Under which of the following conditions would a firm be most likely to issue variable-rate debt（）
A. Operating cash flows are positively correlated with short-term interest rates.
B. Operating cash flows are negatively correlated with short-term interest rates.
C. The yield curve is sloping sharply downward.
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A firm has $100 in equity and $ 300 in debt. The firm recently issued bonds at the market required rate of 9 percent. The firm’s beta is 1.125, the risk-free rate is 6 percent, and the expected return in the market is 14 percent. Assume the firm is at their optimal capital structure and the firm’s tax rate is 40 percent. What is the firm’s weighted average cost of capital (WACC)（）
A. 7.8%.
B. 5.4%.
C. 8.6%.
Which of the following is TRUE about the consideration of depreciation in the operations section of a cash flow statement Direct Method Indirect Method（）
A. Considers Considers
B. Considers Does not consider
C. Does not consider Consider
Assuming market efficiency, which of the following statements regarding technical and fundamental analysis is FALSE（）
A. Technical analysis that relies exclusively on historical data has no value.
B. Evidence indicates it is possible to obtain superior returns by investing in mid-cap firms since they tend to be followed by fewer analysts.
C. The only way to obtain superior results using historical data is to perform a top down analysis examining first the market, then the industry and then individual firms.
A fourth market transaction occurs when:（）
A. a security is purchased by a dealer and then immediately resold.
B. exchange-listed shares are traded in the OTC market.
C. a buyer and seller complete a trade without the assistance of an intermediary broker.
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