Since the passage of the International Banking Act of 1978, the competitive advantage enjoyed by foreign banks has been ________
A) reduced
B) mildly expanded
C) completely eliminated
D) greatly expanded
A
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Under the cash-flow-based valuation approach, free cash flows can be used instead of dividends as the expected future payoffs to the investor in the numerator of the general valuation model because:
a. this approach focuses on earnings as a measure of the capital that a firm creates. b. over the life of the firm, the free cash flows into the firm and cash flows paid out of the firm in dividends to shareholders will be equivalent. c. over the life of the firm, the free cash flows out of the firm for investments and cash flows paid into the firm in dividends from these investments will be equivalent. d. this approach focuses on wealth distribution to shareholders.
Which of the following applies to the clean surplus theory?
a. It is a theory that is applied to security valuation, but is not very attuned to accounting concepts and numbers. b. The theory values a firm’s equity based on the beginning of the period book value plus the present value of expected future abnormal earnings. c. The theory considers a firm’s abnormal earnings amount to be equal to its beginning of the period book value multiplied by the cost of equity capital. d. This theory does not tie in well with the FASB’s concept of comprehensive income.
An internal pay structure is defined by the number of levels of work, the pay differentials between the levels, and the criteria used to determine those levels and differentials.
Answer the following statement true (T) or false (F)
The following information is provided by Horowitz Systems
Project A Project B Project C Project D Initial investment $422,000 $206,000 $550,000 $500,000 PV of cash inflows $580,000 $392,000 $814,000 $408,000 Payback period (years) 3.6 3.2 4.0 2.0 NPV of project $158,000 $186,000 $264,000 $92,000 What is the profitability index for Project C? (Round your answer to two decimal places.) A) 1.48 B) 1.38 C) 1.26 D) 1.23