Chapter 10: Corporate Governance
1
1. Two important issues in corporate governance are (1) the rules that cover the board’s ability to fire the CEO and (2) the
rules that cover the CEO‘s ability to remove members of the board.
a.
True
b.
False
ANSWER:
False
1
DIFFICULTY:
True / False
False
LEARNING OBJECTIVES:
United States – BUSPROG: Reflective Thinking
United States – OH – Default City – TBA
TOPICS:
DATE CREATED:
1/6/2018 1:42 PM
2. A poison pill is also known as a corporate restructuring.
a.
True
b.
False
ANSWER:
False
Difficulty: Moderate
QUESTION TYPE:
False
LEARNING OBJECTIVES:
United States – BUSPROG: Reflective Thinking
United States – OH – Default City – TBA
TOPICS:
DATE CREATED:
1/6/2018 1:42 PM
3. The CEO of D’Amico Motors has been granted some stock options that have provisions similar to most other executive
stock options. If D’Amico’s stock underperforms the market, these options will necessarily be worthless.
a.
True
b.
False
ANSWER:
False
POINTS:
1
DIFFICULTY:
Difficulty: Moderate
HAS VARIABLES:
False
4. Which of the following is NOT normally regarded as being a barrier to hostile takeovers?
a.
Targeted share repurchases.
b.
Shareholder rights provisions.
c.
Restricted voting rights.
d.
Poison pills.
e.
Abnormally high executive compensation.
ANSWER:
e
POINTS:
1
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.02 – LO: 10-2
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
10/30/2017 8:06 PM
DATE MODIFIED:
1/6/2018 1:42 PM
5. ESOPs were originally designed to help improve worker productivity, but today they are also used to help prevent
hostile takeovers.
a.
True
b.
False
ANSWER:
True
QUESTION TYPE:
True / False
HAS VARIABLES:
False
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.02 – LO: 10-2
NATIONAL STANDARDS:
United States – BUSPROG: Reflective Thinking
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Stock options
KEYWORDS:
DATE CREATED:
10/30/2017 8:06 PM
DATE MODIFIED:
1/6/2018 1:42 PM
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
6. Which of the following is NOT normally regarded as being a good reason to establish an ESOP?
a.
b.
c.
d.
e.
ANSWER:
b
POINTS:
1
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
IFMG.DAVE.19.10.03 – LO: 10-3
forecasting, and cash flows
United States – OH – Default City – TBA
KEYWORDS:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
10/30/2017 8:06 PM
1/6/2018 1:42 PM
7. Which one of the following statements is TRUE?
a.
An agency relationship is when someone hires someone else to perform a service and gives them decision-
making authority.
b.
An agency relationship is when an agent hires a principal to perform a service.
c.
An agency relationship is when a principal works for an agent.
d.
In an agency relationship, the agent delegates authority to the principal.
e.
An example of an agency relationship is when the CEO nominates a slate of candidates to be on the board of
directors.
ANSWER:
a
United States – BUSPROG: Reflective Thinking
United States – OH – Default City – TBA
TOPICS:
ESOP
DATE CREATED:
10/30/2017 8:06 PM
1/6/2018 1:42 PM
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Page 4
8. Which one of the following statements is TRUE?
a.
An agency relationship is when a principal hires an agent to perform a service and gives them decision-making
authority.
b.
An agency relationship is when a principal works for an agent.
c.
In an agency relationship, the agent delegates authority to the principal.
d.
An example of an agency relationship is when the CEO nominates a slate of candidates to be on the board of
directors.
e.
An example of an agency relationship is when a supervisor hires a forklift operator.
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
LOCAL STANDARDS:
United States – OH – Default City – TBA
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 1:46 PM
DATE MODIFIED:
1/6/2018 1:42 PM
9. Which one of the following statements is TRUE?
a.
In an agency relationship, the principal delegates decision-making authority to the agent.
b.
In an agency relationship, the agent delegates authority to the principal.
c.
An example of an agency relationship is when the CEO nominates a slate of candidates to be on the board of
directors.
d.
An example of an agency relationship is when a supervisor hires a forklift operator.
e.
The supervisor-employee relation between a production line supervisor and a production line operator is an
example of an agency relationship.
HAS VARIABLES:
False
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
United States – OH – Default City – TBA
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 1:45 PM
DATE MODIFIED:
1/6/2018 1:42 PM
Chapter 10: Corporate Governance
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Page 5
ANSWER:
a
DIFFICULTY:
QUESTION TYPE:
LEARNING OBJECTIVES:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
United States – OH – Default City – TBA
TOPICS:
OTHER:
DATE CREATED:
1/6/2018 1:42 PM
10. Which one of the following statements is TRUE?
a.
An example of an agency relationship is when the board of directors hires a CEO to run a company.
b.
An example of an agency relationship is when the CEO nominates a slate of candidates to be on the board of
directors.
c.
An example of an agency relationship is when a supervisor hires a forklift operator.
d.
The supervisor-employee relation between a production line supervisor and a production line operator is an
example of an agency relationship.
e.
An agency cost is the wage required to pay someone who is hired to perform a service.
ANSWER:
a
DIFFICULTY:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
LOCAL STANDARDS:
Corporate governance
KEYWORDS:
OTHER:
12/30/2017 1:50 PM
DATE MODIFIED:
11. Which one of the following statements is TRUE?
a.
An example of an agency relationship is when a private individual hires a lawyer to prepare her defense in a
lawsuit.
b.
An example of an agency relationship is when a supervisor hires a forklift operator.
Chapter 10: Corporate Governance
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Page 6
c.
The supervisor-employee relation between a production line supervisor and a production line operator is an
example of an agency relationship.
d.
An agency cost is the wage required to pay someone who is hired to perform a service.
e.
An example of an agency cost is when the board of directors pays a dividend to shareholders.
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 1:53 PM
1/6/2018 1:42 PM
12. Which one of the following statements is TRUE?
a.
An agency cost is the reduction in firm value due to agency conflicts.
b.
An agency cost is the wage required to pay someone who is hired to perform a service.
c.
An example of an agency cost is when the board of directors pays a dividend to shareholders.
d.
An example of an agency cost is when an attorney hires an expert witness for a trial.
e.
The commission required by the Federal Housing Agency for a small business loan is an example of an agency
cost.
ANSWER:
a
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
United States – OH – Default City – TBA
TOPICS:
Corporate governance
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 2:19 PM
1/6/2018 1:42 PM
13. Which one of the following statements is TRUE?
Chapter 10: Corporate Governance
POINTS:
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
a.
An example of an agency cost is when an outside investor is only willing to pay less for stock because she
thinks the original owner will consume too many perquisites.
b.
An example of an agency cost is when the board of directors pays a dividend to shareholders.
c.
An example of an agency cost is when an attorney hires an expert witness for a trial.
d.
The commission required by the Federal Housing Agency for a small business loan is an example of an agency
cost.
e.
An example of an agency cost is the salary of the agent hired to work for the principal.
ANSWER:
a
POINTS:
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:20 PM
DATE MODIFIED:
1/6/2018 1:42 PM
14. Which one of the following statements is TRUE?
a.
Asset switching occurs when a company borrows money for a safe investment but uses it for a
risky investment.
b.
An example of an agency cost is when the board of directors pays a dividend to shareholders.
c.
An example of an agency cost is when an attorney hires an expert witness for a trial.
d.
The commission required by the Federal Housing Agency for a small business loan is an example of
an agency cost.
e.
An example of an agency cost is the salary of the agent hired to work for the principal.
ANSWER:
a
1
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
HAS VARIABLES:
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
LOCAL STANDARDS:
United States – OH – Default City – TBA
15. Which one of the following statements is TRUE?
a.
An example of asset switching is when a company borrows for a new manufacturing facility but then uses it
to repurchase its own stock.
b.
An example of an agency cost is when an attorney hires an expert witness for a trial.
c.
The commission required by the Federal Housing Agency for a small business loan is an example of
an agency cost.
d.
An example of an agency cost is the salary of the agent hired to work for the principal.
e.
Creditors have a claim on a firm’s earning stream through the dividend payments they receive.
ANSWER:
a
1
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
False
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
DATE CREATED:
12/30/2017 2:23 PM
1/6/2018 1:42 PM
16. Which one of the following statements is TRUE?
a.
An example of asset switching is borrowing money to buy equipment but instead taking it to Las Vegas to
gamble with it.
b.
The commission required by the Federal Housing Agency for a small business loan is an example of an agency
cost.
c.
An example of an agency cost is the salary of the agent hired to work for the principal.
d.
Creditors have a claim on a firm’s earning stream through the dividend payments they receive.
e.
An example of asset switching is an option to exchange one piece of real estate for another.
ANSWER:
a
DATE CREATED:
12/30/2017 2:21 PM
1/6/2018 1:42 PM
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
United States – BUSPROG: Analytic
17. Which one of the following statements is TRUE?
a.
Lenders will protect themselves from asset switching by charging a higher interest rate.
b.
Creditors have a claim on a firm’s earning stream through the dividend payments they receive.
c.
An example of asset switching is an option to exchange one piece of real estate for another.
d.
Lenders can’t legally prevent a firm from engaging in asset switching.
e.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
ANSWER:
a
Difficulty: Moderate
QUESTION TYPE:
Multiple Response
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:37 PM
1/6/2018 1:42 PM
18. Which one of the following statements is TRUE?
a.
Lenders will protect themselves from the risk of asset switching by writing debt covenants into loans.
b.
Lenders can’t legally prevent a firm from engaging in asset switching.
c.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
d.
When lenders protect themselves from the risk of asset switching by charging a higher interest rate, the firm’s
WACC can decrease.
e.
A lender calling in a corporate loan and then lending the funds out to a safer borrower is an example of asset
switching.
ANSWER:
a
Corporate governance
KEYWORDS:
TYPE: Multiple Choice: Conceptual
12/30/2017 2:36 PM
DATE MODIFIED:
1/6/2018 1:42 PM
POINTS:
DIFFICULTY:
Difficulty: Moderate
HAS VARIABLES:
19. Which one of the following statements is TRUE?
a.
When lenders protect themselves from the risk of asset switching, the firm’s WACC can increase.
b.
An example of an agency cost is when the board of directors pays a dividend to shareholders.
c.
An example of an agency cost is when an attorney hires an expert witness for a trial.
d.
An example of asset switching is an option to exchange one piece of real estate for another.
e.
Lenders can’t legally prevent a firm from engaging in asset switching.
ANSWER:
a
POINTS:
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:39 PM
DATE MODIFIED:
1/6/2018 1:42 PM
20. Which one of the following statements is TRUE?
a.
When lenders protect themselves from the risk of asset switching, the borrowing firms will be limited in the
projects they can profitably undertake.
b.
An agency relationship is when a principal works for an agent.
c.
In an agency relationship, the agent delegates authority to the principal.
d.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
e.
When lenders protect themselves from the risk of asset switching by raising the interest rate, the firm’s WACC
can decrease.
ANSWER:
a
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:38 PM
DATE MODIFIED:
1/6/2018 1:42 PM
POINTS:
21. Which one of the following statements is TRUE?
a.
An agency problem occurs when an owner/manager sells stock to an outsider but continues to consume
perquisites.
b.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
c.
When lenders protect themselves from the risk of asset switching by raising the interest rate, the firm’s WACC
can decrease.
d.
A lender calling in a corporate loan and then lending the funds out to a safer borrower is an example of asset
switching.
e.
A supplier substituting a lower-quality raw material without approval is an example of asset switching.
ANSWER:
a
POINTS:
1
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:42 PM
DATE MODIFIED:
1/6/2018 1:42 PM
22. Which one of the following statements is TRUE?
a.
Outside shareholders will pay less for stock if they think the original owners will consume perquisites.
b.
Creditors have a claim on a firm’s earning stream through the dividend payments they receive.
c.
An example of asset switching is an option to exchange one piece of real estate for another.
d.
An agency cost is the wage required to pay someone who is hired to perform a service.
e.
An example of an agency cost is when an attorney hires an expert witness for a trial.
ANSWER:
a
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
LOCAL STANDARDS:
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:40 PM
DATE MODIFIED:
1/6/2018 1:42 PM
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Page 12
23. Which one of the following statements is TRUE?
a.
When an owner/manager sells stock to an outsider, that outsider now bears some of the costs of the
owner/manager’s perquisite consumption.
b.
Lenders can’t legally prevent a firm from engaging in asset switching.
c.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
d.
When lenders protect themselves from the risk of asset switching, the firm’s WACC can decrease.
e.
A lender calling in a corporate loan and then lending the funds out to a safer borrower is an example of asset
switching.
ANSWER:
a
QUESTION TYPE:
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 2:44 PM
DATE MODIFIED:
1/6/2018 1:42 PM
24. Which one of the following statements is TRUE?
a.
A corporate golf club membership is an example of a nonpecuniary benefit
b.
Firms borrowing money have greater flexibility to use that money when there are debt covenants.
c.
When lenders protect themselves from the risk of asset switching by raising the interest rate, the firm’s WACC
can decrease.
d.
A lender calling in a corporate loan and then lending the funds out to a safer borrower is an example of asset
switching.
e.
A supplier substituting a lower-quality raw material without approval is an example of asset switching.
QUESTION TYPE:
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
United States – OH – Default City – TBA
TOPICS:
Corporate governance
KEYWORDS:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:43 PM
1/6/2018 1:42 PM
Chapter 10: Corporate Governance
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Page 13
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:55 PM
1/6/2018 1:42 PM
25. Which one of the following statements is TRUE?
a.
A corporate executive health club is an example of a nonpecuniary benefit.
b.
When lenders protect themselves from the risk of asset switching by raising the interest rate, the firm’s WACC
can decrease.
c.
A lender calling in a corporate loan and then lending the funds out to a safer borrower is an example of asset
switching.
d.
A supplier substituting a lower-quality raw material without approval is an example of asset switching.
e.
An agency problem occurs when an owner/manager sells stock to an outside investor and the owner/manager
fears the outside investor will consume too many perquisites.
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
HAS VARIABLES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
LOCAL STANDARDS:
United States – OH – Default City – TBA
Corporate governance
KEYWORDS:
OTHER:
TYPE: Multiple Choice: Conceptual
12/30/2017 2:56 PM
DATE MODIFIED:
1/6/2018 1:42 PM
26. Which one of the following statements is TRUE?
a.
Personal use of the corporate jet is an example of a nonpecuniary benefit.
b.
A supplier substituting a lower-quality raw material without approval is an example of asset switching.
Chapter 10: Corporate Governance
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Page 14
c.
An agency problem occurs when an owner/manager sells stock to an outside investor and the owner/manager
fears the outside investor will consume too many perquisites.
d.
An agency conflict between inside owners/managers and outside owners occurs when the outside owners sell
their shares to someone else.
e.
A quarter-end bonus is an example of a nonpecuniary benefit.
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
QUESTION TYPE:
Multiple Choice
LEARNING OBJECTIVES:
IFMG.DAVE.19.10.01 – LO: 10-1
United States – BUSPROG: Analytic
United States – AK – DISC: Financial statements, anal – DISC: Financial statements, analysis,
forecasting, and cash flows
United States – OH – Default City – TBA
TOPICS:
Corporate governance
OTHER:
TYPE: Multiple Choice: Conceptual
DATE CREATED:
12/30/2017 2:58 PM
1/6/2018 1:42 PM
27. Which one of the following statements is TRUE?
a.
A manager/shareholder agency conflict arises when the manager’s actions aren’t in the company’s best interest.
b.
An agency problem occurs when an owner/manager sells stock to an outside investor and the owner/manager
fears the outside investor will consume too many perquisites.
c.
An agency conflict between inside owners/managers and outside owners occurs when the outside owners sell
their shares to someone else.
d.
A quarter-end bonus is an example of a nonpecuniary benefit.
e.
A company‘s matching contribution to a retirement plan is a nonpecuniary benefit.
ANSWER:
a
DIFFICULTY:
Difficulty: Moderate
Multiple Choice
HAS VARIABLES:
IFMG.DAVE.19.10.01 – LO: 10-1
NATIONAL STANDARDS:
United States – BUSPROG: Analytic
forecasting, and cash flows
LOCAL STANDARDS:
United States – OH – Default City – TBA
Corporate governance
KEYWORDS:
DATE MODIFIED:
1/6/2018 1:42 PM