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Which of the following will result from a stock repurchase? (Points : 1) Earnings per share will rise. Number of shares will increase. Corporate cash is conserved. Ownership is diluted. 2. Flotation costs: (Points : 1) include the fees paid to the investment bankers, lawyers, and accountants involved in selling a new security issue. encourage firms to pay large dividends. are encountered whenever a firm fails to pay a dividend. are incurred when investors fail to cash their dividend check. 3. Sweet Tooth Bakery bakes and sells pies. Sweet Tooth has annual fixed costs of $880,000 and a variable cost per pie of $7.50. Each pie sells for $15.50 each. The firm expects to sell 500,000 pies annually. What is the break-even point in sales dollars? (Points : 1) $3,100,000 $2,875,000 $1,705,000 $1,625,000 4. Amish Enterprises makes wooden play sets. The company pays annual rent of $400,000 per year and pays administrative salaries totaling $150,000 per year. Each play set requires $400 of wood, ten hours of labor at $70 per hour, and variable overhead costs of $100. Fixed advertising expenses equal $100,000 per year. Each play set sells for $3,200. What is Amish Enterprises’ break-even output level? (Points : 1) 340 play sets 325 play sets 297 play sets 258 play sets 5. Dividend changes may be used by management as a credible communication tool to signal investors about future earnings under which of the following dividend policy theories? (Points : 1) the clientele effect the residual dividend theory the information effect the expectations theory 6. Business risk refers to (Points : 1) the risk associated with financing a firm with debt. the variability of a firm’s expected earnings before interest and taxes. the uncertainty associated with a firm’s CAPM. the variability of a firm’s stock price. 7. Based on the data contained in Table A, what is the break-even point in units produced and sold? TABLE A Average selling price per unit $18.00 Variable cost per unit $13.00 Units sold 400,000 Fixed costs $650,000 Interest expense $ 50,000 (Points : 1) 130,000 140,000 150,000 180,000 8. The final approval of a dividend payment comes from (Points : 1) the controller. the president of the company. the board of directors. It is a joint decision requiring approval from all of the above. 9. How frequently do corporations generally pay dividends? (Points : 1) Annually Semi-annually Quarterly Monthly 10. As production levels increase, (Points : 1) variable costs per unit decrease. fixed costs per unit increase. fixed costs per unit stay the same and variable costs per unit increase. fixed costs per unit decrease and variable costs per unit stay the same.
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