1. Which of the following reflects the factors that a company should incorporate into an intrinsic value stock price calculation?

Present value of cash flows during horizon period	Present value of cash flows during post-horizon period	Short-term interest bearing debt	Long-term interest bearing debt	Cash	Marketable securities
Include	Include	Include	Include	Include	Include
Include		Include	Include	Include	Include
Include	Include		Include	Include	Include
Include	Include		Include
Include	Include	Include	Include		Include

2. Which of the following is incorrect regarding working with ranges and range names? a. The use of range names makes it simpler to understand and correct errors in excel formulas. b. Ranges can be created, edited or deleted in excel using the name manager. c. Range names can begin with numbers and / or letters and / or the underscore character (_) . d. Users can efficiently move from tab to tab in a spreadsheet by using the F5 key (goto command) and selecting a range name. e. None of the above is incorrect.

3. Which of the following statements regarding GAAP cash flow and / or free cash flow is correct? a. Free cash flow can be calculated by taking the GAAP cash flow from operating activities and adding back the after-tax interest expense. b. A companys free cash flow will always exceed its total GAAP cash flow. c. A companys free cash flow will always be less than its total GAAP cash flow. d. a & b are each correct. e. None of the above are correct.

4. Which of the following is true regarding a post horizon growth rate that is used in financial modeling? a. The post horizon growth rate reflects the rate at which a companys revenue will grow into perpetuity. b. The post horizon growth rate reflects the rate at which a companys NOPAT will grow into perpetuity. c. The post horizon growth rate reflects the rate at which a companys free cash flow will grow into perpetuity. d. If a companys revenue, NOPAT and free cash flow are growing at 10% during the horizon period, 10% should be used as the companys post horizon growth rate. e. A post horizon growth rate of between 0% and 50% can be used because the choice of a post-horizon growth rate has a minimal impact on company valuation.