• Why is budgeting important?
• What are the sequential steps of budgeting?
• Who reviews budgets? How often?
  • When should a financial manager use incremental budgeting? Zero-base budgeting?
• Complete the Payback Period self-quiz problem found at the end of Chapter 15 (p. 353 in textbook). Show all work.
• Complete the Present Value self-quiz problem found at the end of Chapter 15 (p. 15 in textbook). Show all work.
• Complete the Net Present Value/Internal Rate of Return (NPV/IRR) self-quiz problem in Chapter 13 on p. 359 in textbook). Show all work.
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The physician's office that you manage wants to buy equipment for $20,000, with projected cash flows of $3,000 per year over the equipment's ten-year useful life. Calculate the NPV/IRR at 10 percent.