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1、WEBAPPENDIX14ADEGREEOFLEVERAGE(DifficultyLevels:Easy,Easy/Medium,Medium,Medium/Hard,andHard)NotethatthereissomeoverlapbetweentheT/Fandthemultiplechoicequestions,assomeT/FstatementsareusedintheMCquestions.SeetheprefaceforinformationontheAACSBletterindicators(F,M,etc.)onthesubj
2、ectlines.MultipleChoice:Conceptual(14A)DOL,DFL,andDTLCQAnswer:cEASY/MEDIUM.(14A)DOL,DFL,andDTLCQAnswer:cEASY/MEDIUM.WhichofthefollowingstatementsisCORRECT?a.Anincreaseinfixedcosts,(holdingsalesandvariablecostsconstant)willreducethecompany'sdegreeofoperatingleverage.b.Anincrea
3、seininterestexpensewillreducethecompany'sdegreeoffinancialleverage.c.Ifthecompanyhasnodebtoutstanding,thenitsdegreeoftotalleverageequalsitsdegreeofoperatingleverage.d.Ifafirm'sdegreeofoperatingleverageincreases,itsdegreeoffinancialleveragemustalsohaveincreased.e.Ifthecompanyh
4、asnodebtoutstanding,thenitsdegreeoftotalleverageequalsitsdegreeoffinancialleverage.(14A)FinancialleverageCQAnswer:eMEDIUM.(14A)FinancialleverageCQAnswer:eMEDIUM.Theuseoffinancialleveragebythefirmhasapotentialimpactonwhichofthefollowing?(1)Theriskassociatedwiththefirm.(2)There
5、turnexperiencedbytheshareholder.(3)Thevariabilityofnetincome.(4)Thedegreeofoperatingleverage.(5)Thedegreeoffinancialleverage.a.1,3,5b.1,2,5c.2,3,5d.2,3,4,5e.1,2,3,5WebApp.14A:DegreeofLeverageConceptualM/CPage14A-1©2013CengageLearning.AllRightsReserved.Maynotbecopied,scanned,o
6、rduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.(14A)FinancialleverageCQAnswer:dMEDIUM.(14A)FinancialleverageCQAnswer:dMEDIUM.Ifafirmusesdebtfinancing(Debtratio=0.40)and
7、saleschangefromthecurrentlevel,whichofthefollowingstatementsisCORRECT?a.Thepercentagechangeinoperatingincome(EBIT)resultingfromthechangeinsaleswillexceedthepercentagechangeinnetincome.b.ThepercentagechangeinEBITwillequalthepercentagechangeinnetincome.c.Thepercentagechangeinne
8、tincomerelativetothepercentagechangeinsales(andinEBIT)willnotdependo
