单选题Hui Chen, CFA, develops marking materials for an investment fund he founded three years ago
单选题Assume the following information relating to a fixed-for-fixed currency swap between Party C and D who hold German marks and U. S. dollars respectively. The spot exchange rate between German marks and U. S. dollars is 2.5 marks per dollar. The U. S. interest rate is 10% and the German interest rate is 8%. Party C holds 25 million marks and wants dollars. In return for the marks, Party D would pay: A. DM 25 million to Party C at the initiation of the swap. B. $10000000 to Party C at the initiation of the swap. C. $10000000 to Party C at the initiation of the swap.
单选题The following ten observations are a sample drawn from a normal population: 25, 20, 18, -5, 35, 21, -11, 8, 20, and 9
单选题Which of the following statements about the discounted payback period is FALSE? The discounted payback : A. period is generally shorter than the regular payback. B. frequently ignores terminal values. C. period is the time it takes for the present value of the project cash inflows to equal the cost of the investment.
单选题According to CFA Institute Standards of Professional Conduct, which of the following statements about material nonpublic information is FALSE? Information is: A. nonpublic until it has been disseminated to a select group of investors. B. nonpublic until it has been disseminated to the marketplace in general. C. material if its disclosure would be likely to have an impact on the price of a security.
单选题Baldwin, Inc. uses the last in, first out (LIFO) inventory cost flow assumption. Inventory transactions for beginning inventory and for furniture purchased and sold during 2007 were as follows:
单选题In order to calculate the net present value (NPV) of a project, an analyst would least likely need to know the（ ）
单选题An analyst does research about financial statements. Which of the following best describes the firm's financial performance over a period of time? A. Balance sheet. B. Income statement. C. Cash flow statement.
单选题If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as:
单选题A company has a cash conversion cycle of 80 days. If the company" s average receivables turn-over increases from 11 to 12, the company" s cash conversion cycle:
单选题Two economists, Pearl Millidge and Byron Forrest, are discussing theories that explain why increased inflation causes nominal interest rates to rise. They offer the following explanations: Millidge: Because businesses expect higher prices for their output in the future, they will expect a greater return on their investments and will increase their demand for financial capital, which will drive interest rates higher. Forrest: Savers expect to pay higher prices for goods and services in the future, so they will be less willing to trade current consumption for future consumption and will therefore supply less financial capital, so interest rates increase. Are these explanations correct? Millidge Forrest ①A. Correct Correct ②B. Correct Incorrect ③C. Incorrect Correct
单选题An investment-banking department of a brokerage firm often receives material nonpublic information that could have considerable value if used in advising the firm"s brokerage clients. In order to conform to the Code and Standards, which one of the following is the best policy for the brokerage firm?
单选题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.
单选题The concept of spot and forward rates is most closely associated with which of the following explanations of the term structure of interest rates?
单选题A 30-year, 12% bond that pays interest annually is discounted priced to yield 14%. However, interest payments will be invested at 12%. The realized compound yield on this bond must be:
单选题A trader takes a long position in 40 futures contracts on Day 1
单选题James Handley is a Level Ⅱ candidate in the CFA Program. After taking the exam in June this year, Handleyimmediately enters into an Internet forum for CFA candidates and writes a post expressing his opinion that the CFA examination policies are unfair and CFA Institute doesn't deal fairly with every candidate. Has Handley most likely violated the Standards of Professional Conduct? A. No. B. Yes, by providing confidential program information to the public. C. Yes, by compromising the reputation of CFA Institute and CFA program.
单选题Use the following information to determine the value of River Gardens' common stock: Expected dividend payout ratio is 45 percent. Expected dividend growth rate is 6.5 percent. River Gardens' required return is 12.4 percent. Expected earnings per share next year are $3.25. A. $27.25. B. $24.80. C. $19.67.
单选题Documented market anomalies include all of the following EXCEPT:
A. the greater the ratio of book value/market value, the greater the
risk-adjusted rate of return.
B. low P/E ratio stocks experience superior results to the market.
C. the ability for an investor to profit by buying stocks on Friday and
selling them on Monday.
单选题A forward contract that must be settled by a sale of an asset by
one party to the other party is termed a :
A. physicals-only contract.
B. deliverable forward contract.
C. take-and-pay contract.