What the equivalent annual cost answer ddiff aacsb
A) The firm increases in value.
B) The firm gains knowledge and experience that may be useful in future decisions.
AACSB: 6. Reflective thinking
Question Status: Previous edition
A) tend to average out over time.
B) decrease the firm's value.
AACSB: 6. Reflective thinking
Question Status: Previous edition
A) The time value of money
B) The risk-return tradeoff
AACSB: 6. Reflective thinking
Question Status: Previous edition
A) Walmart purchases inventory for resale to customers.
B) Apple sells bonds and uses the proceeds to repurchase stock.
AACSB: 6. Reflective thinking
Question Status: New question
A) Purchase of office supplies
B) Granting credit to a new customer
AACSB: 6. Reflective thinking
Question Status: Previous edition
A) many firms compete to sell similar products.
B) interest rates are high and rising.
AACSB: 6. Reflective thinking
Question Status: Previous edition
Answer: FALSE
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
8) Competitive market forces make it imperative for a firm to have a systematic strategy for generating capital-budgeting projects.
Objective: 11.1 Understand how to identify the sources and types of profitable investment opportunities.
Keywords: capital budgeting
AACSB: 6. Reflective thinking
Question Status: Previous edition
Answer: FALSE
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
11) Some capital budgeting decisions may be mandated by government regulations.
Objective: 11.1 Understand how to identify the sources and types of profitable investment opportunities.
Keywords: capital budgeting
AACSB: 6. Reflective thinking
Question Status: New question
Answer: The main objective of financial management is to maximize the value of the firm. The main source of value is the company's cash flows discounted at rates that reflect their risk. Both the firm's cash flows and their level of risk are determined by the projects the company chooses to undertake. Recent examples include Apples string of "I" products (pod, phones, pad), and Amazon's Kindle which have added tremendous value to those companies. Students may cite examples from the text such as Kimberly-Clark's Huggies or Walmart's use of central distribution centers. Examples of less than successful decisions, at least so far, might include the Segue or the Gap's ephemeral redesigned logo. (Students' answers will vary their experience and recent events.)
Diff: 2
Principles: Principle 3: Cash Flows Are the Source of Value
14) Distinguish between revenue enhancement investments, cost-reduction investments, and mandated investments.
Objective: 11.1 Understand how to identify the sources and types of profitable investment opportunities.
Keywords: capital budgeting
AACSB: 6. Reflective thinking
Question Status: Previous edition
1) Project Sigma requires an investment of $1 million and has a NPV of $10. Project Delta requires an investment of $500,000 and has a NPV of $150,000. The projects involve unrelated new product lines.
A) Both projects should be accepted because they have positive NPV's.
Diff: 2
AACSB: 3. Analytic thinking
2) ABC Service can purchase a new assembler for $15,052 that will provide an annual net cash flow of $6,000 per year for five years. Calculate the NPV of the assembler if the required rate of return is 12%. (Round your answer to the nearest $1.)
A) $1,056
Diff: 2
AACSB: 3. Analytic thinking
3) Central Mass Ambulance Service can purchase a new ambulance for $200,000 that will provide an annual net cash flow of $50,000 per year for five years. Calculate the NPV of the ambulance if the required rate of return is 9%. (Round your answer to the nearest $1.)
A) $50,000
Diff: 2
AACSB: 3. Analytic thinking
4) Central Mass Ambulance Service can purchase a new ambulance for $200,000 that will provide an annual net cash flow of $50,000 per year for five years. The salvage value of the ambulance will be $25,000. Assume the ambulance is sold at the end of year 5. Calculate the NPV of the ambulance if the required rate of return is 9%. (Round your answer to the nearest $1.)
A) $(10,731)
Diff: 2
AACSB: 3. Analytic thinking
5) Fitchminster Armored Car can purchase a new vehicle for $200,000 that will provide annual net cash flow over the next five years of $40,000, $45,000, $50,000, $55,000, $60,000. The salvage value of the vehicle will be $25,000. Assume that the vehicle is sold at the end of year 5. Calculate the NPV of the ambulance if the required rate of return is 9%. (Round your answer to the nearest $1.)
A) $7,390
Diff: 2
AACSB: 3. Analytic thinking
6) Project H requires an initial investment of $100,000 and the produces annual cash flows of $50,000, $40,000, and $30,000. Project T requires an initial investment of $100,000 and the produces annual cash flows of $30,000, $40,000, and $50,000. If the required rate of return is greater than 0% and the projects are mutually exclusive
A) H will always be preferable to T.
Diff: 2
AACSB: 3. Analytic thinking
7) Project H requires an initial investment of $100,000 and the produces annual cash flows of $45,000 per year for each of the next 3 years. Project T also requires an initial investment of $100,000 and produces cash flows of $30,000 in year 1, $40,000 in year 2, and $70,000 in year 3. If the discount rate is 10% and the projects are mutually exclusive
A) Project H should be chosen.
Diff: 2
AACSB: 3. Analytic thinking
8) Project H requires an initial investment of $100,000 and the produces annual cash flows of $45,000 per year for each of the next 3 years. Project T also requires an initial investment of $100,000 and produces cash flows of $30,000 in year 1, $40,000 in year 2, and $70,000 in year 3. If the discount rate is 10% and the projects are not mutually exclusive
A) Project H should be chosen.
Diff: 2
AACSB: 3. Analytic thinking
9) Project H requires an initial investment of $100,000 and the produces annual cash flows of $45,000 per year for each of the next 3 years. Project T also requires an initial investment of $100,000 and produces cash flows of $30,000 in year 1, $40,000 in year 2, and $70,000 in year 3. If the discount rate increases from 10% to 16%
A) Project T should be chosen.
Diff: 2
AACSB: 3. Analytic thinking
10) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answer to the nearest $10.)
A) $490
Diff: 2
AACSB: 3. Analytic thinking
11) Suppose you determine that the NPV of a project is $1,525,855. What does that mean?
A) In all cases, investing in this project would be better than investing in a project that has an NPV of $850,000.
Diff: 2
AACSB: 3. Analytic thinking
12) Project January has a NPV of $50,000, project December has a NPV of $40,000. Which of the following circumstances could make it possible to choose December over January?
A) January has a shorter payback period.
Diff: 2
AACSB: 3. Analytic thinking
13) The present value of the total costs over a five year period for Project April is $50,000. The net present value of total costs over a 4 year period for Project October is $40,000. The company uses a discount rate of 9%. Which project should it choose and why?
A) April because it has a higher net present value (NPV).
Diff: 2
AACSB: 3. Analytic thinking
14) Warchester Inc. is considering the purchase of copying equipment that will require an initial investment of $15,000 and $4,000 per year in annual operating costs over the equipment's estimated useful life of 5 years. The company will use a discount rate of 8.5%. What is the equivalent annual cost?
A) $4,000
Diff: 2
AACSB: 3. Analytic thinking
15) Artie's Soccer Ball Company is considering a project with the following cash flows:
Initial outlay = $750,000
C) $4,337
D) $2,534
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
Keywords: net present value
Year 1 $6,000
Year 2 $2,000
B) The project should be rejected since its NPV is -$353.87.
C) The project should be accepted since it has a payback of less than four years.
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) $285,106
C) $473,904
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) NPV = - $30,000 + $15,000/(1.10)1 + $20,000/(1.10)2 + $30,000/(1.10)3
C) NPV = - $30,000 + $15,000/(1.01).10 + $20,000/(1.02).10 + $30,000/(1.03).10
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) project BE.
C) both projects.
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) project B.
C) both projects.
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) $257,106
C) $416,912
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) rejected.
C) discounted at a lower rate.
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) NPV = -$30,000 + $20,000/(1.10)1 + $20,000/(1.10)2 + $20,000/(1.10)3
C) NPV = -$30,000 + $20,000/(1.01).10 + $20,000/(1.02).10 + $20,000/(1.03).10
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) less than 14.6%.
C) less than 16.25%.
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) =NPV (k,CF0,CF1, CF2,...CFn)
C) =NPV (CF0,CF1, CF2,...CFn)
Question Status: New question
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
B) $21,595.77
C) $14,035.77
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
Diff: 2
AACSB: 3. Analytic thinking
28) The required rate of return represents the cost of capital for a project.
Answer: TRUE
Keywords: net present value
Principles: Principle 1: Money Has a Time Value
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
Diff: 2
AACSB: 3. Analytic thinking
31) What is the NPV of a $45,000 project that is expected to have an after-tax cash flow of $14,000 for the first two years, $10,000 for the next two years, and $8,000 for the fifth year? Use a 10% discount rate. Would you accept the project?
Answer:
3 10,000 .751 7,510
4 10,000 .683 6,830
Project should be rejected.
Diff: 3
Principles: Principle 1: Money Has a Time Value
32) Dieyard Battery Recyclers is considering a project with the following cash flows:
If the appropriate discount rate is 15%, compute the NPV of this project.
Answer: NPV=13,000 + 5,000/(1.15) + 3,000/(1.15)2 + 9,000/(1.15)3
Keywords: net present value
Principles: Principle 1: Money Has a Time Value
Diff: 3
AACSB: 3. Analytic thinking
34) Dudster Manufacturing has 2 options for installing legally required safety equipment. Option Ex has an initial cost of $25,000 and annual operating costs over 3 years of $5,000, $5,250, $5,600. Option WYE has an initial cost of $40,000 and annual operating costs of $4,000, $4,200, $4,450, $4,750, $5,100. Whether Dudster chooses Ex or Wye, the equipment is always needed and must be replaced at the end of its useful life. Which choice is least expensive over the long run? Use a discount rate of 9%.
Answer:
Question Status: Previous edition
Objective: 11.2 Evaluate investment opportunities using net present value and describe why net present value is the best measure to use.
After-tax PVIF Present
Year Cash Flow at 8% Value
5 8,000 .681 5,448
Present value of cash flows $45,700
AACSB: 3. Analytic thinking
Question Status: Previous edition
1) Webley Corp. is considering two expansion options, but does not have enough capital to undertake both, Project W requires an investment of $100,000 and has an NPV of $10,000. Project D requires an investment of $80,000 and has an NPV of $8,200. If Webley uses the profitability index to decide, it would
A) choose D because it has a higher profitability index.
Diff: 2
AACSB: 3. Analytic thinking
2) If a project has a profitability index greater than 1
A) the npv will also be positive.
Diff: 2
AACSB: 3. Analytic thinking
3) A project has an initial outlay of $4,000. It has a single payoff at the end of Year 4 of $6,996.46. What is the IRR for the project (round to the nearest percent)?
A) 16%
Diff: 2
AACSB: 3. Analytic thinking
4) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,800.
Year Net Cash Flow
B) 12%
C) 8%
Question Status: New question
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
-$4,000 $1,546.17 $1,546.17 $1,546.17 $1,546.17
The IRR (to the nearest whole percent) is
Answer: C
Diff: 2
Principles: Principle 1: Money Has a Time Value
6) Your company is considering a project with the following cash flows:
B) 11%
C) 18%
Question Status: Previous edition
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
B) accepted because the NPV is positive at 12%.
C) the project is unacceptable at any discount rate.
Question Status: Revised
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
B) It is not possible to compute an IRR for this project.
C) The project is unacceptable at any required rate of return.
Question Status: Previous edition
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Cash flows: Year 1 = $325
Year 2 = $65
D) 2.6 years
Answer: D
Keywords: payback period
Principles: Principle 1: Money Has a Time Value
D) The project is unacceptable at any required rate of return. This project might have more than one IRR.
Answer: C
Keywords: internal rate of return
Principles: Principle 1: Money Has a Time Value
D) If strictly applied, the payback rule would accept this project.
Answer: D
Keywords: payback period
Principles: Principle 1: Money Has a Time Value
1 $799 $750
2 $150 $1,000
A) 15.8
B) 1.61
AACSB: 3. Analytic thinking
Question Status: Previous edition
Year Cash Flow
0 ($20,000)
A) 31%
B) 47%
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) Project H will be accepted.
B) Project T will be accepted.
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) The net present value.
B) The internal rate of return.
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) Projects with unequal lives cannot be ranked using the payback method.
B) Ess will be ranked higher than Ell.
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) $(XX,XXX), $X,XXX , $X,XXX, $X,XXX
B) $(XX,XXX), $X,XXX , $X,XXX, $X,XXX, $(XX,XXX)
AACSB: 3. Analytic thinking
Question Status: Previous edition
Below are the expected after-tax cash flows for Projects Y and Z. Both projects have an initial cash outlay of $20,000 and a required rate of return of 17%.
Project Y Project Z
Year 5 $2,000 0
18) Payback for Project Y is
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
19) What is payback for Project Z?
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
20) MacHinery Manufacturing Company is considering a three-year project that has a cost of $75,000. The project will generate after-tax cash flows of $33,100 in Year 1, $31,500 in Year 2, and $31,200 in Year 3. Assume that the firm's proper rate of discount is 10% and that the firm's tax rate is 40%. What is the project's payback?
Answer: C
Diff: 2
Principles: Principle 1: Money Has a Time Value
21) MacHinery Manufacturing Company is considering a three-year project that has a cost of $75,000. The project will generate after-tax cash flows of $33,100 in Year 1, $31,500 in Year 2, and $31,200 in Year 3. Assume that the appropriate discount rate is 10% and that the firm's tax rate is 40%. What is the project's discounted payback period?
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
22) Analysis of a machine indicates that it has a cost of $5,375,000. The machine is expected to produce cash inflows of $1,825,000 in Year 1; $1,775,000 in Year 2; $1,630,000 in Year 3; $1,585,000 in Year 4; and $1,650,000 in Year 5. What is the machine's IRR?
Answer: B
Diff: 2
Principles: Principle 1: Money Has a Time Value
Use the following information to answer the following question.
Year 3 $6,000 0
Year 4 $2,000 0
C) 2 years and 2 years.
D) 5 years and never.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: discounted payback period
Year 3: $7,800
If the initial outlay for the project is $12,113, compute the project's IRR.
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
25) WKW, Inc. is analyzing a project that requires an initial investment of $10,000, followed by cash inflows of $1,000 in Year 1, $4,000 in Year 2, and $15,000 in Year 3. The cost of capital is 10%. What is the profitability index of the project?
Answer: B
Diff: 2
Principles: Principle 1: Money Has a Time Value
26) Frazier Fudge has a project with an initial outlay of $40,000, followed by three years of annual incremental cash flows of $35,000. At the end of the third year, equipment will be sold producing additional cash flow of $10,000. Assuming a cost of capital of 10%, calculate the MIRR of the project.
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
27) Frazier Fudge has a project with an initial outlay of $40,000, followed by three years of annual incremental cash flows of $35,000. At the end of the third year, equipment will be sold producing additional cash flow of $10,000. Assuming a discount rate of 10%, which of the following is the correct equation to solve for the IRR of the project?
Answer: D
Diff: 2
Principles: Principle 1: Money Has a Time Value
28) The Seattle Corporation has been presented with an investment opportunity which will yield cash flows of $30,000 per year in Years 1 through 4, $35,000 per year in Years 5 through 9, and $40,000 in Year 10. This investment will cost the firm $100,000 today, and the firm's cost of capital is 10%. Assume cash flows occur evenly during the year.
Answer: B
Diff: 2
Principles: Principle 1: Money Has a Time Value
29) The director of capital budgeting of South Park Development Corporation is evaluating a project that will cost $200,000; it is expected to last for 10 years and produce after-tax cash flows, including depreciation, of $44,503 per year. If the firm's cost of capital is 14% and its tax rate is 40%, what is the project's IRR?
Answer: C
Diff: 2
Principles: Principle 1: Money Has a Time Value
30) The owner of a small construction business has asked you to evaluate the purchase of a new front end loader. You have determined that this investment has a large, positive, NPV, but are afraid that your client will not understand the method. A good alternative method in this circumstance might be
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
31) Whenever the IRR on a project equals that project's required rate of return
Answer: A
Diff: 2
Principles: Principle 1: Money Has a Time Value
32) Aroma Candles, Inc. is evaluating a project with the following cash flows. Calculate the IRR of the project. (Round to the nearest whole percentage.)
3 $90,000
A) 18%
Diff: 2
AACSB: 3. Analytic thinking
33) Aroma Candles, Inc. is evaluating a project with the following cash flows. The project involves a new product that will not affect the sales of any other project. Which two methods would always lead to the same accept/reject decision for this project, regardless of the discount rate.
Year Cash Flows
A) Payback and Discounted Payback
B) NPV and Payback
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) It fails to properly rank capital projects.
B) It could produce more than one rate of return.
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) 12.62%
B) 10.44%
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) 1.34
B) 0.87
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) multiplying the IRR by the cost of capital.
B) dividing the present value of the annual after-tax cash flows by the cost of capital.
AACSB: 3. Analytic thinking
Question Status: Previous edition
A) 3 1/2
B) 4 1/2
AACSB: 3. Analytic thinking
Question Status: Previous edition
Answer: TRUE
Diff: 2
Principles: Principle 1: Money Has a Time Value
40) One advantage of the payback method is that it can be readily understood by people with no special training in finance.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: payback period
AACSB: 3. Analytic thinking
Question Status: Previous edition
Answer: FALSE
Diff: 2
Principles: Principle 1: Money Has a Time Value
43) The profitability index provides the same accept/reject decision result as the net present value (NPV) method but would not necessarily rank mutually exclusive projects the same way.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: profitability index
AACSB: 3. Analytic thinking
Question Status: Previous edition
Answer: FALSE
Diff: 2
Principles: Principle 1: Money Has a Time Value
46) If the NPV of a project is zero, then the profitability index should equal one.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: profitability index
AACSB: 3. Analytic thinking
Question Status: New question
Answer: TRUE
Diff: 2
Principles: Principle 1: Money Has a Time Value
49) The IRR is the discount rate that equates the present value of the project's future net cash flows with the project's initial outlay.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: internal rate of return
c. Initial outlay of $3,500 with an after-tax cash flow at the end of the year of $1,500 for three years
Answer:
Diff: 2
AACSB: 3. Analytic thinking
51) Discuss the merits and shortcomings of using the payback period for capital budgeting decisions.
Answer: The payback period is intuitive and easily understood even by those with no training in finance. It also provides a quick assessment of a project's risk because cash flow forecasts are likely to be more accurate for the near-term.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: payback period
Answer:
a. The PI for November is 550,000/500,000 = 1.1. The PI for December is 810,000/750,000 = 1.08.
Objective: 11.3 Use the profitability index, internal rate of return, and payback criteria to evaluate investment opportunities.
Keywords: profitability index
Answer: The payback period is exactly 2 years (70,000+80,000) = 150,000. However, the project obviously has a negative NPV at any discount rate. One major problem with the payback method is that it ignores cash flows occurring after the payback period.
Diff: 2
Principles: Principle 1: Money Has a Time Value
54) Tinker Tools, Inc. is considering a project with the following cash flows. Calculate the MIRR of the project assuming a reinvestment rate of 8%.
3 $60,000
4 $100,000
PV Outflows = -$70,000 - $50,926 = -$120,926
FV of Cash Inflows
Diff: 2
AACSB: 3. Analytic thinking
11.4 A Glance at Actual Capital-Budgeting Practices
1) Recent surveys of the CFOs of large U.S. companies rank the popularity of major capital budgeting methods in which order?
Answer: A
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
2) Which of the following best explains the continuing popularity of the payback method?
Answer: A
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
3) With respect to the capital budgeting practices of large U. S. corporations
Answer: B
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
4) Which of the following techniques will always produce a single rate of return estimate?
Answer: B
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
5) Which of the following techniques might be useful in situations where the economic life of a project is highly uncertain?
Answer: D
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
6) Which of the following techniques might be useful in situations where mutually exclusive projects have unequal lives?
Answer: B
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
7) When various capital budgeting techniques rank mutually exclusive projects differently, which of the following is theoretically most reliable?
Answer: C
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
8) Many firms today continue to use the payback method but employ the NPV or IRR methods as secondary decision methods of control for risk.
Objective: 11.4 Understand current business practice with respect to the use of capital budgeting criteria.
Keywords: current practice
AACSB: 6. Reflective thinking
Question Status: Previous edition
Answer: TRUE
Diff: 1
Principles: Principle 3: Cash Flows Are the Source of Value
11) Although discounted cash flow decision techniques have become widely accepted, their use depends to some degree on the size of the project and where within the firm the decision is being made.
Objective: 11.4 Understand current business practice with respect to the use of capital budgeting criteria.
Keywords: current practice
AACSB: 6. Reflective thinking
Question Status: Previous edition