CFA 2026 Level II Vignettes Corporate Finance Mergers Acquisitions Free Quiz 1

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CFA 2026 Level II Vignettes Corporate Finance Mergers Acquisitions Free Quiz 1

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CFA 2026 Level II Vignettes Corporate Finance Mergers Acquisitions Free Quiz 1

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

General10 MCQs

1. Vignette 1: Mergers & Acquisitions - Case Study: Two automobile manufacturers combine to form a single company. What type of merger is this?

A. Horizontal merger: between supplier and customerB. Horizontal merger: between competitors in the same industryC. Conglomerate merger: between competitors in the same industryD. Vertical merger: between companies in unrelated businesses

2. What is the difference between a statutory merger and a consolidation?

A. In a statutory merger, both companies cease to existB. In a consolidation, the target becomes a subsidiaryC. In a statutory merger, the target ceases to exist; in a consolidation, both cease and a new entity is formedD. All mergers are statutory mergers

3. What is a tender offer in M&A?

A. A tender offer is made directly to shareholders, often at a premiumB. A tender offer is made to the target company's managementC. A tender offer is the same as a merger agreementD. A tender offer is always friendly

4. What is the difference between a friendly and a hostile takeover?

A. A friendly takeover is hostile to shareholdersB. A hostile takeover is always illegalC. A friendly takeover is the same as a tender offerD. A hostile takeover is opposed by the target's management; a friendly takeover is approved

5. How does an asset acquisition differ from a stock acquisition?

A. In an asset acquisition, the acquirer assumes all liabilitiesB. In an asset acquisition, the acquirer selects specific assets and does not assume liabilitiesC. In a stock acquisition, the acquirer selects specific assetsD. Asset and stock acquisitions are the same

General10 MCQs

6. Vignette 2: Mergers & Acquisitions - Case Study: An acquirer expects cost savings and revenue enhancements from a merger. What are these expected benefits called?

A. Synergies are always financial, never operationalB. Synergies are only cost savingsC. Synergies include both operating and financial benefits from the combinationD. Synergies are only revenue enhancements

7. How is the value of the target to the acquirer determined?

A. Value to acquirer = Standalone value of target + SynergiesB. Value to acquirer = Standalone value of target - SynergiesC. Value to acquirer = Standalone value of acquirer + SynergiesD. Value to acquirer = Market value of target

8. What is a control premium in M&A?

A. A control premium is the discount for lack of controlB. A control premium is the same as a tender offerC. A control premium is the difference between the bid price and the target's intrinsic valueD. A control premium is the premium over market price paid to gain control

9. How does precedent transactions analysis differ from comparable company analysis in M&A valuation?

A. Precedent transactions analysis values targets at a discount to comparable company analysisB. Precedent transactions analysis typically includes control premiums and values targets higherC. DCF analysis always gives the highest valueD. All methods give the same value

10. How does a merger affect the acquirer's earnings per share (EPS)?

A. All acquisitions are EPS accretiveB. All acquisitions are EPS dilutiveC. EPS accretion/dilution depends on relative P/E multiples and deal sizeD. EPS is not affected by mergers

📋 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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