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Bài test tiếng Anh ngành ngân hàng và đáp án phần 19

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
1. Financial planning deals with establishing sales forecasts for a time horizon set by a
firm's management.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
2. In putting together a financial plan, management addresses three main issues through
their strategic plan, investment plan, and financing plan.
A) True
B)

False


Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
3. The investment plan addresses the issue of what capital resources the management
needs to get to achieve their goals.
A) True
B)

False

Ans: A
Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
4. The financing plan deals with how the firm is going to secure the funds needed to pay
for the capital resources required.
A) True
B)

False

Ans: A

Page 1


Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
5. The financing plan documents the firm's long-term goals, the strategies that
management will use to achieve the goals, and the capabilities the firm needs to sustain
its competitive position.
A) True
B)

False


Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
6. The strategic plan identifies everything but mergers, alliances, and divestitures that may
happen in the near future.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
7. The strategic plan addresses the issue of what capital resources management needs to
achieve their goals.
A) True
B)

False

Ans: B
Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
8. Capital expenditures can be one-time investments or routine investments that allow the
firm to continue its operations.
A) True
B)

False

Page 2


Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
9. Once capital investments are made, they are almost always impossible to reverse.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
10. In the financing plan, management states that the firm will seek to raise funds
externally even if sufficient internally generated funds are available to fund projects.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
11. The financial plan focuses on strategic planning and investment planning.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 1
Level of Difficulty: Easy
12. The cash budget identifying the time line for cash inflows and outflows included in
divisional business plans is part of the financial plan.
A) True
B)

False

Page 3


Ans: A

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Easy
13. Financial planning models are not considered an integral part of financial planning.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Easy
14. Financial models provide management with the ability to prepare projected financial
statements.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Easy
15. Since sales are often correlated to the regional or national economy, macroeconomic
forecasts are incorporated into the model.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 2
Level of Difficulty: Easy
16. Financial statements and sales forecasts are considered major inputs in developing
financial planning models.
A) True

Page 4


B)

False

Ans: A

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Easy
17. Investment and financing decisions are not considered inputs in financial planning
models.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Easy
18. The outputs of the financial planning model are a series of pro forma financial
statements and financial ratios based on these statements.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 3
Level of Difficulty: Easy
19. Pro forma financial statements that result from financial planning models are always
perfectly balanced.
A) True
B)

False

Ans: B

Page 5


Format: True/False
Learning Objective: LO 3
Level of Difficulty: Easy
20. Projected or pro forma statements can be used to analyze the investment alternatives
but not to estimate the amounts of external funding needed.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: medium
21. While sales are often correlated to the regional or national economy, it is not necessary
to incorporate macroeconomic forecasts into the model.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: medium
22. The percent of sales method is a complex financial planning model.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 3
Level of Difficulty: medium
23. In the percent of sales method, all income statement and balance sheet accounts vary
directly with sales.
A) True
B)

False

Ans: B

Page 6


Format: True/False
Learning Objective: LO 3
Level of Difficulty: medium
24. The capital intensity ratio measures the dollar amount of sales per dollar invested in
assets.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 4
Level of Difficulty: medium
25. Fixed assets vary directly with sales when firms are operating at full capacity.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 4
Level of Difficulty: medium
26. Fixed assets vary directly with sales when firms are operating at less than full capacity.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 4
Level of Difficulty: Easy
27. Firms that are not highly capital intensive are more risky than those that are.
A) True
B)

False

Ans: B

Page 7


Format: True/False
Learning Objective: LO 4
Level of Difficulty: medium
28. Financial planning helps management establish financial and operating goals for the
firm and to communicate those goals throughout the firm.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 5
Level of Difficulty: Easy
29. When a firm maintains a constant dividend policy, the firm's growth rate has no bearing
on the external financing needed.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 5
Level of Difficulty: medium
30. Holding the growth rate constant, the higher the firm's payout ratio, the larger the
amount of debt or equity financing needed.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 5
Level of Difficulty: Easy
31. The sustainable growth rate is the rate of growth that the firm can sustain without
selling additional debt.
A) True
B)

False

Ans: B

Page 8


Format: True/False
Learning Objective: LO 5
Level of Difficulty: medium
32. The sustainable growth rate is the rate of growth that the firm can sustain without
selling additional equity.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 5
Level of Difficulty: medium
33. The higher a firm's dividend payout ratio, the higher the firm's internal growth rate.
A) True
B)

False

Ans: B

Format: True/False
Learning Objective: LO 5
Level of Difficulty: medium
34. The higher a firm's plowback ratio, the higher the firm's sustainable growth rate.
A) True
B)

False

Ans: A

Format: True/False
Learning Objective: LO 5
Level of Difficulty: medium
35. The lower a firm's ROE, the lower the firm's sustainable growth rate.
A) True
B)

False

Ans: A

Page 9


Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
36. Which of the following components make up a financial plan
A) the strategic plan.
B)

the investment plan.

C)

the financing plan.

D)

All of the above.

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
37. The financial plan addresses the following issue(s):
A) Where is the company headed?
B)

What capital resources does the management need to get there?

C)

How is the firm going to pay for the resources needed?

D)

All of the above.

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
38. All but one of the following issues are addressed in the financial plan.
A) What is the growth rate for a firm's main competitor?
B)

Where is the company headed?

C)

What capital resources does the management need to get there?

D)

How is the firm going to pay for the resources needed?

Ans: A

Page 10


Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
39. According to the text, the financial plan covers a period of
A) one year.
B)

three to five years.

C)

ten years.

D)

None of the above.

Ans: B

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
40. The strategic plan identifies
A) the lines of business in which a firm will compete.
B)

major areas of investment in real assets.

C)

capital expenditures, acquisitions. and new lines of business.

D)

All of the above.

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
41. The strategic plan does NOT identify
A) major areas of investment in real assets.
B)

future mergers, alliances, and divestitures.

C)

working capital strategies.

D)

the lines of business a firm will compete in.

Ans: C

Page 11


Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
42. Which one of the following is true about capital expenditures?
A) It is part of a firm's investment plan.
B)

Once a capital investment is made, they are almost always impossible to reverse.

C)

Capital expenditures can be one-time investments or routine investments that
allow the firm to continue its operations.
All of the above are true of capital investments.

D)

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
43. Which one of the following is NOT true about the capital budgeting process?
A) Management identifies a list of potential projects that are consistent with the
business strategy and ranks them according to the value they would create for the
shareholders.
B) Senior management reviews the list.
C)

The list is revised to comply with the firm's budget constraints.

D)

All of the above are true of the capital budgeting process.

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
44. Which one of the following is NOT true about the capital budgeting process?
A) Management identifies a list of potential projects that are consistent with the
business strategy and ranks them according to the value they would create for the
shareholders.
B) Senior management reviews the list.
C)

Once the list is made, no management review can change it.

D)

All of the above are true of the capital budgeting process.

Ans: C

Page 12


Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
45. The financing plan of a firm will indicate
A) the dollar amount of funds that has to be raised externally and the sources of
funds available to the firm, the desired capital structure for the firm, and the
firm's dividend policy.
B) the dollar amount of funds that has to be raised externally and the sources of
funds available to the firm, the desired capital structure for the firm, and the
firm's working capital policy.
C) the dollar amount of funds that has to be raised externally and the sources of
funds available to the firm, the firm's dividend policy, and the firm's working
capital policy.
D) the firm's dividend policy, the desired capital structure for the firm, and the firm's
working capital policy.
Ans: A

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
46. Which one of the following is NOT part of a financing plan?
A) The dollar amount of funds that has to be raised externally and the sources of
funds available to the firm
B) The desired capital structure for the firm
C)

The firm's dividend policy

D)

All of the above are part of a financial plan.

Ans: D

Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
47. The financial plan includes
A) the strategic plan, financing plan, and options plan.
B)

the strategic plan, investment plan, and financing plan.

C)

the financing plan, investment plan, and options plan.

D)

none of the above.

Ans: B

Page 13


Format: Multiple Choice
Learning Objective: LO 1
Level of Difficulty: Easy
48. The financial plan focuses on
A) the inventory accounting method decision and the accounts payables decision.
B)

the current assets decision and the current liabilities decision.

C)

the investment decision and the financing decision.

D)

none of the above.

Ans: C

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
49. Financial planning models
A) help management make investment decisions.
B)

help management make financing decisions.

C)

make the process speedy and accurate.

D)

all of the above are true.

Ans: D

Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
50. The sales forecasts used in financial planning
A) are developed using a variety of techniques.
B)

are generated within the firm.

C)

utilize macroeconomic variables as input.

D)

All of the above are true.

Ans: D

Page 14


Format: Multiple Choice
Learning Objective: LO 2
Level of Difficulty: Easy
51. Which one of the following statements is NOT true?
A) Sales forecasts models are typically very basic and use no complicated analysis.
B)

are generated within the firm.

C)

utilize macroeconomic variables as input.

D)

All of the above are true.

Ans: A

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Easy
52. The inputs used in building financial planning models include
A) financial statements, sales forecasts, and the firm's investment decisions.
B)

pro forma statements, sales forecasts, and macroeconomic variables.

C)

pro forma statements, sales forecasts, and financing decisions.

D)

none of the above.

Ans: A

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Easy
53. Which one of the following is NOT an input in financial planning models?
A) Financial statements
B)

Pro forma financial statements

C)

Investment decisions

D)

Financing decisions

Ans: B

Page 15


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: Easy
54. Which one of the following statements is NOT true about financial planning models?
A) Financial statements serve as the first major input and become the baseline to
compare the projected financial statements.
B) Macroeconomic forecasts and their impact on the firm's sales are also included.
C)

Investment and financing decisions are not considered as inputs.

D)

Changes in the firm's balance sheet and income statement items as a result of the
growth in sales are also used in these models.
Ans: C

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
55. Planning models that are more sophisticated than the percent of sales method have
A) all variable costs change directly with sales.
B)
C)

working capital accounts like inventory, accounts receivables, and accounts
payables vary directly with sales.
fixed assets that do not always vary directly with sales.

D)

All of the above are true.

Ans: D

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
56. One statement that is NOT true about more sophisticated financial planning model is
that:
A) only fixed costs change directly with sales.
B)
C)

working capital accounts like inventory, accounts receivables, and accounts
payables vary directly with sales.
fixed assets do not always vary directly with sales.

D)

All of the above are true

Ans: A

Page 16


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
57. Which statement is NOT true for a firm that is operating at full capacity?
A) Fixed assets vary directly with sales.
B)

Fixed assets can never vary directly with sales.

C)

Fixed assets can be incrementally changed.

D)

All of the above are true

Ans: B

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
58. Which one of the following statements is NOT true?
A) The ratio of total assets to sales is called the capital intensity ratio.
B)

The ratio of sales to total assets is called the capital intensity ratio.

C)

The higher the ratio, the more capital a firm needs to generate sales.

D)

Firms that are highly capital intensive are more risky than those that are not.

Ans: B

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
59. In using more sophisticated planning models, which one of the following statements is
NOT true?
A) Current liabilities are likely to vary directly with sales.
B)
C)

Long-term liabilities and equity accounts change as a direct result of managerial
decisions.
Retained earnings will vary directly as sales changes.

D)

All of the above are true

Ans: C

Page 17


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
60. In using more sophisticated planning models, which one of the following statements is
NOT true?
A) Current liabilities are likely to vary directly with sales.
B)
C)
D)

Long-term liabilities and equity accounts change as a direct result of managerial
decisions.
Retained earnings will vary as sales changes but not directly as it is affected by
the firm's dividend payout policy.
All of the above are true

Ans: D

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: medium
61. Some weaknesses in financial planning models include:
A) Interest expense is not accounted for.
B)
C)

All working capital accounts do not necessarily vary directly with sales,
especially cash and inventory.
How fixed assets are adjusted.

D)

All of the above are weaknesses.

Ans: D

Format: Multiple Choice
Learning Objective: LO 4
Level of Difficulty: medium
62. In accounting for changes in fixed assets, which one of the following statements is
NOT true?
A) When a firm is not operating at full capacity, sales may be increased without
adding any new fixed assets.
B) Since it requires time to get new assets operational, they are added in small
discrete quantities.
C) Fixed assets are added in large discrete amounts called lumpy assets.
D)

All of the above are true.

Ans: B

Page 18


Format: Multiple Choice
Learning Objective: LO 4
Level of Difficulty: medium
63. In accounting for changes in fixed assets, which one of the following statements is
NOT true?
A) When a firm is not operating at full capacity, sales may be increased without
adding any new fixed assets.
B) Since it requires time to get new assets operational, they are added as the firm
nears full capacity.
C) Fixed assets are added in large discrete amounts called lumpy assets.
D)

All of the above are true.

Ans: D

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
64. External funding needed (EFN) is
A) the additional debt or equity a firm needs to issue so that it can purchase
additional assets to support an increase in sales.
B) the additional funds raised by a firm to pay off existing short-term debt.
C)

the additional funds raised by a firm to pay off existing long-term debt.

D)

None of the above are true.

Ans: A

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
65. Which one of the following statements is NOT true?
A) The internal growth rate (IGR) is defined as the maximum growth rate that a firm
can achieve without external financing.
B) The higher the retained earnings generated by a firm, the higher the growth
possible without using external funding.
C) Given the same level of retained earnings, a firm that has the higher amount of
total assets, the higher the growth possible without using external funding.
D) All of the above are true.
Ans: C

Page 19


Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
66. Firms that achieve higher growth rates without seeking external financing
A) have a high plowback ratio.
B)
C)

have less equity and/or are able to generate high net income leading to a high
ROE.
are not highly leveraged.

D)

All of the above are true.

Ans: D

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
67. Firms that achieve higher growth rates without seeking external financing
A) have a low plowback ratio.
B)
C)

have less equity and/or are able to generate high net income leading to a high
ROE.
are highly leveraged.

D)

None of the above.

Ans: B

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
68. The sustainable growth rate (SGR)
A) is a function of the plowback ratio and the ROE.
B)
C)

the rate of growth that the firm can sustain without selling additional shares of
equity.
helps management determine whether they can avoid issuing new equity.

D)

All of the above are true of the SGR.

Ans: D

Page 20


Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
69. Which one of the following statements about the sustainable growth rate (SGR) is NOT
true?
A) The SGR is a function of the plowback ratio and the ROE.
B)
C)

The SGR determines the rate of growth that the firm can sustain without selling
additional shares of equity.
The SGR helps management determine whether they can avoid issuing new debt.

D)

All of the above are true of the SGR.

Ans: C

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: medium
70. Which one of the following statements about the sustainable growth rate (SGR) is NOT
true?
A) The higher a firm's ROE, the higher the SGR.
B)
C)

The higher the plowback ratio, the larger the proportion of net income retained in
the firm and the greater the firm's SGR.
Both a and b are true

D)

None of the above.

Ans: C

Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: hard
71. Addition to retained earnings: Hilton Corp. has revenues of $1,214,800 and costs of
$816,355, and pays a tax rate of 32 percent. If the firm pays out 50 percent of its
earnings as dividends every year, what is the amount of retained earnings?
A) $135,471.30
B)

$270,942.60

C)

$413,032.00

D)

None of the above.

Ans: A

Page 21


Feedback:
Revenue = $1,214,800
Costs = $816,355;
Tax rate = 32%
Payout ratio = 50%
Net income  ($1,214,800 - $816,355) (1 - 0.32)
 $270,942.60
Retained
= 270,942.60 (1-0.50)
earnings
= $135,471.30
Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: hard
72. Addition to retained earnings: Tangent, Inc., has revenues of $4,375,233 and costs of
$2,467,321, and pays a tax rate of 34 percent. If the firm pays out 60 percent of its
earnings as dividends every year, what is the amount of retained earnings?
A) $171,254.18
B)

$755,533.15

C)

$503,688.77

D)

None of the above.

Ans: C
Feedback:
Revenue = $4,375,233
Costs = $2,467,321;
Tax rate = 34%
Payout ratio = 60%
Net income  ($4,375,233 - $2,467,321) (1 - 0.34)
 $1,259,221.92
Retained
= 1,259,221.92 (1-0.60)
earnings
= $503,688.77
Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: hard
73. Retention ratio: A firm paid out $163,961.60 as dividends on net income of $298,112.
What is the firm's retention ratio?
A) 55%
B)

45%

C)

50%

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D)

None of the above.

Ans: B
Feedback:
Dividends = $163,961.60
Net income = $298,112.
Dividends $163,961.60
Dividend payout ratio 

 55%
Net income $298,112.00
Retention ratio  (1 - Dividend Payout ratio) = (1 – 0.55) = 45%
Format: Multiple Choice
Learning Objective: LO 5
Level of Difficulty: hard
74. Payout and retention ratio: Tradewinds Corp. has revenues of $9,651,220, costs of
$6,080,412, interest payment of $511,233, and a tax rate of 34 percent. It paid
dividends of $1,384,125 to shareholders. Find the firm's dividend payout ratio and
retention ratio.
A) 66%, 34%
B)

25%, 75%

C)

69%, 31%

D)

34%, 66%

Ans: C
Feedback:
Tradewinds Corp.
Amount
Revenues
$9,651,220.00
Costs
6,080,412.00
EBIT
$3,570,808.00
Interest
511,233.00
EBT
$3,059,575.00
Taxes (34%)
1,040,255.50
Net income
$2,019,319.50
Dividends paid = $1,384,125
Dividends
$1,384,125.00
Dividend payout ratio 

 68.5%
Net income $2, 019,319.50
Retention ratio  (1 - Dividend Payout ratio) = (1 – 0.69) = 31%

Page 23


Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: hard
75. Payout and retention ratio: Drekker, Inc., has revenues of $312,766, costs of
$220,222, interest payment of $31,477, and a tax rate of 34 percent. It paid dividends of
$34,125 to shareholders. Find the firm's dividend payout ratio and retention ratio.
A) 85%, 15%
B)

45%, 55%

C)

55%, 45%

D)

15%, 85%

Ans: A
Feedback:
Amount
$312,766.00
220,220.00
$ 92,544.00
31,477.00
$ 61,067.00
20,762.78
$ 40,304.22

Revenues
Costs
EBIT
Interest
EBT
Taxes (34%)
Net income

Dividends paid = $34,125
Dividends $34,125.00
Dividend payout ratio 

 84.7%
Net income $40,304.22
Retention ratio  (1 - Dividend Payout ratio) = (1 – 0.75) = 15%
Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: hard
76. Capital intensity ratio: Comacho Traders has total assets of $513,480 and sales of
$723,062. What is the firm's capital intensity ratio?
A) 1.41
B)

0.71

C)

1.23

D)

None of the above.

Ans: B

Page 24


Feedback:
Total assets = $513,480

Sales = $723,062
Total assets
Capital intensity ratio 
Net sales
$513, 480

 71.01%
$723, 062

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: hard
77. Capital intensity ratio: Michael Holdings, Inc., has total assets of $1,480,072 and
sales of $2,236,625. What is the firm's capital intensity ratio?
A) 66.2%
B)

53.7%

C)

151.1%

D)

None of the above.

Ans: A
Feedback:
Total assets = $1,480,072

Sales = $2,236,625
Total assets
Capital intensity ratio 
Net sales
$1, 480, 072

 66.17%
$2, 236, 625

Format: Multiple Choice
Learning Objective: LO 3
Level of Difficulty: hard
78. Capital intensity ratio: Dennis Compton, Inc., has total assets of $5,335,901 and a
capital intensity of 53.9%. What is the firm's sales?
A) $5,335,901
B)

$2,828,028

C)

$9,899,631

D)

None of the above.

Ans: C

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