Posted: May 13th, 2018

Securities and Investments-What is the best reason to use the price-to-sales (P/S) ratio …

Securities and
Investments

2. What is thebest
reason to use the price-to-sales (P/S) ratio instead of the
price-to-earnings
(P/E) ratio in valuing
stocks?
A.The P/S
ratio is influenced by a corporation’s book value.
B.The P/S
ratio can be contrasted with the ratio of cash flow to price.
C.The P/S
ratio doesn’t have the same weaknesses as the P/E ratio.
D.The
P/S ratio is useful for stocks issued by corporations that have no earnings.

3. If you analyzed a
stock’s value using the dividend growth model, you would discount
A.future
cash flows from dividends, incorporating projected growth in dividends.
B.future cash
flows from dividends and from the projected growth in the value of
the stock.
C.the future
value of the stock, assuming a fixed growth and discount rate over a
preestablished time
period.
D.the value
of a fixed, periodic annuity the way you would discount the value of future
periodic interest
payments.

4. If you wanted thesafest
investment among the following choices, which should you select?
A.The stock
of large corporations paying high dividends
B.U.S.
Treasury bills
C.The stock
of small corporations
D.Long-term
government bonds

5. At what rate does
$1,000 grow to $1,953 after three years? Use the formula for the future
value of a lump sum,
and assume annual compounding.
A.25
percentC.
75 percent
B.31.8
percentD.95.3 percent

6. What is the holding
period return on an investment of $1,000 held for 10 months with $30
in dividends and a
selling price of $1,250?
A.28 percentC.23.3
percent
B.25 percentD.
3 percent

7. Given a choice
between calculating returns using the holding period return (HPR) or the
formula for the future
value, you should select the future value formula because the
A.HPR fails to consider the discounted value of the purchase price.
B.future
value formula incorporates the timing of cash flows.
C.HPR
overstates the internal rate of return in direct proportion to the discount
rate.
D.future value formula
incorporates cash payments that are omitted in the HPR.
8. Which of the
following statementsmostaccurately explains
the utility of the dividend
growth model?
A.Dividend
growth increases the total return earned on equity investments.
B.Projected
dividend growth can be incorporated into calculation of the discounted value of
cash flows.
C.Stocks with
rising dividends generally outperform stocks that don’t pay dividends or
that pay relatively
static dividends.
D.Rising
dividends, plotted as a function of time, appear as an exponential function
with a
positive slope.

9. ABC Corporation
recently announced its plans to pay a 5 percent stock dividend in addition
to its scheduled $0.32
quarterly dividend, which has been paid on its common stock in all
of the previous 13
quarters. The ex-dividend date will be one month after the announcement.
ABC Corporation hadn’t
paid a stock dividend in the past nine years. You own 100
shares of ABC
Corporation common stock valued at $68 per share. Which of the following
explanationsaccuratelyprojects
the effect of these transactions?
A.Dilution
will effect a 5 percent decline in price per share. That will be offset by the
2
percent (annualized)
dividend for a net decline of 3 percent in the stock price.
B.The 5
percent stock dividend is equivalent to 1-for-20 stock split. Stock prices
generally
rise after stocks
split, so the 5 percent dilution effect will be reduced to either a price rise
or a decline that’s
smaller than 5 percent.
C.The
stock price will drop about 5 percent if all other factors remain constant.
D.The
discounted value of the stock split and will render a price decline smaller
than 5
percent.

10. If you purchase a
stock one month before the date of record, if a friend purchases the
same stock on the ex-dividend
date, and if both of you hold the stock at least two months,
A.both you
and your friend receive the dividend.
B.your friend
receives the dividend, you don’t.
C.you receive
the dividend, your friend’s investment is uncertain.
D.you
receive the dividend, your friend doesn’t.

11. In the absence of
compelling empirical data to support technical analysis, which of these
arguments supports its
use?
A.The Dow
Theory has a long history of successful use and has earned respect in
nonacademic circles.
B.Traders of
odd lots tend to be smaller, less sophisticated investors who reliably make
the wrong investment
decisions.
C.Emotions
lead to irrational investment decisions that can be overcome by applying a
strict set of technical
methods.
D.Several
technical methods capitalize on empirical data supporting the contention that
security prices move in the same direction.

12. The technical
analysis methods presented in the textbook use
A.methods
that are widely accepted in academic circles.
B.historical
price and volume to predict future prices.
C.a
combination of price, volume, and analysis of economic and industry factors to
arrive
at the intrinsic value
of the corporation.
D.methods
that are unanimously rejected in academic circles.

13. The rationale
behind a moving average is that
A.observations
falling within one standard deviation of the moving average are expected
in approximately
two-thirds of all observations, and when an observation falls outside of
this range, it’s
indicative of a future change in the direction of prices.
B.deviation
from historical trends may be indicative of a change in trend.
C.when
observations fall more than 1.96 standard deviations from the moving average,
their probability is
.05.
D.a
change in the direction of the moving average indicates an opposite change in
the
direction of stock
prices.

14. Investors
contribute to the efficiency of security markets by
A.using
available information to make investment decisions.
B.applying
technical analysis to their investment decisions.
C.combining
cash flow analysis and ratio analysis to estimate stock value.
D.avoiding
hot tips.

15. In calculating
return on assets, you need to know
A.cash flow
in order to back out noncash items.
B.earnings
after taxes divided by the asset portion of equity.
C.both
income statement and balance sheet information.
D.only
balance sheet information.

16. Which of the
following statements iscorrect?
A.Security
selection can be a complex process that’s aided by Internet financial
information services.
B.Security
selection is most efficiently practiced by applying both technical and
fundamental analysis.
C.Security
selection requires only the use of accounting ratios.
D.Security
selection simplifies investment decisions.

17. The rationale for
ratio analysis is explainedbestby the fact that
ratios
A.are readily
understood and easy to calculate.
B.may be
computed and interpreted from two perspectives, time-series analysis, and
cross-sectional
analysis.
C.influence
management and creditor decisions.
D.indicate
a corporation’s financial and operational effectiveness, which in turn affect
the market value of its stock.

18. When interpreting
the difference between the return on assets and the return on equity of
a single corporation
for identical periods, you must take into consideration the
A.impact of
net income on the corporation’s total return on assets.
B.contribution
of current assets to total assets.
C.period-to-period
rate of change in revenue.
D.corporation’s
use of financial leverage, which is its use of debt.

20. Which of the following
reasons best explains why you would include inflation in a fundamentalanalysis
of stock values?
A.Inflation
exerts broad influence on factors that underlie the economy.
B.Inflation
generally increases stock prices at a faster rate than other prices.
C.Inflation
generally increases stock prices because cash inflows increase.
D.High inflation
corresponds with high interest rates and low bond values.
1. A bond will pay
principal of $1,000 upon maturity in 10 years
from now, plus it will
pay $60 every six months, including the
date of maturity and
starting six months from now. What price
would you expect to
pay for the bond if comparable bonds yield
8 percent?
A.$1,272C.
$815
B.$1,162D.
$456

2. What is the yield
to maturity on a municipal bond scheduled to
pay $10,000 upon
maturity 5 years from now? This is a zerocoupon
bond selling for
$8,220. Round the yield to maturity to
the nearest percent.
A.8 percentC.4
percent
B.5 percentD.
3 percent
3. What is the yield
to maturity on a corporate bond scheduled to pay annual interest of $100
and $1,000 upon
maturity 3 years from now? The bond is selling for $1,025.31. Round the
yield to maturity to
the nearest percent.
A.11 percentC.
8 percent
B.9
percentD.7 percent

4. What is the
duration of a bond that will pay $50 per year in coupon payments and $1,000
after four years? Use
a discount rate of 10 percent.
A.8.4 yearsC.3.7
years
B.4.0 yearsD.
0.27 years

5. What is the present
value of a share of preferred stock that you own indefinitely? The
stock’s dividend is
$5. The appropriate discount rate is 6 percent.
A.$13.33C.
$852.33
B.
$83.33D.
$852.98

6. A perpetual bond
annually pays interest of $35 and alternative investments yield 14 percent.
What is the present
value of the bond?
A.$250C.
$490
B.$355D.
$505
(35/14%)

7. Duration is a
better way to compare cash flows than simply comparing present values
because
A.duration
incorporates cash flow volatility.
B.present
value fails to incorporate the timing of cash flows.
C.when
maturities differ among compared cash flows, present value inaccurately
represents the yield
to maturity.
D.duration
effectively treats cash flows as a perpetuity, incorporating the reinvestment
rate.

8. One of the benefits
of the laddered approach to managing interest rate risk in a bond
portfolio is that
A.reinvestment
risk is eliminated because you standardize the timing of bond maturities.
B.the
portfolio includes bonds issued by different organizations, thereby reducing
default risk.
C.all bonds
are liquidated if the investor elects to capitalize on an opportunity.
D.when
bonds mature at different intervals, you diversify the timing of reinvestment.

9. If you want to
maximize safety and earn federally tax-exempt interest, you should buy
A.municipal
bonds backed by the revenue earned on the project funded by the bond.
B.municipal
bonds backed by the taxing authority of the issuing government.
C.U.S.
Treasury bonds backed by the taxing authority of the U.S. federal government.
D.U.S. Treasury bills
backed by the taxing authority of the U.S. federal government.
10. To participate in
the U.S. national mortgage market by investing in bonds, thebest
way
would be to invest in
A.revenue
bonds issued by a sprawling suburban city.
B.treasury
bonds that ultimately depend on funding from households.
C.mortgage
pass-through bonds issued by a federal government agency.
D.stocks
issued by banks that make mortgage loans.

11. One strategy for
diversifying government-issued bonds and earning tax-exempt interest is
to invest in
A.U.S.
Treasury bonds, notes, and bills with diverse maturities.
B.a
state-specific municipal bond fund.
C.a
combination of state and local bonds plus bonds issued by foreign governments.
D.money
market mutual funds and U.S. Treasury bills.

12. What is the key
distinction between Series EE bonds and Treasury bills?
A.Series EE
bonds pay interest every six months.
B.Series EE
bonds aren’t backed by the full faith and credit of the federal government.
C.Treasury
bills are deeply discounted bonds with all interest paid upon maturity.
D.Treasury
bills can be traded in the secondary market.

13. Why do bond
issuers attach a call feature to their bonds?
A.Increases
the marketability of the bond
B.Increases
the likelihood of issuing bonds at face value or higher
C.Presents
an opportunity to capitalize on rising interest rates
D.Frees the
organization from high-interest debt if interest rates drop

14. If you were CEO
and decided to finance retirement of a bond issue, you would bemost
likely to
A.issue
collateral serial bonds, the proceeds of which would fund the bond retirement.
B.rewrite
the debenture to include an option to exchange bonds for shares of stock.
C.set up a
payment arrangement with a trustee to fund an account designated for
bond retirement.
D.sell
production assets and apply the proceeds to bond retirement.

15. If you owned bonds
issued by a corporation that announced expectations for a protracted
period of cash flow
difficulties, what kind of risk would concern youmost?
A.Default
riskC.Reinvestment rate risk
B.Interest rate riskD.
Price fluctuation
16. When an investor
purchases a 12-month T-bill with the intention of selling it after a period
of time, he’s
A.riding
the yield curve and selling on a secondary market.
B.minimizing
his return on a short-term investment.
C.ensuring
that the sale is at maximum discount.
D.maximizing
his return on a long-term investment.

17. Which of the
following measures would increase the duration of a bond issue?
A.Exercising
a call option
B.Offering
bondholders early retirement of bonds
C.Prepaying
interest
D.Exercising
an extendible option

18. If a bond issuer
failed to honor terms of the indenture prohibiting the corporation from
merging with another
corporation,
A.the bond
issue would be considered a fallen angel.
B.the
bond issue would be considered in default.
C.the
corporation would be obliged to exercise an extendible option.
D.bondholders
could exchange their bonds for stock of the issuing corporation.

19. Periods of a
negatively sloped yield curve have also been times of
A.rising
interest rates and inflation.
B.a bull
market in stocks.
C.rapid
economic growth that reduced the cost of long-term debt.
D.
low
commodity prices.

20. The impact of
inflation as it relates to a bonding arrangement ismostdevastating
to
A.
borrowers.C.
corporations and governments.
B.lenders.D.
trustees.
1. You own a stock,
and you’re concerned that the price of the
stock may decline.
What might you do to minimize risk of loss
on the stock?
A.Buy a putC.Write a put
B.Buy a callD.
Buy a warrant
2. At a single time, a
stock’s price is $10 and the premium for a call option on the stock is $3.
The strike price on
the option is $8. How should you explain the additional value of the
premium over the
difference between strike price and stock price?
A.The stock
price and option price may have been quoted at different times when stock
values were different.
B.The market
value of the option premium equals the difference between the strike price
and the market value
of the stock.
C.The
market value of the option premium equals the difference between the stock
market value and the
strike price plus a time premium.
D.The
hypothetical price of the option is less than the time premium.

3. Which of the
following strategies offers the greatest potential to maximize rate of return
on
a stock if the stock
price rises after you implement the strategy?
A.Purchase a
stock and supplement your return by purchasing a call option on the stock.
B.Assume
a naked position in the stock with a call option.
C.Write a
covered put on the stock.
D.Write a
naked put on the stock.

4. You speculate that
the value of a stock won’t drop, and you’re unwilling to purchase the
stock or pay a premium
for an option. What position would you take to profit by the stock’s
price not dropping?
A.Write
a put.C.
Write a call.
B.Purchase a
call.D.Employ a covered position.

5. What is your profit
or loss under the following circumstances when the stock price rises?
You buy a stock at $15
and simultaneously buy a put. The strike price on the put is $12,
and you pay a $5
premium. The stock price rises to $16.
A.$5 lossC.
$2 profit
B.$4
lossD.
$3 profit

6. What is your loss
in the following situation? You write a naked put when the stock price is
$50. The strike price
is $55, and the stock price drops to $40. Assume the option is near
expiration and the
market doesn’t assign any additional value to the option’s intrinsic value.
A.$10C.
$20
B.$15D.
$35

7. What is your profit
or loss under the following circumstances? You buy a stock for $30, and
its price suddenly
drops to $25. To avoid the risk of further losses, you buy a put with a
$30 strike price for
$6. Subsequently, the stock price rises to $35, the option expires, and
you sell the stock.
A.$1 profitC.
$6 loss
B.
$1 lossD.
$15 loss
8. What is your profit
or loss under the following circumstances? You buy a stock for $25, and
simultaneously write a
covered call with a $20 strike price and $7 premium. The stock
price rises to $28,
and the buyer exercises the option and you sell your ownership in
the stock.
A.$3 lossC.$2 profit
B.$2 lossD.
$3 profit

9. Which of the
following positions would ordinarily minimize potential loss in terms of
percentage of
investment? Assume the loss would be realized during the term of
the option.
A.Purchase a
stock at $25.
B.Purchase a
stock at $25 and a call on the stock for a $5 premium with a $21
strike price.
C.Purchase a
call option for $4.
D.Purchase
a stock at $25, and a put on the stock for a $5 premium with a $29
strike price.

10. The risk of
shorting a stock is greater than the risk of buying a put because
A.the stock
price can fall to zero, while the put limits risk to the amount of the premium.
B.a stock
price change results in a relatively smaller change in an option on that stock.
C.the
maximum risk of a put is the premium, while the maximum risk of shorting is
unlimited because price
can rise without limit.
D.options
provide unlimited hedging opportunities that render option positions less risky
than short stock
positions.

11. Although arbitrage
presents potential profit opportunities, the likelihood of individual
investors finding
arbitrage opportunities is limited by
A.the
tendency for stock values to fall away from the efficient frontier.
B.hedge
strategies that combine option and stock purchases all but eliminate
arbitrage
opportunities.
C.stock and
option exchange managers, who are required to notify market makers when
arbitrage
opportunities present themselves.
D.market
makers, who are in a better position to detect and quickly capitalize before
gaps narrow.

12. You know that
leverage increases risk because
A.leverage
increases the opportunity for greater profits and losses.
B.when you
lend money to businesses, you increase your exposure to default risk.
C.leverage magnifies the potential return on
an investment.
D.leverage brings with
it downside risk caused by the time-limited feature of options.
13. If you owned the
stock of a company that had also issued a warrant on its stock, how
could you use the
warrant to limit your risk in the stock?
A.Buy the
warrant and write a put on the stock.
B.Sell the warrant short.
C.Buy a put
on the stock.
D.Buy a put
on the stock, and buy the warrant.

14. Suppose that
you’re a corn farmer preparing to plant. You want to reduce the risk that corn
prices will drop below
$2.20 per bushel next September when you harvest. What is the
beststrategy to
reduce your risk?
A.Enter a
long position in corn futures to accept in September to enhance your profit if
corn prices rise.
B.Enter a
futures contract to deliver September corn at a price under $2.20.
C.Enter a
long position in corn for futures contracts to accept corn in July.
D.Enter a futures contract to deliver September corn at
a price above $2.20.

15. Which of the
following ismostlikely to use currency
futures to reduce risk?
A.Foreign
currency speculators
B.Corporations that accept and make payments in foreign
currencies
C.Households
located near international borders
D.Wheat
farmers who sell to U.S. exporters developing markets in China

16. You have a long
position in soybean futures at $4.75 per bushel. The contract is for 5,000
bushels, and initial
margin is $1,215. Maintenance margin is $900. An unexpected late
frost destroys newly
planted crops in the Midwestern United States, and the futures price
rises to $5.20 per
bushel over the next few trading days. Which of the following results is
most likely?
A.You receive
a margin call from your broker.
B.The futures
exchange imposes a temporary hold on trading in soybean futures.
C.The
contract value rises to $25,000.
D.The contract value rises $2,250.

17. You enter a short
position in an oats futures contract. The trading unit is 5,000 bushels,
the futures price is
$1.08 per bushel, initial margin is $270, and maintenance margin is
$200. The futures
price rises $.02 to $1.10 on projections of poor yields. What is the
mostlikely
result?
A.You
consider closing your position to capitalize on a $100 profit.
B.You get a
margin call for $70.
C.You get a margin call for $100.
D.The long position
exercises the futures contract.
18. Which of the
following investors would reduce risk by shorting municipal bonds
with futures?
A.Someone who owns a large portfolio of municipal bonds
B.An investor
who has entered a contract to deliver municipal bonds
C.Someone who
has entered a futures contract to accept Treasury notes
D.A city that
has issued municipal bonds

19. If you were CFO of
a U.S.-based international corporation with significant operations
in Switzerland, which
of the following would be thebestway to
reduce currency risk
through derivatives?
A.Enter a
short position in the Swiss franc.
B.Purchase
Swiss francs and invest them in Swiss certificates of deposit.
C.Enter a
swap agreement so that U.S. operating expenses are paid on behalf of a
corporation based in
Switzerland.
D.Enter a swap agreement so that Swiss operating
expenses are paid by a corporation
based in Switzerland.

20. Which of the
following events would increase a futures price?
A.Inflation
declines during the term of the contract.
B.Spot price
declines because of excess volume in the commodity.
C.The broker
increases the maintenance margin.
D.
Interest rates rise
faster than expected.

2. What special
advantage do mutual funds confer for investing in emerging markets?
A.Emerging
markets typically yield higher rates of returns for a given investment period
because risk is
relatively high.
B.The
correlation coefficients of returns between emerging and established markets
are
generally negative.
C.Emerging
funds allow investors to invest in specific markets even though they aren’t
familiar with
corporations, laws, and particulars of investing in those markets.
D.Emerging
market mutual funds provide diversification not available in global or
international funds.

3. Which of the
following investments would certainly increase your risk exposure if most of
your portfolio is
dominated by U.S. investments?
A.International
investments characterized by a correlation with U.S. investments near zero
B.International
investments with high historical rates of return and, therefore, to the right
side of the security
market line
C.A mix of
European and Pacific Basin stocks purchased through an international
mutual fund
D.International
investments in countries where the exchange rate fluctuates excessively

4. If you were
supervisor of a mutual fund investment manager working for an international
growth fund, how would
you interpret the following situation? The manager recommends
purchase of stock in
General Electric, a New York–based corporation. Her rationale for the
purchase is based on
the fact that General Electric’s operations and revenue are truly
international,
with a substantial
proportion of operations and revenue from over a dozen countries.
A.If the
manager were permitted to make the purchase, it would violate the fund’s
investment policy.
B.General
Electric’s international exposure would enhance the fund’s diversification.
C.General
Electric would add to the fund’s diversification, but the corporation’s large
size
is contrary to the
growth objective for the fund.
D.General
Electric’s diverse operations are a favorable attribute, and the company’s
growth would enhance
the fund’s growth objective.

5. If you wanted
international diversification but wanted to decide which countries you would
invest in, which
strategy would you use?
A.Invest through iShares country-specific
exchange-traded funds.
B.Invest through
a global mutual fund.
C.Invest
through World Equity Benchmark shares.
D.Invest in euros.

6. Of the reasons
listed below, which is themostimportant reason to
invest internationally?
A.The overall
return on international investments exceeds the return on most domestic
investments, thereby
increasing total return.
B.International
investments may be riskier than domestic investments, but their diversifying
effect can reduce the
risk of the entire portfolio.
C.International
investments reduce total portfolio risk because returns on international
investments typically
have a lower standard deviation than domestic investments.
D.Although
domestic investments offer some growth opportunities, the mature domestic
market lacks the
number of growth opportunities in emerging economies.

7. If you lived in a
nation that didn’t use the Swiss currency for exchange and were invested
in securities issued
by the government of Switzerland, you might expect the value of your
investment to rise if
A.you hedged your
investment with currency futures.
B.the value
of the Euro dropped in relation to the Swiss franc.
C.political
uncertainty in France resulted in a decline in your domestic stock market.
D.your
domestic currency fell in relation to the Swiss franc.

9. The importance of
market efficiency and its contribution to international investing is that
A.obtaining
information on which to base foreign investment information may be difficult.
B.the rapid
dissemination of new information and the intense competition among
investors produces
efficient U.S. financial markets.
C.foreign
firms with securities traded on U.S. exchanges meet SEC disclosure
requirements.
D.inefficiencies
in international markets may present opportunities for excess returns.

10. You might expect a
domestic currency devaluation if
A.exports
increase, resulting in a flood of foreign currency into the country.
B.significant
domestic productivity declines decrease the attractiveness of
domestic investments.
C.demand for
domestic currency by foreign investors increases the supply of
domestic currency.
D.domestic equity market
values rise on news of projected interest rate decreases.
11. The cash budget is
critical to financial planning because it
A.enumerates
receipts and disbursements necessary to project asset allocation.
B.aids the
investor when deciding to purchase small cap stocks.
C.helps
estimate social security payments.
D.is the best
means for establishing one’s financial position.

12. Which of the
followingshouldbe part of a balance
sheet?
A.Bank
deposits, salary, and royalties
B.IRA
distributions, insurance, and maintenance
C.Pension,
money market funds, and Keogh accounts
D.Certificates of deposit, cash value of life
insurance, and real estate

13. Before investing,
it’s essential that the investor first
A.determine
his or her net worth.
B.thoroughly
research and hire a professional planner.
C.construct a
financial plan.
D.define his or her goal.

14. If a U.S. investor
buys the stock of a corporation in Mexico, the investor will certainly sustain
a loss if the stock
price
A.falls and
the value of the peso rises.
B.rises and
the value of the peso rises.
C.falls and the value of the peso falls.
D.rises and
the value of the dollar rises.

15. When an investor
buys an ETF, he or she
A.knows the
return will be based on the movement of dollar cost of the currency purchased.
B.
is sure of little fluctuation in the value of his or her
currency.
C.physically
holds the currency purchased.
D.counts on impure play of one currency’s value versus
another’s.

16. A 30-year-old with
a portfolio of $50,000 with projected earnings of five percent per year
can expect the
portfolio to be worth _______ at age 60.
A.$216, 097.12C.$132,195.27
B.$160,972.13
D.$108,049.16

17. The singlemost
influential variable in determining investment returns is
A.heavy
reliance upon index mutual funds.
B.selection
of a fee-only investment advisor experienced in asset allocation.
C.selection
of low-cost, high-performing mutual funds.
D.asset
allocation decisions driven by investment policy.
18. What is themost
likely explanation for discrepancies between targeted asset
allocations
and current asset
allocations if the portfolio’s allocations matched the target one year ago
and no money was added
to or subtracted from the portfolio?
A.Excessive
turnover adds costs to the portfolio that put downward pressure on
asset values.
B.The
investment policy may have assigned an over-weight to equity investments.
C.Some asset class values rise and fall faster than
others, leading to an imbalance.
D.
The portfolio performed much better than expected when
targeted asset allocations
were
established.

19. The real benefit
of constructing a cash budget for investors is to
A.ensure that
spending doesn’t exceed income.
B.identify sources of cash flow for
investments.
C.aid balance
sheet construction.
D.identify
net cash flow for determination of net worth.
20. A pro forma
financial statement identifies
A.what is
owed and what is owned.
B.balance
sheet and cash budget data.
C.one’s future or projected financial
position.
D.what the investor’s
present-day “estate” looks like.

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