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Financial modelling quiz / competition

The table below shows topics in our financial modelling quiz / competition. The first column of ticks and crosses indicates whether a solution to the topic can be downloaded into the quiz spreadsheet. The second column shows whether there is a YouTube explanation of how to solve the problem.

Answer downloading must be done from the quiz / competition spreadsheet - it cannot be done directly from this page.

In the third column you can "vote" on topics you would like added to the set of YouTube explanations. You can choose up to five topics and you can change your choice at any time. Your choices will be remembered until the next time you change them.

TopicLoadable answerYouTube answerVote
1.0 - Introduction and overview

2.0 - Core finance concepts
       Terminal value formula

       Discounting a single cashflow over one period

       Discounting cash flows + terminal value

       Internal rate of return

       Calculating present value on a nominal basis

       Calculating an inflation index

       Calculating a real discount rate

       Calculating NPV on a real (inflation-adjusted) basis

       Calculating IRR on nominal and inflation-adjusted bases

    DCF and EVA
       Discounted cash flow

       Economic profit

3.0 - Common logic issues
       Meeting two objectives concurrently

       Meeting several objectives concurrently

       Resolving circular references


4.0 - Discounted cash flow
    Term structure
       Multiple discount rates

       Term structure of discount rates

       Term structure of discount rates - using an array

       Calculation of Beta

       Market and asset risk

       Market and asset correlation


       Cost of capital

       Net present value

    DCF steady state
       Balance sheet

       Income statement

       Cash flow statement

       Statement of changes in equity

       Free cash flows

       Levered cost of equity

       Market values

       Book values


       Market value reconciliation



    DCF time varying
       Balance sheet

       Income statement

       Cash flow statement

       Statement of changes in equity

       Free cash flows

       Levered cost of equity

       Market values

       Book values




       Economic value added

       EVA / DCF reconciliation

5.0 - Internal rate of return
       Share of free cash flow to achieve a target IRR

       Calculating IRR tenor

       IRR waterfall

       Two IRRs

       IRR when cash flows grow at a constant rate in perpetuity

6.0 - Various types of problems
       Reserving for a future need #1

       Reserving for a future need #2

       Paying down a loan according to a repayment profile

       Paying down a loan with capitalised interest

    Expected value
       Expected value of a distribution

       Standard deviation of a distribution

       Two envelope problem

    Foreign exchange
       Forward foreign exchange rates

       Discount factors across currencies

       Present-valuing currency cash flows

       Converting risky foreign cash flows to a reference / domestic currency

       Inflation adjusting currency cash flows

       Calculating real risk-free and risky rates

       Debt service coverage ratio

       Loan life coverage ratio

7.0 - Typical types of models
    Four phase
       Generate phase flags

       Calculate growth rates

       Calculate income #1

       Calculate income #2

       Calculate upgrade cost

       Calculate break fee

       Calculate net cash flow and NPV

       Dates and events

       Growth and volume

       Resource requirements

       Resource costs

       Normalised growth

       Income statement

       Operating revenues

       Capital expenditure


       Cashflow available for debt service

       Cashflow available for equity

       Net cash flow

       Distribution waterfall

       Terminal value calculations

       Net present value

       Internal rate of return

       Debt service


       Cash account

       Balance sheet

       Sources of funds

       Uses of funds


Modeling competition

Quiz spreadsheet    [XLS file]

Modeling competition

Quiz answers [PDF file]

   Live leader board

Other quizes


Spreadsheet skills