10 May WHAT IS THE FIRST ITEM IN AN INCOME STATEMENT USED TO DETERMINE THE NET INCOME OF A FIRM?
1) Which of the following is true about the process of setting the offering price of an issue??a. ?The offering price of the initial public offering of the stock of a privately held company is determined by a financial intermediary whereas the offering price of the seasoned offering of a public company is determined by an investment bank.b. ?An investment banker has an easier job of selling the issue if it carries a relatively high price.c. ?An investment bank finds it easier to set the offering price of an initial public offering as compared to that of a seasoned offering.d. ?An investment bank finds it easier to set the offering price of a seasoned offering of a private company as compared to a seasoned offering of a public company.e. ?If the company is already publicly owned the offering price will be based on the existing market price of the stock or the yield on the firm’s existing bonds.2) ?The average rate of return earned on a bond if it is held until the first call date is the:a. ?yield to call.b. ?yield to market.c. ?yield to principal price.d. yield to issue price.?e. ?yield to discount.3) The management’s primary goal is stockholder wealth maximization which translates into _____.?a. ?maximizing the value of the firm as measured by the price of its common stockb. ?maximizing the earnings per share of the stockholdersc. ?maximizing the dividend received by stockholdersd. ?maximizing the net income earned by the companye. ?maximizing the managerial compensation (incentives)4) What is the first item in an income statement used to determine the net income of a firm??a. ?Earnings before taxb. ?Operating costsc. ?Net salesd. ?Gross profite. ?Retained earnings5) The change in the market value of an asset over some time period is called the _____.?a. ?yieldb. ?maturityc. ?capital gaind. ?interest incomee. ?dividend income
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