11 . Which of the following sources of liquidity is the most reliable?
　　A)   Revolving line of credit.
　　B)    Committed line of credit.
　　C)    Uncommitted line of credit.
　　12 . Which of the following is least likely to be useful to an analyst when estimating the cost of raising capital through the issuance of non-callable, nonconvertible preferred stock?
　　A)   The firm’s corporate tax rate.
　　B)    The stated par value of the preferred issue.
　　C)    The preferred stock’s dividend rate.
　　13 . Which of the following statements regarding leverage is most accurate?
　　A)   A firm with low operating leverage has a small proportion of its total costs in fixed costs.
　　B)    A firm with high business risk is more likely to increase its use of financial leverage than a firm with low business risk.
　　C)    High levels of financial leverage increase business risk while high levels of operating leverage will decrease business risk.
　　14 . Which of the following is a key determinant of operating leverage?
　　A)   The competitive nature of the business.
　　B)    The tradeoff between fixed and variable costs.
　　C)    Level and cost of debt.
　　15 . One of the issues shareholders should consider is the issue of confidential voting of proxies. Which of the following statements would be considered most accurate in regard to proxy voting and confidential votes?
　　A)   It is an SEC requirement that the proxy voting process be confidential.
　　B)    Confidentiality of voting does not ensure that all votes are counted equally.
　　C)    Shareholders are more likely to vote conscientiously if allowed to do so confidentially.
　　
　　　　
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