NACVA CVA 問題集

質問 1：
In creating employee stock options, the issuing company usually endeavors to set the option's strike price at the fair market value of the underlying shares. When the strike price is set at the fair market value, the intrinsic value is ________, and the only value of the option is its _.
A. Par value, zero value
B. Zero value, time value
C. One Value, market value
D. Current market value, zero value
正解：B

質問 2：
Which one of the following is NOT always clearly defined? Therefore, if the term is used, it should be supplemented by a definition of exactly what it means in the given valuation context.
A. Partial interest
B. Securities
C. Enterprise value
D. Invested capital
正解：D

質問 3：
When the valuation subject is a controlling ownership interest in the company, the existing total compensation less compensation may be considered excess compensation.
A. Non-controlling interest
B. Overtime charges
C. Abnormal compensation
D. Normal compensation
正解：D

質問 4：
It is advisable to emphasize that in the valuation of the stock of closely held corporations or the stock of corporations where market quotations are either lacking or too scarce to be recognized, all available financial data, as well as all relevant factors affecting the market value should be considered. The following factors, although not all-inclusive are fundamental and require careful analysis in each case EXCEPT:
A. The earning capacity of the company
B. The nature of the business and the history of the enterprise from its inception
C. The income-tax paying capacity of the company
D. The economic outlook
in general
and the condition and outlook of the specific industry in particular
正解：C

質問 5：
Control transaction valuation multiples (often called deal multiples or acquisition multiples or acquisition multiples) often use the following measures of returns in the denominator EXCEPT:
A. Operating income available to invested capital [earning before interest and taxes (EBIT)]
B. Revenues
C. Discretionary earnings
D. Intangible book value
正解：D

質問 6：
Most analysts agree that one of the most important factors in the estimation of the direct capitalization rate for the excess earnings is the perceived persistence of the excess earnings. The longer the time period and the greater the uncertainty of the expectation of excess earnings, the the direct capitalization rate.
A. Greater
B. fixed
C. It depends
D. Lower
正解：D

質問 7：
It is highly unlikely, in formula approaches for setting the price in a buy-sell agreement, that the price established by a formula at the time of signing will be even close to the value of the interest at the time of triggering event, which could be many years later. For these reason analysts:
A. Allow flexibility in approach
B. Highly encourage the use of formulas in high-sell agreements
C. Highly discourage the use of formulas in high-sell agreements
D. Do not allow flexibility in approach
正解：C