Paula Romanov is the credit manager of Pinnacle Inc. She is considering whether to extend credit to Mak Inc., a new customer. Pinnacle sells most of its goods on credit but is very careful in extending credit to new customers. Tim Mak, the owner of Mak Inc., provided the following documents to Paula to assist her in her evaluation:

1. A detailed analysis of the sales revenue and earnings that Mak Inc. expects to achieve within the next 12 months
2. Projections of the companys sales during the next five years
3. The companys monthly bank statements for the past three years
4. A report of the companys credit history prepared by Maks employees
5. A letter signed by all four company officers indicating that they are prepared to personally guarantee the amount of credit that Pinnacle approves
6. Brief rsums of the four company officers along with descriptions of the functions they perform in the company
7. Eight letters of reference from close friends and relatives of the four company officers

Required:

Analyze each of the items above with respect to the characteristics of relevance (predictive value and confirmatory value) and faithful representation (complete, neutral, and free from error). Explain whether or not each item possesses these characteristics.