1. When an analyst does not start his/her forecast with the guidance provided by management, and instead uses figures (s)he came up with on her own.
   1. Segment forecasting
   2. Top-down forecasting
   3. Bottom-up forecasting
   4. Wildcatter forecasting

1. Sensitivity analysis is generally used to
   1. Explore how sensitive investors are to negative events
   2. Examine how sensitive the company is to market forces
   3. Identify how much the forecast changes if assumptions change

1. Assuming a firm has end-of-year year NOA of $50,000 in 2019, $60,000 in 2020, and $70,000 in 2021, please identify the initial NOA input variable for a DCF valuation taking place at the start of 2020.
   1. $10,000
   2. $50,000
   3. $60,000
   4. $70,000