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单项选择题

Using the direct method, cash provided or used by operating activities (CFO) in the year 2005 was: A. $4300000. B. $5300000. C. $6300000. Use the following data to answer Net Income $1000 Depreciation expense 70 Purchase of equipment 200 Goodwill amortization 30 Sale of motor car 25 Sale of common stock 100 Decrease in accounts receivable 40 Increase in inventory 35 Issuance of bonds 20 Increase in accounts payable 30 Increase in wages payable 15 Capital stock exchanged for equipment 10
Cash flow from investing activities is:（）

A. -$200.
B. -$175.
C. $175.

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单项选择题

Jessica Hightower, CFA, is analyzing the financial statements for a local industrial solvent $ 40 million at the end of 2005. Over the same time period, TYU was able to increase the number of units sold by 7 percent. In making adjustments to the income statement to reflect economic really, Hightower should adjust income:（）

A. only if the decline was caused by tailing prices.
B. only if the decline was caused by inventory liquidation.
C. if the decline was caused by either falling prices or inventory liquidation.
单项选择题

Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to:（）

A. Measured risk but not correlations with conventional equity investments.
B. Correlations with conventional equity investments but not measured risk
C. Both measured risk and correlations with conventional equity investments.
单项选择题

The following information pertains to a company’s stock: The current stock price is $ 45 per share. Earnings and dividends have been growing at an annual rate of 8%. The company’s earnings per share during the past year was $ 5. The dividend payout ratio is 40%. The company pays a 7% flotation cost if it sells new shares of stock. Based on the dividend discount model, the stockholders’ required rare of return is.（）

A. 12.0%.
B. 12.4%.
C. 12.8%.
单项选择题

Scooter has leased equipment for a period of 10 years with the following provisions: Lease payments $ 5000 per year Current value of equipment $ 45000 Estimated useful life of equipment 15 years Salvage value no salvage value after 15 years At the end of ten years, Scooter has the option to buy the equipment for $15000. The discount rate is 10 percent. Scooter should:（）

A. capitalize this lease because the present value of the lease payments exceeds 90% of its fair market value.
B. capitalize this lease because the lease term is less than 75% of the economic life of the equipment.
C. treat this lease as an operating lease.
单项选择题

Under a price ceiling, bribery is a mechanism to:（）

A. allocate a good to the poorest individuals in the market.
B. allocate a good to the richest individuals in the market.
C. bring the total price of a good (including the bribe) higher and closer to the equilibrium price.
单项选择题

Which of the following types of business firms exposes its owners to the greatest legal liability in the U.S. and which type of firm is most likely to face a principal-agent conflict Liability Principal-agent conflict（）

A. Corporation Corporation
B. Corporation Partnership
C. Proprietorship Corporation
单项选择题

Is the following statement an accurate description of the account format and report format of presenting a balance sheet "The account format presents the asset, liability, and equity accounts in a single column while a report format presents the assets, liabilities, and equity in multiple columns." Account format Report format（） ①A. No Yes ②B. Yes No ③C. No No

A．①
B．②
C．③
单项选择题

A portfolio manager anticipates a major increase in market interest rates. Which trading strategy would be most likely to generate above average returns in a bond investment Purchasing:（）

A. short maturity bonds with high coupon rates.
B. speculative grade bonds with high coupon rates.
C. bonds that will increase the average duration of the investment portfolio.
单项选择题

David Farrington is an analyst at Farrington Capital Management. He is aware that many people believe that the capital markets are fully efficient. However, he is not convinced and would like to disprove this claim. Which of the following statements would support Farrington in his effort to demonstrate the limitations to fully efficient markets（）

A. Fundamental analysts are poring over the same new information that is disseminated to the public, so they do not provide any added value to the efficiency of the markets.
B. Technical analysis has been rendered useless by many academics who have shown that analyzing market trends, past volume and trading data will not lead to abnormal returns.
C. Processing new information entails costs and takes at least some time, so security prices are not always immediately affected.
单项选择题

A firm has a capital structure of 60% debt and 40% equity and a dividend payout ratio of 50%. If a surplus results from first-pass pro-forma financial statements based on estimated sales growth and assuming the capital structure and dividend payout ratio are maintained, which of the following changes in assumptions would eliminate any surplus in a single step（）

A. The entire surplus will be used to pay down long-term debt.
B. The dividend payout ratio will decrease to 30%.
C. The entire surplus will be used to repurchase common stock.
单项选择题

James Jackson currently owns stock in PNG, Inc., valued at $145 per share. Thinking that PNG is overbought and will decrease in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $ 2. 40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jackson’s covered call strategy Jackson:（）

A. gained $ 9.40.
B. gained $ 5.40.
C. lost $ 4.60.
单项选择题

A company’s beginning inventory was overstated by $ 3000, now ending inventory is understated by $ 2000. If purchases were properly reported, then earnings before taxes will be.（）Use the following date to answer question 59 to 61.

A. understated by $ 5000.
B. overstated by $5000.
C. understated by $1000.
单项选择题

Comparative income statements for E Company and G Company for the year ended December 31 show the following (in $ millions):
The financial risk of E Company, as measured by the interest coverage ratio, is: （）

A. higher than G Company’s because its interest coverage ratio is less than one-third of G Company’s.
B. higher than G Company’s because its interest coverage ratio is less than G Company’s, but at least one-third of G Company’s.
C. lower than G Company’s because its interest coverage ratio is more than G Company’s but less than three times G Company’s.
单项选择题

Assume that Q-Tell Incorporated is in the communications industry, which has an average receivables turnover ratio of 16 times. If the Q-Tell’s receivables turnover is less than that of the industry, Q-Tell’s average receivables collection period is most likely:（）

A. 12 days.
B. 25 days.
C. 20 days.
单项选择题

Suppose that rubber is the primary input in the production of golf balls. If the price of rubber increases while all else remains constant, then in the short-run:（）

A. the marginal and average variable cost curves shift upward, but not the average total or average fixed cost curves.
B. the average total and average variable cost curves shift upward, but the marginal and average fixed cost curves will shift downward.
C. the marginal, average variable, and average total cost curves will shift upward, but the average fixed cost curve will not shift.
单项选择题

Which of the following statements about risk and return is FALSE（）

A. Return objectives may be stated in absolute terms or percentages.
B. Specifying investment objectives only in terms of return may expose an investor to inappropriately high levels of risk.
C. Risk and return may be considered on a mutually exclusive basis.
单项选择题

Most empirical studies of technical trading rules have found that past stock price patterns:（）

A. do not repeat, and therefore technical analysis is profitable.
B. repeat, and therefore technical analysis is not profitable.
C. do not repeat, and therefore technical analysis is not profitable.
单项选择题

An analyst gathered the following data about a project: Costs are $ 8000 plus $ 2000 in shipping and installation. For the next five years the project will annually generate $5000 in sales and $ 2000 in costs, not including depreciation. The project is being depreciated on a straight-line basis over five years with no salvage value. The company’s tax rate is 40% , and the weighted average cost of capital is 10%. The project’s net present value (NPV) is closest to:（）

A. -$144.
B. $144.
C. $279.
单项选择题

While working on her report, Jean Paul, CFA, learns from her friend in the investment banking department that the company she is analyzing can expect a tender offer very soon. Concerning this conclusion, Paul can:（）

A. trade on it, because she figured it out by herself.
B. trade on it, because it is public information.
C. not trade on it because it is material nonpublic information.
单项选择题

An analyst is serving on the Board of Directors of a local publicly traded company. To avoid violating the CFA Institute Code and Standards, the analyst must disclose this to:（）

A. only his employer.
B. both his employer and his clients and prospective clients.
C. only clients and prospective clients.
单项选择题

Which of the following violates the AIMR Standards of Professional Conduct on the appropriate use of the Chartered Financial Analyst and CFA mark（）

A. Timmy has past Level Ⅱ and is registered to take the Level Ⅲ examination. In her resume she states, "I am a Level Ⅱ candidate in the CFA Program. "
B. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. She writes on her business card, "Timmy Wong, Chartered Financial Analyst. "
C. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. Her company writes in promotional literature "Timmy Wong is one of two CFAs in the company".
单项选择题

A real estate investment has the following characteristics: Annual rental income $ 2700000 Annual operating expenses $1800000 Available mortgage rate 6% Financing percentage 90% Required holding period 5 years Investor Tax rate 25% Based on the income approach, the value of the investment is closest to:（）

A. $ 4000000.
B. $5455000.
C. $ 6000000.
单项选择题

Trayfield has recently hired a new accountant, Judy Roehk. Upon reviewing Trayfield’s financial statements, Roehk has determined that Trayfield should be utilizing the double-declining balance (DDB) depreciation method rather than straight-line method. If Trayfield switches to the DDB method, which of the following results would be least likely（）

A. Estimated future income will need to be revised.
B. A gradual change in income.
C. Depreciation expense increases.
单项选择题

The required rate of return on equity used as an input to the dividend discount model is influenced by each of the following factors EXCEPT:（）

A. the expected inflation rate.
B. the stock’s appropriate risk premium.
C. the stock’s dividend payout ratio.
单项选择题

Gordon is a CFA charter holder and the pension fund manager for a worker’s union. The union president informed him that during a union meeting today with Zinc Limited he learned that Zinc will announce several plant closings tomorrow. Because the worker’s union pension has a sizable position in Zinc, the union president wants Gordon to sell the pension’s holdings in Zinc today before the announcement is made public. Gordon should:（）

A. inform CFA Institute in writing of the union president’s request.
B. contact the Justice Department and tell them about the union president’s request.
C. tell the union president that this action is illegal and refuse to sell the stock until after the announcement.
单项选择题

An implication of the weak-form efficient market hypothesis (EMH) is:（）

A. insider information is of no value for obtaining excess abnormal returns.
B. that there should be no relationship between past price changes and future price changes.
C. that technical analysts can make excess returns on filter rules but not runs rules.
单项选择题

An analysis conducted a significance test to determine if the relationship between two variables was real or the result of chance. His null hypothesis is the that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He developed the following information: Value of the test statistic 2.8092 Critical value at the 0.05 significance level 1.96 Critical value at the 0. 01 significance level 2.58 The analyst conducted a:（）

A. one-tailed test and can reject-his null hypothesis.
B. Two-tailed test and can reject his null hypothesis.
C. One-tailed test and cannot reject his null hypothesis.
单项选择题

Timely Taxis, Ltd. has signed a long-term lease for 20 underground parking spots at $150 each per month for their fleet of taxis. The firm currently has 18 taxis in operation and is performing an NPV analysis on the purchase of a 19th taxi. The cost of parking for the 19th taxi is best described as a(n):（）

A. sunk cost.
B. opportunity cost.
C. incremental cost.
单项选择题

Which statement regarding sinking funds is least likely correct（）

A. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities.
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the applicable proportion of the bonds.
C. The right to retire a greater portion of the bond issue than is stipulated in the indenture is called an "accelerated sinking fund provision".
单项选择题

An analyst discovers a company with solid earnings but with no prospect of growth. The company could still recommend it as a growth stock:（）

A. if the earnings remain solid.
B. if it is a cyclical stock.
C. if the market price of the stock is below its intrinsic value.
单项选择题

Alice Costain operates a convenience store in the financial district of London. ff Costain increases the price of a Magnim ice cream bar from 1.00 to 1.15, weekly sales decrease from 200 units to 180 units. Which of the following statements is most accurate（）

A. The price elasticity of demand is -0.66.
B. The slope of the demand curve equals the elasticity of demand.
C. The price increase will lead to an increase in total value of Magnim ice cream bars.
单项选择题

Money managers and individual investors can indirectly participate in the commodities market through all of the following investment vehicles EXCEPT:（）

A. trading commodities in small denominations.
B. futures contracts.
C. bonds indexed to some commodity price.
单项选择题

When a party to a forward contract terminates the contract prior to the original expiration date by entering into a perfectly offsetting forward contract with a second eounterparty:（）

A. the party terminating the forward contract has no default risk, but both counterparties lace default risk.
B. the party terminating the contract is exposed to default risk, but has no further asset price risk.
C. there is no future liability, but default risk remains for all parties until the original contract settlement date.
单项选择题

Which of the following is a shortcoming(s) of the constant growth dividend discount model（）

A. Firms with temporary high-growth expectations have characteristics that are inconsistent with model.
B. Many rapid growth companies pay little or no dividends, and forecasting their future plans may be futile.
C. All these choices are correct.
单项选择题

Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a "Strong Buy." Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a "Strong Buy," but believes the corporation is still a good investment regardless of the management. What course of action for Black is best Black:（）

A. should revise the recommendation based on this new information.
B. is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information.
C. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.
单项选择题

The best way to determine the suitability of an investment is:（）

A. based on portfolio performance results, presented as a weighted average, from the biggest financial companies.
B. with the help of the special performance presentation standards.
C. to consider the financial situation, investment experience, and investment objectives of the client.
单项选择题

A CFA charter holder in a managerial position is in the process of hiring new analysts. If the charter holder conducts background checks on the job applicants with respect to their character, the charter holder has:（）

A. complied with Standard Ⅰ (D) concerning professional misconduct.
B. violated the Code of Ethics by invading the applicants’ privacy.
C. violated Standard Ⅲ (E) concerning confidentiality.
单项选择题

An analyst wants to determine whether Dover Holdings is overvalued or undervalued, and by how much (expressed as percentage return). The analyst gathers the following information on the stock: Market standard deviation=0.70 Covariance of Dover with the market=0.85 Dover’s current stock price (P0)=$ 35.00 The expected price in one year (P1) is $ 39.00 Expected annual dividend=$1.503-month Treasury bill yield=4.50%. Historical average S＆P 500 return=12.0%. Dover Holdings stock is:（）

A. undervalued by approximately 2.1%.
B. overvalued by approximately 1.8%.
C. undervalued by approximately 1.8%.
单项选择题

A well-diversified Investor most likely prefer a portfolio with A high or low sharpe ratio Positive ornegative skewness（）

A. low Positive
B. low Negative
C. high Positive
单项选择题

John, CFA, wants to undertake an independent consulting practice while employed. He must get written permission from both his employer and the company who is hiring the analyst’s consulting services. According to the AIMR Standards on Professional Conduct, which of the following statements about the permission request is most correct This permission request to the employer should mention the:（）

A. type of services he will perform.
B. compensation he will receive.
C. all of the above.
单项选择题

Which of the following about a company using the percentage of completion accounting method for long-term contracts, compared to company that uses the completed contract method is FALSE（）

A. Actual cash flow will be greater in the first year.
B. Equity will be higher in the first year.
C. Earnings will be the same over the life of the contract.
单项选择题

Jack Salyers, CFA, is considering starting his own firm to compete with his current employer. He takes several actions before turning in his resignation. Which of the following actions is NOT in violation of Standard Ⅳ A, Loyalty to Employer（）

A. Before leaving, Jack solicits his employer’s current clients.
B. Jack told his employer that he was considering leaving and requested that the employer write him a letter of recommendation.
C. Jack took home client lists and investment statements.
单项选择题

Which of the following statements about the call feature is FALSE The:（）

A. call feature exposes investors to additional reinvestment rate risk.
B. call feature lengthens the bond’ s duration, increasing price risk.
C. cash flow pattern of callable bonds cannot be known with certainty.
单项选择题

Barracuda Corporation, a U. S. corporation, owns a subsidiary located in Germany. The German subsidiary’s financial statements are maintained in euros. If the euro recently appreciated relative to the U.S. dollar, how would the unrealized translation gain affect Barracuda’s retained earnings and total stockholders’ equity Retained earnings Total stockholders’ equity（）

A. No effect No effect
B. Increase Increase
C. No effect Increase
单项选择题

In calculating the weighted average cost of capital (WACC), which of the following statements is least likely correct（）

A. The cost of preferred equity capital is the preferred dividend divided by the price of preferred shares.
B. The cost of debt is equal to one minus the marginal tax rate multiplied by the coupon rate on outstanding debt.
C. The cost of common equity is equal to the rate of return stockholders require on the firm’s common stock.
单项选择题

Cassie’s Card Co. expects highly volatile earnings for the next four years, and then they expect earnings to level off to their normal rare of 8 percent. Dividends and earnings are expected to grow at 20% for years 1 and 2, -5% for year 3, and 15% in year 4. The last dividend paid by Cassie’s was $ 2.00. If Jason Giggs requires a 12 percent return on Cassie’s, the price he is willing to pay for the stock is closest to:（）

A. $ 52.15
B. $ 62.44
C. $ 56.60
单项选择题

A U. S. bank enters into a plain vanilla currency swap with a notional principal of US $ 500 million (GBP￡ 300 million). At each settlement date, the U. S. bank pays a fixed rate of 4.5 percent on the British pounds received and the British bank pays a variable rate equal to LIBOR on the U. S. dollars received. Given the following information, what payment is made to whom at the end of year 2 0 1 2 LIBOR=4% LIBOR=4.5% LIBOR=5% The U. S. bank pays:（）

A. US $9513.50 million and the British bank pays 25.00 million.
B. ￡ 13.50 million and thee British bank pays US $ 25.00 million.
C. ￡ 13.50 million and the British bank pays US $ 22.50 million
单项选择题

Over long periods of time, which of the three major asset allocation decisions account for 85 to 95 percent of returns（）

A. the asset classes to consider and which securities to choose.
B. the asset classes to consider and the policy (normal) asset class weights.
C. the policy (normal) asset class weights and the allowable range on those weights.
单项选择题

Which of the following is the most appropriate strategy for a fixed income portfolio manager under the anticipation of an economic expansion（）

A. Purchase corporate bonds and sell treasury bonds.
B. Sell corporate bonds and purchase treasury bonds.
C. Enter a pay-fixed, receive-floating rate swap.
单项选择题

The financial manager at Genesis Company is looking into the purchase of an apartment complex for $ 550000. Net after-tax cash flows are expected to be $ 65000 for each of the next five years, then drop to $ 50000 for four years. Genesis’ required rate of return is 9 percent on projects of this nature. After nine years, Genesis Company expects to sell the property for after-tax proceeds of $ 300000. What is the internal rate of return (IRR) and net present value (NPV) on this project IRR NPV （） ①A. 6.66% -$ 64170 ②B. 7.01% -$ 53765 ③C. 8.09% -$ 21535

A．①
B．②
C．③
单项选择题

Ashlyn Lutz makes the following statements to her supervisor, Paul Ulring, regarding the basic principles of capital budgeting: Statement 1: The timing of expected cash flows is crucial for determining the profitability of a capital budgeting project. Statement 2: Capital budgeting decisions should be based on the after-tax net income produced by the capital project. Which of the following regarding Lutz’s statements is most accurate Statement 1 Statement 2（）

A. Correct Correct
B. Incorrect Correct
C. Correct Incorrect
单项选择题

Which of the following statements about financial statements and reporting standards is least accurate（）

A. Reporting standards focus mostly on format and presentation and allow management wide latitude in assumptions.
B. The objective of financial statements is to provide economic decision makers with useful information.
C. Financial statements could potentially take any form if reporting standards didn’t exist.
单项选择题

As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard Ⅳ (B), Preservation of Confidentiality, that she is unable to comply with their request. Which of the following statement is TRUE（）

A. is correct in her interpretation of Standard Ⅳ (B).
B. should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard Ⅴ (A) Prohibit against Use of Material Nonpublic information.
C. will no be in violation of Standard Ⅳ (B) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.
单项选择题

Which one of the following statements best expresses the central concept of counter cyclical fiscal policy（）

A. Planned deficits are experienced during economic booms, and planned surpluses during economic recessions.
B. The balanced budget approach is the proper criterion for determining annual budget policy.
C. Deficits are planned during economic recessions, and surpluses are used to restrain inflationary booms.
单项选择题

An analyst conducts a two-tailed test to determine whether differences between the means of two populations exist: H0:μ1-μ2=0 versus H2:μ1-μ2≠0. Assume that the populations are independent, normally distributed, and have unequal and unknown variances. The critical value with 50 degrees of freedom is 2. 126. The computed test statistic is t=1.753. Using a significance level of x=0.05, which of the following statements is TRUE（）

A. Use a t-test to reject the null hypothesis and accept the alternative hypothesis.
B. Use a t-test to accept the null hypothesis and reject the alternative hypothesis.
C. Use a z-test to reject the null hypothesis and accept the alternative hypothesis.
单项选择题

Austin Traynor is considering buying a $1000 face value, semi-annual coupon bond with a quoted price of 104.75 and accrued interest since the last coupon of $ 33.50. If Traynor pays the dirty price, how much will the seller receive at the settlement date（）

A. $1047.50.
B. $1081.00.
C. $1014. 00.
单项选择题

Which of the following statements about bond call features is least likely correct Embedded call options in callable bonds:（）

A. can be valued using the difference between the zero-volatility spread and the nominal spread.
B. expose investors to reduced capital appreciation potential.
C. create risk because they add uncertainty to the bond’s cash flow pattern.
单项选择题

In the mid 1980s J. J. Ellerson and the Boys was a famous regional blues band. In the late 1980s, J. J. embarked on a solo career and the rest of the band gradually folded. Now, the band is Considering a reunion concert and may even reunite. K. Scotty, a die-hard fan and CFA, feels that the following probabilities are correct: The probability that the reunion concert will occur whether or not the band reunites is 0.60. The probability that the band will get back together is 0.30. The probability that the band will get back together if the reunion concert occurs is 0.65. Which of the following statements is TRUE（）

A. The chance of the band reuniting is not a dependent event.
B. The given probability for a reunion concert is an a priori probability.
C. The reunion concert is an independent event.
单项选择题

John Stone, CFA, is an investment advisor specializing in the preparation of company and industry reports for high net worth customers at Learmon Brothers. Currently, Stone is preparing a report on Soft Corporation, a rapidly growing software company. The explosive growth of this company was financed primarily by an initial public offering in which 3000000 shares were issued at a price of $ 20 per share on June 27, 2004. Soft Corporation received additional capital when employee stock options for 1000000 shares at a price of $10 were exercised on January 1,2005. Stone realizes the importance of cash flow on a company’s financial health and would like to include a projected statement of cash flows for 2005. Soft Corporation financial statements are presented in Tables 1 and 2. Included are the actual statements for the year ending December 31, 2004.（）

A．Table 1
B．Soft Corporation Balance Sheets
C．as of December 31
单项选择题

For years, John Berger, a CFA charterholder and CEO of a company, relied upon a set of reasonable procedures for preventing violations of the Standards of Practice in the firm. The company has recently arranged to have members of CFA Institute as mid-level supervisors throughout the firm. With this arrangement Berger has delegated the supervision of employees with respect to the Code and Standards to the mid-level managers. With this action Berger:（）

A. is still responsible for seeing that procedures are in place to prevent violations of the Code and Standards.
B. is relieved of his obligation to supervise the employees under the mid-level supervisors.
C. has violated Standard Ⅳ (C), Responsibilities of Supervisors.
单项选择题

A mortgage-backed security has been divided into three classes or tranches as follows: Tranche Ⅰ receives net interest and all the principal payments until it is completely paid off. Tranche Ⅱ receives its share of net interest and starts receiving all the principal repayments after Tranche Ⅰ has been completely paid off. Prior to that, it only receives interest payments. Tranche Ⅲ receives monthly net interest and starts receiving all principal repayments after Tranches Ⅰ and Ⅱ have been completely paid off. Prior to that, it only receives interest payments. For a relatively small decline in mortgage interest rates, which of the tranches has the least amount of prepayment risk（）

A. Tranche Ⅰ.
B. Tranche Ⅱ.
C. Tranche Ⅲ.
单项选择题

Pannonia Enterprises, Inc. (PEI) has a target capital structure of 40% debt with 60% equity. PEI’s pretax cost of debt will remain at 9% until the firm raises more than $200000 in new debt capital, at which point its pretax cost of debt will increase to 9.5%. PEI’s cost of equity will increase when more than $ 400000 in equity capital is raised. Which of the following choices is closest to PEI’s break point for debt capita（）

A. $ 200000.
B. $400000.
C. $500000.
单项选择题

Consider two options A and B. Option A has a strike price of $40 and is selling in the market for $ 4. Option B has a strike price of $32 and is selling in the market for $3. The underlying assets for the options, Stock A and Stock B, have a current market price of $ 43 and $ 29, respectively. Which of the following are most likely TRUE about option A and option B Option A Option B（）

A. Expiring call In-the-money put
B. In-the-money put Expiring call
C. In-the-money call Expiring put
单项选择题

George-Hack is evaluating the risk level in his portfolio of approximately 20 U. S. stocks. He is only concerned with the possibility of earning a rate of return on the portfolio below what he can earn on T-bills. T-bills have been earning approximately4% on average over the last few years. The most appropriate measure of risk for Hack’s portfolio is:（）

A. variance.
B. range of returns.
C. semivariance.
单项选择题

Which of the following is least likely to be considered a role of financial statement analysis（）

A. Determining whether to invest in the company’s securities.
B. Deciding whether to extend trade credit to the company.
C. Assessing the management skill of the company’s executives.
单项选择题

Tobias Johansen, CFA, is currently fully invested in the market portfolio that lies on the capital market line (CML). Johansen desires to increase the expected return from his portfolio. Johansen is risk averse but willing to accept higher risk if he can increase the expected return from his portfolio. According to capital market theory, Johansen can meet his risk and return objectives best by:（）

A. allocating a higher proportion of the portfolio to higher risk assets.
B. borrowing at the risk-free rate to invest in the risky market portfolio.
C. selling low-risk stocks short and invest the proceeds in higher-risk Stocks.
单项选择题

What will happen to interest rate risk for an option-free bond if market yields decrease（）

A. Interest rate risk will increase.
B. Interest rate risk is indeterminate because this type of risk does not depend directly on the movement of market yields.
C. Even if the term structure is flat, interest rate risk could go up or down based on the level of the term structure at the time market yields decrease.
单项选择题

According to the earnings multiplier model, which of the following factors is the least important in estimating a stock’s price-to-earnings ratio The:（）

A. estimated required rate of return on the stock.
B. historical dividend payout ratio.
C. expected dividend payout ratio.
单项选择题

Assume that the supply of ethanol is relatively more elastic than the demand for ethanol. Compared to an initial competitive equilibrium in the market for ethanol, the imposition of a per-gallon tax on producers of ethanol will most likely:（）

A. decrease producer surplus by the total amount of tax collected.
B. decrease producer surplus by less than it reduces consumer surplus.
C. decrease the sum of consumer and producer surplus by the amount of tax collected.
单项选择题

Bill Adams wants to diversify his portfolio by adding certain assets that he expects to lower the overall standard deviation of his portfolio. After selecting several different asset classes. Adams constructed an efficient frontier using various combinations of the assets. Adams can choose a portfolio on the efficient frontier and achieve a diversified investment assuming all of the following assumptions are true, EXCEPT:（）

A. investors believe all investments are represented by a probability distribution of expected returns and seek diversification based on the variability of expected returns.
B. investors base investment decisions solely on the expected risk of the investment.
C. investor utility curves exhibit diminishing marginal utility of wealth.
单项选择题

Compared with fundamental analysis, does technical analysis place more emphasis on: a company’s financial determining the effects of specific events accounting statements on the value of a company’s stock （）

A. No No ;
B. No Yes ;
C. Yes No
单项选择题

A market has the following characteristics: a large number of independent sellers each producing a differentiated product, low barriers to entry, producers face downward sloping demand curves, and demand is highly elastic. This description most closely describes:（）

A. a monopoly.
B. an oligopoly.
C. monopolistic competition.
单项选择题

Michael Robe, CFA, is a junior analyst for a large financial institution and has been preparing an analysis of United Mines, a coal mining company located in the United States. As part of his research, he examines the company’s proxy voting and rules and practices. Which of the following policies would be considered the most restrictive to shareholders（）

A. United Mines allows proxy voting.
B. Shareholders of United Mines are allowed to cast confidential votes but must be present to do so.
C. United Mines requires shareowner attendance to vote but coordinates the timing of its annual meeting to hold them on the same day as other companies in the region.
单项选择题

Which of the following statements about capitalizing expenses and depreciation is most accurate（）

A. The capitalization of a marketing expenditure (instead of expensing it immediately) will result in an increase in fixed asset turnover ratio.
B. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and then decreases at a declining rate each subsequent year.
C. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and then decreases by a constant amount each subsequent year.
单项选择题

Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm’s investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the:（）

A. Wall Street Rule.
B. legal list.
C. fire wall.
单项选择题

Which of the following statements about monopolies is most accurate（）

A. A monopolist’s optimal production quantity is at the point where marginal revenue equals marginal cost.
B. Monopolists charge the highest possible price.
C. Monopolists always make a profit.
单项选择题

If an analyst has a policy of making an inquiry into a client’s financial situation, investment experience, and investment objectives regularly, this is:（）

A. a violation of Standard Ⅲ (E), concerning client confidentiality.
B. a violation of the disclosure requirements of Standard Ⅵ (A).
C. congruent with Standard Ⅲ (C) , Suitability.
单项选择题

Which of the following statements about embedded options is least likely correct（）

A. The call option on a bond cannot trade separately from the bond.
B. If the market value of a putable bond falls below the par value, the issuer will likely exercise the option.
C. The prepayment right granted with a mortgage favors the issuer/borrower.
单项选择题

Using the direct method, cash provided or used by operating activities (CFO) in the year 2005 was: A. $4300000. B. $5300000. C. $6300000. Use the following data to answer Net Income $1000 Depreciation expense 70 Purchase of equipment 200 Goodwill amortization 30 Sale of motor car 25 Sale of common stock 100 Decrease in accounts receivable 40 Increase in inventory 35 Issuance of bonds 20 Increase in accounts payable 30 Increase in wages payable 15 Capital stock exchanged for equipment 10
Cash flow from operating activities is.（）

A. $1065.
B. $1090.
C. $1135.
单项选择题

A tax loss carry forward is best described as the:（）

A. net taxable loss that can be used to refund paid taxes from the previous year.
B. difference of deferred tax liabilities and deferred tax assets.
C. net taxable loss that can be used to reduce taxable income in the future.
单项选择题

Based On historical data and assuming less-than-full employment, periods of sharp acceleration in the growth rate of the money supply tend to be associated initially with（）

A. periods of economic recession.
B. an increase in the velocity of money.
C. a rapid growth in gross domestic product.
单项选择题

Qiang Li is primarily concerned with growing his portfolio using a balance between capital gains and reinvestment of current income. Qian Yun is primarily concerned with achieving an investment return that is no lower than the rate of inflation. Which of the following objectives is most appropriate for: Qiang Li Qian Yun（）

A. Total return Current income
B. Capital appreciation Current income
C. Total return Capital preservation
单项选择题

Rita Sang is a member of the XYZ Company Board of Directors. Rita’s sister, Sarah Everett, is employed by XYZ as Vice President of Information Systems. Kevin Ritter is also a member of XYZ’s Board of Directors and serves on XYZ’s internal audit committee. Kevin’s son, Cary Ritter, is an audit manager with a major accounting firm. Cary Ritter’s firm does not provide audit services to XYZ. Which of the following statements concerning independence is TRUE（）

A. Kevin Ritter is considered an independent board member but Sang is not considered an independent board member.
B. Both Kevin Ritter and Sang are considered independent board members.
C. Sang is considered an independent board member but Kevin Ritter is not considered an independent board member.
单项选择题

Using the direct method, cash provided or used by operating activities (CFO) in the year 2005 was: A. $4300000. B. $5300000. C. $6300000. Use the following data to answer Net Income $1000 Depreciation expense 70 Purchase of equipment 200 Goodwill amortization 30 Sale of motor car 25 Sale of common stock 100 Decrease in accounts receivable 40 Increase in inventory 35 Issuance of bonds 20 Increase in accounts payable 30 Increase in wages payable 15 Capital stock exchanged for equipment 10
Cash flow from investing activities is:（）

A. -$200.
B. -$175.
C. $175.
单项选择题

Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stock’s purchase in her quarterly report. Vivian has recently married and just discovered her husband’s trust account owns several million dollars worth of Double Limited. The stock makes up more than 50 percent of the trust’s value but less than 5 percent of Double Limited’s outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should:（）

A. take no action because the stock is not in her name.
B. disclose her interest in the stock at the time of her next report.
C. cease including Double Limited stock in her report.
单项选择题

In discussing the characteristics of exchange traded funds (ETFs) in markets where capital gains are taxed, and analyst made the following statements:
Are the analyst’s statements correct Statement 1 Statement 2（） ①A. Yes No
②B. Yes Yes
③C. No No
 

A．①
B．②
C．③
单项选择题

Pamela Gee is a portfolio manager. She is planning to establish her own money management firm. She has already informed her employer, Branford, Inc., about her plans. In her remaining time at Branford, she can:（）

A. start the registration of her new company.
B. solicit Branford colleagues but not Branford clients.
C. inform her current clients about her resignation and let them know how to reach her, in case any problems arise in the future.
单项选择题

Which of the following events is most likely to increase short-run aggregate supply (shift the curve to the right)（）

A. High unemployment puts downward pressure on money wages.
B. A rise in resource prices.
C. Inflation that results in an increase in goods prices.
单项选择题

Which of the following statements about the yield curve is TRUE（）

A. A nonparallel shift occurs when rates change by the same number of basis points for all maturities.
B. A nonparallel shift is more common than a parallel shift.
C. The yield curve usually has a non zero slope because rates change by approximately the same number of basis points across maturities.
单项选择题

Using the direct method, cash provided or used by operating activities (CFO) in the year 2005 was: A. $4300000. B. $5300000. C. $6300000. Use the following data to answer Net Income $1000 Depreciation expense 70 Purchase of equipment 200 Goodwill amortization 30 Sale of motor car 25 Sale of common stock 100 Decrease in accounts receivable 40 Increase in inventory 35 Issuance of bonds 20 Increase in accounts payable 30 Increase in wages payable 15 Capital stock exchanged for equipment 10
Cash flow from financing activities is:（）

A. $100.
C. $120.
C. none of the above
单项选择题

Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:（）

A. Aneas hires Trobb as a consultant to analyze Aneas’ financial statements.
B. Trobb’s family trust has a large stake of ownership in Aneas Lumber.
C. Trobb’s cousin repairs machines for Aneas.
单项选择题

For a certain class of junk bonds, the probability of default in a given year is 0.2. Whether one bond defaults is independent of whether another bond defaults. For a portfolio of five of these junk bonds, what is the probability that zero or one bond of the five defaults in the year ahead（）

A. 0.5904.
B. 0.7373.
C. 0.0819.
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