8. Compared to passive investment management, active investment management involves: A. Tracking a benchmark B. Lower transaction costs C. Market timing 9. If a startup churns 5.6% of its customers each month, then what is the average lifetime of a customer in months? A. 15.9 (rounded) B. 17.9 (rounded) C. 19.9 (rounded) 10. Assume the average customer: generates $42 in MRR, churns at 8.3% each month, and costs $65 to acquire. Gross margins are 72%. What is the average customer's LTV/CAC ratio? A. 5.6 (rounded) B. 7.8 (rounded) C. 10.0 (rounded) 11. Seed-stage startups are focused on: A. Product- market fit B. Product launch C. Scaling 12. Ignoring edge cases, if a startup is valued at $10M after receiving an investment of $2M, what is its pre-money valuation? A. $2M B. $8M C. $10M 13. Which statement is FALSE about product-market fit? A. Even if you have product-market fit, you can lose it B. Product-market fit is not a discrete event C. Once you have product-market fit, you can ignore competition 14. Which of these features is ALWAYS present in a convertible note? A. Valuation cap B. Discount rate C. Maturity date