Financial Modeling

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Due to numerator/denominator consistency, an unlevered free cash flow (UFCF) valuation is discounted using the weighted average cost of capital (WACC). Open the attached Excel file and go to the worksheet labeled: 4-WACC Calculate the WACC.

8.85%

What is the main argument of "Beyond Budgeting"?

Firms today need to be more flexible and responsive to deal with unpredictable change, hyper competition and increasingly fickle customers

Which of the following represents the standard ordering of sections for an investment banking pitchbook?

Title Page -> Table of Contents -> Company Overview -> Industry Overview -> Valuation -> Transaction Opportunities -> Team Overview -> Appendices

The cost of equity is a key component in calculating WACC. Open the attached Excel file and go to the worksheet labeled: 6-Cost of Equity Calculate the cost of equity.

11.66

What are financial modeling guidelines and why are they relevant?

A set of principles and guidance for financial modeling which promote consistency across models used by all stakeholders.

Consider EBITDA as a percentage of Revenue. What is a possible reason for the observed EBITDA-margin in fiscal 2015?

An increase in sales commissions to boost sales volumes.

Conservatism principle:: It provides guidance on how to record transactions when there is uncertainty. Historical Cost:It states that assets and liabilities are recorded on the financial statements at the cost at which they were acquired or assumed. Objectivity; It states that financial statements must be free from bias and based on verifiable evidence. Economic Entity: It states that transactions carried out by a business are separated from those conducted by its owner. Matching:It states that the expenses of a business should be recorded in the periods in which the corresponding revenues are earned.

When performing a scenario analysis, which of the following tools/functions in Excel is used to create a dropdown list where we can select the live case?

Data Validation

10.

Deductible Temporary differences Generally arise when the tax base of the assets is greater than the carrying amount Generally arise when there are differences that result in current accounting income being greater than taxable income Give rise to deferred tax assets Taxable Temporary Diffferences Arise when the tax base of the liabilities is greater than the carrying amount Arise when the carrying amount of the liabilities is greater than the tax base Taxable Temporary Differences

A discounted cash flow is typically comprised of two different stages or periods.Which of the following are the two different stages of a typical DCF, in chronological order?

Discrete Forecast; Terminal Value

The net profit margin ratio can mathematically be broken down as "Tax impact x Capital structure impact x..."

EBIT/Sales

In practice, there are two different ways to calculate the terminal value in a DCF.Which of the following terminal multiples would be appropriate when conducting an unlevered DCF?

Enterprise Value / EBIT

An unlevered DCF valuation will derive the implied enterprise value of a business, but many times we want to know the equity value per share.Please select the appropriate steps in calculating the equity value per share from an unlevered DCF.

Equity Value per Share = Enterprise Value minus Debt plus Cash, all divided by diluted shares outstanding

Multiples are calculated using enterprise value or equity value in the numerator.Which of the following is not a proper definition of enterprise value?

Equity minus debt plus cash

Identify the statement that is most accurate.

Financial information that has confirmatory value provides feedback that either confirms or changes previous evaluations.

In terms of gross-profit, which of the following periods likely requires further investigation or analysis?

Fiscal 2016: Margins appear to be lower than expected.

Which of the following statements regarding the accounting for business combinations is false?

Goodwill is the difference between the consideration transferred by the acquirer to the acquiree and the fair value of identifiable assets acquired.

For which organization would you expect to see the highest inventory turnover ratio?

Grocery Retailer

Which ratio would you use to determine the profitability of the goods sold by a company?

Gross Profit

A sound accounting framework allows for all of the following benefits except:

Identical items being reported on the financial statements of different companies

The formula contained in the ORANGE cell (H178) is = ($A$177:$G$180, ( ,$F$177:$F$180,0),MATCH($A$177,$A$177: $F$177,0)) Hint: do not forget the $ when using absolute references.

Index, match, A177

The debt to tangible net worth ratio is calculated as follows:

Interest Bearing Liabilities / (Equity - Intangible Assets)

Numerator/denominator consistency is critical in valuation.Although the unlevered free cash flow (UFCF) valuation is more common than the levered free cash flow (LFCF) valuation, it's important to understand which discount rates go with which methodology.Please select the appropriate pair below.

Levered FCF, Cost of Equity

There are several general steps when screening and performing a comps analysis. Which of the following is not a step when screening and performing a comps analysis?

Make sure peers have the same size

When calculating multiples, it's important to maintain numerator/denominator consistency.Which of the following is not typically considered an appropriate multiple?

Market Cap / Sales

Introduction to Comparable Valuation Analysis - Main Valuation TechniquesMultiple valuation techniques are used to "triangulate" the value of a company.What are three common valuation techniques? Select ALL that apply.

Market approach Income approach Cost approach

Safety Pro-Tech Inc. produces protective equipment. The company's primary source of revenue is from the sale of N95 masks. The industry has seen considerable growth over the past two years, and this has been reflected in the company's financial performance. However, competition in this market has increased and the product is now considered to be a commodity with relatively low barriers to entry. You have been engaged to help the company forecast its revenue and plan for future growth. Management has asked for your preliminary thoughts on their internally prepared schedule which can be downloaded. Is the pricing forecast realistic?

No. The degree of pricing power is not realistic as increased competition has entered the market.

Company Co. has 1,000 employees and it decides to grant each of the employees 200 share options as part of its new rewards plan. The options are exercisable over 5 years and subject only to the condition that the company's stock price must be at least 30% higher than its original issue price. Company Co.'s share-based payments are subject to:

Non-vesting condition

If a company wanted to finance the purchase of equipment without diluting shareholders equity, which of the following operation could it consider?

Obtaining a loan from a bank

Working capital movement is included in which section of the cash flow statement?

Operating Activities

Which ratio is not one of the three ratios that multiply together to produce the return on equity ratio?

Operating profit margin

Different valuation methodologies will typically result in different valuations.Which of the following valuation methodology usually results in the highest valuation?

Precedent transaction analysis

Which of the following is not a required criterion for a transaction to be considered a business combination?

Presence of outputs

Which of the following characteristics does not enhance the usefulness of financial information?

Relevance

DCF Schedule - Important DatesIn order to properly discount cash flows to the present value, we must consider the timing of when those cash flows occur.Which of the following is NOT one of the important dates when creating a DCF valuation?

Reporting Date

Like any valuation methodology, it's important to know the advantages and disadvantages of a discounted cash flow valuation.Which of the following is NOT an advantage of a DCF valuation?

Requires lots of inputs and can be very sensitive to some inputs

Please sort the below choices according to our recommended model-building structure.Given the below choices, sort the order we feel that DCF models should be designed, from first to last.

Revenue Build Income Statement DCF Dashboards

Which of the following is a tertiary ratio that drives profitability?

SG&A Expense / Sales

When calculating turnover of property plant & equipment and receivables, which item from the income statement do we use?

Sales

When performing a vertical analysis which income statement item do you use to determine the cost contribution for each expense category? (What is the denominator?)

Sales

What is the cost of goods sold primarily driven by for a given period?

Sales Volume

When screening for comps, we want to find peers with similar risk and reward characteristics as the target company.Which of the following is considered a business, not financial, characteristic when screening for comps?Select ALL that apply.

Same geography Similar products or services

If you want to test how an increase in percentage of cost of good sold affects the contribution margin, you would use ________.

Sensitivity Analysis

Which of the following items are not included in working capital?

Short Term Investments

What type of chart did we use to build a tornado chart?

Stacked bar chart

Which of the following items are not included when determining income from operations?

Taxes

Based on the following information from ABC Company's financial analysis, which one of the following statements is NOT true?

The company's ability to cover its short-term obligations is getting higher over the five years.

Why is it important to track a pool of tax losses in a financial model?

The losses can be applied to future taxable income and reduce taxes payable.

The debt to equity ratio indicates:

The proportion of the company financed by lenders versus owners

Which of the following is critical to understand when putting together an asset schedule to track the company's tax basis?

The subject company's relevant tax authority and its rules for depreciation.

Which ratios indicate how efficiently the company generates sales from its assets?

Working capital turnover

You should perform sensitivity analysis when:

You need to determine which assumptions matter the most

The most important aspect of this course is knowing the interconnectivity of the three core financial statements. Open the attached Excel file and go to the worksheet labeled: Model What is the Earnings Before Tax (EBT) in 2025F?

$3,110

Although there are two different ways of deriving terminal value, either method must be discounted back to the valuation date. Open the attached Excel file and go to the worksheet labeled: 2-PV of Terminal Using the perpetuity growth rate, calculate the present value of the terminal value.

$313,375

In practice, there are two different ways to calculate the terminal value in a DCF. Open the attached Excel file and go to the worksheet labeled: 7-Perpetuity Calculate the enterprise value.

$348,349

Applying a multiple to valuing a company is the ultimate outcome of Comparable Company Analysis. Open the attached Excel file and go to the worksheet labeled: 4-Valuation 2 14 Using the average of the peer group, calculate the implied enterprise value.

$7,783

$1,050

It is very common for analysts to sensitize key inputs to see a possible range of valuations. Open the attached Excel file and go to the worksheet labeled: 9-Data Table Complete the data table and select the enterprise valuation given using a 4% growth rate and a 7.5% WACC, the value using a 1% growth rate and 9.5% WACC, respectively.

$1,503,484; $697,644

A real-estate holdings company has the following fixed asset detail:Buildings: $25.0 Million; Useful Life 20-years.Land: $5.0 Million.Assuming straight-line depreciation, what would the company's total annual depreciation expense be?

$1.25 million.

Recall from the last question that the real-estate holdings company acquired a new property on July 1, 2021. The company has a fiscal year-end of July 31. The details on the building and land for the new property are as follows:BuildingCost basis - $40.0 million.Useful life - 30 years.LandCost basis - $10.0 million.What would the accounting depreciation expense be for the fiscal year ended July 31, 2022?

$1.33 million.

Having a very successful year, the real-estate holdings company manages to acquire a new property on July 1, 2021. The company has a fiscal year-end of July 31. The details on the building and land for the new property are as follows:BuildingCost basis - $40.0 million.Useful life - 30 years.LandCost basis - $10.0 million.What would the accounting depreciation expense be for the fiscal year ended July 31, 2021?

$111 thousand.

Applying a multiple to valuing a company is the ultimate outcome of Comparable Company Analysis. Open the attached Excel file and go to the worksheet labeled: 3-Valuation 1 Calculate the target company's implied equity value per share.

$119.67

What is the Q3 2021 quarterly COGS amount implied by the inventory?

$12.1 million.

Calculating unlevered free cash flows is crucial when conducting a DCF valuation. Open the attached Excel file and go to the worksheet labeled: 10-UFCF Net Income Using the net income method, calculate the unlevered free cash flow for Year 2. Assume all taxes are current.

$14,798

In practice, there are two different ways to calculate the terminal value in a DCF. Open the attached Excel file and go to the worksheet labeled: 8-Terminal DCF Calculate the enterprise value using the XNPV method.

$192,364

LTM multiples are one of the most common ways to calculate a multiple. Open the attached Excel file and go to the worksheet labeled: 1-LTM. Calculate the LTM revenue.

$26,296

What is the Q2 2022 quarterly revenue amount implied by the accounts receivable balance and days in A/R?

$26.8 million.

As an analyst, it's important to understand how invested cash flows compound into the future, as well as calculate the present value of a future cash inflow. Open the attached Excel file and go to the worksheet labeled: 1-PV and FV Calculate the present value and future value, respectively.

$29,175; $51,875

For 2022, your client is expecting a sales volume of 4.5 million units and an inflation rate of 4.0%. Calculate the total variable costs in US dollars for 2022.

$29.0 million.

Financial metrics must be "normalized" before converting to multiples. This is because we want to determine what we think the core, ongoing profitability of the company should be, excluding these one-off or unusual items. Open the attached Excel file and go to the worksheet labeled: 2-Normalization Calculate the normalized EBITDA.

$8,373

$800

$82,120

($1,380)

($3,000)

($300)

($4,150)

($5,500)

($6,190)

(1,000)

-1200

Analysts use fully diluted shares outstanding when calculating equity value. Therefore, it's important to understand how to account for potentially dilutive securities. Open the attached Excel file and go to the worksheet labeled: 5-Treasury Stock Using the treasury stock method, calculate the number of additional shares issued from stock options.

0.9 million shares

Suppose you have inserted a line on a PowerPoint slide. The line is selected, and you are currently editing the line on the Format tab under Drawing Tools. Which of the following measurements for height and width (respectively) would make the line completely horizontal?

0cm; 75cm

Beta is the only company-specific input used to calculate cost of equity. In order to minimize the standard error inherent in calculating beta, we typically calculate an industry beta. Open the attached Excel file and go to the worksheet labeled: 5-Beta Calculate the target company's levered beta by unlevering each peer company's beta.

1.06

Based on the information provided, calculate the revenue variance percentage and determine whether it is favorable or unfavorable.

16.67% favorable

On March 1st, Mr. Smithe signed up for a fitness program at Fit Co. and paid $960 for the entire program upfront. The program includes a total of 12 sessions and two sessions are delivered each month. How much revenue from Mr. Smithe should Fit Co. recognize at the end of March?

160

The only variable cost for your client's business is materials. Calculate the average sales volume over the three-year historical period provided.

2.5 million units.

Calculating unlevered free cash flows is crucial when conducting a DCF valuation. Open the attached Excel file and go to the worksheet labeled: 3-UFCF Calculate the unlevered free cash flow for year 4. Assume all taxes are current.

20654

The opening balance of Company A is 25,000, and the repayment is scheduled for 1,000 per month at an annual interest rate of 5%. Use the average debt balance to calculate the interest payment. The closing balance of debt at the end of the month is _____ and the interest payment is _____.

24,000; 102

The annual accounts receivable is 3,000; the annual sales 40,000, and the gross profit margin is 40%. The receivable days estimated from the data above is _____.

27.4

What do you set as the angle of the first slice in order to properly convert and format the above gauge chart?

270°

What is the share price when COGS increases by 5%?

29.29

Suppose you want to make a gauge chart on website traffic in the same format as in the presentation. This gauge chart was based on the following data

299

What is the share price when the discount rate is 13% and revenue growth is 15%?

36.70

Calculate the deferred tax liability given the following items incurred in 2020 by Company B. Bonuses are tax deductible only in the year in which they are paid.

372

The annual accounts payable is 4,800; the annual revenue is 75,000, and the gross profit margin is 40%. The payable days estimated from the data above is ______.

The PP&E gross book value at the start of the month is 60,000, and the CAPEX of the month is 12,000. The accumulated depreciation at the start of the month is 25,000; the depreciation expense of the month is 750.The net book value of PP&E calculated from the data above is _____.

46,250

Suppose you want to make a gauge chart on website traffic in the same format as in the presentation. This gauge chart was based on the following data:

Company A has 800 employees, and it decides to grant each of the employees 50 share options as part of its new rewards plan. The options are exercisable over 5 years and subject to a 3-year service condition. The fair value of each option at the grant date is $16. The company estimates that 80% of its employees will meet the service condition required for receiving the options. Calculate the total share-based payment expense for Company A assuming that 80% of the employees actually meet the service condition.

512,000

Company Inc. enters into a 10-year finance lease at the beginning of 2021 for a total of $250,000. The annual lease payment is $25,000 (payable at the end of each year) and the rate implicit in the lease is 5%. No initial direct costs are incurred. How much interest expense should be recognized in 2021?

9,652

In practice, there are two different ways to calculate the terminal value in a DCF.Which of the following is NOT a formula that would work in order to calculate the partial period adjustment in a DCF? Assume dates are in row 9 in this hypothetical model.(Some numbers may be off slightly due to leap years and day-count conventions.)

=1-(I9-H9)/365

The formula contained in the YELLOW cell (G179) is ___________ Hint: do not forget the $ when using absolute references. Use absolute reference so this formula can be copied over to other cells in this section without any manual modification.

=SMALL($F$177:$F$180,E179)

In the below corkscrew, what would be the most optimal formula in cell G8?

=SUM(G5:G7)

Identify which of the following is not a goal of the variance dashboard.

A detailed written report

When valuing a company, we typically assume the business is a going concern.Which of the following is the best definition of going concern?

A going concern assumes the business operates indefinitely.

Under which tab in Excel would you be able to open the Page Break Preview?

View

Assuming a section of data is highlighted, which of the following Excel shortcuts opens Recommended Charts?

ALT + N + R

Identify the cause of an unfavorable variance in profit.

Actual material cost is higher than budget

Debt issuance costs are:

Amortized over the term of the related debt liability

Which tab allows you to add guides (guidelines) to help design your pitchbook?

View

Financial modeling professionals typically break their work down into modular steps for ease and transparency, before linking everything back to the three core financial statements.Corkscrew schedules are primarily used to support calculations for which financial statement?

Balance Sheet

Identifying cash and non-operating assets is crucial when valuing a company.Which of the following is considered cash and/or a non-operating asset?Select all that apply.

Bank deposits Assets held for sale

As an alternative to CTRL + C and then CTRL + V to perform copy and paste, what combination of keys (as outlined in the videos) will perform the same action?

CTRL + D

Suppose you want to copy a table from Excel and paste onto a PowerPoint slide. Which of the following Excel shortcuts ONLY allows you to paste as a table?

CTRL + V

The formula contained in the yellow highlighted cell (I39) is = ( , I9,I24). This formula can be copied over to the entire live scenario section without any manual modification. (Hint: do not forget to use absolute references.)

Choose, $I$4

Which charts would be better choices to visualize a company's actual performance ratio in comparison to a target ratio? Select TWO best answers.

Column and marker chart Two-series line chart

Which of the following is NOT a pre-attentive attribute discussed in the course?

Comments

Identifying debt and debt equivalents is crucial when valuing a company.Which of the following is considered debt and/or a debt equivalent?Select ALL that apply.

Commercial paper Operating leases Noncontrolling interest

A liquidity analysis would commonly be found under which section of a pitchbook?

Company Overview

Which of the following is the best key performance indicator (KPI) for measuring customer satisfaction?

Customer retention rate

Models as Decision-Making ToolsUltimately, models are decision-making tools.According to our materials, which selection below is likely the most important part of a financial model?

Dashboard of key metrics and charts

Financial models are created for a specific purpose.Which of the following are financial models used?Select ALL that apply.

Decision making Communication

Which of the following statements about income taxes is not correct?

Deductible temporary differences give rise to deferred tax liabilities, meaning that more tax is payable in the future.

Accounting principles require us to recognize taxes when they are incurred. However, there is a difference in accounting between standard accounting principles and tax accounting. It's critical for an analyst to understand the difference.Which of the following is a correct statement?Select ALL that apply.

Deferred taxes are taxes that will be deferred to a later period due to tax rules. Deferred taxes are non-cash taxes in the current period. Current taxes are cash taxes to be paid in the near term.

Which of the following components is not necessary to have in every master budget?

Direct material purchases budget

Many sophisticated models use circular calculations.What is a required Excel setting that allows for circular calculations?

Enable iterative calculations

What is the main purpose of using guides in PowerPoint?

Ensure alignment

Revolving Line of Credit Modeling a revolving line of credit is a crucial skill for an analyst. Additionally, it helps the analyst naturally balance a balance sheet. Which of the below are features of building a revolving line of credit into a financial model?Select ALL that apply.

Flexibility which can be used when necessary It's a 'lender of last resort' It can be borrowed, paid back and re-borrowed as needed

Suppose you want to crop a newly inserted picture on PowerPoint. Which of the following steps allows you to crop a picture into a shape?

Formats -> Size -> Crop -> Crop to shape

To find out the value of the assumptions that are needed to hit a certain budget target, you would use ______; to optimize an output, you would use ______.

Goal seek, solver

For a line graph, removing which of the following items would create the cleanest look?

Gridlines

When creating a waterfall chart for ABC Inc.'s 2018 net earnings, which of the data points do you need to set as totals? Select ALL correct answers.

Gross profit Revenue Net earnings

In a bottom-up approach, managers should have a ________ level of controllability and a ________ level of involvement in budget setting.

High, high

Which of the following combinations will allow you to align multiple items to the left?

Home -> Drawing -> Arrange -> Align -> Align Left

For a buy-side pitchbook, which of the following is NOT a key piece of information that must be available under the team overview?

How has the investment bank's stock performed over the past 5 years?

Under which section would you commonly find a competitive environment analysis?

Industry Overview

Data validation works for setting a reasonable range for _______.

Inputs

Identify which trait below about incremental budgeting is FALSE.

Inputs or activities are determined by the budgeted outputs

When calculating the quick ratio or "acid test" which current asset or liability is omitted?

Inventory

Identify which of the following is NOT an advantage of performing multiple regression.

It is easy to use and audit

Identify which of the following is NOT a good way for managers to use a budget.

Managers can use budgets alone to estimate how well they perform over a period of time

The highlighted pane in orange in the screenshot below is known as the

Navigation pane

How would you be able to view all slides of a pitch book simultaneously?

Open slide sorter

Which of the following describes the correct budgeting process?

Planning & communication - Establish objectives & targets - Develop a detailed budget - Review & approval - Implementation and management

Which of the following is not a standard section in an investment banking pitchbook?

Revisions

If the last data point in this chart is the accumulated total (1258), what will you do to set up the chart properly?

Right click the last data point and select "Set as Total"

What's the best way to center the heading text "Business Unit Revenue ($000)" across the cells in dark blue (B2-F2) for easier editing?

Select all cells in dark blue - Format Cells - Alignment - Horizontal: Center Across Selection

Out of the four different types of costs, how would you classify overhead costs? (Hint: Overhead costs are unavoidable costs a company must spend to produce any amount of outputs up to a certain level. There's usually a threshold where the outputs exceed the maximum capacity which requires additional spending for every extra unit of outputs.)

Semi-variable cost

Building a heat map would be an appropriate way to visualize data in which of the following?

Sensitivity Analysis

From the chart above, decision makers should pay most attention to the month:

September 2018

If you wanted to insert the same company logo onto the right-hand corner of every slide in the pitchbook (footer), which of the following slide views would you open to complete the task the quickest?

Slide Master

Financial modeling professionals are expected to perform many tasks.Which of the following is not typically a task as part of the financial modeling process?

Smoothing data for management

To create a bullet chart as shown below, you should first select the data and insert a:

Stacked bar chart

Budgets must link ________ to objectives, so budgeting is a tactical implementation of the ________.

Strategies, business plan

Using the PEST analysis, which of the following should a company like Apple Inc. worry about the most?

Technological forecasting and trends

Suppose you have selected to Format Shape of a chosen textbox. Resize shape to fit text is under which tab?

Text box

Many sophisticated models use circular calculations.What are some of the drawbacks to including circular calculations in a financial model?Select ALL that apply.

The Excel model may 'crash' due to a circularity problem While a circularity switch should be installed, many users may not know how to use this switch It makes reviewing models more difficult

Which of the following is not a correct description of how an operating lease is recognized on the financial statements?

The amortization expense of the right-of-use asset is calculated using the straight-line depreciation method over the lease term.

Why would an increase in a businesses' days in inventory consume cash?

The business is expending cash to build up its inventory levels

Why would an increase in the company's days in A/P produce cash for a business?

The company is 'stretching its payables' and deferring a cash outflow.

If the total assets to equity ratio of a company is increasing, it is possible that:

The company is increasing the use of debt and getting higher financial leverage

The company should consider additional capital expenditure to increase the capacity of the plant.

What does variable cost with economies of scale mean?

The higher the volume of output, the less it costs to produce one extra unit

Which of the following is NOT an advantage to link workbooks?

The links will update themselves when the file name changes

Which of the following best describes accounting principles in general?

They outline the fundamental rules and concepts and establish the framework on which detailed accounting standards are based.

What actions could a company take to reduce its working capital funding gap?

Tighten customer credit terms

Horizontal analysis allows us to analyze performance over:

Time

Which of the following best describes the purpose of the notes section in PowerPoint?

To keep information viewable only to creators and editors of the presentation

Relative valuation has several disadvantages relative to other valuation techniques.Which of the following is a disadvantage of relative valuation?

Too simplistic

Which type of chart is best for showing the impact of sensitivity analysis on a business?

Tornado chart

Which financial leverage ratio is used with two other ratios to mathematically produce the return on equity ratio?

Total Assets / Equity

Which tab of the ribbon would you use to insert a fade in between slides?

Transitions

Suppose you want to insert a company logo on the bottom right corner of every slide except for the first page of your pitchbook. Which of the following is the best method to format this pitchbook?

Under slide master, insert logo onto every slide layout except the one you used for the first page.

Using the information given in the table below, identify whether the sales volume variance and price variance are favorable or unfavorable.

Unfavorable, favorable

Relative valuation has several advantages relative to other valuation techniques.Which of the following is an advantage of relative valuation?

Uses observable data

Which of the following tools can help check larger sections of a model across multiple cells?

Using Excel to locate Constants. Using Trace Precedents in the Formulas section of the Excel ribbon.

Which of the following statements regarding model review is true?

Using keyboard shortcuts can greatly expedite a model review.

A precedent transactions overview would appear under which section of an investment banking pitchbook?

Valaution Overview

Financial modeling professionals typically break their work down into modular steps for ease and transparency, before linking everything back to the three core financial statements.Which of the following is a true statement?Select ALL that apply.

We can set up multiple checks to see if there are errors in our financial model. The Balance Sheet acts as a natural error detection system.

Which of the following slide sizes are best practice for a live presentation?

Widescreen (16:9)

Inputs should be blue colored font and should have ________ only. Process and outputs should be in black colored font and have _______ only.

hardcoded numbers only, formulas only

To arrive at operating cash flows, you should start with _______, _______ non-cash items and then adding or subtracting changes in working capital.

net income, adding

The chart above is an example of a combination of a ________ chart and a ________ chart.

stacked column, line

Before protecting a worksheet to avoid people from editing the formulas, you must ________.

Financial Modeling

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