5. List 5 key external factors of your choice including both opportunities and threats you believe affect the firm and its industry. List the opportunities first and then the threats. 6. Explain your opinion on how to prioritize and determine a firm's internal weaknesses and strengths. 7. What do you understand about financial ratio analysis, what is it, and why is it so important in business. 8. A major responsibility of strategists is to ensure development of an effective external audit system. Why do you think this is so? Explain your opinion in this.