1. If the operating cash flows are unaffected by dividend policy, we can show that the

a. firm value will be affected by dividend policy b. average stockholder will be indifferent to dividend policy c. he or she receives the a greater value under any dividend payment d. Two of the above e. None of the above

2. Approaches to buying back equity:

a. Repurchase tender offers b. Open market strong offers c. Privately negotiated flexed offers d. Two of the above e. All of the above