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4- What do we mean when we say a contract is a zero-sum game?

A) Both parties either make money or lose money, in equal amounts.

B) Neither party to the contract loses any money.

C) Neither party to the contract makes any money.

D) Neither party pays any money at the outset of the contract.

E) None of the above.

6- A firm has a risk profile of a seller. In order to eliminate the downside risk, the firm should:

A) Sell a put option.

B) Sell a call option.

C) Buy a put option.

D) Buy a call option.

E) Buy a call option and sell a put option.

11- Which one of the following statements concerning financial leverage is/are correct?

A) Leverage is beneficial only when EBIT is relatively low.

B) M&M Proposition I states that financial leverage is irrelevant to the value of a firm.

C) Financial leverage lowers the risk level of a firm.

D) All of the above.

E) None of the above.

14- Which of the following is/are direct costs of bankruptcy?

I. Loss of key employees

II. Foregone profitable projects due to debt restrictions

III. Loss created by sale of assets which was required to improve liquidity

IV. Accounting and legal fees incurred in the bankruptcy process

A) III only

B) IV only

C) I, II, and III only

D) I, III, and IV only

E) I, II, III, and IV

19- A public offering of securities where existing shareholders of the firm have the first opportunity to buy the new securities, exclusive from the general public, is called a:

A) Rights offer.

B) Bought deal.

C) Tender offer.

D) Best efforts offer.

E) None of the above.