1. If a portfolio manager had to estimate the fair value of private equity funds invested in a young, privately-held start-up company, which of the following would he/she most likely identify as the level of inputs to determine this?

A. Level 1

B. Level 2

C. level 3

D. none of these

2.

When recognizing deferred tax assets and liabilities, the income statement approach and the balance sheet approach yield identical results:

	a.	Both when enacted tax rates applicable to future periods do not change and when the firm recognizes no valuation allowance on deferred tax assets are correct.
	b.	when enacted tax rates applicable to future periods do not change.
	c.	None of these answers is correct.
	d.	when the firm recognizes no valuation allowance on deferred tax assets.