单选题James Jackson currently owns stock in PNG, Inc. , valued at $145 per share. Thinking that PNG is overbought and will decrease in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $2.40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jackson's covered call strategy? Jackson :

单选题Wu Yang, CFA, manages individual portfolios for Far East Trust Company. Hu Haiyun, a client, proposes to Wu Yang, "Any year my portfolio achieves at least a 20 percent return before taxes, you and your family can fly to Sanya in Hainan Province in China at my expense and use my condominium during the Spring Festival in February. " While Wu Yang does not inform his employer of the arrangement, he watches Hu Haiyun's portfolio performance intensively throughout the year and makes sure her account gets top priority for any partially executed block trade order. Hu Haiyun's portfolio return exceeds the 20 percent target for the year, and Wu Yang vacations in Sanya during the following February as Hu Haiyun's guest. According to the Standards of Professional Conduct, Wu Yang has least likely violated the CFA Institute Standards relating to: A. fair dealing. B. disclosure of conflicts. C. priority of transactions.

单选题Which of the following factors of production is least likely to be fixed in the short run?

单选题Ray Stone, CFA, follows the Amity Paving Company for his employer

单选题lan OSullivan, CFA, is the owner and sole employee of two companies, a public relations firm and a financial research firm

单选题Which of the following factors is least likely to affect an investor's risk tolerance? A. Number of dependent family members. B. Level of inflation in the economy. C. Level of insurance coverage and level of cash savings.

单选题Jerry Srruth, CFA, works as a portfolio manager for a large investment management firm and manages investment portfolios for high-net-worth individual clients. Smith relies on high-quality investment research that is consistently sound from one of his favorite brokerage firms, Stafford Securities. In return Smith pays Stafford a higher than average commission. Additionally, Smith uses Cannan Securities, another brokerage firm for trade execution only for a particular client at that client's direction. Cannan Securities charges the highest commission of all of the brokerages Smith currently uses. Has Smith most likely violated the Standards of Professional Conduct? A. No. B. Yes, by using Stafford Securities with higher than average commission. C. Yes, by using Cannan Securities with the highest commission.

单选题Prior to expiration, the maximum value of an Americana call option and an American put option, respectively, is closest to the: American put option American call option ①A. Exercise price Exercise price ②B. Exercise price Underlying price ③C. Underlying price Exercise price

单选题A client calls his money manager and asks the manager to liquidate a large portion of his assets under management for an emergency. The manager warns the client of the risk of selling many assets quickly but says that he will try to get the client the best possible price. This is a violation of: A. Standard Ⅲ (C) , Suitability. B. Standard Ⅴ B. , Communication with Clients and Prospective Clients. C. none of the Standards listed here.

单选题If the probability of an event is 0.20, what are the odds against the event occurring?

单选题Which of the following statements about the financial statement effects of issuing bonds is least likely correct? A. Issuance of debt has no effect on cash flow from operations. B. Periodic interest payments have no effect on cash flow from financing. C. Payment of debt at maturity decreases cash flow from operations by the face value of the debt.

单选题A CFA charterholder agreed in writing with his former employer not to solicit former clients for a period of one year after his termination. After he left his former employer, he consulted with a lawyer about whether the agreement was legally enforceable. The lawyer advised that it was doubtful that the agreement could be enforced, so the charterholder sent marketing brochures about his new firm to his former clients. According to the Standards of Practice Handbook, which of the following statements is most accurate with respect to the charterholder's conduct? A. The Standards do not apply to the charterholder's conduct. B. The Standards require the charterholder to comply with the agreement with his former employer. C. Because the charterholder relied upon the opinion of legal counsel, he did not violate the Standards.

单选题One advantage of the full valuation approach to measuring interest rate risk relative to the duration/convexity approach is that the full valuation approach: