5. Justifications for M&As do not include to A. increase risk B. achieve synergy C. enter new markets D. gain economies of scale 7 Retained earning are A. an indication of a company's liquidity B. the same as cash in the bank C. not important when determining dividends D. the cumulative earnings of the company after dividends 37 7 Which of the following represents the dividend-payout ratio of a firm? A. The dividend yield plus the capital gains yield. B. Dividends per share divided by earnings per share. C. Dividends per share divided by par value per share. D. Dividends per share divided by current price per share. 8. On January 7, MJM declared a GHS0.50-per-share quarterly dividend payable February 28 to stockholders of record on February 7. What is the latest date by which you could purchase the stock and still get the recently declared dividend? A. February 3 B. February 4 C. February 5 D. February 6 UNTVERS COLLEGE OF 13-11 EXAN 2