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1. The term "spontaneously generated funds" generally refers to increases in the cash account that result from growth in sales, assuming the firm is operating with a positive profit margin.
a. True
b. False
2. The most critical step in constructing a set of pro forma financial statements is the sales forecast.
a. True
b. False
3. If your sales this year were $37,250,000 and you were forecasting 17 percent growth for next year, then your next year's sales would be $54,250,000.
a. True
b. False
4. If ratios computed on forecasted "pro forma" financial statements are out of acceptable tolerances, it is an indication that the forecast is faulty and must be redone.
a. True
b. False
5. Consider the following financial data:
Year Sales
2005 $3,892
2006 3,904
2007 6,094
2008 6,337
2009 5,075
The company's average annual sales growth rate from 2005 through 2009 was:
a. 10.1%
b. 30.4%
c. 6.9%
d. 5.5%
6. Assume that your firm wants its Inventory Turnover ratio next year to be 7x. Cost of goods Sold is forecasted to be $6,992. What will the forecasted inventory balance have to be to achieve a Turnover ratio of 7x?
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