QUESTION 12 1. From among the following choices, identify those which are correct about operating expense percentage 1. It is a financial indicator over which management can exert significant control over the longer term. II. As management's control over operating expenses improves, business's operating expense percentage declines and cash flow improves. III. It is a financial indicator that is unaffected by changes in the competitive environment 1. It is a risk (cash) driver over which management typically has little innuence. a. I and II only. b. I and III only. c. II and III only. d. III and IV only