111 . Yangtze Delta High Technology produces multimedia-enabled wireless phones. The factory incurs rent, depreciation, salary, and other fixed costs totaling RMB 10 million per year. Also, the company incurs annual interest of RMB 3 million on debt. Each phone sold by Yangtze Delta sells for RMB 200. The variable cost per phone is RMB 150. Yangtze Delta’s operating breakeven quantity of sales is closest to:
　　A)   200,000.
　　B)    260,000.
　　C)    65,000.
　　112. Pfluger Company’s accounts payable department receives an invoice from a vendor with terms of 2/10 net 30. If Pfluger pays the invoice on its due date, the cost of trade credit is closest to:
　　A)   27.9%.
　　B)    43.5%.
　　C)    44.6%.
　　113 . The after-tax cost of preferred stock is always:
　　A)   equal to the before-tax cost of preferred stock.
　　B)    less than the before-tax cost of preferred stock.
　　C)    higher than the cost of common shares.
　　114 . An example of a secondary source of liquidity is:
　　A)   negotiating debt contracts.
　　B)    cash flow management.
　　C)    trade credit and bank lines of credit.
　　115 . Which of the following statements about the internal rate of return (IRR) and net present value (NPV) is least accurate?
　　A)   For mutually exclusive projects, if the NPV rankings and the IRR rankings give conflicting signals, you should select the project with the higher IRR.
　　B)    The discount rate that causes the project's NPV to be equal to zero is the project's IRR.
　　C)    The IRR is the discount rate that equates the present value of the cash inflows with the present value of the outflows.
　　
　　　　
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