100% Free NACVA CVA Practice Test Questions and Answers 2026

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Total 253 Questions | Updated On: May 22, 2026

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Question 1

The most frequently encountered reasons for needing to value debt securities are the following EXCEPT:

A : Purchase or sale for cash

B : Exchange of equity for debt, or vice versa

C : Allocating total enterprise value among classes of securities in a leverages buyout, recapitalization (including)

D : Adjusting an equity statement owned or owed

Answer: D

Question 2

Any Buy-Sell agreement, restrictions, or other similar factor relating to the right to use or sell the property will be ignored for estate gift, and generation skipping tax purposes unless the agreement meets any of the following test EXCLUDING:

A : It is a bona fide business arrangement

B : It must be a device to transfer the property to the natural objects of the transferor-s bounty (such as family members) for less than adequate and full consideration in money or money-s worth

C : Its terms must be comparable to similar arrangements entered into by persons in an arm-s length transaction

D : It is a key player in Buy-Sell arrangements

Answer: D

Question 3

When is the guideline merged and acquired company method most useful?

A : The initial value derived from the guideline merged and acquired company method, before adjustment for factors such as size of subject block and degree of marketability, is an indication of transaction prices of major ownership interest, usually controlling ownership interests.

B : When same acquisition target has different buyers both due to perception and reality

C : At the time of achieving synergies

D : In estimation of enterprise value

Answer: A

Question 4

The primary ownership interest characteristics that need to be addressed in almost every business valuation are the following EXCEPT:

A : Control or minority valuation basis (not necessarily a black-and--white issue ____there may be elements of control without absolute control

B : Degree of marketability

C : Fair market value

D : Fair market value on a nonmarketable, non-controlling ownership interest basis.

Answer: C,D

Question 5

A series of small stock premium studies have been developed by Roger Grabowski and David King. They use eight different measures of size for two major groups (Equity size and Company size). Which of the following is/are measure/s of company size?

A : Market value of common equity

B : Book value of common equity

C : Market value of invested capital

D : Number of employees

Answer: C,D

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Total 253 Questions | Updated On: May 22, 2026

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