______12) Using semi-annual compounding (vs. annual compounding) will increase the future value of an annuity. _____ 13) The internal rate of return (IRR), emphasizes the average annual rate of return from the investment. ______ 14) Non-mutually exclusive alternatives can often be accepted at the same time. ______ 15) The payback method of capital budgeting considers all inflows from the project. ______ 16) The internal rate of return (IRR) is the interest rate that equates the cash outflows of an investment with the cash inflows from it. _____ 17) Junk Bonds usually have high risk with low return yields. _____ 18) Derivative contracts can be very complex and highly volatile. ______ 19) Working capital management is relatively less important for the small business (compared to larger ones). ______ 20) The financial manager usually must spend significant time on working capital management. ______ 21) Commercial paper is a secured short-term IOU issued by a large firm. ______ 22) If a firm uses factoring for its accounts receivables, it will generally be liable if the account becomes uncollectible. ______ 23) Trade credit is for periods of one year or more from suppliers. ______ 24) There is an inverse relationship between the price of bonds and interest rates. ______ 25) When interest rates increase, bonds are more likely to be called.