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NACVA AVA Exam
NACVA Accredited Valuation Analyst Exam (Page 3 )

Updated On: 7-Feb-2026
Page 3 of 70
PDF with 343 Questions

Which one of the following is NOT always clearly defined? Therefore, if the term is used, it should be supplemented by a definition of exactly what it means in the given valuation context.

  1. Enterprise value
  2. Partial interest
  3. Invested capital
  4. Securities

Answer(s): C



Unfortunately, the term enterprise value is used, at best, very ambiguously and, at worst, very carelessly. It means different things to different people, each of whom many believe that his or her definition is the right definition. It is generally used to represent some sort of___________ of the company and is often used as a synonyms for___________.

  1. Average value, Market value
  2. Aggregate value, Market value of invested capital (MVIC)
  3. Partial interest, Aggregate value
  4. Specific ownership interest subject to appraisal, Equity or invested capital

Answer(s): B



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

  1. Control or minority valuation basis (not necessarily a black-and–white issue___________ there may be elements of control without absolute control
  2. Degree of marketability
  3. Fair market value
  4. Fair market value on a nonmarketable, non-controlling ownership interest basis.

Answer(s): C,D



In most business valuations, the opinion of value will be based at least partly on other, similar transactions, such as:

  1. Prices at which stocks are denominated
  2. Degree of marketability
  3. Prices at which stocks in the same or a related industry are trading in the public market relative to their earnings, assets, dividends or other relative variables
  4. Black-or-white issues

Answer(s): C



In a marital dissolution the parties may be concerned with the change in value that occurred during the marriage. In estate cases, the trustee, the executer, or personal representative will consider adopting the “alternative valuation date”(i.e. six months after the date of death) to determine which is more advantageous. These are the examples of:

  1. Situations identifying valuation date
  2. Situations having more than one valuation dates
  3. Litigated cases
  4. Universally applicable methods to finalize valuation date

Answer(s): B



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