1-Explain, in your own words, why earnings are important, particularly to management and shareholders. At least 100 words.

2-Explain, in your own words, what is a contingent payment, why is it used and what are the common types of contingent payments. 100 words

3-What are two advantages that the Adjusted Present Value (APV) method has over the WACC based Discounted Cash Flow (DCF) method? in detail 4-Explain, in your own words, when cash is preferred and when stock is preferred in consummating deals.