TEST BANK for Fundamentals of Investing, 13th Edition by Smart, Gitman, and Joehnk |all chapters

TEST BANK
Fundamentals of Investing
SCOTT SMART, LAWRENCE GITMAN, MICHAEL JOEHNK
13th Edition

,

!"#$!%&ÿ()ÿ*+#&$,-.ÿ/0#ÿ1234567ÿÿ
9:4;6<5ÿ=ÿÿÿ>:<ÿ?@A<B63<@6ÿC@AD5E@3<@6ÿ
ÿ

ÿÿÿF678ÿG3Hÿÿ
ÿ
IÿJÿ3K76ÿL678ÿ9M78ÿ3ÿ7ÿ7HHÿ376ÿÿ7NO
ÿ
JP6QÿÿRJFSÿ
F678ÿT3OQÿÿRKÿU7ÿ9ÿ7O4H773ÿ3Vÿ5O7ÿ67Mÿ7ÿV77HÿO6Mÿÿ7ÿ
63Hÿ7ÿ9478ÿ7NOÿ937ÿ
JJ2SWQÿÿXÿJH57Hÿ97M78ÿ
Y73ÿSQÿÿ6N73ÿ773ÿ
F678ÿG3HQÿÿF678ÿG3Hÿÿ
ÿ
IÿFÿÿL7H78ÿ6ÿZO4Hÿ3Vÿ6Hÿ463465ÿ7NO
ÿ
JP6Qÿÿ[\]ÿ
F678ÿT3OQÿÿRKÿU7ÿ9ÿ7O4H773ÿ3Vÿ5O7ÿ67Mÿ7ÿV77HÿO6Mÿÿ7ÿ
63Hÿ7ÿ9478ÿ7NOÿ937ÿ
JJ2SWQÿÿXÿJH57Hÿ97M78ÿ
Y73ÿSQÿÿ6N73ÿ773ÿ
F678ÿG3HQÿÿF678ÿG3Hÿÿ
ÿ
XIÿS7ÿ^ÿ9ÿN68ÿ66ÿ3ÿ3Mÿ9ÿZÿ9ÿN68ÿ66ÿ3ÿN78ÿ
3ÿL5ÿO36ÿ9ÿ_ÿ468ÿ437
ÿ
JP6Qÿÿ[\]ÿ
F678ÿT3OQÿÿRKÿU7ÿ9ÿ7O4H773ÿ3Vÿ5O7ÿ67Mÿ7ÿV77HÿO6Mÿÿ7ÿ
63Hÿ7ÿ9478ÿ7NOÿ937ÿ
JJ2SWQÿÿXÿJH57Hÿ97M78ÿ
Y73ÿSQÿÿ6N73ÿ773ÿ
F678ÿG3HQÿÿF678ÿG3Hÿÿ
ÿ
`IÿJÿ]7ÿSÿSN78ÿW3ÿ7ÿÿZO4Hÿ3Vÿÿ7NOÿÿV7ÿ7ÿ9ÿZ
ÿ
JP6Qÿÿ[\]ÿ
F678ÿT3OQÿÿRKÿU7ÿ9ÿ7O4H773ÿ3Vÿ5O7ÿ67Mÿ7ÿV77HÿO6Mÿÿ7ÿ
63Hÿ7ÿ9478ÿ7NOÿ937ÿ
JJ2SWQÿÿXÿJH57Hÿ97M78ÿ
Y73ÿSQÿÿ6N73ÿ773ÿ
F678ÿG3HQÿÿF678ÿG3Hÿÿ
ÿ
aIÿb3ÿ36ÿ3Vÿ7NOÿ7V36O73ÿ6ÿ7ÿ467ÿV36OÿZ47Nÿÿ7VV7Hÿ3ÿ

ÿ
JP6QÿÿRJFSÿ
F678ÿT3OQÿÿRKÿU7ÿ9ÿ7O4H773ÿ3Vÿ5O7ÿ67Mÿ7ÿV77HÿO6Mÿÿ7ÿ
63Hÿ7ÿ9478ÿ7NOÿ937ÿ
JJ2SWQÿÿXÿJH57Hÿ97M78ÿ
Y73ÿSQÿÿcPÿY73ÿ
F678ÿG3HQÿÿF678ÿG3Hÿÿ
0ÿ
23456789ÿÿÿ63ÿ73ÿ
ÿ

,

ÿ979ÿ3ÿ9ÿ3!!3"78ÿ7ÿ#$%ÿÿ7&'ÿÿ7ÿ7ÿ9ÿ()ÿ
*
ÿÿ677ÿ3ÿ437ÿ7ÿ+5ÿÿ+,ÿ
-
ÿÿ"ÿ3'3+7!ÿ
2
ÿÿ.7ÿ/ÿ/&78ÿ-3ÿ
0
ÿÿ'!ÿÿ9!ÿ7ÿÿ676'ÿ3ÿ
*"61ÿÿ-ÿ
2678ÿ$3'1ÿÿ34ÿ07ÿ9ÿ7'4!773ÿ3ÿ5'7ÿ67,ÿ7ÿ77!ÿ'6,ÿÿ7ÿ
63!ÿ7ÿ9478ÿ7&'ÿ937ÿ
**2/-1ÿÿ5ÿ*!57!ÿ97,78ÿ
673ÿ/1ÿÿ6&73ÿ773ÿ
2678ÿ73!1ÿÿ2678ÿ73!ÿÿ
ÿ

ÿ/3,ÿ6ÿ8
ÿ99999999ÿ7&'ÿ64678ÿ99999999ÿ3ÿÿ+7
ÿ
*
ÿ76:ÿ3"6974ÿ
-
ÿ76:ÿ+ÿ
2
ÿ776:ÿ3"6974ÿ
0
ÿ776:ÿ+ÿ
*"61ÿÿ*ÿ
2678ÿ$3'1ÿÿ34ÿ07ÿ9ÿ7'4!773ÿ3ÿ5'7ÿ67,ÿ7ÿ77!ÿ'6,ÿÿ7ÿ
63!ÿ7ÿ9478ÿ7&'ÿ937ÿ
**2/-1ÿÿ5ÿ*!57!ÿ97,78ÿ
673ÿ/1ÿÿ6&73ÿ773ÿ
2678ÿ73!1ÿÿ2678ÿ73!ÿÿ
ÿ
;
ÿ*ÿ(98ÿ6ÿÿ9ÿ7&ÿ7ÿ9ÿ3,ÿ3ÿ!68ÿ3643673ÿ7ÿÿ('4!ÿ3ÿÿ
*
ÿ76ÿ7&'
ÿÿ ÿ
-
ÿ776ÿ7&'
ÿ
2
ÿ67&7&ÿ7&'
ÿ
0
ÿ87+!ÿ7&'
ÿ
*"61ÿÿ-ÿ
2678ÿ$3'1ÿÿ34ÿ07ÿ9ÿ7'4!773ÿ3ÿ5'7ÿ67,ÿ7ÿ77!ÿ'6,ÿÿ7ÿ
63!ÿ7ÿ9478ÿ7&'ÿ937ÿ
**2/-1ÿÿ5ÿ*!57!ÿ97,78ÿ
673ÿ/1ÿÿ6&73ÿ773ÿ
2678ÿ73!1ÿÿ2678ÿ73!ÿÿ
ÿ
<
ÿ979ÿ3ÿ9ÿ3!!3"78ÿ9ÿ!7ÿ7ÿ6ÿ56)ÿ
*
ÿ76ÿ3"6974ÿ3ÿ3,ÿ+5ÿ77&7!ÿ7&36ÿ
-
ÿ9ÿ468ÿ3ÿ3678ÿ3,ÿ9!ÿ7ÿ547!ÿ4363!73ÿ
2
ÿ7773!ÿ3"6974ÿ3ÿ3''3ÿ3,ÿ
0
ÿ9ÿ7'!7ÿ3ÿ736'73ÿ&7!+!ÿ3ÿ7&36ÿ
*"61ÿÿ*ÿ
2678ÿ$3'1ÿÿ34ÿ07ÿ9ÿ7'4!773ÿ3ÿ5'7ÿ67,ÿ7ÿ77!ÿ'6,ÿÿ7ÿ
63!ÿ7ÿ9478ÿ7&'ÿ937ÿ
**2/-1ÿÿ5ÿ*!57!ÿ97,78ÿ
673ÿ/1ÿÿ6&73ÿ773ÿ
2678ÿ73!1ÿÿ2678ÿ73!ÿÿ
0ÿ
23456789ÿÿÿ63ÿ73ÿ
ÿ

, 
ÿ
ÿ646ÿÿ!3ÿ7ÿ"98ÿ36ÿ
#
ÿ7$7ÿ73%ÿÿ9ÿ645%ÿ3ÿ9ÿ!3ÿ46774!
ÿ
&
ÿ7$7ÿ73%ÿÿÿ3'6974ÿ76ÿ7ÿ9ÿ76%
ÿ
2
ÿ76ÿ73%ÿÿÿ467!ÿ3'6974ÿ76ÿ7ÿ9ÿ76%
ÿ


ÿ76ÿ73%ÿÿ9ÿ645%ÿ3ÿ9ÿ!3ÿ46774!
ÿ
#'6(ÿÿ
ÿ
)678ÿ*3%(ÿÿ+,ÿ
7ÿ9ÿ7%4!773ÿ3ÿ5%7ÿ67-ÿ7ÿ77!ÿ%6-ÿÿ7ÿ
63!ÿ7ÿ9478ÿ7$%ÿ937ÿ
##2.&(ÿÿ/ÿ#!57!ÿ97-78ÿ
073ÿ.(ÿÿ6$73ÿ773ÿ
)678ÿ13!(ÿÿ)678ÿ13!ÿÿ
ÿ

ÿÿÿ)678ÿ13!ÿÿ
ÿ

ÿ773!ÿ7$36ÿ%8ÿ%35ÿ36ÿ7ÿÿ34637ÿ3687273ÿÿ3ÿ36ÿ
77$7!
ÿ
#'6(ÿÿ+#).ÿ
)678ÿ*3%(ÿÿ+,ÿ
67ÿ9ÿ76ÿ77!ÿ%6-ÿÿ9ÿ63!ÿ3ÿ9ÿ77!ÿ
%86ÿ
##2.&(ÿÿ3ÿ#44!773ÿ3ÿ-3'!8ÿ4#!ÿ3ÿ6!ÿ-3'!8ÿ3ÿ7ÿÿ%8%ÿ
73ÿ467
ÿ
073ÿ.(ÿÿ6$73ÿ773ÿ
)678ÿ13!(ÿÿ)678ÿ13!ÿÿ
ÿ

ÿ773!ÿ7$36ÿ6ÿ77$7!ÿ'93ÿ7$ÿ776!5ÿ96389ÿ77!ÿ7773
ÿ
#'6(ÿÿ+#).ÿ
)678ÿ*3%(ÿÿ+,ÿ
67ÿ9ÿ76ÿ77!ÿ%6-ÿÿ9ÿ63!ÿ3ÿ9ÿ77!ÿ
%86ÿ
##2.&(ÿÿ3ÿ#44!773ÿ3ÿ-3'!8ÿ4#!ÿ3ÿ6!ÿ-3'!8ÿ3ÿ7ÿÿ%8%ÿ
73ÿ467
ÿ
073ÿ.(ÿÿ6$73ÿ773ÿ
)678ÿ13!(ÿÿ)678ÿ13!ÿÿ
ÿ
/
ÿ&-ÿÿ76ÿ3%47ÿ6ÿ"%4!ÿ3ÿ7773!ÿ7$36
ÿ
#'6(ÿÿ567ÿ
)678ÿ*3%(ÿÿ+,ÿ
67ÿ9ÿ76ÿ77!ÿ%6-ÿÿ9ÿ63!ÿ3ÿ9ÿ77!ÿ
%86ÿ
##2.&(ÿÿ3ÿ#44!773ÿ3ÿ-3'!8ÿ4#!ÿ3ÿ6!ÿ-3'!8ÿ3ÿ7ÿÿ%8%ÿ
73ÿ467
ÿ
073ÿ.(ÿÿ6$73ÿ773ÿ
)678ÿ13!(ÿÿ)678ÿ13!ÿÿ
ÿ


0ÿ
23456789ÿÿÿ63ÿ73ÿ
ÿ