Respond that the following statements are true or false:

1. One way to think about free cash flow is that if the amount were withdrawn, it would harm the firm's ability to operate and to produce future cash flows.

2. In most corporations, the CFO is outranked by the CEO.

3. The chairperson of the board and the CEO are one and the same.

4. The board of directors is the highest ranking body in a corporation. The members of the board are elected by the shareholders, and the chairperson of the board is the highest ranking member of the board. The CEO generally reports to the board and its chairperson, and the board generally has the authority to remove the CEO.