Exhibit 20

question 80

Multiple Choice

Exhibit 20.13.An energy analyst wants to test if U.S.oil production is random over time.The analyst has monthly production values for the two years.The analyst finds 12 months are above the median,12 months are below the median,6 runs are below the median,and 5 runs are above the median. Since Refer to Exhibit 20.13.Assume the test statistic R follows a normal distribution.The value of the test statistic is:

• A)-2.231
• B)-6.868
• C)6.868
• D)2.231

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Definitions:

Shares Outstanding

Shares outstanding refer to the total number of shares of a company's stock currently owned by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company’s officers and insiders.

Cash Dividend

A monetary payment made by a company to its shareholders out of its current or retained earnings.

Excess Cash

Funds that exceed the necessary operating, investing, and financing requirements of a company, potentially available for dividends or investments.

Earnings Per Share

A company's profit divided by its number of common outstanding shares, indicating the company's profitability.