1.) When calculating net operating cash flows for a capital budgeting project ________ should not be included:

A.) Operating expenses for an old asset that is being replaced

B.) Indirect effects

C.) Changes in operating costs

D.) Changes in depreciation

E.) Interest Charges

2.) when calculating the NINV for a a(n) ___________ project, you should normally include __________

Select one:

A.) Replacement, after tax proceeds from the sale of an old asset

B.) Replacement, pre-tax proceeds from the sale of an old asset

C.) Expansion, pre-tax proceeds from the sale of an old asset

D.) Expansion, after tax proceeds from the sale of the old asset