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If the objective is to value operating assets net of operating liabilities of a firm then the appropriate free cash flow measure to be used is ______________________________________________________________________

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1. If the objective is to value operating assets net of operating liabilities of a firm then the appropriate free cash flow measure to be used is ______________________________________________________________________.
2. The cash-flow-based valuation approach measures and values the cash flows that are "free" to be ________________________________________ unencumbered by necessary reinvestments in operating assets or required payments to debt holders.
3. If a firm generates a rate of return on __________________________________________________ equal to the discount rate used by the investor then it does not matter if an analyst uses cash flows to the investor or cash flows to the firm.
4. The present value of future free cash flows valuation method focuses on free cash flows, a base that economists argue has more economic meaning than ____________________.
5. One advantage of the free cash flow valuation method is cash is the medium of exchange and therefore is a fundamental source of ________________________
6. Changes in general price levels due to inflation or deflation cause the ______________________________ of the monetary unit to increase or decrease ______________
7. The forecasting and valuation process is particularly difficult for ______________________________ when the near term free cash flows tend to be negative.
8. Steady-state growth in ___________________________________ could be driven by long-run expectations for growth attributable to economy-wide inflation, general economic productivity, the population, or long-run growth in industry's sales.
9. For most firms, ______________________________ include cash and short-term investment securities, accounts receivable, inventory, property, plant and equipment, intangible assets and investments in affiliated companies.
10. ________________________________________ typically include accounts payable, accrued expenses, accrued taxes, deferred taxes, pension obligations and other retirement benefit obligations