1. Generally speaking, liquidity is good for the firm. When is it not?

2. How can the EBITDA-to-Capital Expenditures ratio be used to evaluate whether the firm is over/under investing?

3. Explain why a high dividend payout ratio is not necessarily a good thing.

4. Explain why ROE is usually greater than ROA for firms that carry debt in their capital structure.

5. Generally speaking, ______________ oil companies benefit from higher oil and natural gas prices while ______________ oil companies benefit from lower prices.