12. A firms balance sheet lists $4,500 of total assets, $700 million in current liabilities and $1,200 million in non-current liabilities. What is the book value of its net assets?

A. $2,600 million B. $1,900 million

C. $3,300 million D. none of the above

13. Please refer to the information in (12) above. This firms equity trades at $7,020 million. What is its price-to-book ratio?

A. 2.13 (2 dp) B. 3.69 (2 dp)

C. 1.56 D. 2.7

14. Amount paid to shareholders minus amount received from share issues is called _______________.

1. net cash flow from financing activities B. net payout to shareholders

3. net payoff from investment D. residual income