A cross-sectional analysis is used for what purpose? Please answer both.

7. A cross-sectional analysis is used for what purpose? To evaluate a firm's performance over time To compare different firms at the same point in time To compare a firm's ratios against average ratios for other companies in the firm's industry over a five-year time frame To compare a firm's projected yield from the firm's actual yield over a long-term time frame 8. Which of the following is the set of the three types of financial statement ratio analysis tools? Economic, industry, and time series C Average, standard deviation, variance Time series, cross-sectional, economic analysis Cross-sectional, time series, industry comparative