单选题A period when an economy is experiencing substantial inflation and either a declining or slow rate of growth in output is called:
单选题Peter buys a stock for $ 25 per share. At the end of the one-year holding period the price of the stock is $ 40 per share. Assume that it pays no dividends, calculate the continuously compounded return.
单选题Which of the following statements about Standard Ⅵ (C), Referral Fees, is TRUE? A. Referral fees must be disclosed after proceeding with an agreement for service. B. Referral fees may be disclosed before or after proceeding with an agreement for service. C. Referral fees must be disclosed before proceeding with an agreement for service.
单选题An analyst gathered the following data about a company:
●The company stock beta is 1.8.
●Risk-free rate is 7%.
●Market risk premium is 5%.
The company"s cost of equity using capital asset pricing model (CAPM) approach is:
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:
A. between 12.0% and 14.0%.
B. 12.0%.
C. 14.0%.
单选题From a population of 5000 observations, a sample of n=100 is selected.
Calculate the standard error of the sample mean if the population standard
deviation is 50.
A. 4.48.
B. 5.00.
C. 4.00.
单选题Assume an option free 5 percent coupon bond with annual coupon payments has two years remaining to maturity. A putable bond that is the same in every respect as the option free bond is priced at 101.76. With the term structure flat at 6 percent what is the value of the embedded put option?
单选题Which of the following tests are NOT used to examine the weak form of
the efficient market hypothesis? Those that examine:
A. whether security returns are independent over time.
B. a security's return relative to the market return.
C. whether excess returns can be obtained from using mechanical trading
rules.
单选题An option sold for $10 is currently in-the-money $5. If the underlying is priced at $80, which of the following best describes that option?
单选题An analyst gathered the following information about four common stock that all have the same dividend payout ratio: Stock Required Rate of Return Dividend Growth Rate 1 16.4% 7.1% 2 14.1% 9.2% 3 15.3% 4.4% 4 19.1% 8.0% The lowest earnings multiplier (price earnings ratio) would most likely be associated with stock: A. 2. B. 3. C. 4.
单选题Paragon Company' s operating profits are $100000, interest expense is $ 25000, and earnings before taxes are $ 75000. What is Paragon's interest coverage ratio?
单选题Dorian Solot, CFA, is responsible for a team of research analysts at Apac Bank, located in a country with strict laws prohibiting intellectual property transfers
单选题Which of the following statements is not the necessary condition for
effective price discrimination to occur?
A. The seller must have a large advertising budget relative to sales.
B. The seller must be able to prevent customers from reselling the
product.
C. The seller must have at least two identifiable groups of customs with
different price elasticities of demand for the product.
单选题Heidi Halvorson, CFA, is the chief investment officer for Tukwila Investors, an asset management firm specializing in fixed-income investments
单选题A company reported its latest annual report as following:
Net income = $1000000
Total equity = $5000000
Total assets = $10000000
Dividend payout ratio =40%
Based on the sustainable growth model, the most likely forecast of the company"s future earnings growth rate is:
单选题According to the Code of Ethics, a member reflects credit on the
profession when a member:
A. consults with other members on a regular basis.
B. practices in a professional and ethical manner.
C. places the clients first.
单选题The Global Investment Performance Standards (GIPS) were designed to be applied with the goal of full disclosure and fair representation of investment performance in all instances EXCEPT: A. when applicable local laws or regulations conflict with the GIPS, in which case, firms must comply with local laws and fully disclose the conflict. B. when a firm or composite has been in existence for less than five years, in which case, less stringent standards apply. C. in the case of private equity and real estate investments, which do not fall within the scope of the GIPS.
单选题Which one of the following most accurately describes the normal sequence of a business cycle? A. Expansion, contraction, recessionary trough, and peak. B. Peak, contraction, expansion, and recessionary trough. C. Contraction, recessionary trough, expansion, and peak.
单选题A company that prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) is attempting to produce lighter and longer-lasting batteries for portable electronic devices
单选题Train, Inc.s cash flow from operations (CFO) in 2004 was $14 million. Train paid $8 million cash to acquire a franchise at the beginning of 2004 that was expensed in 2004. If Train had elected to amortize the cost of the franchise over eight years, 2004 cash flow from operations (CFO) would have been（ ）