1.

Complete the table below that compares the differences among corporations, sole proprietorships, and general partnerships.

2.	Distinguish between a firm's capital budgeting decisions and its financing decisions by giving examples of each.

3.	How was the role of many bankers in the Financial Crisis of 2007-2009 an example of an agency problem?

4.

Is value maximization always ethical?

5.	What are subprime mortgages and how were they a part of the Financial Crisis of 2007-2009?

6.	Describe the information contained in the balance sheet, income statement, and statement of cash flows.

7.

Why does accounting income differ from cash flow?

8.

Apex Corp. has current liabilities of $2 million, a current ratio of 3, a quick ratio of 2, and a cash ratio of .75. Given this information, answer the following about the firm's liquidity: a. What is the value of inventory? b. What is the value of receivables? c. What will happen to each of the three ratios if $1 million in current liabilities is refunded with long-term debt?

9.	What are some potential pitfalls of ratio analysis based on accounting data?