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? A. Timmy has past Level Ⅱ and is registered to take the Level Ⅲ examination. In her resume she states, "I am a Level Ⅱ candidate in the CFA Program. " B. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. She writes on her business card, "Timmy Wong, Chartered Financial Analyst. " C. Timmy has passed all three levels of the CFA Program, has received her charter, and is a charter holder in good standing. Her company writes in promotional literature "Timmy Wong is one of two CFAs in the company".
单选题Which of the following statements is least accurate? Nonrefundable bonds: A. holder is protected only if interest rates decline. B. holder is protected from obtaining lower-cost money to pay off the debt. C. provide greater assurance against premature and unwanted redemption than callable bonds.
单选题Which of the following statements regarding Global Investment
Performance Standards (GIPS) is most accurate?
A. GIPS exist as a best or maximum worldwide standard where local or country
specific law for in vestment performance measurement does not exist.
B. GIPS require that managers rank order all fee - paying discretionary
portfolios back at least five years or for as long as they have been in
existence.
C. GIPS require that all fee - paying discretionary portfolios be included
in composites defined according to investment objective or similar strategy and
firms must show GIPS compliant history for a minimum of five years or since
inception if a composite has existed less than five years.
单选题An investor gathers the following information about three U. S. Treasury annual coupon bonds:
Bond 1
Bond 2
Bond 3
Maturity
2 - year
1 - year
2 - year
Price
$10000
$384.62
$9660
Coupon
4%
0%
0%
Par Value
$10000
$400
$10400 Given the above information, how can the investor generate an arbitrage profit? A. Purchase bond 1 while selling bonds 2 and 3. B. Purchase bonds 2 and 3 and selling bond 1. C. Purchase bonds 1 and 3 while selling bond 2.
单选题Which of the following statements about verification of compliance with the Global Investment Performance Standards (GIPS) is least accurate? A. Verification is voluntary. B. Verification report can be performed by an independent third party. C. Verification report can be performed with specific composites.
单选题A firm is uncertain about both the number of units the market will demand and the price it will receive for them
单选题A twenty-year $1,000 fixed rate non-callable bond with 8% annual coupons currently sells for $1,105
单选题Details of Net Asset Values of three funds: NAV as on Dec 31, 2008 NAV as on Dec 31, 2007 Fund A $12 $10 Fund B $55 $50 Fund C $50 $55 The Fund that had the best performance during 2008 was: A. Fund A. B. Fund B. C. Cannot be determined from the above information.
单选题Congress enacts a program to subsidize farmers in the Midwest with an expansive spending program of $30 billion. At the same time, Congress enacts a $30 billion tax increase. Which of the following best describes the impact on the economy?
单选题Charles Mbuwanga, a Level Ⅲ CFA candidate, is the business development manager for Sokoza Investment Group, an investment management firm with high-net-worth retail clients throughout Africa
单选题If a central bank wants to implement expansionary monetary policy, how would the central bank use the following monetary tools? Reserve Requirements Open Market Operations Discount Rate ①A. Lower Buy additional government securities Lower ②B. Lower Sell previous purchased government securities Raise ③C. Raise Sell previous purchased government securities Raise
单选题An analyst gathered the following information about two common stocks: · variance of returns for the Company E=15.5 · variance of returns for the Company F=22.3 · covariance between returns of Company E and Company F = 8.65 The correlation coefficient between returns for the two common stocks is closest to:
单选题The mean return of a portfolio is 20% and its standard deviation is 4%.
The returns are normally distributed. Which of the following statements
about this distribution are least accurate? The probability of receiving a
return:
A. of less than 12% is 0.025.
B. between 12% and 28% is 0.95.
C. in excess of 16% is 0.16.
单选题The following data pertains to an investor"s stock:
The stock will pay no dividends for two years.
The dividend three years from now is expected to be $1.
Dividends are expected to grow at a 7% rate from that point onward.
If the investor requires a 17 percent return on their investments, how much will the investor be willing to pay for this stock now?
单选题Jack Salyers, CFA, is considering starting his own firm to compete with his current employer
单选题An analyst does research on a company's income and cash flow statement. The company classifies interest expense as an operating activity and reports the following information: ·Cash flow from operating activities is $200000 ·Capital expenditures is $120000 ·Free cash flow to the firm is $90000 ·Free cash flow to equity is $70000 ·Tax rate is 40% The company's interest expense is closest to: A. $6000 B. $16667 C. $25000
单选题North Shore Excursions faces a downward sloping demand curve, hasthree
identifiable customer groups with the same elasticity of demand, and can prevent
resale of the product. Can North Shore profit from pricediscrimination and in
general, does a firm that engages in pricediscrimination achieve more gains from
customers with elastic or with inelastic demand? Can North
Shore profit? Higher gain from customers
with: ①A. Yes
Elastic
demand ②B. Yes
Inelastic
demand ③C. No
Inelastic demand
A. ①
B. ②
C. ③
单选题A company uses the percentage-of-completion method to recognize revenue from its long term construction contracts and estimates percent completion based on expenditures incurred as a percentage of total estimated expenditures. A three-year contract for 10million was undertaken with a 30% gross profit anticipated. The project is now at the end of its second year, and the following end-of-year information is available:
Year 1
Year 2
Costs incurred during year
3,117,500
2,582,500
Estimated total costs
7,250,000
7,600,0
The gross profit recognized in year 2 is closest to:
单选题Which of the following types of business firms exposes its owners to the greatest legal liability in the U.S. and which type of firm is most likely to face a principal-agent conflict? Liability Principal-agent conflict A. Corporation Corporation B. Corporation Partnership C. Proprietorship Corporation
单选题Which of the following statements concerning security valuation is least accurate?