Which of the following statements about levered metrics versus unlevered metrics is TRUE?

1. Unlevered metrics reflect the companys operations and the effects of financial activities

2. In general, the effects of financing are the difference between unlevered metrics and levered metrics

3. Levered metrics do not consider how the company is financed

4. The disaggregation into levered and unlevered metrics can only be applied at the overall firm level