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Chapter19
MultinationalCashManagement
True/FalseQuestions
1.Manyoftheskillsnecessaryforeffectivecashmanagementarethesameregardlessofwhether
thefirmhasonlydomesticoperationsorifitoperatesinternationally.
TrueFalse
2.Thecashmanagerofadomesticfirmshouldsourcefundsinternationallytoobtainthelowest
borrowingcostandtoplaceexcessfundswhereverthegreatestreturncanbeearnedregardless
ofcurrency.
TrueFalse
3.AnettingcenternecessarilyimpliesthattheMNChasacentralcashmanager.
TrueFalse
4.Amultilateralnettingsystemisbeneficialinreducingthenumberofandtheexpenseassociated
withinteraffiliateforeignexchangetransactions.
TrueFalse
5.Acentralcashmanagerhasaglobalviewofthemostfavorableborrowingratesandmost
advantageousinvestmentrates.
TrueFalse
6.Acentralizedcashpoolassistsinreducingtheproblemofmislocatedfundsandinfunds
mobilization.
TrueFalse
7.AcentralizedcashmanagementsystemwithacashpoolcanreducetheinvestmenttheMNC
hasinprecautionarycashbalances,savingthefirmmoney.
TrueFalse
MultipleChoiceQuestions
8.Efficientcashmanagementtechniquescan
A.reducetheinvestmentincashbalancesandforeignexchangetransactionexpenses.
B.provideformaximumreturnfromtheinvestmentofexcesscash.
C.resultinborrowingatlowestratewhenatemporarycashshortageexists.
D.alloftheabove
9.Cashmanagementrefersto
A.thedecisiontograntcredittocustomersortoremain"cashandcarry".
B.theinvestmentthefirmhasintransactionbalancesandprecautionarybalances.
C.adomesticfirm'sinvestmentinforeigncurrency.
D.noneoftheabove
10.Precautionarycashbalances
A.arenecessaryincasethefirmhasunderestimatedtheamountofcashneedtocover
transactions.
B.arenecessarytocoverscheduledoutflowsoffundsduringacashbudgetingperiod.
C.bothaandb
D.noneoftheabove
11.Precautionarycashbalances
A.representanincreasingly-importantsourceofinterestincomeformanyMNCs.
B.arenecessaryincasethefirmhasunderestimatedtheamountneededtocovertransactions.
C.aresynonymouswithspeculativecashbalances.
D.noneoftheabove
12.Multinationalcashmanagement
A.isreallynodifferentforaMNCthanforapurelydomesticfirminaclosedeconomy.
B.concernsitselfwiththesizeofcashbalances,theircurrencydenominations,andwherethese
cashbalancesarelocatedamongtheMNC'saffiliates.
C.concernsitselfwiththesizeofcashbalancesandtheircurrencydenominations,butnotwhere
thesecashbalancesarelocatedamongtheMNC'saffiliates,sinceintra-affiliatedefaultriskis
notanissue.
D.noneoftheabove
13.Goodcashmanagementboilsdownto
A.investingexcessfundsatthemostfavorableinterestrateandborrowingatthelowestrate
whenthereisatemporarycashshortage.
B.investingexcessfundsatthelowestrateandborrowingatthehighestratewhenthereisa
temporarycashshortage.
C.hedgingcurrencyexposurewithjudicioususeoffutures,forwards,andcurrencyoption
contracts.
D.noneoftheabove
ABCTradingCompanyofSingaporepurchasesspicesinbulkfromaroundtheworld,packages
themintoconsumersizequantitiesandsellsthemthroughsalesaffiliatesinHongKongandthe
UnitesStates.Forarecentmonth,thefollowingpaymentsmatrixofinteraffiliatecashflows,
statedinSingaporedollars,wasforecasted.
ABCTradingCompanyPaxmentsMatrix(S$000)
DisbursementsIv:
SingaporeHorgKongU.S.
Receiptsby:
Singapore—80110
HongKong16—44
U.S.2250
14.Calculate,inSingaporedollars,theamountthattheinteraffiliateforeignexchangetransactionwill
bereducedbywithmultilateralnetting.
A.S$152,000
B.S$170,000
C.S$322,000
D.S$405,000
15.IfforeignexchangetransactionscostABC0.45percent,whatsavingsresultsfromnetting?
A.S$684
B.S$765
C.S$1,449
D.S$1,823
16.ConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions
shownatleft.UseBILATERALnettingtoreducethenumberofforeignexchangetransactionsby
half.
D.Noneoftheabove
17.ConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions
shownatleft.UseMULTILATERALnettingtoreducethenumberofforeignexchange
transactions.
c.
D.Noneoftheabove
18.ConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions
shownatleft.UseMULTILATERALnettingWITHACENTRALDEPOSITORYtoreducethe
D.Noneoftheabove
19.ABCTradingCompanyofSingaporepurchasesspicesinbulkfromaroundtheworld,packages
themintoconsumersizequantitiesandsellsthemthroughsalesaffiliatesinHongKongandthe
UnitesStates.Forarecentmonth,thefollowingpaymentsmatrixofinteraffiliatecashflows,
statedinSingaporedollars,wasforecasted.
ABCTradingCompanyPaymentsMatrix(S$000)
Disbursementsby:
SingaporeHongKongU.S.
Receiptsby:
Singapore一80110
HongKong16-44
U.S.2250—
Whichofthefollowingisanaccuratechartoftheircurrentsituation?
c.
20.FindthenetexposureoftheU.S.MNCwiththefollowingintraaffiliatetransactionsshown:
A.$55
B.$65
C.$800
D.Noneoftheabove
21.FindthenetexposureoftheBritishsubsidiaryoftheU.S.MNCwiththefollowingintraaffiliate
transactionsshown:
A.$40out
B.$65in
C.£20out
D.Noneoftheabove
22.Benefitsofamultilateralnettingsysteminclude:
A.Thedecreaseintheexpenseassociatedwithfundstransfer,whichinsomecasescanbeover
$1,000foralargeinternationaltransferofforeignexchange.
B.Thereductioninthenumberofforeignexchangetransactionsandtheassociatedcostof
makingfewerbutlargertransactions.
C.Thereductioninintra-companyfloat,whichisfrequentlyashighasfivedaysevenforwire
transfers.
D.Thebenefitsthataccruefromtheestablishmentofaformalinformationsystem,whichserves
asthefoundationforcentrallymanagingtransactionexposureandtheinvestmentofexcess
funds.
E.Alloftheabove
23.WithaCENTRALIZEDCASHDEPOSITORY
A.thereislesschanceforanMNC*sfundstobedenominatedinthewrongcurrency.
B.thecentralcashmanagerhasaglobalviewoftheMNC'soverallcashposition.
C.thereislesschanceofmislocatedfunds.
D.Alloftheabove
24.WithaCENTRALIZEDCASHDEPOSITORY
A.aMNCcanfacilitatefundmobilization.
B.system-wideexcesscashareinvestedatthemostadvantageousrates.
C.system-widecashshortagesareborrowedatthemostadvantageousrates.
D.alloftheabove
25.NotallcountriesallowMNCsthefreedomtonetpayments,
A.bylimitingnetting,moreneedlessforeignexchangetransactionsflowthroughthelocalbanking
system.
B.MNCscanavoidtheserestrictionsbyusingaCentralizedCashDepository.
C.MNCscanavoidtheserestrictionsbyusingwiretransfers.
D.bothbandc
26.Withregardtocashmanagementsystemsinpractice,studiessuggestthatthebenefitsofa
multilateralnettingsysteminclude
A.thedecreaseintheexpenseassociatedwithfundstransfer,whichinsomecasescanbeover
$1,000foralargeinternationaltransferofforeignexchange.
B.thesavingsinadministrativetime.
C.thereductioninintracompanyfloat,whichisfrequentlyashighasfivedays,evenforwire
transfers.
D.alloftheabove
27.Severalinternationalbanksoffermultilateralnettingsoftwarepackages.Thesepackages
A.calculatethenetcurrencypositionsofeachaffiliate.
B.canintegratethenettingfunctionwithforeignexchangeexposuremanagement.
C.onlyworkontheMacplatform.
D.bothaandb
28.MNCscanreducetheirexchangerateexpense
A.byusingbilateralnetting.
B.byusingacentralizedcashmanagementsystem.
C.byusingmultilateralnetting.
D.alloftheabove
29.Whichofthefollowingstatementsaboutmultilateralnettingsystemarecorrect?
(i)-Eachaffiliatenetsallitsinteraffiliatereceiptsagainstallitsdisbursements
(ii)-Eachaffiliatetransfersorreceivesabalance,dependingonwhetheritisanetpayeror
receiver
(iii)-Thenetfundstobereceivedbytheaffiliateswillequalthenetdisbursementstobemadeby
theaffiliates
(iv)-Onlytwoforeignexchangetransactionsarenecessarysincetheaffiliates*netreceiptswill
alwaysbeequaltozero
(v)-Onlytwoforeignexchangetransactionsarenecessarysincetheaffiliates'netdisbursements
willalwaysbeequaltozero
A.(i)and(ii)
B.(i),(ii),and(iii)
C.(i),(ii),(iii),and(iv)
D.(i),(ii),(iii),and(v)
30.Assumingthattheinteraffiliatecashflowsareuncorrelatedwithoneanother,calculatethe
standarddeviationoftheportfolioofcashheldbythecentralizeddepositoryforthefollowing
affiliatemembers:
ExpectedStandard
AffiliateTransactionsDexiation
U.S.$100,000$40.000
Canada$150,000$60,000
Mexico$175,000$30,000
Chile$200,000$70,000
A.$34,960.33
B.$139,841.33
C.$104,880.88
D.Noneoftheabove
31.Assumingthattheinteraffiliatecashflowsareuncorrelatedwithoneanother,calculatethe
minimumcashbalancetohaveifthefirmfollowsaconservativepolicyofhavingthreestandard
deviationsofcashforprecautionarypurposes
ExpectedStandard
.AffiliateTransactionsI)e\iation
U.S.$109,000$40.00C
Canada$153,000S60.00C
Mexico$175,000$30.00C
Chile$209,000$70.00C
A.$34,960.33
B.$314,642.65
C.$104,880.88
D.Noneoftheabove
32.IfFrench-basedAffiliateAowesU.S.-basedaffiliateB$1,000andAffiliateBowesAffiliateA
€2,000whentheexchangerateis$1.10=€1.00.ThenetpaymentbetweenAandBshouldbe
A.€1,091fromBtoA.
B.€1,091fromAtoB.
C.$1,200fromBtoA.
D.Noneoftheabove
33.Forarecentmonth,thefollowingpaymentsmatrixofinteraffiliatecashflowswasforecasted:
DisbursementFrom:
Receiptsby:FranceBritaiiU.S.
France€500€800
Britain£300—£400
U.S.$1,000$500
UsemultilateralnettingtofindthenetpaymentfromtheBritishaffiliatetotheU.S.affiliate.
Thespotexchangeratesare$1.20=€1.00and$1.80=£1.00;affiliatesgetpaidinhome
currency.
A.$60
B.$20
C.$0
D.Noneoftheabove
34.TheU.S.IRSallowstransferpricestobesetusingComparableuncontrolledpricemethod.This
methodrequires
A.findingthepricethatanunrelatedwillingsellerwouldacceptfromanunrelatedwillingbuyer.
B.thepriceatwhichthegoodisresoldbythedistributionaffiliateisreducedbyanamount
sufficienttocoveroverheadcostsandareasonableprofit.
C.anappropriateprofitisaddedtothecostofthemanufacturingaffiliate.
D.financialmodelsandeconometrictechniques.
35.TheU.S.IRSallowstransferpricestobesetusingtheresalepricemethod
A.findingthepricethatanunrelatedwillingsellerwouldacceptfromanunrelatedwillingbuyer.
B.thepriceatwhichthegoodisresoldbythedistributionaffiliateisreducedbyanamount
sufficienttocoveroverheadcostsandareasonableprofit.
C.anappropriateprofitisaddedtothecostofthemanufacturingaffiliate.
D.financialmodelsandeconometrictechniques.
36.TheU.S.IRSallowstransferpricestobesetusingthecostplusapproach
A.findingthepricethatanunrelatedwillingsellerwouldacceptfromanunrelatedwillingbuyer.
B.thepriceatwhichthegoodisresoldbythedistributionaffiliateisreducedbyanamount
sufficienttocoveroverheadcostsandareasonableprofit.
C.anappropriateprofitisaddedtothecostofthemanufacturingaffiliate.
D.financialmodelsandeconometrictechniques.
37.Forarecentmonth,thefollowingpaymentsmatrixofinteraffiliatecashflowswasforecasted:
DisbursementFrom:
Receiptsby:FranceBritainU.S.
France—€500€800
Britain£300—£400
U.S.$1.000$500—
Thespotexchangeratesare$1.20=€1.00and$1.80=£1.00;affiliatesgetpaidinhome
currency.Usemultilateralnettingtofindthenetpaymentstoandfromallparties.
Whichofthefollowingisanaccuratechartoftheircurrentsituation?
A.
B.
D.Noneoftheothers.
38.Forarecentmonth,thefollowingpaymentsmatrixofinteraffiliatecashflowswasforecasted:
DisbursementFrom:
Receiptsby:FranceBritanU.S.
France——€500F800
Britain£480—£300
U.S.$600$960—
Thespotexchangeratesare$1.20=€1.00and$2.00=£1.00;affiliatesgetpaidinhome
currency.Usemultilateralnettingtofindthenetpaymentstoandfromallparties.
Whichofthefollowingisanaccuratechartoftheircurrentsituation?
U.S.
D.Noneoftheothers.
39.SimplifythefollowingsetofintracompanycashflowsforthisU.S.Firm.
Usethefollowingexchangerates.
£1.00=$2.00
€1.00=$1.50
SFr1.00=$0.80
Thefewestnumberofintra-affiliatecashflowsis
A.Zero.
B.One.
C.Two.
D.Three.
E.Four.
40.SimplifythefollowingsetofintracompanycashflowsforthisSwissFirm.
Usethefollowingexchangerates.
£1.00=$2.00
fl.00=$1,50
SFr1.00=$0.80
Thefewestnumberofintra-affiliatecashflowsis
A.Zero.
B.One.
C.Two.
D.Three.
E.Four.
41.Whichw川reducethenumberofforeignexchangetransactionthemostforaMNC?
A.Multilateralnetting
B.Bilateralnetting
C.Fishnetting
D.Noneoftheabove
42.Undermultilateralnetting
A.eachaffiliatenetsallitsinter-affiliatereceiptsagainstallitsdisbursements.Itthentransfersor
receivesthebalance,respectively,ifitisthenetpayerorreceiver.
B.eachpairofaffiliatesdeterminesthenetamountduebetweenthem,andonlythenetamount
istransferred.
C.nointer-affiliatepaymentsaremadeorevencomputed,sincenorealcashflowsareinvolved.
D.alloftheabove
43.Onebenefitofacentralizedcashdepositoryis
A.theMNC*sinvestmentinprecautionarycashbalancescanbesubstantiallyreducedwithouta
reductioninitsabilitytocoverunforeseenexpenses.
B.eachaffiliatewillhavegreaterautonomyinmanagingitsowncashbalances.
C.exchangeraterestrictionscanbeeasilycircumvented.
D.noneoftheabove
44.IfFrench-basedAffiliateAowesU.S.-basedaffiliateB$1,000andAffiliateBowesAffiliateA
€2,000whentheexchangerateis$1.50=€1.00.ThenetpaymentbetweenAandBshouldbe
closestto
A.$2,000fromBtoA.
B.€2,000fromAtoB.
C.$1,000fromBtoA.
D.noneoftheabove
45.FortheU.S.affiliateshownbelow,netallitsinter-affiliatereceiptsagainstallitsdisbursements.
Usethefollowingexchangerates.
£1.00=$2.00
ei.oo=$1.50
SFr1.00=$0.80
Thenetinter-affiliatecashflowfortheU.S.affiliateis
1135
A.$0.
B.-$135
C.$135.
D.$405.
E.$90.
46.TheU.S.IRSallowstransferpricestobesetusingcomparableuncontrolledpricemethod.This
methodisdifficulttoapplyinpracticebecausemanyfactorsenterintothepricingofgoodsand
services.Examplesinclude
A.differencesinthetermsofsale.
B.differencesinquantityandorqualitysold.
C.differencesinlocationordateofsale.
D.alloftheabove
47.Advaloremarebestdescribedas
A.anadvaloremdutyisapercentagetaxleviedatcustomsontheassessedvalueofthe
importedgood.
B.avalue-addedtaxondomesticproduction.
C.apercentagetaxleviedatcustomsonthevalueaddedbyshippingthegood.
D.noneoftheabove
48.AccordingtoarecentsurveybyErnstandYoung,themostimportanttaxissuethatmultinational
enterprisesnowfaceis
A.transferpricing.
B.choiceofaccountingmethodtouseinpreparingconsolidatedincomestatementswhenfirms
havesubsidiariesincountrieswithdifferenttaxtreatmentsofexpenseitems.
C.choiceofaccountingmethodtouseinpreparingconsolidatedincomestatementswhenfirms
havesubsidiariesincountrieswithdifferenttaxtreatmentsofincomerecognition.
D.noneoftheabove
49.Whichofthefollowingstatementsabouttransferpricingistrue?
A.Thehigherthetransferprice,thelargerthegrossprofitsofthetransferringdivisionrelativeto
thereceivingdivision.
B.Veryhighmarkuppolicyusedinthetransferpricingtoasubsidiarymakestheadjusted
presentvalue(APV)ofthatsubsidiary'scapitalexpenditureappearlessattractive.
C.Verylowmarkuppolicyusedinthetransferpricingtoasubsidiarymakestheadjustedpresent
value(APV)ofthatsubsidiary'scapitalexpenditureappearlessattractive.
D.Bothaandb
50.Thelowerthetransferprice
A.thehigherthenetprofitreportedbytheMNC.
B.thelowerthegrossprofitofthetransferringdivisionrelativetothereceivingdivision.
C.thehigherthegrossprofitofthereceivingdivisionrelativetothetransferringdivision.
D.noneoftheabove
51.Multinationalcashmanagement
A.isreallynodifferentforaMNCthanforapurelydomesticfirminaclosedeconomy.
B.concernsitselfwiththesizeofcashbalances,theircurrencydenominations,andwherethese
cashbalancesarelocatedamongtheMNC'saffiliates.
C.concernsitselfwiththesizeofcashbalancesandtheircurrencydenominations,butnotwhere
thesecashbalancesarelocatedamongtheMNC'saffiliates,sinceintra-affiliatedefaultriskis
notanissue.
D.noneoftheabove
52.Inreferencetoestablishing"transferprices"betweentheaffiliatesofanMNC,whichofthe
followingrelatestothe"resale"priceapproach?
A.Comparableuncontrolledpricebetweenunrelatedfirms.
B.Thepriceatwhichthegoodisresoldbythedistributionaffiliateisreducedbyanamountto
coveroverheadcostsandareasonableprofit.
C.Assumesthatthemanufacturingcostisreadilyavailable.
D.Isbasedonfinancialandeconomicmodelsandeconometrictechniques.
53."Unbundlingfundtransfers"fromanMNCandtoitsaffiliatesreferstothefollowingactivity:
A.insteadoflumpingallcostsintoasingletransferprice,fortheMNC(parentfirm)torecognize
thecostofthephysicalgoodandeachserviceseparatelythatitprovidestoitsaffiliates.
B.inadditiontochargingforthecostofthephysicalgood,fortheparentfirmtochargefor
technicaltrainingoftheaffiliates'staff,costofworldwideadvertising,royalty,licensingfee,and
technology,wheneverapplicable,tofacilitatefortheMNCtopresentandsupporttothetaxing
authorityofahostcountrythateachchargeislegitimateandcanbewellsubstantiated.
C.usedforremovingblockedfundsfromahostcountrythatisenforcingforeignexchange
restrictions.
D.alloftheabove
AffiliateXsells10,000unitstoAffiliateYperyear.ThemarginaltaxratesforXandY,
respectively,are20percentand30percent.Thetransferpriceperunitiscurrentlysetat$1,000,
butitcangoashighas$1,250.
54.Calculatetheincreaseinannualafter-taxprofitsifthehighertransferpriceof$1,250perunitis
used.
A.$250,000
B.$500,000
C.$1,000,000
D.$1,250,000
55.AssumethatYpaysataxdeductibletariffof7percentonimportedmerchandise.Calculatethe
increaseinannualafter-taxprofitsifthehighertransferpriceof$1,250perunitisused.
A.$50,000
B.$100,000
C.$125,000
D.$250,000
56.Whichtermcorrectlydescribesthefollowingsituation?Whenacountryimposesexchange
restrictionsonitsowncurrency,limitingconversiontoothercurrencies,aMNC*sfrustrated
remittanceofprofitsfromasubsidiarywouldbe
A.blockedfunds.
B.stoppedfunds.
C.constipatedfunds.
D.moneydownthetoilet.
57.Onblockedfundsstrategyis
A.transferringpersonnelfromcorporateheadquarterstothesubsidiaryoffices.
B.usingthenationalairlinesofthehostcountrywhenpossiblefortheinternationaltravelofall
MNCexecutives.
C.holdingbusinessconferencesoftheMNCinthehostcountry,whereallexpensesarepaidby
thelocalsubsidiary.
D.alloftheabove
58.Reasonsforacountrytoimposeexchangerestrictionsonitsowncurrency,limitingconversionto
othercurrenciesinclude
A.enticingmoreforeigninvestmentfromMNCs.
B.foravarietyofreasons,thecountrymayfinditselfshortofforeigncurrencyreserves.
C.creatingahome-grownbusinessclimate.
D.alloftheabove
59.Whycanblockedfundscanbedetrimentaltoallconcerned?
A.Hostcountrieswanttoattractforeignindustriesthatbenefittheireconomicdevelopment;
blockedfundsmakeMNCslesswillingtoinvest.
B.MNCsshouldnotbeexpectedtomakebeneficialinvestmentwheretheymaynotbeableto
receiveanappropriatereturn.
C.Localcompetitorsmaybeabletoreapmonopolyprofits.
D.Bothaandb
60.Whenengagedinbilateralnetting
A.totalinteraffiliatereceiptswillalwaysequaltotalinteraffiliatedisbursements.
B.wecanreducethenumberofforeignexchangetransactionsamongaMNCwithA/affiliatesto
Rx(N-l)
2orless.
C.eachaffiliatenetsallitsinteraffiliatereceiptsagainstallitsdisbursements.Itthentransfersor
receivesthebalance,respectively,ifitisanetpayerorreceiver.
D.alloftheabove
61.Whichoneofthefollowingisafalsestatementwhenengagedinbilateralnetting?
A.Totalinteraffiliatereceiptswillalwaysequaltotalinteraffiliatedisbursements.
B.WecanreducethenumberofforeignexchangetransactionsamongaMNCwithA/affiliatesto
(N-1)
2orless.
C.Eachaffiliatenetsallitsinteraffiliatereceiptsagainstallitsdisbursements.Itthentransfersor
receivesthebalance,respectively,ifitisanetpayerorreceiver.
D.Alloftheabove
62.Whichoneofthefollowingisafalsestatementwhenengagedinbilateralnetting?
A.Totalinteraffiliatereceiptswillalwaysequaltotalinteraffiliatedisbursements.
B.WecanreducethenumberofforeignexchangetransactionsamongaMNCwith/Vaffiliatesto
Rx(N-l)
2orless.
C.Eachaffiliatenetsallitsinteraffiliatereceiptsagainstallitsdisbursements.Itthentransfersor
receivesthebalance,respectively,ifitisanetreceiverorpayerrespectively.
D.Alloftheabove
63.Whichoneofthefollowingisafalsestatementwhenengagedinbilateralnetting?
A.Totalinteraffiliatereceiptsneednotalwaysequaltotalinteraffiliatedisbursements.
B.WecanreducethenumberofforeignexchangetransactionsamongaMNCwithA/affiliatesto
Nx(N-l)
2orless.
C.Eachaffiliatenetsallitsinteraffiliatereceiptsagainstallitsdisbursements.Itthentransfersor
receivesthebalance,respectively,ifitisanetpayerorreceiver.
D.Alloftheabove
64.BilateralnettingcanreducethenumberofforeignexchangetransactionsamongaMNCwithN
affiliatesto
A.A!(A-1)!
orlfess
2
B.orless
(N-l)!
c
7
D.Noneoftheabove.
65.Mislocatedfundsaredefinedas:
A.Fundsbeingfoundinthewrongaccount.
B.Fundsbeingdenominatedinthewrongcurrency.
C.Fundsbeinginvestedwiththewrongmaturity.
D.Noneoftheabove
66.Afirmkeepsaprecautionarycashbalancetocoverunexpectedtransactionsduringthebudget
period.Thesizeofthisbalancedependsonhowsafethefirmdesirestobeinitsabilitytomeet
unexpectedtransactions.
A.Thelargertheprecautionarycashbalance,thegreateristhefirm'sabilitytomeetunexpected
expenses.
B.Thelargertheprecautionarycashbalance,thelessistheriskoffinancialembarrassmentand
lossofcreditstanding.
C.Thelargertheprecautionarycashbalance,thegreaterthepotentialopportunitycost.
D.Alloftheabove
67.TheformulaforthestandarddeviationofcashheldbythecentralizeddepositoryforA/affiliatesis
J(Std.De\.Affiliate1)+(Std.Dev.Affiliate2):+…+(Std.Dev.AffiliateN)?
A.Theformulaassumesthatinteraffiliatecas
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