Which of the following would NOT be considered in a fundamental analysis of a company?

	The total profit last year
	A competitive analysis of the company against its competition
	What other analysts on Wall Street are saying about this company
	Recent movements up and down of the stock's price

Which of the following would include a company's audited annual financial statements with no spin?

	10-K
	10-Q
	Earnings Estimates
	Annual Report

A company has had a crazy year, with many income activities not related to core operations (like selling off assets and paying severance bonuses after layoffs). Which of the following would you look at to get an unbiased picture of their earnings due to regular operations?

	The Bottom Line
	The Top Line
	EBITDA
	ROE

Where do companies need to send their 10-K and 10-Q reports?

	To all of their investors
	To the SEC
	To the stock exchange where they are listed
	All of the above

Which of the following would include messages from the company's CEO about expectations for growth next year?

	10-K
	10-Q
	8-K
	Annual Report

Which is the "Top Line" of an income statement?

	Total profit
	Total costs
	Total revenue
	Total shareholder equity

In the income sheet above for US Steel, what was the total revenue in 2019 in millions?

	About 9700
	About 13000
	About -1160
	About -630

In the income statement above for US Steel, what was the total profit in 2020 in millions?

	About 9700
	About 13000
	About -1160
	About -630

"Operating Income" does not include

	Gross Profit
	Cost of goods sold
	SGA Expenses
	Taxes

A company sold goods in Q1, but it was not actually paid for until Q2. Where would this revenue appear in the Cash Flow Statement?

	Q1
	Q2
	Both

In the cash flow statement above, how much cash did US Steel finish with in 2019?

	About 2 billion
	About 2 million
	About 2 thousand
	None of the above

Based on the income statements and cash flow statements above, what describes US Steel's financial position from 2019 to 2020?

	Bigger overall profits and cash
	Less Profit, More Cash
	More Cash, Lower Profits
	Lower profits and less cash

EPS is calculated as

	Net income / outstanding shares
	Net cash flow / number of shares
	Number of shares / Net income
	Net cash flow / number of shares

When comparing two stocks in the same industry, which of the following would be the best indicator to compare profitability?

	PE Ratio
	EPS
	Cash Flow Per Share
	ROE

Who publishes Earning Estimates?

	The company's management
	The company's independent auditing team
	External analysts
	Other investors doing independent research

An "Earnings Surprise" comes when real earnings are

	Far above the consensus estimate
	Far below the consensus estimate
	Either far above or far below
	When the earnings exactly match the estimates

If you want a "deep dive" on why a stock's price recently went up or down, which of the following would have the most relevant information?

	10-K
	Annual Report
	Earnings Estimates
	Consensus Estimates

When you subtract the liabilities from assets, you get

	Total profit
	Shareholder's Equity
	Total Liquidity
	Gross Margin

There are conditions when a wise investor would purchase stock in a company with negative Shareholder's Equity

	TRUE
	FALSE

According to the financial statements above, what was US Steel's total shareholder equity in 2019 in millions?

	About 12000
	About 11600
	About 3900
	About 4100

If there are serious problems with a CEO that is more of a "Leader", what change would likely happen first?

	CEO fired
	High-level management fired
	Board of Directors replaced

If there are serious problems with a CEO that is more of a "Director", what change would likely happen first?

	CEO fired
	High-level management fired
	Board of Directors replaced

A main goal of Process Innovation is

	Lowering cost of producing output
	Increasing the price that a product can be sold
	Creating a new product that can be sold
	All of the above

A company created a new industrial process that means they can create a new, improved product at a lower price than their old product. Which type of innovation is at play?

	Product innovation
	Process innovation
	Both
	Neither

If you want to compare two different companies based on how much they invest in research and development, which financial statement would you use?

	Income statement
	Balance sheet
	Cash flow statement
	8-K

True or False - As an investor, you should consider investing in multiple companies in the same industry that are directly competing for the same customers.

	TRUE
	FALSE

In the balance sheet above for US Steel, "total assets" increased from 2019 to 2020. This means the company is more valuable to investors.

	TRUE
	FALSE

True or False - Comparing innovation between companies is a no-brainer - all an investor needs to do is compare their Research and Development budgets

	TRUE
	FALSE

The value of a stock is based on

	Assets - Liabilities
	Assets + Future Earnings
	Future Earnings + Shareholder Equity
	Future Earnings - Liabilities

A new earnings estimate was released significantly above the current consensus estimate. This would cause

	A surprise
	A spike in trading volume
	The consensus estimate to change
	All of the above

Dec 20 Dec 19 11,608 3,813 7,795 4,093 4,092 1 Balance Sheet Fiscal Year ends in Dec USD in Millions except per share data Total Assets 12,059 Current Assets 4,432 Total Non Current Assets 7,627 Total Equity Gross Minority Interest 3,879 v Stockholders Equity 3,786 Minority Interest 93 Total Capitalization 8,481 Preferred Stock Equity Common Stock Equity Capital Lease Obligations Net Tangible Assets Working Capital Invested Capital Tangible Book Value Total Debt 7,719 222 237 - - - Net Debt Share Issued Ordinary Shares Number Preferred Shares Number Screenshot Income Statement Fiscal Year ends in Dec USD in Millions except per share data Dec 20 Dec 19 Total Revenue 9,741 12,937 12,937 Operating Revenue 9,741 Excise Taxes 10,201 12,698 -460 239 Cost of Revenue Exploration Development And Mineral Property Lease Expenses Other Costof Revenue Gross Profit Operating Expense Operation And Maintenance Selling General And Administration Research And Development 277 274 274 289 616 Depreciation And Amortization Depletion Provision For Doubtful Accounts Other Taxes 3 -15 -737 -35 -272 -148 Other Operating Expenses Operating Income Net Non Operating Interest Income Expense Interest Income Non Operating Interest Expense Non Operating Total Other Finance Cost 7 17 280 142 Other Income Expense -298 -269 Gain On Sale of Security 15 17 -86 79 Earnings From Equity Interest Securities Amortization -252 -274 Special Income Charges Other Non Operating Income Expenses Pretax Income -1,307 -452 Tax Provision - 142 178 Earnings From Equity Interest Net of Tax Net Income Common Stockholders -1,165 -630 -1,165 -630 Net Income Preferred Stock Dividends Diluted Nia Com Stockholders Basic Eps -5.92 -3.67 -5.92 -3.67 Basic Continuous Operations Basic Discontinuous Operations Basic Extraordinary Basic Accounting Change Tax Loss Carryforward Basic Eps Basic Epso Gains Losses Diluted Eps -5.92 -3.67 -5.92 -3.67 Diluted Continuous Operations Diluted Discontinuous Operations Diluted Extraordinary Diluted Accounting Change Tax Loss Carryforward Diluted Eps Diluted Epso Gains Losses Basic Average Shares 196.72 171.42 196.72 171.42 Diluted Average Shares Dividend Per Share 0.04 0.20 -230 Total Operating Income As Reported Reported Normalized Basic Eps Reported Normalized Diluted Eps Rent Expense Supplemental -0 0 Total Expenses 10.478 12,972 280 142 Interest Expense Net Income From Continuing And Discontinued Operation Normalized Income -1,165 -630 -953.75 -442.39 Ebit -1,027 -310 Ebitda -384 306 Reconciled Cost Of Revenue Reconciled Depreciation Net Income From Continuing Operation Net Minority Interest Total Unusual Items Excluding Goodwill Total Unusual Items Normalized Basic Eps Normalized Diluted Eps Screenshot Cash Flow Statement Dec 20 Dec 19 Fiscal Year ends in Dec USD in Millions except per share data Cash Flowsfromusedin Operating Activities Direct vClassesof Cash Receiptsfrom Operating Activities vClassesof Cash Payments Interest Received Direct Taxes Refund Paid Direct Operating Cash Flow 138 682 138 682 Cash Flow From Continuing Operating Activities Cash From Discontinued Operating Activities Investing Cash Flow -563 -1,958 -563 -1,958 vCash Flow From Continuing Investing Activities Cash From Discontinued Investing Activities Financing Cash Flow 1,581 1,177 vCash Flow From Continuing Financing Activitie 1,581 1,177 Cash From Discontinued Financing Activities Cash Flow From Discontinued Operation Other Cash Adjustment Inside Change In Cash End Cash Position 2,118 939 Changes in Cash 1,156 -99 23 -2 Effect Of Exchange Rate Changes Beginning Cash Position 939 1,040 Other Cash Adjustment Outside Change In Cash Income Tax Paid Supplemental Data Interest Paid Supplemental Data Capital Expenditure 248 151 -725 -1,252 Issuance of Capital Stock 410 Issuance of Debt 2,814 1,562 Repayment of Debt -1,634 -255 Repurchase of Capital Stock Free Cash Flow Adjusted Geography Segment Data Domestic Sales Screenshot