According to Penrose, managerial services generate new market, product, and service ideas, while entrepreneurial services administer the routine functions of the firm and facilitate the proper execution of new opportunities

A budget is a record of how a person or family has spent their money.

a. true b. false

The common stock for El Viss Company currently sells for $20 per share. The firm just paid a dividend of $1.50,

and the dividend three years ago was $1.30. Dividends per share are anticipated to grow at the same rate in the future as they have over the past three years. Flotation costs for new shares will be 6% of the selling price. Calculate the following: a. the cost of retained earnings b. the cost of external equity capital