UNIVERSITY EXAMINATIONS

May/June 2022

FIN3702

WORKING CAPITAL MANAGEMENT

70 Marks
2 Hours

This paper consists of 21 pages including an invigilator QR code on page 2, one rough work
page on page 20 and an honesty declaration form on page 21. Please scan the QR code before
you start with your examination. If you encounter difficulty with scanning the QR code, you
can also enter the QR access code as indicated at the bottom of the QR code to activate your
online invigilation.

Instructions:

Use of a non-programmable calculator is permissible.

This is a closed book examination, and you are advised not to consult your study material.

This exam is an online assessment, and all output should be your own work. Please remember
to sign the honesty declaration at the end of the examination paper.

The exam paper remains the property of the university and may not be distributed.

Please note that you submit your answers the same way you submit a written assignment on
myUNISA (myExams platform). It is necessary that you submit your exam file in PDF format
and obtain and/or keep a screenshot of successful upload. Further instructions have been
provided on myUNISA. Additionally, you will all need to use the invigilator application during
the exam and details of this are provided on page 2 of this examination paper.

Adequate space for answering the questions has been provided on this exam paper but you
are welcome to use your own answer sheets if your work is legible.

Answer SECTION A and SECTION B.

SECTION A consists of 30 multiple-choice questions worth 30 marks (answer table

provided on page 10) and SECTION B consists of two essay questions totalling 40
marks. Your final mark out of 70 will be expressed as a percentage.

Open Rubric
 FIN3702
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YOUR EXAM QR CODE & QR CCESS CODE

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SECTION A: MULTIPLE-CHOICE QUESTIONS [30 MARKS]

1. Which one of the following is incorrect according to the statement below?

The operating cash required by a firm can be minimised by …

1. keeping lower inventory levels.

2. shortening the production cycle.
3. paying accounts payable as soon as possible.
4. collecting account receivable as quickly as possible.

2. The efficient management of cash involves ...

a. taking advantage of cash discounts.

b. maximizing the cash turnover.
c. increasing the inventory levels.
d. using any technique to collect accounts receivable.
e. delaying cash payments without affecting creditworthiness.

1. a, b, c.
2. b, c, d.
3. c, d, e.
4. a, d, e.
5. a, b, e.

3. First National Bank Ltd has offered Junior the following alternatives in response
to the R75 000 one-year loan application he made to the bank.

• Alternative 1: 7% discount interest, with a 10% compensating balance.

• Alternative 2: 8% simple interest with interest paid monthly.

What will be the effective annual rate if Junior chooses to take the cheaper alternative?

1. 7.23%
2. 7.67%
3. 8.00%
4. 8.30%

4. Which of the following statements are correct?

a. Net working capital is defined as the difference between current assets and
current liabilities.
b. Net working capital is the portion of a firm’s current assets financed with short-
term funds
c. The less liquid a firm is, the less likely it will be able to meet its current
obligations.
d. The more predictable the firm’s cash inflows, the more net working capital it
requires.
e. Net working capital can be used to evaluate the possibility of technical solvency.

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1. a, b, c.
2. b, c, d.
3. a, c, e.
4. c, d, e.
5. b, d.

5. Which one of the following statements are incorrect?

a. The aggressive approach makes use of partly short-term and partly long-term
funds to finance seasonal needs.
b. The conservative approach results in the lowest risk, return and cost.
c. The conservative approach has the highest cost.
d. Risk and return are highest with the aggressive approach.
e. The conservative approach has the lowest risk and return.

1. a, b.
2. a, c.
3. b, c.
4. b, d.
5. d, e.

6. Ignoring costs and other effects on the firm, which one of the following would
tend to reduce the cash conversion cycle?

1. Maintaining the level of receivables as sales decrease.

2. Buying more raw materials to take advantage of price breaks.
3 Forgoing discounts that are currently being taken.
4. Offering longer deferral period to customers.
7. Which one of the following financial ratios measures long-term solvency?

1. The current ratio

2. The acid test (quick ratio)
3. The profitability ratio
4. The activity ratio
5. None of the above
8. Which of the following statements are correct?

a. Depreciation is a source of funds.

b. Depreciation decreases after tax income.
c. Depreciation does not influence the cash flow.
d. Earnings before interest and tax excludes depreciation.
1. a, c
2. a, b, c
3. a, d.
4. a, c, d
5. a, b

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9. Operating cash flow is calculated as follows:

1. Earnings before tax and non-cash charges.

2. Earnings before tax minus non-cash charges.
3. Net income after taxes and non-cash charges.
4. Net income after taxes minus non-cash charges.

10. Which one of the following statements is correct with regards to “sources of
funds”?
1. An increase in an asset, a decrease in a liability
2. A decrease in an asset, an increase in a liability
3. A decrease in a liability, an increase in income
4. An increase in a liability, an increase in an asset
5. A decrease in liability, an increase in depreciation

11. Accruals represent a form of …

1. adjustable-rate debt because a varying rate of interest is paid on the

outstanding balance (amount).
2. expensive debt because high rates of interest are paid on the outstanding
balance.
3. cheap debt because low rates of interest are paid on the outstanding
balance.
4. free debt because no explicit interest is paid on the outstanding balance.
5. fixed-rate debt because a fixed rate of interest is paid on the outstanding
balance.

12. The three main working capital strategies—aggressive, conservative, and

moderate—differ primarily in the …

1. amount of trade credit a firm uses.

2. relative amounts of short-term debt a firm uses.
3. average level of temporary current assets a firm maintains.
4. minimum level of permanent current assets a firm maintains.
5. relative amount of long-term debt versus equity that a firm uses to finance
its permanent current assets.
13. In the control phase of the financial planning process, projected financial
statements must be evaluated to determine …

1. the firm's operating breakeven at different sales levels.

2. whether economies of scale have been achieved.
3. the level of leverage the firm can attain with its forecasts.
4. whether the forecasts meet the firm's financial targets.
5. the amount of internal funds the firm must raise to meet its financial goals.

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14. Most firms which purchase from their suppliers on credit, record these debts in
their financial statements or accounts as …

1. inventory.
2. notes payable.
3. accounts payable.
4. promissory notes.
5. accounts payable.

15. The primary reason a firm holds marketable securities is because they …

1. substitute for its long-term debt.

2. are useful for managing credit sales.
3. can be used to help speed up collections of its accounts payable.
4. offer a place to temporarily invest cash balances to earn high rates of return.
5. permit the firm to earn positive returns on cash that is not needed to pay
bills in the current period.
16. A firm is considering relaxing its credit standards which will result in an increase
in annual sales from R3 million to R3.75 million, a decrease in the cost of annual
sales from R2 225,000 to R2 000,000, an increase in additional profit contribution
from sales of R10 000, and an increase in the average collection period of 15
days, from 20 to 35 days. The bad debt is expected to increase from 1% to 1.5%
of sales. The firm’s required return on investments is 15%. The net result of the
firm relaxing its credit standard is … (assume 360 days per year for the company)

1. R10 000.
2. -R16 250.
3. -R16 875.
4. -R26 875.

17. A corporation borrowed R100 000 for six months from the bank. The rate is
prime rate plus 2%. At the beginning of the loan the prime rate was 8.5% but
this changed to 9% after two months. This was the only change. Approximately
how much interest must this company pay for the period (assume 365 days in
a year)?
1. R3 616
2. R3 667
3. R5 342
4. R5 416

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18. Seed stars Bank Ltd has issued R1 000 000 of commercial paper for R991 000
for 45 days. Based on this information and assuming 365 days per year, the
effective annual rate of interest on the commercial paper would be …

1. 7.61%.
2. 6.29%.
3. 6.24%.
4. 6.13%.

19. On average, a firm sells R2 000 000 in merchandise a month. It always keeps
the inventory equal to half of its monthly sales on hand. If this firm analyses its
accounts using a 365-day year, what will the firm’s average age of inventory be?

1. 10.5 days
2. 15.2 days
3. 30.3 days
4. 182.5 days

The next two questions apply to the information provided below:

Dikhoba Ltd has 10 different items in its inventory. The average number of units held
in inventory and the average unit cost for each item are provided in the table below.
The firm uses an ABC system of inventory. Use the information below to answer
questions 20 and 21.

Item Average number of units Average unit cost (R)

1 5 000 0.05
2 2 000 1.50
3 100 8.50
4 500 45.00
5 650 3.50
6 10 000 100.00
7 5 100 0.25
8 3 100 5.00
9 20 0.75
10 1 150 2.00

20. According to the table above, the items that belong in the category A include …

1. items 1 and 7
2. items 4 and 6
3. items 3 and 9
4. items 1, 6 and 7

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21. According to the table above, the items that belong in the category C include …

1. items 4 and 6.
2. items 1 and 7.
3. items 1, 3 and 9.
4. items 1, 6 and 7.

22. Which one of the following is a risk incurred by holding current assets?

1. The high inventory value of current assets

2. The difficulty of getting insurance for current assets
3. The relative ease with which current assets can be stolen
4. All the above

23. Which one of the following items would increase the CCC?

1. Paying creditors earlier

2. Tightening the credit standards
3. Keeping lower levels of inventory
4. None of the above
24. Which one of the following changes can be expected if a firm’s credit policy is
tightened?

1. An increase in bad debts

2. A decrease in sales
3. Options A and B
4. An increase in the marginal investment in accounts receivable
25. Morumo Bank Ltd has issued R1 000 000 commercial paper for R991 000 for 45
days. Based on this information and assuming 365 days per year, the effective
annual rate of interest on the commercial paper will be …

1. 6.13%.
2. 6.24%.
3. 6.29%.
4. 7.61%.

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26. A firm with a very low current ratio in comparison to the industry standard could
lower the risk of unavailable short-term funds by moving towards … financing
strategy.

1. a seasonal
2. a permanent
3. an aggressive
4. a conservative

27. When managing accounts receivable, an effective strategy to employ without

losing future sales is to …

1. offer a cash discount.

2. tighten the credit standards.
3. send the accounts to a collection agency.
4. Make frequent personal visits to the customer.

28. A firm expects to have funds of R150 000 idle for 60 days. If the firm could
purchase marketable securities yielding 10% and pay brokerage fees of R1 500,
the firm … (assume 365 days in a year).

1. should leave the R150 000 in liquid cash.

2. should invest the funds for more than 60 days due to the favourable rate.
3. should make the investment since interest earned exceeds brokerage fees.
4. should make the investment since brokerage fees exceed interest earned.

29. The interest rate charged on secured short-term loans to a business is generally
higher than that charged on unsecured short-term loans because …

1. it is costly to negotiate and administer secured loans.

2. the risk of default is lower on secured loans.
3. lenders of secured loans must pay more for their funds.
4. secured loans are less risky than unsecured loans.

30. The disposition of the financial manager, marketing manager, and manufacturing
manager toward inventory levels is to keep them …, …, and … respectively.

1. high; low; high

2. low; high; low
3. low; high; high
4. high; low; low

[TOTAL 30 MARKS]

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Indicate your answers (1, 2, 3, or 4) next to the corresponding multiple-choice

question numbers:

1. 16.

2. 17.

3. 18.

4. 19.

5. 20.

6. 21.

7. 22.

8. 23.

9. 24.

10. 25.

11. 26

12. 27

13. 28

14. 29

15. 30

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SECTION B: ESSAY TYPE QUESTIONS [40 MARKS]

QUESTION 1 [20 marks]
Buhlebuyeza Enterprises Ltd is a small upcoming black business entity situated in
the Soweto area which sales construction equipment. The company maintains a
constant level of output throughout the year and builds up its stocks in spring
(September to November) and summer (December to February) peaking sales in
December when business is booming. The table below indicates the company’s total
sales and expenses for August to January provided in thousands of rand values
(,000s).

BUHLEBUYEZA ENTERPRISES LTD’S SALES/EXPENSES PROJECTIONS

Month Total sales Expenses (R,000s)
(R,000s)
Materials Wages Rent Other
expenses
August 90 50 20 10 10
September 90 50 20 10 10
October 120 55 22 10 11
November 150 55 25 10 9
December 600 55 30 10 10
January 60 55 22 10 11

Additional information:
One third of the company’s sales in any month are paid for in the month of delivery
with the reminder paid one month later. During October, an old machine tool will be
replaced at a cost of R100 000 payable upon installation. Also, in November, the
company plans a promotion of its products which will cost R50 000. In January, an
amount of R50 000 is payable as taxes. At the beginning of August, the firm had a
positive cash balance of R50 000.

REQUIRED

1.1 Prepare a cash budget for this company for the period August to January to
indicate the cash surplus (or deficit) generated each month. (14)
Suggestion: Assume 365 days per year and restrict your final answer to whole figures
(omit the thousands R,000s) to fit the table. Use the space provided below for your
preliminary calculations and provide your final answer on the following page.

PRELIMANARY CALCULATIONS FOR CASH BUDGET

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CASH BUDGET FOR BUHLEBUYEZA ENTERPRISES LTD

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1.2 Comment on the cash flow balances (cash surpluses/deficits) for this company
during the months of August to January. What advice would you give to
management regarding these expected cash flow projections? (4)
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1.3 Suggest any two ways in which this company could boost its net cash inflow
position (2)
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QUESTION 2 [20 marks]

Keneilwe’s Beauty Ltd.’s sales for 2021 were a meagre R2.2 million. However, due to
the firm’s improved product mix, management expects a sales growth of 30 percent in
2022 and would like to determine the effect of the various current asset policies on the
firm’s performance during the current year. The firm has R1.2 million of fixed assets
and intends to keep its debt ratio at its historical level of 70 percent. The firm’s debt
interest rate is currently at 8 percent. As a financial analyst, you are required to
determine the firm’s return on equity under each of the current asset policies provided
below considering that the firm’s earnings before interest and taxes is expected to be
15 percent of sales and the firm’s tax rate is at 30 percent.

REQUIRED

2.1 Determine the expected return on equity under the tight current assets policy in
which the current assets are 45 percent of projected sales. (5)
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2.2 Determine the expected return on equity under the moderate current assets
policy in which 50 percent of sales are tied up in current assets. (5)
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2.3 Determine the expected return of equity under the relaxed current assets policy
which require current assets of 60 percent of sales. (5)
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2.4 In the above scenarios we assumed that the level of expected sales is
independent of the current asset policy. Is this a valid assumption? Explain why
or why not? (2)
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2.5 How would the overall riskiness of the firm vary under each policy mentioned
above? (3)
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[Total 20 marks]

[TOTAL 40 MARKS]

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ROUGH WORK

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DECLARATION TO BE COMPLETED AND INCLUDED WITH THE ASSESSMENT

ONLINE ASSESSMENT

BY

__________________________
(FULL NAMES AND SURNAME)

__________________________
(STUDENT NUMBER)

SUBMITTED IN ACCORDANCE WITH THE REQUIREMENTS TO

COMPLETE THE MODULE: FIN3702
AT THE UNIVERSITY OF SOUTH AFRICA

I hereby declare that the assessment is my own work and that all the sources
that I have used or quoted have been indicated and acknowledged by means of
complete references.

___________________________ ____________
Signature Date

END OF EXAM PAPER

[TOTAL 70 MARKS]
©
UNISA 2022

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