Simple, cheap and precise? No way.
You need a spindle test bar ~1000
A five sided square ~3000
A .0001 or better indicator ~150.00
A step gauge or laser for positioning ~ big money
A Renishaw ballbar is always helpfull ~13K
Thats to do it correctly.
The old standby is a circle daimond square cut test and have it measured. With a 5 Axis you would need to add features to test the rotary axis. Still need a CMM.
All depends on what you consider precise.