9.Extraordinary gains and losses arise from events that have all the following characteristicsexcept:

a. They result from terminated involvement in a line of business.

b. They are nonrecurring.

c. They are unusual given the nature of the firm's activity.

d. They are material in amount.

10.Lui Company's 2010 income statement reported total sales revenue of $350,000. The 2009-2010 comparative balance sheets showed that accounts receivable increased by $20,000. The 2010 "cash receipts from customers" would be:

a. $250,000

b. $40,000

c. $330,000

d. $270,000

11.In theory, all three valuation models, when correctly implemented with internally consistent assumptions, will produce the same estimates of value. However, in practice, which of the following errors can result in different value estimates?

a. Incomplete or inconsistent earnings and cash flow forecasts

b. Inconsistent estimates of weighted average costs of capital

c. Incorrect continuing value computations

d. All of these errors result in different value estimates.

13.Steady-state growth in free cash flows could be driven by long-run expectations for growth attributable to:

a. general economic productivity

b. interest rates

c. national exports

d. balance of payments