单选题Which of the following is a component of the Code of Ethics? CFA Institute members shall: A. use particular care in determining applicable fiduciary duty. B. not knowingly participate or assist in any violation of laws, rules, or regulations. C. use reasonable care and exercise independent professional judgment.

单选题For retired 65-year-old investor, with moderate risk tolerance and adequate insurance and cash reserves, the appropriate portfolio will most likely have the following mix of bonds and stocks:

单选题Is monopolistic competition a market in which: each seller produces a differentiated product? compete on price, quality, marketing ? ①A. No No ②B. No Yes ③C. Yes Yes A. ① B. ②C. ③

单选题Which of the following statements about leasing is FALSE?（ ）

单选题A residential apartment block in New York has 20 apartments of 1000 square foot area each. The monthly rental per apartment is $5000. The vacancy rate is 10% , and average collection losses are 2%. Operating expenses are $10000 per month (fixed expenses not depending on occupancy). The risk free rate and cap rate are 5% and 10% respectively. The value of the property using the NOI approach is closest to:

单选题A security market with price continuity is most accurately characterized as a market in which: A. assets can be bought or sold quickly with minimal transaction costs. B. prices change rapidly from one transaction to the next in response to new information. C. prices do not change much from one transaction to the next in the absence of new information.

单选题The unrealized gains and losses arising from changes in the market value of available-for-sale securities are reported under U.S. GAAP and International Financial Reporting Standards (IFRS) in the: A. equity section for both. B. equity section for U. S. GAAP and the income statement for IFRS. C. income statement for U. S. GAAP and the equity section for IFRS.

单选题All of the following factors affects the firm's P/E ratio EXCEPT: A. the expected interest rate on the bonds of the firm. B. growth rates of dividends. C. expected dividend payout ratio.

单选题BLD Inc. produces pure bottled water. The industry has experienced rapid growth as fitness conscious consumers demand these types of products. The growth has attracted many competitors to the industry. However, marketing campaigns to differentiate their products have proven unsuccessful. The main cost to producers is the filtering system that is required to purify the water. The demand for the filtering systems, as a result of industry growth, has led to a reduction in the cost of the systems. Indicate whether the pure bottled water market is best described as a price searcher or price taker and state whether the long-run supply curve is downward-or upward-slopping. Pure bottled water maker Long run supply curve ①A. Price searcher Downward-sloping ②B. Price taker Downward-sloping ③C. Price searcher Upward-sloping A. ①B. ②C. ③

单选题Which of the following statements regarding the net present value (NPV) and internal rate of return (IRR) is least accurate? A. The NPV tells how much the value of the firm will increase if you accept the project. B. For mutually exclusive projects, the internal rate of return IRR and the net present value NPV methods may give conflicting accept/reject decisions. C. For mutually exclusive projects, you must accept the project with the highest NPV regardless of the sign of the NPV calculation.

单选题Relative to an investor with a steeper indifference curve, the optimal portfolio for an investor with a flatter indifference curve will most likely have:

单选题Under the IFRS Framework for the Preparation and Presentation of Financial Statements, it is most appropriate to recognize a financial statement element in the financial statements if it:

单选题Which of the following statements about a callable bond is TRUE? A. The call option on a bond trades separately from the bond itself. B. A bondholder usually loses if a bond is called by being forced to reinvest the proceeds at a lower interest rate. C. Callable bonds follow the standard inverse relationship between interest rates and price.

单选题A 15-year, $1000 face value zero-coupon bond is priced to yield a return of 8.00 percent compounded semi-annually. What is the price of the bond, and how much interest will the bond pay over its life, respectively? Bond Price Interest ①A. $691.68 $308.32 ②B. $610.25 389.75 ③C. $308.32 691.68 A. ①B. ②C. ③

单选题CompliancewiththeGlobalInvestmentPerformanceStandards()canleastlikelybeclaimedbyfirmsthat:A.manageavarietyofclients'assets.B.consultwichinvestorstoselectexternalassetmanagers.C.isdefinedasinvestmentfirm,subsidiaryordivisionheldouttoclientsandprospectiveclientsasadistinctbusinessentity.

单选题Which of the following statements about creating a collateralized mortgage obligation (CMO) is FALSE? A CMO: A. redistributes the risk between the tranches on an unequal basis. B. redistributes the risk between the tranches on a random basis. C. does not affect the overall risk of prepayment.

单选题An equity analyst has collected the following data for Apollo Television, Inc

单选题Which of the following statements concerning the persistence of pricing anomalies is least likely to be correct?（ ）

单选题With respect to the underlying asset, which of the following derivatives provides the lea.st information about price volatility? A. Call. B. Put. C. FRA.

单选题Which of the following weighting schemes will produce a downward bias on the index due to the occurrence of stock splits by firms in the index?