When issuing new stock, a firm received $50 million while the underwriting spread was $4 million and total direct expenses were $6 million. The %age of the proceeds absorbed by direct expenses was:

The maximin criterion results in the:

A) minimum of the maximum payoffs. B) maximum of the maximum payoffs. C) maximum of the minimum payoffs. D) minimum of the minimum payoffs.

For product-based businesses, ________ often represents their largest capital investment

A) account receivables B) inventory C) plant and equipment D) real estate