Multiple Choice Questions:
1. Which standard of value is most applicable to investors seeking undervalued securities?
a. Fair market value.
b. Intrinsic value.
c. Investment value.
d. None of these.

2. In business valuation, the going concern assumption helps define which of the following?
a. Valuation premise.
b. Valuation standard.
c. Valuation approach.
d. None of these.

3. With respect to inventory, exit prices most closely represent which of these?
a. Replacement cost prices.
b. Wholesale prices.
c. Retail prices.
d. Inflation-adjusted wholesale prices.

4. The value hierarchy is relevant to valuing which of these?
a. Individual assets of a business.
b. An entire business.
c. Both a and b.
d. Neither a nor b.

5. Financial reporting as defined by both U.S. and international standards is moving away from and toward which of these?
a. From fair value reporting and toward replacement cost reporting.
b. From historical cost reporting and toward replacement cost reporting.
c. From historical cost reporting and toward fair value reporting.
d. None of these.