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22. Gross profit is equal to a) sales minus selling and administrative expenses. b) sales minus cost of costs sold and amortization expense. c) sales minus cost of goods sold. d) sales minus cost of goods sold and selling and administrative expenses. 23. Book value of a firm a) is usually the same as the firm's market value. b) values assets at their current value. c) is the same as net worth. d) two of the above. 24. One of the major disadvantages of a sole proprietorship is a) the simplicity of decision making b) that there is unlimited liability for the owner. c) low operating costs. d) low operating costs. 25. When a corporation uses the financial markets to raise new funds, the sale of securities is made in the a) secondary market b) third market c) primary market d) online market. 26. A firm has $200,000 in current assets, $400,000 in long term assets, $80,000 in current liabilities, and $200,000 in longterm liabilities. What is its net working capital? a) $120,000 b) $320,000 c) $520,000 d) None of the above answers are correct. 27. Amortization is a source of cash intlow brecause. a) it is a tax-deductible cash expense. c) it is a tax-deductible non-cash expe, esents savings to be used for future purchases. What is the primary goal of financial management? b) increasing shareholder wealth c) maximizing earnings d) minimizing cash flow 29. The best indication of the operational efficiency of management is a) net income. b) earnings per share c) gross profit d) earnings before interest and tax (EBIT). 30. Bob's Fishing Supplies earned $500,000 before taxes and $350,000 after taxes in its most recent fiscal year. If Bob's Board of Directors declared a total of $45,000 in preferred dividends what would be the total amount available to common shareholders? a) $455,000 b) $350,000 c) $305,000 d) none of the above answers are correct 31. Groovy Handbags (GH) has Total Shareholder's Equity of $350,000. GH issued 6,500 preferred shares for $65,000 two years ago. If GH has 37,000 common shares issued and outstanding what is GH 's book value per share? a) $9.46 b) $7.70 c) $43.85 d) none of the above answers are correct