(8) Fair value is determined as:

a. the current exit price.

b. the current entry price.

c. a future entry price.

d. a future exit price.

(9) The market with the greatest volume and level of activity for the asset or liability is defined as the:

a. most active market.

b. current market.

c. principal market.

d. most advantageous market.

(10) Valuation techniques that reflect the amount that would be required currently to replace the service capacity of an asset is an example of:

a. the fair value approach.

b. the income approach.

c. the cost approach.

d. the market approach.