CVA : Certified Valuation Analyst (CVA) Exam

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CVA
Certified Valuation Analyst (CVA)
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C. The comparative sales method
D. 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?
A. It should be subject to legal existence and protection
B. It should be subject to specific identification and recognizable description
C. It should be subject to right of private ownership
D. All of these
Answer: D
QUESTION: 237
Which of the following is NOT a common category of intangible assets?
A. Technology-related
B. Human-capital-related
C. Location-related
D. 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).
A. Intellectual properties
B. Intellectual capital
C. Both A & B
D. 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:
A. Substitution
B. Competition
C. Double counting
D. Asset-based approach
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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
C. Cost encompasses all of the deficiencies
D. Reproduction cost exceeds the actual production cost
Answer: B
QUESTION: 241
Analysts should consider each of the following measure when estimating the remaining
useful life of intangible asset EXCEPT:
A. Remaining legal (or legal protection) life (e.g., remaining term of trademark
protection)
B. Remaining contractual life (e.g., remaining term on a lease)
C. Remaining copyrighted life (e.g., time period for which copyrights are sold)
D. 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:
A. Seller sells more widgets than it otherwise would
B. Seller has a greater market share than it otherwise would
C. Seller’s average selling price per unit is higher than its competitors’ prices
D. 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.
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A. Asset accumulation method
B. Income approach
C. Recreation cost method
D. 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?
A. Trademark
B. Goodwill
C. Patents
D. Copyrights
Answer: B
QUESTION: 245
Asset accumulation method can quickly quantify the effects on business value of many
common seller structural considerations, such as:
A. What if the seller retains the company’s cash on hand or accounts receivables?
B. What if seller does not retain (or leases back to the company) the operating real estate
facilities?
C. What if seller sells the title of the patents or to some other intangible asset owned by
the company?
D. 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?
A. If taken to an extreme, it can be very expensive and time consuming
B. It may necessitate the involvement o appraisal specialists in several asset valuation
disciplines
C. The valuation requires the valuation of all the company assets
D. The value of all assets, properties, or business interests depends on their economic
income-generating capacity
Answer: A
QUESTION: 247
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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:
A. The valuation of property received, such as rents
B. The valuation (or the solvency/insolvency test) related to the recognition (or non-
recognition)
C.A valuation that is needed when a business (whether the business is a proprietorship,
corporation or partnership)
D. 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?
A. Income basis of tax on the property
B. If a taxpayer receives property for services, then the original basis of the property
when it is received is its original price
C. 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
D. 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.
A. Increase
B. Decrease
C. Increase or decrease
D. 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
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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:
A. The value of gift
B. The type of gift
C. The fair market price of gift
D. Valuation advisories
Answer: B



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