Capital budgeting analysis


Indicate whether the sentence or statement is true (enter “A” on your clicker) or false (enter “B” on your clicker).


  1. Stock A and Stock B have the same expected returns.  Stock A has a greater standard deviation than stock B but Stock B has a higher CAPM beta than stock A.  All else equal, an un-diversified investor (who invests 100% of all assets in a single stock) will prefer stock A.


  1. All else equal, the CFO of your company would like to see the firm’s Accounts Receivables Days decrease, its Accounts Payable Days increase and its Inventory Turnover increase.


  1. Consider the NPV profile graph below for two projects, Project F and Project G.

Project F has a higher IRR however Project F has a lower NPV than Project G at low discount rates.


  1. The formula for the present value of a perpetuity (PV= C_1 / (r – g)) requires that g < r. The economic reason that g must be less than r is that a perpetuity with g >= r would have infinite value and that makes no economic sense.


  1. Your firm has a number of significant long-term fixed-rate loans outstanding.  Suppose the economy has done well recently and the yields on 10-year U.S. Treasuries have increased by 0.60% in the last two months.


If the yield spread between U.S. Treasuries and the rate on your loans has remained constant, then your firm will likely benefit from refinancing its fixed-rate loans.


  1. A company like Tesla (TSLA) that produces and sells durable goods (e.g. automobiles) is likely to have a CAPM beta less than 1.0 because it is more exposed to macroeconomic risk.


  1. The following event, from the corporation’s standpoint, will represent an increase in cash flow:


decrease in A/P (accounts payable)


  1. When performing capital budgeting analysis it is important to consider the dividends and interest payments associated with a given project.


  1. Firms A and B are very similar, and have the same debt ratio.  However, Firm A has higher fixed costs than Firm B but has lower variable costs than Firm B.  Over the long-run, both firms are equally profitable.


It is therefore likely that Firm A has a higher CAPM equity beta than Firm B.


  1. A bond’s coupon rate is useful for determining the cash flows generated by the bond.  However, one does not use the coupon rate to discount the bond’s cash flow.



Multiple Choice (10 questions, 4 points for each question, 40 points total)

Identify the letter of the choice that best completes the statement or answers the question.  For numerical problems, choose the response closest to (i.e. has the minimum absolute value from) the number you calculate.


  1. Consider the following cash-flow sequence which goes on forever and has a constant growth rate:


Which of the following formulas, at a discount rate of 15% will properly calculate the Present Value of this sequence?


a. PV = (1/1.15^1)*(100/(0.15 – 0.10)) d. PV = 100/1.15^3 + (1/1.15^4)*(110/(0.15 – 0.10))
b. PV = (1/1.15^2)*(100/(0.15 – 0.10)) e. None of the other choices properly calculates the PV of this sequence.
c. PV = (1/1.15^3)*(100/(0.15 – 0.10))



  1. Which of the following is true regarding a firm’s return (“r”) on its debt, equity, and assets?  (Assume the firm has at least some debt outstanding.)
a. rA> r> rD d. rE> rA> rD
b. rD> rA> rE e. None of the other choices are true.
c. rA> rD> rE



  1. Consider the purchase of automobile collision insurance by a typical college student who owns little or no financial market assets.  How would you characterize this type of insurance (i.e. the insurance contract itself) in terms of the student’s portfolio of assets?  The insurance contract has:


a. a high beta, and a high expected return d. a low/negative beta, and low/negative expected return
b. a high beta, but a low/negative expected return e. a high beta, and a zero expected return
c. a low/negative beta, but a high expected return



  1. Capital equipment costing $800,000 today has salvage value of $200,000 at the end of 10 years. If straight line depreciation is used, what is the book value of the equipment at the end of year 6?


a. $600,000 d. $525,000
b. $575,000 e. $500,000
c. $550,000



  1. Which of the following is not a synonym for firm-specific risk?
a. Non-diversifiable risk c. unique risk
b. Idiosyncratic risk d. Specific risk



  1. Consider the following CAPM model, similar to what you ran for HW #5, as displayed in the below chart for Procter and Gamble (PG).  Which geometric feature of your regression model best represents systematic risk for a diversified investor?
a. The y-axis intercept d. The spread of the points about the line of best fit
b. The x-axis intercept e. The spread of the points above and below the average excess return
c. The slope of the line



  1. Which of the following economic considerations was not a part of the Fama-French model that you ran?
a. The excess return on the market. d. The returns on high book-to-market firms versus low book-to-market firms.
b. The momentum of stock prices over time. e. All of the other factors were included in the Fama-French model.
c. The returns on small-firm stocks versus large-firm stocks.



  1. Which of the following statements is false?
a. The EAR, for a loan having 10% APR, is greater if it is compounded daily instead of monthly. c. The market value of a publicly-traded firm’s equity equals its stock price times the number of shares outstanding.
b. An annuity due is worth less than a regular annuity having the same discount rate and number of payments. d. For a given amount financed, assuming the same interest rate, the monthly payment for an interest-only mortgage is typically less than that for a traditional mortgage.



  1. The payback period rule
a. Varies the cut-off point with the interest rate c. Requires an arbitrary choice of a cut-off point
b. Determines a cut-off point so that all projects accepted by the NPV rule will be accepted by the payback period rule d. Both A and C



  1. Consider a portfolio having 500 stocks.  Recall the table we constructed showing the variances and covariances for such a portfolio.  (The fancy term for this table, by the way, is called the “variance-covariance matrix”.)  How many terms in this table will be related only to firm-specific risk?
a. 500 d. 1
b. 249,500 e. Impossible to determine
c. 250,000



Short Answer (8 questions, 10 points each, 80 points total)

You will need to show your work to get any partial credit in this section.


  1. The following table shows the sensitivity of four stocks to the three Fama-French factors in the five years to June 2006.  Estimate the expected return on Pfizer stock assuming that the risk-free interest rate is 5%, the expected risk premium on the market is 7.6%, the expected risk premium on the size factor is 3.7%, and the expected risk premium on the book-to-market factor is 5.2%.


      Factor Sensitivities
Factor   Coca-Cola Ford Pfizer Microsoft
Market 0.36 2 0.58 0.89
Size -0.23 -0.03 -0.47 -0.07
Book-to-Market 0.38 1.1 -0.15 -1.17








Answer: _______________


  1. You are given the following information for Stock X and Stock Y:


Stock X: Expected return, 8%; Std. Deviation of return, 16.0%

Stock Y: Expected return, 7%; Std. Deviation of return, 12.0%

Correlation between returns on X and Y is 0.30.


What is the expected standard deviation of a portfolio that has 35% invested in Stock X and 65% invested in Stock Y?








Answer: _______________


  1. Identify each of the following risks as most likely to be systematic (S) risk or diversifiable (D) risk:
  2. The risk that your main production plant is shut down due to a tornado.
  3. The risk that the economy slows, decreasing demand for your firm’s products.
  4. The risk that your best employees will be hired away.
  5. The risk that the new product you expect your R&D division to produce will not materialize.

Who cares more about diversifiable risk, the CEO of a publicly-traded firm or the firm’s shareholders?  If there is a difference, explain why such a difference exists.






  1. Recall your MFL Excel homework where you had to find the FCFs for the purchase of a new machine for Beryl’s Iced Tea Company.  Some of the relevant cash flows are given by this (incomplete) spreadsheet segment.



Given a 7-year straight-line depreciation schedule, a 35% tax rate, and an 8% discount rate, find the NPV of the cost of purchasing the machine.  Note that the maintenance will cost $20K/year and the capital expenditure amount is $150K.





NPV = _____________


  1. Over a 10-year period, the S&P500 index grew from 1387.17 to 2383.12.  What was the Compound Annual Growth Rate (CAGR) over this 10-year period?  Hint: the answer is not (2383.12-1387.17)/1387.17) / 10.





CAGR = __________ % per year


  1. You are working in financial planning for your firm.  You are told that next year’s revenues for your division will be $4.5M and your division will have 60 Days Sales Outstanding.  What is the amount of Accounts Receivable implied by these two estimates?



A/R = __________


You estimate the total operating expense for your division at $3.9M.  You also estimate 31 Days Payable Outstanding.  What is the estimate for A/P?




A/P = __________


  1. You observe the stock returns on two publicly-traded commercial banks, Chase MadHattan (CMH) and Spitigroup (S).  Their historical returns for the past three years are:


CMH: -30%, -45%, 15%;

S: -20%, -30%, 5%.


Consider a portfolio that consists of 40% of CMH and 60% of S.  Calculate the standard deviation of this portfolio.  Answer as a percentage with two decimal places, as in 1.23%.





Answer: _______________


  1. Stock C is expected to pay a dividend of $10 next year (i.e. one year from now).  After that, you expect one year of dividend growth at 10%, then one year of 5% dividend growth, and then 3% per year thereafter.


If the market capitalization rate is 8%, what is the price of Stock C?






Answer: __________




Problems (4 questions, points in parentheses, 110 points total).  You must show your work for these problems!  For interest rate questions, please answer with two numbers after the decimals, e.g. 1.23%.



  1. (30 pts.) You can use the NPV (or IRR) concepts that we’ve discussed in class to understand why firms and individuals do (or do not) take corrective action to fix small problems in their operations.  For instance, a business may have a widely understood flaw in their internal operations that they simply don’t bother to correct.

For example, suppose your firm sells a sophisticated instrument.  This instrument–which relies on Microsoft Windows for your customer to operate–creates random errors.  (Everyone in your firm now realizes that NO ONE should EVER rely on WINDOWS for any operational software.  Always use real software, not WINDOWS, for your business operational needs.)  You may lose an occasional customer due to these errors.  Should you fix all such errors?  Certainly, there are many quality control zealots who would claim that you should fix every quality problem that ever arises.  (Assume in the below that all cash flows occur at the end of the month.  Assume 0% inflation and no taxes.)

  1. a) You have a software flaw that will cost you $1,000 per month, in lost cash flow, forever. The real interest rate is 1% per month. It will take you 5 months at $12,000 per month to fix this problem.  What is the NPV to fix this problem?



NPV_0 = _______________

  1. b) Now suppose that your firm is developing a new non-Windows based architecture to replace your current software. You expect the new system to be in place in 3 years time. Your software flaw will still cost you $1,000 per month, in lost cash flow, but only for 36 months.  The real interest rate is 1% per month.  It will take you 5 months at $12,000 per month to fix this problem.  What is the NPV to fix this problem?



NPV_0 = _______________


  1. (30 pts.) You have an old piece of capital equipment (this could be anything from a building, to a vehicle, or an old hot water heater in a commercial building that you rent out).  You need to decide whether it makes sense to perform maintenance/refurbishment to extend the life of the asset.  (Assume 0% inflation, a real interest rate of 5%, and no taxes, in this problem.)


  1. a) In this scenario, you expect that your equipment will last 2 more years if you don’t extend its life via maintenance and/or refurbishment. At the end of 2 years, you expect to purchase a new piece of equipment (of comparable capacity and quality) for $50,000. The new equipment is expected to last 12 years, i.e. 14 years from now.  What is the equivalent annual cost of this approach?  (Treat the cost of the existing equipment as a sunk cost.)





Equivalent Annual Cost = _______________


  1. b) In this scenario, you expect that your equipment will last 5 more years if you extend its life via maintenance and refurbishment right now, at a cost of $10,000. At the end of 5 years, you expect to purchase a new piece of equipment (of comparable capacity and quality) for $55,000. The new equipment is expected to last 14 years, i.e. 19 years from now.  What is the equivalent annual cost of this approach?  (Treat the cost of the existing equipment as a sunk cost.)





Equivalent Annual Cost = _______________


  1. c) Which alternative has the lower EAC? Which alternative would you choose? Are there any other factors (inherent in the problem) that would cause you to consider the other option than the one you chose, i.e. what potential errors–if any–could your choice entail?







  1. (25 pts.)  Your business is about to sign a lease requiring $3,000 per month rent.  Your rent is due at the beginning of the month and you are considering a 24-month lease.


  1. a) Using a 12% APR what is the present value of the lease payments?




PV = _______________


  1. b) Your CEO is anxious to sign the lease. However, due to the recent recession, you (as CFO) negotiate a more favorable payment schedule with your landlord. Your landlord–who is also anxious to sign the lease–agrees and the new payment schedule delays each of the first 12 payments by 1 month.  Further, each of the last 12 payments will be delayed by two months.


Using a 12% APR, and your renegotiated schedule, what is the present value of these lease payments?






PV = _______________


  1. c) How much did you save the firm, in present value terms?



Change in PV = _______________


  1. (25 pts.)  You will see below the Alpha product review for Team South (for a different class than yours) in Year 6 of the Beacon Simulation.


  1. i) What is the payback period for spending in Development? (You may need to make assumptions in order to perform this calculation.  Clearly note any assumptions that you make.  Answer as a decimal, e.g. “1.1 years”.  Hint: you need to quantify both the cost of development and then the corresponding benefit of development spending. Construct a cash flow timeline.)




Payback period = _________  years


  1. ii) Assume the impact of the Year 6 Development spending continues in perpetuity with no growth. Assume a 12% cost of capital. What is the NPV of the $300K spending in Development?




NPV = $ _____ K


iii) Now assume the impact of this development spending will not be felt in perpetuity but over 10 years only (i.e. in Years 7-16).  Recalculate the NPV of the $300K spending in Development.





NPV’ = $ _____ K


  1. iv) How many IRRs will this project have?



  1. v) Is the IRR of this project greater than or less than 12%? Underline one of the following choices: Less than 12%         indeterminate              Greater than 12%





Finance 325, Fall 2020, Midterm

Answer Section




  1. ANS: F

An undiversified investor will prefer the lower standard deviation of Stock B.


A well-diversified investor is more concerned with market risk than with unique risk and would prefer Stock A.


PTS:   1


  1. ANS: T

The key item, of course, is all else equal.


PTS:   1


  1. ANS: T

The IRR rule would say to choose Project F as it has a higher IRR.  However, at low discount rates, anyone choosing Project F would be making a mistake as Project G has higher NPV at lower discount rates.


PTS:   1


  1. ANS: T

If g =  r, then all the terms of the perpetuity have the same present value and then you are adding up the present values of an infinite number of such terms and that would give you an infinite present value.


If g>r, then you have the same situation only it’s worse as the present values of each of the terms are getting larger.  Also makes no economic sense.


If g<r, then the present value of each successive term is getting smaller.  This enables the infinite sum of these decreasingly-small present values to add up to a single number.  (In math terms that is called “convergence.”)


PTS:   1


  1. ANS: F

If T-Note yields have fallend, and if the yield spread is the same, then the firm can “call” its existing loans and refinance at much lower rates, potentially saving large amounts of interest expense.


However, if T-Note yields have increased, then your firm should remain happy that it has already contractually guaranteed a low rate of interest on its loans.  It should definitely not refinance those loans at a higher rate of interest.


PTS:   1


  1. ANS: F

TSLA is more exposed to macroeconomic risk and thus has a CAPM beta greater than 1.0.


PTS:   1


  1. ANS: F                    PTS:   1


  1. ANS: F                    PTS:   1


  1. ANS: T

Firm A will do much better than Firm B when the economy does well but will do much worse when the economy does poorly.  Thus Firm A will likely have a higher CAPM asset beta.  And since the firms are financed with the same debt ratio, Firm A will also have a higher CAPM equity beta.


PTS:   1


  1. ANS: T                    PTS:   1




  1. ANS: B                    PTS:   1


  1. ANS: D

rE> rA> rD


PTS:   1


  1. ANS: D

The contract itself likely has a negative expected return and is negatively correlated to this student’s portfolio of assets.  (They typical student has very little cash, no financial assets, limited possessions, the value of the car itself, and the value of his/her human capital.)  Thus the contract has low/negative beta.


PTS:   1


  1. ANS: E

Depreciate $600K over 10 years, or $60K/year.  6 years depreciation is $360K, thus book value is 800K – 360K = 440K.


PTS:   1


  1. ANS: A

Firm-specific risk is diversifiable.


PTS:   1


  1. ANS: C

Beta is given as the slope of the line of best fit in this model.


PTS:   1


  1. ANS: B                    PTS:   1


  1. ANS: B                    PTS:   1


  1. ANS: C                    PTS:   1


  1. ANS: A

There will be 500^2 terms total, or 250,000 terms.  500 will be firm-specific.  The other 249,500 terms will be interaction terms related to the various covariances.


PTS:   1




  1. ANS:

r_PFE = 5 + 0.58*7.6 – 0.47*3.7 -0.15*5.2 = 6.89%


PTS:   1


  1. ANS:

Portfolio Variance = (0.35*0.16)^2 + (0.65*0.12)^2 + 2*(0.35*0.16)*(0.65*0.12)0.30

= 0.00314 + 0.00608 + 0.00262 = 0.0118


Portfolio std. deviation = 0.0118^0.5 = 10.9%


Note that the portfolio std. deviation is less than that for either stock.


PTS:   1


  1. ANS:
  2. D b. S c. D     d. D


The CEO will care more about firm-specific risk than shareholders.  Shareholders are generally diversified.  The CEO, however, is typically not diversified or is typically far less diversified than shareholders.  The CEO’s personal wealth will be very much overweighted depending on the firm’s results.  The CEO may have stock options and incentives to reward performance.  But even the CEO’s current and future salary depend more on the success of the firm.


Since the shareholders don’t care so much about firm-specific risk, you can see that they will likely tolerate more such risk than the CEO or the management team.


PTS:   1


  1. ANS:

There are a few ways to figure this out.


One way is to consider separately the maintenance (a 10-year annuity) versus the impact of depreciation (7-year annuity).  Remember that the tax effect of depreciation is favorable and will offset, to some extent, the other costs.


The PV of after-tax maintenance costs is:  PV_m =  (20*0.65/0.08)(1-1/1.08^10) = $87.23K


The PV of the depreciation tax shield is:  PV_dep = ((150/7)*0.35/0.08)(1-1/1.08^7) = $39.05K


The NPV of the cost of the machine = -$150K – 87.23K + $39.0K = -$198.18K


PTS:   1


  1. ANS:

(2382.12/1387.17)^(1/10) – 1 = 5.56% per year.


PTS:   1


  1. ANS:

A/R = $4.5M*(60/365) = $740K.


A/P = $3.9M*(31/365) = $331K


These figures closely resemble 2011 estimates for the MMDC division in the NHDC case.


PTS:   1


  1. ANS:

The returns of the portfolio are:


-24%,   -36%,   9%.


Average portfolio return is -17%

The deviations from their means are (in percentage terms):

-7,   -19,  26


Portfolio Variance = (1/(3-1))*(49 + 361 +676 ) = 1086/2 = 543 (Really 0.0543, if you were keeping score in decimal form)


Standard deviation = 543^0.5 = 23.3%


(Note that this problem follows closely your Bb homework assignment.)

Here is a snapshot that lays it out efficiently and correctly.  (The square root sign was omitted, but was used.)


PTS:   1


  1. ANS:

Cash flows are:

t=1, $10

t=2, $11

t=3, $11.55

3% per year thereafter.


PV = 10/1.08 + 11/1.08^2 + (1/1.08^2)*(11.55 / (0.08 – 0.03) ) = $216.74


Alternatively, and longer way to do it…


PV = 10/1.08 + 11/1.08^2 + 11.55/1.08^3 +  (1/1.08^3)*(11.55*1.03 / (0.08 – 0.03) ) = $216.74


PTS:   1




  1. ANS:
  2. a) Fixing the problem provides the firm a delayed perpetuity. Takes 5 months to fix the problem.  The benefit starts with the $1,000 cash flow at the end of month 6.


PV of Benefits of the Fix = (1/1.01^5)*($1,000/0.01) = $100K/1.01^5=$95.15K.


The costs of the fix are an annuity.  PV of Costs = (12/0.01)(1-1/1.01^5) = $58.24K.


The NPV to fix the problem is: 95.15 – 58.24 = +36.9.


The firm should fix the problem and generally firms will fix problems if they’re viewed as significant and perpetual.


  1. b) Fixing the problem provides the firm a delayed- annuity of 31-months of benefits.


PV of Fix = (1/1.01^5)*{(1/0.01)(1-1/1.01^31)} = $28.65K.


The costs of the fix are an annuity, same as in part (a).  PV of Costs = (12/0.01)(1-1/1.01^5) = $58.24K.


The NPV to fix the problem is: 28.65 – 58.24 = -29.59.  The firm should NOT fix the problem.


Generally firms will NOT fix problems if they’re viewed as insignificant and temporary.


PTS:   1


  1. ANS:
  2. a) Find PV of costs: PV = $50K/1.05^2 = $45.35K


Calculate EAC_a, given a 14-year timeline:


$45.35K = (EAC_a/0.05)(1-1/1.05^14)

EAC_a = $4.58K


  1. b) Find PV of costs: PV = $10K + $55K/1.05^5 = $53.09K


Calculate EAC_b, given a 19-year timeline:


$53.09K = (EAC_b/0.05)(1-1/1.05^19)

EAC_b = $4.39K


  1. c) The lower EAC is with choice b.


However, and this is a stretch, it could be that the quality of equipment available at time t=14 is much better than we  currently expect and therefore the EAC will drop once it becomes apparent that such equipment is available.  But forecasting prices 14 years in the future is a crapshoot, so to speak, and can’t really be done with any precision.


Also, you may think there are additional innovations that may arise over the next 5 years that are not now on the drawing board.  So there is some “option value” in delaying your purchase until the next generation of technology arrives.  The U.S. military, by the way, faces this problem all the time.  Do we order equipment today, using the technology that is on the drawing board now, or do we wait a number of years until the next generation of innovations will deliver more powerful products?


For a down-home version of this question, you can ask me why I didn’t paint my fence by my house, now 19-years old.  Or put money/effort into maintaining my 15-year old water heater.  Or why I do very little maintenance on my 17-year-old car, or…you get the idea.


PTS:   1


  1. ANS:

It is critical to understand that 12% APR corresponds to a discount rate of 1% per month.


  1. a) This is a 24-month annuity with payments up-front, i.e. an annuity due.


PV = 3 + (3/0.01)(1-1/1.01^23) = $64.37K

Alternatively, you can calculate


PV = (3/0.01)(1-1/1.01^24)*1.01 = $64.37K


You get the same answer either way.



  1. b) You now have two delayed annuities, each annuity is 12 payments.

The first annuity has PV as of time 0 of

PV =  (3/0.01)(1-1/1.01^12) = $33.77K


The second annuity has payments that start at month 14 and go to month 25.  The PV of these payments as of time 0 is


PV =  (3/0.01)(1-1/1.01^12) / 1.01^13 = $33.77K / 1.01^13 = $29.67K


The PV of these two delayed annuities is


33.77 + 29.67 = $63.44K


  1. c)

Change in PV = $64.37K – $63.44K = $0.93K, which is approximately 1.5% of the PV of the original lease.


PTS:   1


  1. ANS:
  2. i) You can see that Team South sold out in Year 6, selling 325K units.  We will assume 325K units per year going forward.  The cost of development was $300K in Year 6.  The variable unit cost (starting in Year 7) is $0.61 less per unit ($58.79 versus $59.40).  That implies a savings of 325K*$0.61 = $198.25K per year.  That implies a payback period of 1.6 years since 300/198.25 = 1.51.


  1. ii) NPV = – 300 + 198.25/0.12 = $1352K



iii) The unit cost savings form a 10-year annuity.  NPV’ = -300  + 198.25/0.12*(1-1/1.12^10) = 820K



  1. iv) The project has 1 change in sign and thus will have a single IRR.


  1. v) The IRR will be greater than 12%. It is very high in fact at 65.7%.


PTS:   1




NAME: ___________________________   

(Your midterm is graded anonymously, only put your name in the above space.)




  1. Please put everything under your desk, except for your pen or pencil, note page, and calculator. If you need to use the rest room do so now.  You may not return to the room after the midterm starts.


  1. Budget your time! You should finish the T/F and M/C in 20 minutes or less.  Try to give more time to the questions having more points.  There is a strict cut-off time.  You will incur a late penalty for not handing your exam in on time.  Avoid leaving large number point questions blank. 


  1. Tell me what your are thinking on the written answers. If you are on the right track, you will get partial credit. (If you don’t show your work, I cannot give you any partial credit.)  If you are bluffing, and give me 10 ideas—hoping one of them is correct—you will get no partial credit.  And it will waste your time.  Be clear and concise.  Shorter answers, all else equal, get more partial credit than long answers.  If you have poor handwriting, my apologies but if I can’t read it I’m not going to phone you to ask your interpretation.  I grade what’s on the paper, and only what’s on the paper.  I can only grade output, not input.


  1. Input responses on your iClicker as you go. You must also indicate your responses in writing on the exam.  Scroll through your answers to make sure you have answered all questions.


  1. Answers available on Blackboard/SampleTests. Your raw score on the T/F and M/C will be available on Bb/gradecenter.


When Done:

Place your note sheet face-up behind the first page of your exam.  Make sure your name is on your exam paper above and on your note page.  Simply turn off your iClicker


If you leave early, please hold conversations until you’ve exited the building. 


Thank you for your cooperation! 


T/F                              (20 pts)     + M/C (40 pts)   =              _________


Short Answer              (80 pts)            _________


Long Answer              (110 pts)          _________


Total                           (250 pts)         _________


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