Managerial Finance Practice Exam
Course Introduction
Managerial Finance explores the principles and practices that underpin financial decision-making within organizations. The course covers key concepts such as financial statement analysis, budgeting, forecasting, capital structure, valuation, risk assessment, and working capital management. Through case studies and practical applications, students learn how managers use financial information to plan, control, and evaluate business operations, make investment choices, and optimize value for shareholders. Emphasis is placed on applying financial theory to real-world business problems, equipping students with the analytical tools needed to support strategic corporate decisions.
Recommended Textbook
Corporate Finance 3rd Edition by Jonathan Berk
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Page 2
Chapter 1: The Corporation
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Q1) Which of the following statements is FALSE?
A) In bankruptcy, management is given the opportunity to reorganize the firm and renegotiate with debt holders.
B) Because a corporation is a separate legal entity, when it fails to repay its debts, the people who lent to the firm, the debt holders are entitled to seize the assets of the corporation in compensation for the default.
C) As long as the corporation can satisfy the claims of the debt holders, ownership remains in the hands of the equity holders.
D) If the corporation fails to satisfy debt holders' claims, debt holders may lose control of the firm.
Answer: D
Q2) How much would you receive if you sold 200 shares of XYZ stock on November 11th?
A) $5050
B) $5040
C) $5186
D) $5200
Answer: B
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Page 3
Chapter 2: Introduction to Financial Statement Analysis
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Q1) Perrigo's price-earnings ratio (P/E) is closest to:
A) 15.96
B) 21.85
C) 29.77
D) 35.64
Answer: B
Q2) If Moon Corporation's gross margin declined, which of the following is TRUE?
A) Its cost of goods sold increased.
B) Its cost of goods sold as a percent of sales increased.
C) Its sales increased.
D) Its net profit margin was unaffected by the decline.
Answer: B
Q3) Suppose Novak Company experienced a reduction in its ROE over the last year. This fall could be attributed to:
A) an increase in net profit margin.
B) a decrease in asset turnover.
C) an increase in leverage.
D) a decrease in Equity.
Answer: B
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Page 4
Chapter 3: Financial Decision Making and the Law of One
Price
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Q1) If the value of security "C" is $180, then what must be the value of security "A"?
A) $80
B) $90
C) $100
D) Unable to determine without the risk-free rate.
Answer: A
Q2) Walgreen Company (NYSE: WAG) is currently trading at $48.75 on the NYSE. Walgreen Company is also listed on NASDAQ and assume it is currently trading on NASDAQ at $48.50. Does an arbitrage opportunity exists and if so how would you exploit it and how much would you make on a block trade of 100 shares?
A) No, no arbitrage opportunity exists.
B) Yes, buy on NASDAQ and sell on NYSE, make $25.
C) Yes, buy on NYSE and sell on NASDAQ, make $25.
D) Yes, buy on NASDAQ and sell on NYSE, make $250.
Answer: B
Q3) The price per share of the ETF in a normal market is:
Answer: Value of ETF = 2 × 121.57 + 3 × 36.59 + 3 × 3.15 = $362.36
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Page 5
Chapter 4: The Time Value of Money
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Q1) At an annual interest rate of 7%, the future value of this timeline in year 2 is closest to:
A) $3,080
B) $3,525
C) $3,770
D) $4,035
Q2) The ranking of the four alternatives from most valuable to least valuable if the interest rate is 7% per year would be:
A) 1, 2, 3, 4
B) 4, 3, 2, 1
C) 3, 4, 2, 1
D) 3, 1, 2, 4
Q3) If the appropriate interest rate is 8%, then present value of $500 paid at the end of each of the next 40 years is closest to:
A) $23
B) $5,962
C) $6,439
D) $20,0000
Q4) The future value at retirement (age 65) of your savings is:
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6
Chapter 5: Interest Rates
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Q1) You are in the process of purchasing a new automobile that will cost you $25,000. The dealership is offering you either a $1,000 rebate (applied toward the purchase price) or 3.9% financing for 60 months (with payments made at the end of the month). You have been pre-approved for an auto loan through your local credit union at an interest rate of 7.5% for 60 months. Should you take the $2000 rebate and finance through your credit union or forgo the rebate and finance through the dealership at the lower 3.9% APR?
Q2) The highest effective rate of return you could earn on any of these investments is closest to:
A) 6.250%
B) 6.267%
C) 6.295%
D) 6.310%
Q3) Interest on James Taggart's credit card balances are compounded daily at an effect annual rate of 14.91%. The APR on his credit card is closest to:
A) 13.90%
B) 13.95%
C) 14.91%
D) 16.08%
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Page 7
Chapter 6: Valuing Bonds
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Q1) Which of the following statements is FALSE?
A) By convention, practitioners always plot the yield of the most senior issued bonds, termed the on-the-run-bonds.
B) We can determine the no-arbitrage price of a coupon bond by discounting its cash flows using the zero-coupon yields.
C) If the zero coupon yield curve is upward sloping, the resulting yield to maturity decreases with the coupon rate of the bond.
D) The yield to maturity of a coupon bond is a weighted average of the yields on the zero-coupon bonds.
Q2) The price (expressed as a percentage of the face value) of a one-year, zero-coupon corporate bond with a AAA rating is closest to:
A) 94.70
B) 95.60
C) 94.16
D) 95.42
Q3) What is the price today of a two-year, default-free security with a face value of $1000 and an annual coupon rate of 5.75%? Does this bond trade at a discount, premium, or at par?
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Page 8
Chapter 7: Investment Decision Rules
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Q1) Which of the following statements is FALSE?
A) The payback rule is useful in cases where the cost of making an incorrect decision might not be large enough to justify the time required for calculating the NPV.
B) The payback rule is reliable because it considers the time value of money and depends on the cost of capital.
C) For most investment opportunities expenses occur initially and cash is received later.
D) Fifty percent of firms surveyed reported using the payback rule for making decisions.
Q2) What is one of the incremental IRRs for project B over project A? Would you feel comfortable basing your decision on the incremental IRR?
Q3) The internal rate of return (IRR) for project A is closest to:
A) 7.7%
B) 21.6%
C) 23.3%
D) 42.9%
Q4) If the discount rate for project A is 16%, then what is the NPV for project A?
Q5) If the discount rate for project B is 15%, then what is the NPV for project B?
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Chapter 8: Fundamentals of Capital Budgeting
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Q1) The difference between scenario analysis and sensitivity analysis is that:
A) scenario analysis is based upon the IRR and sensitivity analysis is based upon NPV.
B) only sensitivity analysis allows us to change our estimated inputs of our NPV analysis.
C) scenario analysis considers the effect on NPV of changing multiple project parameters.
D) only scenario analysis breaks the NPV calculation into its component assumptions.
Q2) The depreciation tax shield for Shepard Industries project in year two is closest to:
A) $84
B) $196
C) $72
D) $96
Q3) Calculate the total Free Cash Flows for each of the three years for the Sisyphean Corporation's new project.
Q4) Epiphany would like to know how sensitive the project's NPV is to changes in the discount rate. How much can the discount rate vary before the NPV reaches zero?
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Chapter 9: Valuing Stocks
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Q1) Growing Real Fast Company (GRF) is expected to have a 25 percent growth rate for the next four years (effecting D<sub>1</sub>, D<sub>2</sub>, D<sub>3</sub>, and D<sub>4</sub>). Beginning in year five, the growth rate is expected to drop to 7 percent per year and last indefinitely. If GRF just paid a $2.00 dividend and the appropriate discount rate is 15 percent, then what is the value of a share of GRE?
Q2) Which of the following statements is FALSE?
A) The fact that a firm has an exceptional management team, has developed an efficient manufacturing process, or has just secured a patient on a new technology is ignored when we apply a valuation multiple.
B) Valuation multiples have the advantage that they allow us to incorporate specific information about the firm's cost of capital or future growth.
C) For firms with substantial tangible assets, the ratio of price to book value of equity per share is sometimes used.
D) Using multiples will not help us determine if an entire industry is overvalued.
Q3) What are some common multiples used to value stocks?
Q4) Calculate the enterprise value for DM Corporation.
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Chapter 10: Capital Markets and the Pricing of Risk
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Q1) Which of the following statements is FALSE?
A) The standard error provides an indication of how far the sample average might deviate from the expected return.
B) The 95% confidence interval for the expected return is defined as the Historical Average Return plus or minus three standard errors.
C) We can use a security's historical average return to estimate its actual expected return.
D) The standard error is the standard deviation of the average return.
Q2) The expected return on security "Y" is closest to:
A) 0%
B) 4%
C) 10%
D) 15%
Q3) The expected overall payoff to Bank B is:
A) $5,000,000
B) $6,000,000
C) $94,000,000
D) $95,000,000
Q4) What is the market portfolio?
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Chapter 11: Optimal Portfolio Choice and the Capital Asset
Pricing Model
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Q1) Suppose that the risk-free rate is 5% and the market portfolio has an expected return of 13% with a volatility of 18%. Luther Industries has a volatility of 24% and a correlation with the market of .5. If you assume that the CAPM assumptions hold, then what is the expected return on Luther stock?
Q2) The beta for Wyatt Oil is closest to:
A) 0.75
B) 0.80
C) 1.00
D) 1.10
Q3) The volatility of a portfolio that is consists of a long position of $10000 in Wal-Mart and a short position of $2000 in Microsoft is closest to:
A) 9%
B) 14%
C) 11%
D) 12%
Q4) Consider a portfolio consisting of only Microsoft and Wal-Mart stock. Calculate the expected return on such a portfolio when the weight on Microsoft stock is 0%, 25%, 50%, 75%, and 100%
Q5) Calculate the covariance between Stock Y's and Stock Z's returns .
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Chapter 12: Estimating the Cost of Capital
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Q1) Luther's after-tax debt cost of capital is closest to:
A) 4.2%
B) 5.4%
C) 7.0%
D) 9.8%
Q2) Which of the following statements is FALSE?
A) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.
B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.
C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.
D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.
Q3) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the four stocks will you hold? What percentage of the shares outstanding of each stock will you hold?
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Chapter 13: Investor Behavior and Capital Market Efficiency
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Q1) Using the FFC four factor model and the historical average monthly returns, the expected monthly return for GE is closest to:
A) 0.53%
B) 0.73%
C) 0.79%
D) 0.71%
Q2) Which of the following statements is FALSE?
A) The most important example of non-tradeable wealth is human capital.
B) If investors have a significant amount of non-tradeable wealth, this wealth will be an important part of their portfolios, but will not be part of the market portfolio of tradeable securities.
C) If the entire portfolio of investments is efficient, then just the tradeable part of the portfolio should be efficient also.
D) Researchers have found evidence that the presence of human capital can explain at least part of the reason for the inefficiency of the most commonly used market proxies.
Q3) Explain why the market portfolio proxy may not be efficient.
Q4) What does the existence of a positive alpha investment strategy imply?
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Chapter 14: Capital Structure in a Perfect Market
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Q1) If Rockwood finances their expansion by issuing new stock, what will Rockwood's cost of equity capital be?
A) 12%
B) 15%
C) 8%
D) 10%
Q2) Which of the following statements is FALSE?
A) As long as investors can borrow or lend at the same interest rate as the firm, homemade leverage is a perfect substitute for the use of leverage by the firm.
B) When investors use leverage in their own portfolios to adjust the leverage choice made by the firm, we say that they are using homemade leverage.
C) The value of the firm is determined by the present value of the cash flows from its current and future investments.
D) The investor can re-create the payoffs of unlevered equity by borrowing and using the proceeds to purchase the equity of the firm.
Q3) What is the conservation of value principle?
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16
Chapter 15: Debt and Taxes
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Q1) Rearden Metal has no debt, and maintains a policy of holding $50 million in excess cash reserves, invested in risk free treasury securities currently yielding 4%. If Rearden is in the 40% marginal tax bracket, the cost of permanently maintaining this $50 million reserve is closest to:
A) $0.8 million
B) $1.2 million
C) $20.0 million
D) $30.0 million
Q2) The value of Shepard Industries with leverage is closest to:
A) $64 million
B) $100 million
C) $135 million
D) $114 million
Q3) The total amount available to payout to all the investors in Kroger in 2005 is closest to:
A) $190 million
B) $847 million
C) $745 million
D) $290 million
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Page 17
Chapter 16: Financial Distress, Managerial Incentives, and Information
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Q1) Which of the following is NOT an indirect cost of bankruptcy?
A) Loss of suppliers
B) Fire sales of assets
C) Costs of appraisers
D) Loss of employees
Q2) What is the overall expected payoff under JR's new riskier business strategy?
A) $4 million
B) $11 million
C) $20 million
D) $15 million
Q3) Assume that EGI decides to wait until after the release of the new video game before they raise the $100 million through the issuance of new shares. EGI's share price following the release of the new video game will be closest to:
A) $18.00
B) $20.00
C) $16.00
D) $19.00
Q4) List five general categories of indirect costs associated with bankruptcy.
Page 18
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Chapter 17: Payout Policy
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Q1) Which of the following statements is FALSE?
A) Individuals in the highest tax brackets have a preference for stocks that pay high dividends, whereas tax-free investors and corporations have a preference for stocks with no or low dividends.
B) To compare investor preferences, we must quantify the combined effects of dividend and capital gains taxes to determine an effective dividend tax rate for an investor.
C) The dividend-capture theory states that absent transaction costs, investors can trade shares at the time of the dividend so that non-taxed investors receive the dividend.
D) Differences in tax preferences create clientele effects, in which the dividend policy of a firm is optimized for the tax preference of its investor clientele.
Q2) If Luther decides to pay the dividend immediately the dividend per share will be closest to:
A) $1.05
B) $5.25
C) $5.00
D) $4.75
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Chapter 18: Capital Budgeting and Valuation With Leverage
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Q1) If Wyatt adjusts its debt continuously to maintain a constant debt-equity ratio of 50%, then the value of this new project is closest to:
A) $188 million
B) $188.5 million
C) $320 million
D) $340 million
Q2) Assume that to fund the investment Taggart will take on $150 million in permanent debt with the remainder of the investment funded by a cut in dividends. Assuming Taggart will incur a 2% (after-tax) underwriting fee on the new debt issue, the NPV of Taggart's new rail line is closest to:
A) $195 million
B) $200 million
C) $235 million
D) $240 million
Q3) The Free Cash Flow-to-Equity (FCFE) for the acquisition in year 1 is closest to:
A) $4.7 million
B) $6.5 million
C) $8.3 million
D) $6.8 million
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Page 20
Chapter 19: Valuation and Financial Modeling: a Case Study
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Q1) The amount of the increase in net working capital for Ideko in 2008 is closest to:
A) $4,685
B) $3,665
C) $4,090
D) $5,230
Q2) Assuming that Ideko has a EBITDA multiple of 9.4, then the continuation unlevered P/E ratio of Ideko in 2010 is closest to:
A) 17.2
B) 16.4
C) 14.5
D) 19.4
Q3) Assuming that Ideko has a EBITDA multiple of 8.5, then the continuation unlevered P/E ratio of Ideko in 2010 is closest to:
A) 17.6
B) 16.4
C) 14.5
D) 19.0
Q4) What is the purpose of the sensitivity analysis?
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Chapter 20: Financial Options
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Q1) Which of the following statements is FALSE?
A) The intrinsic value of an option is the value it would have if it expired immediately.
B) A European option cannot be worth less than its American counterpart.
C) Put options increase in value as the stock price falls.
D) A put option cannot be worth more than its strike price.
Q2) Describe the conditions when it would be optimal to exercise an American Call and an American Put option prior to their expiration.
Q3) You pay $3.25 for a call option on Luther Industries that expires in three months with a strike price of $40.00. Three months later, at expiration, Luther Industries is trading at $41.00 per share. Your profit per share on this transaction is closest to:
A) -$1.00
B) $1.00
C) -$2.25
D) $2.25
Q4) You have decided to buy 10 January 2009 call options on Merck with an exercise price of $45 per share. How much will this transaction cost you and are these contracts in or out of the money?
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Page 22
Chapter 21: Option Valuation
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Q1) Which of the following is NOT an input required by the Black-Scholes option pricing model?
A) The expected volatility of the stock
B) The expected return on the stock
C) The risk-free interest rate
D) The current stock price
Q2) The Black-Scholes of a one-year, at-the-money call option on Taggart stock is closest to:
A) 0.2850
B) 0.4840
C) 0.5160
D) 0.6141
Q3) Using the binomial pricing model, the calculated price of a one-year put option on KD stock with a strike price of $20 is closest to:
A) -7.7
B) 2.4
C) 4.6
D) -1.8
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23
Chapter 22: Real Options
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Q1) Describe the two factors that affect the value of an investment timing option?
Q2) The two different types of node on a decision tree are:
A) information and decision nodes.
B) information and uncertainty nodes.
C) uncertainty and decision nodes.
D) go to meet and stay home nodes.
Q3) Which of the following statements is FALSE?
A) In particular, because real options allow a decision maker to choose the most attractive alternative after new information has been learned, the presence of real options adds value to an investment opportunity.
B) To make an investment decision correctly, the value of embedded real options must be included in the decision-making process.
C) A key distinction between a real option and a financial option is that real options, and the underlying assets on which they are based, are often traded in competitive markets.
D) We can compute the value of the real option by comparing the expected profit without the real option to the value with the option.
Q4) Do out-of-the-money real options have value?
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24
Chapter 23: Raising Equity Capital
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Q1) Assuming that this is the venture capitalist's first investment in your firm, the post-money valuation of your shares are closest to:
A) $5.0 million
B) $12.5 million
C) $4.0 million
D) $2.5 million
Q2) What will the offer price of these shares be if Luther is selling 800,000 shares?
Q3) Which of the following statements is NOT true regarding venture capitalists?
A) They can provide substantial capital for young companies.
B) They firms offer limited partners a number of advantages over investing directly in start-ups themselves as angel investors.
C) They use their control to protect their investments, so they may therefore perform a key nurturing and monitoring role for the firm.
D) They might invest for strategic objectives in addition to the desire for investment returns.
Q4) Describe the four characteristics of IPOs that puzzle financial economists.
Q5) What will the proceeds from the IPO be if Luther is selling 1.1 million shares?
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Page 25
Chapter 24: Debt Financing
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Q1) Mortgages that do not meet certain credit criteria and have a high probability of default are know as ________ mortgages.
A) prepayment
B) pooled
C) under-water
D) subprime
Q2) Rearden Metal has just issued a callable, $1000 par value, twenty-year, 8% coupon bond with semiannual coupon payments. The bond can be called at par in five years or anytime thereafter on a coupon payment date. If the bond is currently trading for $1040.79, then its yield to call is closest to:
A) 3.8%
B) 7.0%
C) 7.6%
D) 8.0%
Q3) What is the Yield to Call (YTC) on this bond?
Q4) What is the Yield to Maturity (YTM) on this bond?
Q5) What is the Yield to Maturity (YTM) on this bond?
Q6) What is the Yield to Call (YTC) on this bond?
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Chapter 25: Leasing
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Q1) A lease will be treated as a non-tax lease if it satisfies any of the following conditions EXCEPT:
A) the property may be acquired the fair market value of the asset at the time when the option may be exercised.
B) some portion of the lease payments is specifically designated as interest or its equivalent.
C) the lessee receives ownership of the asset on completion of all lease payments.
D) the total amount that the lessee is required to pay for a relatively short period of use constitutes an inordinately large proportion of the total value of the asset.
Q2) Calculate the monthly lease payments for a four year $1.00 out lease of the Bulldozer.
Q3) Assuming that Rearden's annual lease payments are $1.1 million, then the amount of the lease-equivalent loan is closest to:
A) $3.7 million.
B) $3.8 million.
C) $3.9 million.
D) $4.0 million.
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Chapter 26: Working Capital Management
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Q1) The amount of cash a firm needs to be able to pay its bills is sometimes referred to as a(n):
A) operating balance.
B) compensating balance.
C) transactions balance.
D) precautionary balance.
Q2) Your firm purchases goods from its supplier on terms of 1/10, net 30. The effective annual cost to your firm if it chooses not to take advantage of the trade discount offered and stretches the accounts payable to 45 days is closest to:
A) 13.0%
B) 11.1%
C) 15.9%
D) 20.1%
Q3) Calculate the number of days in Luther's Operating Cycle.
Q4) The percentage of Wyatt's receivables that are past due is closest to:
A) 20.1%
B) 32.1%
C) 38.3%
D) 42.2%
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Chapter 27: Short-Term Financial Planning
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Q1) Which of the following statements is FALSE?
A) When following a conservative financing policy, a firm would use long-term sources of funds to finance its fixed assets, permanent working capital, and some of its seasonal needs.
B) An aggressive financing policy also increases the possibility that managers of the firm will use excess cash nonproductively-for example, on perquisites for themselves.
C) A firm could finance its short-term needs with long-term debt, a practice known as a conservative financing policy.
D) To implement a conservative financing policy effectively, there will necessarily be periods when excess cash is available-those periods when the firm requires little or no investment in temporary working capital.
Q2) A loan agreement requires that the firm pay interest on the loan and pay back the principal in one lump sum at the end of the loan is called:
A) a short-term mortgage loan.
B) a single, end-of-period-payment loan.
C) a bridge loan.
D) a line of credit.
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Chapter 28: Mergers and Acquisitions
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Q1) Which of the following questions is FALSE?
A) Any acquirer shares received in full or partial exchange for target shares triggers an immediate tax liability for target shareholders.
B) In a friendly takeover, the target board of directors supports the merger, negotiates with potential acquirers, and agrees on a price that is ultimately put to a shareholder vote.
C) How the acquirer pays for the target affects the taxes of both the target shareholders and the combined firm.
D) If the acquirer purchases the target assets directly (rather than the target stock), then it can step up the book value of the target's assets to the purchase price.
Q2) Assuming you get 50% control of Associated Steel, then the price of the non-tendered shares will be closest to:
A) $12.50
B) $15.00
C) $17.50
D) $20.00
Q3) What is a white knight?
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Chapter 29: Corporate Governance
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Q1) What is the difference between Inside, gray, and outside directors?
Q2) Which of the following statements is FALSE?
A) The Cadbury Commission stiffened the criminal penalties for providing false information to shareholders.
B) The Exchange Acts of 1933 and 1934, among other things, established the Securities and Exchange Commission (SEC) and prohibited trading on private information gained as an insider of a firm.
C) Many of the problems at Enron, WorldCom, and elsewhere were kept hidden from boards and shareholders until it was too late. In the wake of these scandals, many people felt that the accounting statements of these companies, while often remaining true to the letter of GAAP, did not present an accurate picture of the financial health of a company.
D) While one study found that those firms that separated the position of CEO and chairman performed better, another found no relation between the independence of key board committees and firm performance in the post-Cadbury era.
Q3) What is the role of takeovers in corporate governance?
Q4) Describe the "stakeholder" model of corporate governance.
Q5) How does a pyramid structure work?
Q6) Describe the main requirements of the Sarbanes-Oxley Act of 2002.
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Chapter 30: Risk Management
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Q1) To cover the costs that result if some aspect of the business causes harm to a third party or someone else's property a firm would purchase:
A) business interruption insurance.
B) property insurance.
C) business liability insurance.
D) key personnel insurance.
Q2) Farmville Industries is a major agricultural firm and is concerned about the possibility of drought impacting corn production. In the event of a drought, Farmville Industries anticipates a loss of $75 million. Suppose the likelihood of a drought is 10% per year, and the beta associated with such a loss is 0.4. If the risk-free interest rate is 5% and the expected return on the market is 10%, then what is the actuarially fair insurance premium?
Q3) If the going price next year is $1.40 per pound, d'Anconia Copper's operating profit next year will be closest to:
A) $325 million
B) $365 million
C) $375 million
D) $425 million
Q4) What is the actuarially fair cost of full insurance?
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Chapter 31: International Corporate Finance
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Q1) The amount of the taxes paid in dollars for the Japanese operations is closest to:
A) $29.5 million
B) $5.1 million
C) $50.0 million
D) $20.5 million
Q2) Luther Industries, a U.S. firm. has a subsidiary in the United Kingdom. This year, the subsidiary reported and repatriated earnings before interest and taxes (EBIT) of £45 million. The current exchange rate is $1.86/£. The tax rate in the U.K. for this activity is 28%.
Under U.S. tax codes, Luther is facing a 35% corporate tax rate on their earnings. What is Luther's U.S. tax liability on its U.K. subsidiary?
Q3) The present value of Rearden Metal's cash outflow computed by first converting to dollars and then discounting the cash flow at the appropriate Argentine Peso rate is closest to:
A) $469,500
B) $475,000
C) $481,000
D) $484,500
Q4) What is the dollar present value of the project?
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