The answer choice which best fills the blanks as observed in the task content is; Choice A; Operating; translation; transaction.
What is Operating exposure?
The Operating exposure simply refers to how exchange rate changes can impact on a firm's future cash flows and consequently affect the firm's value. The cash flows in discuss may be contractual or anticipated as the case may be.
Hence, it follows that the operating exposure is one a lot more important on the long-run.
Remarks:
A) Operating; translation; transaction
B) Transaction; operating; translation
C) Accounting; translation; transaction
D) Translation; operating; transaction
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