Some of the Schweser questions use different WACCs/discount rates for differing periods of growth when calculating the firm/equity value using FCFF/FCFE. How likely is this to be assessed?
It is logical. FCFF need to be discounted by WACC, as cash flows to both equity and debt providers are evaluated. FCFE need to be discounted by the required return of equity, as the cash flows only to equity providers are evaluated.