How insane is Equity? getting, between, because, question, something

himanshumh

Just doing some EOC questions for the Equity section and I had a couple questions. I realize the test is now half the number of questions as Level I, is one f the reasons because Equity questions may require you to make long tables projecting cashflows 5 years out, get a terminal value, and then PV that terminal value and the cashflows in between back to today?

Also let's say question 1 asks for the FCFF or something, so you projected the cashflows. Can a second question require getting the aswer from question 1 right? Either directly (plugging in the answer directly) or indirectly (taking the correct answer from question 1 and making an adjustment)?