11. Which is/are a source of external operational risk? a. supplier b. regulatory compliance c. counterparty d. physical and electronic security e. all the above

12. An objective for using insurance; a. Managing the purchase price b. Employee satisfaction c. Gained operational efficiency d. Required by law e. Benchmarking

13. What is IRR? a. Cost to borrow funds. b. Tax Rate used for analysis. c. Required Rate of Return on Investment. d. Rate where discounted inflows equal discounted outflows. e. Cost of funds between subsidiaries.

14. What is cash conversion efficiency? a. How effectively sales are converted into cash. b. Asset turnover. c. Inventory turnover. d. How many times cash is turned over. e. None of the above. 15. Components of a master budget include: a. Operating Budget b. Economic Budget c. Financial Budget d. a and c e. All of the above.