Exam Code : AVA
Exam Name : Accredited Valuation Analyst
Vendor Name :
"Financial"
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The price at which such property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell, and both having reasonable knowledge of relevant facts is called:
Fair market value
Appraisal value
Standard value
Financial value
Method that is commonly used in the valuation of closely held companies in order to minimize the differences between the subject company and the guideline companies is known as:
Product-line valuation method
Qualitative adjustment method
Invested capital valuation method
Market leverage valuation method
For a non-controlling ownership interest in Warm Chicken, which of the following factor is considered, that have an impact on the selection of the appropriate discount for lack of marketability?
Size of the block
Transaction activity
Dividends
All of the above
Which of the following is the most frequently encountered reason for needing to value debt securities?
Purchase or sale for cash
Exchange of equity for debt, or vice versa
Allocating total enterprise value among classes of securities in a leveraged buyout, recapitalization (including tax-free reorganizations), or bankruptcy reorganization
All of the above
Which theory states that the fair market value of an investment is equal to the present value of the future payments, discounted back to the current time at an appropriate discount rate?
Valuation
Investment
Interest payment
None of the above
The rate of interest that, when applied to the expected future payments on a debt security, produces a present value of the payments equal to the debt security’s observed market price is called the of that security.
Maturity of debt
yield to maturity
Interest maturity
Cost Maturity
Which of the following is the information needed for estimating the value of a closely held debt security?
the amount of future payments generated by the debt security
the timing of the future payments generated by the security
the appropriate rate of interest or yield to maturity to apply to the future payments to estimate the present value
All of the above
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.
True
False
What allows the debtor to repay the debt prior to its maturity?
Fund provision
Call provision
Debt provision
Security provision
Which provision requires the debt issuer to call or retire a contractually determined portion of the entire debt issue periodically over time prior to the issue’s maturity date?
collateral provision
risk provision
sinking fund provision
Tax provision
A debt security that has no pledge of specific property or assets as collateral for the debt is called:
debenture
indenture
convention
covenant