The decision in Yoon v. Yoon defined personal goodwill as revenue being generated on:

1. The practitioner's skills, reputation, and the relative dependence of the business on that individual
2. The practitioner's knowledge and reputation
3. The practitioner's skills, knowledge, and reputation
4. The practitioner's skills, knowledge, reputation, and the relative dependence of the business on that individual

Personal goodwill:

1. Applies only to professional practices
2. Applies to any commercial enterprise in any state
3. Is not unique to any situation and is present in all business valuation engagements
4. Is in some, but not all states, applied to any commercial enterprise

In measuring personal goodwill considerations like location, work force size, and business name are important because they:

1. Provide a measure of the business's reliance on a particular individual
2. Are measures of personal goodwill
3. Quantify the success of the business in terms of its local market
4. None of these

In the case of Martin's Ice Cream the court ruled that, in this case, personal relationships were property of an individual and not a business because:

1. Those relationships were unique to that individual and not to the business
2. No covenant not to compete was in place that would have placed those relationships in the possession of the entity
3. The ice cream vendors and distributors typically operate under oral contracts and agreements
4. It was impossible to transfer those relationships to the business

Personal goodwill is typically found in which of the following valuation engagements:

1. Divorce and estate & gift tax engagements only
2. Divorce engagements only
3. Any valuation engagement
4. Typically divorce and estate & gift tax engagements, though they can sometimes appear in other engagements

In the hypothetical example of ABC Corp., the key question was:

1. How much personal versus entity goodwill is present?
2. Who controls the goodwill of this business?
3. Can the goodwill present in this valuation be disassociated with the business?
4. How should this goodwill be presented in the valuation report?

The presenters suggest a method of goodwill allocation that divides all goodwill into how many categories:

1. 1
2. 2
3. 3
4. 4

Pure personal goodwill:

1. Includes items like name, phone number, and location
2. Cannot be transferred in any situation
3. Does not include specialized skills
4. Can be transferred through covenants and other contracts

A valuation opinion letter must provide supporting evidence of goodwill:

1. Only when it is present
2. Only when personal goodwill is present
3. Only when enterprise goodwill is present
4. Even if it is determined that none is present

In most divorce jurisdictions:

1. Personal goodwill is a non-divisible non-marital asset
2. Only entity goodwill is a divisible marital asset
3. Goodwill items like personal relationships and specialized skills or knowledge are non-marital assets
4. All of these