Free NACVA CVA Practice Exam Questions and Answers 2026

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Total 253 Questions | Updated On: Apr 01, 2026

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Question 1

____________ is perhaps the most difficult task for the business appraiser.

A : Getting two or more parties with different economic and business expectations to agree on projected future benefits and the risks associated with achieving those projections.

B : Identification of partial interest.

C : Selection of enterprise value premise.

D : Estimation of invested capital

Answer: A

Question 2

A major issue in many fair value cases is:

A : Whether or not discounts and/or premiums are applicable

B : Lack of control

C : Lack of marketability

D : lack of ownership control premiums under certain specific circumstances.

Answer: A

Question 3

Which one of the following is/are example/s of normalizing adjustments?

A : Adequacy of allowance and reserve accounts

B : Non-depreciation methods and schedules

C : Policies regarding capitalization or expensing of various costs (adjust to industry norms)

D : Changes in capital structure

Answer: A,C

Question 4

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 income to the investor in the company

B : The lesser the uncertainty of the equity to the investor in the company

C : The greater 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

Answer: A

Question 5

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

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Total 253 Questions | Updated On: Apr 01, 2026

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