NO.PZ2016091001000002
问题如下：
When a company is doing capital budgeting, an appropriate estimate of the incremental cash flows from a project is least likely to exclude:
选项：
A.Interest costs.
B.Cannibalization.
C.Sunk costs.
解释：
B is correct.
Capital budgeting decisions should exclude sunk costs(because that has already been incurred) and interest costs(which are included in the project cost of capital or WACC). Cannibalization should be included in capital budgeting, because it occurs when an investment takes customers and sales away from another part of the company.
incremental cash flow有什么特别的特点么
谢谢老师，新春快乐
