CH 17 M/C
102. The business loan pricing method that includes the nonfunds operating costs of making a loan and the bank's desired profit margin as some of its factors in pricing a loan, is called: A. the cost-plus loan pricing method. B. the price leadership model. C. the markup model. D. customer profitability analysis. E. None of the options is correct.
A
108. Which of the following is true of the price leadership loan pricing method? A. It does not consider the marginal cost of raising funds. B. It does not give much regard for the competition from other lenders. C. The bank must know what their costs are in order to make correctly priced loans. D. The bank must consider the revenues and expenses from all of the bank's dealings with the customer. E. None of the options is correct.
A
111. Which of the following is a strength of the price leadership loan pricing method? A. It considers the competition from other lenders. B. It allows the bank to compete more aggressively with the commercial paper market. C. It considers the cost of loanable funds and the operating costs of running the bank. D. It takes the whole customer relationship into account. E. None of the options is correct.
A
115. A bank has determined that its marginal cost of raising funds is 4.5 percent and that its nonfunds costs to the bank are 0.5 percent. It has also determined that its margin to compensate the bank for default risk for a particular customer is .30 percent. It has also determined that it wants to have a profit margin of .3 percent. What business loan model is this bank using to price the loan for this customer? A. The cost-plus loan pricing method B. The price leadership model C. The below-prime rate pricing model D. Customer profitability analysis E. None of the options is correct.
A
116. A bank has a prime rate of 6 percent for its best customers. It has determined that the default risk premium for a particular customer is 0.4 percent and the term-risk premium for this loan is 0.25 percent. If this customer wants to borrow $5.0 million from the bank, how much in interest will this customer pay in one year? A. $332,500 B. $665,000 C. $300,000 D. $320,000 E. None of the options is correct.
A
118. Hager Smith, a customer of Standard Bank, maintains an average balance of $420,000. The float from uncollected funds from his balance, accounts for $21,000. The applicable legal reserve requirement at this checking account is 10 percent. Determine Smith's net usable funds. A. $359,100 B. $396,900 C. $378,000 D. $399,000 E. $438,900
A
120. Small business lending by banks, in proportion of all loans is: A. declining. B. rising. C. relatively constant. D. one with no pattern. E. one with an unknown pattern.
A
121. The most common type of loans foreign banks make in the U.S. are: A. commercial loans. B. retail loans. C. real estate loans. D. credit card loans. E. None of the options is correct.
A
123. Dick Dowen needs a loan to buy plants and fertilizer for his nursery for the spring planting season. This loan will automatically be paid off as the plants and fertilizer are sold to his customers. What type of loan does Dick need? A. Self-liquidating inventory loan B. Asset-based financing C. Interim construction financing D. Security dealer financing E. Retailer and equipment financing
A
127. Mary Williams needs to purchase a new bulldozer and excavator for her construction business and wants to repay the loan over the next three years in regularly scheduled payments. What type of loan does Mary need? A. Term business loan B. Revolving credit financing C. Long-term project loan D. Leveraged buyout E. Syndicated loan
A
132. A bank wants to examine how well a customer controls their expenses. They are most likely to look at which of the following ratios? A. Wages and salaries/Net sales B. Accounts receivables/(Annual credit sales/360) C. Net income after taxes/Net sales D. Income before interest and taxes/Interest payments E. (Current assets - Inventory)/Current liabilities
A
139. A bank feels that a firm has expenses that are too high. What ratio are they most likely to examine to address this concern? A. Selling and administrative expenses/Net sales B. Net sales/Total assets C. Current assets - Current liabilities D. Net income/Total assets E. Long-term debt/(Long-term debt + Net worth)
A
142. A firm submits their financial records to a bank. Upon examination, the bank discovers that this firm has $500 in cash, $2,500 in accounts receivables, $1,000 in inventory, $5,000 in plant and equipment, and that their assets totaled $9,000. In addition, this bank discovered that the firm had $2,000 in current liabilities, $2,500 in long-term debt, and $4,500 in net worth. Finally, this bank discovered that this firm had $20,000 in net sales and $2,000 in net income. What is this firm's net profit margin? A. 10.00 percent B. 22.22 percent C. 44.44 percent D. 50.00 percent E. None of the options is correct.
A
150. A bank has a listed prime rate of 7 percent. They have estimated that the marginal cost of raising funds is 5 percent, their default risk premium on a loan is 1.5 percent and that they want a profit margin of 2 percent. They have also estimated that the term risk premium is 0.5 percent. What is the interest rate this bank will charge if they use the cost-plus pricing model? A. 8.5 percent B. 9.0 percent C. 12.0 percent D. 9.5 percent E. None of the options is correct.
A
153. For which of the following types of short-term loans, the lender has to incur the expense of collecting accounts receivable and risk of the loan? A. Factoring B. Retailer and equipment financing C. Syndicated loans D. Term business loans E. Revolving credit financing
A
86. Term loans normally are secured by: A. fixed assets. B. accounts receivable. C. inventories. D. personal property. E. None of the options is correct.
A
88. A bank that wants to examine the operating efficiency of a borrower would most likely examine which of the following ratios? A. Cost of goods sold ÷ Average inventory B. Income before interest and taxes ÷ Interest payments C. Cost of goods sold ÷ Net sales D. Current assets ÷ Current liabilities E. All of the options are correct.
A
93. The term of an inventory loan is being set to match the exact length of time needed to generate sufficient cash to repay the loan. What type of loan is this? A. Self-liquidating inventory loan B. Working capital loan C. Security dealer financing D. Revolving credit financing E. None of the options is correct.
A
98. A bank that is examining the ratio of overhead expenses to net sales, is examining which category of ratios? A. Expense control measures B. Operating efficiency measures C. Coverage measures D. Liquidity measures E. Leverage measures
A
106. The business loan pricing method that bases a loan rate on a relatively low money market interest rate (such as the Federal funds rate) plus a small margin to cover risk exposure and a profit margin is known as the: A. price leadership model. B. below-prime pricing model. C. cost-plus loan pricing method. D. customer profitability analysis. E. None of the options is correct.
B
109. Which of the following is a strength of the markup (or below-prime market) loan pricing method? A. It considers the competition from other lenders. B. It allows the bank to compete more aggressively with the commercial paper market. C. It considers the cost of loanable funds and the operating costs of running the bank. D. It takes the whole customer relationship into account. E. None of the options is correct.
B
113. The business loan pricing method which starts with a base rate such as a bank's prime rate and adds a markup for default and term risk is known as: A. the cost-plus loan pricing method. B. the price leadership model. C. the below-prime rate pricing model. D. customer profitability analysis. E. None of the options is correct.
B
124. Randal Ice needs a loan to purchase pet food and other pet supplies for his local pet store over the next six months. He has estimated that the maximum amount of inventory he will need in the next six months is $200,000 and he knows that he will have to use accounts receivables and the inventory he purchases as collateral for the loan. At the end of six months, he hopes he can get the loan renewed. What type of loan does Randal need? A. Self-liquidating inventory loan B. Working capital loan C. Interim construction financing D. Security dealer financing E. Retailer and equipment financing
B
129. The Wabash Washing Machine Company has arranged to get a loan from their bank over the next five years. They can borrow up to a pre-specified limit and repay it as many times as they need until the loan matures. The Wabash Washing Machine Company has not pledged any specific collateral for this loan. What type of loan is this most likely to be? A. Term business loan B. Revolving credit financing C. Long-term project loan D. Leveraged buyout E. Syndicated loan
B
133. A bank wants to examine how well a customer uses assets to generate sales. They are most likely to look at which of the following ratios? A. Wages and salaries/Net sales B. Accounts receivable/(Annual credit sales/360) C. Net income after taxes/Net sales D. Income before interest and taxes/Interest payments E. (Current assets - Inventory)/Current liabilities
B
138. A bank has a concern because they feel that a firm has an excessive amount of assets. They do not feel that the firm is efficient in generating sales from their current level of assets. What ratio are they most likely to examine to answer this question? A. Selling and administrative expenses/Net sales B. Net sales/Total assets C. Current assets - Current liabilities D. Net income/Total assets E. Long-term debt/(Long-term debt + Net worth)
B
143. A firm submits their financial records to a bank. Upon examination, the bank discovers that this firm has $500 in cash, $2,500 in accounts receivables, $1,000 in inventory, $5,000 in plant and equipment and that their assets totaled $9,000. In addition this bank discovered that the firm had $2,000 in current liabilities, $2,500 in long-term debt, and $4,500 in net worth. Finally, this bank discovered that this firm had $20,000 in net sales (all of which are on credit) and $2,000 in net income. What is this firm's average collection period? A. 18 days B. 45 days C. 72 days D. 162 days E. None of the options is correct.
B
149. A bank wants to estimate a firm's future financial condition. Which of the following is something that allows a bank to do this? A. Statement of cash flows B. Pro forma statement C. Balance sheet D. Income statement E. None of the options is correct.
B
151. A bank has a listed prime rate of 7 percent. They have estimated that the marginal cost of raising funds is 5 percent, their default risk premium on a loan is 1.5 percent and that they want a profit margin of 2 percent. They have also estimated that the term risk premium is 0.5 percent. What is the interest rate this bank will charge if they use the price leadership model (and the prime rate is their base rate)? A. 8.5 percent B. 9 percent C. 12 percent D. 9.5 percent E. None of the options is correct.
B
78. Business loans designed to fund long-term business investments, such as the purchase of equipment or the construction of physical facilities, covering a period longer than one year are known as: A. working capital loans. B. term loans. C. interim construction financing. D. durable goods loan. E. None of the options is correct.
B
82. Banks frequently bid on the opportunity to finance the entire inventory of dealers selling automobiles, business and electronic equipment, and other durable goods through a ___________ arrangement. A. factoring B. floor planning C. project loan D. revolving line of credit E. None of the options is correct.
B
85. Recent federal guidelines put in place by the Federal Deposit Insurance Corporation require banks to develop written procedures to protect against loss from environmental damage. These procedures are known as the: A. lender protection program. B. environmental risk assessment program. C. lender liability security program. D. environmental pollution control program. E. None of the options is correct.
B
90. A bank wants to examine whether the borrower can raise cash in a timely fashion to pay bills that are coming due. This bank would most likely examine which of the following categories of ratios? A. Customer's control over expenses B. Customer's liquidity C. Customer's operating efficiency D. Customer's profitability E. None of the options is correct.
B
92. Credit is extended to a company up to one year to purchase raw materials and cover a seasonal peak need for cash. What type of loan is this? A. Interim Construction Financing B. Working capital loan C. Security dealer financing D. Revolving credit financing E. None of the options is correct.
B
97. A bank that is examining the ratio of annual costs of goods sold to average inventory, is examining which category of ratios? A. Expense control measures B. Operating efficiency measures C. Coverage measures D. Liquidity measures E. Leverage measures
B
107. Which of the following is true of the cost-plus loan pricing method? A. It considers the competition from other lenders. B. It allows the bank to compete more aggressively with the commercial paper market. C. It considers the marginal cost of raising loanable funds. D. It takes the whole customer relationship into account. E. None of the options is correct.
C
110. Which of the following is true of the cost-plus loan pricing method? A. It takes the whole customer relationship into account. B. It gives much regard for the competition from other lenders. C. It assumes the bank's costs in order to make correctly priced loans. D. It takes into consideration the prime rate to correctly price a loan. E. All of the options are correct.
C
117. A bank has determined the information below for one of its customers. This customer wants to borrow $1,000,000 but will maintain an average deposit balance in its account of $200,000. What is the expected net rate of return on this loan? A. 10.00 percent B. 8.20 percent C. 10.25 percent D. 13.75 percent E. None of the options is correct.
C
119. SNCs are also known as: A. working capital loans. B. asset-backed loans. C. syndicated loans. D. construction loans. E. inventory loans.
C
122. Lloyd Blenman is building a shopping center in Charlotte and needs to get a loan until the shopping center is constructed and he can get a mortgage on the property. What type of loan does he need? A. Self-liquidating inventory loan B. Working capital loan C. Interim construction financing D. Security dealer financing E. Retailer and equipment financing
C
130. The Jung Company and the Nguyen Company have combined to build a new container ship docking facility in Charleston Harbor. The facility is expected to take two years to complete and cost $3 billion to construct. These companies want to borrow money in order to build this facility. What type of loan is this most likely to be? A. Term business loan B. Revolving credit financing C. Long-term project loan D. Leveraged buyout E. Syndicated loan
C
134. A bank wants to examine how well a customer markets their goods and services. They are most likely to look at which of the following ratios? A. Wages and salaries/Net sales B. Accounts receivables/(Annual credit sales/360) C. Net income after taxes/Net sales D. Income before interest and taxes/Interest payments E. (Current assets - Inventory)/Current liabilities
C
140. A bank is concerned because they feel that a firm will not be able to raise enough cash to pay bills that are due within the next year. What ratio are they most likely to examine to address this concern? A. Selling and administrative expenses/Net sales B. Net sales/Total assets C. Current assets - Current liabilities D. Net income/Total assets E. Long-term debt/(Long-term debt + Net worth)
C
145. A firm submits their financial records to a bank. Upon examination, the bank discovers that this firm has $500 in cash, $2,500 in accounts receivables, $1,000 in inventory, $5,000 in plant and equipment and that their assets totaled $9,000. In addition this bank discovered that the firm had $2,000 in current liabilities, $2,500 in long-term debt, and $4,500 in net worth. Finally this bank discovered that this firm had $20,000 in net sales and $2,000 in net income. What is this firm's leverage ratio? A. 22.50 percent B. 44.44 percent C. 50.00 percent D. 88.89 percent E. None of the options is correct.
C
147. Banks need to be able to compare the firm they are examining to their industry. One company that provides information to banks about the industries their customers are in is: A. Standard and Poors B. Moody's C. Dun and Bradstreet D. Morgan Stanley E. None of the options is correct.
C
148. A firm has net sales of $25,000, costs of goods sold of $10,000, selling, general and administrative expenses of $8,000 (of which $2,000 are depreciation expenses), and taxes (in cash) of $3,000. What is this firm's operating cash flow (using the traditional or direct method)? A. $4,000 B. $15,000 C. $6,000 D. $8,000 E. None of the options is correct.
C
152. Which of the following short-term loans are traded in the secondary market and usually carry an interest rate based upon the London Interbank Offered Rate (LIBOR) on Eurocurrency deposits? A. Asset-based financing B. Retailer and equipment financing C. Syndicated loans D. Term business loans E. Revolving credit financing
C
154. A 'blind spot' may be built into the repayment schedule of a term loan wherein: A. no installment will be due because of prepayment. B. no installment will be due because of timely payment of the loan. C. no installment will be due because of shortage of cash with the borrower. D. installment will be collected before they are due. E. no installment will be collected because of loan foreclosure.
C
156. A project loan granted on its own merits and which does not have a sponsor to guarantee the loan is known as a project loan granted on: A. recourse basis. B. resort basis. C. nonrecourse basis. D. sponsorship basis. E. leverage basis.
C
77. Short-term lending to support the construction of homes, apartments, office buildings, shopping centers, and other permanent structures is known as a (or an): A. self-liquidating. B. working capital loan. C. interim construction loan. D. asset-based loan. E. None of the options is correct.
C
79. A loan whose principal is not due to be paid back until the loan's term ends and in which only interest is paid periodically during the life of the loan is called a (or an): A. working capital loan. B. project loan. C. bullet loan. D. interim construction loan. E. None of the options is correct.
C
83. The most common sources that lenders look to for repayment of business loans include all of the following except: A. the borrower's cash flow. B. assets pledged as collateral. C. goodwill of the borrower. D. the borrower's net worth. E. None of the options is correct.
C
91. A security dealer requires credit to add new government securities to his security portfolio. What type of loan is this? A. Asset-Based Financing B. Working capital loan C. Security dealer financing D. Revolving credit financing E. None of the options is correct.
C
99. Which dimension of a business firm's financial and operating performance, would unfunded pension liabilities fit best? A. Profitability measure B. Market indicator C. Contingent liability D. Marketability of the product or service E. None of the options is correct.
C
100. Which dimension of a business firm's financial and operating performance would the gross profit margin fit best? A. Liquidity measure B. Market indicator C. Contingent liability D. Marketability of the product or service E. None of the options is correct.
D
103. The business loan pricing method that estimates the before-tax yield expected from the loan by considering the all revenues and expenses associated with a particular borrower and the net amount of loanable funds that the bank must turn over to the borrower, is called the: A. the cost-plus loan pricing method. B. the price leadership model. C. the below-prime market pricing model. D. customer profitability analysis. E. None of the options is correct.
D
104. Suppose a business borrower is quoted a loan rate of two percentage points above the prevailing prime interest rate posted by leading U.S. banks. This is an example of the: A. times-prime pricing method. B. market-based pricing method. C. cost-plus loan pricing method. D. prime-plus pricing method. E. customer profitability analysis.
D
105. The method of pricing a business loan that contends that a bank should take the whole customer relationship into account when pricing each loan request is the: A. cost-plus loan pricing method. B. price leadership model. C. below-prime rate pricing model. D. customer profitability analysis. E. None of the options is correct.
D
112. Which of the following is a strength of the customer profitability analysis method for pricing loans? A. It considers the competition from other lenders. B. It allows the bank to compete more aggressively with the commercial paper market. C. It considers the cost of loanable funds and the operating costs of running the bank. D. It takes the whole customer relationship into account. E. None of the options is correct.
D
114. A bank has determined that its marginal cost of raising funds is 4.5 percent and that its nonfunds costs to the bank are 0.5 percent. It has also determined that its margin to compensate the bank for default risk for a particular customer is 0.30 percent. It has also determined that it wants to have a profit margin of 0.3 percent. If this customer wants to borrow $10,000,000, how much in total interest costs will this customer pay in one year? A. $450,000 B. $480,000 C. $510,000 D. $560,000 E. None of the options is correct.
D
125. Barbara Miller is a small dealer who specializes in healthcare stocks. She needs a loan so that she can sustain her portfolio of stocks until customer-buy orders catch up with what she has already purchased from the market. She only expects to need this loan for a week. What type of loan does Barbara need? A. Self-liquidating inventory loan B. Working capital loan C. Interim construction financing D. Security dealer financing E. Retailer and equipment financing
D
131. The management of the Frickel Frontier Freight Company wants to make the company private by borrowing money and using the proceeds of the loan to purchase the shares of the company in the market. Management believes they can increase revenues enough to be able to pay off the loan. What type of loan is management getting? A. Term business loan B. Revolving credit financing C. Long-term project loan D. Leveraged buyout E. Syndicated loan
D
135. A bank wants to examine the adequacy of a business customer's earnings based on the coverage ratios. They are most likely to look at which of the following ratios? A. Wages and salaries/Net sales B. Accounts receivables/(Annual credit sales/360) C. Net income after taxes/Net sales D. Income before interest and taxes/Interest payments E. (Current assets - Inventory)/Current liabilities
D
141. A bank wants to examine the financial success of a company by examining the profits of a company. What ratio will help the bank examine this issue? A. Selling and administrative expenses/Net sales B. Net sales/Total assets C. Current assets - Current liabilities D. Net income/Total assets E. Long term debt/(Long term debt + Net worth)
D
144. A firm submits their financial records to a bank. Upon examination, the bank discovers that this firm has $500 in cash, $2,500 in accounts receivables, $1,000 in inventory, $5,000 in plant and equipment and that their assets totaled $9,000. In addition this bank discovered that the firm had $2,000 in current liabilities, $2,500 in long-term debt, and $4,500 in net worth. Finally, this bank discovered that this firm had $20,000 in net sales and $2,000 in net income. What is this firm's net working capital? A. $9,000 B. $4,500 C. $4,000 D. $2,000 E. None of the options is correct.
D
155. The increasingly popular type of financing, in which merchants receive cash advances and pay them off from their credit card sales, is called: A. asset-based financing. B. retailer credit financing. C. operating capital credit financing. D. credit card receivables financing. E. revolving credit financing.
D
157. Which of the following is an important asset-based balance sheet composition ratio? A. Notes payable/Total liabilities and net worth B. Gross profit/Sales C. Net operating profit/Total assets D. Inventories/Total assets E. Net income after taxes/Total assets
D
80. A credit agreement in which a business customer may borrow up to a pre-specified limit, repay all or a portion of the borrowing, and reborrow as necessary until the credit line matures is known as a(an): A. interim construction. B. project loan. C. working-capital loan. D. revolving credit line. E. None of the options is correct.
D
87. Under court interpretation of the Comprehensive Environmental Response, Compensation, and Liability Act, lenders may be liable for clean-up costs of hazardous substances if: A. the lender is involved in managing property with hazardous wastes. B. the lender has a strong association with the property owner. C. the lender has treated the interest in the borrower's property as a long-term investment. D. All of the options are correct. E. the lender does not take action primarily to protect the credit they have extended.
D
89. A bank that wants to examine the liquidity of a borrower would most likely examine which of the following ratios? A. Costs of goods sold ÷ Average inventory B. Income before interest and taxes ÷ Interest payments C. Cost of goods sold ÷ Net sales D. Current assets ÷ Current liabilities E. All of the options are correct.
D
94. A business receives a three year line of credit against which it can borrow, repay, and borrow again if necessary during the loan's three year term. What type of loan is this? A. Self-liquidating inventory loan B. Working capital loan C. Security dealer financing D. Revolving credit financing E. None of the options is correct.
D
95. A loan or line of credit extended to a business by a group of lending institutions in order to reduce the risk exposure is known as: A. an LBO. B. a revolving line of credit. C. a working capital loan. D. a syndicated loan. E. None of the options is correct.
D
101. According to the cost-plus model for pricing loans, the factors that should be considered in pricing a loan include: A. the marginal cost of raising loanable funds to support the loan request. B. the lender's nonfunds operating costs. C. an appropriate margin to compensate the bank for default risk. D. the bank's desired profit margin. E. All of the options are required as factors to price a loan.
E
126. Sight n' Sound is a retail store that sells refrigerators, washers, dryers, and other consumer appliances. They need a loan so that they can place an order with Whirlpool. The appliances will be the collateral for the loan and as an appliance is sold, the money will be passed on to the lender. An employee of the lender will periodically check to make sure what has sold and what remains in the store. What type of loan does Sight n' Sound need? A. Self-liquidating inventory loan B. Working capital loan C. Interim construction financing D. Security dealer financing E. Retailer and equipment financing
E
128. Ford Motor Company needs to borrow $50 million. The First National Bank creates a packaged loan with several other banks to lend to Ford Motor Company. This loan package can be sold on the secondary market and carries a rate that is 400 basis points above LIBOR. The First National Bank expects this loan package to ultimately be held by a finance company looking for a good return on their money? What type of loan is this most likely to be? A. Term business loan B. Revolving credit financing C. Long-term project loan D. Leveraged buyout E. Syndicated loan
E
136. A bank wants to know whether a customer can raise cash in a timely fashion at a reasonable cost. They are most likely to look at which of the following ratios? A. Wages and salaries/Net sales B. Accounts receivables/(Annual credit sales/360) C. Net income after taxes/Net sales D. Income before interest and taxes/Interest payments E. (Current assets - Inventory)/Current liabilities
E
137. A bank has a concern about the Wilson Company's debt level. They feel that it is too high. What ratio are they most likely to examine to answer this question? A. Selling and administrative expenses/Net sales B. Net sales/Total assets C. Current assets - Current liabilities D. Net income/Total assets E. Long-term debt/(Long-term debt + Net worth)
E
146. A firm submits their financial records to a bank. Upon examination, the bank discovers that this firm has $500 in cash, $2,500 in accounts receivables, $1,000 in inventory, $5,000 in plant and equipment and that their assets totaled $9,000. In addition this bank discovered that the firm had $2,000 in current liabilities, $2,500 in long-term debt, and $4,500 in net worth. Finally this bank discovered that this firm had $20,000 in net sales and $2,000 in net income. What is this firm's acid test ratio? A. 1.00 × B. 2.00 × C. 0.33 × D. 3.00 × E. 1.50 ×
E
158. Which of following contingent liabilities may be required to be recorded on a balance sheet and not to be hidden as a footnote? A. Environmental liabilities B. Limiting regulations C. Unfunded pension liabilities D. Litigation or pending lawsuits against firms E. Underfunded pension liabilities
E
81. When analyzing a commercial loan credit request, which of the following statements is (are) correct? A. The lender should check qualifications of the borrowing firm's management. B. The lender should evaluate the potential expenses incurred to service the loan. C. The lender should check whether adequate insurance coverage will be secured. D. The lender should consider the trends in market demand. E. All of the options are correct.
E
84. When analyzing the financial statements of a business, a credit analyst will look for ratios in which of the following categories? A. Profitability B. Coverage C. Operating efficiency D. Liquidity E. All are categories of ratios that bankers will look for.
E
96. A bank that is examining the ratio of total liabilities to total assets, is examining which category of ratios? A. Expense control measures B. Operating efficiency measures C. Coverage measures D. Liquidity measures E. Leverage measures
E
