1. A firm currently has cash of $800, other assets of $5,200, and equity of $6,000. The firm has 600 shares of stock outstanding and net income of $900. The firm has decided to spend half of its cash on a share repurchase program. How many shares of stock will be outstanding after the stock repurchase is completed? Assume there are no personal taxes and the firm repurchases shares at the current market price.
560 shares
580 shares
600 shares
2. An investor must purchase a stock before the _____ date to be assured of receiving a declared dividend.
ex-dividend
record
payment
declaration