True or False

1. The internal growth rate is the maximum growth rate that can be achieved with no additional equity financing (assuming the debt/equity ratio remains constant and everything scales with revenue).

2. “Net operating working capital” is current assets other than surplus cash less non-interest-bearing current liabilities.    

3. “Terminal value”, “reversion value” and “horizon value” all mean the same thing and are interchangeable terms.   

4. An increase in accounts payable is a use of cash.