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Question 1
In Swiss SME business valuation for fiduciary succession planning, the 'Swiss Practitioners' Method' (Schweizer Praktikermethode) weights Capitalized Earnings Value (Ertragswert / EW) and Net Asset / Substance Value (Substanzwert / SW) in a 2:1 ratio. What is the fundamental rationale for incorporating Substance Value alongside Capitalized Earnings?
Correct Answer:
Substance Value reflects the replacement capital required to replicate the operating asset base and provides a tangible valuation floor/anchor against volatile or unrepresentative profit fluctuations in private owner-managed enterprises
Question 2
A Swiss fiduciary expert values an unlisted manufacturing SME. Sustainable EBIT is CHF 800,000, effective tax rate is 15.0%, Capitalization Rate is 9.0%, and Operating Net Substance Value (betrieblicher Substanzwert) is CHF 4,200,000. Non-operating surplus real estate is valued at CHF 1,500,000. What is the total Enterprise Value under the Swiss Practitioners' Method?
Correct Answer:
CHF 7,937,037
Question 3
In Swiss M&A negotiations, what is the 'Locked Box' pricing mechanism vs. 'Completion Accounts' (Closing Accounts) in a Share Purchase Agreement (SPA)?
Correct Answer:
In a Locked Box mechanism, the purchase price is fixed based on historical audited balance sheets at a past reference date, with value leakage (Value Leakage) strictly prohibited thereafter; In Completion Accounts, the preliminary price is adjusted post-closing based on actual net working capital and net debt at the closing date
Question 4
A Swiss fiduciary expert structures an SME succession through a Management Buy-Out (MBO). The enterprise is valued at CHF 10,000,000. Senior managers can raise CHF 1,500,000 in equity. A commercial bank provides a senior loan of CHF 5,000,000. How can the remaining financing gap of CHF 3,500,000 be structured commonly in Swiss fiduciary practice?
Correct Answer:
Via a subordinated Vendor Loan (Verkäuferdarlehen) granted by the exiting founder and/or Mezzanine financing (Nachrangdarlehen / Partiarisches Darlehen) with profit participation
Question 5
Under Swiss Corporate Restructuring Law (Art. 61 DBG and Swiss Merger Act FusG), what is the 'Tax-Neutral Carve-Out / Hive-Down' (Ausgliederung) of a commercial property division?
Correct Answer:
Transfer of a real estate division that qualifies as an active operating business (Betriebsteil, e.g. active real estate management with dedicated personnel and external market tenants) to a separate subsidiary at tax book values, preserving Swiss tax liability (Art. 61 Para. 1 lit. b DBG)
Question 1
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Prepare with the Dipl. Treuhandexperte TREX HFP Practice Questions - Diplomierte r Treuhandexpertin Treuhandexperte mit eidgenössischem Diplom (TREX) Exam practice quiz. This question bank includes 100 questions covering swiss, corporate, statutory, fiduciary, and auditor. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Dipl. Treuhandexperte TREX HFP Practice Questions - Diplomierte r Treuhandexpertin Treuhandexperte mit eidgenössischem Diplom (TREX) Exam

This practice set contains 100 questions from the matching question bank and focuses on swiss, corporate, statutory, fiduciary, and auditor. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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