单选题Peter Stone is considering buying a $100 face value, semi-annual
coupon bond with a quoted price of 105.19. His colleague points out that the
bond is trading ex-coupon. Which of the following choices best represents what
Stone will pay for the bond?
A. $105.19 plus accrued interest.
B. $105.19 minus accrued interest.
C. $105.19.
单选题ABC is a new (established 2002) asset management firm, and wishes to adhere to the GIPS standards. ABC is aware that this will entail significant input data requirements. These requirements will include: A. calculating returns for each security based on the compounding convention of the security's home market. B. the capture and maintenance of daily price data for all securities held. C. the valuation of portfolios on at least a monthly basis.
单选题Growth of real GDP in the Czech Republic is at a historically low level. An economic summit in Prague invited the leading economists to pose a solution to the declining economic situation. Many of the economists in attendance subscribe to supply side economic theory. Their solution is to reduce the incredibly high marginal tax rate of 68% to 35%. The primary benefit of such a policy is: A. higher levels of disposable income and ability to consume goods and services leading to higher GDP. B. greater incentive for individuals to spend-their income on tax-deductible luxury items. C. increased incentive for domestic investment leading to increased aggregate supply and GDP.
单选题At a market rate of 7 percent, a $1000 callable par value bond is priced at $910, while a similar bond that is non-callable is priced at $960. What is the value of the embedded call option?
单选题Which of the following least accurately expresses the basic accounting equation? A. Revenue-Expense=Net income. B. Assets=Liabilities+Owner's equity. C. Liabilities+Contributed capital+Beginning retained earnings=Assets.
单选题Ananalystdoesresearchaboutbondvaluationandgavehersupervisorthefollowinginformationabouttwo$1000parvalueoption-freebonds:BondPriceCouponRateYieldtoMaturity1$11117.00%8.25%2$9555.80%6.70%Theanalyst'ssupervisorreviewedtheinformationandstatedthattheinformationgivenisconsistentwiththeexpectedrelationshipsforthebond1butisnotconsistentwiththeexpectedrelationshipsforthebond2.Isthesupervisorcorrectwithrespecttothe:
单选题Weights to be used in calculating a company's weighted average cost of capital are least appropriately based on: A. the company's current capital structure. B. the average capital structure weights for companies of a similar size. C. the average capital structure weights for companies in the same industry.
单选题Which of the following is NOT a characteristic of the long-run
industry supply curve?
A. The long-run supply curve is less elastic than the short run supply
curve.
B. The long-run supply curve is flatter than the short-run supply
curve.
C. In the long run, there will be a greater change of quantity supplied for
a given price change, than in the short run.
单选题A forward rate agreement (FRA) : A. must consider the creditworthiness of the parties making the deal when determining the rate. B. requires the long to pay cash to the short if the rate specified in the contract at expiration is below the current floating rate. C. can sometimes be viewed as the right to borrow money at below-market rates.
单选题At the end of the year, a firm reported LIFO inventory of $30000 and cost of goods sold of $80000. If the LIFO reserve was $8000 at the beginning of the year and $20000 at the end of the year, how much was FIFO COGS?
单选题An analyst gathered the following information about stock A and the market index:
Estimated future rate of retum for stock A
16%
Covariance of stock Awith the market index
600.0
standard deviation of the market index
20.0
Risk-free rate of retum
5%
Yield of zero coupon Treasury bond
6%
Expected future rate of return for the market index
13%
Based only on the information above, the analyst"s most appropriate conclusion is that the stock is:
单选题Which of the following statement is inconsistent with Standard Ⅵ (C) Disclosure of Referral Fees?
单选题An analyst does research about the coefficient of covariance and the Sharpe ratio. A security's mean return is positive and more than its standard deviation of returns. If the risk-free rate is zero, the coefficient of covariance is most likely: A. less than the Sharpe ratio. B. equal to the Sharpe ratio. C. greater than the Sharpe ratio.
单选题In behavioral finance, the tendency to seek out good news and ignore bad news is called（ ）
单选题When workers agree to forego leisure to undertake labor and receive wages, the term that is applied in labor supply economics is the:
单选题Which of the following is least likely among the usual investment constraints that should be considered? A. Tax concerns and Legal factors. B. Adherence to the Standards of Practice. C. Unique needs and Preferences.
单选题A stop-buy order is most likely placed when a trader:
单选题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.
单选题Given the following forward rates, the value of a 4 -year, 11 percent
annual pay, $1000 par bond, is closest to:
Year
Rate
1
7.00%
2
8.15%
3
10.30%
4
12.00%
Note that the year 1 rate is the current rate (or spot rate) on a 1 -year
security.
A. $1060.36.
B. $984.25.
C. $1052.63.
单选题As a general rule, revenue is normally recognized when A. it is measurable. B. it is measurable and received. C. the earnings process is complete and cash receipt is assured.