True or false.

1. Forecasts are only used to establish budgets
2. Forecasts may be qualitative or quantitative
3. Forecasts are generally focused on the next 3 months.
4. Forecasting is quite different than financial statement analysis
5. Normalized earnings focus on predicting one time and non-recurring items.
6. The concept of earnings power is the long term (3 to 5 years) expectation of the company's earnings after any near-term anomalous behavior has passed.
7. Companies frequently issue financial guidance for the next quarter and year's financial outlook
8. Equity valuations are relatively insensitive to the consensus estimate
9. The average of the sell-side equity analyst earnings estimate is called the "consensus"
10. A sell side analyst publishes research report that only include an investing rating.
11. It is more important now than ever that analyst consider companies 'strategic' uses of cash flows when creating high quality forecasting of future financial performance
12. Strategic uses of cash is not important to a financial analyst in making forecasts
13. A defensible forecast is one where the company forecasts are in sync with the investment thesis or story
14. Analyst must perform an in dept fundamental analysis to make forecast reflecting a basic understand of the company
15. All forecasts should reflect an investment thesis, be it positive or negative.