answer all the questions correctelyQuestion 1The most diffic

answer all the questions correctelyQuestion 1The most difficult part of forecasting the financial statements is forecasting expenses.1 True2 FalseQuestion 2In forecasting, cost of goods sold should increase (or decrease) by more percent than the sales forecast.1 True2 FalseQuestion 3In forecasting, net income should increase (or decrease) by the same percent than the sales forecast.1 True2 FalseQuestion 4It is possible for a company to have a positive net income in every year of operation and still have no retained earnings.1 True2 FalseQuestion 5According to the video, one outcome of forecasting can be that you know how much capital owner’s need to contribute to the business for the coming year’s operations.1 True2 FalseQuestion 6All businesses want to have as much in cash holdings as possible.1 True2 FalseQuestion 7Which of the following would NOT be a reason to limit extending credit to only some customers?1 More credit sales means a shorter operating cycle2 More credit sales means more bad debt3 More credit sales means more assets tied up in accounts receivable4 More credit sales means higher bookkeeping costsQuestion 8Which of the following is not a way that a company can raise cash by borrowing (using debt)?1 Taking out a short-term loan2 Using a line of credit3 Increasing capital contributions4 Opening a credit card5 Taking out a mortgage6 Issuing bondsQuestion 9Commercial paper is a form of long-term financing.1 True2 FalseQuestion 10Commercial paper is a form of equity ownership.1 True2 FalseQuestion 11When an employee takes a vacation from work, that is hurtful to the internal control system.1 True2 False