Select all of the following that are true regarding finance:

Increases in financing costs are pro$-$cyclical

The assets and operations of a firm are used to make sales, the residual, after costs, is a return to investors.

Finance only occurs through financial intermediaries, including capital markets

Increases in financing returns are pro$-$cyclical

Finance is the way a firm pays for assets and fund operations

Investors demand financing $($funding$),$ firms supply it$.$