CFI FMVA Final Exam 2025 Questions
and Answers
....ANSWER ...-On the balance sheet under 'current liabilities'
Which is not a type of note found in a set of financial statements? - ....ANSWER ...-
Significant internal controls
What is the correct syntax for the =YEARFRAC function? - ....ANSWER ...-
=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - ....ANSWER ...-
Revolver
Which of the following is not a function of public accounting firms? -
....ANSWER ...-Due dilligence
Which ratio would you use to determine the profitability of the goods sold by a
company? - ....ANSWER ...-Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - ....ANSWER ...-Time
If a company wanted to finance the purchase of equipment without diluting shareholders
equity, which of the following operation could it consider? - ....ANSWER ...-
Issuing convertible bonds
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1
, When calculating the quick ratio or "acid test" which current asset or liability is
omitted? - ....ANSWER ...-Inventory
Using the PEST analysis, which of the following should a company like Apple Inc. worry
about the most? - ....ANSWER ...-Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use a budget. -
....ANSWER ...-Managers can use budgets alone to estimate how well they perform
over a period of time
Which of the following components is not necessary to have in every master budget? -
....ANSWER ...-Direct material purchase budget
What does variable cost with economies of scale mean? - ....ANSWER ...-The
higher the volume of output, the less it costs to produce one extra unit
Before protecting a worksheet to avoid people from editing the formulas, you must -
....ANSWER ...-unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000, and the gross profit
margin is 40%.
The receivable days estimated from the data above is _____. - ....ANSWER ...-27.4
The PP&E gross book value at the start of the month is 60,000, and the CAPEX of the
month is 12,000. The accumulated depreciation at the start of the month is 25,000; the
depreciation expense of the month is 750. The net book value of PP&E calculated from
the data above is _____. - ....ANSWER ...-46,250
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 2
and Answers
....ANSWER ...-On the balance sheet under 'current liabilities'
Which is not a type of note found in a set of financial statements? - ....ANSWER ...-
Significant internal controls
What is the correct syntax for the =YEARFRAC function? - ....ANSWER ...-
=YEARFRAC(start_date,end_date,[basis])
Which of the following is NOT a form of subordinated debt? - ....ANSWER ...-
Revolver
Which of the following is not a function of public accounting firms? -
....ANSWER ...-Due dilligence
Which ratio would you use to determine the profitability of the goods sold by a
company? - ....ANSWER ...-Gross Profit Margin
Horizontal analysis allows us to analyze performance over: - ....ANSWER ...-Time
If a company wanted to finance the purchase of equipment without diluting shareholders
equity, which of the following operation could it consider? - ....ANSWER ...-
Issuing convertible bonds
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1
, When calculating the quick ratio or "acid test" which current asset or liability is
omitted? - ....ANSWER ...-Inventory
Using the PEST analysis, which of the following should a company like Apple Inc. worry
about the most? - ....ANSWER ...-Technological forecasting and trends
Identify which of the following is NOT a good way for managers to use a budget. -
....ANSWER ...-Managers can use budgets alone to estimate how well they perform
over a period of time
Which of the following components is not necessary to have in every master budget? -
....ANSWER ...-Direct material purchase budget
What does variable cost with economies of scale mean? - ....ANSWER ...-The
higher the volume of output, the less it costs to produce one extra unit
Before protecting a worksheet to avoid people from editing the formulas, you must -
....ANSWER ...-unlock the input cells
The annual accounts receivable is 3,000; the annual sales 40,000, and the gross profit
margin is 40%.
The receivable days estimated from the data above is _____. - ....ANSWER ...-27.4
The PP&E gross book value at the start of the month is 60,000, and the CAPEX of the
month is 12,000. The accumulated depreciation at the start of the month is 25,000; the
depreciation expense of the month is 750. The net book value of PP&E calculated from
the data above is _____. - ....ANSWER ...-46,250
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 2
