106 .The cut-off date for receiving the dividend is known as the:
　　A)   holder of record date.
　　B)    date of payment.
　　C)    ex-dividend date.
　　107 . Which of the following best describes a firm with low operating leverage? A large change in:
　　A)   earnings before interest and taxes result in a small change in net income.
　　B)    the number of units a firm produces and sells result in a similar change in the firm’s earnings before interest and taxes.
　　C)    sales result in a small change in net income.
　　108 . Francis Investment Inc’s Board of Directors is considering repurchasing $30,000,000 worth of common stock. Francis assumes that the stock can be repurchased at the market price of $50 per share. After much discussion Francis decides to borrow $30 million that it will use to repurchase shares. Francis’ Chief Financial Officer (CFO) has compiled the following information regarding the repurchase of the firm’s common stock:
　　§    Share price at the time of buyback = $50
　　§    Shares outstanding before buyback = 30,600,000
　　§    EPS before buyback = $3.33
　　§    Earnings yield = $3.33 / $50 = 6.7%
　　§    After-tax cost of borrowing = 4%
　　§    Planned buyback = 600,000 shares
　　Based on the information above, after the repurchase of its common stock, Francis’ EPS will be closest to:
　　A)   $3.41.
　　B)    $3.36.
　　C)    $3.39.
　　109 .  Which of the following statements about independent projects is least accurate?
　　A)   If the internal rate of return is less than the cost of capital, reject the project.
　　B)    The internal rate of return and net present value methods can yield different accept/reject decisions for independent projects.
　　C)    The net present value indicates how much the value of the firm will change if the project is accepted.
 
　　110 .Which of the following events will reduce a company's weighted average cost of capital (WACC)?
　　A)   An increase in expected inflation.
　　B)    A reduction in the company's bond rating.
　　C)    A reduction in the market risk premium.
　　
　　　　
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