A financial manager believes that his actions will cause earnings to increase and market prices to stay in proportion to increased earnings. The manager’s behavior illustrates:
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1 .Iota Corporation is using the PEG ratio to forecast its stock price in the coming year. The company's PEG ratio is 4x and its current earnings per share is USD10. Growth is expected to be 2.5%. What is the projected stock price?
A 100 B 256 C 102 D 263
2 .The strong belief that a manager's decisions and evaluations are correct, leading investors to overemphasize their abilities, is best characterized as:
A Confirmation bias B Overconfidence C Illusion of control D Excessive optimism
3 .A valuation estimation technique that can be adapted to start up companies and other situations where earnings are very low is:
A Constant Growth (D/(r-g)). B Price Earnings (P/E) ratio. C Price Sales ratio. D Price Earnings Growth (PEG) ratio.
4 .A basic premise of behavioral corporate finance is the idea that:
A Behavioral characteristics of financial managers can distort judgment. B Corporate behavior will impact financial decisions. C Cost behavior determines valuation. D Corporate finance is inherently quantitative and objective.
5 .An analyst is reviewing a start up company with no net earnings. If the analyst wants to use a price multiples approach to valuation rather than a discounted cash flow method, the analyst would most likely select:
A PEG ratio projections B P/E ratio projections C Return on residual P/E ratio D Price-sales ratio projection
7 .Which of the following formulas should be used to calculate the economic rate of return on common stock?
A (Net income ? preferred dividend) divided by common shares outstanding. B Market price per share divided by earnings per share. C (Dividends + change in price) divided by beginning price. D Dividends per share divided by market price per share.
8 .The Institute of Internal Auditors defines internal auditing in their International Standards for the Professional Practice of Internal Auditing as an:
A Integrated program evaluation function. B Institutional improvement system. C Independent objective assurance and consulting activity. D Interdependent attestation service.
9 .The former controller for National Manufacturing Corporation's Scranton manufacturing plant was promoted to National Manufacturing Corporation's internal audit division within the last six months. According to Independence and Objectivity standards included in the International Standards for the Professional Practice of Internal Auditing, the auditor:
A Should not be involved in either assurance or consulting activities for the Scranton Plant. B May be involved in assurance and consulting activities for the Scranton Plant without limitations. C Must not be involved with consulting activities for the Scranton Plan. D Must not be involved with assu...
10 .International Standards for the Professional Practice of Internal Auditing include implementation standards specific to both assurance and consulting activities. A major difference between assurance and consulting activities is that:
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