__________________ is the determination of the present dollar value of a series of cash flows. Liquidity analysis Programming analysis Shareholder wealth maximization Valuation 11. The discount rate chosen in short-term financial decision making should always reflect: the fluctuations of the company's past capital investments the company's opportunity cost the current overnight investment rate the current long-term borrowing rate 12. With more frequent than annual compounding, the effective annual rate is ______________ than the nominal rate, due to the effect of ______________. lower, rounding differences lower, not earning "interest on interest" higher, rounding differences higher, earning "interest on interest" 13. Determining the Net Present Value (NPV) of a given course of action typically involves all of these steps EXCEPT: determining the relevant cash flows determining the timing of the cash flows determining the probability of each cash flow determining the appropriate discount rate discounting the cash flows 14. It is most commonly assumed that the managers objective is to: Minimizing the price of the firms common stock Maximizing shareholder value Maximize accounts receivables Minimize accounts payables 15. A company's marketing manager is worried about ____________ stock-outs while production manger is concerned with _____________ stock-outs. raw material, work-in-process work-in-process, raw material work-in-process, finished goods finished goods, raw material and work-in-process