1.)

Which of the following firms is more likely to use extraordinary dividends?

	A.	Firms with either cyclical or stable sales
	B.	Firms with neither cyclical nor stable sales
	C.	One with stable sales
	D.	One with cyclical sales

2.)

When does a dividend become a firm obligation?

	A.	When the firm pays them
	B.	When the firm declares them
	C.	On the ex-dividend date
	D.	When the firm records them

3.)

Suppose a firm has a retention ratio of 35 percent, net income of $35 million, and 10 million shares outstanding. What would be the dividend per share paid out on the firm's stock?

	A.	$1.225
	B.	$2.275
	C.	$3.50
	D.	$7.00