A financial manager is quotes saying, when evaluating projects, were only concerned with the relevant incremental after tax cash flows. Therefore, because depreciation is a noncash expense, we should ignore its effects when evaluating projects.

Fill in the blanks with the most appropriate word or phrase.

1. The sale of a new bond issue takes place in the ________ markets
2. Equity instruments are traded in the ______markets
3. Short term securities such as treasure bills and bankers acceptances are bought in the ____ markets.
4. a/An ______ is the first time a companys stock is sold to the public.
5. The principle of finance which supports the fact that the markets are quick and the prices are fair is called the _______ principle.