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FIN 419 Final Exam

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A financial analyst is responsible for maintaining and controlling the firm's daily cash balances. Frequently manages the firm's short-term investments and coordinates short-term borrowing and banking relationships.

False

1.In partnerships, owners have unlimited liability and may have to cover debts of other less financially sound partners.

True

2.In partnerships, a partner can readily transfer his/her wealth to other partners.

False

3.The board of directors is responsible for managing day-to-day operations and carrying out the policies established by the chief executive officer.

False

4.The president or chief executive officer is elected by the firm's stockholders and has ultimate authority to guide corporate affairs and make general policy.

False

5.In limited liability partnerships, the liability protection does not protect partners from their own individual acts of malpractice.

True

6.In limited liability partnership, all partners have limited liability with regard to the business, they are not personally liable for other partners' malpractice, and the limited liability partnership is taxed as partnership.

True

7.Managerial finance

a)involves tasks such as budgeting, financial forecasting, cash management, and funds procurement.

b)involves the design and delivery of advice and financial products.

c)recognizes funds on an accrual basis.

d)devotes the majority of its attention to the collection and presentation of financial data.

8.Finance can be defined as

a)the system of debits and credits.

b)the science of the production, distribution, and consumption of wealth.

c)the art and science of managing money.

d)the art of merchandising products and services.

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