NACVA CVA 問題集

質問 1：
A common first step in ratio analysis of financial statements is to prepare what are sometimes
called . On
these statements, each line item is expressed as a percentage of the total. For example, on the balance sheet, each line is shown as a percentage of total assets.
A. Short-term analysis
B. Pre-analysis statements
C. Common-size statements
D. Status diagnosis analysis
正解：C

質問 2：
may apply to publicly traded stock where the size of the block is large enough relative to normal trading volume that it could not be sold in a short time without depressing the market price.
A. Contingent liability discounts
B. Discounts for lack of marketability
C. Discounts for lack of control
D. Blockage discounts
正解：D

質問 3：
1. Dissenting stockholder actions. 2. Minority oppression actions. Either may
be accompanied by claims of breach of fiduciary duty. These are the actions brought by:
A. OTC Trading
B. Majority shareholders
C. Minority shareholder
D. Short Selling
正解：C

質問 4：
The special characteristics of the preferred stock that we typically encounter include all of the following EXCEPT:
A. Dividend rate
B. Convertible versus nonconvertible rights into preferred equity
C. Liquidation preference
D. Cumulative versus noncumulative dividends
正解：B

質問 5：
"The amount at which property would change hands between a willing seller and a willing buyer, when neither is acting under compulsion and when both have reasonable knowledge of the relevant facts". This definition is related to:
A. Litigation value
B. Standard of value
C. Fair market value
D. Investment value
正解：C

質問 6：
The state of the art in the twenty-first century involves incorporating one or all of the following elements into the discount rate to reflect risk EXCEPT:
A. One or more coefficients modifying the basic equity risk premium based on industry or other characteristics that are expected to affect the degree of risk for the subject investment
B. A basic equity risk premium over the risk -free rate selected as the base
C. An element reflecting the size effect
D. None of these
正解：D

質問 7：
The remainder interest is valued:
A. By taking the security's appraised fair market value and discounting it to a present value under the IRS actuarial tables based on seller's projected remaining life.
B. By sale of a private annuity
C. By self-canceling installment note
D. By taking the security's appraised fair market value and discounting it to a present value under the IRS actuarial tables based on seller's projected remaining life.
正解：A