

- $14,100

- $18,500

__Solving for the Unknown__

**If the future value of a one-period investment is given by the formula, F = I + (I × R), what is the formula for the amount of the investment, I?**

- I = F/(1 + R)

- I = F − (1 × R)
- I = F x (1 × R)
- I = F x (1 + R)

**The opposite process rule says to solve for ________.**

- a known variable by replicating the process used to form the original equation

- an unknown variable by reversing the process used to form the original equation

- an unknown variable by replicating the process used to form the original equation
- a known variable by reversing the process used to form the original equation

**When solving for an unknown that involves more than one process, the multiple process rule requires that ________.**

- addition, subtraction, multiplication, and division must happen simultaneously
- the variable is added to both sides of the equation so that it appears twice
- multiplication and division are always completed before addition and subtraction

- the variable is first isolated on one side of the equals sign

**If the future value of a one-period investment is given by the formula, F = I + (I × R), what is the formula for the rate of interest, R?**

- R = F – (I × F)
- R = I + (I × F)
- R = (F – I) × I

- R = (F – I)/I

**If the bank returns $50 on a $1,000 deposit after one year, what is the interest rate earned on this deposit?**

- 0.95%

- 5%

- 50%
- 0.05%

__The Balance Sheet__

**General Ledger for XYZ Company**

**The following is a portion of the general ledger for XYZ Company as of December 31, 20X1 and the statement of stockholders’ equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).**

**XYZ Company Statement of Stockholders' Equity (partial)**

**For the year ended December 31, 20X1**

** Common Stock Retained Earnings**

**Balance at January 1, 20X1 $50,000 $63,000**

**Issuance of common stock 32,000 **

**+ Net income for the year ended 12/31/X1 14,000**

**- Dividends paid (4,900)**

**Balance at December 31, 20X1 $_______ $_______**

**XYZ Company General Ledger (partial)**

**As of December 31, 201X**

** Amount**

__Assets__

**Cash $ 53,000**

**Accounts receivable 15,000**

**Supplies 8,800**

**Prepaid rent 36,000**

**Equipment (net) 115,600**

__Liabilities__

**Accounts payable $11,300**

**Salaries payable 2,500**

**Interest payable 1,900**

**Utilities payable 6,900**

**Bonds payable 51,700**

**What is the total amount of current assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?**

- $68,000

- $112,800

- $228,400
- $76,800

**What is the total amount of long-term assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?**

- $151,600
- $160,400
- $0

- $115,600

**What is the total amount of current liabilities to be reported on XYZ Company’s 12/31/X1 classified balance sheet?**

- $22,600

- $74,300
- $20,700
- $18,200

**What is the ending balance in retained earnings to be reported on XYZ Company’s 12/31/X1 classified balance sheet?**

- $63,000
- $77,000

- $72,100

- $154,100

**What is the total amount of stockholders’ equity to be reported on XYZ Company’s 12/31/X1 classified balance sheet?**

- $154,100

- $113,000
- $72,100
- $82,000

__Calculating Interest__

**What is the amount of interest earned after two years on a $100 deposit paying 4 percent simple interest annually?**

- $8.00

- $4.08
- $8.16
- $4.00

**What is the amount of compound interest earned after three years on a $100 deposit paying 8 percent interest annually?**

- $24.00
- $8.00
- $16.64

- $25.97

**A business just took out a loan for $100,000 at 10% interest. If the business pays the loan off in three months, how much did the business pay in interest?**

- $2,500.00

- $10.00
- $250.00
- $10,000.00

**What is the annual percentage yield (APY) for a deposit paying 5 percent interest with monthly compounding?**

- 5.00%

- 5.12%

- 79.59%
- 0.42%

__Basic Math__

**Which of the following Excel cell entries gives the sum of 20 + 150 + 85?**

- Click on the cell, type =20+150+85, and then hit Enter.

- Click on the cell, type =SUM(20+150+85) in the formula bar, and then hit Enter.
- Click on the cell, type 20+150+85, and then then hit Enter.
- Click on the cell, type 20+150+85 in the formula bar, and then hit Enter.

**Which letter or symbol does Excel use to multiply numbers?**

- x

- *

- ( )
- ^

**What is the correct order of operations for entering formulas into Excel?**

- Parentheses, exponents, add and subtract, multiply and divide
- Multiply and divide, add and subtract, parentheses, exponents
- Add and subtract, multiply and divide, exponents, parentheses

- Parentheses, exponents, multiply and divide, add and subtract

**Which of the following sequences will give you the square root of 25 in Excel?**

- Click on the cell, type =Square root 25, and hit Enter.

- Click on the cell, type =25^.5, and hit Enter.

- Click on the cell, type 25^.5, and hit Enter.
- Click on the cell, type =(25)^2, and hit Enter.

**Suppose you need to add the values in range of cell from C2 through C8. Which of the following sequences will give you the correct answer?**

- Click on the cell, then type =SUM(C2:C8), and hit Enter.

- Click on the cell, then type =C2:C8, and hit Enter.
- Click on the cell, then type =SUM(C2C8), and hit Enter.
- Click on the cell, then type =SUM(C2,C8), and hit Enter.

__Fractions and Decimals__

**54/32 converted to a mixed number is ________.**

- 22/32
- 1.6875
- 1/38

- 1 22/32

**The product of one and four thirty-seconds and twenty thirty-seconds is ________.**

- 1 24/32

- 45/64
- 56/32
- 720

**One and eight thirty-seconds divided by twelve thirty-seconds is ________.**

- 480/1024
- 20/1024

- 3 1/3

- 3 40/32

**A U.S. Treasury bond is trading at 98 and 6/32. Convert this price to its decimal form.**

- 98.19

- 96.63
- 9/86
- 98.06

**What is the percentage increase if the S&P 500 Index is currently trading at 1,100 and rises 55 points?**

- 4.5%

- 5%

- 55%
- 5.5%

__Organizing Data__

**You are working on an Excel table and realize that you need to add a row to the middle of your table. What is one way to do this?**

- Highlight the column, then click on the Insert Cells button under the Home ribbon.

- Highlight the cell, then click on the Insert Cells button under the Home ribbon.

- Highlight the row, then click on the Insert Cells button under the Data ribbon.
- Highlight the row, then click on the Insert Cells button under the Home ribbon.

**You are working on an Excel table and realize that you need to add a single cell to your table. What is one way to do this?**

- Highlight the cell, then click on the Insert Cells button under the Data ribbon.

- Highlight the cell, then click on the Insert Cells button under the Home ribbon.

- Highlight the column, then click on the Insert Cells button under the Home ribbon.
- Highlight the row, then click on the Insert Cells button under the Home ribbon.

**You are working on an Excel table and realize that you need to delete a column in the middle of your table and shift the remaining data columns to the left. What is one way to do this?**

- Highlight the cell, then click on the Delete Cells button under the Home ribbon.

- Highlight the column, then click on the Delete Cells button under the Home ribbon.

- Highlight the column, then click the Delete button on your keyboard.
- Highlight the column, then click on the Delete Cells button under the Data ribbon.

**You are valuing an investment that will produce cash flows of $10,000 each year for 15 years. What is the quickest way to enter $10,000 into each of the 15 cells of your table?**

- Type $10,000 into the first cell, then highlight that cell and use your cursor to drag the fill handle through the remaining 14 cells.

- Type $10,000 into each of the 15 cells.
- Type $10,000 into the first cell, then copy and paste the value individually into each of the remaining cells.

**You have three tables in a worksheet in Excel. You need to sort one of the tables numerically, from smallest to largest values. How can you do this?**

- Highlight the worksheet, then click on the Data ribbon and find the Sort & Filter button. Use the Custom Sort to sort from smallest to largest.
- Highlight the table, then click on the Data ribbon and select Sort A to Z under the Sort & Filter button.
- Use the copy and paste functions to arrange a new table from smallest to largest values.

- Highlight the table, then click on the Data ribbon and find the Sort & Filter button. Use the Custom Sort option to sort from smallest to largest.