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NACVA Exam Questions

Exam Name: Certified Valuation Analysts
Exam Code: CVA
Related Certification(s): NACVA Certified Valuation Analyst Certification
Certification Provider: NACVA
Actual Exam Duration: 120 Minutes
Number of CVA practice questions in our database: 251 (updated: Apr. 15, 2025)
Expected CVA Exam Topics, as suggested by NACVA :
  • Topic 1: Overview: This section of the exam measures skills of a Valuation Analyst and covers the core purposes of business valuation, including financial reporting, tax matters, disputes, and transactions. It also includes understanding different standards and premises of value, such as fair market value or liquidation value, and explains principles like time-based estimation and the impact of risk and control.
  • Topic 2: NACVA/GACVA Professional Responsibilities and Standards: This section of the exam measures skills of a Valuation Consultant and covers the professional scope, ethical principles, reporting obligations, and dispute-related responsibilities. Candidates must be aware of the standards that govern valuation work, the importance of independence, and the reporting structures required in various engagement contexts.
  • Topic 3: Engagement Acceptance, and Planning: This section of the exam measures the skills of a Business Appraiser and covers the definition and formal acceptance of valuation assignments. It includes evaluating the engagement terms, understanding the entity and interest being valued, handling potential conflicts, and formalizing agreements through engagement letters.
  • Topic 4: Qualitative Analysis: This section of the exam measures skills of a Valuation Analyst and focuses on gathering and evaluating non-quantitative information such as industry data, economic context, company history, and SWOT factors. It covers how qualitative insights shape the understanding of a business’s performance and potential.
  • Topic 5: Quantitative Analysis: This section of the exam measures skills of a Financial Analyst and includes analyzing financial statements, applying adjustments, using statistics, and selecting appropriate benefit streams. Candidates must demonstrate the ability to interpret financial trends, normalize data, and apply quantitative tools to assess company performance.
  • Topic 6: Valuation Approaches: This section of the exam measures the skills of a Valuation Consultant and covers the major valuation methodologies, including the income, market, and asset approaches. Candidates must understand how to apply these methods, use appropriate data sources, and reconcile different valuation results to form a final opinion of value.
  • Topic 7: Cost of Capital Concepts and Methodology, and Other Pricing Models: This section of the exam measures the skills of a Financial Consultant and explains how to determine discount and capitalization rates using models like CAPM, build-up methods, and WACC. It also includes risk-related concepts and techniques such as leveraging and unlevering beta and adjusting risk rates for tax considerations.
  • Topic 8: Discounts, Premiums, and Other Adjustments: This section of the exam measures the skills of a Business Appraiser and covers how different levels of control and marketability affect value. It includes adjustments for control, transfer restrictions, ownership structure, and empirical studies related to discounts and premiums. Consideration of post-valuation events is also included.
  • Topic 9: Special Purposes and Circumstances: This section of the exam measures the skills of a Valuation Analyst and explores unique valuation scenarios involving intangible assets, securities, and business elements like stock options and goodwill. It highlights special considerations for transactions, tax compliance, and legal disputes requiring tailored valuation methods.
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Jennie

17 days ago
Thanks to Pass4Success, I breezed through the CVA exam. Their materials were spot on.
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Jeffrey

1 months ago
The NACVA exam was tough, but Pass4Success made it manageable. Passed successfully!
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Tesha

2 months ago
Grateful to Pass4Success for helping me pass the NACVA exam in record time.
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Felicidad

3 months ago
I passed the NACVA exam, and the Pass4Success practice questions were a big help. A tricky question involved the initial steps in engagement acceptance and planning. I was unsure about the sequence of actions, but I managed to answer it correctly.
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Isabelle

3 months ago
CVA certified! Pass4Success's practice tests were key to my quick preparation.
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Beatriz

4 months ago
The NACVA exam was a tough nut to crack, but I passed thanks to Pass4Success practice questions. One question that threw me off was about the ethical responsibilities of a valuation analyst. I wasn't sure about the correct protocol in a conflict of interest scenario, but I passed anyway.
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Eve

4 months ago
Couldn't have cleared the NACVA exam without Pass4Success. Their questions were super relevant.
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Bernardo

5 months ago
I successfully passed the NACVA exam, with a lot of help from Pass4Success practice questions. A challenging question was about calculating the cost of equity using the Capital Asset Pricing Model (CAPM). I was unsure about the risk-free rate to use, but I managed to get through.
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Lakeesha

5 months ago
Passing the NACVA exam was a great achievement, and Pass4Success practice questions played a big role. One question that puzzled me was about assessing qualitative factors in a business valuation. I wasn't entirely confident in my answer, but it worked out in the end.
upvoted 0 times
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Sherman

5 months ago
Pass4Success made my CVA prep so efficient. Passed with flying colors!
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Carla

5 months ago
Passed thanks to thorough preparation with Pass4Success! The exam covers professional standards extensively. Know NACarla's Professional Standards, USPAP, and relevant AICPA guidelines. Ethical considerations are crucial throughout.
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Maynard

6 months ago
I passed the NACVA exam, and the Pass4Success practice questions were invaluable. There was a question on valuing a business for divorce proceedings, which falls under special purpose valuation. I was unsure about the specific adjustments needed, but I still managed to pass.
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Erinn

6 months ago
Thank you for sharing your experience. Your insights will be helpful for future Marianns preparing for the NACVA CVA exam.
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Dewitt

6 months ago
The NACVA exam was tough, but I passed with the help of Pass4Success practice questions. One question that had me second-guessing was about regression analysis in the context of quantitative analysis. I wasn't sure how to interpret the coefficients correctly, but I made it through.
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Mira

6 months ago
Aced the CVA exam, all thanks to Pass4Success. Their materials were a lifesaver!
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Mariann

7 months ago
My advice would be to practice as many sample questions as possible. The Pass4Success materials were invaluable in my preparation, providing relevant and up-to-date practice questions. Time management during the exam is crucial, so practice pacing yourself. And most importantly, understand the concepts deeply rather than just memorizing formulas.
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Deandrea

7 months ago
Passing the NACVA exam was a huge relief, thanks in part to the practice questions from Pass4Success. I remember a tricky question about the income approach to valuation, specifically how to apply the capitalization of earnings method. It was challenging, but I managed to navigate it.
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Ailene

7 months ago
Familiarize yourself with common valuation software and databases. Know their applications and limitations. Pass4Success materials provided great insights into practical valuation tools.
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Earnestine

7 months ago
I was thrilled to pass the NACVA Certified Valuation Analysts exam, and the Pass4Success practice questions were a great help. One question that stumped me was about the application of marketability discounts in the context of a privately held company. I wasn't entirely sure how to quantify the lack of marketability, but I managed to get through it.
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Julio

7 months ago
Just passed the NACVA CVA exam! Thanks Pass4Success for the spot-on practice questions.
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Olive

8 months ago
Passing the NACVA Certified Valuation Analysts exam was a great achievement for me, and I owe it to Pass4Success practice questions. The exam covered topics such as the relationship between the purpose of the valuation and standard of value. One question that I found challenging was related to the guideline merged and acquired companies. Despite my uncertainty about the answer, I successfully passed the exam.
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Arlette

9 months ago
My exam experience was successful as I passed the NACVA Certified Valuation Analysts exam using Pass4Success practice questions. The exam included topics like value being determined as of a specific point in time. One question that I remember was about the discounted economic income/cash flow method. I had some doubts about the calculation, but I was able to pass the exam.
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Reed

10 months ago
Just passed the NACVA CVA exam! Be prepared for questions on income approach valuation methods, especially discounted cash flow analysis. Practice calculating WACC and terminal values. Thanks to Pass4Success for the spot-on practice questions that helped me prepare efficiently!
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Kathryn

10 months ago
I recently passed the NACVA Certified Valuation Analysts exam with the help of Pass4Success practice questions. The exam covered topics such as the relationship between the purpose of the valuation and standard of value, as well as discounted economic income/cash flow method. One question that stood out to me was related to the guideline merged and acquired companies. I wasn't completely sure of the answer, but I managed to pass the exam.
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Free NACVA CVA Exam Actual Questions

Note: Premium Questions for CVA were last updated On Apr. 15, 2025 (see below)

Question #1

Let's say that a company had 100,000 shares outstanding at the beginning of the year and issued 30,000 more shares on May 1. The 100,000 shares would be outstanding for four months and the 130,000 shares for eight months, or two-thirds of the year. The weighted average number of shares outstanding for the year would be:

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Correct Answer: B

Question #2

When preparing a business valuation for reorganization proceedings under bankruptcy statues, the parties will frequently rely on___________.

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Correct Answer: B

Question #3

Documentable, arm's-length, bona fide offers to buy or sell may also be useful evidence of value. Funded bona fide offers (i.e. offers for which the financing for the offer is already in place) should be gives more weight and more consideration than:

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Correct Answer: C

Question #4

____________________ are defined as the sum of the market value of total liabilities divide by the aggregate liquidation value of the preferred stock.

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Correct Answer: A

Question #5

Buy-sell agreement may specify that the shares be valued strictly at their fair market value as:

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Correct Answer: D

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