5) Which of the following statements regarding limited partnerships is TRUE?
Test Bank for A) There is no limit on a limited partner's liability.
Corporate Finance, Canadian Edition, 5th edition Berk B) A limited partner's liability is limited by the amount of his investment.
Chapter 1-31 C) A limited partner is not liable until all of the assets of the general partners have been
exhausted.
Chapter 1 The Corporation D) A general partner's liability is limited by the amount of his investment.
Answer: B
1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
1) A sole proprietorship is owned by:
A) one person 6) Which of the following is/are an advantage(s) of incorporation?
B) two or more people A) Access to capital markets
C) shareholders B) Limited liability
D) bankers C) Unlimited life
Answer: A D) All of the above
Diff: 1 Type: MC Answer: D
Topic: 1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
2) In Canada, which of the following organization forms accounts for the greatest number of
firms? 7) In Canada, a limited liability partnership, LLP, is essentially:
A) Limited Liability Partnership A) a limited partnership without limited partners
B) Limited Partnership B) a limited partnership without a general partner
C) Sole Proprietorship C) just another name for a limited partnership
D) Publicly Traded Corporation D) just another name for a corporation
Answer: C Answer: B
Diff: 1 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
3) Which of the following organization forms earns the most revenue? 8) In Canada, which of the following business organization forms cannot avoid double taxation?
A) Privately Owned Corporation A) Limited Partnership
B) Limited Partnership B) Publicly Traded Corporation
C) Publicly Owned Corporation C) Privately Owned Corporation
D) Limited Liability Company D) Limited Liability Company
Answer: C Answer: B
Diff: 1 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
4) Which of the following is NOT an advantage of a sole proprietorship? 9) In Canada, the dividend tax credit gives some relief by:
A) Single taxation A) effectively giving a lower tax rate on dividend income than on other sources of income
B) Ease of setup B) effectively giving a higher tax rate on dividend income than on other sources of income
C) Limited liability C) effectively giving the same tax rate on dividend income as on other sources of income
D) No separation of ownership and control D) effectively giving a tax rate of zero on dividend income compared to other sources of income
Answer: C Answer: A
Diff: 2 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
1 2
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,10) Which of the following statements is most correct? 14) In 2006, the Canadian government effectively neutralized the tax advantages that had existed
A) An advantage to incorporation is that it allows for less regulation of the business. for most income trusts, relative to firms set up as corporations. The advantages that existed for
B) An advantage of a corporation is that it is subject to double taxation. income trusts prior to these changes were that:
C) Unlike a partnership, a disadvantage of a corporation is that it has limited liability. A) income trusts avoided double taxation in that the Canada Revenue Agency did not collect
D) Corporations face more regulations when compared to partnerships. corporate taxes but rather collected only personal taxes from income trust unit holders
Answer: D B) income trusts effectively afforded unlimited liability to unit holders while corporate
Diff: 2 Type: MC shareholders could face unlimited liability
Topic: 1.1 The Three Types of Firms C) while double taxation existed for both income trusts and corporations, the net tax paid by
income trust unit holders was in most cases less than that paid by corporate shareholders
11) In Canada, the distinguishing feature of a corporation is that: D) the changes introduced in 2006 eliminated double taxation for corporations, thereby making
A) there is no legal difference between the corporation and its owners the taxation of income trusts and corporations substantially equivalent
B) it is a legally defined, artificial being, separate from its owners Answer: A
C) it spreads liability for its corporate obligations to all shareholders Explanation: The 2006 changes imposed new taxes on most income trusts to mirror the total tax
D) it provides limited liability only to small shareholders revenue received from corporations. As a result with no material tax advantage, these firms
Answer: B reverted from income trusts back to a corporate structure. The exception was Real Estate
Diff: 2 Type: MC Investment Trusts (REIT) which are exempted from the changes imposed on all other trusts.
Topic: 1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
12) Which of the following is/are subject to double taxation in Canada?
A) Corporation 15) One of the major characteristics of a limited liability partnership, LLP, in Canada is:
B) Partnership A) the limitation on a partner's liability is only in cases related to actions of negligence by other
C) Sole proprietorship partners or those supervised by other partners
D) Both A and B B) any partner will not be liable for his or her negligence at any time
Answer: A C) any partners will be only liable for other partners' negligence
Diff: 1 Type: MC D) none of the above
Topic: 1.1 The Three Types of Firms Answer: A
Diff: 2 Type: MC
13) Canada Revenue Agency, CRA, allows an exemption from double taxation for certain flow Topic: 1.1 The Three Types of Firms
through entities where all income produced by the business flows to the investors and virtually
no earnings are retained within the business. These entities are called: 16) You own 100 shares of a publicly traded Canadian Corporation. The corporation earns $5.00
A) Canadian Federal Crown Corporations per share before taxes. Once the corporation has paid any corporate taxes that are due, it will
B) Canadian Controlled Corporations distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax
C) Income Trust Corporations rate is 40% and your personal tax rate on (both dividend and non-dividend) income is 30%, then
D) Foreign Controlled Corporations how much money is left for you after all taxes have been paid?
Answer: C A) $210
Diff: 1 Type: MC B) $300
Topic: 1.1 The Three Types of Firms C) $350
D) $500
Answer: A
Explanation: EPS × number of shares × (1 - Corporate Tax Rate) × (1 - Individual Tax Rate)
$5.00 per share × 100 shares × (1 - .40) × (1 - .30) = $210
Diff: 3 Type: MC
Topic: 1.1 The Three Types of Firms
3 4
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,17) You own 100 shares of a Canadian Income Trust Corporation. The corporation earns $5.00 1.2 Ownership Versus Control of Corporations
per share before taxes. Once the corporation has paid any corporate taxes that are due, it will
distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax 1) The person charged with running the corporation by instituting the rules and policies set by
rate is 40% and your personal tax rate on (both dividend and non-dividend) income is 30%, then the board of directors is called:
how much money is left for you after all taxes have been paid? A) the Chief Operating Officer
A) $210 B) the Company President
B) $300 C) the Chief Executive Officer
C) $350 D) the Chief Financial Officer
D) $500 Answer: C
Answer: C Diff: 1 Type: MC
Explanation: EPS × number of shares × (1 - Individual Tax Rate) Topic: 1.2 Ownership Versus Control of Corporations
$5.00 per share × 100 shares × (1 - .30) = $350
Diff: 3 Type: MC 2) The Principal-Agent Problem arises:
Topic: 1.1 The Three Types of Firms A) because managers have little incentive to work in the interest of shareholders when this
means working against their own self-interest
18) You are a shareholder in a publicly owned corporation. This corporation earns $4 per share B) because of the separation of ownership and control in a corporation
before taxes. After it has paid taxes, it will distribute the remainder of its earnings to you as a C) Both A and B
dividend. The dividend is income to you, so you will then pay taxes on these earnings. The D) None of the above
corporate tax rate is 35% and your tax rate on dividend income is 15%. The effective tax rate on Answer: C
your share of the corporation's earnings is closest to: Diff: 1 Type: MC
A) 15% Topic: 1.2 Ownership Versus Control of Corporations
B) 35%
C) 45% 3) In a corporation, the ultimate decisions regarding business matters are made by:
D) 50% A) the Board of Directors
Answer: C B) debt holders
Explanation: First the corporation pays taxes. It earned $4 per share, but must pay $4 × .35 = C) shareholders
$1.40 to the government in corporate taxes. That leaves $4.00 - $1.40 = $2.60 to distribute to the D) investors
shareholders. However, the shareholder must pay $2.60 × .15 = $0.39 in income taxes on this Answer: A
amount, leaving only $2.21 to the shareholder after all taxes are paid. The total amount paid in Diff: 1 Type: MC
taxes is $1.40 + 0.39 = $1.79. The effective tax rate is then $1.79 ÷ $4 = .4475 or 44.75% which Topic: 1.2 Ownership Versus Control of Corporations
is closest to 45%.
Diff: 3 Type: MC 4) One of the major reasons that corporations have a principal-agent problem is that:
Topic: 1.1 The Three Types of Firms A) management is less transparent
B) they have an inefficient and incompetent management team
19) Explain the benefits of incorporation. C) direct control and ownership are often separate
Answer: 1. Limited liability D) there is a lack of communication between the owners and the management team
2. Unlimited life Answer: C
3. Access to capital markets / availability of outside funding Diff: 2 Type: MC
4. Required transparency in financial information disclosure Topic: 1.2 Ownership Versus Control of Corporations
Diff: 2 Type: ES
Topic: 1.1 The Three Types of Firms
5 6
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, 5) The ultimate goal of financial management in corporations is: 9) Which of the following statements is FALSE?
A) to maximize annual profit A) In bankruptcy, management is given the opportunity to reorganize the firm and renegotiate
B) to maximize the benefit of the employees with debt holders.
C) to maximize the interest of the communities B) Because a corporation is a separate legal entity, when it fails to repay its debts, the people
D) to maximize shareholder wealth who lent to the firm (the debt holders) are entitled to seize the assets of the corporation in
Answer: D compensation for the default.
Diff: 2 Type: MC C) As long as the corporation can satisfy the claims of the debt holders, ownership remains in the
Topic: 1.2 Ownership Versus Control of Corporations hands of the equity holders.
D) If the corporation fails to satisfy debt holders' claims, equity holders may take control of the
6) Corporate social responsibility can be described as: firm.
A) tempering the absolute profit criteria to reflect the broader impact of its operations Answer: D
B) operating in the best interest of shareholders and stakeholders dependant of corporate profits Explanation: If the corporation fails to satisfy debt holders' claims, debt holders may take
C) dependence on laws and regulations to define the goals of the corporation control of the firm.
D) actively seeking to inform society about the corporation's strategic goal Diff: 3 Type: MC
Answer: A Topic: 1.2 Ownership Versus Control of Corporations
Diff: 2 Type: MC
Topic: 1.2 Ownership Versus Control of Corporations 10) What strategies are available to shareholders to help ensure that managers are motivated to
act in the interest of the shareholders rather than their own interest?
7) If shareholders are unhappy with a CEO's performance, they are most likely to: Answer: 1. The threat of a hostile takeover
A) buy more shares in an effort to gain control of the firm 2. Shareholder initiatives
B) file a shareholder resolution 3. Performance-based compensation
C) replace the CEO through a grassroots shareholder uprising Diff: 3 Type: ES
D) sell their shares Topic: 1.2 Ownership Versus Control of Corporations
Answer: D
Diff: 2 Type: MC 11) Why appropriate public policies and regulations are required to strike a balance between
Topic: 1.2 Ownership Versus Control of Corporations corporate interests and social interests?
Answer: At times, decisions to increase shareholders' wealth may be costly for the society as a
8) A ________ is when a rich individual or organization purchases a large fraction of the stock whole. For example, think of a corporation that, in course of doing business, pollutes
of a poorly performing firm and in doing so gets enough votes to replace the board of directors environment and does not pay for the costs to clean up the pollution. In such cases, appropriate
and the CEO. public policies and regulations are required to ensure that corporate interest and public interest
A) shareholder proposal are aligned. Public policies may be designed and regulations are put in place to make such
B) leveraged buyout corporations financially responsible for environmental pollution and incentivize positive action
C) shareholder action to curb pollution.
D) hostile takeover Diff: 3 Type: ES
Answer: D Topic: 1.2 Ownership Versus Control of Corporations
Diff: 3 Type: MC
Topic: 1.2 Ownership Versus Control of Corporations 1.3 The Stock Market
1) In 2018, what position was the Toronto Stock Exchange, TSX, ranked based on the value of
trades in U.S. dollars?
A) The 11th position
B) The 8th position
C) The 20th position
D) None of the above
Answer: A
Diff: 1 Type: MC
Topic: 1.3 The Stock Market
7 8
© 2022 Pearson Canada Inc. © 2022 Pearson Canada Inc.
Test Bank for A) There is no limit on a limited partner's liability.
Corporate Finance, Canadian Edition, 5th edition Berk B) A limited partner's liability is limited by the amount of his investment.
Chapter 1-31 C) A limited partner is not liable until all of the assets of the general partners have been
exhausted.
Chapter 1 The Corporation D) A general partner's liability is limited by the amount of his investment.
Answer: B
1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
1) A sole proprietorship is owned by:
A) one person 6) Which of the following is/are an advantage(s) of incorporation?
B) two or more people A) Access to capital markets
C) shareholders B) Limited liability
D) bankers C) Unlimited life
Answer: A D) All of the above
Diff: 1 Type: MC Answer: D
Topic: 1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
2) In Canada, which of the following organization forms accounts for the greatest number of
firms? 7) In Canada, a limited liability partnership, LLP, is essentially:
A) Limited Liability Partnership A) a limited partnership without limited partners
B) Limited Partnership B) a limited partnership without a general partner
C) Sole Proprietorship C) just another name for a limited partnership
D) Publicly Traded Corporation D) just another name for a corporation
Answer: C Answer: B
Diff: 1 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
3) Which of the following organization forms earns the most revenue? 8) In Canada, which of the following business organization forms cannot avoid double taxation?
A) Privately Owned Corporation A) Limited Partnership
B) Limited Partnership B) Publicly Traded Corporation
C) Publicly Owned Corporation C) Privately Owned Corporation
D) Limited Liability Company D) Limited Liability Company
Answer: C Answer: B
Diff: 1 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
4) Which of the following is NOT an advantage of a sole proprietorship? 9) In Canada, the dividend tax credit gives some relief by:
A) Single taxation A) effectively giving a lower tax rate on dividend income than on other sources of income
B) Ease of setup B) effectively giving a higher tax rate on dividend income than on other sources of income
C) Limited liability C) effectively giving the same tax rate on dividend income as on other sources of income
D) No separation of ownership and control D) effectively giving a tax rate of zero on dividend income compared to other sources of income
Answer: C Answer: A
Diff: 2 Type: MC Diff: 1 Type: MC
Topic: 1.1 The Three Types of Firms Topic: 1.1 The Three Types of Firms
1 2
© 2022 Pearson Canada Inc. © 2022 Pearson Canada Inc.
,10) Which of the following statements is most correct? 14) In 2006, the Canadian government effectively neutralized the tax advantages that had existed
A) An advantage to incorporation is that it allows for less regulation of the business. for most income trusts, relative to firms set up as corporations. The advantages that existed for
B) An advantage of a corporation is that it is subject to double taxation. income trusts prior to these changes were that:
C) Unlike a partnership, a disadvantage of a corporation is that it has limited liability. A) income trusts avoided double taxation in that the Canada Revenue Agency did not collect
D) Corporations face more regulations when compared to partnerships. corporate taxes but rather collected only personal taxes from income trust unit holders
Answer: D B) income trusts effectively afforded unlimited liability to unit holders while corporate
Diff: 2 Type: MC shareholders could face unlimited liability
Topic: 1.1 The Three Types of Firms C) while double taxation existed for both income trusts and corporations, the net tax paid by
income trust unit holders was in most cases less than that paid by corporate shareholders
11) In Canada, the distinguishing feature of a corporation is that: D) the changes introduced in 2006 eliminated double taxation for corporations, thereby making
A) there is no legal difference between the corporation and its owners the taxation of income trusts and corporations substantially equivalent
B) it is a legally defined, artificial being, separate from its owners Answer: A
C) it spreads liability for its corporate obligations to all shareholders Explanation: The 2006 changes imposed new taxes on most income trusts to mirror the total tax
D) it provides limited liability only to small shareholders revenue received from corporations. As a result with no material tax advantage, these firms
Answer: B reverted from income trusts back to a corporate structure. The exception was Real Estate
Diff: 2 Type: MC Investment Trusts (REIT) which are exempted from the changes imposed on all other trusts.
Topic: 1.1 The Three Types of Firms Diff: 2 Type: MC
Topic: 1.1 The Three Types of Firms
12) Which of the following is/are subject to double taxation in Canada?
A) Corporation 15) One of the major characteristics of a limited liability partnership, LLP, in Canada is:
B) Partnership A) the limitation on a partner's liability is only in cases related to actions of negligence by other
C) Sole proprietorship partners or those supervised by other partners
D) Both A and B B) any partner will not be liable for his or her negligence at any time
Answer: A C) any partners will be only liable for other partners' negligence
Diff: 1 Type: MC D) none of the above
Topic: 1.1 The Three Types of Firms Answer: A
Diff: 2 Type: MC
13) Canada Revenue Agency, CRA, allows an exemption from double taxation for certain flow Topic: 1.1 The Three Types of Firms
through entities where all income produced by the business flows to the investors and virtually
no earnings are retained within the business. These entities are called: 16) You own 100 shares of a publicly traded Canadian Corporation. The corporation earns $5.00
A) Canadian Federal Crown Corporations per share before taxes. Once the corporation has paid any corporate taxes that are due, it will
B) Canadian Controlled Corporations distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax
C) Income Trust Corporations rate is 40% and your personal tax rate on (both dividend and non-dividend) income is 30%, then
D) Foreign Controlled Corporations how much money is left for you after all taxes have been paid?
Answer: C A) $210
Diff: 1 Type: MC B) $300
Topic: 1.1 The Three Types of Firms C) $350
D) $500
Answer: A
Explanation: EPS × number of shares × (1 - Corporate Tax Rate) × (1 - Individual Tax Rate)
$5.00 per share × 100 shares × (1 - .40) × (1 - .30) = $210
Diff: 3 Type: MC
Topic: 1.1 The Three Types of Firms
3 4
© 2022 Pearson Canada Inc. © 2022 Pearson Canada Inc.
,17) You own 100 shares of a Canadian Income Trust Corporation. The corporation earns $5.00 1.2 Ownership Versus Control of Corporations
per share before taxes. Once the corporation has paid any corporate taxes that are due, it will
distribute the rest of its earnings to its shareholders in the form of a dividend. If the corporate tax 1) The person charged with running the corporation by instituting the rules and policies set by
rate is 40% and your personal tax rate on (both dividend and non-dividend) income is 30%, then the board of directors is called:
how much money is left for you after all taxes have been paid? A) the Chief Operating Officer
A) $210 B) the Company President
B) $300 C) the Chief Executive Officer
C) $350 D) the Chief Financial Officer
D) $500 Answer: C
Answer: C Diff: 1 Type: MC
Explanation: EPS × number of shares × (1 - Individual Tax Rate) Topic: 1.2 Ownership Versus Control of Corporations
$5.00 per share × 100 shares × (1 - .30) = $350
Diff: 3 Type: MC 2) The Principal-Agent Problem arises:
Topic: 1.1 The Three Types of Firms A) because managers have little incentive to work in the interest of shareholders when this
means working against their own self-interest
18) You are a shareholder in a publicly owned corporation. This corporation earns $4 per share B) because of the separation of ownership and control in a corporation
before taxes. After it has paid taxes, it will distribute the remainder of its earnings to you as a C) Both A and B
dividend. The dividend is income to you, so you will then pay taxes on these earnings. The D) None of the above
corporate tax rate is 35% and your tax rate on dividend income is 15%. The effective tax rate on Answer: C
your share of the corporation's earnings is closest to: Diff: 1 Type: MC
A) 15% Topic: 1.2 Ownership Versus Control of Corporations
B) 35%
C) 45% 3) In a corporation, the ultimate decisions regarding business matters are made by:
D) 50% A) the Board of Directors
Answer: C B) debt holders
Explanation: First the corporation pays taxes. It earned $4 per share, but must pay $4 × .35 = C) shareholders
$1.40 to the government in corporate taxes. That leaves $4.00 - $1.40 = $2.60 to distribute to the D) investors
shareholders. However, the shareholder must pay $2.60 × .15 = $0.39 in income taxes on this Answer: A
amount, leaving only $2.21 to the shareholder after all taxes are paid. The total amount paid in Diff: 1 Type: MC
taxes is $1.40 + 0.39 = $1.79. The effective tax rate is then $1.79 ÷ $4 = .4475 or 44.75% which Topic: 1.2 Ownership Versus Control of Corporations
is closest to 45%.
Diff: 3 Type: MC 4) One of the major reasons that corporations have a principal-agent problem is that:
Topic: 1.1 The Three Types of Firms A) management is less transparent
B) they have an inefficient and incompetent management team
19) Explain the benefits of incorporation. C) direct control and ownership are often separate
Answer: 1. Limited liability D) there is a lack of communication between the owners and the management team
2. Unlimited life Answer: C
3. Access to capital markets / availability of outside funding Diff: 2 Type: MC
4. Required transparency in financial information disclosure Topic: 1.2 Ownership Versus Control of Corporations
Diff: 2 Type: ES
Topic: 1.1 The Three Types of Firms
5 6
© 2022 Pearson Canada Inc. © 2022 Pearson Canada Inc.
, 5) The ultimate goal of financial management in corporations is: 9) Which of the following statements is FALSE?
A) to maximize annual profit A) In bankruptcy, management is given the opportunity to reorganize the firm and renegotiate
B) to maximize the benefit of the employees with debt holders.
C) to maximize the interest of the communities B) Because a corporation is a separate legal entity, when it fails to repay its debts, the people
D) to maximize shareholder wealth who lent to the firm (the debt holders) are entitled to seize the assets of the corporation in
Answer: D compensation for the default.
Diff: 2 Type: MC C) As long as the corporation can satisfy the claims of the debt holders, ownership remains in the
Topic: 1.2 Ownership Versus Control of Corporations hands of the equity holders.
D) If the corporation fails to satisfy debt holders' claims, equity holders may take control of the
6) Corporate social responsibility can be described as: firm.
A) tempering the absolute profit criteria to reflect the broader impact of its operations Answer: D
B) operating in the best interest of shareholders and stakeholders dependant of corporate profits Explanation: If the corporation fails to satisfy debt holders' claims, debt holders may take
C) dependence on laws and regulations to define the goals of the corporation control of the firm.
D) actively seeking to inform society about the corporation's strategic goal Diff: 3 Type: MC
Answer: A Topic: 1.2 Ownership Versus Control of Corporations
Diff: 2 Type: MC
Topic: 1.2 Ownership Versus Control of Corporations 10) What strategies are available to shareholders to help ensure that managers are motivated to
act in the interest of the shareholders rather than their own interest?
7) If shareholders are unhappy with a CEO's performance, they are most likely to: Answer: 1. The threat of a hostile takeover
A) buy more shares in an effort to gain control of the firm 2. Shareholder initiatives
B) file a shareholder resolution 3. Performance-based compensation
C) replace the CEO through a grassroots shareholder uprising Diff: 3 Type: ES
D) sell their shares Topic: 1.2 Ownership Versus Control of Corporations
Answer: D
Diff: 2 Type: MC 11) Why appropriate public policies and regulations are required to strike a balance between
Topic: 1.2 Ownership Versus Control of Corporations corporate interests and social interests?
Answer: At times, decisions to increase shareholders' wealth may be costly for the society as a
8) A ________ is when a rich individual or organization purchases a large fraction of the stock whole. For example, think of a corporation that, in course of doing business, pollutes
of a poorly performing firm and in doing so gets enough votes to replace the board of directors environment and does not pay for the costs to clean up the pollution. In such cases, appropriate
and the CEO. public policies and regulations are required to ensure that corporate interest and public interest
A) shareholder proposal are aligned. Public policies may be designed and regulations are put in place to make such
B) leveraged buyout corporations financially responsible for environmental pollution and incentivize positive action
C) shareholder action to curb pollution.
D) hostile takeover Diff: 3 Type: ES
Answer: D Topic: 1.2 Ownership Versus Control of Corporations
Diff: 3 Type: MC
Topic: 1.2 Ownership Versus Control of Corporations 1.3 The Stock Market
1) In 2018, what position was the Toronto Stock Exchange, TSX, ranked based on the value of
trades in U.S. dollars?
A) The 11th position
B) The 8th position
C) The 20th position
D) None of the above
Answer: A
Diff: 1 Type: MC
Topic: 1.3 The Stock Market
7 8
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