Dr. Dowling - Finance 3155 - Fall 2000 - Practice Exam 1                                           Back

 

True or False

 

   1.  The professions of accounting and finance have consistent, rather than conflicting, views of what constitutes the "bottom line" performance of a firm.

 

   2.  The Treasurer is usually the executive in charge of the finance department in a large corporation.

 

   3.  The traditional C corporation, where the firm's income is taxed independently of its owners', is preferred by small and privately held organizations.

 

   4.  The world of finance can be viewed from two perspectives, financial management and investments/financial markets.

 

   5.  Financial management can be referred to as the qualitative process of evaluating the potential of a business decision.

 

   6.  Responsibilities of the chief financial officer are similar to the responsibilities of the corporate controller when associated with the financial decision making process.

 

   7.  The primary market for a security is one where the original offering of the firm's financial assets takes place.

 

   8.  Holders of debt securities typically are rewarded by receiving interest on the funds loaned to a firm, and by sharing in the increased wealth of the firm as the firm profits.

 

   9.  The proprietorship form of organization does not give the principal the protection of limited liability, but the partnership and corporate forms of organization do provide such protection to their principals.

 

  10.  A financial decision associated with increasing the firm's immediate net profit is always consistent with adding wealth to the firm's shareholders.

 

  Multiple Choice

 

 

  11.  Because of the conflict in interests and goals between shareholders and management, even though it is costly, it serves the best interests of the shareholders to effectively monitor the performance of management through:

       

a.     regular management letters to shareholders

b.     visitations by the shareholders to the corporate facility

c.     attendance at the annual shareholder meetings

d.     periodic financial reports prepared by independent auditors

 

  12.  Which of the following is not considered to be a financial market?

       

a.     Bond Market

b.     New York Stock Exchange

c.     NASDAQ

d.     All of these are financial markets

 

  13.  Responsibilities of the finance department include, but are not limited to:

       

a.     a random knowledge of the day-to-day activities of financial markets

b.     minimizing, wherever possible, any and all operating expenses

c.     providing financial input into general business decisions

d.     all of the above

 

  14.  An S-type corporation is different from a C-type corporation in which of the following way(s):

       

a.     the way they are taxed

b.     liability

c.     general stockholder rights

d.     all of the above

 

  15.  The accounting and finance disciplines are committed to similar firm goals, but they specifically differ in that:

       

a.     accounting is more concerned with the operating performance of the firm's economic resources

b.     finance is more attuned to the inventory methods of the firms

c.     finance is more concerned with the flow of cash, while accounting attempts to reflect an unbiased portrayal of the firm's operations and its asset utilization

d.     accounting places more emphasis on earnings per share than does finance

 

  16.  Often even shareholders and bondholders find themselves with conflicting interests, but such conflicts are lessened by the bondholders through:

       

a.     a cooperative agreement signed by the shareholders and the lenders

b.     limiting the amount of funds bondholders will lend

c.     loan agreements that restrict the borrowing company from undertaking excessive risk

d.     offering the lenders a share of the profit

 

  17.  Financial assets can be distinguished most specifically from real assets in that financial assets:

       

a.     do not have a tangible or physical substance

b.     are not intended to provide specific services like transportation or shelter

c.     are intended to provide their owners with claims to future cash flows

d.     all of the above

 

  18.  Without an effective incentive to perform, management will:

       

a.     still acknowledge its primary responsibilities

b.     not be motivated to maximize shareholder value

c.     not be influenced by power for the mere sake of its prestige

d.     look for higher base salaries

 

True or False

 

  19.  Our system of federal taxation is referred to as a progressive tax system, which essentially means that as your income increases, it is taxed at higher marginal tax rates.

 

  20.  When Uncle Sam permits the firm to depreciate its fixed assets using one method for tax purposes and another for accounting purposes, the intent is typically to reduce the firm's overall taxes during the depreciable life of the asset.

 

  21.  For income tax purposes, extending the useful economic life of a depreciable asset has the same effect as changing from a moderate depreciation method to an aggressive depreciation method.

 

  22.  Although depreciation is a noncash expense, Uncle Sam still allows the deduction on the firm's tax return.

 

  23.  Municipal bonds are obligations of the states, municipalities and political subdivisions. The federal system of taxation provides for preferential tax treatment on the interest income earned on those obligations by exempting them from taxes

 

  24.  Generally, merchandise sold on account is invoiced with specific terms such as 2/10, net 30, suggesting that within two days from invoicing, the buyer may take a 10% discount off the bill, or pay the bill in thirty days.

 

  25.  Congress intended preferential tax treatment on capital gains, recognizing that offering an incentive to capital investments is healthy for our economy.

 

  26.  The present corporate tax system is dissimilar to the existing individual tax system in that corporate tax rates are not increased as the level of income is increased.

 

  27.  All entries in the accounting books must be made by the last day of the accounting period so that the firm may close their books.

 

  28.  The double entry system of accounting for business transactions is intended to identify two equal parts, called sides, with each side affecting a different account.

 

Multiple Choice

 

  29.  Assume a municipal bond is issued by the State of New York. Its yield is stated at 6%. A taxable corporate bond of equivalent investment grade and duration is yielding 9%. You are in the 36% tax bracket and your son is in the 15% tax bracket. Which would be the correct investment strategy for both you and your son?

       

a.     you and your son should acquire the municipal bond

b.     your son should acquire the municipal bond, but you should acquire the corporate bond

c.     you and your son should acquire the corporate bond

d.     your son should acquire the corporate bond, but you should acquire the municipal bond

 

  30.  An asset depreciates over its economic life. Three years ago a piece of equipment was purchased for $10,000. Assuming an eight-year life and using straight-line depreciation, for the third year of its life you will see:

       

a.     depreciation expense of $3,000 on the income statement, and accumulated depreciation of $3,000 on the balance sheet.

b.     depreciation expense of $1,250 on the income statement, and accumulated depreciation of $3,000 on the balance sheet.

c.     depreciation expense of $1,250 on the income statement, and accumulated depreciation of $3,750 on the balance sheet.

d.     depreciation expense of $1,250 on the income statement, and accumulated depreciation of $1,250 on the balance sheet.

 

  31.  The following imaginary marginal tax rates apply to an individual. His/her taxable income is $40,000. How much is his/her total tax?

       

           10% of the first $10,000

           15% of the next $15,000

           25% of the next $10,000

           35% of the next $20,000

       

a.     $8,500

b.     $10,000

c.     $7,500

d.     $7,000

 

  32.  Where municipal bonds are tax-exempt under our present tax system, the investor must restate the yield of either the taxable corporate bond or the municipal bond because:

       

a.     the taxpayer receives a yield equivalent to that of a taxable corporate bond, yet pays no federal tax on the interest income of the municipal bond

b.     interest on the taxable corporate bond is not taxed but that on the municipal bond is taxed

c.     a municipal bond is typically safer than a taxable corporate bond

d.     investors must compare the rates offered on an equal basis

 

  33.  The following items are components of a firm's balance sheet. How much is the firm's working capital (net working capital)?

       

           Cash                                              $ 2,000

           Long-term debt                                     10,000

           Inventory                                          12,000

           Owners' equity                                     62,000

           Accounts payable                                    8,000

           Accrued liabilities                                 1,500

           Accumulated depreciation                            6,000

           Accounts receivable                                14,000

       

a.     $14,500

b.     $ 2,500

c.     $18,500

d.     $12,500

 

  34.  Assume the following is a listing of the equity accounts of a firm. How much is the ending equity of the firm?

       

           Additional paid in excess                         $12,000

           Income for the year                                25,000

           Dividends paid                                      6,000

           Beginning equity for the year                      56,000

           Additional stock sold at par                       10,000

       

a.     $103,000

b.     $97,000

c.     $19,000

d.     $85,000

 

  35.  Net working capital can be referred to as:

       

a.     the firm's total assets minus the firm's liabilities coming due within one accounting cycle (or typically 12 months)

b.     the firm's current assets minus the firm's total liabilities

c.     the firm's cash minus the firm's current liabilities

d.     the firm's current assets minus the firm's current liabilities

 

  36.  To avoid a tax inequity, our federal tax system allows firms that have a tax loss for a given year to apply the loss against both past and future earnings. The process is referred to as loss carrybacks and carryforwards and permits the loss to be:

       

a.     carried forward for 15 years after having been carried back evenly over the past three years

b.     carried back, first to the first preceding year, then to the second, and then to the third preceding years, before being carried forward for 20 years

c.     spread evenly over the last three years and evenly over the next 15 years

d.     carried back first to the third preceding year, then to the second preceding year, and then to the first preceding year before being carried forward for the next 15 years until it is fully consumed

 

  37.  Accounting for accrued expenses is a key process in support of recognizing expenses and liabilities associated with transactions that are not entirely complete and is accomplished by:

       

a.     accounting for depreciation

b.     providing for unpaid rent, interest, and taxes that relate to the current accounting period

c.     drawing checks on the last day of the current accounting period so as to properly reflect the expense in that period

d.     providing for bad debts that may eventually be deemed uncollectible in the next accounting period

 

  38.  In a manufacturing firm, classifications of inventory differ from those applied to inventory held for sale in the normal course of business because:

       

a.     in a manufacturing environment, inventory must include one additional category referred to as materials

b.     the inventory is represented by only two stages of completion, raw materials and finished goods

c.     inventory proceeding through the production process requires an additional classification referred to as "work in process"

d.     all of the above

 

  39.  The provision for married couples to file jointly was started for the sole purpose of:

       

a.     saving taxes on the assumption that only one of the spouses would be working

b.     saving taxes regardless of whether one or both spouses work

c.     providing for special tax credits when married couples file jointly

d.     eliminate the need for two people to file two different tax returns

 

  40.  Depreciation, from an accounting viewpoint, can be thought of as:

       

a.     the process of accounting for the physical deterioration of an asset

b.     the process of writing off assets like patents, trademarks, and copyrights

c.     the process of matching the income produced by the depreciable asset with the cost of buying the asset

d.     the process of allocating the cost of the depreciable asset against the period that the asset gives service

 

 

  41.  To evaluate a firm's debt capacity effectively, the analyst should construct both the debt ratio and the debt to equity ratio, because they are mutually exclusive indicators of the firm's capacity to assume additional debt.

 

  42.  Although it is recommended that the return on assets ratio be formulated to reflect average assets, either way (average assets or ending assets), the result discloses the firm's capacity to utilize its assets efficiently without regard to the sources of capital that fund the assets, while the return on equity can bias the results by the degree to which the company leverages itself.

 

  43.  Below is a firm's comparative balance sheets accounts for this year and last year. The firm's quick ratio appears to reflect a less liquid position.

       

                                                    TY          LY 

           Cash                                  $ 4,000     $ 8,600

           Accrued expense                         1,000       1,500

           Accounts receivable                    12,000       5,200

           Inventory                              14,000      19,600

           Notes payable - current                   -0-       1,000

           Accounts payable                        3,000       2,500

           Employee loans receivable               1,000         500

 

True or False

 

  44.  The following changes in the equity accounts would all be shown under the category of financing activities on the statement of cash flows: dividends paid, net income for the year, sale of common stock.

 

  45.  Ratio analysis involves taking a set of numbers out of the financial statements and forming ratios with them.

 

  46.  If a firm's current ratio and quick asset ratio have been steadily decreasing, the underlying cause might be traced to the credit manager's relaxed attitude about enforcing prompt payment from customers.

 

  47.  Ratio analysis is of significant value in comparing the performance of a firm against its history, its budget, and its competitors.

 

  48.  If a firm has sales revenue (spread evenly through the year) of $1,170,000 and accounts receivable of $130,000, the average collection period, or days receivables outstanding, is determined to be 40 days.

 

  49.  Although return on assets measures the efficient use of all invested capital, return on equity is a measure of performance more easily controlled by management's use of debt.

 

50.Many companies have some customers who extend the payment date of their bill beyond the typical 30 days. However, it is not alarming, and is generally acceptable, for companies to have twice the normal time frame for collecting from customers.

 

Multiple Choice

 

  51.  The following is a condensed version of a firm's comparative balance sheets for this year and last year, as well as a condensed version of this year's income statement. The firm has paid a $1,000 dividend.

       

                                              TY                LY 

        Cash                               $ 2,000           $ 1,600

        Accounts receivable                 12,000             5,200

        Inventory                           14,000            15,600

        Fixed assets                        27,000            20,000

        Accumulated depreciation           (16,000)          (14,400)

          Total assets                     $39,000           $28,000

                                           =======           =======

       

        Accounts payable                   $ 3,000           $ 2,500

        Accrued expense                      1,000             1,500

        Notes payable - long term           10,000             5,000

        Common stock                         5,000             5,000

        Retained earnings                   20,000            14,000

          Total liabilities & capital      $39,000           $28,000

                                           =======           =======

       

                                             TY  

        Sales                             $100,000

        COGS                                80,000

        Gross Profit                        20,000

        Cash Exp.                            8,000

        Depreciation                         1,600

        EBIT                                10,400

        Interest                               800

        EBT                                  9,600

        Taxes                                2,600

        Net Income                        $  7,000

                                          ========

       

        The net cash affected by financing activities is:

       

a.     $4,000

b.     $6,000

c.     ($4,000)

d.     ($6,000)

 

  52.  Although turnover ratios are pure numbers, stated in terms of units of turns, or times, they can be expressed more intuitively in terms of dollar productivity. For example, a 4 times turn can also be expressed in terms of the sales productivity of every dollar of invested assets. Therefore, if total assets "turned" 3 times this year and 4 times last year, it can be said that:

       

a.     assets "turned" every 120 days this year and each dollar of invested assets generated $3 in sales

b.     last year each dollar of invested assets generated $4 in sales and assets "turned" every 90 days

c.     although last year's 90-day turn (or 4 times turn) might appear impressive when compared to this year's 120-day turn, the results might be deceiving because they could indicate a deficient level of assets last year

d.     all of the above

 

  53.  A procedure often used to evaluate a firm's performance is "common size analysis." Its advantage(s) lie(s) in its ability to:

       

a.     extract away the absolute dollars of the components of a firm's income statement while reflecting each as a percentage of revenue

b.     eliminate the need to evaluate the firm by its dollar performance by showing how each component of the income statement stands as a percentage of assets

c.     show why sales revenue is unable to support the increased expenses associated with the production of income

d.     all of the above

 

  54.  Which business transaction will affect the quick ratio?

       

a.     Purchase of plant and equipment with long-term debt

b.     Temporary cash investments liquidated and proceeds placed in checking account

c.     Employee loans receivable paid off

d.     Payment made on accounts payable balance

 

  55.  The following is a condensed version of a firm's comparative balance sheets for this year and last year, as well as a condensed version of this year's income statement. The firm has paid a $1,000 dividend.

       

                                              TY                LY 

        Cash                               $ 2,000           $ 1,600

        Accounts receivable                 12,000             5,200

        Inventory                           14,000            15,600

        Fixed assets                        27,000            20,000

        Accumulated depreciation           (16,000)          (14,400)

          Total assets                     $39,000           $28,000

                                           =======           =======

       

        Accounts payable                   $ 3,000           $ 2,500

        Accrued expense                      1,000             1,500

        Notes payable - long term           10,000             5,000

        Common stock                         5,000             5,000

        Retained earnings                   20,000            14,000

          Total liabilities & capital      $39,000           $28,000

                                           =======           =======

       

                                             TY  

        Sales                             $100,000

        COGS                                80,000

        Gross Profit                        20,000

        Cash Exp.                            8,000

        Depreciation                         1,600

        EBIT                                10,400

        Interest                               800

        EBT                                  9,600

        Taxes                                2,600

        Net Income                        $  7,000

                                          ========

       

        The net cash affected by investing activities is:

       

a.     $7,000

b.     $8,600

c.     ($7,000)

d.     ($5,400)

 

  56.  Accounting and finance each have significant responsibilities related to the firm's financial performance; however, the accountant's role is informational, while the financial analyst's role is critical and investigative. Therefore, we can say that:

       

a.     the accountant's job stops at the presentation of information

b.     the analyst must rely on the accountant to assist in analyzing the financial statements because the accountant is more familiar with their content

c.     the financial analyst assesses the information presented in the accountant's financial statements to seek out problems and their ramifications for the firm.

d.     financial analysts qualified to practice as CPAs may undertake both responsibilities and eliminate any overlap of similar tasks

 

  57.  Ratio analysis is used principally to examine:

       

a.     asset utilization; liquidity; profitability; dividend distribution; debt management

b.     asset utilization; liquidity; profitability; debt management; growth management

c.     asset utilization; liquidity; profitability; debt management

d.     asset utilization; liquidity; profitability; debt management; security analysis

 

  58.  If a company is facing default with its bondholders because of a deteriorating current ratio, which of the following actions could it take to improve its current ratio?

       

a.     Take a nine-month loan from the bank to pay off some of its suppliers

b.     Accelerate the collection of accounts receivable

c.     Sell off some old equipment that is no longer being used

d.     All of the above

 

  59.  The underlying principles of the statement of cash flows suggests that:

       

a.     increasing assets is the predominant use of cash and borrowing money is the predominant source of cash

b.     much like accounting debits and credits, any increase in an asset that uses cash is a debit and any increase in owners' equity and debt is a source of cash and is a credit

c.     its most important function is to identify the principal sources of cash and their respective uses

d.     all of the above

 

  60.  There are three essentially different, yet interrelated, relative measurements of debt: the debt ratio, the debt to equity ratio, and the equity multiplier. If the firm's total assets equal $1,200,000 and the equity multiplier is stated as 3:1, the debt ratio is:

       

a.     66.67%

b.     33.33%

c.     2:1

d.     50.00%

 

  61.  Below is a condensed version of a firm's comparative balance sheets for this year and last year, as well as a condensed version of this year's income statement. In addition, the firm has paid out $2,000 in dividends.

       

                                              TY                LY 

        Cash                               $ 4,000           $ 1,900

        Accounts receivable                 14,000             8,500

        Inventory                           12,000            15,600

        Fixed assets                        27,000            20,000

        Accumulated depreciation           (16,000)          (14,400)

          Total assets                     $41,000           $31,600

                                           =======           =======

       

        Accounts payable                   $ 3,000           $ 2,400

        Accrued expense                      1,000             3,200

        Notes payable - long term           14,000             8,000

        Common stock                         5,000             4,000

        Retained earnings                   18,000            14,000

          Total liabilities & capital      $41,000           $31,600

                                           =======           =======

       

                                             TY  

        Sales                             $100,000

        COGS                                80,000

        Gross Profit                        20,000

        Cash Exp.                            8,000

        Depreciation                         1,600

        EBIT                                10,400

        Interest                               800

        EBT                                  9,600

        Taxes                                3,600

        Net Income                        $  6,000

                                          ========

       

        The change in equity for the year is:

       

a.     ($8,000)

b.     ($5,000)

c.     ($7,000)

d.     ($6,000)

 

  62.  Many lending institutions rely on the "times interest earned" formula because it discloses the firm's ability to cover the interest charge on outstanding debt. With earnings before taxes of $30,000, interest expense of $3,000, and net income after taxes of $24,000, times interest earned is:

       

a.     8 times

b.     10 times

c.     11 times

d.     none of the above

 

True or False

 

  63.  A privately held, or closely held, company is one where the stock is held by very few investors and cannot be sold to other people without permission of the other shareholders.

 

  64.  Economists believe that people's time preference for consumption is what dictates their level of savings and the supply of loanable funds.

 

  65.  The Securities and Exchange Commission was established to give the investor the support of a state regulatory agency that enforces both the reporting and disclosure requirements of companies whose stocks are publicly traded.

 

  66.  Typically until the market has responded favorably to the newly traded stock of a company, mutual funds and other institutional investors wait on the sidelines before undertaking an investment in the stock.

 

  67.  The three components of the aggregate interest rate are: the base rate (the basic earning power of money and the anticipated rate of inflation), the risk premium (the incremental rate paid the investor to assume a risky investment), and the premium the consumer must get to defer consumption.

 

  68.  The term "financial intermediation" pertains to the process whereby investor, through a financial intermediary, quickly and efficiently places funds into the hands of the firm. This process is referred to as direct financial intermediation.

 

  69.  Stocks, like bonds, are long-term. They are similar in that both have stipulated investment periods, called "terms," that designate the specific maturity date of the investment.

 

  70.  The liquidity preference theory on the term structure of interest rates says that the yield curve should be upward sloping because lenders generally prefer long-term loans.

 

  71.  Although both markets deal in the flow of funds, money markets deal in short-term government and corporate debt, while capital markets deal in long-term corporate and government debt and corporate equity.

 

  72.  Insider trading is the exploitation, for profit, of information available to an executive of a company that is not available to the general public.

 

Multiple Choice

 

  73.  The term "red herring" relates to the:

       

a.     SEC's approval of a stock offering from a company whose future is questionable

b.     circulation of the company's prospectus prior to approval by the SEC

c.     document distributed to potential investors that is stamped "incomplete information"

d.     SEC's conditional approval of the prospectus

 

  74.  The liquidity theory of interest rates suggests that:

       

a.     interest rates move randomly and without a pattern

b.     the yield curve is inverted because lenders prefer longer-term, more expensive debt

c.     the yield curve is upward sloping because lenders prefer shorter term loans

d.     none of the above

 

  75.  Although the stock market specifically deals in equity investments and the bond market specifically deals in debt investments, both marketplaces:

       

a.     are independent of each other as to prevailing rates of return

b.     offer identical returns in order to compete for the investors' dollars

c.     would offer identical returns if the respective investments had an identical term to maturity

d.     are sensitive to prevailing long- and short-term interest rates when setting their required returns

 

  76.  Established through the Security Exchange Act of 1934, the Securities and Exchange Commission is charged with the responsibility to:

       

a.     oversee financial market activities

b.     promote fair play within the framework of the stock exchange

c.     enforce the laws preventing certain manipulative and deceptive behavior

d.     a and c

 

  77.  Assume that interest rates for years one and two are expected to be 5% and 7% in years three, four, and five. If you were to make a five-year loan, the appropriate rate of interest to charge under the expectations theory would be:

       

a.     6.375%

b.     6.000%

c.     6.200%

d.     none of the above

 

  78.  If inflation is viewed as a "sustained increase in the general level of prices," an increase in the price of a specific market basket of goods from $34.50 six months ago $35.71 today would suggest that the annual rate of inflation is:

       

a.     3.4%

b.     $1.21

c.     3.5%

d.     7.0%

 

  79.  Which of the following is not considered a component of the interest rate model?

       

a.     default risk premium

b.     deferred consumption risk premium

c.     pure interest rate

d.     maturity risk premium

 

  80.  The over-the-counter market differs from the New York Stock Exchange in that:

       

a.     the stocks, although publicly traded, are not listed on an exchange

b.     only relatively small companies are traded because larger companies are required to be traded on exchanges

c.     NASDAQ quotations apply only to smaller, less capitalized firms

d.     all of the above

 

  81.  When a debt investment, specifically a bond, is held to its stated redemption date, it is formally referred to as being held to its:

       

a.     call date

b.     maturity date

c.     redemption

d.     all of the above

 

  82.  Typically debt financing can be either short- or long-term, whereas equity financing is almost always long-term, the word "term" meaning:

       

a.     the length of time between the commencement date of an investment and its disposition date

b.     the duration specified on all debt and equity securities

c.     the amount of time necessary to realize the required return on the investment

d.     all of the above

 

  83.  Non-amortizing debt relates to debt that requires:

       

a.     both interest and principal to be paid in no less than semiannual payments

b.     principal to be paid annually and interest paid only semiannually

c.     interest to be paid semiannually and principal to be paid only at maturity

d.     none of the above

 

  84.  Which financial intermediary is not involved in the indirect method of financial intermediation?

       

a.     Banks

b.     Investment bankers

c.     Mutual funds

d.     Pension funds

 

  85.  Which of the following is not a source of risk?

       

a.     liquidity risk

b.     deferred consumption risk

c.     maturity risk

d.     default risk

 

  86.  Investors' overall required rate of return on equity investments increases as a result of:

       

a.     inflationary pressures

b.     increases in the general level of interest on debt investments

c.     both of the above

d.     none of the above

 

  87.  Taking a company public is the task of an investment banker whose responsibilities include:

       

a.     establishing the opening market price for the company's stock

b.     the registration process and preparation of the prospectus

c.     the determination of a ready market for the stock

d.     all of the above



Answer Key 

   1.  >      False

   2.  >      False

   3.  >      False

   4.  >      True

   5.  >      False

   6.  >      False

   7.  >      True

   8.  >      False

   9.  >      False

  10.  >      False

  11.  >      d

  12.  >      d

  13.  >      c

  14.  >      d

  15.  >      c

  16.  >      c

  17.  >      d

  18.  >      b

  19.  >      True

  20.  >      False

  21.  >      False

  22.  >      True

 23.   >      True

  24.  >      False

  25.  >      True

  26.  >      False

  27.  >      False

  28.  >      True

  29.  >      d

  30.  >      c

  31.  >      c

  32.  >      d

  33.  >      c

  34.  >      b

  35.  >      d

 36.   >      d

  37.  >      b

  38.  >      c

  39.  >      a

  40.  >      d

  41.  >      False

  42.  >      True

  43.  >      False

  44.  >      False

  45.  >      True

  46.  >      False

  47.  >      True

  48.  >      True

  49.  >      True

  50.  >      False

  51.  >      a

  52.  >      d

  53.  >      a

  54.  >      d

  55.  >      c

  56.  >      c

  57.  >      c

  58.  >      c

  59.  >      c

  60.  >      a

  61.  >      d

  62.  >      c

63.    >      False

  64.  >      True

  65.  >      False

  66.  >      False

  67.  >      False

  68.  >      False

  69.  >      False

  70.  >      False

  71.  >      True

  72.  >      True

  73.  >      b

  74.  >      c

  75.  >      d

  76.  >      d

  77.  >      b

  78.  >      d

  79.  >      b

  80.  >      a

  81.  >      b

  82.  >      a

  83.  >      c

  84.  >      b

  85.  >      b

  86.  >      c

  87.  >      d