Question: Each question below is 1 point each, for a total of 3 extra credit points. There is no time limit on this. 1. What are

Each question below is 1 point each, for a total of 3 extra credit points. There is no time limit on this. 

1. What are free cash flows?

2. Explain the difference between a company's operating cash flows under GAAP and its free cash flows.

3. Briefly describe the key features of the free cash flow approach to valuation.

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