FCFF is actually the value of operation assets (the assets that generate cash flow). Significant non-operating assets, such as EXCESS cash (not cash on the B.S.), excess marektable securities, or land held for investment should be added to this estimate to calculate total firm value. On the exam look for additional information about excess cash, marketable securites or land held for investment and add it to the FCFF you have calculated. Paraphased from schweser. Could be worth a point.
Thank you mwvt9 for posting this 
Thanks …i recently did a q where they asked you to calculate firm value, and i left out the non-operating assets…which were neatly hidden in the additional info.
How many questions on the exam will be relatively simple but expect you to look for and pick up these nuances?? I figure quite a bit. If you look for these things, maybe you’ll give yourself a boost, or run out of time…
question: how do you have cash not on the balance sheet? SPE?
You do have cash on the balance sheet. But the cash on the balance sheet does not equal EXCESS cash.
can you clarify on that mwvt9, do they explicitly say somewhere ‘excess cash of…’?
I think that would have to be given. It is just basically the amount of cash that isn’t “needed” for ongoing operations.
I love it when its given, thought we had to do some calculations. danke