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Part $1$

Transaction exposure and operating exposure exist because of unexpected changes in future cash flows. The difference between the two is that$\_\_\_\_\_\_\_\_$ exposure deals with cash flows already contracted$$ for, while$\_\_\_\_\_\_\_\_$ exposure deals with future cash flows that might change because of changes in exchange rates.

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Part $1$

A$.$

$$operating; transaction

B$.$

$$operating; accounting

C$.$

$$transaction; operating

D$.$

none of the above