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Test Bank For Fundamentals of Corporate Finance 10th Edition. Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan

Finance

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100% found this document useful (24 votes)
256 views55 pages

Test Bank For Fundamentals of Corporate Finance 10th Edition. Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan

Finance

Uploaded by

miitarheino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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3. The common set of standards and procedures by which audited financial
statements are prepared is known as the:

A. matching principle.

B. cash flow identity.

C. Generally Accepted Accounting Principles.

D. Financial Accounting Reporting Principles.

E. Standard Accounting Value Guidelines.

4. Which one of the following is the financial statement that summarizes a firm's

revenue and expenses over a period of time?

A. income statement

B. balance sheet

C. statement of cash flows

D. tax reconciliation statement

E. market value report


5. Noncash items refer to:

A. accrued expenses.

B. inventory items purchased using credit.

C. the ownership of intangible assets such as patents.

D. expenses which do not directly affect cash flows.

E. sales which are made using store credit.

6. The percentage of the next dollar you earn that must be paid in taxes is referred to

as the tax rate.

A. mean

B. residual

C. total

D. average

E. marginal

7. The tax rate is equal to total taxes divided by total taxable income.

A. deductible

B. residual

C. total

D. average

E. marginal
8. The cash flow of a firm which is available for distribution to the firm's creditors and
stockholders is called the:

A. operating cash flow.

B. net capital spending.

C. net working capital.

D. cash flow from assets.

E. cash flow to stockholders.

9. Which term relates to the cash flow which results from a firm's ongoing, normal

business activities?

A. operating cash flow

B. capital spending

C. net working capital

D. cash flow from assets

E. cash flow to creditors


10. Cash flow from assets is also known as the firm's:

A. capital structure.

B. equity structure.

C. hidden cash flow.

D. free cash flow.

E. historical cash flow.

11. The cash flow related to interest payments less any net new borrowing is called

the:

A. operating cash flow.

B. capital spending cash flow.

C. net working capital.

D. cash flow from assets.

E. cash flow to creditors.

12. Cash flow to stockholders is defined as:

A. the total amount of interest and dividends paid during the past year.

B. the change in total equity over the past year.

C. cash flow from assets plus the cash flow to creditors.

D. operating cash flow minus the cash flow to creditors.

E. dividend payments less net new equity raised.


13. Which one of the following is classified as an intangible fixed asset?

A. accounts receivable

B. production equipment

C. building

D. trademark

E. inventory

14. Which of the following are current assets?

I. patent

II. inventory

III. accounts payable

IV. cash

A. I and III only

B. II and IV only

C. I, II, and IV only

D. I, II and IV only

E. II, III, and IV only


15. Which one of the following is included in a firm's market value but yet is excluded
from the firm's accounting value?

A. real estate investment

B. good reputation of the company

C. equipment owned by the firm

D. money due from a customer

E. an item held by the firm for future sale

16. Which of the following are included in current liabilities?

I. note payable to a supplier in eight months

II. amount due from a customer next month

III. account payable to a supplier that is due next week

IV. loan payable to the bank in fourteen months

A. I and III only

B. II and III only

C. I, II, and III only

D. I, III, and IV only

E. I, II, III, and IV


17. Which one of the following will increase the value of a firm's net working capital?

A. using cash to pay a supplier

B. depreciating an asset

C. collecting an accounts receivable

D. purchasing inventory on credit

E. selling inventory at a profit

18. Which one of the following statements concerning net working capital is correct?

A. Net working capital increases when inventory is purchased with cash.

B. Net working capital must be a positive value.

C. Total assets must increase if net working capital increases.

D. A decrease in the cash balance may or may not decrease net working capital.

E. Net working capital is the amount of cash a firm currently has available for

spending.
19. Which one of the following statements concerning net working capital is correct?

A. The lower the value of net working capital the greater the ability of a firm to

meet its current obligations.

B. An increase in net working capital must also increase current assets.

C. Net working capital increases when inventory is sold for cash at a profit.

D. Firms with equal amounts of net working capital are also equally liquid.

E. Net working capital is a part of the operating cash flow.

20. Which one of the following accounts is the most liquid?

A. inventory

B. building

C. accounts receivable

D. equipment

E. land

21. Which one of the following represents the most liquid asset?

A. $100 account receivable that is discounted and collected for $96 today

B. $100 of inventory which is sold today on credit for $103

C. $100 of inventory which is discounted and sold for $97 cash today

D. $100 of inventory that is sold today for $100 cash

E. $100 accounts receivable that will be collected in full next week


22. Which one of the following statements related to liquidity is correct?

A. Liquid assets tend to earn a high rate of return.

B. Liquid assets are valuable to a firm.

C. Liquid assets are defined as assets that can be sold quickly regardless of the
price obtained.

D. Inventory is more liquid than accounts receivable because inventory is tangible.

E. Any asset that can be sold within the next year is considered liquid.

23. Shareholders' equity:

A. increases in value anytime total assets increases.

B. is equal to total assets plus total liabilities.

C. decreases whenever new shares of stock are issued.

D. includes long-term debt, preferred stock, and common stock.

E. represents the residual value of a firm.

24. The higher the degree of financial leverage employed by a firm, the:

A. higher the probability that the firm will encounter financial distress.

B. lower the amount of debt incurred.

C. less debt a firm has per dollar of total assets.

D. higher the number of outstanding shares of stock.

E. lower the balance in accounts payable.


25. The book value of a firm is:

A. equivalent to the firm's market value provided that the firm has some fixed

assets.

B. based on historical cost.

C. generally greater than the market value when fixed assets are included.

D. more of a financial than an accounting valuation.

E. adjusted to the market value whenever the market value exceeds the stated
book value.

26. Which of the following is (are) included in the market value of a firm but are

excluded from the firm's book value?

I. value of management skills

II. value of a copyright


III. value of the firm's reputation

IV. value of employee's experience

A. I only

B. II only

C. III and IV only

D. I, II, and III only

E. I, III, and IV only


27. You recently purchased a grocery store. At the time of the purchase, the store's
market value equaled its book value. The purchase included the building, the

fixtures, and the inventory. Which one of the following is most apt to cause the
market value of this store to be lower than the book value?

A. a sudden and unexpected increase in inflation

B. the replacement of old inventory items with more desirable products

C. improvements to the surrounding area by other store owners

D. construction of a new restricted access highway located between the store and
the surrounding residential areas

E. addition of a stop light at the main entrance to the store's parking lot

28. Which one of the following is true according to Generally Accepted Accounting

Principles?

A. Depreciation may or may not be recorded at management's discretion.

B. Income is recorded based on the matching principle.

C. Costs are recorded based on the realization principle.

D. Depreciation is recorded based on the recognition principle.

E. Costs of goods sold are recorded based on the matching principle.


29. Which one of these is most apt to be a fixed cost?

A. raw materials

B. manufacturing wages

C. management bonuses

D. office salaries

E. shipping and freight

30. Which one of the following costs is most apt to be a fixed cost?

A. production labor cost

B. depreciation

C. raw materials

D. utilities

E. sales commissions
31. Which of the following are expenses for accounting purposes but are not
operating cash flows for financial purposes?

I. interest expense

II. taxes

III. costs of goods sold

IV. depreciation

A. IV only

B. II and IV only

C. I and III only

D. I and IV only

E. I, II, and IV only

32. Which one of the following statements related to an income statement is correct?
Assume accrual accounting is used.

A. The addition to retained earnings is equal to net income plus dividends paid.

B. Credit sales are recorded on the income statement when the cash from the sale
is collected.

C. The labor costs for producing a product are expensed when the product is sold.

D. Interest is a non-cash expense.

E. Depreciation increases the marginal tax rate.


33. Which one of the following statements related to taxes is correct?

A. The marginal tax rate must be equal to or lower than the average tax rate for a

firm.

B. The tax for a firm is computed by multiplying the firm's current marginal tax rate

times the taxable income.

C. Additional income is taxed at a firm's average tax rate.

D. Given the corporate tax structure in 2012, the highest marginal tax rate is equal
to the highest average tax rate.

E. The marginal tax rate for a firm can be either higher than or the same as the

average tax rate.

34. As of 2012, which one of the following statements concerning corporate income

taxes is correct?

A. The largest corporations have an average tax rate of 39 percent.

B. The lowest marginal rate is 25 percent.

C. A firm's tax is computed on an incremental basis.

D. A firm's marginal tax rate will generally be lower than its average tax rate once
the firm's income exceeds $50,000.

E. When analyzing a new project, the average tax rate should be used.
35. Depreciation:

A. reduces both taxes and net income.

B. increases the net fixed assets as shown on the balance sheet.

C. reduces both the net fixed assets and the costs of a firm.

D. is a noncash expense which increases the net income.

E. decreases net fixed assets, net income, and operating cash flows.

36. Which one of the following statements related to an income statement is correct?

A. Interest expense increases the amount of tax due.

B. Depreciation does not affect taxes since it is a non-cash expense.

C. Net income is distributed to dividends and paid-in surplus.

D. Taxes reduce both net income and operating cash flow.

E. Interest expense is included in operating cash flow.


37. Which one of the following statements is correct concerning a corporation with
taxable income of $125,000?

A. Net income minus dividends paid will equal the ending retained earnings for the

year.

B. An increase in depreciation will increase the operating cash flow.

C. Net income divided by the number of shares outstanding will equal the

dividends per share.

D. Interest paid will be included in both net income and operating cash flow.

E. An increase in the tax rate will increase both net income and operating cash
flow.

38. Which one of the following will increase the cash flow from assets, all else equal?

A. decrease in cash flow to stockholders

B. decrease in operating cash flow

C. increase in the change in net working capital

D. decrease in cash flow to creditors

E. decrease in net capital spending


39. For a tax-paying firm, an increase in will cause the cash flow from assets to
increase.

A. depreciation

B. net capital spending

C. change in net working capital

D. taxes

E. production costs

40. Which one of the following must be true if a firm had a negative cash flow from

assets?

A. The firm borrowed money.

B. The firm acquired new fixed assets.

C. The firm had a net loss for the period.

D. The firm utilized outside funding.

E. Newly issued shares of stock were sold.


41. An increase in the depreciation expense will do which of the following?

I. increase net income

II. decrease net income

III. increase the cash flow from assets

IV. decrease the cash flow from assets

A. I only

B. II only

C. I and III only

D. II and III only

E. II and IV only

42. Which one of the following is NOT included in cash flow from assets?

A. accounts payable

B. inventory

C. sales

D. interest expense

E. cash account
43. Net capital spending:

A. is equal to ending net fixed assets minus beginning net fixed assets.

B. is equal to zero if the decrease in the net fixed assets is equal to the

depreciation expense.
C. reflects the net changes in total assets over a stated period of time.

D. is equivalent to the cash flow from assets minus the operating cash flow minus

the change in net working capital.

E. is equal to the net change in the current accounts.

44. Which one of the following statements related to the cash flow to creditors is
correct?

A. If the cash flow to creditors is positive then the firm must have borrowed more

money than it repaid.

B. If the cash flow to creditors is negative then the firm must have a negative cash
flow from assets.

C. A positive cash flow to creditors represents a net cash outflow from the firm.

D. A positive cash flow to creditors means that a firm has increased its long-term
debt.

E. If the cash flow to creditors is zero, then a firm has no long-term debt.
45. A positive cash flow to stockholders indicates which one of the following with
certainty?

A. The dividends paid exceeded the net new equity raised.

B. The amount of the sale of common stock exceeded the amount of dividends

paid.

C. No dividends were distributed but new shares of stock were sold.

D. Both the cash flow to assets and the cash flow to creditors must be negative.

E. Both the cash flow to assets and the cash flow to creditors must be positive.

46. A firm has $520 in inventory, $1,860 in fixed assets, $190 in accounts receivables,

$210 in accounts payable, and $70 in cash. What is the amount of the current
assets?

A. $710

B. $780

C. $990

D. $2,430

E. $2,640
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These smaller cousins, incidentally, mob the Raven with as much
gusto as they exhibit in attacking an owl.

Northern Raven

CROW
Corvus brachyrhynchos brachyrhynchos Brehm

Description.—Black, glossed with bluish and purplish, underparts duller in


appearance. The Crow is probably our best-known bird. Length: 19 inches.

Range in Pennsylvania.—In southeastern counties the Crow occurs the year round,
and during winter in great flocks; elsewhere it is chiefly absent in winter,
returning in late February or early March, and remaining until December. It is
widely distributed and abundant as a summer resident.

Nest.—A bulky structure made of twigs, moss, and leaves, lined with hair, grape-
vine bark, and moss, placed from 20 to 60 feet from the ground, in trees. Eggs:
3 to 6, generally light bluish green, heavily spotted with brown and gray.

Call-notes, flight, appearance, and bad habits of the Crow are all
well known and need no discussion. It should be said, however, that
its destruction of ground-inhabiting insects, tomato and 95
tobacco worms, and small mammals, is to its credit. The Crow
is not protected in Pennsylvania.

FISH CROW
Corvus ossifragus Wilson

The Fish Crow is decidedly smaller than the common Crow (16
inches in length), though this is not noticeable in the field. The
underparts are brightly glossed as above, and the call-notes are
decidedly different from those of the Crow, being higher and not
sounding like a caw. The Fish Crow occurs in Pennsylvania chiefly
along the Susquehanna and Delaware rivers, and is not usually seen
far from these streams. At Harrisburg a large colony nests at
McCormick’s Island. Fish Crows often pick their food from the
surface of the water like gulls.

STARLING
Sturnus vulgaris vulgaris Linnæus

Other Names.—Blackbird (erroneous); Black Sparrow (erroneous).

Description.—A little smaller than a Robin, with a long, pointed bill and short tail;
feathers of head and neck narrow and pointed; walks when on the ground.
Adults in spring: Plumage black, highly glossed with blue, green, purple, and
violet, particularly on the neck, all feathers above more or less broadly tipped
with creamy or buffy; unspotted below, save on sides and flanks; wings brown,
the coverts glossy, all feathers edged with brownish gray; feet mahogany-red;
bill yellow; eyes dark brown. In winter: Similar, but underparts as well as
upperparts spotted with whitish or creamy buff; bill brown, not yellow. Young
birds, before they moult into the first winter plumage, are dull grayish brown,
unmarked; their bills are blackish brown. Length: About 8 inches.

Range in Pennsylvania.—Now found in almost every county and rapidly


encroaching upon the western and more mountainous counties; exceedingly
abundant in the southeastern counties, occurring locally at certain seasons in
flocks of thousands.

Nest.—Of grasses, leaves, and weed-stalks, placed in a natural cavity in a tree, a


woodpecker nest, or bird-box. Eggs: 3 to 6, pale blue.
Starling, in Spring

Introduced from Europe about fifty years ago, the Starling has
extended its range rapidly, so that it is today one of the abundant
birds of most of Pennsylvania. It is very gregarious and, save in the
spring, is usually seen in immense flocks, walking through fields or
wheeling about in the air, with fluttering flight.

It nests early, utilizing all available cavities, and if there are 96


not enough to go round, it permits Flickers or Red-headed
Woodpeckers to dig one and then ousts the owners so as to use the
new cavity for its own nest. It has been known actually to kill
Flickers in driving them from their newly made nests. As Starlings
become increasingly abundant, there is grave danger of their making
it difficult for some of our birds to rear their young at all.

The Starling is a great mimic. It has a characteristic, high, thin


squeal and numerous chuckling notes, which it intersperses with
imitations of the Wood Pewee, Bob-White, and other well-known
birds. As it sings, it puffs out its throat-feathers, and during spring,
shakes its wings in ecstasy.

Favorable remarks must be made concerning the food-habits of this


bird. It eats, especially during spring and summer, much noxious
insect life, noticeably larvæ which it finds in lawns and fields, and it
preys upon the dreaded Japanese beetle. As its natural enemies
come to assert themselves, it may eventually become a desirable
bird citizen.

Starlings roost together in great numbers. They like to congregate in


barn-lofts, cupolas or steeples, or along the high window-sills and
cornices of buildings where they squeal all night as they crowd each
other, or take short flights in the soft glow of the electric lights.

BOBOLINK
Dolichonyx oryzivorus (Linnæus)
Bobolink, Male, in Spring

Other Names.—Skunkbird; in fall, Reedbird; Ricebird.

Description.—Bill short, conical, and sparrow-like; tail-feathers sharply pointed.


Adult male in spring: Glossy black, with broad patch of buffy yellow on nape and
hind neck, a few streaks of yellowish on the back, and scapulars, lower back,
rump, and upper tail-coverts, white, the upper part of the rump-patch grayer;
tertials and greater coverts edged with buffy; underparts sometimes indistinctly
barred with buffy; eyes brown; bill black; feet mahogany-red. Female: Sparrow-
like in appearance, buffy in color, heavily streaked above, lightly on sides; a
black line back of eye, and crown blackish divided by median buffy line.
Immature birds in first fall plumage are similar to the adult female, but much
lighter in appearance, sometimes quite yellow, noticeably so in the field. The
adult male after a complete early spring moult is rich in appearance, the
brownish tips of this plumage wearing off in forming the nesting plumage with
which we are best acquainted. Length: 7 inches.

Range in Pennsylvania.—A summer resident, common in certain localities, almost


altogether absent elsewhere. It is to be looked for from mid-April or early 97
May until mid-October.
Nest.—On the ground in a grassy meadow, well hidden from above and difficult
to find, made of grasses and rootlets, lined with finer materials. Eggs: 3 to 7,
pale grayish, spotted and scrawled, sometimes quite heavily, with dark brown
and olive-gray.

Robert o’Lincoln is not to be found in every meadow where daisies


grow, and where the grass is deep and green, but in those wide,
green lowlands or grassy slopes which he has chosen for his own,
the gay songster reigns supreme, flying on tremulous wings over the
flowers, trailing into the grasses to let his legs and wings hang limp
while he continues his bubbling song, flying boldly toward the
intruder and luring him aside. The Bobolink’s song is a marvel of
bird-music. It seems to spring from an inexhaustible supply of
strange syllables and genuine musical notes, offered in a tumultuous
jumble as profligate as the manner in which the bird lets himself fall
into the grass while he continues to sing. Sometimes I have thought
the birds wanted to stop their song but could not. And, meanwhile,
the female is warned of the approach of an enemy; she sits quietly
on her nest, or slips away.

In the autumn, the birds abandon their nesting-grounds and flock in


the grain-fields, garden-patches, or swamp-lands where goldenrod
and rank weeds furnish food and shelter for the night. Here the
yellowish young troop along, gaily calling wink, wink as the weed-
tops bend with the weight of their plump bodies. On a cool night
they rise to pass to the rice-fields of the South, where they will be
shot by the thousand as the dreaded Ricebird, and thence to South
America, their winter home.

COWBIRD
Molothrus ater ater (Boddaert)

Other Names.—Cow Blackbird; Blackbird.


Description.—Smaller than Robin; bill short, heavy, and sparrow-like. Adult male:
Head, neck, and breast coffee-brown, with faint purple gloss; rest of plumage
black, with greenish reflections over most of the surface, but bluish and purplish
in certain lights. Adult female: Noticeably smaller than male, dull gray-brown all
over, slightly streaked on underparts, and paler on throat. Young birds are
similar to the female but are somewhat more buffy on the throat, and the
underparts are slightly more streaked, the feathers being edged with buffy
brown. Length: About 8 inches.

Range in Pennsylvania.—An abundant summer resident from about March 15 to


November 1; casual in winter.

Nest.—The Cowbird builds no nest but lays its eggs in the nests of other, usually
smaller, species, and does not incubate them nor care for the young in any way.
The species most commonly thus parasitized in Pennsylvania are the Red-eyed
Vireo, Yellow Warbler, Phœbe, Song and Field Sparrow, Ovenbird, Scarlet
Tanager, and others. I have never found Cow-bird eggs in a Red-winged 98
Blackbird’s nest, and, as a rule, Red-wings chase Cowbirds away from
their home swamp angrily whenever they appear.

When the Cowbird comes in spring he is usually concerned over his


mating, and while he is not a songster, he puts much energy into his
high, thin squeak as he bows, almost upside down, with wings and
tail outspread, in the top of some tree. This same high note is often
to be heard as the birds, in groups of three or four, pass over,
undulating slightly in the manner of their tribe.

On the ground, the Cowbird walks in a quiet and dignified manner. It


may be seen in pastures, sometimes perching on the cows’ backs
where it captures insects. I once saw a flock of them remain an
entire morning near a newly born calf, evincing great interest in the
little creature and its mother.

The female is an expert at locating nests. Evidently she watches


smaller birds, learns where they are building their nests, and then
while they are not watching her, slips in and deposits her egg.
Sometimes the egg is laid long before the nest is completed.
Occasionally, when an egg is thus deposited before the rightful
owner of the nest has laid her eggs, the little birds build another
bottom in their nest, sealing the heavy egg beneath the hair and
vegetable fiber. Yellow Warbler nests are thus sometimes several
stories high, and I have more than once found eggs sealed into the
foundation material of the nests of larger birds. I remember one
Scarlet Tanager nest which held two eggs of the owner and four of
the Cowbird, and there was an additional Cowbird egg sealed in the
foundation material.

Cowbird, Male

Being larger than his nest-mates, the young Cowbird claims the most
attention. He may actually push the other young and eggs out of the
nest.

The Cowbird’s food habits are not objectionable, however, and no ill
effects seem to result from this parasitism upon smaller birds.
RED-WINGED BLACKBIRD
Agelaius phœniceus predatorius (Wilson)

Other Names.—Swamp Blackbird; Redwing; in autumn, Reedbird.

Description.—Smaller than Robin. Adult male in spring: Black, with bluish


reflections and occasionally narrow rusty edgings; lesser coverts bright scarlet,
the outer row of largest feathers buffy or whitish; eyes dark brown; bill and feet
black. Males in first breeding plumage: Similar but likely to be more 99
marked with rusty, and some of the feathers of the scarlet patch are
streaked with dark brown. Adult males in winter: Upperparts edged with rusty.
Adult females: Heavily streaked with dark brown and buffy above, and with
blackish and light gray below, a pinkish or orange-buffy suffusion over the face,
particularly on the throat. Immature birds are similar to the females. Young
birds in the moult in August and September are strangely blotched with black
and buffy. Length: Male, about 9½ inches; female, about 8½ inches.

Range in Pennsylvania.—A common though somewhat locally distributed summer


resident from mid-March to early November. Found as a nesting bird only where
there are cat-tail swamps or low meadows. Sometimes noted in winter.

Nest.—A neatly woven basket of dry grasses suspended, usually, between cat-
tail stalks a few feet above the water in a swamp, or in weeds or bushes in a
low meadow. Eggs: 3 to 6, pale blue, spotted and scrawled, chiefly at the larger
end, with black.
Red-winged Blackbird, Male

At about the time the hilarious tree-frogs set up their evening


choruses, the Red-wing returns. His handsome plumage enlivens the
stretches of dead cat-tails, and his tuneful, liquid song delights the
ear. As he sings, he spreads his blazing wing-patches and fluffs out
his glossy plumage. The males come north in a body before the
females arrive.

The females set to work building the nests almost at once. If the
weed-growth is low in the swamp, they build them but slightly above
the water; those built by females which arrive later are higher. If
nests are suspended upon growing cat-tail leaves or stalks, they are
sometimes overturned by the unequal growth of the vegetation.

Let a hawk or Crow appear near the Red-wing’s swamp, and a


spirited chase ensues. Almost with a Kingbird’s persistence, the
brilliant males, sometimes several of them, dive and scold at the
intruder, the while the smaller creatures of the swamp cease their
noises and watch the busy scene.

Red-wings occasionally do considerable damage in grain-fields in late


summer and early autumn, but their food habits are, for the most
part, beneficial, or at least not harmful.

MEADOWLARK
Sturnella magna magna (Linnæus)

Other Name.—Field Lark.

Description.—Size of Robin, with short tail, large, strong feet, and long, pointed
bill. Male: Upperparts brown, the plumage of the back marked with black and
margined with creamy and whitish, the tertials and middle tail-feathers 100
barred with black; line above eye, yellow in front and buffy behind;
cheeks gray; throat, breast, and belly bright yellow, the breast marked with a
prominent black collar; sides buffy, streaked heavily with dark brown and black;
outer tail-feathers white, showing plainly in flight; eyes dark brown; bill
brownish; feet flesh-color. Female: Similar, but duller. Adults and young in
winter: Much browner, the yellow of the breast considerably clouded by brown
tips of the new plumage, which wear off as spring approaches. Length: 10½
inches.

Range in Pennsylvania.—An abundant summer resident from mid-March until


November; casual, sometimes fairly common, in winter, if food is available.

Nest.—A depression in the ground, in a wide field, among deep grasses, lined
with dry grass, the surrounding grass pulled into an arch above. Eggs: 3 to 6,
white, spotted with reddish brown, chiefly at the larger end. Meadowlark nests
may sometimes be found by dragging a rope, loosely stretched between two
persons, across the meadow.
Meadowlark

The high, clear whistle of the Meadowlark, as he perches in a tree or


stands erect on the ground, is a familiar bird-song of the early
spring. His bright breast glows in the sunshine as he stands for an
instant, then disappears altogether as he lowers his head and walks
through the grass. Let him slip out of sight for a second, and it may
be difficult to see him again, for he is protectively colored, the
margins of the feathers of his back forming lines which resemble the
dead grasses. As he flies, his wings beat in a muscular fashion and
the white outer feathers of his short, widespread tail show plainly. If
his nest is nearby, he may perch on a post and call with a rough
chattering as he flashes his tail energetically.

The Meadowlark’s food habits are chiefly beneficial. It eats many


grubs and cutworms, confining most of its foraging to the ground.

In the early fall, they sometimes congregate in great flocks, during


the latter part of the period of moult. They do not usually sing at
such times, but when the new plumage is complete, and the day
warm, the whole flock may begin to sing, with remarkable effect.
ORCHARD ORIOLE
Icterus spurius (Linnæus)

Other Name.—Orchard Bird.

Description.—Smaller than Baltimore Oriole. Adult male: Head and neck, back,
wings, and tail black, the greater coverts and secondaries edged with white;
breast, belly, rump, upper tail-coverts and lesser coverts of wing, rich 101
deep chestnut. Female: Olive-gray above; yellow on face, underparts
and rump; wings with two whitish bars. The male in its first breeding plumage is
like the female, but has a black throat-patch. Length: A little over 7 inches.

Range in Pennsylvania.—A rather rare and exceedingly local species, found chiefly
in the southern counties, but occasionally as far north as Crawford County in
western Pennsylvania. It arrives in late April or early May and remains until
September 15.

Nest.—A pouch of grass which is green when the nest is constructed, usually
swung between upright twigs at the top of a small tree—rarely in a conifer. The
nest is not so deep as that of a Baltimore Oriole and is never swung at the tip of
a drooping branch, so far as I know.
Orchard Oriole, Male

The exceedingly bright and varied song of this species may puzzle
the bird student who hears it for the first time. It is hardly deliberate
enough to suggest an Oriole, but it is full-throated and tropical in
fervor and decidedly noticeable. The flight is characteristic, giving
the impression that the wings are never lifted above the back.
Orchard Orioles are likely to nest in groups, several pairs in one
neighborhood. They are so irregular in their occurrence that the bird
student must watch assiduously for them.

BALTIMORE ORIOLE
Icterus galbula (Linnæus)

Other Names.—Hang-bird; Hang-nest; Golden Robin.


Description.—Smaller than Robin. Adult male: Head, neck, back, wings, and tail,
black; lesser coverts orange; tertials and greater coverts edged with white;
outer tail-feathers tipped with orange or yellow; breast, belly, rump, and upper
tail-coverts, bright orange, deepest on breast. Female: Olive-brown above,
yellow below; breast somewhat tinged with orange; wings with two noticeable
buffy yellow bars; tertials prominently edged with whitish. Immature birds are
similar to the female. Eyes dark brown; bill and feet blue-gray. Length: 7½
inches.

Range in Pennsylvania.—An abundant summer resident from latter April to early


fall. It is not often seen in the fall as it usually leaves before the middle of
September.

Nest.—A deep pouch of plant-fibers, horse-hair, and string, lined with soft
materials, swung from the tip of a branch, usually of an elm, maple, or
sycamore, 15 to 60 feet from the ground. Eggs: 4 to 6, white, scrawled with
blackish, chiefly at larger end.

The male Oriole is one of our most gorgeous birds, with his bright
colors and loud, assertive song. In the full-flowered apple trees, the
dignified creature crawls about, nipping at buds or snatching up
insects. The female builds the nest, and the young call for food
incessantly, often attracting attention to it. Some of the 102
Oriole’s call-notes and alarm-notes are exceedingly harsh and
grating, calling to mind the tropics, their ancestral home.

RUSTY BLACKBIRD
Euphagus carolinus (Müller)

Description.—Smaller than Robin. Adult male in spring: Entire plumage glossy


blue-black; bill and feet black; eyes pale yellow. Adult female: Slate color,
somewhat glossy above; wings and tail blackish. Adult male in winter: Black, all
the feathers edged with buffy brown, the top of the head almost solid brownish.
Young birds in their first winter plumage are chiefly responsible for the name of
the bird. They are rusty brown, paler on head, richest on back, with slate-
colored wings and tail, a dark line through the eye, and pale yellow eyes.
Length: 9½ inches.
Range in Pennsylvania.—A fairly common and regular migrant, sometimes
abundant, from early or mid-March (sometimes earlier) to early May and from
September 10 to November 15. It usually occurs in flocks.

This is our blackest Blackbird in the spring; in the fall it is hardly a


black bird at all. Look for this species in swampy situations or along
the margins of streams. It likes to walk about on the ground and
through water like a sandpiper, and is more terrestrial than the Red-
wing. The spring flocks sometimes burst forth into song, and the
effect at a distance is that of sleigh-bells—a jangling, jolly chorus. A
single male’s efforts hardly merit being called a song. Rusty
Blackbirds are grackle-like in actions, and their whitish eyes suggest
grackles, but they do not have trough-shaped tails and the tail-
feathers are about of equal length.

PURPLE GRACKLE AND BRONZED GRACKLE


Quiscalus quiscula rigdgwayi Oberholser
and
Quiscalus quiscula æneus Ridgway

Other Names.—Blackbird; Crow Blackbird.

Description.—Males larger than Robin, with large tails, distinctly trough-shaped,


especially in flight. The male Purple Grackle’s head and neck are brilliant,
iridescent blue and violet; the body, which appears blackish at a distance, is
glossed with blue, green, plum-color, and bronze, and the back and scapulars,
and sometimes the sides, are crossed with iridescent bars. The male Bronzed
Grackle’s head is iridescent greenish blue, with little or no violet reflection, and
the body is rich, glossy bronze, without iridescent bars. In both these forms the
females are similar but duller, and noticeably smaller. The eyes of all are pale
yellow. Young birds are dull brown and, when quite young, have grayish eyes
which turn to pale yellow as the bird grows older. Length: Male, 12 to 13½
inches.

Range in Pennsylvania.—The Purple Grackle is found east of the Alleghany


Mountains; the Bronzed Grackle occurs west of the Alleghanies. In the
mountainous sections the forms intermingle to a certain extent. Grackles are
abundant summer residents from mid-March to November.

Nest.—A large, amply cupped structure of grasses, weeds, and other 103
materials, sometimes strengthened with mud, usually built in a
coniferous tree, in a yard, or on a campus, from 20 to 60 feet from the ground,
but also built in willows, in bridges, high buildings, and rarely among cat-tails.
Eggs: 3 to 7, pale blue, gray, or whitish, scrawled and blotched with brown,
black, and gray.

This is the bird which is everywhere called “Blackbird.” It is a bird of


the town, not of the wilds, preferring to nest in parks, cemeteries,
and college campuses, among the pines, spruces, or cedars. It eats
many cutworms, but does some damage in grain-fields, and in
destroying fruit.

Grackles walk sedately about the lawns, their white eyes gleaming
with a ghostly brilliance. The call-note is a harsh tschack.
Purple Grackle

EVENING GROSBEAK
Hesperiphona vespertina vespertina (W. Cooper)

Description.—Smaller than Robin; beak very large and heavy. Male: Forehead,
line over eye, scapulars, lower back and rump, sides of breast and belly, dull
yellow; crown and most of wing brownish black; secondaries and their greater
coverts white, a prominent field-mark; rest of plumage olive-brown. Female:
Grayish, the back and scapulars faintly washed with olive-yellow; wings, tail, and
upper tail-coverts considerably spotted and marked with white; tips of the inner
webs of all the tail-feathers, white; bill pale yellowish gray. Length: 8 inches.

Range in Pennsylvania.—A rare and irregular winter visitant, noted chiefly in the
northern counties. In Pike and Tioga counties it has been noted with some
regularity during the latter part of recent winters. It is usually to be seen in
small flocks and it often occurs in towns.

Evening Grosbeaks see so little of man in their wilderness home in


the Great Northwest that they are surprisingly unsuspicious when
they visit us during the winter. They are sociable, almost always
being seen in flocks, and they feed upon seeds of maple and other
trees, upon frozen apples, and upon berries which they find, notably
those of the mountain ash. Occasionally they visit the leafless shade
trees of towns.
Pine Grosbeak
Evening Grosbeak

104

PINE GROSBEAK
Pinicola enucleator leucura (Müller)

Description.—About the size of a Robin; a small bunch of bristling feathers over


the nostrils; bill sparrow-like, but upper mandible somewhat curved like a
parrot’s. Adult male: Gray, suffused with soft rose-red, principally on the crown,
rump, upper tail-coverts, and breast; wings and tail dark brownish gray, the
wings with two prominent white bars. Adult female: Gray, the crown, rump,
upper tail-coverts, and breast more or less strongly suffused with yellowish or
olive; the wings and tail as in the male. Immature males resemble the adult
female, but are brighter. Length: 9 inches.

Range in Pennsylvania.—A rare and irregular winter visitant recorded from many
sections of the Commonwealth, but doubtless of most frequent occurrence in
the more northerly counties.
The Pine Grosbeak has been well named. So fond is it of coniferous
trees and the food it finds among the needles and buds that its bill is
frequently covered with resinous substances. In Pennsylvania the
bird also eats the berries of mountain ash, sumac, and similar plants.
It is sometimes quite unsuspicious, being unacquainted with the
ways of man, and will allow the observer to approach very closely.
The call-note is a clear, bell-like whistle; its full song is rarely to be
heard in this latitude. (See illustration, page 103.)

PURPLE FINCH
Carpodacus purpureus purpureus (Gmelin)

Purple Finch
Upper, Female; Lower, Male
Other Name.—Linnet.

Description.—Size and general proportions of English Sparrow; nostrils covered


with small, bristly feathers; tail slightly forked. Adult male: Head and breast rosy
pink, not purple, some of the feathers with dusky tips, and a darker streak
through the eye; back brownish gray, streaked and suffused with rose-color;
wings and tail brownish; belly whitish; sides somewhat streaked with brownish.
Adult female: Very sparrow-like in appearance, in fact closely resembling a
female English Sparrow, but the whitish underparts heavily streaked with dark
brown. The immature male is much like the female, and this plumage is held
through the first nesting season, the subsequent moult leading into the rose-red
plumage of the full adult. Length: A little over 6 inches.

Range in Pennsylvania.—A fairly common and regular migrant throughout, from


mid-March to mid-May and from September 15 to October 31. As a summer
resident it is found only in the northern and mountainous counties, and it is
decidedly local as a nesting bird. It is irregular, though at times common, in
winter.

Nest.—A neat structure, with wide, full cup, constructed of plant-stems 105
and fibers, lined with finer materials, placed in a conifer, orchard tree, or
sapling at from 20 to 40 feet from the ground. Eggs: 3 to 5, pale blue, wreathed
about the larger end with spots and lines of black.

The lovely Purple Finch is all too little known. It occurs at some time
during the year at every locality in Pennsylvania, yet it is not a
familiar bird. The song alone should win it wide acclaim as a bird-
neighbor, for, delivered from the top of a tree, or from a vine or
weed, it is one of the brightest, most varied of our bird melodies and
is given with such enthusiasm that we recognize in the singer a
canary-like interest in prolonging the performance.

Purple Finches are often seen among the budding branches of a fruit
tree, balancing on the slender twigs as they eat buds and capture
occasional insects. The females are virtually silent, until they have
cause to depart, then they swing off into the air, bound merrily
higher and higher above the tree-tops, and make off as they call tik,
tik in a characteristic tone. This important call-note should be
remembered; it often serves to identify the species when the colors
cannot be seen.
In its nesting-range, the song of this Finch is to be heard during all
the spring and early summer days. At Pymatuning Swamp, restless
males sang almost constantly while their mates assembled nesting
materials. An ecstatic flight-song is frequently given when the bright
male flutters high into the air and, still singing, descends on
trembling wings to the twigs and new leaves.

The Purple Finch’s habit of eating buds and flowers of trees,


including valuable orchard varieties, causes it to be unpopular when
it is too common.

RED OR AMERICAN CROSSBILL


Loxia curvirostra pusilla Gloger

Description.—Size and general shape of English Sparrow, but mandibles sharply


pointed and crossed. Adult male: Deep dull red, brightest on rump, browner on
back; wings and tail brownish black. Female: Dull olive-green, yellowish on the
rump; head and back indistinctly streaked with blackish; underparts mixed with
whitish. Immature male: Like the female, with some red mixed in the plumage.
Length: 6 inches.

WHITE-WINGED CROSSBILL
Loxia leucoptera Gmelin

Description.—Size and shape of English Sparrow. Male: Dull rose-pink, brightest


on rump, more or less streaked with blackish on back; wings and tail black, the
wings with two prominent white bars, the tertials sometimes tipped with white;
belly and under tail-coverts whitish. Female: Dull grayish green, yellowish on the
rump, grayish below, the wings, as in the male, with two prominent 106
white bars. Immature male: Similar to the female, but mottled
irregularly with pink. Length: 6 inches.

Range in Pennsylvania.—Both Crossbills are irregular winter visitors, sometimes


abundant. They are usually found among coniferous trees. The Red Crossbill
nests rarely in our higher mountains among the coniferous trees.

These two species are nearly always to be found together during


winter, and in any plumage may be recognized by their wings, those
of the White-winged species always having two wing-bars, those of
the Red Crossbill never being marked. The Crossbills feed upon
seeds of hemlock, pine, and spruce, which they secure by wrenching
off the scales of the cones with their sharply pointed and crossed
beaks.

Red Crossbill
White-winged Crossbill

REDPOLL
Acanthis linaria linaria (Linnæus)
Description.—Smaller than an English Sparrow; conical bill, sharply pointed;
nostrils covered with tufts of bristling feathers. Adult male: Crown bright red;
chin and upper throat blackish; neck and back grayish brown, streaked with
buffy and whitish; rump grayish, tinged with pink; wings and tail dark brown,
the wings with two white bars; breast and cheeks washed with delicate rosy
pink; belly white; sides buffy streaked with blackish. Female: Similar, but more
heavily streaked above and without pink on breast or rump. Length: 5 inches.

Range in Pennsylvania.—A rare and irregular winter visitor from the Far North. It
sometimes occurs during the entire winter, but it is usually seen during the latter
part, and chiefly in the northern counties.

Redpoll

Redpolls, like Goldfinches, swing about through the air with strongly
undulating flight. They give a rasping, querulous squeal as they lift
their crests and watch us. The birds are fond of weed seeds which
they pick up from the snow. Usually they sit with feathers
considerably fluffed out, and at such times the rosy breast of the
male is noticeable.

GOLDFINCH
Astragalinus tristis tristis (Linnæus)

Other Names.—Salad Bird; Wild Canary; Thistle Bird; Yellow Bird.


Description.—Smaller than English Sparrow; bill sharply pointed. Adult male in
summer: Bright lemon-yellow with black crown, wings, and tail, the wings
crossed with two white bars, the lesser coverts yellow like the body, and 107
the tail-feathers with their inner webs white; upper tail-coverts gray.
Adult female in summer: Upperparts yellowish brown, the crown unmarked;
below, dull yellowish; wings and tail more or less as in male, but not so black,
nor so strikingly marked; lesser coverts dull olive-green. Adult male in winter:
Like adult female, but lesser wing-coverts yellow; breast dull yellow; belly
whitish; sides brownish. Young male in winter: Similar but the lesser wing-
coverts are dull greenish or grayish. Young males in summer: Like the adult but
the lesser coverts are dull greenish or grayish. Length: 5 inches.

Range in Pennsylvania.—A common permanent resident, somewhat irregular in


winter, and often not known as a winter bird because of the complete change of
color and habits.

Nest.—A compact, neatly built cup of weed-stalks and vegetable fiber, lined with
soft materials, placed from 3 to 30 feet from the ground, often in a shade tree,
on a branch extending over the highway. Eggs: 3 to 6, pale blue.

Goldfinch
Female Male
The Goldfinch is comparatively unknown as a winter bird. With the
change of color the birds become wilder in disposition, no longer
frequent the lawns and roadsides, and band together in large flocks.
In summer the brightly colored males are very noticeable as they
swing about among the flowers in a field or perch on dandelions in
the yard. They are brilliant singers, even in winter, and may be
recognized at a great distance in the summer by the flight-song,
which has been written per-chick-o-ree, and which is repeated with
each bound of the deeply undulating flight.

This bird nests very late, eggs being laid in latter June and July. In
spring they are sometimes considerably mottled in appearance, as
the brown winter plumage drops out and is replaced by the yellow of
summer. This prenuptial moult is usually complete by the middle of
May, or earlier, and with the brighter plumage return all the familiar
call-notes and graceful motions which we associate with these
attractive birds.

Goldfinches are fond of sunflower and cosmos seed, and we may


lure them to the garden, perhaps for the entire year, by planting
such flowers as these regularly.

PINE SISKIN
Spinus pinus pinus (Wilson)

Other Name.—Pine Finch.

Description.—Smaller than English Sparrow; bill sharply pointed; a tuft of small


feathers over nostril. Upperparts grayish brown streaked with black, the 108
feathers margined with buffy; wing-feathers edged with yellowish and
yellow at base; tail dark gray-brown, neatly forked, all but middle feathers
yellow at base; underparts white, washed with buffy and heavily streaked with
black. Length: 5 inches.

Range in Pennsylvania.—A somewhat irregular migrant in April and May and in


September and October; sometimes very common. Irregularly abundant in
winter. It has been known to nest in the mountainous counties.

Pine Siskin

When winter flocks of these sociable finches visit Pennsylvania, the


birds feed largely upon the seeds of hemlock and alder. Merrily they
bound about through the air, giving their rough, querulous squeal. In
looking for this bird, remember that the heavily streaked underparts
and the yellow on the wings and tail are unmistakable. Siskins will
sometimes be found feeding among the alders, not far from the
ground. They often wander about with flocks of Goldfinches.

ENGLISH SPARROW
Passer domesticus (Linnæus)

Other Names.—Sparrow; House Sparrow.

Description.—Male: Chin and throat black; crown gray; cheeks whitish; back of
head, neck, and back reddish brown, the back streaked with black; a prominent
white wing-bar; underparts grayish white; wings and tail dull brown. Female:
Grayish brown, with an indistinct wing-bar, a darker line through the eye, and a
rather distinct superciliary line. Length: About 6 inches.

Range in Pennsylvania.—An abundant permanent resident, principally in the towns


and on the farms.
Nest.—A bulky mass of dry grasses, usually domed over and lined warmly with
feathers, placed in crevices in buildings, in bird-houses, in cavities in trees, and
rather rarely on a branch of a tree. Eggs: 4 to 6, white, spotted with gray.

The amateur bird student may do well to fix definitely in his mind
the size and appearance of this abundant bird, since it is advisable
to know these when making the acquaintance of other bird friends,
and especially when studying the rather difficult sparrow group.

English Sparrows are not altogether objectionable. During summer


they prey upon almost all kinds of insects, including the hard-shelled
and disagreeably scented insects which many birds pass by.
Nevertheless, we regret that these birds are so abundant because of
their tendency toward driving out some of our more beautiful native
birds.

109

SNOW BUNTING
Plectrophenax nivalis nivalis (Linnæus)

Other Names.—Snowflake; Snow Bird.

Description.—A little larger than an English Sparrow. Male in winter: Upperparts


dull reddish brown, darkest on the crown; feathers of back with partly concealed
black bases, causing a streaked effect; outer primaries black, white at base;
secondaries white; middle tail-feathers black, outer ones white; underparts
white. Female: Similar, but duller, and with primaries all dark brown, and white
secondaries somewhat tipped with dusky. Length: 6¾ inches.

Range in Pennsylvania.—A rare and irregular winter visitant, save at Erie, where it
is fairly regular and sometimes common on the outer beaches from November
to early March. It is occasionally seen in small flocks in other northern counties.

A single Snow Bunting in flight might suggest to the bird student an


albinistic sparrow of some sort, but a whole flock of the remarkably
colored creatures, as they swing over a dead weed-field, can but
bring the instantaneous thrill which a glimpse of such exotic
creatures always brings. Snow Buntings are usually seen in flocks,
often in company with Horned Larks or Tree Sparrows, their
companions in the North Country, and they have a jovial twitter.

The Lapland Longspur (Calcarius lapponicus lapponicus) occurs


rarely during early spring or late fall migration, or in winter. It is
about the size of an English Sparrow, and in winter has a concealed
reddish patch on the neck, a concealed blackish belly, and is to be
seen in fields where it sometimes associates with Snow Buntings,
Horned Larks, or Tree Sparrows.

VESPER SPARROW
Poœcetes gramineus gramineus (Gmelin)

Other Names.—Grass Finch; Grass or Ground Sparrow; Bay-winged Bunting;


Road Sparrow.

Description.—Size of English Sparrow. General appearance grayish above, lighter


below, considerably streaked above and on breast and sides; outer tail-feathers
white; lesser wing-coverts reddish brown, not particularly conspicuous save at
close range. Length: 6 inches.

Range in Pennsylvania.—A common summer resident from early April to late


October. It is not found in woodlands.

Nest.—A cup in the ground, in an open field, lined with grasses, hair, and other
fine material. Eggs: 3 to 5, white, spotted and scrawled, chiefly at larger end,
with blackish.

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