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1、FinalPracticeforthecourseGoaloffirmAnswer:dMEDIUM.GoaloffirmAnswer:dMEDIUMTheprimaryoperatinggoalshouldbetomaximizethelong-runstockprice,ortheintrinsicvalue..Theprimaryoperatinggoalofapublicly-ownedfirminterestedinservingitsstockholdersshouldbetoa.Maximizeitsexpectedtotalcorporateincome.b
2、.MaximizeitsexpectedEPS.c.Minimizethechancesoflosses.d.Maximizethestockpricepershareoverthelongrun,whichisthestock’sintrinsicvalue.e.Maximizethestockpriceonaspecifictargetdate.FirmorganizationAnswer:cEASY.FirmorganizationAnswer:cEASY.WhichofthefollowingstatementsisCORRECT?a.Oneoftheadvant
3、agesofthecorporateformoforganizationisthatitavoidsdoubletaxation.b.Itiseasiertotransferone’sownershipinterestinapartnershipthaninacorporation.c.Oneofthedisadvantagesofasoleproprietorshipisthattheproprietorisexposedtounlimitedliability.d.Oneoftheadvantagesofacorporationfromasocialstandpoin
4、tisthateverystockholderhasequalvotingrights,i.e.,“oneperson,onevote.”e.Corporationsofalltypesaresubjecttothecorporateincometax.Dividends,retainedearningsAnswer:bEASY/MEDIUM.Dividends,retainedearningsAnswer:bEASY/MEDIUM.FineBreadsInc.paidout$26,000commondividendsduring2005,anditendedtheyea
5、rwith$150,000ofretainedearnings.Theprioryear’sretainedearningswere$145,000.Whatwasthefirm's2005netincome?a.$30,000b.$31,000c.$32,000d.$33,000e.$34,000StatementofcashflowsAnswer:dMEDIUM.StatementofcashflowsAnswer:dMEDIUM.WhichofthefollowingstatementsisCORRECT?a.Inthestatementofcashflows,de
6、preciationchargesarereportedasauseofcash.b.Inthestatementofcashflows,adecreaseinaccountsreceivableisreportedasauseofcash.c.Inthestatementofcashflows,adecreaseininventoriesisreportedasauseofcash.d.Inthestatementofcashflows,adecreaseinaccountspayableisreportedasauseofcash.e.Dividendsdonotsh
7、owupinthestatementofcashflowsbecausedividendsareconsideredtobeafinancingactivity,notanoperatingactivity.EffectofreducingcostsonROEAnswer:aMEDIUM.EffectofreducingcostsonROEAnswer:aMEDIUM.Lastyear,CandleCorphad$200,000ofassets,$300,000ofsales,$20,000ofnetincome,andade
