Latest PDF of CVA: Certified Valuation Analyst

Certified Valuation Analyst Practice Test

CVA exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

Certified Valuation Analyst® (CVA®) Determine, Defend, and Maximize Company Value™

Business valuation is the "Gold Rush" of the century. 10 million small businesses will change hands over the next 10 years. Could you confidently advise your clients if they came to you faced with these issues-
An opportunity arises to sell or merge the business.
They are faced with transitioning the business to family members or other partners.
They are looking to expand the business and need to secure capital.
They are taking on new partners and need to determine buy-in price.
They are reaching retirement and considering an exit strategy.
Business partners or shareholders are exiting, requiring the business to be divided or dissolved.
They are embroiled in financial litigation.
They want to focus energies to grow company value.

Establish your authority in matters of value! Bolster your reputation with your clients. Enhance your credibility within the business community. Demonstrate competency to the courts that you can articulate business value.

I. OVERVIEW 4.0%
A. Purpose for business valuation 0.5%
1. Financial accounting
2. Tax valuations
3. Litigation
4. Merger and acquisition
B. Standards of value 1.5%
1. Definitions of standards of value, including
a) Fair market value (U.S. based definition as starting point)
b) Statutory fair value
c) Financial reporting fair value
(1) IFRS
(2) U.S. GAAP
d) Investment (strategic) value
e) Intrinsic (fundamental) value
2. Relationship between purpose of the valuation and standard of value
C. Premise of value 0.5%
1. Going concern
2. Assemblage of assets
3. Liquidation (orderly or forced)
D. Principles of value 1.0%
1. Value is determined as of specific point in time
2. Value reflects prospective cash flow
3. Value reflects the level of risk into the rate of return
4. Value is influenced by liquidity
E. Levels of value 0.5%
1. Lack of control (minority vs. control)
2. Marketable vs. non-marketable
3. Strategic and investment value
II. PROFESSIONAL RESPONSIBILITIES AND STANDARDS 4.5%
A. NACVA Standards 1.5%
B. Ethical considerations 1.0%
C. Communicating and reporting analysis and results 1.0%
D. Roles of the valuation analyst in litigation services 1.0%
III. ENGAGEMENT ACCEPTANCE AND PLANNING 3.0%
A. Defining the engagement 1.0%
1. Valuation date and its importance
2. Structure of the entity
3. Interest being valued
4. Purpose and objective of valuation
5. Standard of value and premise of value
6. Conflict checks
B. Engagement Letters 1.0%
1. Purpose
2. Content
C. Acceptance 1.0%
1. Experience
2. Staffing
3. Expectations
IV. QUALITATIVE ANALYSIS 9.0%
A. International Sources of Data 1.5%
B. Economic Environment 1.5%
1. Macro-environment
2. Micro-environment
3. Relationship of economic activity to the valuation
C. Industry background 3.0%
1. Economic data
2. Structure, trends, and life cycle
3. Market and competitive analysis
D. Company background 3.0%
1. Company structure and ownership
2. Site visit and interviews with key personnel
3. History and nature
4. Economic data (cost structure, pricing power, marginal analysis)
5. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)
V. QUANTITATIVE ANALYSIS 15.5%
A. Financial statements 4.5%
1. Source (audited/reviewed/compiled/tax returns/internal)
2. Number of years to obtain
3. Common size
4. Trend analysis
5. Ratios
6. Comparative analysis
a) Specific company
b) Industry averages
B. Adjustments to financial statements 4.5%
1. Normalizing
a) Control vs. non-control
b) Discretionary
c) Reasonable compensation analysis
d) Extraordinary/non-recurring
2. Operating vs. non-operating items
3. Off-balance sheet and unrecorded items
C. Statistical Analysis 3.0%
1. Measures of central tendency (arithmetic, harmonic, geometric means)
2. Measures of dispersion (including variance and standard deviation)
3. Statistical strengths of numerical relationships (including covariance, correlation, coefficient of determination, and coefficient of variation)
4. Linear regression
D. Types of benefit streams and selection 3.5%
1. Selection of appropriate time periods (including mid-year convention)
2. Selection of appropriate type of income/cash flow
3. Growth assumptions
a) Trend line projected
b) Constant
c) Erratic
d) Level
e) Declining growth approaches
E. Historical vs. projection based on considerations
F. Relating effects due to economic/industry events and trends
G. Pass-through entities – tax effecting of the benefit stream
VI. VALUATION APPROACHES 28%
A. Income approach 10%
1. General theory
2. Defining applicable income/cash flow
3. Sources of data
4. Capitalization vs. discount rates
5. Commonly used methods
a) Discounted economic income/cash flow method (DCF) (multi-stage model)
(1) The method is applied using cash flow available to invested capital
(2) The method is applied using cash flow available to equity
b) Capitalized economic income/cash flow method (CCF), including Gordon Growth
Model (constant growth model)
(1) The method is applied using cash flow available to invested capital
(2) The method is applied using cash flow available to equity
c) Excess earnings (cash flow) method
d) Dividend paying capacity
B. Market approach 8.0%
1. General theory
2. Commonly used methods
a) Transactions in subject companys stock
b) Transactions/sales of companies similar to subject
(1) Guideline public companies
(a) General theory
(b) Selecting guideline companies
i) Sources of data
ii) Size adjustments
(c) Equity vs. invested capital (including multiples)
(d) Selection of appropriate time periods
(e) Selection of appropriate multiples
i) Adjusting for growth, size, and company specific risk
(2) Guideline merged and acquired companies
(a) General theory
(b) Sources of data/relevant transactional databases
(c) Consideration of the selection of data points
C. Asset Approach 6.0%
1. General theory
2. Sources of data
3. Commonly used methods
a) Book value
b) Net tangible value
c) Adjusted net asset method (intangible and tangible assets)
d) Excess earnings method
e) Liquidation method (forced or orderly)
4. Identifying and valuing intangible assets
a) Approaches and methods
b) Estimated life
c) Impairment
5. Off-balance sheet and unrecorded items (including tax issues)
D. Sanity Checks 2.0%
1. General theory
2. Sources of data
3. Commonly used methods
a) Industry formulas (“Rules of Thumb”)
b) Justification of purchase
E. Reconciliation of indicated values 2.0%
VII. COST OF CAPITAL CONCEPTS AND METHODOLOGY, AND OTHER PRICING MODELS 17.5%
A. Capital asset pricing model (CAPM) 6.0%
1. Risk free rate
2. Equity risk premium
3. Beta (ß) including un-levered and re-levered
B. Build-up method and Modified CAPM 5.5%
1. Risk free rate
2. Equity risk premium
3. Beta (ß) including un-levered and re-levered
4. Size risk premium
5. Industry risk premium
6. Company specific risk
7. Long-term sustainable growth
8. Other
C. Weighted average cost of capital 4.0%
D. Converting after tax risk rates to pre-tax rates 1.0%
E. Other recognized methods (e.g. Gordon Growth, Arbitrage Pricing, Fama- French Three Factor, Market Multiples, Risk Rate Component Model) 1.0%
VIII. DISCOUNTS, PREMIUMS, AND OTHER ADJUSTMENTS 13%
A. Levels of value and effect on discounts and premiums 2.0%
1. Synergistic value
2. Control value
3. Non-controlling, marketable value
4. Non-controlling, non-marketable value
B. Adjustments for Control Issues 3.5%
1. General theory
2. Sources of data
3. Ownership characteristics
4. Magnitude
5. Relationship to how benefit stream is defined
C. Adjustments for Marketability Issues 3.5%
1. General theory
2. Sources of data
3. Ownership characteristics
4. Restrictions on transferability
5. Magnitude
6. Models
D. Discounts and premiums—understanding the empirical studies 2.0%
E. Subsequent events 1.0%
F. Other valuation discounts and adjustments (e.g. Key Person, Blockage, Restrictive Agreement, Lack of Voting, Lack of Liquidity, Contingent Liabilities) 1.0%
IX. SPECIAL PURPOSE VALUATION 5.5% %
A. Intangible assets 2.0%
B. Debt securities 0.5%
C. Convertible securities 0.5%
D. Preferred stock 0.5%
E. Stock options 0.5%
F. Voting vs. Non-voting stock 0.5%
G. Professional vs. practice goodwill 0.5%
H. Other special purpose valuations (e.g. Fair Value, Mergers and Acquisitions, Pension Benefits, Insurance policies) 0.5%
Total 100%

100% Money Back Pass Guarantee

CVA PDF demo MCQs

CVA demo MCQs

CVA Dumps CVA Braindumps
CVA practice questions CVA practice exam CVA real Questions
killexams.com Financial CVA
Certified Valuation Analyst (CVA)
https://killexams.com/pass4sure/exam-detail/CVA
1. The comparative sales method
2. A and C
Answer: D
QUESTION: 236
Which of the following attribute should be there for an intangible asset to exist from an economic perspective?
1. It should be subject to legal existence and protection
2. It should be subject to specific identification and recognizable description
3. It should be subject to right of private ownership
4. All of these
Answer: D
QUESTION: 237
Which of the following is NOT a common category of intangible assets?
1. Technology-related
2. Human-capital-related
3. Location-related
4. Data warehousing-related
Answer: D
QUESTION: 238
is a specialized classification of intangible and its categories are creative
(e.g. copyrights) and innovative (e.g. patents).
1. Intellectual properties
2. Intellectual capital
3. Both A & B
4. Intellectual rights
Answer: A
QUESTION: 239
The cost approach provides a systematic framework for estimating the value of an
intangible asset based on the economic principle of:
1. Substitution
2. Competition
3. Double counting
4. Asset-based approach
Answer: A
QUESTION: 240
An intangible�s deficiencies are considered curable when the prospective economic benefit of enhancing or modifying it exceeds the current cost (in terms of material, labor, and time) to change it. An intangible�s deficiencies are considered incurable when:
A. The current costs of enhancing or modifying it (in terms of material, labor and time) can not exceed the expected future economic benefits of improving it
B .The current costs of enhancing or modifying it (in terms of material, labor and time) exceed the expected future economic benefits of improving it
1. Cost encompasses all of the deficiencies
2. Reproduction cost exceeds the real production cost
Answer: B
QUESTION: 241
Analysts should consider each of the following measure when estimating the remaining useful life of intangible asset EXCEPT:
1. Remaining legal (or legal protection) life (e.g., remaining term of trademark protection)
2. Remaining contractual life (e.g., remaining term on a lease)
3. Remaining copyrighted life (e.g., time period for which copyrights are sold)
4. Remaining technological life (e.g., period until the current technology becomes
obsolete, for patents, proprietary processes, etc.)
Answer: C
QUESTION: 242
Because of the advanced features (protected by the several patents), Seller management
estimates that:
1. Seller sells more widgets than it otherwise would
2. Seller has a greater market share than it otherwise would
3. Seller�s average selling price per unit is higher than its competitors� prices
4. Seller has short-term supply contract supply contract with the key supplier
Answer: A, B, C
QUESTION: 243
The analyst used
to quantify the value of intangible assets. The analyst
estimated the current cost required for the company to recreate its current level of
customer awareness, brand recognition and consumer loyalty.
1. Asset accumulation method
2. Income approach
3. Recreation cost method
4. Valuing intangibles method
Answer: C
QUESTION: 244
This is sometimes considered the accumulation of all other elements of economic value of business enterprise not specifically with (or allocated to) individual tangible and intangible assts. Its analysis and qualification is an important component in the application of asset accumulation method to a company like Seller. What is this?
1. Trademark
2. Goodwill
3. Patents
4. Copyrights
Answer: B
QUESTION: 245
Asset accumulation method can quickly quantify the effects on business value of many
common seller structural considerations, such as:
1. What if the seller retains the company�s cash on hand or accounts receivables?
2. What if seller does not retain (or leases back to the company) the operating real estate
facilities?
3. What if seller sells the title of the patents or to some other intangible asset owned by
the company?
4. What if seller does not legally retain any or all of the debt instruments?
Answer: A
QUESTION: 246
Which of the following is the primary disadvantage of the asset accumulation method?
1. If taken to an extreme, it can be very expensive and time consuming
2. It may necessitate the involvement o appraisal specialists in several asset valuation
disciplines
3. The valuation requires the valuation of all the company assets
4. The value of all assets, properties, or business interests depends on their economic income-generating capacity
Answer: A
QUESTION: 247
A general category of taxable events relates to the amount of recognition of income (if any) associated with economic benefits received by a business. Examples of this category of taxable events include all of the following EXCEPT:
1. The valuation of property received, such as rents
2. The valuation (or the solvency/insolvency test) related to the recognition (or non-
recognition)
3. A valuation that is needed when a business (whether the business is a proprietorship,
corporation or partnership)
4. A valuation when a tax payer claims a deduction
Answer: C, D
QUESTION: 248
There are some allowable methods for determining the basis of property received in exchange for other property. Which of the following is/are out those methods?
1. Income basis of tax on the property
2. If a taxpayer receives property for services, then the original basis of the property when it is received is its original price
3. The basis is the fair market value of the property exchanged for it, increased by any payments made or decreased by any payments received, when the two properties are of
unequal value
4. The basis is the fair market value of the property when its is received
Answer: C, D
QUESTION: 249
Various transactional and taxation events may occur that change the taxpayer�s original basis in the property. These events usually _the original basis.
1. Increase
2. Decrease
3. Increase or decrease
4. It depends
Answer: C
QUESTION: 250
No deduction is allowed for any charitable contribution of or more unless the
taxpayer substantiates the contribution by a contemporaneous written acknowledge from the donee organization of the contribution.
A. $300 B. $400 C. $350
D. $250
Answer: D
QUESTION: 251
The IRC limits an individual taxpayer�s charitable deduction each year to a percentage of
adjusted gross income, depending on:
1. The value of gift
2. The type of gift
3. The fair market price of gift
4. Valuation advisories
Answer: B

Killexams VCE Test Engine (Self Assessment Tool)

Download Killexams-Exam-Simulator-3.0.9.rar

Killexams has introduced Online Test Engine (OTE) that supports iPhone, iPad, Android, Windows and Mac. CVA Online Testing system will helps you to study and practice using any device. Our OTE provide all features to help you memorize and practice exam mock exam while you are travelling or visiting somewhere. It is best to Practice CVA MCQs so that you can answer all the questions asked in test center. Our Test Engine uses Questions and Answers from real Certified Valuation Analyst exam.

Killexams Online Test Engine Test Screen

Killexams Online Test Engine Progress Chart

Killexams Online Test Engine Test History Graph

Killexams Online Test Engine Performance History

Killexams Online Test Engine Result Details

Online Test Engine maintains performance records, performance graphs, explanations and references (if provided). Automated test preparation makes much easy to cover complete pool of MCQs in fastest way possible. CVA Test Engine is updated on daily basis.

Memorize CVA Actual Questions before attempting real exam

If you are looking for the most effective way to pass the NACVA CVA exam and accelerate your career growth, killexams.com provides precisely matched Certified Valuation Analyst exam questions backed by a 100% money-back guarantee. Our CVA exam PDF delivers a comprehensive collection of authentic questions and answers, featuring Checked CVA PDF Questions that are regularly updated, thoroughly checked, and supported by detailed references and explanations. Prepare with confidence using the most reliable TestPrep materials a

Latest 2025 Updated CVA Real exam Questions

To excel in the NACVA CVA exam and unlock exceptional career opportunities, sign up at killexams.com. Countless professionals trust killexams.com for authentic CVA exam questions. Access regularly updated CVA exam questions at no cost, with fresh content consistently available. While numerous providers offer CVA study material, securing a dependable and current CVA free study guide is essential. Avoid unreliable free CVA free exam papers found online and choose killexams.com for proven quality. Though many practical test providers exist online, most deliver outdated CVA actual qeustions. Identifying a reputable and reliable CVA study material source is critical, and killexams.com stands out as the ideal choice. Do not squander time or resources on untrustworthy platforms. Begin by downloading completely free CVA free pdf from killexams.com to explore demo questions. If satisfied, subscribe for three-month access to the latest and valid CVA free pdf, featuring genuine exam questions and answers. Enhance your preparation with the CVA VCE Test Simulator, available as both an Online Test Engine and Desktop Test Engine, to ensure success in your CVA exam.

Killexams Review | Reputation | Testimonials | Customer Feedback

I received 87% marks in the CVA exam on my first attempt, all thanks to the assistance I received from the Killexams.com team. The dumps collection was especially helpful, providing answers and explanations to aid my understanding. I am grateful for their support.
Martin Hoax [2025-5-20]

When I was searching for a reliable reference guide to prepare for the CVA exam, killexams.com provided the perfect solution. Despite my busy schedule, I was able to dedicate sufficient time by using the killexams.com questions, answers, and exam simulator. Within just a week, I had everything I needed to plan and prepare effectively for the exam.
Martin Hoax [2025-6-2]

I owe my CVA exam to Killexams.com. Their resources were pivotal in helping me pass with flying colors, and I am deeply thankful for their exceptional study materials.
Richard [2025-5-17]

More CVA testimonials...

CVA Exam

Question: What is fastest way to pass CVA exam?
Answer: The fastest way to pass CVA exam is to study real CVA questions, memorize, practice, and then take the test. If you practice more and more, you can pass CVA exam within 48 hours or less. But we recommend spending more time studying and practice CVA practice exam until you are sure that you can answer all the questions that will be asked in the real CVA exam. Go to killexams.com and download the complete real dumps collection of CVA exam. These CVA exam questions are taken from real exam sources, that's why these CVA exam questions are sufficient to read and pass the exam. Although you can use other sources also for improvement of knowledge like textbooks and other aid material these CVA questions are sufficient to pass the exam.

Question: Do you know the fastest way to pass CVA exam?
Answer: The fastest way to pass CVA exam is to take CVA questions from killexams.com and practice over and over. Go to the killexams.com website, register, and download the full CVA exam version with a complete CVA question bank. Memorize all the questions and practice with the exam simulator again and again. You will be ready for the real CVA test within 24 hours.

Question: Does Killexams offer VCE?
Answer: Yes, killexams provide a VCE exam simulator that works with windows. Killexams CVA PDF and VCE use the same pool of questions so If you want to save money and still want the latest CVA mock exam you can select CVA PDF. Killexams.com is the right place to download the latest and up-to-date CVA questions that work great in the real CVA test. These CVA questions are carefully collected and included in CVA question bank.

Question: I need to make some changes in the practice test, How can I do it?
Answer: You can change your practice exam files if you like. Sometimes, you find some typo or an incorrect answer and want to fix it before you print. You can convert your PDF exam file to Word to be able to make changes in your practice exam file. Later you can save it as a PDF again. You can also print the new document as you need.

Question: Does CVA practice exam really help in real test?
Answer: Yes, Of course, these CVA questions work in the real test. You will pass your exam with these CVA test prep. If you deliver some time to study, you can prepare for an exam with much boost in your knowledge. We recommend spending as much time as you can to study and practice CVA practice exam until you are sure that you can answer all the questions that will be asked in the real CVA exam. For this, you should visit killexams.com and register to download the complete dumps collection of CVA exam test prep. These CVA exam questions are taken from real exam sources, that's why these CVA exam questions are sufficient to read and pass the exam. Although you can use other sources also for improvement of knowledge like textbooks and other aid material these CVA questions are sufficient to pass the exam.

References

Certified Valuation Analyst Study Guide
Certified Valuation Analyst exam Questions
Certified Valuation Analyst exam questions
Certified Valuation Analyst Latest Questions
Certified Valuation Analyst MCQs
Certified Valuation Analyst test prep questions
Certified Valuation Analyst practice exam software
Certified Valuation Analyst practice questions
Certified Valuation Analyst exam dumps
Certified Valuation Analyst test engine
Certified Valuation Analyst exam dumps

Frequently Asked Questions about Killexams Practice Tests

Where am I able to download CVA TestPrep?
Killexams.com is the right place to download the latest and up-to-date CVA brainpractice questions that work great in the real CVA test. These CVA questions are carefully collected and included in CVA question bank. You can register at killexams and download the complete question bank. Practice with CVA exam simulator and get Full Marks in the exam.

It is 2021, Are CVA practice exams up to date?
Yes, as a registered user at killexams.com, you will be able to download the latest 2021 and 100% valid CVA dumps collection containing the full version of CVA brainpractice questions. Read and practice these practice questions before you go for the real test. CVA practice exams are very important to get ready for the real exam. All the updated files are copied to your account after you become a registered member. You can download it anytime you like.

Should I try this extremely good material CVA TestPrep?
We recommend experiencing killexams brainpractice questions and study guides for your CVA exam because these CVA exam practice questions are specially collected to ease the CVA exam questions when asked in the real test. You will get good scores on the exam.

Is Killexams.com Legit?

Indeed, Killexams is fully legit and fully trusted. There are several capabilities that makes killexams.com unique and legit. It provides knowledgeable and 100 % valid actual questions comprising real exams questions and answers. Price is surprisingly low as compared to many of the services on internet. The mock exam are up graded on common basis having most recent brain dumps. Killexams account arrangement and product delivery is incredibly fast. Record downloading is actually unlimited and very fast. Assistance is available via Livechat and Email address. These are the features that makes killexams.com a sturdy website offering actual questions with real exams questions.

Other Sources

Which is the best testprep site of 2025?

Prepare smarter and pass your exams on the first attempt with Killexams.com – the trusted source for authentic exam questions and answers. We provide updated and Checked practice exam questions, study guides, and PDF actual questions that match the real exam format. Unlike many other websites that resell outdated material, Killexams.com ensures daily updates and accurate content written and reviewed by certified experts.

Download real exam questions in PDF format instantly and start preparing right away. With our Premium Membership, you get secure login access delivered to your email within minutes, giving you unlimited downloads of the latest questions and answers. For a real exam-like experience, practice with our VCE exam Simulator, track your progress, and build 100% exam readiness.

Join thousands of successful candidates who trust Killexams.com for reliable exam preparation. Sign up today, access updated materials, and boost your chances of passing your exam on the first try!

100% Money Back Pass Guarantee

Back to List

Social Profiles

Certified Valuation Analyst Practice Test

CVA exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

100% Money Back Pass Guarantee

CVA PDF demo MCQs

CVA demo MCQs

Killexams VCE Test Engine (Self Assessment Tool)

Memorize CVA Actual Questions before attempting real exam

Latest 2025 Updated CVA Real exam Questions

Tags

Killexams Review | Reputation | Testimonials | Customer Feedback

CVA Exam

References

Frequently Asked Questions about Killexams Practice Tests

Is Killexams.com Legit?

Other Sources

Which is the best testprep site of 2025?

Important Links for best testprep material

100% Money Back Pass Guarantee

Social Profiles