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14. If managers are not owners of their company, then they are ________.

agents

brokers

bondholders

dealers

15.

1. The wealth of corporate owners is measured by the share price of the stock.

2. To achieve the goal of profit maximization for each alternative being considered, a financial manager would select the one that is expected to result in the highest return.

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS TRUE

1ST STATEMENT IS FALSE

BOTH STATEMENTS ARE FALSE

16. NT.The goal of business ethics is to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations in all aspects of business and professional practice. 2.

1ST STATEMENT IS FALSE

BOTH STATEMENTS ARE FALSE

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS TRUE

17.

1. In partnerships, partners can readily transfer their wealth to other partners.

2. Managerial finance is concerned with design and delivery of advice and financial products to individuals, businesses, and governments.

1ST STATEMENT IS TRUE

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS FALSE

BOTH STATEMENTS ARE FALSE

18.

1. Risk, the magnitude and timing of cash flows are the key determinants of share price, which represent the wealth of the owners in the firm. 2. A higher earnings per share (EPS) does not necessarily translate into a higher stock price.

BOTH STATEMENTS ARE FALSE

1ST STATEMENT IS FALSE

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS TRUE

19. Which of the following legal forms of organizations is characterized by unlimited liability?

sole proprietorship

limited partnership

Cooperative

Corporation

20.

1. Financial managers perform different tasks developing a financial plan or budget, extending credit to customers, evaluating proposed large expenditures, and raising money to fund a firm's operations.

2. A controller administers a firm's credit policy by analyzing or managing the evaluation of credit applications, extending credit, and monitoring and collecting accounts receivable.

1ST STATEMENT IS TRUE

BOTH STATEMENTS ARE FALSE

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS FALSE

21. Which of the following is true of stakeholders?

A firm's income statement will never show a positive profit when its cash outflows exceed its cash inflows

Profits do not necessarily result in cash flows available to the stockholders.

An increase in revenue will always result in an increase in cash flow

It is guaranteed that the board of directors will increase dividends when net cash flows increase.

22. Which of the following is true of a cash flow?

A firm's income statement will never show a positive profit when its cash outflows exceed its cash inflows

Profits do not necessarily result in cash flows available to the stockholders.

It is guaranteed that the board of directors will increase dividends when net cash flows increase.

An increase in revenue will always result in an increase in cash flow

23.

1. High net cash flow with fixed risk is generally associated with a higher share price.

2. When considering a firm's financial decision alternative, financial managers should accept only those actions that are expected to increase the firm's profitability.

1ST STATEMENT IS FALSE

BOTH STATEMENTS ARE FALSE

BOTH STATEMENTS ARE TRUE

1ST STATEMENT IS TRUE

24. Cash flows and risk are the key determinants in share price. Increased cash flow results in ________, other things remaining the same.

an unchanged share price

an undetermined share price

a higher share price

a lower share price

25. The wealth of the owners of a corporation is represented by

cash flow

profits

share value

earnings per share

26. Corporate owners receive return ________.

by realizing gains through increases in share price and interest earnings

through interest earnings and earnings per share

through capital appreciation and retained earnings

by realizing gains through increases in share price and cash dividends