📚 Chapter 22 Worksheet Answers – Ratio Analysis | 第22章 比率分析练习题答案
Welcome to the full set of worksheet answers for Chapter 22 – Ratio Analysis. This chapter focuses on calculating, interpreting, and evaluating key financial ratios, a vital skill for any A‑Level Business candidate. The answers below provide step‑by‑step calculations using realistic data, followed by concise ratio analysis commentary. Use them to check your own work and deepen your understanding of liquidity, profitability, efficiency, and gearing measures.
欢迎查阅第22章比率分析的完整练习题答案。本章专注于计算、解读和评价关键财务比率，这是A‑Level商务考生必备的核心技能。以下答案使用现实数据提供逐步计算，并附有简明的比率分析评语。请用这些答案核对自己的作业，加深对流动性、盈利性、效率和杠杆指标的理解。
1. Question 1 – Current Ratio | 问题1 – 流动比率
A business reports current assets of $150,000 and current liabilities of $75,000. Calculate the current ratio and comment on the result.
| Current assets | $150,000 |
| Current liabilities | $75,000 |
Current Ratio = $150,000 ÷ $75,000 = 2.0 : 1
This means the firm has $2 of current assets for every $1 of current liabilities. A ratio of 2.0:1 suggests a safe liquidity cushion; the business can comfortably meet its short‑term debts. Typically, a current ratio between 1.5 and 2.0 is viewed as satisfactory. Ratios above 2.5 could indicate excessive idle cash or inventory, while a ratio below 1.5 might signal a liquidity squeeze.
一家企业报告的流动资产为15万美元，流动负债为7.5万美元。计算流动比率并评价这一结果。
| 流动资产 | $150,000 |
| 流动负债 | $75,000 |
流动比率 = $150,000 ÷ $75,000 = 2.0 : 1
这意味着企业每有1美元的流动负债，对应2美元的流动资产。2.0:1的比率显示安全的流动性缓冲；公司能够轻松地偿还短期债务。通常，流动比率在1.5至2.0之间被视为令人满意。高于2.5的比率可能暗示有过多的闲置现金或存货，而低于1.5的比率则可能预示着流动性紧张。
2. Question 2 – Acid Test Ratio | 问题2 – 速动比率
Using the same current assets of $150,000, the business holds inventory (stock) valued at $40,000, while current liabilities remain at $75,000. Calculate the acid test (quick) ratio and interpret the result.
| Current assets | $150,000 |
| Less: Inventory | $40,000 |
| Quick assets | $110,000 |
| Current liabilities | $75,000 |
Acid Test Ratio = ($150,000 – $40,000) ÷ $75,000 = 1.47 : 1
A quick ratio of 1.47:1 means the company can cover its current liabilities 1.47 times using cash, receivables, and other liquid assets. A ratio above 1.0 is generally seen as adequate; it suggests the firm is not over‑reliant on selling inventory to pay short‑term debts. If the acid test were significantly below 1.0, the business might face cash‑flow difficulties even if the current ratio is healthy.
基于同样的15万美元流动资产，该企业持有4万美元的存货，流动负债仍为7.5万美元。计算速动（酸性测试）比率并解读结果。
| 流动资产 | $150,000 |
| 减：存货 | $40,000 |
| 速动资产 | $110,000 |
| 流动负债 | $75,000 |
速动比率 = ($150,000 – $40,000) ÷ $75,000 = 1.47 : 1
速动比率为1.47:1，意味着公司能运用现金、应收款和其他速动资产偿付1.47倍的流动负债。比率高于1.0一般就被认为是充足的；这表明企业不过度依赖出售存货来偿还短期债务。如果速动比率远低于1.0，即使流动比率良好，企业仍可能面临现金流困难。
3. Question 3 – Inventory Turnover | 问题3 – 存货周转率
A firm's cost of sales for the year is $240,000, and its average inventory over the period is $40,000. Calculate the inventory turnover (times) and the inventory holding period in days.
| Cost of sales | $240,000 |
| Average inventory | $40,000 |
Inventory Turnover = $240,000 ÷ $40,000 = 6 times per year
.8 days. On average, inventory is held for about 61 days before being sold. A shortening inventory turnover usually indicates better efficiency, but it must be balanced against the risk of stock‑outs. A lengthening turnover may signal obsolete stock or weak demand.
某公司年销售成本为24万美元，该期间的平均存货为4万美元。计算存货周转次数和存货周转天数。
| 销售成本 | $240,000 |
| 平均存货 | $40,000 |
存货周转率 = $240,000 ÷ $40,000 = 每年6次
该企业一年内存货周转6次。换算为天数：365天 ÷ 6 = 60.8天。平均而言，存货在被售出前保存约61天。存货周转天数缩短通常表明效率提高，但必须与缺货风险相平衡。周转天数延长则可能暗示有过时库存或需求疲软。
4. Question 4 – Trade Receivables Collection Period | 问题4 – 应收账款回收期
During the year, the business made credit sales of $500,000. Its year‑end trade receivables stand at $100,000. Calculate the trade receivables collection period in days.
| Credit sales (revenue) | $500,000 |
| Trade receivables | $100,000 |
Receivables Days = ($100,000 ÷ $500,000) × 365 = 73 days
A collection period of 73 days means customers take just over two months to pay. This should be compared with the business's stated credit terms (e.g., 30 or 60 days). A significantly longer period may indicate poor credit control, which ties up cash and increases the risk of bad debts. Shortening this period improves liquidity and reduces the working capital cycle.
本年度企业赊销额为50万美元。年末应收账款余额为10万美元。计算应收账款回收期（天数）。
| 赊销收入 | $500,000 |
| 应收账款 | $100,000 |
应收账款天数 = ($100,000 ÷ $500,000) × 365 = 73天
73天的回收期意味着客户付款需要两个多月。这应与公司公布的信用期限（例如30或60天）进行对比。期限明显延长可能表明信用控制不善，这会占用现金并增加坏账风险。缩短这一周期可以改善流动性并降低营运资金循环。
5. Question 5 – Trade Payables Payment Period | 问题5 – 应付账款支付期
The firm's credit purchases (cost of goods bought on credit) total $300,000, and trade payables at the year‑end are $50,000. Find the trade payables payment period in days.
| Credit purchases | $300,000 |
| Trade payables | $50,000 |
Payables Days = ($50,000 ÷ $300,000) × 365 = 60.8 days
A payment period of approximately 61 days suggests the company is taking nearly two months to settle its trade payables. While delaying payments can conserve cash, a period far longer than the industry norm risks damaging supplier relationships and losing early‑payment discounts. It should be benchmarked against credit terms offered by suppliers (often 30 days) to assess whether the business is stretching payments too far.
该企业的赊购成本为30万美元，年末应付账款为5万美元。计算应付账款支付期（天数）。
| 赊购成本 | $300,000 |
| 应付账款 | $50,000 |
应付账款天数 = ($50,000 ÷ $300,000) × 365 = 60.8天
约61天的支付期表明公司需要近两个月来结清应付账款。尽管拖延付款可以保留现金，但如果期限远高于行业标准，则有损害供应商关系和失去提前付款折扣的风险。应将其与供应商提供的信用期限（通常为30天）进行比较，以评估企业是否过度延迟付款。
6. Question 6 – Gross Profit Margin | 问题6 – 毛利率
The company generated sales revenue of $500,000 last year. Its cost of sales was $240,000. Calculate the gross profit margin.
| Revenue | $500,000 |
| Cost of sales | $240,000 |
| Gross profit | $260,000 |
Gross Profit Margin = ($260,000 ÷ $500,000) × 100 = 52.0%
A 52% gross margin means that for every $1 of sales, the firm retains $0.52 after covering the direct cost of goods sold. This margin can be compared across periods and with competitors. A rising margin may reflect stronger pricing power or lower production costs; a falling margin could indicate cost pressures or discounting. Context matters: a high‑volume retailer may operate on a much thinner margin.
该公司去年销售额为50万美元，销售成本为24万美元。计算毛利率。
| 销售收入 | $500,000 |
| 销售成本 | $240,000 |
| 毛利 | $260,000 |
毛利率 = ($260,000 ÷ $500,000) × 100 = 52.0%
52%的毛利率意味着每实现1美元销售，公司在覆盖已售商品直接成本后留存0.52美元。该利润率可跨时期并与竞争对手进行比较。毛利率上升可能反映更强的定价能力或更低的生产成本；毛利率下降则可能表明成本压力或打折销售。需要注意情境：高销量零售商可能以极低的利润率运营。
7. Question 7 – Net Profit Margin | 问题7 – 净利率
From the same $500,000 revenue, the business incurred operating expenses of $150,000. Using the gross profit of $260,000, calculate the net profit and net profit margin.
| Gross profit | $260,000 |
| Operating expenses | $150,000 |
| Net profit (operating profit) | $110,000 |
Net Profit Margin = ($110,000 ÷ $500,000) × 100 = 22.0%
A net margin of 22% indicates that the firm earns 22 cents of operating profit for every dollar of revenue. This proportion is crucially watched by managers and investors because it reflects overall expense control. A declining net margin, even if the gross margin is stable, points to rising overheads or wasteful spending. The gap between gross margin (52%) and net margin (22%) shows that 30 cents of each sales dollar is absorbed by operating expenses.
在同样的50万美元收入中，该企业发生了15万美元的运营费用。利用26万美元的毛利，计算净利润和净利率。
| 毛利 | $260,000 |
| 运营费用 | $150,000 |
| 净利润（营业利润） | $110,000 |
净利率 = ($110,000 ÷ $500,000) × 100 = 22.0%
22%的净利率意味着公司每1美元收入获得22美分的营业利润。管理者和投资者密切关注这一比率，因为它反映了总体的费用控制水平。即使毛利率稳定，净利率下降也表明经常性开支上升或有浪费性支出。毛利率（52%）与净利率（22%）之间的差距说明，每1美元销售中有30美分被运营费用所吸收。
8. Question 8 – Return on Capital Employed (ROCE) | 问题8 – 资本运用回报率
The business has non‑current assets of $350,000 and net current assets of $150,000, giving total capital employed of $500,000. Operating profit (EBIT) is $110,000. Calculate ROCE.
| Non‑current assets | $350,000 |
| Net current assets (working capital) | $150,000 |
| Capital employed | $500,000 |
| Operating profit | $110,000 |
ROCE = ($110,000 ÷ $500,000) × 100 = 22.0%
A 22% return on capital employed means every $100 of capital invested in the business yields $22 of operating profit per year. This can be compared with the interest rate on borrowed capital or the returns of alternative investments. A consistently high ROCE attracts investors, while a declining trend signals diminishing efficiency. When assessing ROCE, remember that the definition of capital employed can vary, so compare like‑with‑like.
该企业拥有非流动资产35万美元，净流动资产15万美元，资本运用总额为50万美元。营业利润（息税前利润）为11万美元。计算资本运用回报率。
| 非流动资产 | $350,000 |
| 净流动资产（营运资金） | $150,000 |
| 资本运用额 | $500,000 |
| 营业利润 | $110,000 | Published by TutorHao | A-Level 商务 Revision Series | aleveler.com
