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A business holds an inventory item with an economic order quantity of 800 units. Supply lead times and usage rates for the item are as follows:
MaximumAverageMinimum
Supply lead time20 days12 days6 days
Daily usage25 units20 units10 units
The business wishes to avoid any risk of running out of this inventory item.
What is the size of the buffer inventory (using average figures) and the maximum level of inventory?

• A. Average size of buffer inventory 260 units, Maximum level of inventory 1,240 units
• B. Average size of buffer inventory 560 units, Maximum level of inventory 740 units
• C. Average size of buffer inventory 260 units, Maximum level of inventory 740 units
• D. Average size of buffer inventory 560 units, Maximum level of inventory 1,240 units

Tamen Group Plc, a large conglomerate with businesses in a variety of different sectors, is considering a bid to acquire one of its manufacturing businesses. The senior managers in charge of the manufacturing businesses would leave Tamen Co in order to run that business as an independent company.
Which of the following terms would best describe this situation?

• A. A demerger
• B. A spin-off
• C. A divestment
• D. A liquidation

It has been suggested that preference shares have the following attributes:
1.They are secured on the company's assets.
2.They pay a fixed percentage dividend.
3.They rank before creditors in the event of company liquidation.
4.Their dividends are not an allowable expense for taxation purposes.
Which of the above statements are correct?

• A. 2 and 4
• B. 2 and 3
• C. 1 and 3
• D. 1 and 2

When projects are appraised using discounted cash flow methods, two approaches to dealing with inflation could be used. These are:
1.To exclude inflation from the estimated future cash flows and to apply a discount rate based on the money cost of capital.
2.To include inflation in the estimated future cash flows and to apply a discount based on the real cost of capital.
Which ONE of the following combinations (true/false) is correct?

• A. Statement 1 = True, Statement 2 = False
• B. Statement 1 = True, Statement 2 = True
• C. Statement 1 = False, Statement 2 = True
• D. Statement 1 = False, Statement 2 = False

Malus Co has recently announced after-tax profits of $12 million and has a marketcapitalizationof $60 million. The company expects profits to increase by 25% for the forthcoming year but then to increase at the much lower rate of 4% per year in subsequent years. The company will maintain a constant dividend cover of 1*5 times throughout.
Which ONE of the following is the predicted rate of return from the ordinary shares?

• A. 16.7%
• B. 17.3%
• C. 12.7%
• D. 20.7%