Companies have a variety of options with regard to actions they can take concerning common stock and dividends. For example, a company can:

(a) issue no cash dividend.

(d) purchase treasury stock.

(b) enact a stock split.

(e) issue a property dividend.

(c) issue stock dividends.

(f) issue large cash dividends.

The appropriateness of each of these actions depends on the circumstances faced by the company.

\section*{Instructions}
In groups of five or six people, discuss what circumstances would make each of these actions appropriate. That is, for example, under what circumstances is a company likely to issue no cash dividend?