1 .All else equal, which of the following statements about operating leverage is least accurate?
　　A)   Lower operating leverage generally results in a higher expected rate of return.
　　B)    Operating leverage reflects the tradeoff between variable costs and fixed costs.
　　C)    Firms with high operating leverage experience greater variance in operating income.
　　2 . A large, creditworthy manufacturing firm would most likely get short-term financing by:
　　A)   factoring its receivables.
　　B)    entering into an agreement for a committed line of credit.
　　C)    issuing commercial paper.
　　3 . Which of the following shows the key dividend dates in their proper sequence?
　　A)   Declaration date, holder-of-record date, ex-dividend date, payment date.
　　B)    Declaration date, ex-dividend date, holder-of-record date, payment date.
　　C)    Ex-dividend date, holder-of-record date, declaration date, payment date.
　　4 .Which of the following statements is most accurate regarding a firm’s cost of preferred shares? A firm’s cost of preferred stock is:
　　A)   the dividend yield on the firm’s newly-issued preferred stock.
　　B)    the market price of the preferred shares as a percentage of its issuance price.
　　C)    approximately equal to the market price of the firm’s debt as a percentage of the market price of its common shares.
　　5 .Nelson, Inc. has fixed financing costs of $3 million, fixed operating costs of $5 million, and variable costs of $2.00 per unit. If the price of Nelson’s product is $4.00, Nelson’s operating breakeven quantity of sales is:
　　A)   1.0 million units.
　　B)    2.5 million units.
　　C)    4.0 million units.
　　
　　　　
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