For question 9 to 15: TRUE, FALSE or CANNOT TELL? Please justify your answer. (5 points each) 9. It is always good to have large net working capital. 10. Net working capital of firm A is $10 million, higher than $9 million of firm B, therefore you can decide that firm A has higher ability to meet short-term obligations. 11. A decrease in administrative expenses will result in higher gross profit margin. 12. The separation of ownership and management is one distinctive feature of sole proprietors. 13. An analyst who is projecting a firm's cash flows is not likely to include depreciation expenses in cash flows. 14. Any investors can invest in a hedge fund. 15. The opportunity cost of capital is the minimum acceptable rate of return of a project