If a company's net income increased, but compared to last year it's free cash flow decreased, what could be a reason?

a) Depreciation expense declined

b) Interest expense increased

c) Operating income declined

d) All of the above

2) What is a reason is a firm's ROE lower than industry average?

a) The firm has too less debt

b) The firm's COGS is too high or other indirect expenses like administration are too high.

c) Does not make enough sales

d) All of the above