Which of the Following Is NOT True About the Life-Cycle

Multiple Choice

Which of the following is NOT true about the life-cycle growth and dividend policy?

A) In the maturity stage, a firm usually pays moderate to high dividends.
B) In the development stage, a firm usually pays stock dividends and some low cash dividends.
C) In the expansion stage, a firm pays low to moderate cash dividends and occasionally may have stock splits.
D) In the growth stage, a firm pays stock dividends.