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Working Capital Management

Total questions: 58

Worksheet time: 1hrs 8mins

Name
Class
Date
1.

To financial analysts, “Working Capital” means the same as:

a)

Current Assets – Total Liabilities

b)

Total Assets – Current Liabilities

c)

Total Assets – Total Liabilities

d)

Current Assets – Current Liabilities

2.

What are the aspects of Working Capital Management?

a)

Receivable management

b)

Inventory management

c)

Cash management

d)

All of the above

3.

Which of the following is NOT true of working capital?

a)

It is the amount of capital the firm has available to pay for its operations

b)

The amount of money a firm has to spend in the short term

c)

It is a measure of the firm's liquidity

d)

It is the sum total of a firm's fixed assets

4.

What is the classification of Working Capital based on time :

a)

Gross and Net

b)

Permanent and Temporary

c)

Current and Quick

d)

None of these

5.

When Core Working Capital plus some part of temporary is financed from long term funds then it is known as

a)

Aggressive approach

b)

Conservative approach

c)

Matching approach

d)

None of these

6.

Which of the following would be consistent with a more aggressive approach to financing working capital?

a)

Financing short-term needs with short-term funds.

b)

Financing permanent inventory buildup with long-term debt.

c)

Financing seasonal needs with short-term funds.

d)

Financing some long-term needs with short-term funds.

7.

In deciding the appropriate level of current assets for the firm, management is confronted with

a)

a trade-off between profitability and risk.

b)

a trade-off between liquidity and marketability.

c)

a trade-off between equity and debt.

d)

a trade-off between short-term versus long-term borrowing.

8.

Permanent working capital

a)

varies with seasonal needs

b)

includes fixed assets.

c)

is the amount of current assets required to meet a firm's long-term minimum needs.

d)

includes accounts payable.

9.

Financing a long-lived asset with short-term financing would be

a)

an example of "moderate risk -- moderate (potential) profitability" asset financing.

b)

an example of "low risk -- low (potential) profitability" asset financing.

c)

an example of "high risk -- high (potential) profitability" asset financing.

d)

an example of the "hedging approach" to financing.

10.

Inventory can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

11.

Equipment can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

12.

Machinery can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

13.

Land can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

14.

Lorry can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

15.

Non current asset can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

16.

Marketable securities can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

17.

Account receivable can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

18.

Long term debt can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

19.

Common share can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

20.

Ordinary share can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

21.

Preferred share can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

22.

Short term loan can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

23.

Account payable can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

24.

Accrued expenses can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

25.

Short-term notes payable can be classified as ____________.

a)

Permanent asset

b)

Temporary asset

c)

Permanent source

d)

Temporary source

e)

Spontaneous source

26.

Which of the following could be turned into cash the easiest or quickest?

a)

Raw materials

b)

Finished product

c)

Semi-finished product

d)

None of these

27.

A firm has an average age of inventory of 101 days, an average collection period of 49 days, and an average payment period of 60 days. The firmʹs cash conversion cycle is ________ days

a)

90

b)

60

c)

52

d)

41

28.

Which of the following is true of an aggressive funding strategy of a firm?

a)

Under an aggressive funding strategy, a firm funds it seasonal requirements with bonds and long term

loans

b)

Under an aggressive funding strategy, a firm funds its seasonal requirements with short‐term debt

c)

Under an aggressive funding strategy, a firm funds both its seasonal and its permanent requirements

with long‐term debt.

d)

Under an aggressive funding strategy, a firm funds it permanent requirements with commercial paper

and notes payable.

29.

A firm has a cash conversion cycle of 120 days, an average collection period of 25 days, and an average payment period of 50 days. The firmʹs average age of inventory is ________ days

a)

45

b)

95

c)

125

d)

145

30.

Which of the following is true of an aggressive funding strategy of a firm?

a)

Under an aggressive funding strategy, a firm funds it seasonal requirements with bonds and long term

loans

b)

Under an aggressive funding strategy, a firm funds its seasonal requirements with short‐term debt

c)

Under an aggressive funding strategy, a firm funds both its seasonal and its permanent requirements

with long‐term debt.

d)

Under an aggressive funding strategy, a firm funds it permanent requirements with commercial paper

and notes payable.

31.

Irish Air Services has determined several factors relative to its asset and financing mix.

(a) The firm earns 10 percent annually on its current assets.

(b) The firm earns 20 percent annually on its fixed assets.

(c) The firm pays 13 percent annually on current liabilities.

(d) The firm pays 17 percent annually on long‐term funds.

(e) The firmʹs monthly current, fixed, and total asset requirements for the previous year are summarized in the table.

The firmʹs annual financing costs of the aggressive financing strategy are ________.

a)

$21,175

b)

$26,075

c)

$24,475

d)

$22,775

32.

A firm is considering relaxing credit standards which will result in an increase in annual sales from $3 million to $3.75 million, a decrease in the cost of annual sales from $2,225,000 to $2,000,000, an increase in additional profit contribution from sales of $10,000, and an increase in the average collection period of 15 days, from 20 to 35 days. The bad debt loss is expected to increase from 1 percent to 1.5 percent of sales.

The firmʹs required return on investments is 15 percent. The net result of the firm relaxing its credit standards is.

Assume 1 year = 360 days

a)

$10,000

b)

‐$16,250

c)

‐$26,875

d)

‐$16,875

33.

Fizzy Animators, Inc. currently makes all sales on credit and offers no cash discount. The firm is considering a 3 percent cash discount for payment within 10 days. The firmʹs current average collection period is 90 days, sales are 400 films per year, selling price is $25,000 per film, variable cost per film is $18,750, and the average cost per film is $21,000. The firm expects that the change in credit terms will result in a minor increase in sales of 10 films per year, that 75 percent of the sales will take the discount, and the average collection period will drop to 30 days. The firmʹs bad debt expense is expected to become negligible under the proposed plan. The bad debt expense is currently 0.5 percent of sales. The firmʹs required return on equal‐risk investments is 20 percent.

(Assume a 360‐day year.)

What is the firmʹs marginal profit contribution from sales under the proposed plan of initiating the cash discount?

a)

$22,500

b)

$40,000

c)

$62,500

d)

$100,000

34.

To financial analysts, “Working Capital” means the same as:

a)

Current Assets – Total Liabilities

b)

Total Assets – Current Liabilities

c)

Total Assets – Total Liabilities

d)

Current Assets – Current Liabilities

35.

Negative working Capital represents that:

a)

Current Liabilities > Current Assets

b)

Current Liabilities < Current Assets

c)

Both (a) and (b)

d)

None of the above

36.

One way a firm can shorten the working capital cycle is:

a)

Reduce the amount of debt

b)

Decrease the amount of current assets

c)

Increase the amount of time customers have to pay on credit

d)

Reduce the amount of time customers have to pay on credit

37.
Net Woking capital refers to
a)
Total current Assets 
b)
Current Asset + Current Liabilities
c)
Current Assets - Current Liabilities
d)
Current Liabilities - Current Assets
38.

Pada Neraca sebuah perusahaan tertulis total aktiva lancar sebesar 600.000, dan total hutang lancar sebesar 400.00. Maka jumlah modal kerja menurut konsep kuantitatif adalah sebesar

a)

200.000

b)

600.000

c)

1.000.000

d)

1.200.000

39.

Pada Neraca sebuah perusahaan tertulis total aktiva lancar sebesar 600.000, dan total hutang lancar sebesar 400.00. Maka jumlah modal kerja menurut konsep kualitatif adalah sebesar

a)

200.000

b)

600.000

c)

1.000.000

d)

1.200.000

40.

berikut adalah motivasi perusahaan mengadakan sejumlah kas, KECUALI

a)

Motif Transaksi

b)

Motif Spekulasi

c)

Motif Berhati-hati

d)

Motif saldo kompensasi

41.

Pilihlah Komponen-komponen modal kerja yang tingkat konversinya (conversion rate) dianggap 100% :

a)

Uang Tunai

b)

Surat-Surat Berharga

c)

Pihutang

d)

Gedung dan Mesin

e)

Stock Barang

42.

Komponen modal kerja yang tingkat konversinya (conversion rate) lebih rendah dari 100% adalah :

a)

Uang Tunai

b)

Surat-Surat Berharga

c)

Piutang

d)

Gedung dan Mesin

e)

Stock Barang

43.

Ketidakmampuan perusahaan untuk memenuhi kewajiban-kewajiban jangka pendek dan kewajiban-kewajiban lain yang segera harus dipenuhi disebut dengan :

a)

Risk Inslovency

b)

Legal Insolvency

c)

Accounting Insolvency

d)

Techincal Insolvency

e)

Capital Inslovency

44.

Pilihlah Karakteristik dari Modal Kerja

a)

Disebut juga aktiva Lancar

b)

Umurnya Panjang (> 1 tahun)

c)

Umurnya Singkat (< 1 tahun)

d)

Tidak Liquid

e)

Mudah Dikonversi menjadi Uang Tunai

45.

Di bawah ini yang tidak termasuk Modal Kerja adalah.....

a)

Kas

b)

Surat-Surat Berharga

c)

Modal Sendiri

d)

Piutang

e)

Persediaan

46.

Seluruh aktiva lancar (current assets) perusahaan sebelum dikurangi dengan kewajiban-kewajiban jangka pendek dan kewajiban-kewajiban lain yang harus segera dipenuhi adalah :

a)

Current Ratio

b)

Acid Test Ratio

c)

Absolute Liquidity Ratio

d)

Net Working Capital

e)

Gross Working Capital

47.

Berapakah Modal Kerja Bruto dari Laporan Keuangan di atas ?

a)

Rp 1.000.000

b)

Rp 4.000.000

c)

Rp 5.000.000

d)

Rp 10.000.000

e)

Rp 15.000.000

48.

Berapakah Modal Kerja Netto dari Laporan Keuangan di atas ?

a)

Rp 1.000.000

b)

Rp 4.000.000

c)

Rp 5.000.000

d)

Rp 10.000.000

e)

Rp 15.000.000

49.

Modal Kerja Primer adalah....

a)

Modal kerja minimal yang harus dimiliki oleh perusahaan untuk mempertahankan atau melanjutkan hidupnya.

b)

Modal kerja yang diperlukan oleh perusahaan unutk mendukung operasi-operasi normal dari perusahaan

c)

Modal kerja yang disebabkan oleh fluktuasi musim

d)

Modal kerja yang jumlahnya berubah-ubah sebagai akibat dari fluktuasi konjungtur

e)

Modal kerja yang berubah-ubah karena terjadinya hal yang tidak terduga

50.

Modal Kerja Darurat adalah.......

a)

Modal kerja yang disebabkan oleh fluktuasi musim

b)

Modal kerja yang jumlahnya berubah-ubah sebagai akibat dari fluktuasi konjungtur

c)

Modal kerja yang berubah-ubah karena terjadinya hal yang tidak terduga

d)

Modal kerja minimal yang harus dimiliki oleh perusahaan untuk mempertahankan atau melanjutkan hidupnya.

e)

Modal kerja yang diperlukan oleh perusahaan unutk mendukung operasi-operasi normal dari perusahaan

51.

Pemenuhan Modal Kerja Variabel diperoleh dari :

a)

Hutang Jangka Pendek

b)

Hutang Jangka Panjang

c)

Modal Saham

d)

Laba Ditahan

e)

Penjualan Aktiva Lancar (Persediaan)

52.

Pemenuhan Modal Kerja Permanen diperoleh dari :

a)

Hutang Jangka Pendek

b)

Hutang Jangka Panjang

c)

Penjualan Aktiva Lancar (Persediaan)

d)

Laba Ditahan

e)

Modal Saham

53.

Apabila anda seorang kreditur jangka pendek maka anda lebih fokus pada :

a)

neraca perusahaan

b)

laporan rugi laba

c)

cashflow perusahaan

d)

kualitas dari aktiva

e)

Kualitas liabilitas

54.

Apabila anda seorang kreditur jangka panjang maka anda lebih fokus pada :

a)

neraca perusahaan

b)

Kualitas Aktiva

c)

Kualitas Liabilitas

d)

laporan rugi laba

e)

cashflow perusahaan

55.

Seorang pedagang akan memerlukan modal kerja jika :

a)

Bermaksud membeli mesin baru untuk meningkatkan kapasitas produksinya

b)

Tempat usahanya perlu direnovasi/diperluas untuk menampung persediaan barang dagangan yang semakin meningkat

c)

Memerlukan peningkatan persediaan barang dagangan karena omset penjualannya yang semakin meningkat, adanya penjualan secara piutang

d)

Semua pernyataan di atas benar

56.

Bagan ini menampilkan skenario strategi investasi aktiva lancar, bagian B adalah

a)

Konservatif

b)

Moderat

c)

Agresif

d)

Investasi

57.

Bagian nomor 3 adalah

a)

Bahan Baku

b)

Penjualan dengan Kredit

c)

Piutang

d)

Penjualan Langsung

58.

Biaya yang mencakup biaya eksplisit dan biaya implisit adalah biaya

a)

Biaya Pembelian

b)

Biaya Transaksi

c)

Biaya Penjualan

d)

Biaya Operasional

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