"Corporate Finance":Measures of Leverage
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
A firm is uncertain about both the number of units the market will demand and the price it will receive for them. This type of risk is best described as:
A、 sales risk.
B 、operating risk.
C、 business risk.
Questions 2:
If the degree of financial leverage (DFL) is 1.00, the operating breakeven point compared with the breakeven point is most likely:
A 、lower.
B、 the same.
C、 higher.
A is correct. Sales risk is associated with uncertainty with respect to total revenue, which, in turn, depends on price and units sold.
B is incorrect. Operating risk is the risk attributed to the operating cost structure. A company with a greater proportion of fixed costs in its cost structure has greater operating risk.
C is incorrect. Business risk is risk associated with operating earnings and this risk is the combination of sales risk and operating risk.
B is correct. When DFL = Operating income/Net income = 1.00, Operating income = Net income, meaning the fixed cost of debt is zero. The breakeven point is: Fixed costs + Fixed cost of debt/Contribution margin. Because the fixed cost of debt is zero, the company’s breakeven point becomes Fixed costs/Contribution margin, which is the same as the operating breakeven point.
A is incorrect because the breakeven point is equal to the operating breakeven point when DFL = 1.00.
C is incorrect because the breakeven point is equal to the operating breakeven point when DFL = 1.00
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
