问题如下：
Which of the following statements about projection net income and cash flows of a firm is least likely to correct?
选项：
A.An analyst assume a constant relationship between the firm's sales and its interest expenses.
B.An analyst assume a constant relationship between the firm's sales and its cost of goods sold.
C.An analyst assume a constant relationship between the firm's sales and its noncash working capital.
解释：
A is correct.
When projections of net income and cash flows, analysts typically assume that cost of goods sold, operating expenses, and noncash working capital remain a constant percentage of sales. Then projectors will know the firm need additional borrowing or not. If the firm need, the interest expense will be adjusted by the analyst to reflect the additional debt.
projection可以理解为“预测”；
答案中还有个词语projector，可以理解为“做财务预测的人”，这类人可以是公司内部的分析员，分析公司的财务与未来战略；也可以是外部人，一般是research analyst，通过对公司的财务预测继而测算公司的value
老师 还是没有理解这道题考察的点是什么？
