NACVA CVA 問題集

質問 1：
Under the asset approach, the value of the corporation's investment in common stock is the common stock's fair market value on the valuation date:
A. Less the potential income taxes payable to hedge the stock
B. Less the potential income taxes payable on short selling
C. Plus the potential income taxes payable on the sale of this stock
D. Less the potential income taxes payable on the sale of this stock
正解：D

質問 2：
It is possible to examine the uncertainty of income to the various suppliers of capital by investigating the uncertainty of income to the company. The greater the uncertainty of income to the company:
A. The lesser the uncertainty of the income to the investor in the company
B. The greater the uncertainty of the income to the investor in the company
C. The greater the uncertainty of the equity to the investor in the company
D. The lesser the uncertainty of the equity to the investor in the company
正解：B

質問 3：
If the interest
rate on
a term contract is below
the market interest rate for similar instruments at the time of event that triggers the transaction, the cash equivalent value the seller receives will be the contract's face value.
A. Same as
B. Depends on agreement
C. Greater than
D. Less than
正解：D

質問 4：
In a marital dissolution the parties may be concerned with the change in value that occurred during the marriage. In estate cases, the trustee, the executer, or personal representative will consider adopting the "alternative valuation date"(i.e. six months after the date of death) to determine which is more advantageous. These are the examples of:
A. Litigated cases
B. Situations having more than one valuation dates
C. Situations identifying valuation date
D. Universally applicable methods to finalize valuation date
正解：B

質問 5：
For example, in
data collection process for
conducting the respective valuation, supporting analysts may be collecting industry, economic, rate or return, and guideline transaction information at the same time that the case manager is working directly with the management of the subject company.
In any case, it is important to convey a sufficient overview of the company and of the assignment to all the valuation team members at an early meeting so that all of the analysts will be in a position to recognize important data as they proceed on the project... This example gives the idea that:
A. The analyst merely inspects voluminous or highly sensitive documents and only gets copies of the information necessary for the performance of the assignment
B. Information gathered should be reviewed and analyzed before the visit to the company so as to focus the interviewing process on the most essential factors that affect the value of the company
C. Data about the subject property's market value is not covered in this approach
D. The manner and sequence in which the data are gathered are important only to the extent that the process is complete an efficiently carried out
正解：D

質問 6：
The purpose of Erickson and Wang study was to empirically quantify the increase in selling price realized by sellers of entire companies in cases where:
A. The buyer realizes a step-up in tax basis of the underlying assets when acquiring a "seasoned" S corporation
B. Most acquirers do not want to purchase stock of another corporation because of the potential for liability assumptions
C. The step-up in tax basis of the assets result in an increase in proceeds
D. The entire analysis should be based on entire data
正解：A

質問 7：
When using the elements of both the asset accumulation method and the capitalized earnings method in the same valuation, the analyst should pay particular attention to the selection of:
A. The required rates of return
B. Identification of assets and liabilities on cost basis
C. Both A and B
D. The capitalization rates used in the excess earning component of the valuation
正解：C