- CFA Exams
- CFA Level I Exam
- Topic 5. Equity Investments
- Learning Module 8. Equity Valuation: Concepts and Basic Tools
- Subject 2. Background for the Dividend Discount Model
CFA Practice Question
Each dollar of a firm's after-tax earnings has two, and only two, outlets which are ______ and _______. A. cash dividends; coupon payments
B. coupon payments; retained earnings
C. retained earnings; cash dividends
Correct Answer: C
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