Please mark (A) for true answers and (B) for false answers on the Scantron Card. Mark (T) or (F) at the end of each sentence on this form.

9. The internal growth rate is the maximum growth rate that can be achieved with no additional equity financing (assuming the debt/equity ratio remains constant and everything scales with revenue).

10. Net operating working capital is current assets other than surplus cash less non-interest-bearing current liabilities.

11. Terminal value, reversion value and horizon value all mean the same thing and are interchangeable terms.

12. An increase in accounts payable is a use of cash.