An increase in the Average Collection Period, all other things equal, would ___________ the cash conversion period and reflect ________________ liquidity

		increase, increased
		decrease, decreased
		decrease, increased
		increase, decreased

The discount rate chosen in short-term financial decision making should always be based on:

		the current long-term borrowing rate
		the fluctuations of the company's past capital investments
		the current overnight investment rate
		the company's opportunity cost or cost of capital.