FIN 571 Week 1 Connect Problems (Math and Accounting Review)
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FIN 571 Week 1 Connect Problems (Math & Accounting Review)
1. Functions
Excel will make your life as a finance student much easier. This section will show how to use various functions in Excel. Once you understand the how and why of a particular financial equation, you can make
1. Which Excel cell entry will calculate the square root of 165?
2. Which statements about Excel’s FV function are correct?
3. Which fields are required to calculate net present value (NPV) in Excel?
4. Which Excel function is used to calculate the amount of each annuity payment?
5. Which fields are required to calculate the rate of return (RATE) for a present value calculation in Excel?
2. The Balance Sheet
This lesson will help you refresh your knowledge on the basics of the balance sheet. Brushing up on these concepts now will help you tackle your finance coursework later.
General Ledger for XYZ Company. The following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders’ equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).
1. What is the total amount of current assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
2. What is the total amount of longterm assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
3. What is the total amount of current liabilities to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
4. What is the ending balance in retained earnings to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
5. What is the total amount of stockholders’ equity to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
3. Calculating Interest
This lesson will help fill in the basics on how to calculate interest when tackling financial problems.
1. What is the amount of interest earned after two years on a $100 deposit paying 4 percent simple interest annually?
2. What is the amount of compound interest earned after three years on a $100 deposit paying 8 percent interest annually?
3. A business just took out a loan for $100,000 at 10% interest. If the business pays the loan off in three months, how much did the business pay in interest?
4. What is the annual percentage yield (APY) for a deposit paying 5 percent interest with monthly compounding?
4.The Income Statement
This lesson will help you refresh your knowledge on the basics of the income statement. Brushing up on these concepts now will help you tackle your finance coursework later.
General Ledger for ABC Company. The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) through (4).
1. What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?
2. What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?
3. What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?
4. What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?
5. Fractions and Decimals
This lesson will help you review fractions and decimals: calculating, converting, and recognizing how to use them in a financial setting.
1. 54/32 converted to a mixed number is ________.
2. The product of one and four thirtyseconds and twenty thirtyseconds is ________.
3. One and eight thirtyseconds divided by twelve thirtyseconds is ________.
4. A U.S. Treasury bond is trading at 98 and 6/32. Convert this price to its decimal form.
5. What is the percentage increase if the S&P 500 Index is currently trading at 1,100 and rises 55 points?
6. Exponential Functions
This lesson will help you refresh your skills using exponents. Many financial equations rely on exponents to show compounding and growth.
1. A business acquaintance promises to deliver a $20 bill to you one year from today. How much should you be willing to pay today for this promise?
2. What is the present value of $1,000 received three years from today if interest rates are currently 6 percent?
3. What is the interest rate on a threeyear investment with a future value of $1000 and a present value of $863.84?
4. The product rule of exponents says that when multiplying two powers that have the same base, you need to ________.
5. The fifth root of fifteen is equal to ________.
7. Basic Math
This section of the tutorial will cover writing and editing formulas, using cell references, following the order of operations, and using operators.
1. Which of the following Excel cell entries gives the sum of 20 + 150 + 85?
2. Which letter or symbol does Excel use to multiply numbers?
3. What is the correct order of operations for entering formulas into Excel?
4. Which of the following sequences will give you the square root of 25 in Excel?
5. Suppose you need to add the values in range of cell from C2 through C8. Which of the following sequences will give you the correct answer?
8. Organizing Data
This tutorial is designed to help you to successfully utilize Microsoft Excel in your finance courses.
1. You are working on an Excel table and realize that you need to add a row to the middle of your table. What is one way to do this?
2. You are working on an Excel table and realize that you need to add a single cell to your table. What is one way to do this?
3. You are working on an Excel table and realize that you need to delete a column in the middle of your table and shift the remaining data columns to the left. What is one way to do this?
4. You are valuing an investment that will produce cash flows of $10,000 each year for 15 years. What is the quickest way to enter $10,000 into each of the 15 cells of your table?
5. You have three tables in a worksheet in Excel. You need to sort one of the tables numerically, from smallest to largest values. How can you do this?
9. Solving for the Unknown
This lesson will help you review how to solve for unknown quantities in a problem.
1. If the future value of a oneperiod investment is given by the formula, F = I + (I × R), what is the formula for the amount of the investment, I?
2. The opposite process rule says to solve for ________.
3. When solving for an unknown that involves more than one process, the multiple process rule requires that ________.
4. If the future value of a oneperiod investment is given by the formula, F = I + (I × R), what is the formula for the rate of interest, R?
5. If the bank returns $50 on a $1,000 deposit after one year, what is the interest rate earned on this deposit?
10. Accounting Concepts
This lesson will help you refresh the basic accounting concepts.
1. ________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources.
2. Under ________ accounting, revenues are recorded when earned and expenses are recorded with related revenues. Under ________ accounting, revenues are recorded when cash is received and expenses are recorded when cash is paid out. Financial statements are prepared using ________ accounting.
3. The ________ retains the power and authority to set accounting standards. Currently, this responsibility has been delegated to the________.
4. In what order are the four primary financial statements prepared?
5. The difference between net income and dividends paid is known as what?
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