单选题The following information relates to a futures market contract: Initial futures price on Day 0 $100 Initial margin requirement $5 Maintemance rnargin requirement $3 Settlement price on Day 1 $103 Settlement price on Day 2 $ 96 Settlement price on Day 3 $98 If no funds are withdrawn and margin calls are met at the beginning of the next day, the ending balance on Day 3 for an investor with a short position of 10 contracts is closest to:

单选题AnanalystdoesresearchaboutfinancialratiosandgathersthefollowinginformationaboutCBNManufacturingInc.(inmillions):Basedonthisinformation,whichofthefollowingratiosmostlikelydecreasesin2011over2010?A.Returnonequity.B.Financialleverage.C.Totalassetturnover.

单选题Which of the following theories assumes the main source of business cycle is most likely due to changes in technology and extemal shocks? A. Keynesian cycle theory. B. Real business cycle theory. C. New classical cycle theory.

单选题In commodity trading, the exchange removes any daily losses from a trader"s account and acids any gains to the trader"s account. This process is known as :

单选题Which type of analysis requires the most subjective judgment on the part of the analyst to be successful?

单选题Which of the following is least likely to be a problem with accounting for internally generated intangible assets? A. Costs of developing these assets may not be easily separable. B. Potential benefits are difficult to measure. C. The potential benefits are spread over a long time period.

单选题A U. S. investor has purchased a tax-exempt 5-year municipal bond at a yield of 3.86 percent which is 100 basis points less than the yield on a 5-year option-free U. S. Treasury. If the investor's marginal tax rate is 32 percent, then the yield ratio is closest to:

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

单选题Silvano Jimenez, an analyst at Banco del Rey, is reviewing recent actions taken by the U. S. Federal Reserve (the Fed) in setting monetary policy. Recently, the Fed decided to increase the money supply, which has resulted in a decrease in real interest rates. At a staff meeting, Jimenez brings this matter to the attention of his colleagues and makes the following statements: Statement 1: Although the money supply increase has led to a decrease in real interest rates, we should begin to see U.S. investors decrease their investments abroad and the U.S. dollar will appreciate in the foreign exchange market. Statement 2: The Fed's increase in the money supply will increase the amount of imports into the U. S. Are Statement 1 and Statement 2 as made by Jimenez correct? Statement 1 Statement 2 ①A. Incorrect Correct ②B. Correct Incorrect ③C. Incorrect Incorrect

单选题根据下表所示的数据解答问题： 投资组合的预期回报率和标准差 投资组合 A B C E(R p ) 16% 7% 15% σ p 33% 12% 28%

单选题A variable is normally distributed with a mean of 5.00 and a variance of 4.00. Calculate the probability of observing a value of negative 0.40 or less. That is, calculate P (Xi -0.40) given X is distributed as N(5,4). Use this excerpt from the cumulative distribution function for the standard normal random variable table to calculate your answer. Cumulative Probabilities for a Standard Normal Distribution P(Z x) = N(x) for x 0 or P(Z z) = N(z) for z 0 The calculated value is closest to:

单选题Given the following portfolio data, the portfolio return is closest to: Asset class Asset allocation(weight)(%) Asset classreturn(%) Correlation withequities class(%) Equities 45 116 100 Mortgages 25 12 30 Cash and equivalents 30 2 10

单选题An analyst does research about the limitations of cash flow yield. Which of the following statements is least accurate to be a shortcoming in application of the cash flow yield measure? A. The projected cash flows are assumed to be reinvested at the cash flowyield. B. The mortgage-backed or asset-backed security is assumed to be held until the final payoff of all the loans, based on some prepayment assumption. C. Because of principle prepayments, in order to project cash flow it is necessary to make an assumption about the rate at which principle prepayments will occur.

单选题A financial advisor gathers the following information about a new client: The client is a successful economics professor at a major university The client plans to work full time for seven years and then will work part time for 3 years before retiring The client owns two homes and does not have any outstanding debt The client has accumulated retirement savings of approximately $ 2 million through their employers retirement plan and will have anticipated retirement spending needs of $60,000 pe

单选题An analyst does research about liquidity ratios. An analyst compares a company that uses the first-in, first-out (LIFO) method of inventory valuation with other companies in the same industry that mostly uses the last-in, first-out (LIFO) method of inventory valuation. Which of the following least likely needs an adjustment in order to compare the company with its competitors? A. Quick ratio. B. Current ratio. C. Cash conversion cycle.

单选题Earnings before interest and taxes (EBIT) is also known as:

单选题What is the yield to call on a bond that has an 8 percent coupon paid annually, $1000 face value, 10 years to maturity and is first callable in 6 years? The current market price is $1100. The call price is the face value plus 1-year's interest.

单选题Which of the following is a CORRECT statement of a member's duty under the Code and Standards? A. A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute Code and Standards may impose a higher degree of responsibility or a higher duty on the member. B. A member who trades securities in a foreign securities market where no applicable local laws or stock exchange rules regulate the use of material nonpublic information may take investment action based on this information. C. In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

单选题In the short run, when there is excess capacity in the economy, an unanticipated increase in the money supply will initially exert its primary impact on: A. output and employment rather than on prices. B. inflation, particularly if excess capacity is present. C. interest rates because rising interest rates will stimulate additional savings.

单选题An analyst collects the following set of ten returns of a firm from the past: 2.2 percent, 6.2 percent, 8.9 percent, 9.3 percent, 10.5 percent, 11.7 percent, 12.3 percent, 14.1 percent, 15.3 percent, and 18.4 percent. What value is closest to the geometric mean return of this firm?