13) Which of the following historical financial data is the LEAST relevant for framing projections and performing LBO analysis?

	a.	Sales growth
	b.	EBIT and EBITDA margins
	c.	Interest expense
	d.	Capex

Question 14) Which Case is typically premised on the most optimistic and aggressive assumptions?

	a.	Base Case
	b.	Downside Case
	c.	Sponsor Case
	d.	Management Case

15) Which of the following is NOT a standard section of a cash flow statement?

	a.	Financing activities
	b.	Operating activities
	c.	Investing activities
	d.	Acquisition activities