Assume the profit margin and the payout ratio of Major Manuscripts, Inc. are constant. If sales increase by 6 percent, what is the pro forma retained earnings?

PepsiCo's acquisition of bottlers is ________ and acquisition of Frito-Lay ________.

A. horizontal expansion, vertical integration B. backward integration, forward integration C. forward integration, horizontal expansion D. horizontal expansion, horizontal expansion

The risk management function should be performed in isolation. There is no need for interaction between the risk management department and other departments.

a. true b. false