최신 ABV 무료덤프 - IFPUG Accredited in Business Valuation (ABV)

문제1

Let's say that a company had 100,000 shares outstanding at the beginning of the year and issued 30,000 more shares on May 1. The 100,000 shares would be outstanding for four months and the 130,000 shares for eight months, or two-thirds of the year. The weighted average number of shares outstanding for the year would be:

A. 100, 000

B. 120,000

C. 140,000

D. 180,000

정답: B

문제2

What reflects both the variability of sales and the level of the company's fixed operating costs?

A. Financial leverage

B. Working Capital leverage

C. None of the above

D. Operating leverage

정답: D

문제3

Normally, the business will realize the economic benefit of the prepaid expenses within the normal course of one business cycle. Therefore, normally:

A. No revaluation adjustment is required

B. Revaluation adjustment is required

C. No revaluation adjustment is required with respect to recorded prepaid expenses

D. Revaluation adjustment is required with respect to recorded prepaid assets

정답: C

문제4

If the seller is in a low tax bracket and the buyer in a high one, it may be advantageous to:

A. Structure the program to decrease the interest rate and increase the price

B. Structure the program to decrease the interest rate and decrease the price

C. Structure the program to increase the interest rate and increase the price

D. Structure the program to increase the interest rate and lower the price

정답: D

문제5

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. Implied volatility

C. The number of outstanding shares of the issuer

D. The relative movement of the stock's price to the market

정답: D

문제6

Market evidence indicated that adjustable-rate preferred stocks generally required yields in the range of basic points.

A. 32-500

B. 48-498

C. 50-500

D. 42 to 445

정답: D

문제7

The application of any discounts should always be taken in the context of:

A. The level of value that is taken from

B. The legal documents that control the rights and restrictions of the interest holder

C. A, B, C

D. The ultimate rate of return produced for the interest

정답: C

문제8

"Fair value" means the value of the corporation's shares determined:

A. That the majority states use the pre-1999 definition

B. Using customary and current valuation concepts and techniques generally employed for similar businesses in the context of the transaction requiring appraisal

C. Without discounting for lack of marketability or minority status except, if appropriate, for amendments to the articles...

D. Immediately after the effectuation of the corporate actions to which the shareholder objects

정답: B,C

문제9

Buy-sell agreement in which issuing corporation or partnership buys the interest from the transferring party or from the deceased party is called:

A. Cross purchase agreement

B. Entity purchase agreement

C. Repurchase agreement

D. Redemption agreement

정답: C

설명: (DumpTOP 회원만 볼 수 있음)

문제10

Under the asset approach, the value of the corporation's investment in common stock is the common stock's fair market value on the valuation date:

A. Less the potential income taxes payable on the sale of this stock

B. Less the potential income taxes payable to hedge the stock

C. Plus the potential income taxes payable on the sale of this stock

D. Less the potential income taxes payable on short selling

정답: A

문제11

The advantages of the binomial model over the Black-Scholes model and its variations include:

A. The binomial model's ability to incorporate a variety of conditions which can increase accuracy, including variations
in expected volatility, dividends
rates and
risk-free discount rates as well as transaction costs.

B. Binomial model does not require more computations

C. Binomial Model does not have any liquidity problem

D. The binomial model can be quite useful for valuing employee stock options as it is possible to include potential dilution, blackout periods, delayed vesting provisions, early exercise
patterns and
employee turnover in the
model
by increasing the number of periods and adjusting the option values at each node

정답: A,D

문제12

Qualitative factors might also cause the required yield to be higher or lower than that based solely on the quantitative ratio analysis. Whish of the following is NOT out of such quantitative factors?

A. Trends in diversification of revenue sources

B. Depth and competence of management

C. The competitive environment in the industry

D. Trends in diversification of strategies

정답: D

문제13

1.Pratt's stats
2.Done deal
3.Bizcomps
4.IBA market database
These are the four databases devoted to:

A. Middle-market

B. Small company controlling ownership

C. Shareholders equity

D. Middle market and small company controlling ownership interest transactions

정답: D

문제14

The special characteristics of the preferred stock that we typically encounter include all of the following EXCEPT:

A. Cumulative versus noncumulative dividends

B. Liquidation preference

C. Dividend rate

D. Convertible versus nonconvertible rights into preferred equity

정답: D

최신 ABV 무료덤프 - IFPUG Accredited in Business Valuation (ABV)

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