NO.PZ2016012101000111
问题如下：
Which of the following is an appropriate method of computing free cash flow to the firm?
选项：
A.Add operating cash flows to capital expenditures and deduct after-tax interest payments.
B.Add operating cash flows to after-tax interest payments and deduct capital expenditures.
C.Deduct both after-tax interest payments and capital expenditures from operating cash flows.
解释：
B is correct.
Free cash flow to the firm can be computed as operating cash flows plus after-tax interest expense less capital expenditures.
解析：考点是FCFF的计算。FCFF = CFO + Int * (1 - t) – FCInv。选项中的capital expenditure就是FCInv。A选项说用CFO加上CapEx减去int（1-t），加和减说反了。B选项说CFO加上int（1-t）减去CapEx，正确。C选项说两项都是从CFO中减去，也是错的。
用CFO计算，用NI计算，用EBIT计算，怎么才能记得住？
