Which of the Following Is NOT a Basic Policy Element

Multiple Choice

Which of the following is NOT a basic policy element of financial planning?

A) The firm's needed investment in new fixed assets.
B) The degree of financial leverage a firm chooses to employ.
C) The amount of cash the firm thinks is necessary and appropriate to pay shareholders.
D) The level of sales growth the market will provide in future years.
E) The amount of liquidity and working capital the firm needs on an ongoing basis.