1 .Participatingpreference shares most likely:
　　A)can be exchanged forcommon stock at a ratio determined at issuance.
　　B)give the shareholderthe right to sell the shares back to the firm at a specific price.
　　C)receive extradividends if firm profits exceed a predetermined threshold.
　　The correct answer wasC
　　Participatingpreference shares receive extra dividends if firm profits exceed a predeterminedthreshold. Convertible preference shares can be exchanged for common stock at aconversion ratio determined at issuance. Putable common shares give theshareholder the right to sell the shares back to the firm at a specific price.
　　2 . Declining pricesthat result from the development of substitute products are most likely tocharacterize an industry in the:
　　A)shakeout stage.
　　B)decline stage.
　　C)mature stage.
　　The correct answer wasB
　　The decline stage ofthe industry life cycle is often characterized by declining prices assubstitute products or global competition emerge, or as a result of decreasingdemand due to societal changes.
　　3 . In a period whenU.S. equity prices are increasing and the U.S. dollar is depreciating, which ofthe following investors in U.S. equities is most likely to earn the highestreturn in the investor’s local currency?
　　A)U.S. investor whoreinvests dividends.
　　B)Non-U.S. investorwho reinvests dividends.
　　C)Non-U.S. investorwho does not reinvest dividends.
　　The correct answerwas: A
　　Sources of return onequity securities include price appreciation or depreciation, dividend income,and foreign exchange gains or losses for investors outside the country. In anincreasing equity market, reinvesting dividends is likely to increase returnscompared to not reinvesting dividends. If the currency is depreciating,investors from outside the country will experience foreign exchange losses thatdecrease their returns.
　　4 . Equity securitiesare least likely issued to finance:
　　A)inventories.
　　B)equipment.
　　C)research anddevelopment.
　　The correct answerwas: A
　　Equity securities aretypically issued to finance a firm’s long-lived assets, such as equipment, andlong-term projects such as research and development.
　　5 . A manager tells aresearch analyst, “A thorough industry analysis should use more than oneapproach to estimate industry variables,” and “An analyst should not comparehis valuations to those of other analysts.” Which of these two statements is(are) CORRECT?
　　A)Both of thesestatements are accurate.
　　B)Neither of thesestatements is accurate.
　　C)Only one of thesestatements is accurate.
　　The correct answer wasC
　　The first statement isaccurate. When analyzing an industry, an analyst should use different approachesand scenarios when estimating industry variables. The second statement isinaccurate. Comparing one’s own forecasts with those of other analysts can beuseful for confirming the soundness of the analysis and for identifyingindustries that are potentially overvalued or undervalued by the consensusview.

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