2020-02-18

电话外呼2元一户，每天汇报，做台账。
线上沙龙组织
Reading 34. Measures of leverage
34a. Define and explain leverage,business risk,sales risk,operating risk, financial risk and classify a risk.
Leverage-amount of fixed costs a firm
fixed operating expenses, such as building or equipment leases,
fixed financing costs,such as interest payments on debt.
greater leverage leads to greater variability of the firm's after-tax operating earnings and net income.
Financial risk-additional risk that the firm's common stockholders must bear when a firm uses fixed cost(debt) financing.
34b. Calculate and interpret the degree of operating leverage, the degree of financial leverage and total leverage.
degree of operating leverage(DOL)
-percentage change in operating income (EBIT) that results from a given percentage change in sales
DOL=percentage change in EBIT/sales=Q(P-V)/Q(P-V)-F
degree of financial leverage(DFL)
--ratio of the percentage change in net income (or EPS)
DFL=percentage change (in EPS/EBIT)=EBIT/(EBIT-interest)
degree of total leverage(DTL)
=DOL*DFL=(S-TVC)/(S-TVC-F-I)
34c. Analyze the effect of financial leverage on a company's net income and return on equity.
increases the risk and potential reward to common stockholders
ROE
34d. Calculate the breakeven quantity of sales and determine the company's net income at various sales levels.
34e. Calculate and interpret the operating breakeven quantity of sales.
breakeven quantity of sales
contribution margin
Qbe=（fixed operating cost+fixed financing costs)/price-variable cost per unit
operating breakeven quantity of sales
Qobe=fixed operating costs/(price-variable cost per unit)