A firm's cash flows fall into three categories: $(1)$ operating flows, $(2)$ investment flows, and $(3)$ financing flows. Match each type of cash flow with its respective definition.

Question $3$ options:

cash flows associated with the purchase and sale of both fixed assets and equity investments in other firms.

cash inflows and outflows directly related to the sale and production of the firm's products and services.

result from debt and equity financing transactions.