36 . Which of the following steps is least likely to be an administrative step in the capital budgeting process?
　　A)   Conducting a post-audit to identify errors in the forecasting process.
　　B)    Arranging financing for capital projects.
　　C)    Forecasting cash flows and analyzing project profitability.
 
　　37 . A periodic payment to shareholders in the form of additional shares of stock instead of cash is a:
　　A)   dividend reinvestment plan
　　B)    stock repurchase
　　C)    stock dividend
　　38 . Which of the following sources of short-term liquidity is considered reliable enough that it can be listed in the footnotes to a firm’s financial statements as a source of liquidity?
　　A)   Factoring agreement.
　　B)    Revolving line of credit.
　　C)    Uncommitted line of credit.
　　39 .The two major types of risk affecting a firm are:
　　A)   business risk and financial risk.
　　B)    financial risk and cash flow risk.
　　C)    business risk and collection risk.
　　40 .  A firm is choosing among three short-term investment securities:
　　Security 1: A 30-day U.S. Treasury bill with a discount yield of 3.6%.
　　Security 2: A 30-day banker’s acceptance selling at 99.65% of face value.
　　Security 3: A 30-day time deposit with a bond equivalent yield of 3.65%.
　　Based only on these securities’ yields, the firm would:
　　A)   prefer the banker’s acceptance.
　　B)    prefer the U.S. Treasury bill.
　　C)    prefer the time deposit.
　　
　　　　
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