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NACVA CVA Exam Practice Questions (P. 4)

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Question #16
Statutory law -

Case law -

Administrative rulings -

Company documents -
Contracts between parties precedent established by prior transactions Legal documents. These are some of the most important sources of guidance as to:
  1. A
    The applicable standard and premises of value for the given situation.
  2. B
    The appraiser’s experience and judgment.
  3. C
    The selection of appropriate premise
  4. D
    The value of the same business enterprise

Correct Answer:
A

Question #17
The valuation opinion repot will typically include the following sections EXCEPT:
  1. A
    A valuation opinion letter summarizing the valuation procedures and conclusions
  2. B
    Several sections summarizing the relevant valuation theory, methodology, procedures, analyses, and conclusions
  3. C
    A listing of the data and documents relied upon by the appraiser
  4. D
    legal case documents

Correct Answer:
D

Question #18
One of the most important tools for conducting a business valuation thoroughly and on a timely basis is a proper schedule. Most first-time, or in frequent, business valuation clients (and their attorneys) tend to underestimate the amount of lead time necessary for the appraiser to prepare a through and professional opinion.
Scheduling problems often arise because:
  1. A
    The client delays in committing to the project hoping that the valuation problem will go away.
  2. B
    A major change in some aspect of assignment midway through the project
  3. C
    The client is not having awareness regarding valuation standards and selection criteria
  4. D
    Of some external pressures on the client

Correct Answer:
AB

Question #19
____________ is perhaps the most difficult task for the business appraiser.
  1. A
    Getting two or more parties with different economic and business expectations to agree on projected future benefits and the risks associated with achieving those projections.
  2. B
    Identification of partial interest.
  3. C
    Selection of enterprise value premise.
  4. D
    Estimation of invested capital

Correct Answer:
A

Question #20
When preparing a business valuation for reorganization proceedings under bankruptcy statues, the parties will frequently rely on___________.
  1. A
    Reengineering of valuation procedures
  2. B
    Capitalization of anticipated cash flow
  3. C
    Ownership of assets
  4. D
    Enterprise value

Correct Answer:
B

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