QUESTION 23 A Company ICON operates as a service provider in Australia Recently, the company has re organised its business such that all of its operating costs are variable costs Further, the company has issued 100 million new shares, the proceeds from which were used to retire all of its outstanding debt Following these changes, and assuming a constant tax rate, we would expect The volatility in revenues to exceed the volatility in EBITDA The volatility in net income to be equal to the volatility in revenues The volatility in net income to exceed the volatility in revenues D The volatility in EBITDA to exceed the volatility in revenues E The volatility in revenues to exceed the volatility in net income B

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QUESTION 23 A  Company ICON operates as a service provider in Australia  Recently, the company has re organised its business such that all of its operating costs are variable costs  Further, the company has issued 100 million new shares, the proceeds from which were used to retire all of its outstanding debt  Following these changes, and assuming a constant tax rate, we would expect  The volatility in revenues to exceed the volatility in EBITDA The volatility in net income to be equal to the volatility in revenues The volatility in net income to exceed the volatility in revenues D  The volatility in EBITDA to exceed the volatility in revenues E The volatility in revenues to exceed the volatility in net income B

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QUESTION 23 A. Company ICON operates as a service provider in Australia. Recently, the company has re-organised its business such that all of its operating

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