单选题When accounting for inventory, are the first-in, first-out (FIFO) and the last-in, first-out (LIFO) permitted under U.S. GAAP? FIFO LIFO ① yes yes ② yes no ③ no yes

单选题The post-audit performed as part of the capital budgeting process is least likely to: A. improve a firm's operations. B. produce concrete ideas for future investments. C. force management to revise the original forecast to match actual results.

单选题In the short run, if price is below average total cost (ATC), the firm will: A. keep running as long as it is covering its variable costs. B. produce more. C. raise prices.

单选题Which of the following is NOT part of the CFA Institute Code of Ethics. Members of CFA Institute will : A. use reasonable care and exercise independent professional judgment. B. strive to maintain and improve their competence and the competence of others in the profession. C. recommend investments that maximize returns for a given level of risk.

单选题Consider the following two statements about put-able bonds: Statement 1: As yields fall, the price of put-able bonds will rise less quickly than similar option-free bonds (beyond a critical point) due to the decrease in value of the embedded put option. Statement 2: As yields rise, the price of put-able bonds will fall more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option. You should: A. agree with statement 1 and disagree with statement 2. B. agree with statement 1 and agree with statement 2. C. disagree with statement 1 and disagree with statement 2.

单选题An analyst does research about financial statement framework. Ratios and graphs are most likely the output of which of the following phases of the financial statement analysis framework? A. Process data. B. Analyze/interpret the processed data. C. Collect input data.

单选题The sample of per square foot sales for 100 U. S. retailers in December 2004 is an example of:

单选题Compared to European put options on an asset with no cash flows, an American put option（ ）

单选题The development most likely to lead to an increase in the velocity of money is: A. a decrease in money interest rates resulting from restrictive fiscal policy. B. an increase in the expected rate of inflation. C. a sharp decline in the use of credit cards.

单选题The RR Corporation had cash flow from operations of $ 20 million. RR purchased $ 5 million in equipment and sold $ 3 million of equipment during the period. Cash flows from financing were $ 2 million. What is RR' s free cash flow for the period? A. $18. B. $22. C. $20.

单选题Simone Girard, CFA candidate, is studying yield volatility and the value of callable bonds. She has the following information: a callable bond with a call option value calculated at 1.25 (prices are quoted as a percent of par) and a straight bond similar in all other aspects priced at 98.5. Girard also wants to determine how the bond's value will change if yield volatility increases. Which of the following choices is closest to what Girard calculates as the value for the callable bond and correctly describes the bond's price behavior as yield volatility increases?

单选题With respect to accounting equations, which of the following is least accurate? A. Ending retained earnings=Beginning retained eamings+Net income-Dividends. B. Ending retained earnings=Beginning retained earnings+RevenuesExpenses-Dividends. C. Assets=Liabilities-Contributed capital+Beginning retained earnings+ Revenues-Expenses-Dividends.

单选题Answering an essay question on a midterm examination, a finance student writes these two statements: Statement 1: The value of a fixed income security is the sum of the present values of all its expected future coupon payments. Statement 2: The steps in the bond valuation process are to estimate the bond's cash flows, determine the appropriate discount rate, and calculate the present value of the expected cash flows. Should the instructor mark these statements correct or incorrect? Statement 1 Statement 2 ①A. Correct Correct ②B. Correct Incorrect ③C. Incorrect Correct

单选题Enduring Corp. operates in a country where net income from sales of goods are taxed at 40 percent, net gains from sales of investments are taxed at 20 percent, and net gains from sales of used equipment are exempt from tax. Installment sale revenues are taxed upon receipt. For the year ended December 31,2004, Enduring recorded the following before taxes were considered : Net income from the sale of goods was $ 2000000, half was received in 2004 and half will be received in 2005. Net gains from the sale of investments were $ 4000000, of which 25 percent was received in 2004 and the balance will be received in the 3 following years. Net gains from the sale of equipment were $1000000, of which 50 percent was received in 2004 and 50 percent in 2005. On its financial statements for the year ended December 31,2004, Enduring should apply an effective tax rate of: A. 22. 86% and increase its deferred tax liability by $1000000. B. 22. 86% and increase its deferred tax asset by $1000000. C. 26.67% and increase its deferred tax liability by $ 1000000.

单选题Which of the following is not an effect of restrictive monetary policy?

单选题Hay farmers are in a perfectly competitive market. Assume that each acre of land produces 100 bushels of hay. The marginal revenue product of an acre of land is then:

单选题A decrease in the required reserve ratio（ ）

单选题Cooper Corp. reports the following information about its common shares: ·Market price per share is $40 ·Book value per share is $ 0 ·20 million shares outstanding ·Earnings per share is $2.50 If Cooper Corp. repurchases two million shares at the market price, the book value per share after the repurchase is closest to: A. $16.0 B. $17.8 C. $22.2

单选题Selected information from a companys comparative income statements and balance sheets is presented below. The cash collected from customers in 2011 is closest to:

单选题Which of the following statements about portfolio diversification is TRUE? A. The efficient frontier represents individual securities. B. When a risk-averse investor is confronted with two investment opportunities having the same expected return, the investor will take the opportunity with the lower risk. C. When a portfolio is efficient, it will lie above and to the left of the efficient frontier.