CFA 2026 Level II Vignettes Alternative Asset Analysis Private Equity Free Quiz 1

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CFA 2026 Level II Vignettes Alternative Asset Analysis Private Equity Free Quiz 1

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CFA 2026 Level II Vignettes Alternative Asset Analysis Private Equity Free Quiz 1

Practice CFA 2026 Level II Vignettes Alternative Asset Analysis MCQs from Private Equity. Get instant results with Explanation.

General10 MCQs

1. Vignette 1: Private Equity - Case Study: A private equity fund is structured as a limited partnership. What are the roles of the general partner (GP) and limited partners (LPs)?

A. LPs manage the fund and have unlimited liabilityB. LPs provide capital and have limited liability; GPs manage the fund and receive fees and carried interestC. Both GPs and LPs have unlimited liabilityD. There is no distinction between GPs and LPs

2. What is the difference between carried interest and management fees in private equity?

A. Carried interest is the management feeB. Management fee is a share of profitsC. Carried interest is the GP's share of profits after the hurdle rate; management fee is an annual fee on committed capitalD. Both are the same

3. What is a hurdle rate in a private equity fund?

A. The hurdle rate is the minimum return LPs receive before the GP gets carried interestB. The hurdle rate is the management feeC. The hurdle rate is the return on the GP's investmentD. The hurdle rate is the same as the IRR

4. What is a clawback provision in a private equity fund?

A. A clawback provision allows the GP to keep all profitsB. A clawback provision is a type of management feeC. A clawback provision is only for LPsD. A clawback provision requires the GP to return carried interest if overall performance is insufficient

5. What are the stages of a private equity fund life cycle?

A. The fund life cycle includes only investment and harvestingB. The fund life cycle includes fundraising, investment, harvesting, and distributionC. The fund life cycle is indefiniteD. The fund life cycle is the same as a mutual fund

General10 MCQs

6. Vignette 2: Private Equity - Case Study: A private equity firm is valuing a portfolio company. What is the discounted cash flow (DCF) method and how is it applied?

A. DCF is not used for private equity valuationB. Private equity uses only market multiplesC. DCF is used by discounting projected cash flows at a risk-adjusted rateD. Private equity valuation uses only book value

7. What is the exit multiple approach in private equity valuation?

A. Exit value = EBITDA_at_exit × Exit Multiple, then discountedB. Exit value = Revenue_at_exit × Exit MultipleC. Exit value = Net Income_at_exit × Exit MultipleD. Exit value = Book Value × Exit Multiple

8. What is the venture capital (VC) method of valuation?

A. The VC method uses a low discount rateB. The VC method is the same as the DCF methodC. The VC method ignores the exit valueD. The VC method estimates exit value and discounts at a high required rate

9. How are pre-money and post-money valuations related in the VC method?

A. Post-money = Pre-money - InvestmentB. Post-money = Pre-money + InvestmentC. Post-money = Pre-money × InvestmentD. Post-money = Pre-money / Investment

10. What is the internal rate of return (IRR) in private equity?

A. IRR is the same as the hurdle rateB. IRR is the return on a single investmentC. IRR is the discount rate that makes NPV zero, used to measure private equity performanceD. IRR is not used for private equity

📋 CFA - Test Online Practice Quizzes

CFA

Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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