CB1-Business Finance Actuators Educational Institute
CB1 – Business Finance
MCQ
1. Which of the following is required by the remuneration section of the UK Corporate
Governance Code?
A
Individual directors should be involved in deciding their own remuneration.
B
Remuneration policies and practices should be designed to promote shortterm
success.
C
A company should have a formal and transparent procedure to determine
policy for executive directors’ remuneration.
D
Directors’ remuneration should not be share price performance-related.
[2]
2. Which of the following helps to ensure that shareholders can find investments which
suit their needs?
A
the effective regulation of financial services markets by government
B
the existence of a free, competitive capital market
C
the existence of information asymmetries between stakeholders
D
the directors of a company acting on behalf of the shareholders
[2]
3. Fantasy Airlines UK plc has to buy oil (in $) in six months’ time. Which of the
following would NOT help it to reduce the risk involved in this transaction?
A
the purchase of a call option on $ for £
B
the purchase of a put option on £ for $
C
the purchase of oil futures
D
a currency swap arrangement of £ for $
[2]
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CB1-Business Finance Actuators Educational Institute
4. A company finds that a certain range of products is not selling as well as it
anticipated and so it has many unsold products in its stock room. It decides to
reduce the value of these inventories on its statement of financial position. Which
accounting concept is this decision based on?
A
The cost concept
B
Prudence
C
Money measurement
D
Realisation
[2]
5. Why might an overdraft be the cheapest way to fund working capital requirements?
A
Banks can call in overdrafts without notice.
B
Banks offering overdraft facilities are in competition with one another.
C
Overdrafts attract a relatively low rate of interest.
D
The entity’s funding needs are fluctuating.
[2]
6.
Which of the following is NOT true of a limited company?
A
Its liability in respect of claims against the company is limited to the share
capital and reserves of the company.
B
It must have an issued share capital of at least £50,000.
C
Its tax calculation will be affected by changes in corporation tax rates.
D
Its board of directors are legally responsible for its financial affairs.
[2]
7.
Which of the following is NOT the goal of the financial manager?
A
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to maximise the share price
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B
to invest in projects that display a positive net present value
C
to invest in projects if the rate of return is greater than the cost of borrowing
D
to maximise shareholder wealth
[2]
8.
An entry for ‘goodwill’ might appear in:
A
the unconsolidated statement of financial position of a subsidiary company.
B
the consolidated statement of financial position of a parent company with a
subsidiary.
C
the unconsolidated statement of financial position of a parent company with a
subsidiary.
D
the consolidated statement of financial position of a parent company with an
associate interest.
[2]
9.
The structure of company XYZ is such that the company has $75 million of
shareholders’ capital and reserves and $25 million market value of outstanding
debt. These funds are invested in a diversified portfolio of assets, which are
expected to earn a return no more or less than the market. The risk-free rate of
return in the market is 6% and investors expect the market to give a return of 12%.
Assuming that the company can borrow at the risk-free rate and that there are no
taxes, the return expected from the equity shares in XYZ is:
A
10.5%
B
12%
C
14%
D
15.5%
[2]
10. Which of the following is NOT a likely consequence of an increase in a company’s
gearing?
A
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The company will benefit from the tax advantages of debt finance.
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CB1-Business Finance Actuators Educational Institute
B
The company’s credit rating will improve.
C
The return to shareholders of the company will increase.
D
The company’s weighted average cost of capital will fall.
[2]
11. If a company has the phrase ‘Public Limited Company' or the abbreviation ‘plc' after
its name you know:
A
that the company must be large.
B
that the company must be quoted on a stock exchange.
C
that the company must have an established track record.
D
none of the above.
[2]
12. Which of the following would NOT occur when a convertible loan stock converts
into equity shares?
A
Interest cover would increase.
B
Earnings would be diluted.
C
Gearing would decrease.
D
A premium would be paid to the company.
[2]
13. Company C is offering 12 million shares for sale by tender through an issuing
house. At the close of the offer, five potential investors have each bid for one-third
of the available shares as follows: Investor Bid per share
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P
100p
Q
105p
R
110p
S
120p
T
125p
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The issuing house sets a strike price and allocates shares to ensure that 100% of the
shares are sold and that the maximum amount is raised through the issue. Which of
the following outcomes can be expected?
A
Investor T will pay 125p for his allocation of shares.
B
Investor P will be allocated shares at a price of 100p.
C
Investors R, S and T will each obtain one-third of the shares at 110p per
share.
D
Company C will raise £13.44m (before costs) from the sale.
[2]
14. Which of the following would normally be the cheapest form of long-term finance
for a company?
A
Debenture
B
Preference share
C
Subordinated debt
D
Unsecured bank loan
[2]
15. Which of the following best describes the possibility of an agency relationship
between company directors and debenture holders?
A
There is no agency relationship because the debenture holders are protected
by the terms of their debenture.
B
The directors could indulge in risky behaviour that threatens the value of the
debenture holders’ stake in the company.
C
The debenture holders do not appoint the directors and so the directors are
not the debenture holders’ agents.
D
The debenture holders bear exactly the same agency risks as the
shareholders.
[2]
16. A UK quoted company’s board wishes to appoint the same individual to act
as both Chief Executive and Chairman. How should the board proceed?
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A
The board should abandon the idea because the UK Corporate Governance
Code forbids such an arrangement.
B
The board should make the dual appointment and explain its reasons for
doing so.
C
The board should appoint the individual as Chief Executive but not
Chairman. The person appointed as Chairman should then defer to the Chief
Executive on all matters.
D
The board should make the dual appointment, but appoint two further
individuals to act as Deputy Chief Executive and Deputy Chairman.
[2]
17. Which of the following investors in the futures and options markets can never find
that the contract is a liability at expiry? A the seller of a futures contract
B
the buyer of a put option
C
the writer of a call option
D
the buyer of a futures contract
[2]
18. Techno Holdings has shares in three companies. It holds 25% of Wizz’s shares and
has the right to choose one of the four directors of the company. Its 55% holding in
Wam enables it to control the board of directors. It holds 18% of Watt’s shares and
has one of the three seats on the board. Which are associate companies of Techno
Holdings?
A
Wizz, Wam and Watt
B
Wizz and Wam only
C
Wizz and Watt only
D
Wizz only
[2]
19. When analysing a project, systematic risk should be allowed for by using: A
RAMP (Risk Assessment and Management of Projects).
B
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scenario testing.
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C
an appropriate discount rate.
D
a risk matrix.
[2]
20. A company has issued £0.25 shares at a premium of £0.20 per share. The
shareholders have each paid £0.2210 for each share that they hold. What is the
maximum liability that each shareholder might bear with respect to each sale in
the event that the company cannot pay its liabilities?
A
£0.03
B
£0.20
C
£0.23
D
£0.25
[2]
21. A company’s statement of profit and loss includes all of the revenue in respect of
purchases made by a major customer during the year, even though the purchases
were credit sales. A proportion of this revenue will not actually be received until
sometime during the following year. Which of the following accounting concepts
requires this treatment of the sales revenue?
A
Realisation
B
Prudence
C
Going concern
D
Money measurement
[2]
22. Which of the following is least likely to be a reason for a company to produce an
annual sustainability report?
A
Sustainability reporting can help focus management on short-term actions to
increase shareholder profits.
B
Sustainability reporting recognises the variety of stakeholders that are
involved in a company and can encourage stakeholder engagement.
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C
Sustainability reporting can help a company to communicate its
environmental and social sustainability strategy in the context of its overall
corporate strategy.
D
Sustainability reporting can enhance a company’s reputation.
[2]
23. Which of the following is the most likely reason for a company to have a lower price
earnings ratio than other companies in the same industrial sector?
A
The company’s shares are currently undervalued by the market.
B
The market believes that the company will achieve good future earnings
growth relative to other companies in the sector.
C
The market believes that the company is a low-risk investment relative to
other companies in the sector.
D
The company’s future revenue stream is more predictable than that of other
companies in the sector.
[2]
24. A company’s share price stands at £2.00. It has 20m shares in issue and the
nominal value of its shares is 50p. It intends to capitalise £10m of reserves by a
scrip issue and then to make a 1-for-2 rights issue at 80p. What is the theoretical
price of the shares after both the scrip issue and the rights issue?
A
80p
B
93.33p
C
133.33p
D
160p
[2]
25. Which of the following is NOT true of the use of the payback period as a
method to appraise capital projects?
A
The method is of relatively little value when the payback period is much over
three years.
B
The method is important for companies with large shareholder reserves who
have no need to raise additional debt or equity finance.
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C
The method is misleading because it does not use the correct rate of discount.
D
The method is important for fast-growing companies who find it hard to raise
additional debt or equity finance.
[2]
26. A company evaluates all projects by discounting expected cash flows at 12%. Which
of the following is an advantage of applying a uniform rate?
A
All projects are evaluated in terms of net present value, which is consistent
with the maximisation of shareholder wealth.
B
Setting a high rate of 12% eliminates the risk of accepting a project whose
return is unacceptably low.
C
This approach is consistent and so ensures that only sound investment
decisions are made.
D
There will be less scope for disagreements over the determination of a more
relevant rate for each project under consideration.
[2]
27. Consider the following definition:
‘The borrower can change the security of the loan from time to time (within limits
imposed by the trust deed). Upon default the lender can appoint a receiver to take
control of the assets. If necessary the assets can be sold off to pay the lender (in
advance of unsecured creditors).’
This is a definition of a:
A
subordinated loan stock.
B
floating-rate note.
C
fixed-charge debenture.
D
floating-charge debenture.
[2]
28. Last year Company X made profits before taxation of £85m. Throughout the year,
the company had a mortgage of £50m on which £6m interest was paid, and an 8%
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unsecured loan stock with interest payments of £10m. The interest cover on the
unsecured loan stock was:
A
5.3
B
6.3
C
8.5
D
10.1
[2]
29. Which of the following influences is
most likely to result in a company having
relatively low financial gearing?
A
intangible assets being a high proportion of total assets
B
high corporation tax rates
C
high taxable profits
D
expensive share issue costs
[2]
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30. Which of the following best describes the relationships between the interests of
major groups of stakeholders in a limited company?
A
The directors will ensure that all stakeholders' interests are satisfied.
B
The stakeholders' interests will often conflict and their relationships will be
defined entirely by formal, written contracts.
C
The stakeholders' interests will often conflict and their relationships will be
denied by a combination of contracts and implicit agreements.
D
The stakeholders will work together for their mutual benefit.
[2]
31. Responsibility for a company’s financial affairs ultimately rests with:
A
the auditor.
B
the board of directors.
C
the chief financial officer.
D
the company secretary.
[2]
32. Which of the following does NOT describe a Limited Liability Partnership (LLP):
A
An LLP has no Memorandum & Articles of Association.
B
The liability of the members of an LLP is limited.
C
An LLP has no directors or company secretary.
D
An LLP consists of two or more partners.
[2]
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33. Company A owns a particular asset. Company B contracts to use that asset for
three years, which is the expected remaining life of the asset. In return, Company B
makes a regular series of payments to Company A. Which of the following is true?
A
Company A owns the asset and retains most of the risks associated with
owning the asset.
B
The present value of this arrangement appears on Company B’s accounts as
both an asset and a liability.
C
Legal ownership of the asset passes to Company B at the outset of the
agreement.
D
Legal ownership of the asset passes to Company B at the end of the
agreement.
[2]
34. The following figures have been extracted from the 31 December 202X-1 statement
of financial position of BFG plc:
£
Issued share capital (50p shares)
50,000
Other reserves
20,000
Retained earnings
26,250
During 202X the following occurred:
•
•
•
BFG issued 50,000 shares at a price of 75p on 1 June
profits attributable to equity holders were £22,000
dividends of 5p per share were paid to ordinary shareholders on 1 April for 202X1
•
dividends of 5p per share were proposed for 202X.
What will the statement of changes in equity show for the year 202X?
A
Share capital increases by £37,500; other reserves are unchanged; and
retained earnings increase by £17,000.
B
Share capital increases by £25,000; other reserves increase by £29,500; and
retained earnings are unchanged.
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C
Share capital increases by £25,000; other reserves increase by £12,500; and
retained earnings increase by £17,000.
D
Share capital increases by £37,500; other reserves increase by £12,500; and
retained earnings increase by £14,500.
[2]
35. A company’s share price has a beta of close to zero. How should that be
interpreted?
A
Beta cannot be zero, so the figure has been calculated incorrectly.
B
The company is not sensitive to the factors that affect the market generally.
C
The company’s shares would make an unattractive investment.
D
There is no risk associated with investing in that company.
[2]
36. Which of the following is NOT a reason why the gross redemption yield on corporate
loan stock is usually greater than that on government bonds of equivalent term and
coupon?
A
smaller issues sizes of most corporate loan stocks
B
no tax is paid on interest received from government bonds
C
lower marketability of the corporate loan stock
D
greater chance of default of the corporate loan stock
[2]
37. Which of the following would NOT be included in a firm’s equity?
A
retained earnings
B
Dividends
C
share capital
D
the upward revaluation of a non-current asset
[2]
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38. Finance theory suggests that individuals who own shares often fund the tax
treatment of capital gains on shares preferable to the tax treatment of a dividend of
the same amount. Which of the following is NOT a potential reason for this
preference?
A
Capital gains are not taxed until they are realised.
B
Income on dividends is typically taxed in its entirety for taxpayers who have
income from other sources.
C
Taxpayers who do not report capital gains are unlikely to be discovered by
the authorities.
D
Capital gains are sometimes adjusted by reliefs that take length of
ownership into account.
[2]
39. A company is offered trade credit terms of ‘3/10 net 60’, so that the company will
have a 3% discount if it pays within 10 days, otherwise it has to pay within 60
days. What is the cost to the company of not using the offered discount?
A
19.7%
B
20.4%
C
24.1%
D
24.9%
[2]
40. IAS 8 requires that, in the absence of a specific rule to specify an accounting policy,
a company should select policies on the basis that the information they provide is:
A
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relevant and reliable.
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CB1-Business Finance Actuators Educational Institute
B
true and fair.
C
reasonable and consistent.
D
based on clear and observable market prices.
[2]
41. A company’s accounts are reliable except that an error in the company’s stock
control system has resulted in material uncertainty over the end-of-year stock
values. The company’s management has disclosed this fact in its accounts. What
should the company’s external auditor do?
A
include an emphasis of matter paragraph in its report
B
issue a qualified opinion
C
issue a disclaimer of opinion
D
take no action as the matter has been disclosed to the shareholders
[2]
42. Which of the following statements about taxation is false?
A
Taxation is often based on cashflows.
B
The marginal rate of income tax must increase as income increases.
C
Taxation is usually assessed in arrears.
D
Companies pay corporation tax on their taxable profits.
[2]
43. Which of the following is NOT a requirement of the UK Companies Act as part of a
listed company’s annual report and accounts?
A cash flow statement B
notes to the accounts
C
statement of profit or loss
D
statement of financial position
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[2]
44. Which of the following is the least likely motive for a leveraged buyout (LBO)?
A
to profit by selling off a firm’s assets
B
to put a new management team in place
C
to take a private company into public ownership
D
to benefit from the tax relief on debt finance
[2]
45. Mark has entered into a limited liability partnership (LLP) with three other
consultants. Mark has invested £50,000 and has agreed to accept a 20% share of
all profits and losses.
Which of the following best describes Mark’s exposure as a result of entering into
this agreement?
A
He could lose his ensure investment in the partnership.
B
He could lose his entire investment in the partnership and be personally
liable for up to 20% of any unrelieved liabilities after the partnership assets
have been exhausted.
C
He could lose his entire investment in the partnership and be personally
liable for up to one quarter of any unrelieved liabilities after the partnership
assets have been exhausted.
D
He could lose his entire investment in the partnership and be personally
liable for the whole of any unrelieved liabilities after the partnership assets
have been exhausted.
[2]
46. Projects are sometimes assessed using a ‘receipts to cost’ ratio. Which of the
following is the correct definition of this ratio?
𝐍𝐏𝐕 𝐨𝐟 𝐭𝐡𝐞 𝐠𝐫𝐨𝐬𝐬 𝐫𝐞𝐯𝐞𝐧𝐮𝐞𝐬
A
𝐍𝐏𝐕 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐚𝐧𝐝 𝐫𝐮𝐧𝐧𝐢𝐧𝐠 𝐜𝐨𝐬𝐭𝐬
NPV of the net revenues
B
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NPV of running costs
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NPV of the running costs
C
NPV of the capital
NPV of the gross revenues less running costs
D
NPV of the capital
[2]
47. Which of the following enables a large number of participants to support a large
business, project or individual?
A
shadow finance
B
public private partnerships
C
crowd funding
D
Microfinance
[2]
48. Which of the following would be a valid reason for using the weighted average cost
of capital (WACC) as the required rate of return on an investment project?
A
The investment project is an expansion of the existing business.
B
WACC can be determined objectively.
C
It is unduly time-consuming to determine the required rate of return for every
investment project separately.
D
Achieving a return in excess of WACC will increase the shareholders’ wealth.
[2]
49. The effective conversion price of a convertible bond is:
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A
the value of the equity + excess income prior to conversion
B
market price of convertible bond – market price of a similar non-convertible
bond
C
market price of convertible bond ÷ number of shares into which the bond
converts
D
market price of convertible bond + excess dividend income after conversion
[2]
50. Which of the following changes in working capital will result in an
improvement in a company’s net cash inflow from operating activities?
A increase in trade payables B
increase in inventories
C
increase in trade receivables
D
decrease in other current liabilities
[2]
51. Which of the following statements is false?
A
If a project has a large amount of systematic risk, then the discount rate used
to value the cashflows should be raised to reflect the risk.
B
A large, well-diversified portfolio of projects should have little or no specific
risk.
C
No amount of diversification can remove the systematic risk involved in a
project.
D
Specific risk arises because of the volatility of the market as a whole.
[2]
52. Company JKL is considering using commercial paper to finance a seasonal need for
cash. It is considering issuing £25m of 90-day commercial paper at 1.5% pa. The
broker’s fee for selling this issue would be £50,000. What would be Company JKL’s
annual financing cost of this issue?
A
1.5% pa
B
1.7% pa
C
2.3% pa
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D
2.5% pa
[2]
53. A company has authorised ordinary share capital of £1.5m. It has two million
ordinary shares issued and the nominal value of the issued share capital is £1m.
The directors wish to issue some new ordinary shares. Which of the following are
they able to do without further approval from shareholders?
A
issue two million new ordinary shares at 50p each, offering the new shares to
existing shareholders
B
issue one million new ordinary shares at a nominal value of 45p each, offering
the new shares to existing shareholders
C
issue one million new ordinary shares, offering the new shares to existing
shareholders at a price of 100p
D
issue one million new ordinary shares, offering the new shares to an
institutional investor by way of a placing
[2]
54. Which of the following is NOT an advantage of sustainable reporting?
A
It compels organisations to see that actions taken now have implications for
the future.
B
It helps organisations to consider and communicate their sustainability
strategy.
C
It demands greater transparency, enabling stakeholders to make informed
decisions.
D
It is simple to do, as few stakeholders are involved.
[2]
55. An investment project has a short payback period and a high internal rate of return
(IRR). Which of the following statements is valid?
A
The project should definitely proceed.
B
The project is likely to be very risky.
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C
The project should be rejected if it would exclude an investment in a longerterm project with a lower IRR but a higher net present value.
D
The high IRR is inconsistent with the short payback period.
[2]
56. Information provided in a company’s accounts is deemed to be ‘relevant’ if it:
A
is material in the view of the company’s directors.
B
is neutral and free from bias.
C
informs decisions taken by users of the financial statements.
D
is a historical fact.
[2]
57. Which of the following statements relating to the payback period approach to
assessing cashflows is correct?
A
A project with a longer payback period will be preferred.
B
The payback period is of most value when payback periods are greater than 3
years.
C
Payback period tends to be most important for larger companies. D none of
the above
[2]
58. Which of the following would be examples of specific risk for a large domestic house
building company? A Inflation
B
Interest rates
C
Regional variations in house prices
D
Recession
[2]
59. Which one of the following will result in an immediate increase in a company’s
assets as shown in its statement of financial position?
A
leasing an asset under a finance lease
B
leasing an asset under an operating lease
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C
purchasing a good on hire purchase
D
establishing an overdraft facility
[2]
60. Agency theory, which considers the relationship between a principal and an agent
of that principal, looks at issues such as the nature of agency costs. Which of the
following is NOT an example of an agency cost to a company’s shareholders?
A
the fees paid to the auditors of a company’s accounts
B
the cost of managers’ share options
C
the costs incurred by managers using a company’s resources for their own
benefit
D
the salaries of managers and other staff
[2]
61. Why might a share buyback increase a company’s share price?
A
A share buyback is a sign of confidence on the part of the board.
B
Buybacks do not involve any transaction costs.
C
The buyback returns funds that were not generating an acceptable return.
D
There is no taxes payable on buybacks.
[2]
62. A floating-rate note is:
A
an overdraft.
B
a bond with a variable rate of interest.
C
a bank loan with a variable rate of interest.
D
a debenture where the security of the loan can be changed.
[2]
63. The dividend yield for Arrow plc is currently 3.4%. A year ago it was 1.7%. Which of
the following is consistent with this increase?
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A
Earnings per share and dividend cover have remained constant. The share
price has increased by 100% over the past year.
B
Earnings per share have fallen by 50% over the past year. Dividend cover and
the share price have remained constant.
C
Earnings per share and the share price have remained constant. Dividend
cover has fallen by 50% over the past year.
D
Earnings per share and the share price have increased by 100% over the past
year. Dividend cover has remained the same.
[2]
64. A share has a beta of 1.5 relative to the diversified market portfolio. If the risk-free
rate of interest over the previous year has been 5%, and the market index has risen
3%, by how much would you expect the share price to have risen?
A
9.5%
B
4.5%
C
2.0%
D
0.5%
[2]
65. A company is considering arranging a swap with an investment bank. Which of the
following statements is true?
A
A currency swap is typically priced so that the present value of the purchasing
company’s net cashflows at outset is slightly positive.
B
Both counterparties to the swap would face market risk, but only the
investment bank would face credit risk.
C
The payments under an interest rate swap involve swapping interest
payments and principal payments at the end.
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D
The incoming cashflows for a party to a currency swap are a series of interest
payments and a payment of principal in one currency.
[2]
66. Which of the following assets are subject to capital gains tax in the UK?
A
foreign currency obtained for personal use
B
a main private residence
C
shares in companies listed on the London Stock Exchange D private motor
cars
[2]
67. An investment project is to be evaluated on the basis of a real rate of return. What
does that mean for the evaluation of the project?
A
Inflation should be ignored in predicting cash flows.
B
Inflation should be included in the predicted cash flows.
C
It is less likely that the project will be selected.
D
It is more likely that the project will be selected.
[2]
68. The directors of Phillips plc are considering a 1-for-4 rights issue at a 20% discount
to the current share price. The book value of the company’s ordinary 50p shares is
£8m and the current market capitalisation is £60m. Which of the following is the
theoretical ex-rights share price?
A
£3.00
B
£3.15
C
£3.60
D
£3.75
[2]
69. Unlike tangible assets, an intangible asset:
A
cannot suffer depreciation of its value over time.
B
does not have a value.
C
can be created when one company takes over another company.
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CB1-Business Finance Actuators Educational Institute
D
cannot be sold.
[2]
70. A company’s ordinary shares have a nominal value of 25p. The current market
price of a share is 75p. The directors are planning a rights issue of new shares.
Which of the following is the most likely rights issue price for the new shares?
A
15p
B
25p
C
65p
D
75p
[2]
71. Which of the following would NOT reduce a company’s corporation tax liability?
A
writing down allowances on equipment owned by the company
B
dividend payments to the company’s shareholders
C
rent in respect of the company’s factory
D
interest payments on the company’s debenture stock
[2]
72. Which of the following is NOT a role performed by an issuing house acting
as an adviser to an offer for sale?
A
ensuring favourable press reports about the offer
B
advising on the strike price for the share issue
C
buying shares from the issuing company
D
offering the shares to selected institutions only
[2]
73. A company’s beta coefficient is 1.6 and it has a 30% gearing ratio. How would beta
change if the corporation tax rate increased?
A
All the best
Any change in beta would depend on the market’s reaction.
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CB1-Business Finance Actuators Educational Institute
B
Beta would decrease.
C
Beta would increase.
D
Beta would remain the same.
[2]
74. Which of the following is NOT a method of reducing principal-agent problems?
A
a profit-related employee bonus scheme
B
executive share options
C
an hourly rate of pay for workers and managers
D
written agreements between stakeholders
[2]
75. On 1 January Nafco Ltd bought some machinery for £70,000. The machinery will
be depreciated using the reducing balance method over ten years, assuming a
scrap value of £5,000 at the end of the period. What was the value shown in the
statement of financial position at the end of the year in respect of this machinery?
A
£63,500
B
£63,000
C
£53,763
D
£16,237
[2]
All the best
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