A firm had net financial expense of $10 million and net dividends of $50 million in 2020, NFA of $200 million and $300 million in 2019 and 2020, respectively. What was the free cash flow of the firm in 2020?

	a.	$100 million
	b.	$160 million
	c.	$140 million
	d.	$40 million
	e.	none of the above

The value of property, plant and equipment (PPE) reported on the balance sheet could be manipulated using many methods. Which of the following methods has the effect of improving current years earnings?

	a.	Capitalising repairs and maintenance expense to PPE in the current year.
	b.	Increasing the estimated lives or salvage values of PPEs by the end of the current year.
	c.	Charging excessive impairment charges to PPEs in the current year.
	d.	all the above
	e.	a and c

Earnings that cannot be repeated in the future are called:

	a.	Core earnings
	b.	extraordinary earnings
	c.	underlying earnings
	d.	sustainable earnings
	e.	all the above