单选题All else equal, which of the following would most likely cause a firm's price-earnings ratio to decline? A. The level of inflation is expected to decline. B. The dividend payout ratio increases. C. The yield on Treasury bills increases.

单选题An analyst gathered the following data for the Parker Corp. for the year ended December 31, 2008: EPS 2008 =$1.75 Dividends 2008 =$1.40 Beta parker =1.17 Long-term bond rate = 6.75% Rate of return S&P 500 =12.00% The firm has changed its dividend policy and now plans to pay out 60% of its earnings as dividends in the future. If the long-term growth rate in earnings and dividends is expected to be 5% , the appropriate price to earnings (P/E) ratio for Parker will be:

单选题While reviewing a company, an analyst identifies a permanent difference between taxable income and pretax income. Which of the following statements most accurately identifies the appropriate financial adjustment?

单选题Kimberwick Technologies reports the following information as of December 31,2007. In addition, the company reported $1000 in depreciation expense. If the change in the cash balance for the year was $12000 using the indirect method, the cash collections and cash flow from operations (CFO) using the direct method is closest to: Data Net sales 50000 Cash flow from financing -4250 Cash expenses 4250 Cash inputs 17000 Cash taxes 7000 Increase in receivables 500 Cash flow investing -5000 Cash collections CFO ①A. $49500 $ 21250 ②B. $49500 $ 22250 ③C. $50000 $ 21250 A．① B．② C．③

单选题A test of a hypothesis that the means of two normally distributed populations are equal based on two independent random samples:

单选题Consumer surplus is best explained as the（ ）

单选题John receive $1000 at the beginning of each for the next 10 years. Assume that the interest rate is 12% , calculate the value of this annuity at the end of the ten-year period.

单选题All else being equal, the difference between the nominal spread and the Z-spread for a non-Treasury security will most likely be larger when the:

单选题Rivendale Enterprises issued a 3-year, $ 20 million face, 8% semiannual coupon bond when market interest rates were at 9%. What was the initial balance sheet liability and what percent-age of the cumulative interest expense occurred through year 1? Initial liability Year 1 interest expense ①A. $ 19484213 31.84% ②B. $ 19484213 33.05% ③C. $ 20000000 33.05%

单选题When Peter Jiang, CFA, joined Brown Investing, Brown began using a quantitative stock selection model that Peter had developed on his own personal time prior to his employment with Brown. One year later when Peter left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Peter violate any CFA Institute Standards of professional Conduct? A. No. B. Yes, because he failed to act in Brown's best interest. C. Yes, because he misappropriated property that now belonged to Brown.

单选题Which of the following statements about a corporation' s annual reports, SEC filings, and press releases is most accurate? A. Annual and quarterly SEC filings are required to be audited. B. Interim SEC filings typically update the major financial statements and footnotes. C. Annual reports are generally viewed as the most factual and objective source of information about a company.

单选题Which of the following statements regarding capital market efficiency is TRUE ? A. Study results generally do not support the strong form of the efficient market hypothesis. B. Event studies and time series tests provide evidence that markets do not tend to be semistrong form efficient. C. Corporate insiders and stock exchange specialists have monopolistic access to information that can be used to obtain positive abnormal returns.

单选题What is the effective annual rate if the stated rate is 12 percent compounded quarterly?

单选题In an equity swap（ ）

单选题Jamal Winfield is an analyst with Stolzenbach Technologies, a major computer services company based in the U.S. Stolzenbach's management team is considering opening new stores in Mexico, and wants to estimate the cost of equity capital for Stolzenbach's investment in Mexico. Winfield has researched bond yields in Mexico and found that the yield on a Mexican government 10-year bond is 7.7 percent. A similar maturity U.S. Treasury bond has a yield of 4.6 percent. In the most recent year, the standard deviation of Mexico's All Share Index stock index and the S&P 500 index was 38 percent and 20 percent respectively. The annualized standard deviation of the Mexican dollar-denominated 10-year government bond over the last year was 26 percent. Winfield has also determined that the appropriate beta to use for the project is 1.25, and the market risk premium is 6 percent. The risk free interest rate is 4.2 percent. What is the appropriate country risk premium for Mexico and what is the cost of equity that Winfield should use in his analysis? Country Risk Premium for Mexico Cost of Equity for Project ①A. 4.53% 19.06% ②B. 5.89% 17.36% ③C. 4.53% 17.36% A. ① B. ② C. ③

单选题Industry analysis is least useful to those who are engaged in:

单选题Which of the following statements is most accurate? An intangible asset with a finite useful life is: A. amortized. B. tested for impairment at least annually. C. amortized and tested for impairment at least annually.

单选题Which of the following investors is least likely to have liquidity risk concerns? A:

单选题Which of the following statements best explains how anticipating the effects of expansionary monetary policy influences its effectiveness? When the effects from a change to a more expansionary monetary policy are fully anticipated, we can expect that: A. the inflation rate will decrease and increase the policy's effectiveness. B. interest rates will decrease in the short run and reduce the policy's effectiveness. C. contracts will reflect expected higher prices and reduce the policy's effectiveness.

单选题An increase in the expected rate of inflation is most likely to cause aggregate demand and short-run aggregate supply to: Aggregate demand Short-run aggregate supply ①A. Increase Increase ②B. Increase Decrease ③C. Decrease Increase