If we receive a refund from our federal income tax, what does this mean? a. too much tax was withheld from our pay the previous year. b. we didn't earn any income last year. c. the right amount of withholding was taken from our pay the previous year. d. not enough tax was withheld from our pay the previous year.

Which of the following would indicate an improvement in a company's financial position, holding other things constant? a. the inventory and total assets turnover ratios both decline.b. the debt ratio increases.c. the profit margin declines.d. the times-interest-earned ratio declines.e. the current and quick ratios both increase.