NACVA CVA 問題集

質問 1：
The Build-Up model divides the risk premium into its subcomponents and estimates the cost of capital as the sum of the following:
1.A risk-free
2.A risk premium, including one or all of following subcomponents EXCEPT:
A. An equity risk premium
B. A company-specific risk premium
C. A size premium
D. Investment-specific risk
正解：D

質問 2：
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 3：

Which of the following best suits in replacement to question marks from left to right respectively?
A. Tangible value, Intangible value
B. Strategic value, Enterprise value
C. Enterprise value, control value
D. Control value, strategic control value
正解：D

質問 4：
The general purpose of is to aid in making some quantifiable assessments of the long-term solvency of the business and its ability to deal with financial problems and opportunities as they arise.
A. Both A and B are same
B. Balance sheet leverage ratio
C. Liquidity ratios
D. Capital Structure
正解：A

質問 5：
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 6：
Calculating the volatility of the underlying stock is more complicated. Volatility is the standard deviation is the price of underlying stock. The volatility used in the Black Scholes model is the total volatility of the underlying stock's price. It is not its bets, which measures
A. That the stock's price changes are relatively constant
B. The number of outstanding shares of the issuer
C. The relative movement of the stock's price to the market
D. Implied volatility
正解：C

質問 7：
is common stock received when the option is exercised.
A. American option
B. European option
C. Strike
D. Underlying stock
正解：D