"Corporate Finance": sales risk

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Questions 1:

Business risk most likely incorporates operating risk and:

A、 financial risk.

B、 sales risk.

C、 interest rate risk.

Questions 2:

The following data apply to two companies producing similar products.

Corporate Finance: sales risk

Compared with Company B, Company A has:

A、 a higher degree of total leverage.

B 、a lower sensitivity of operating income to changes in units sold.

C、 the same sensitivity of operating income to changes in net income.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Business risk is the combination of sales risk and operating risk.

A is incorrect because does not include financial risk.

C is incorrect because business risk does not include interest rate risk.

【Answer to question 2】B

【analysis】

B is correct.

Corporate Finance: sales risk

The DOL is lower for Company A than Company B (as per the table), meaning Company A’s operating income is less sensitive to a change in the units sold relative to Company B.

A is incorrect. DTL for Company A is lower than for Company B (as per table above).

C is incorrect. DFL for both companies equal to 2.0. However, the interpretation of DFL should be the sensitivity of net income to changes in operating income.

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