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Requirement 1. Review Item 5 (Dividend Policy) of the 2015 annual report. Has Facebook ever paid a dividend? Provide the company's reasoning.

A.

During fiscal 2015, the company's Board of Directors authorized an increase in the company's quarterly dividend to $0.21 per common share from $0.205 per common share. The company will pay future dividends at the discretion of the company's Board of Directors. The continuation of these payments, the amount of such dividends, and the form in which dividends are paid (cash or stock) depend on many factors, including the results of operations and the financial condition of the company. Subject to these qualifications, the company currently expects to pay dividends on a quarterly basis.

B.

The company has paid shareholders dividends each fiscal year since inception. The company's dividend policy is to distribute all funds surplus to the operating needs of the company as determined by the Board of Directors, with a target dividend payout ratio in respect of each financial year of 40% of free cash flows but subject to certain restrictions.

C.

The company has and intends to pay dividends each year. The company also believes that its cash dividend will continue at current levels or grow. Future dividends are subject to declaration by the Board of Directors. If the company fails to meet expectations related to future growth, profitability, dividends, share repurchases or other market expectations, its stock price may decline significantly, which could have a material adverse impact on investor confidence and employee retention.

D.

The company has never paid any cash dividends on its common stock. The company states that they intend to retain any future earnings and do not expect to pay dividends in the foreseeable future. In addition, the company states that its credit facility restricts the company's ability to pay dividends.

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Requirement 2. Perform a web search for the terms commercial paper and U.S. medium-term notes. What do each of these terms mean? Commercial paper is O A. an unsecured, short-term debt instrument issued by a corporation, typically to meet short-term O B. an asset-backed note most often used as a means of raising short-term capital to fund specific O) C. backed by the US government and includes treasury bills, treasury notes, treasury bonds, and O D. a note that usually matures in 5 to 10 years, although the maturity of the note could be longer. These liabilities. These notes typically mature in less than 270 days. projects. The holders' investment is expected to be repaid with the revenue those projects generate. treasury inflation-protected securities. notes are typically offered by a company to investors through a dealer Requirement 2. Perform a web search for the terms commercial paper and U.S. medium-term notes. What do each of these terms mean? Commercial paper is O A. an unsecured, short-term debt instrument issued by a corporation, typically to meet short-term O B. an asset-backed note most often used as a means of raising short-term capital to fund specific O) C. backed by the US government and includes treasury bills, treasury notes, treasury bonds, and O D. a note that usually matures in 5 to 10 years, although the maturity of the note could be longer. These liabilities. These notes typically mature in less than 270 days. projects. The holders' investment is expected to be repaid with the revenue those projects generate. treasury inflation-protected securities. notes are typically offered by a company to investors through a dealer