Chapter 17
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| S corporation | a small corporation that elects to be to be taxed as a proprietorship or partnership yet keep corporation limited liability.
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| Tax Loss carryback and carryover | Operating losses that can be carried back and fourth in time to offset taxable income in a year.
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| Capital Gain(loss) | asset sold for less than it's depreciated value.
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| Financial Planning | The projection of sales, income,and assets as well of the resources needed to achieve them.
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| Financial Control | phase in which financial plans are implemented.
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| Sales Forecast | A forecast of a firm's unit and dollar sales for some future period. Base on trends
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| AFN (additional funds needed) | Funds a firm must raise externally by new borrowing or selling stock
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| Projected (pro forma) balance sheet method | A method of financing financial requirements based on forecasted financial statements.
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| Spontaneously generated funds | Funds that are obtained from routine business transactions.
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| Financing Feedbacks | The effects on the income statement and balance sheet of actions taken to finance forecasted increases in assets
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| Lumpy Assets | Assets that can only be obtained in large in large discrete amounts
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| Operating breakeven analysis | studies the relationship among sales, revenues, operating costs, and profits
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| operating breakeven point | level of production and sales which the net operating income is zero. revenues from sales equal total operating costs.
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| Operating Leverage | A firms fixed assets
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| Degree of operating Leverage | The percentage change of NOI(or EBIT) associated in the change in sales volume.
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| Financial breakeven analysis | determining the operating income (EBIT) the firm needs to cover all of its financing costs and produce earnings per share equal zero.
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| Financial breakeven point | The level of EBIT at which EPS equals zero
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| Financial leverage | how change in operating income affects earning s per share.
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| Degree of financial leverage (DFL) | The percentage change in EPS taht results from a given percentage change in EBIT
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| Degree of Total Leverage (DTL) | The percentage change in EPS that results from a 1 percent change in sales
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| taxable income | gross income minus exemptions and allowable deductions as set forth in tax code
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| progressive tax | a tax that requires a higher percentage payment on higher incomes
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| marginal tax | the tax applicable to the last unit of income (the tax payer;s tax bracket)
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