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質問 1：
An analysis of fixed and variable expenses will help the analyst understand:
A. The lack of compliance with revenues
B. The extent to which increased or decreased volume will affect operating margins
C. Overfunded and underfunded factors
D. What can be done to make the company more profitable and what are the associated costs?
正解：B
質問 2：
are normally more valuable than minority shares because they contain a bundle of rights that minority shares do not enjoy.
A. Symergistic value
B. Stock market value
C. Control shares
D. Strategic control
正解：A
質問 3：
Below is a partial listing of possible scenarios in ____________.
-100 % control
-More than a majority or supermajority, but less than 100%
-More than 50% but less than a supermajority, where state statutes or articles of incorporation require a supermajority
- 50 %
- Less than 50 % but "effective control"
-Minority shares that control by voting block
A. B & C both are the same
B. Control or lack of control spectrum
C. Discount for lack of control or minority discounts
D. Control spectrum
正解：A
質問 4：
The in perpetuity for cash flow translates point for point into the capitalization rate for that variable.
A. Actual growth rate
B. Relative growth rate
C. Expected growth rate
D. Revenue growth rate
正解：C
質問 5：
Accepted business valuation approaches and methods are all of the following EXCEPT:
A. Market-based approach
B. Asset-based approach
C. Income approach
D. Guideling acquisition company approach
正解：D
質問 6：
The marital estate comes into being upon filing for divorce. It represents the assets that must be divided according to the property laws of the state. Currently, each state adheres to either (1) or (2) .
A. The community property standard, the equitable distribution standard
B. The standard value, the equitable distribution standard
C. The community property standard, the investment value
D. The family property standard, the equitable standard
正解：A
質問 7：
_ proclaims that if valuing a company by the asset approach, the analyst should check to see whether capital gains taxes would be incurred on the liquidation of the assets. If so, it is possible that a discount should be taken for the capital gains tax liability.
A. Fiduciary duties
B. Potential dilution
C. Contractual restrictions
D. Built-in gains discount
正解：D
質問 8：
Which theory states that the fair market value of an investment is equal to the present value of the future payments, discounted back to the current time at an appropriate discount rate?
A. Investment
B. Interest payment
C. None of the above
D. Valuation
正解：C
質問 9：
The fundamental of CAPM is:
A. That the risk premium portion of the expected return on a security is a function of that security's unsystematic risk.
B. That the risk discount portion of the expected return on a security is a function of that security's systematic risk.
C. That the risk premium portion of the expected return on a security is a function of that security's systematic risk.
D. That the risk discount portion of the expected return on a security is a function of that security's unsystematic risk.
正解：C
An analysis of fixed and variable expenses will help the analyst understand:
A. The lack of compliance with revenues
B. The extent to which increased or decreased volume will affect operating margins
C. Overfunded and underfunded factors
D. What can be done to make the company more profitable and what are the associated costs?
正解：B
質問 2：
are normally more valuable than minority shares because they contain a bundle of rights that minority shares do not enjoy.
A. Symergistic value
B. Stock market value
C. Control shares
D. Strategic control
正解：A
質問 3：
Below is a partial listing of possible scenarios in ____________.
-100 % control
-More than a majority or supermajority, but less than 100%
-More than 50% but less than a supermajority, where state statutes or articles of incorporation require a supermajority
- 50 %
- Less than 50 % but "effective control"
-Minority shares that control by voting block
A. B & C both are the same
B. Control or lack of control spectrum
C. Discount for lack of control or minority discounts
D. Control spectrum
正解：A
質問 4：
The in perpetuity for cash flow translates point for point into the capitalization rate for that variable.
A. Actual growth rate
B. Relative growth rate
C. Expected growth rate
D. Revenue growth rate
正解：C
質問 5：
Accepted business valuation approaches and methods are all of the following EXCEPT:
A. Market-based approach
B. Asset-based approach
C. Income approach
D. Guideling acquisition company approach
正解：D
質問 6：
The marital estate comes into being upon filing for divorce. It represents the assets that must be divided according to the property laws of the state. Currently, each state adheres to either (1) or (2) .
A. The community property standard, the equitable distribution standard
B. The standard value, the equitable distribution standard
C. The community property standard, the investment value
D. The family property standard, the equitable standard
正解：A
質問 7：
_ proclaims that if valuing a company by the asset approach, the analyst should check to see whether capital gains taxes would be incurred on the liquidation of the assets. If so, it is possible that a discount should be taken for the capital gains tax liability.
A. Fiduciary duties
B. Potential dilution
C. Contractual restrictions
D. Built-in gains discount
正解：D
質問 8：
Which theory states that the fair market value of an investment is equal to the present value of the future payments, discounted back to the current time at an appropriate discount rate?
A. Investment
B. Interest payment
C. None of the above
D. Valuation
正解：C
質問 9：
The fundamental of CAPM is:
A. That the risk premium portion of the expected return on a security is a function of that security's unsystematic risk.
B. That the risk discount portion of the expected return on a security is a function of that security's systematic risk.
C. That the risk premium portion of the expected return on a security is a function of that security's systematic risk.
D. That the risk discount portion of the expected return on a security is a function of that security's unsystematic risk.
正解：C
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