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单项选择题

An investor currently has a portfolio valued at $700 000. The investor’s objective is long-term growth, but the investor will need $ 30 000 by the end of the year to pay his son’s college tuition and another $10 000 by year-end for his annual vacation. The investor is considering three alternative portfolios.（）

A．portfolio
B．expected return
C．standard deviation of returns
D．

1

2

3


E．

8%

10%

14%


F．

10%

13%

22%

题目列表

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单项选择题

An analyst’s examination of the performance of a company is least likely to include an assessment of a company’s:（）

A. profitability.
B. cash flow generating ability.
C. assets relative to its liabilities.
单项选择题

Which of the following is most directly associated with secondary capital markets（）

A. Source of liquidity.
B. Security underwriting.
C. Shelf registration of securities.
单项选择题

Foreign currency translation adjustments are most likely reported in the company’s:（）

A. income statement.
B. statement of cash flows.
C. statement of stockholders’ equity.
单项选择题

Regarding corporate governance, which of the following most likely would be a reason for concern when evaluating an independent board member’s qualifications The board member:（）

A. has served on the board for 14 years.
B. owns 1000 shares of the corporation’s equity.
C. has formerly served on the boards of several successful companies.
单项选择题

When the financial statements materially depart from accounting standards and are not fairly presented, the audit opinion would be a(n):（）

A. adverse opinion.
B. qualified opinion.
C. disclaimer of opinion.
单项选择题

An analyst determines that an 8 percent option-free bond, maturing in 2015, would experience a 3 percent change in price if market interest rates rise by 50 basis points. If market interest rates fall by 50 basis points, the bond’s price would increase by:（）

A. exactly 3%.
B. less than 3%.
C. more than 3%.
单项选择题

Which of the following is least likely to reduce the principal-agent problem in enterprise organizations（）

A. Ownership.
B. Long-term contracts.
C. Professional management.
单项选择题

A company is considering building a distribution center on developed land it acquired more than ten years ago at a cost of $400 000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distribution center at $ 200 000. Alternatively, the undeveloped land could be sold today to another company for $600 000. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to:（）

A. $400000.
B. $600000.
C. $800000.
单项选择题

An analyst gathers the following information from a company’s accounting records ($ thousand):（）

A．3050000
B．2050000
C．1050000
单项选择题

An analyst calculates the following ratios for a firm:（）

A．19.92%
B．18.92%
C．17.92%
单项选择题

A company is considering issuing either a straight coupon bond or a coupon bond with warrants attached. The proceeds from either issue would be the same. If the firm issues the bond with warrants attached instead of the straight coupon bond, which of the following ratios will most likely be lower for the bond with warrants（）

A. Return on assets.
B. Debt on equity ratio.
C. Interest coverage ratio.
单项选择题

The lower bound on a European call price is the greater of zero and:（）

A. the underlying price minus the exercise price.
B. the present value of the exercise price minus the underlying price.
C. the underlying price minus the present value of the exercise price.
单项选择题

Assuming efficient markets and a lack of access to superior analysts, which of the following is the least important activity in managing portfolios（）

A. Minimizing total transaction costs.
B. Diversifying completely on a global basis.
C. Paying close attention to the monetary policy environment.
单项选择题

The following end of month payments of $400, $700, and $300, (respectively) are due. Given a stated annual interest rate of 3.6 percent, the minimum amount of money needed in an account today to satisfy these future payments is closest to:（）

A. $1308.
B. $1387.
C. $1391.
单项选择题

An analyst gathers the following data about a European company with a double-digit growth rate that is expected to continue for three more years:

The best estimate of the company’s value per share is closest to:()

A.€35.18
B.€46.72
C.€48.68
单项选择题

An analyst gathers the following information for a company:（）

A．36.8
B．44.8
C．46.8
单项选择题

For the common stock of a firm that reported a small loss for the year just ended, the price multiple that is least likely to be meaningful is:（）

A. price to cash flow.
B. leading price to earnings.
C. trailing price to earnings.
单项选择题

Which of the following statements about the central limit theorem is least likely correct()

A．The variance of the distribution of sample means is
B．The central limit theorem has limited usefulness for skewed distributions.
C．When the sample size n is large, the distribution of the sample means is approximately normal.
单项选择题

An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:

If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent（）

A. All three projects.
B. The warehouse project only.
C. The warehouse project and the equipment project.
单项选择题

David Sandridge earned the right to use the CFA designation in September 1968. Sandridge recently retired from the investment management profession. As he is retired, Sandridge no longer attends CFA Institute society meetings and has stopped paying his CFA Institute dues. According to the Standards of Practice Handbook, how should Sandridge refer to his affiliation with CFA program（）

A. David Sandridge, CFA.
B. David Sandridge, CFA (retired).
C. "I was awarded the CFA charter in 1968."
单项选择题

An analyst is forecasting EPS for a company. She prepares the following common sized data from its recent annual report and estimates sales for 2010.（）

A．167.4
B．236.2
C．336.1
单项选择题

Which of the following transactions is least likely to increase a company’s reported cash from operations（）

A. Securitizing accounts receivable.
B. Delaying payments made to suppliers.
C. Using short-term debt to reduce an existing account payable.
单项选择题

Which of the following is the least accurate approach used to value closely held companies Basing the value of company on the:（）

A. present value of future economic income.
B. historic cost of the assets of similar companies.
C. average market price of similar companies recently sold.
单项选择题

An analyst takes a sample of yearly returns of aggressive growth funds resulting in the following data set: 25, 15, 35, 45, and 55. What are the range, mean absolute deviation (MAD), and sample variance of the data set range MAD variance（）①A. 20 12 250 ②B. 25 60 1000 ③C. 40 12 250

A. ①
B. ②
C. ③
单项选择题

An analyst gathers the following information about a portfolio’s performance over the past ten years:（）

A．0.26
B．0.47
C．0.58
单项选择题

Which of the following statements about the market portfolio and the capital market line (CML) is least accurate The market portfolio:（）

A. assumes an equal amount is invested in each risky asset.
B. is perfectly positively correlated with other portfolios on the CML.
C. allows the elimination of all unsystematic risk at every point along the CML.
单项选择题

Which of the following will most likely lead to cost-push inflation（）

A. A decrease in the cost of financing.
B. An increase in the prices of raw materials.
C. A technology change that lowers production costs.
单项选择题

Which of the following statements is a key characteristic of the Global Investment Performance Standards (GIPS) The GIPS standards:（）

A. rely on the integrity of input data.
B. consist of required provisions for firms to follow to achieve best practice.
C. must be applied with the goal of achieving excellence in performance presentation.
单项选择题

The monetary policy tools available to the Federal Reserve are least likely to include:（）

A. open market operations.
B. the ability to determine the required reserve ratios of its member banks.
C. adjustments to the amount of gold held as reserves against Federal Reserve notes.
单项选择题

If investors expect stable rates of inflation in the future, the pure expectations theory suggests that the yield curve now will be:（）

A. flat.
B. inverted.
C. upward-sloping.
单项选择题

A company determines that the quantity demand of a product increased by 5 percent when price is reduced by 10 percent. The product’s price elasticity of demand is most accurately described as:（）

A. elastic.
B. inelastic.
C. perfectly elastic.
单项选择题

A capital project with a net present value (NPV) of $23.9 has the following cash flows:（）

A．19.25%
B．32.6%
C．12.5%
单项选择题

Suppose the CPI basket contains only two kinds of goods (services): gasoline and taxicab service. In the base period, consumers bought 15 gallons of gasoline at $6 and 4 miles of taxicab at $3 each. In the current period, consumers buy 15 gallons of gasoline at $6.2 and 4 miles of taxicab at $2.5 each. The CPI for the current period is closest to:（）

A. 99.0.
B. 101.2.
C. 115.3.
单项选择题

Which of the following statements is least accurate with respect to the advantages of open-end exchange traded funds (ETFs) Open-ended ETFs:（）

A. provide for more immediate reinvestment of dividends than do index mutual funds.
B. provide a more cost-effective way for large institutions to invest in emerging markets.
C. provide lower exposure to capital gains distribution taxes than do traditional mutual funds.
单项选择题

Stanley Crux, CFA, a portfolio manager at NWS Asset Management Ltd, calls a friend to join him for dinner. The friend, a financial analyst at D&M Corporation declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that D&M is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on NWS’s approved stock list, Crux purchases Orca’s common stock and call options for the NWS clients. Two weeks later, D＆M announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $ 3 million. According to the Standards of Practice Handbook, did Crux violate any CFA Institute Standards of Professional Conduct（）

A. No.
B. Yes, because he traded on material nonpublic information.
C. Yes, because he only purchased stock and options for selective clients, not all clients.
单项选择题

Compared to the normal distribution, the t-distribution most likely:（）

A. has fatter tails.
B. is more peaked.
C. has greater degrees of freedom.
单项选择题

A company, with a tax rate of 40% percent, sold a capital asset with a net book value of $500 000 for $570 000 during the year. Which of the following amounts will most likely be reported on their in their income statement for year related to the asset sale（）

A. $70000.
B. $92000.
C. $105000.
单项选择题

According to the Standards of Practice Handbook, a member with-supervisory responsibilities violates the CFA Institute Standards of Professional Conduct if the member fails to:（）

A. prevent violations of the law.
B. prevent violations of the CFA Code and Standards.
C. establish and implement written compliance procedures.
单项选择题

A company is planning a new issue of $100 par preferred stock with a 12 percent dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5 percent of the market price. Assuming a marginal tax rate of 40 percent, the after-tax rate of 40 percent, the after-tax cost of the preferred stock is closest to:（）

A. 8.0%.
B. 12. 6%.
C. 13.3%.
单项选择题

Venture capital investments used to provide capital for companies initiating commercial manufacturing and sales are most likely to be considered a form of:（）

A. first-stage financing.
B. mezzanine financing.
C. second-stage financing.
单项选择题

On the cash flow statement, the payment of cash dividends during the year will most likely affect the cash flow from:（）

A. operations.
B. investing activities.
C. financing activities.
单项选择题

An investor currently has a portfolio valued at $700 000. The investor’s objective is long-term growth, but the investor will need $ 30 000 by the end of the year to pay his son’s college tuition and another $10 000 by year-end for his annual vacation. The investor is considering three alternative portfolios.（）

A．portfolio
B．expected return
C．standard deviation of returns
D．

1

2

3


E．

8%

10%

14%


F．

10%

13%

22%
单项选择题

An analyst gathers the following information about a company:（）

A．4.50
B．3.50
C．2.50
单项选择题

The minimum variance zero-beta portfolio most likely has some:（）

A. systematic and unsystematic risk.
B. unsystematic risk and no systematic risk.
C. systematic risk and no unsystematic risk.
单项选择题

A description least likely to explain put-call parity is:（）

A．A fiduciary call option strategy and a protective put option strategy for an underlying asset are equal in value.
B．A put is equivalent to a long call, a long position in the underlying asset, and a long position in the risk-free asset.
C．A call is equivalent to a long put, a long position in the underlying asset, and a short position in the risk-free asset.
单项选择题

Which of the following is the least likely outcome when a monopoly adopts perfect price discrimination because of the customers’ differing demand elasticities（）

A. The monopolist shares the total surplus with consumers.
B. The price for marginal unit is less than the price for other units.
C. The output increases to the point at which price equals the marginal cost.
单项选择题

Which of the following is best classified as a forward commitment derivative（）

A. A swap agreement.
B. A convertible bond.
C. An asset-backed security.
单项选择题

When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. If the stock price moves to $96, the intrinsic value of the call option would be:（）

A. -$1.
B. $0.
C. $1.
单项选择题

A capital lease requires rental payment of $2000 annually. Fair value of the leased equipment at inception of the lease is $10000 and the implicit interest rate is 12 percent. If the present value of the lease equals the fair value of the equipment at inception of the lease, the interest expense recorded by the lessee in the second year of the lease is closest to:（）

A. $1056.
B. $1104.
C. $1200.
单项选择题

If an investment of $4 000 will grow to $ 6 520 in four years with monthly compounding, the effective annual interest rate will be closest to:（）

A. 11.21%
B. 12. 28%
C. 12. 99%
单项选择题

An analyst gathered the following information about a company:（）

A．$5.21
B．$3.21
C．$1.21
单项选择题

An analyst gathered the following information ($ millions) about the performance of a portfolio:（）

A．0.926
B．0.998
C．0.9286
单项选择题

An analyst gathered the following information about a portfolio comprised of three bonds:（）

A．5.55
B．3.25
C．8.36
单项选择题

If a distribution exhibits positive skewness, then the mean is most likely located to the:()

A. left of both the median and mode.
B. right of both the median and mode.
C. left of the median and right of the mode.
单项选择题

A continuous market most likely exists for a stock when:()

A. an overnight buildup of buy and sell orders for the stock occurs.
B. new information about the company is continuously released to market participants.
C. numerous dealers are willing to make a market in the stock at any time that the market is open.
单项选择题

Which of the following distribution is most likely a discrete distribution（）

A. A normal distribution.
B. A binomial distribution.
C. A univariate distribution.
单项选择题

Jasper Corporation sold its receivables to another corporation, JTL, created by Jasper for that purpose. If JTL sells securities backed by the receivables, the credit rating associated with those securities will most likely be based on the:（）

A. creditworthiness of JTL.
B. creditworthiness of Jasper.
C. collateral and credit enhancement mechanisms used.
单项选择题

An analyst gathers the price-earnings ratios (P/E) for the firms in the S&P 500 and then ranks the firms from highest to lowest P/E. She then assigns the number 1 to the group with the lowest P/E ratios, the number 2 to the group with the second lowest P/E ratios, and so on. The measurement scale used by the analyst is best described as:（）

A. ordinal.
B. interval.
C. nominal.
单项选择题

The manager of a pension fund determines that during the past five years 85 percent of the stocks in the portfolio have paid a dividend and 40 percent of the stocks have announced a stock split. If 95 percent of the stocks have paid a dividend or announced a stock split, the joint probability of a stock paying a dividend and announcing a stock split is closest to:（）

A. 30%.
B. 45%.
C. 55%.
单项选择题

Margin in the futures market is most accurately described as a:（）

A. loan to the futures trader.
B. requirement set by federal regulators.
C. down payment from the futures trader.
单项选择题

Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An investor has gathered the following data, presented on an annual basis, for an apartment building that is being considered for purchase:()

A．$150000
B．$180000
C．$137000
单项选择题

The most likely motivation for a speculator to sell a security short is based on the investor’s belief that the:（）

A. security is overpriced.
B. required rate of return on the security will decline.
C. short sale proceeds could be invested for extra returns.
单项选择题

According to the Standard of Practice Handbook, a supervisor establishing procedures to eliminate conflicts of interest relating to personal trading would least likely recommend requiring:（）

A. a ban on employee investments.
B. disclosures of beneficial ownerships.
C. duplicate confirmations of employee transactions.
单项选择题

If the Capital Asset Pricing Model (CAPM) applies and transactions costs are permitted, all else equal, the most likely result is that the security market line (SML) will:（）

A. plot on a flatter line.
B. plot on a steeper line.
C. no longer plot on a single line.
单项选择题

Fred Valley, CFA, is an analyst at a commercial bank. Valley receives compensation for referrals to the bank’s brokerage and personal financial-planning divisions. His recent referrals are long-time clients from his previous employer, and Valley does not mention the bank’s referral arrangement. Does Valley violate any CFA Institute Standards（）

A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to conflicts of interest.
单项选择题

Charlie Mancini, CFA, is the Managing Director of VES Financial (VES), a large US—based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved unusual terms for the fund’s client agreement. To allow for time zone differences, the agreement allows the hedge fund to trade in all of VES’s mutual funds six hours after the close of US market. According to the Standards of Practice Handbook, did Mancini violate any CFA Institute Standards of Professional Conduct（）

A. No.
B. Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally.
C. Yes, because he failed to review regulations on late-trading and did not consult with VES’s compliance director to determine if late-trading was acceptable.
单项选择题

A company acquires a manufacturing facility in which it will produce toxic chemicals. The cost of the facility (exclusive of the underlying land) is $ 25 million and it is expected to provide a 10-year useful life, after which time the company will demolish the building and restore the underlying land. The cost of this restoration and cleanup is estimated to be $3 million at that time. The facility will be amortized on a straight-line basis. The company’s discount rate associated with this obligation is 6.25 percent. The total expense that will be recorded in the first year associated with the asset retirement obligation on this property is closest to:（）

A. $163618.
B. $224945.
C. $265880.
单项选择题

According to the crowding out effect, which of the following statements is least likely correct The sale of government bonds used to finance excess government spending will:()

A. raise the interest rate.
B. reduce private investment spending.
C. increase the profitability of corporate investment projects.
单项选择题

All else equal, an increase in expected yield volatility is most likely to result in an increase in the price of a(n):（）

A. callable bond.
B. putable bond.
C. option-free bond.
单项选择题

A company’s optimal capital budget is best described as the amount of new capital required to undertake all projects with an internal rate of return greater than the:（）

A. marginal cost of capital.
B. cost of new debt capital.
C. weighted average cost of capital.
单项选择题

Two companies operating in the same industry both achieved the same return on equity with the same net sales, but the two companies were different with respect to return on total assets. Compared with the company that had the higher return on total assets, the company with the lower return on total assets most likely had a higher:（）

A. total asset turnover.
B. financial leverage multiplier.
C. proportion of common equity in its capital structure.
单项选择题

Monica Shore, CFA, is a highly regarded portfolio manager for Atlantic Investments (AI), a midsized mutual fund firm investing in domestic securities. She has watched the hedge fund boom and on numerous occasions suggested her firm create such a fund. Senior management has refused to commit resources to the area. Frustrated by the inaction, and attracted by the higher fees associated with hedge funds, Shore and several other employees use their spare time to create a hedge fund. Because AI management thinks that hedge funds are a fad, she does not inform her supervisor about the hedge fund. According to the Standards of Practice Book, Shore least likely violated the Standard relating to:（）

A. Disclosure of Conflicts.
B. Priority of Transactions.
C. Additional Compensation Arrangements.
单项选择题

Steven Brockman, CFA, is a sell-side analyst. Approximately half of Brockman’s compensation comes form his firm’s investment-banking division. Brockman is asked to write a report about Anacortes Concrete (AC) , an investment-banking client. Despite his concerns about a slowdown in concrete demand, Brockman issues a very positive report on AC. When issuing his report, Brockman least likely violates the CFA Institute Standard relating to:（）

A. loyalty to employer.
B. disclosure of conflicts.
C. loyalty, prudence, and care.
单项选择题

An analyst compared the performance of a hedge fund index with the performance of a major stock index over the past eight years. He noted that the hedge fund index (created from a database) had a higher average return, higher standard deviation, and higher Sharpe ratio than the stock index. All the successful funds that have been in the hedge fund database continued to accept new money over the eight-year period. Are the average return and the standard deviation, respectively, for the hedge fund index most likely overstated or understated（）

A. Both average return and standard deviation are overstated.
B. Average return is overstated and standard deviation is understated.
C. Average return is understated and standard deviation is overstated.
单项选择题

A company records the following two transactions: Ⅰ. $ 300 000 of rental revenue is received in advance on a two-year lease. It is taxed on a cash basis, but deferred for accounting purposes. Ⅱ. $500 000 of installment sales. No payments are required for one year after which collections will be made on an equal basis over 12 months and taxed on a cash basis. The entire sale and related profit will he recognized for financial reporting purposes in the year of sale. Which of the above transactions will most likely give rise to a deferred tax liability on the balance sheet（）

A. Ⅰ only.
B. Ⅱ only.
C. Both Ⅰ and Ⅱ.
单项选择题

For the past decade, Christina Pederson, CFA, has managed the account of Susan Stefansson and in that time developed a close relationship with her client. Stefansson has a beach house in the Bahamas which she offers Pederson and her family free use of for two weeks as a reward for the excellent returns generated in her account. Pederson is so busy at work she doer not tell anyone where she is going for vacation. When accepting Stefansson’s offer, Pederson least likely violates the CFA Institute Standard relating to:（）

A. loyalty to employer.
B. disclosure of conflicts.
C. Independence and objectivity.
单项选择题

An analyst gathered the following information about a company:（）

A．2.77
B．2.02
C．2.09
单项选择题

According to the Global Investment Performance Standards (GIPS):（）

A. firms may not set minimum asset levels for portfolios to be included in a composite.
B. composites must be defined according to similar investment objectives and/or strategies.
C. terminated portfolio must be excluded in the historical returns of appropriate composites.
单项选择题

An entry made to record an accrual, such as bad debt expense, that is not yet reflected in the accounting system is best described as a(n):（）

A. ledger entry.
B. adjusting entry.
C. trial balance entry.
单项选择题

Under International Financial Reporting Standards of a bank, or other financial institution, would normally use which type of balance sheet format（）

A. Classified.
B. Liquidity-based.
C. Market-value based.
单项选择题

The infrequent trading of some assets that hedge funds invest in most likely results in hedge fund:（）

A. risk being understated.
B. returns being understated.
C. correlations with other assets being overstated.
单项选择题

Compared with the net present value (NPV) method, the internal rate of return (IRR) method of evaluating investment projects:()

A. is the preferred method for evaluating mutually exclusive projects.
B. is not sensitive to the pattern or timing of the cash flows from the period.
C. assumes that all cash flows from the project will be reinvested at the computed IRR.
单项选择题

What is the effect on the accounting equation when a company’s Board of Directors declares a cash dividend（）

A. Assets decrease and owners’ equity decreases.
B. Liabilities increase and owners’ equity decreases.
C. There is no effect on the accounting equation until the dividend is paid.
单项选择题

An analyst is evaluating the two bonds below:

Compared with bond A, bond B most likely will have:()

A. less interest rate risk and more reinvestment risk.
B. less reinvestment risk and more interest rate risk.
C. more interest rate risk and more reinvestment risk.
单项选择题

An analyst is creating a new stock market index that is not affected by stock splits. The index the analyst is least likely to develop is:（）

A. unweighted.
B. price-weighted.
C. value-weighted.
单项选择题

An analyst gathered the following information about two common stocks: · variance of returns for the Company E=15.5 · variance of returns for the Company F=22.3 · covariance between returns of Company E and Company F = 8.65 The correlation coefficient between returns for the two common stocks is closest to:（）

A. 0.025.
B. 0.388.
C. 0.465.
单项选择题

According to the Global Investment Performance Standards (GIPS), which of the following is not a part of the verification process（）

A. Verification to be undertaken by the firm’s compliance department.
B. To test whether firm has complied with all the composite construction requirements.
C. To test whether the firm’s process and procedures are designed to calculate results in compliance with GIPS standards.
单项选择题

For a firm in perfect competition, as output increases the marginal revenue will most likely:（）

A. increase.
B. decrease.
C. remain constant.
单项选择题

The best characterization of a firm that is operating on its long-run average cost curve is when it:()

A. experiences constant returns to scale.
B. produces a given output at the least possible cost.
C. chooses a plant size that minimizes the average fixed cost.
单项选择题

An investment strategy that seeks to grow portfolio value over time through capital gains and reinvestment of current income is most likely appropriate if the investment objective is:()

A. total return.
B. current income.
C. capital appreciation.
单项选择题

A reserve requirement of 20% implies a potential money deposit expansion multiplier of:()

A. 5.
B. 8.
C. 10.
单项选择题

A CFA charterholder agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised that it was doubtful that the agreement could be enforced, so the charterholder sent marketing brochures about his new firm to his former clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to the charterholder’s conduct（）

A. The Standards do not apply to the charterholder’s conduct.
B. The Standards require the charterholder to comply with the agreement with his former employer.
C. Because the charterholder relied upon the opinion of legal counsel, he did not violate the Standards.
单项选择题

Which embedded option is most beneficial to a bond issuer（）

A. A conversion option.
B. A floor on a floating rate bond.
C. An accelerated sinking fund provision.
单项选择题

An analyst is evaluating various debt securities issued by a company. The type of security that is most likely to yield the lowest recovery in a bankruptcy is a:（）

A. mortgage bond.
B. debenture bond.
C. collateral trust bond.
单项选择题

An investor goes long an FRA that expires in 30 days for which the underlying is 90-day LIBOR for a notional of $10 million. A dealer quotes this instrument at 4.5 percent. At expiration, 60-day LIBOR is 3.5 percent and 90-day LIBOR is 4 percent. The payment made at expiration is closest to:()

A. $12 376 from the investor to the dealer.
B. $12 376 from the dealer to the investor.
C. $16 570 from the investor to the dealer.
单项选择题

A company using the LIFO inventory method reports a LIFO reserve at year-end of $85 000, which is $20 000 lower than the prior year. If the company had used FIFO instead of LIFO in that year, the company’s financial statements would have reported:（）

A. a lower cost of goods sold, but a higher inventory balance.
B. a higher cost of goods sold, but a lower inventory balance.
C. both a higher cost of goods sold and a higher inventory balance.
单项选择题

A fixed income portfolio manager owns a $5 million par value noncallable bond. The bond’s duration is 5.6 and the current market value is $5125000. The dollar duration of the bond is closest to:（）

A. $280000.
B. $287000.
C. $700000.
单项选择题

David Schmidt enrolled to take the Level Ⅱ CFA examination in the current year; however, he did not take the exam. Subsequently, he registered to take the level Ⅱ exam the next year. Schmidt informed his employer that he passed Level Ⅱ. Which CFA Institute Standard of Professional Conduct did Schmidt most likely violate（）

A. Duties to employer.
B. Professional misconduct.
C. Referencing candidacy in the CFA program.
单项选择题

Ian O’Sullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm. The public relations firm entered into a contract with Mallory Enterprises to provide public relations services. According to the contract, O’Sullivan received 40 000 shares of Mallory stock in payment for his services. Over the next 10 days, the public relations firm issued several press releases that discussed Mallory’s excellent growth prospects. O’Sullivan, through his financial research firm, also published a research report recommending Mallory’s stock as a "buy". According to the Standards of Practice Handbook, O’Sullivan is required to disclose his ownership of Mallory’s stock in the:（）

A. press releases only.
B. research report only.
C. both the press releases and the research report.
单项选择题

When preparing pro forma income statements, which one of the following items is least likely to be sales driven（）

A. Current assets.
B. Interest expense.
C. Administrative expenses.
单项选择题

An analyst gathers the following information about three equipment sales that a company made at the end of the year:（）

A．$30000
B．$40000
C．$50000
单项选择题

A European based company follows IFRS (International Financial Reporting Standards) and capitalizes new product development costs. During 2009 they spent €25 million on new product development and reported an amortization expense related to a prior year’s new product development of €10 million. Other information related to 2009 is as follows:
 An analyst would like to compare the European company to a similar U. S. based company and has decided to adjust their financial statements to U.S. GAAP. Under U. S. GAAP, and ignoring tax effects, the cash flow from operations (€ million) for the company would be closest to:（）

A. 265.
B. 275.
C. 290.
单项选择题

An analyst has been hired to evaluate a high-risk project. The analyst estimates the probability that the project will fail in the first year as well as the conditional probability of failure for each of the remaining four years of the project, as follows:()

A．$2406
B．$2506
C．$1406
单项选择题

An analyst gathered the following information for a company whose common stock is currently priced at $40 per share:（）

A．26.5
B．1.16
C．25.6
单项选择题

Matthew Smith, CFA, was recently promoted to senior portfolio manager. In his new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of his firm’s written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith’s firm conducts the majority of its business. According to the Standards of Practice Handbook, Smith’s most appropriate course of action would be to:（）

A. require that his firm adopted the CFA Institute Code of Ethics and Standards of Professional Conduct.
B. require that the employees he supervises adopt the CFA Institute Code of Ethics and Standards of Professional Conduct.
C. decline to accept supervisory responsibility until his firm adopts procedures to allow him to adequately exercise such responsibility.
单项选择题

Darcy Grafton, CFA, purchases a large block of stock on behalf of specific accounts she managed. The stock realized a significant gain in value before the close of business; so Grafton reviewed her accounts again to determine where the block shares should be allocated. According to the Standards of Practice Handbook, Grafton’s most appropriate action is to allocate the shares to:()

A．all accounts equally.
B．all accounts for which she has discretionary authority.
C．only those accounts for which the block shares were originally intended.
单项选择题

Which one of the following independent situations would most likely be of the greatest concern to an investor when reviewing a potential investment’s corporate governance practices and policies（）

A. Without obtaining prior management approval, the board hired external consultants to advise them about recent environmental legislative changes related to the company.
B. As part of his compensation package, one director received a bonus for identifying a potential merger candidate. The company is currently negotiating a merger with that company.
C. One of the directors is the president of a major supplier to the company, but he recuses himself from board decisions related to the products his company supplies.
单项选择题

The belief that money wage rates are sticky is least likely to be associated with:（）

A. classical macroeconomics.
B. monetarist macroeconomics.
C. Keynesian macroeconomics.
单项选择题

An analyst gathers the following information about a company:

A．shares of common stock outstanding
B．1000000
C．net income for the year
D．$1500000
E．par value of convertible bonds with a 4 percent coupon rate
F．$10000000
G．par value of cumulative preferred stock with a 7 percent dividend rate
H．$2000000
I．tax rate
J．30%
单项选择题

An analyst is estimating the cost of capital for her firm. She has estimated the before-tax costs of the current sources of capital to be 8 percent of debt and 9 percent for equity, If the firm’s marginal tax rate is 40 percent, the costs of debt and equity she could use in her calculation are closest to:()

A. 4.8% for debt and 5.4% for equity.
B. 4.8% for debt and 9.0% for equity.
C. 8.0% for debt and 5.4% for equity.
单项选择题

A U. S. investor has purchased a tax-exempt 5-year municipal bond at a yield of 3.86 percent which is 100 basis points less than the yield on a 5-year option-free U. S. Treasury. If the investor’s marginal tax rate is 32 percent, then the yield ratio is closest to:()

A. 0.79.
B. 1.26.
C. 3.68.
单项选择题

The mean and standard deviation of the net incomes for all companies making up a stock index is $ 3.5 million and $ 4. 2 million, respectively. If a random sample of 49 companies is taken from the index, the standard error of the sample mean is closet to:（）

A. $85714.
B. $500000.
C. $600000.
单项选择题

In a regulated industry, the introduction of a marginal cost pricing rule that maximizes total surplus is most likely to be viewed as:（）

A. efficient but leaves the natural monopoly incurring an economic loss.
B. efficient and allows the natural monopoly incurring an economic gain.
C. inefficient and leaves the natural monopoly incurring an economic loss.
单项选择题

At the beginning of the year, two companies issued debt with the same market rate, maturity date, and total face value. One company issued coupon-bearing bonds at par and the other company issued zero-coupon bonds. All other factors being equal for that year, compared with the company that issued par bonds, the company that issued zero-coupon debt will most likely report:（）

A. higher cash flow from operations but not higher interest expense.
B. both higher cash flow operations and higher interest expense.
C. neither higher cash flow from operations nor higher interest expense.
单项选择题

An asset manager, a CFA charterholder, manages small-cap portfolios for institutional clients. The manager is convinced, given the deteriorating economic conditions, that as a group, small-cap equities will underperform during the next 12 months. To preserve her client’s wealth, the manager buys large-cap equities that he believes are better positioned to weather the expected economic downturn. The manager provides complete disclosure of these trades to his clients after the purchase. Has the manager violated any CFA Institute Standards of Professional Conduct()

A. No.
B. Yes, relating to suitability.
C. Yes, relating to misconduct.
单项选择题

The difference between nominal spread and zero-volatility spread will most likely be the greatest for a mortgage-backed security:（）

A. in an inverted yield curve environment.
B. in a steep upward-sloping yield curve environment.
C. with short maturity in a flat yield curve environment.
单项选择题

A large manufacturing company is in a competitive industry. It has above-average investment opportunities and its return on investments has been above the required rate of return. The firm retains a large portion of earnings to fund its superior investment projects. The company is best characterized as a.（）

A. growth company.
B. cyclical company.
C. speculative company.
单项选择题

An important reason for constructing an investment policy statement is that it:()

A. minimizes the costs of portfolio construction.
B. ensures that managers outperform the performance benchmark.
C. includes a performance benchmark to judge manager performance.
单项选择题

According to International Financial Reporting Standards, which of the following is one of the conditions that must be met for revenue recognition to occur（）

A. Costs can be reliably measured.
B. Payments has been partially received.
C. Goods have been delivered to the customer.
单项选择题

An 8 percent coupon bond with a par value of $100 matures in 6 years and is selling at $95.51 with a yield of 9 percent. One year ago this bond sold at a price of $90.26 with a yield of 10 percent. The bond pays annual interest. The change in price attributable to the change in maturity is closest to:（）

A. $1.03.
B. $4.22.
C. $5.25.
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