10. Explain what a dividend's declaration date, date of record, and ex-dividend date are.

11. If depreciation is not a cash-flow expense, does it affect the level of cash flows from a project in any way? Why?

12. A cash budget is usually thought of as a means of planning for future financing needs. Why would a cash budget also be important for a firm that has excess cash on hand?

13. A manager in your firm decides to employ break-even analysis. Of what shortcomings should this manager be aware?

14. Explain how simulation works. What is the value in using a simulation approach?

15. Briefly compare and contrast the NPV, PI, and IRR criteria. What are the advantages and disadvantages of using each of these methods?