CFA 2026 Level II Vignettes Corporate Finance Business Valuation Free Quiz 3

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CFA 2026 Level II Vignettes Corporate Finance Business Valuation Free Quiz 3

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CFA 2026 Level II Vignettes Corporate Finance Business Valuation Free Quiz 3

Practice CFA 2026 Level II Vignettes Corporate Finance MCQs from Business Valuation. Get instant results with Explanation.

General10 MCQs

1. Vignette 5: Business Valuation - Case Study: An analyst values a minority stake in a private company. What adjustments might be needed?

A. A control premium is the same as a discount for lack of controlB. A control premium reduces the value of a minority interestC. A discount for lack of control is added to the valueD. A control premium is added for controlling interests; DLOC is applied for minority interests

2. What is the discount for lack of marketability (DLOM)?

A. DLOM is a discount for lack of marketability for private companiesB. DLOM is the same as DLOCC. DLOM is added to the value of public companiesD. DLOM is not used in valuation

3. What is a company-specific risk premium?

A. Company-specific risk premium is the same as the market risk premiumB. Company-specific risk premium reflects risks unique to the companyC. Company-specific risk premium is not used in valuationD. Company-specific risk premium is always zero

4. What is a key person discount?

A. Key person discount increases the value of the companyB. Key person discount is the same as DLOMC. Key person discount reflects the risk of loss of a key individualD. Key person discount is not used in valuation

5. What is earnings normalization?

A. Earnings normalization is not necessary for valuationB. Earnings normalization only applies to public companiesC. Earnings normalization adjusts for inflationD. Earnings normalization adjusts for non-recurring items and owner compensation to reflect sustainable earnings

General10 MCQs

6. Vignette 6: Business Valuation - Case Study: A conglomerate has three distinct business segments. How might an analyst value the company?

A. SOTP is the same as DCFB. SOTP values different business segments separately and adds themC. SOTP is not used in practiceD. SOTP only uses book values

7. What is the relationship between enterprise value and equity value?

A. Enterprise value = Equity value + Debt – CashB. Equity value = Enterprise value + Debt – CashC. Equity value = Enterprise value – Debt + CashD. Enterprise value = Equity value + Debt + Cash

8. What is market capitalization?

A. Market cap = shares outstanding × stock priceB. Market cap = book value of equityC. Market cap = enterprise value – cashD. Market cap = total assets – total liabilities

9. How does an analyst reach a final valuation conclusion?

A. Only one approach is needed for a valuationB. All approaches always give the same valueC. The highest value from any approach should be usedD. The valuation should consider multiple approaches and reconcile differences

10. What are the key components of a valuation report?

A. A valuation report is only a one-page summaryB. A valuation report includes the methods, assumptions, and final valueC. A valuation report is not requiredD. A valuation report is only for tax purposes

📋 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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