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NO.1 If a firm's asset turnover were to increase by 10% and the tax rate were to increase from 35% to
40%,
leaving all else constant, the resultant change in the firm's ROE equals ________.
A. -1.1%
B. +1.5%
C. -1.9%
Answer: B
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Explanation: ROE = Net income/Equity. Using the Extended DuPont System, = (EBT/sales)*(sales/total
assets)*(total assets/equity)*(1-tax rate) The asset turnover ratio equals sales/total assets.
Therefore,
ROE(after)/ROE(before) = [asset turnover(after)/asset turnover(before)*]*[0.6/0.65] = 1.1*0.6/0.65 =
1.015.
Thus, the ROE increases by 1.5%.
NO.2 An individual has a 10% probability of suffering from a headache when he has a cold versus 1%
when he does not have a cold. If the individual has a probability of developing a cold equal to 5%,
what is
the probability that this individual suffers from a headache?
A. 11%
B. 2.23%
C. 1.45%
Answer: C
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Explanation: Assume event A is the event in which the individual suffers from a headache. Using the
Total
Probability Rule, P(A) = 0.1 x 0.05 + 0.01 x 0.95 = 1.45%.
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