최신IFPUG Accredited in Business Valuation (ABV) - ABV무료샘플문제
문제1
Beta is a factor used to measure:
Beta is a factor used to measure:
정답: D
문제2
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:
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:
정답: B
문제3
In merger market valuation models:
In merger market valuation models:
정답: C
문제4
Which one of the following is perhaps the most valuable source of authoritative information on a particular industry?
Which one of the following is perhaps the most valuable source of authoritative information on a particular industry?
정답: B
문제5
The second step in capitalized excess earnings method is:
The second step in capitalized excess earnings method is:
정답: C
문제6
Imagine that an investor in the common stock of a company has two choices, either to (1) but 100 shares of a company's common stock at $10 per share or (2) to purchase a call for $125 to purchase 100 shares at the same $10 price at the end of nine months. If the investor chooses to buy the stock, the investor must pay $1,000 immediately and is at risk for the entire $1,000 investment. If the investor chooses to purchase the call option, the investor will pay only $125 immediately and can wait until the option's expiration date to decide whether or not to buy the stock for an additional $1,000. The investor's risk is limited to $125. If the option is _, the option will be exercised. If it is , the option will simply lapse.
Imagine that an investor in the common stock of a company has two choices, either to (1) but 100 shares of a company's common stock at $10 per share or (2) to purchase a call for $125 to purchase 100 shares at the same $10 price at the end of nine months. If the investor chooses to buy the stock, the investor must pay $1,000 immediately and is at risk for the entire $1,000 investment. If the investor chooses to purchase the call option, the investor will pay only $125 immediately and can wait until the option's expiration date to decide whether or not to buy the stock for an additional $1,000. The investor's risk is limited to $125. If the option is _, the option will be exercised. If it is , the option will simply lapse.
정답: A
문제7
Which approach is based on the
estimation of the
economic benefits that the non- controlling ownership interest holder expects to realize over the expected holding period of the subject investment, discounted at an appropriate rate of return?
Which approach is based on the
estimation of the
economic benefits that the non- controlling ownership interest holder expects to realize over the expected holding period of the subject investment, discounted at an appropriate rate of return?
정답: B
문제8
If a $1000 per share value of convertible bond is issued for $1000, and is convertible into 20 shares of issuer's common stock that pays no dividend, there will be no economic benefit in converting the debt to stock as long as the common stock is selling for less than $50 per share. If the bond value is indeed in the equity-equivalent region, as the value of a single share of common stock increases $1, the bond value will increase:
If a $1000 per share value of convertible bond is issued for $1000, and is convertible into 20 shares of issuer's common stock that pays no dividend, there will be no economic benefit in converting the debt to stock as long as the common stock is selling for less than $50 per share. If the bond value is indeed in the equity-equivalent region, as the value of a single share of common stock increases $1, the bond value will increase:
정답: A
문제9
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 _.
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 _.
정답: B
문제10
The purpose of risk analysis is to ascertain the uncertainty of the income flows to the
company's various suppliers. Generally, there are two classes of the capital suppliers-
those that provide equity capital and receive a fixed return and those:
The purpose of risk analysis is to ascertain the uncertainty of the income flows to the
company's various suppliers. Generally, there are two classes of the capital suppliers-
those that provide equity capital and receive a fixed return and those:
정답: B
문제11
To get an explanation or interpretation of something on the financial statements, or to consult
working papers for details that augment the financial
statements,
it may be necessary to interview the company's outside independent accountant. This is most often the case when:
To get an explanation or interpretation of something on the financial statements, or to consult
working papers for details that augment the financial
statements,
it may be necessary to interview the company's outside independent accountant. This is most often the case when:
정답: A,B
문제12
The advantages of the binomial model over the Black-Scholes model and its variations include:
The advantages of the binomial model over the Black-Scholes model and its variations include:
정답: A,C
문제13
Which study found that companies with stock listed on national exchanges had lower discounts on their restricted stock transactions than did companies with stock traded over- the-counter (OTC)?
Which study found that companies with stock listed on national exchanges had lower discounts on their restricted stock transactions than did companies with stock traded over- the-counter (OTC)?
정답: B
문제14
Which of he following factors is NOT considered, among others, when determining if quantitative adjustments to the sales comparison data are necessary?
Which of he following factors is NOT considered, among others, when determining if quantitative adjustments to the sales comparison data are necessary?
정답: A
문제15
Which of the following is NOT the method of computing depreciation charges all acceptable to the IRS for income tax purposes?
Which of the following is NOT the method of computing depreciation charges all acceptable to the IRS for income tax purposes?
정답: D
문제16
"Tag along rights" are Buy-Sell agreements which:
"Tag along rights" are Buy-Sell agreements which:
정답: C
문제17
As with any secondary sources, errors and inconsistencies occur, so the original source documents are the only guarantees of absolute accuracy as a source of merger and acquisition data. Which one of the following is NOT out of those original source documents?
As with any secondary sources, errors and inconsistencies occur, so the original source documents are the only guarantees of absolute accuracy as a source of merger and acquisition data. Which one of the following is NOT out of those original source documents?
정답: D
문제18
The sales comparison approach is based on the economic principles of:
The sales comparison approach is based on the economic principles of:
정답: A,C
문제19
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:
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:
정답: A
문제20
The direction and magnitude of the company-specific risk premium may be based on an analysis of the some factors. Which of the following is/are out of such factors?
The direction and magnitude of the company-specific risk premium may be based on an analysis of the some factors. Which of the following is/are out of such factors?
정답: A,C,D