Which of the following is NOT a section on the cash flow statement（）
A. Income generating activities
B. Investing activities
C. Operating activities
D. Financing activities
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A__ is when a rich individual or organization purchases a large fraction of the stock of a poorly performing firm and in doing so gets enough votes to replace the board of directors and the CEO（）
A. shareholder proposal
B. leveraged buyout
C. shareholder action
D. hostile takeover
Which of the following statements regarding the income statement is INCORRECT（）
A. The income statement shows the earnings and expenses at a given point in time
B. The income statement shows the flow of earnings and expenses generated by the firm between two dates
C. The last or “bottom” line of the income statement shows the firm’s net income
D. The first line of an income statement lists the revenues from the sales of products or services
The distinguishing feature of a corporation is that（）
A. their is no legal difference between the corporation and its owners
B. it is a legally defined, artificial being, separate from its owners
C. it spreads liability for its corporate obligations to all shareholders
D. provides limited liability only to small shareholders
Gross profit is calculated as（）
A. Total sales – cost of sales – selling, general and administrative expenses – depreciation and amortization
B. Total sales – cost of sales – selling, general and administrative expenses
C. Total sales – cost of sales
D. None of the above
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