Week 5 Midterm Spring 2024 This midterm is worth 150pts. There are five (5) questions that address the two listed course learning objectives. You are to use the data provided and your understanding of the course content covered thus far. Provide calculations leveraged in your analysis where requested. Avoid bullets and provide answers in narrative form. (CLO -1) Students have a basic familiarity with the field of finance and an understanding of the financial goal of a business, and they have an appreciation for the ethical considerations inherent in financial management. (CLO-2) Students can explain basic accounting principles, are able to read and interpret the firm's basic financial statements and can use financial ratios to assess a firm's health and performance. Materials 1. The 2020 and 2021 financial statements for Clancy's Dog Biscuit Corporation. 2. The text. Questions 1. (30pts). Discuss the financial goal of a business. Ensure to provide an example of the inherent ethical challenges associated with the financial goal and or the financial-management process. Using the financial statements provided answer questions 2 through 4. Clancy's Dog Biscuit Corporation Industry Benchmarks Current Ratio 2.0 times Quick Ratio 1.2 times Cash Ratio .25 times Inventory Turnover (sales) 2.50 times