28. What key criterion drives projections of sales in a three-statement model?

• Expense CAGR
• Expense ETF
• Sales CAGR
• Sales ETF

29. How would you calculate the changes in working capital on the statement of cash flows from data in the balance sheet?

• Find the change in the difference between current assets and current liabilities.
• Find the difference between the current assets and the total cash from operations.
• Find the sum of the current assets and the current liabilities.
• Find the sum of the accumulated depreciation and the change in inventory.

30. What do you subtract interest expense from to get net income before taxes?

• operating income
• operating expenses
• total operating expenses
• total revenue