Financial Assessment Quiz: CSM Summit
- 1.Which best describes the "art" of finance and accounting? (chapter 1)
- A.
Using limited data to come as close as possible to an accurate description of how well a company is performing
- B.
Using limited data to provide the best looking snapshot of how a company is performing
- C.
Exposing every detail of how a company runs its business
- D.
Putting lipstick on a pig
- 2.What are "pro-forma" results?
- A.
Consolidated financial results for all units of a business
- B.
An estimate of financial results for a future time period
- C.
The latest diet fad
- D.
Another term for non-GAAP results
- 3.When might it be useful to look at non-GAAP financial reporting?
- A.
When you want to find a really good bottle of wine
- B.
When a company has an unusual, one-time expense and you want to understand the overall health of the company over time
- C.
Before an audit
- D.
It’s not useful. It’s mainly a way for companies to make their financial results look better than they are
- 4.What does "above the line" mean? (chapter 8)
- A.
Anything above net profit on an income statement
- B.
Anything above EBIT on an income statement
- C.
The title of the new Leonardo DiCaprio movie
- D.
Anything above gross profit on an income statement
- 5.Which question would you ask to determine whether an expense is a Cost of Sale or Operating Expense?
- A.
Is the expense spread out over time?
- B.
Is this expense silly?
- C.
Does the expense directly relate to manufacturing or selling the product or service?
- D.
Does the expense belong on the Cash Flow Statement
- 6.What is an example of Cost of Goods Sold (COGS)? (chapter 1)
- A.
Cost to host our software with Amazon Web Services (AWS)
- B.
Rob Asscherick's new carbon fiber bike wheels
- C.
CSM salaries
- D.
Sales commissions
- 7.What does the income statement show? (chapter 1)
- A.
How much cash was used for the stock repurchase program.
- B.
The ROI on Mike Hack's robot suits.
- C.
Revenues, expenses, and profits for a period of time.
- D.
Revenues, expenses, and profits since the company was founded.
- 8.When is revenue booked?
- A.
When Umberto says so.
- B.
When a customer signs an order form (contract)
- C.
When product or services are delivered to the customer
- D.
At the point of invoice.
- 9.When is revenue recognized?
- A.
When the accounting books are “closed” for the time period
- B.
Each and every Friday!
- C.
When the invoice is paid
- D.
When the related product or service is delivered to the customer
- 10.What is an example of a capital expense? (chapter 1)
- A.
Bob's donuts
- B.
Monthly rent for an offshore data center
- C.
Large purchase of equipment for an offshore data center
- D.
Salaries for c-level executives
- 11.Which is NOT found on the income statement?
- A.
Revenues
- B.
Net profit
- C.
Sales, administrative, and general expenses
- D.
Capital expenditures
- 12.What are the two ways in which InsideView positively affects a customer's income statement?
- A.
Increased sales and decreased gross margin
- B.
Decreased selling expenses and decreased gross margin
- C.
Increased sales revenue and decreased selling expenses
- D.
Increased length of happy hour and decreased wine consumption
- 13.Using the information found below, calculate the gross profit margin: - Revenue = $100 - Cost of Goods Sold (COGS) = $20 - Taxes = $5
- A.
80%
- B.
20%
- C.
75%
- D.
85%
- 14.Using the information found below, calculate the net profit margin: - Sales = $200 - Cost of Sales = $125 - Taxes = $5 - Operating Expenses = $50
- A.
10%
- B.
20%
- C.
$20
- D.
$275
- 15.Which is the most direct measure of how efficiently a management team is running a company?
- A.
Gross margin
- B.
Operating margin
- C.
Net margin
- D.
Margarine
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