最新的IFPUG Certifications認證 ABV考試題庫

問題1

Due to these complexities, for practical purposes it is acceptable to use the ratio as we defined it. However, the analyst is well advised to research:

A. Whether to adjust this ratio to include all interest-bearing debt

B. Both the subject and guideline companies' use of short-term debt to determine whether to adjust this ratio to include all interest-bearing debt

C. the guideline companies' use of short-term

D. the subject companies' use of short-term debt

正確答案: B

問題2

"When earnings have once been
"realized", so that they can
be expressed with some approach to accuracy in the company's accounts, they are already water under the mill and have no direct bearing on what the property in question is now worth. Value, under any plausible theory of capitalized earning power is necessarily forward looking. It is an expression of the advantage that an owner of the property may expect to secure from the ownership in the future. The past earnings are therefore beside the point, save as a possible index of future earnings". This statement correctly expresses:

A. Realized earnings

B. Enterprise value

C. Prophesied gross and net earnings

D. Realized earning verses prospective earnings

正確答案: D

問題3

The advantages of having a formal, independent outside appraisal, kept current with periodic updates are many. From a business planning perspective, the typical strong (management/ownership relationship) in a closely held business often requires a valuation study in order to support:

A. Professionally prepared approvals

B. Various ownership strategies

C. Business directions and investments alternatives

D. Acceptable valuation philosophy

正確答案: B,C

問題4

In many instances, value considerations are tempered by internal variables, often variables relative to specific shareholding as opposed to the company as a whole. Which of the following is NOT out of such variables?

A. Restrictive provisions affecting ownership rights

B. Size of the subject interest (reflecting not only magnitude but control issues)

C. The right to vote and to impact the direction of the business

D. Legal proceedings related to ownership or management prerequisites.

正確答案: D

問題5

The market approach, income approach, and asset approach, or a combination of these, are all used to value marital property, but the courts seem to be leery of:

A. New approaches and old approaches that have not gained wide acceptance in the valuation community.

B. New approaches that have not gained wide acceptance in the valuation community.

C. Evidence of sale of comparable practice'

D. New approaches that have gained wide acceptance in the valuation community.

正確答案: B

問題6

If the market-determined yield to maturity for a debt security is equal to the security's coupon interest rate, the security's fair market value is equal to its face or par value.

A. False

B. True

正確答案: B

問題7

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

正確答案: D

問題8

The capital stock of a corporation, its net assets and its share of stock are entirely different
things... the value of one bears no fixed or necessary relation to the value of the other;
because:

A. Share holders are only concerned with dividends

B. Only the corporation itself holds to all its assets and liabilities ... A thirsty shareholder of brewery cannot walk into "his" company and demand that a case of beer be charged to his equity account

C. A share of common stock does not represent a share in the ownership of the assets of a business.

D. Putting capital in stocks is somewhat a risky investment

正確答案: B,C

問題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 unsystematic risk.

C. That the risk discount portion of the expected return on a security is a function of that security's systematic risk.

D. That the risk premium portion of the expected return on a security is a function of that security's systematic risk.

正確答案: D

問題10

It is possible to examine the uncertainty of income to the various suppliers of capital by investigating the uncertainty of income to the company. The greater the uncertainty of income to the company:

A. The greater the uncertainty of the equity to the investor in the company

B. The greater the uncertainty of the income to the investor in the company

C. The lesser the uncertainty of the equity to the investor in the company

D. The lesser the uncertainty of the income to the investor in the company

正確答案: B

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