QUESTION 12 Which of the following capital budgeting methods does not use discounted cash flows? O Internal rate of return O Net present value O Profitability index O Payback period QUESTION 13 To foster continuous improvement, standards should over time O remain stable O decrease in difficulty becom ideal O increase in difficulty QUESTION 14 A master budget is an example of a O flexible budget static budget. O volume variance O standard cost card. QUESTION 15 Which of the following would be included in net income but not in annual cash flows? O Initial investment O Direct labor O Depreciation O Sales revenue