问题如下：
An analyst has calculated a ratio using as the numerator the sum of operating cash flow, interest, and taxes and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indicate?
选项：
A. This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency.
B. This ratio is an effective tax ratio, measuring the amount of a company’s operating cash flow used for taxes and indicating a company’s efficiency in tax management.
C. This ratio is an operating profitability ratio, measuring the operating cash flow generated accounting for taxes and interest and indicating a company’s liquidity.
解释：
A is correct.
This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency. This coverage ratio is based on cash flow information; another common coverage ratio uses a measure based on the income statement (earnings before interest, taxes, depreciation, and amortization).
解析：题目问一个比率是用CFO+interest+tax除以interest，是个什么比率，用来衡量什么。
我们学过interest coverage ratio=EBIT/interest，分子的EBIT是NI+interest+tax，用CFO代替NI的话就是一个现金流角度的利息保障倍数，NI是企业报告的利润，不一定就是兜里实实在在的钱，而CFO是企业的现金流，比NI更能可靠衡量企业偿还利息的能力，这是一个长期偿债能力比率。所以选A。
cfo直接取代ni？这个也假设太意外了吧。
