1. At a firm's quarterly dividend meeting held April 9, the directors declared a $0.50 per share cash dividend for the holders of record on Monday, May 1. The firm's stock will sell ex-dividends on

A. April 9

B. May 5

C. April 25

D. April 27

2. Generally as sales increase a company needs more inventory and more employees resulting in

A. more accounts payable and accruals, and therefore increasing its spontaneous financing.

B. Less accounts payable and accruals, and therefore decreasing its spontaneous financing.

C. more accounts payable and accruals, and therefore decreasing its spontaneous financing.

D. less accounts payable and accruals, and therefore increasing its spontaneous financing.

3. Normally, the acquiring firm pays a price that is a premium above the market price of the acquired firm. This means that the ratio of exchange in market price is

A. always less than 1.

B. always greater than 1.

C. usually negative.

D. equal to 1.