DIRECTION I: CHOOSE THE BEST ANSWER FROM THE GIVEN

ALTERNATIVES.
1. Which of the following statements is CORRECT about time lines?
A. A time line is not meaningful unless all cash flows occur annually.
B. Time lines cannot be constructed in situations where some of the cash flows occur
annually but others occur quarterly.
C. Some of the cash flows shown on a time line can be in the form of annuity
payments, but none can be uneven amounts.
D. Time lines are useful for visualizing complex problems prior to doing actual
calculations.
2. Which of the following statements is CORRECT?
A. The cash flows for an ordinary (or deferred) annuity all occur at the beginning of the
periods.
B. If a series of unequal cash flows occurs at regular intervals, such as once a year, then
the series is by definition an annuity.
C. The cash flows for an annuity must all be equal, and they must occur at regular
intervals, such as once a year or once a month.
D. The cash flows for an annuity due must all occur at the ends of the periods.
3. The Morrissey Company's bonds mature in 7 years, have a par value of $1,000, and make
an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is
the bond's price?
A. $923.22 B. $969.96 C. $994.21 D. $1,019.06
4. Consider the annual dividend of $50 that is paid on the preferred stock of Norms
Company. The shares are perpetual since they don't have a maturity date. The required
rate of return for investors is 10%. Find its value.
A. $50,000 B. $500 C. $50 D. $20
5. Consider that the target capital structure for XYZ Plc. is 90% common equity (retained
earnings plus common stock), 20% preferred stock, and 70% debt. Its cost of debt is 20%
before taxes; its cost of common equity is 27%; the cost of preferred stock is 22%; its
marginal tax rate is 50%; and all of its new equity will come from retained earnings
necessary and determine XYZ's WACC? Hint: use cost of debt*(1-T) to get after taxes
debt cost;
A. 37.5% B. 41.23% C. 35.7% D. 42.7%

1
6. Which of the following statements is CORRECT?
A. The cash flows for an annuity due must all occur at the beginning of the periods.
B. The cash flows for an ordinary (or deferred) annuity all occur at the beginning of the
periods.
C. If a series of unequal cash flows occurs at regular intervals, such as once a year, then
the series is by definition an annuity.
D. The cash flows for an annuity may vary from period to period, but they must occur at
regular intervals, such as once a year or once a month.
7. Dear all graduate class management students! Assume that after graduation you will be
employed in close by commercial enterprise organization as finance head. On the time the
organization can be faced for exceptional monetary problems; all are types of remedial
you'll be taking to address monetary problems; EXCEPT.
A. You try to identify the possible problems experienced regarding the management of
finances within the organization.
B. You will be seeking to reject the essence of financial management within existing
organizations.
C. You will be tried to specify the impact of policy related documents on the financial
management in organization.
D. You try to address the possible solutions with regard to financial management in your
work place.
8. Your aunt is about to retire, and she wants to sell some of her stock and buy an annuity
that will provide her with income of $50,000 per year for 30 years, beginning a year from
today. The going rate on such annuities is 7.25%. How much would it cost her to buy
such an annuity today?
A. $574,924 C. $667,214
B. $635,442 D. $605,183
9. All are the reasons to better NPV with ARR; EXCEPT?
A. NPV takes account of the time value of money.
B. NPV includes all of the irrelevant cash flows.
C. NPV is the only method of appraisal in which the output of the analysis has a direct
bearing on the wealth of the owners of the business.
D. NPV includes all of the relevant cash flows.

2
10. What‟s the rate of return you would earn if you paid $950 for a perpetuity that pays $85
per year?
A. 8.95% C. 9.86%
B. 9.39% D. 10.36%
11. Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments
at the end of each of the next 5 years. By how much would you reduce the amount you
owe in the first year?
A. $2,404.91 C. $2,658.06
B. $2,531.49 D. $2,790.96
12. Depending on the results of his firm, a small businessman puts money into his savings
account at the beginning of each year. He makes an initial $1,000 deposit, a second
$2,000 deposit, a third $5,000 deposit, and a fourth $7,000 deposit. Interest is credited to
the account at a 7% annual interest rate. What is the closest value of the money
accumulated in the savings account at the beginning of year 4?
A. $15,000 C. $15,864
B. $12,500 D. $14,236
13. What‟s the present value of perpetuity that pays birr 5000 per year if the appropriate
interest rate is 12%?
A. Birr 416.67 C. Birr 0.24
B. Birr 41, 667.67 D. Birr 0.0024
14. Pasco Co. borrowed $20,000 at a rate of 7.25%, simple interest, with interest paid at the
end of each month. The bank uses a 360-day year. How much interest would Pasco have
to pay in a 30-day month?
A. $120.83 C. $133.22
B. $126.88 D. $139.88
15. Mindset Inc. is considering a project that has the following cash flow and WACC data.
What is the project's discounted payback?
WACC: 10.00%
Year 0 1 2 3 4
Cash flows -$950 $525 $485 $445 $405
A. 1.61 years C. 1.99 years
B. 1.79 years D. 2.22 years

3
16. You sold a car and accepted a note with the following cash flow stream as your payment.
What was the effective price you received for the car assuming an interest rate of 6.5%?
Years: 0 1 2 3 4
| | | | |
CFs: $0 $1,000 $2,000 $2,000 $2,000
A. $5,000 C. $6,600
B. $5,913 D. $6,930
17. Stern Associates is considering a project that has the following cash flow data. What is
the project's payback?
Year Io Cash flows
0 1,100 -
1 $300
2 310
3 320
4 330
5 340
A. 3.52 years C. 2.85 years
B. 2.31 years D. 3.16 years
EBIT is expected to be 25,000 Birr this year, according to QMW Co. It has an
outstanding issue of 1100 shares of Birr 2 preferred stock and a Birr 30,000 bond with a
15% coupon rate of interest. Also, it has 1,000 outstanding shares of ordinary stock.
Assuming a 60% tax rate.
Case 1 Normal Case Case 2
EBIT Br. 10,000 Br. 25,000 Br. 40,000
Less: Interest ______ _______ _______
Net Profits before taxes 5500 20,500 35,500
Less: Taxes _______ _______ _______
Net Profit After Taxes 2200 8200 14200
Less: Preferred Stock Dividends ______ ______ _______
Earnings available for Common 0 6,000 12,000
Stockholders
Earnings per Share (EPS) ____________ ____________ __________

18. What‟s the company‟s EPS in case one?

A. 0 B. 6000 C. 1000 D. 2200
19. What‟s the company‟s EPS in case two?
A. 2.4 B. 4.8 C. 6 D. 12

4
20. What is the net profit after taxes in case two?
A. 14200 B. 21300 C. 2200 D. 3550
21. The situations that are illustrated in the above table in case one indicates?
A. 60% decrease in EBIT resulted in a 100% increase in EPS
B. 60% decrease in EBIT resulted in a 100% decrease in EPS
C. 100% increase in EPS resulted in a 60% increase in EBIT
D. 100% decrease in EPS resulted in a 60% increase in EBIT
22. The situations that are illustrated in the above table in case two indicates?
A. 60% increase in EBIT resulted in a 100% decrease in EPS
B. 60% decrease in EBIT resulted in a 100% increase in EPS
C. 60% increase in EBIT resulted in a 100% increase in EPS
D. 60% increase in EPS resulted in a 100% increase in EBIT
23. Which of the following statements about timelines is CORRECT?
A. A time line is not meaningful unless all cash flows occur annually.
B. Time lines are not useful for visualizing complex problems prior to doing actual
calculations.
C. Time lines cannot be constructed in situations where some of the cash flows occur
annually but others occur quarterly.
D. Time lines can be constructed for annuities where the payments occur at either the
beginning or the end of the periods.
24. You just inherited some money, and a broker offers to sell you an annuity that pays
$10,000 at the end of each year for 10 years. You could earn 10% on your money in
other investments with equal risk. What is the most you should pay for the annuity?
A. $62,311 C. $61,446
B. $56,236 D. $59,195
25. What is the PV of an annuity with 5 payments of $2,500 at an interest rate of 5.5% the
payment will be done at the beginning of each period?
A. $11,826.02 C. $11,262.88
B. $12,417.32 D. $13,038.19
26. Jazz World Inc. is considering a project that has the following cash flow and WACC data.
What is the project's NPV? Note that a project's expected NPV can be negative, in which
case it will be rejected.
WACC: 14.00%

5
Year Io CF
0 1200
1 400
2 425
3 450
4 475
A. $62.88 C. $50.93
B. $41.25 D. $56.59
27. What is the present value of the following cash flow stream at a rate of 12.0%?
Years: 0 1 2 3 4
| | | | |
CFs: $0 $1,500 $3,000 $4,500 $6,000
A. $9,699 C. $10,747
B. $10,210 D. $11,284
28. Suppose a firm relies exclusively on the payback method when making capital budgeting
decisions, and it sets a 4-year payback regardless of economic conditions. Other things
held constant, which of the following statements is most likely to be true?
A. It will accept too many short-term projects and reject too many long-term projects (as
judged by the NPV).
B. The firm will accept too many projects in all economic states because a 4-year
payback is too low.
C. The firm will accept too few projects in all economic states because a 4-year payback
is too high.
D. If the 4-year payback results in accepting just the right set of projects under average
economic conditions, then this payback will result in too few long-term projects when
the economy is weak.
29. At a rate of 6.5%, what is the future value of the following cash flow stream?

Years: 0 1 2 3 4
| | | | |
CFs: $0 $75 $225 $0 $300
A. $526.01 C. $613.51
B. $721.07 D. $645.80

6
30. Mr. “X” Inc. is considering a project that has the following cash flow data. What is the
project's payback?
Year 0 1 2 3
Cash flows -$500 $150 $200 $300
A. 2.03 years C. 2.50 years
B. 2.25 years D. 2.75 years
31. Bond X has an 8% annual coupon, Bond Y has a 10% annual coupon, and Bond Z has a
12% annual coupon. Each of the bonds has a maturity of 10 years and a yield to maturity
of 10%. Which of the following statements is CORRECT?
A. If the bonds' market interest rates remain at 10%, Bond Z‟s price will be lower one
year from now than it is today.
B. If market interest rates decline, all of the bonds will have an increase in price, and
Bond Z will have the largest percentage increase in price.
C. If market interest rates remain at 10%, Bond Z‟s price will be 10% higher one year
from today.
D. If market interest rates increase, Bond X‟s price will increase, Bond Z‟s price will
decline, and Bond Y‟s price will remain the same.
32. One is CORRECT; while we are considering time lines?
A. A time line is not meaningful unless all cash flows occur annually.
B. Time lines are not useful for visualizing complex problems prior to doing actual
calculations.
C. Time lines can be constructed to deal with situations where some of the cash flows
occur annually but others occur quarterly.
D. Time lines can only be constructed for annuities where the payments occur at the end
of the periods, i.e., for ordinary annuities.
E. Time lines cannot be constructed where some of the payments constitute an annuity
but others are unequal and thus are not part of the annuity.
33. Consider the 10-year, $1,000 par value bond that Abay Company issued on January 1st,
2008 with a 10% coupon interest. The bond must earn a 10% necessary rate of return.
How much is this bond worth to the investor?
A. $100 C. $10,000
B. $1000 D. $10

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34. Mr. “Y” is considering a project that has the following cash flow and discounted rate is
10%. What is the project's discounted payback?
Year 0 1 2 3
Cash flows -$900 $500 $500 $500
A. 2.09 years C. 2.29 years
B. 1.88 years D. 2.52 years
35. Let's say the debt ratio (D/TA) is 50%, the interest on new debt is 8%, the current cost of
equity is 16%, and the tax rate is 40%. An increase in the debt ratio to 60%, would
decrease the weighted average cost of capital (WACC).
A. True B. False
36. Which of the following statements is CORRECT?
A. Preferred stockholders have a priority over bondholders in the event of bankruptcy
to the income, but not to the proceeds in liquidation.
B. The preferred stock of a given firm is generally less risky to investors than the same
firm‟s common stock.
C. Corporations cannot buy the preferred stocks of other corporations.
D. Preferred dividends are not generally cumulative.
37. Which of the following statements about the cost of capital is TRUE?
A. Since debt capital can cause a company to go bankrupt but equity capital cannot,
debt is riskier than equity, and thus the after-tax cost of debt is always greater than
the cost of equity.
B. The tax-adjusted cost of debt is always greater than the interest rate on debt,
provided the company does in fact pay taxes.
C. If a firm assigns the same cost of capital to all of its projects, regardless of the risk
of each project, the firm will likely reject some safe projects that it should accept
and some risky projects.
D. All the mentioned above
38. Which of the following statements is CORRECT?
A. If a coupon bond is selling at par, its current yield equals its yield to maturity.
B. If rates fall after its issue, a zero coupon bond could trade at a price above its par
value.
C. If rates fall rapidly, a zero coupon bond‟s expected appreciation could become
negative.
D. If a bond is selling at a premium, this implies that its yield to maturity exceeds its

8
 coupon rate
39. Which of the following statements is NOT CORRECT?
A. If a bond is selling at a discount to par, its current yield will be less than its yield to
maturity.
B. If a bond is selling at its par value, its current yield equals its yield to maturity.
C. If a bond is selling at a premium, its current yield will be greater than its yield to
maturity.
D. All else equal, bonds with larger coupons have greater interest rate (price) risk than
bonds with smaller coupons.
40. All of the following statements summarize the principles of WACC, EXCEPT?
A. Do not consider market value
B. Use a weighted average of the costs of various funding sources.
C. Use nominal interest methods
D. Use the marginal cost forward approach
41. Suppose the firm adopts the high-fixed-cost policy. Then fixed costs including
depreciation will be 2.00 + .45 = $2.45 million. Since the store produces profits of $.55
million at a normal level of sales, what should be DOL?
A. 4.45 B. 4.54 C. 5.45 D. 5.54
42. For the year ending March 31, 2003, Alfa Company paid a dividend of $10 per share on
its common stock. It has been predicted that dividends will continue to grow by 15% per
share indefinitely. The required rate of return for investors is 18%. What would you
choose if you wanted to purchase the share at the market price quoted on July 31, 2003,
which is $375?
A. $383.3, Price is more than value, thus you decide not to purchase
B. $350.0, Price is less than value, thus you decide not to purchase
C. $450.3, Price is more than value, thus you decide not to purchase
D. $375.0, Price is equal value, thus you will be neutral
43. Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments
at the end of each of the next 5 years. How much would you still owe at the end of the
first year, after you have made the first payment?
A. $10,155.68 C. $11,845.09
B. $10,690.19 D. $12,468.51

9
Assume that the yearly sales of companies A and B total 6000 and 10,000 birr, respectively,
for MIDROC Co. The aforementioned companies have fixed costs of birr3, 000 and 7,000,
respectively. For firm A, variable costs represent 40% of revenues, while for company B,
they represent 20%. The following six questions will be done based on the above data.
44. Which of the following best describes the degree of operational leverage for firm A?
A. 5.5 B. 6 C. 4.5 D. 6.5
45. Which determines the firm B's operating profit?
A. 1000 B. 2000 C. 100 D. 200
46. Which of the following best fits how the variable costs for firms A and B?
RESPECTIVELY.
A. 1400 & 2400 C. 2000 & 2400
B. 2400 & 1400 D. 2400 & 2000
47. Which of the following statements most accurately sums up firm B's degree of
operational leverage (DOL)?
A. 7 B. 8 C. 9 D. 10
48. Which firm has the greater amount of operating risk?
A. B B. A C. A&B
49. Why greater business (operating) risk? ______. Please write your reason on the provided
answer sheet only (2 pts.).
50. Which of the following best sums up what finance is all about?

A. Reducing risk
B. How political, social, and economic forces affect corporations
C. Maximizing profits
D. Creation and maintenance of economic wealth
51. The mobilization of funds by diverse business entities is referred to as________.
A. Personal finance C. Public finance
B. Business finance D. Private finance
52. Which of the following is NOT a key element in strategic planning as it is described in
the text?
A. The mission statement.
B. The statement of the corporation‟s scope.
C. The statement of cash flows.
D. The statement of corporate objectives.

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53. The goal of maximizing shareholder wealth is preferable to maximizing profits because:
A. Following the shareholder wealth maximization goal will ensure high stock prices
B. It considers the time value of the money
C. It considers uncertainty
D. B and C.
54. Which of the following is NOT one of the steps taken in the financial planning process?
A. Forecast the funds that will be generated internally. If internal funds are
insufficient to cover the required new investment, then identify sources from
which the required external capital can be raised.
B. Consult with key competitors about the optimal set of prices to charge, i.e., the
prices that will maximize profits for our firm and its competitors.
C. Determine the amount of capital that will be needed to support the plan.
D. Monitor operations after implementing the plan to spot any deviations and then
take corrective actions.
55. The retained earnings account on the balance sheet does not represent cash. Rather, it
represents part of stockholders' claims against the firm's existing assets. This implies that
retained earnings are in fact stockholders' reinvested earnings.
A. True B. False
56. Which of the following statements is CORRECT?
A. The four most important financial statements provided in the annual report are the
balance sheet, income statement, cash budget, and the statement of stockholders‟
equity.
B. The balance sheet gives us a picture of the firm‟s financial position at a point in
time.
C. The income statement gives us a picture of the firm‟s financial position at a point
in time.
D. The statement of cash flows tells us how much cash the firm has in the form of
currency and demand deposits.
57. Profit maximization does not sufficiently convey the company's objective for the
following reasons:
A. Profit maximization does not require the consideration of risk.
B. Maximization of dividend payout ratio is a better description of the goal of the
firm.
C. Profit maximization ignores the timing of a project's return.

11
 D. A and C.
58. Which of the following items is NOT included in current assets?
A. Accounts receivable. D. Short-term, highly liquid,
B. Inventory. marketable securities.
C. Bonds.
59. Which of the following characterizes the modern phase of financial management?
A. The applicability of advanced mathematical and statistical tools
B. The application of economic theories and quantitative methods of analysis
C. Designed and applied from an outsider's perspective
D. A & B
60. Which of the following items CANNOT be found on a firm‟s balance sheet under current
liabilities?
A. Accounts payable. C. Short-term notes payable to
B. Cost of goods sold. the bank.
D. Accrued wages.
61. The inventory turnover and current ratio are related. The combination of a high current
ratio and a low inventory turnover ratio, relative to industry norms, suggests that the firm
has an above-average inventory level and/or that part of the inventory is obsolete or
damaged.
A. True B. False
62. It is appropriate to use the fixed assets turnover ratio to appraise firms' effectiveness in
managing their fixed assets if and only if all the firms being compared have the same
proportion of fixed assets to total assets.
A. True B. False
63. Finance managers should carefully assess the staffing needs of each department and
allocate finances to human resource departments as wages and salaries that derive
financial management relationships with:
A. Accounting C. Human resource
B. Production management D. Marketing
64. Considered alone, which of the following would increase a company‟s current ratio?
A. An increase in net fixed assets.
B. An increase in accrued liabilities.
C. An increase in notes payable.
D. An increase in accounts receivable.

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65. Ms „X‟ Industries‟ current ratio is 0.5. Considered alone, which of the following actions
would increase the company‟s current ratio?
A. Borrow using short-term notes payable and use the cash to increase inventories.
B. Use cash to reduce accruals.
C. Use cash to reduce accounts payable.
D. Use cash to reduce short-term notes payable.
66. If managers are making decisions to maximize shareholder wealth, then they are
primarily concerned with making decisions that should:
A. Positively affect profits.
B. Increase the market value of the firm's common stock.
C. Either increase or have no effect on the value of the firm's common stock.
D. Accomplish all of the above.
67. Company XYZ sales last year were birr 415,000 and total assets were birr 355,000 at the
end of the year. The industry average company total asset turnover ratio (TATO) is 2.4.
The company XYZ new Chief Financial Officer (CFO) believes the company has excess
assets that he can sell to bring TATO down to the industry average without affecting
sales. By how much must the assets be reduced to bring the TATO to the industry
average, holding sales constant?
A. Birr 164,330 B. 172,979 C. 182,083 D. 191,188
68. Mugger cement corp.‟s sales last year were birr 2,500, and its total assets were birr 1000.
What was its total assets turnover ratio (TATO)?
A. 2.03 B. 2.13 C.2.25 D.2.50
69. Mind-set Corp. has birr 410,000 of assets, and it uses no debt--it is financed only with
common equity. The new CFO wants to employ enough debt to bring the debt/assets
ratio to 40%, using the proceeds from the borrowing to buy back common stock at its
book value. How much must the firm borrow to achieve the target debt ratio?
A. Birr 155,800 B. 164,000 C. 172, 200 D. 180,810
70. ABC private limited company sales last year were birr 435,000, its operating costs were
birr 362,500, and its interest charges were birr 12,500. What was the firm's time‟s
interest earned (TIE) ratio?
A. 4.97 B. 5.23 C. 5.51 D.5.80
71. MIDROC Corp.'s sales last year were birr 320,000, and its net income after taxes was
birr 23,000. What was its profit margin on sales?
A. 7.19% B. 6.49% C. 6.83% D. 13.9%

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72. Hawasa Industrial Park Corp. sells on terms that allow customers 45 days to pay for
merchandise. Its sales last year were birr 425,000, and its year-end receivables were birr
60,000. If its DSO is less than the 45-day credit period, then customers are paying on
time. Otherwise, they are paying late. By how much are customers paying early or late?
Base your answer on this equation: DSO - Credit period = days early or late, and use a
365-day year when calculating the DSO. A positive answer indicates late payments,
while a negative answer indicates early payments.
A. 6.20 B. 6.53 C. 6.86 D.7.20
The balance sheet and income statement shown below are for XYZ Company. Note that the
firm has no amortization charges, it does not lease any assets, none of its debt must be
retired during the next 5 years, and the notes payable will be rolled over.
Balance Sheet (Millions of $)
Assets: 2010
Cash and securities $1,554.0
Accounts receivable 9,660.0
Inventories 13,440.0
Total current assets $24,654.0
Net plant and equipment 17,346.0
Total assets $42,000.0
Liabilities and Equity:
Accounts payable $7,980.0
Notes payable 5,880.0
Accruals 4,620.0
Total current liabilities $18,480.0
Long-term bonds 10,920.0
Total debt $29,400.0
Common stock 3,360.0
Retained earnings 9,240.0
Total common equity $12,600.0
Total liabilities and equity $42,000.0

Income Statement (Millions of $) 2010

Net sales $58,800.00
Operating costs except depreciation $54,978.0
Depreciation $1,029.0
Earnings before interest and taxes (EBIT) $2,793.0
Less interest 1,050.0
Earnings before taxes (EBT) $1,743.0
Taxes $610.1
Net income $1,133.0
Other data:
Shares outstanding (millions) 175.00
Common dividends $509.83
Interest rate on notes payable & L-T bonds 6.25%
Federal plus state income tax rate 35%
Year-end stock price $77.69

14
73. What is the firm's current ratio?
A. 0.97 B. 1.33 C. 1.08 D. 1.20
74. What is the firm's quick ratio?
A. 0.49 B. 0.73 C. 0.61 D. 0.87
75. What are the firm‟s day‟s sales outstanding? Assume a 360-day year for this calculation.

A. 48.17 B. 50.71 C. 56.19 D. 59.14

76. What is the firm's market-to-book ratio?
A. 1.08 B. 0.56 C. 0.66 D. 0.78
77. What is the firm's total assets turnover?
A. 0.90 C. 1.68
B. 1.40 D. 2.02
78. What is the firm's book value per share?
A. $61.73 C. $72.00
B. $68.40 D. $75.60
79. What is the firm's net profit margin?
A. 1.56% C. 1.93%
B. 1.73% D. 2.12%
80. What is the firm's TIE?
A. 2.15 C. 2.66
B. 2.39 D. 2.93
81. The primary operating goal of a publicly-owned firm interested in serving its stockholders
should be to
A. Maximize the stock price per share over the long run, which is the stock‟s
intrinsic value.
B. Maximize the firm's expected EPS.
C. Minimize the chances of losses.
D. Maximize the firm's expected total income.
E. Maximize the stock price on a specific target date.
82. If a firm's goal is to maximize its earnings per share, this is the best way to maximize the
price of the common stock and thus shareholders' wealth.
A. True B. False

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 Bonus
MIDROC Plc. is considering to investing in a cement project. It has on hand $180, 000.
It is expected that the project may work for the following years and likely to generate the
following annual cash flows. Calculate the Net present value. The cost of capital is
8%.(NECESSARY STEPS ARE MANDATORY; UNLESS NOT CONSIDER).
Years: 0 1 2 3 4 5 6 7
| | | | | | | |
CFs: $30,000 $50,000 $60,000 $65,000 $40,000 $30,000 $16,000

No. Answer No. Answer No. Answer

1. D 32 C 63 C
2. C 33 B 64 D
3. A 34 A 65 A
4. B 35 B 66 B
5. C 36 B 67 C
6. A 37 C 68 D
7. B 38 A 69 B
8. D 39 D 70 D
9. B 40 A 71 A
10. A 41 C 72 B
11. B 42 A 73 B
12. C 43 D 74 C
13. B 44 B 75 D
14. A 45 A 76 A
15. D 46 D 77 B
16. B 47 B 78 C
17. A 48 A 79 C
18. A 49 ------ 80 C
19. D 50 D 81 A
20. A 51 B 82 B
21. B 52 C
22. C 53 D
23. D 54 B
24. C 55 A
25. C 56 B
26. A 57 D
27. C 58 C
28. D 59 D
29. D 60 B
30. C 61 A
31. A 62 B

16