Multiple Choice:

• Which of the following statements is FALSE?

  1. A company with a high level of intangibles like a tech company that has been very active in M&A will have a big difference between its book value and its equity market value.

  2. In Free Cash Flow (FCF), we subtract taxes

  3. In the Free Cash Flow (FCF) calculations, we subtract Capex

  4. In our Free Cash Flow (FCF) calculations, depreciation and amortization are subtracted back because they are non-cash expenses