单选题An analyst does research about preference shares. Which of the following statements is least likely to describe an attribution of participating preference shares? Shareholders: A. are entitled to an additional distribution of the company's assets upon liquidation, above the par (or face) value of the preference shares. B. receive unpaid dividends in full before dividends on common shares can be paid. C. receive the standard preferred dividends plus the opportunity to receive an additional. dividends when the company's profits exceed a pre-specified level.

单选题If a lease is capitalized rather than expensed (an operating lease) the firms net income will（ ）

单选题An analyst does research about assumption behind the Markowitz Portfolio Theory. A basic assumption behind the Markowitz Portfolio Theory is that utility curves for an investor: A. demonstrate increasing marginal utility of wealth. B. are a function of expected returns and expected variance of returns only. C. are a function of expected returns on the risk-free asset and the market portfolio.

单选题A project has estimated revenues of $10.0 million and estimated costs of $7.5 million. The following table provides information on amount billed, cash received, and cost incurred for each year of the 3-year project (data are in $ millions). Year 1 Year 2 Year 3 Amount billed 3.0 4.0 3.0 Cash received 3.0 5.0 2.0 Cost incurred 2.0 3.0 2.5 Which of the following statements relating to the cumulative balance sheets and income statement at year-end is least accurate? A. Using the revenue recognition method that tends to smooth income, the company will recognize profit of $ 0.83 million in year 3. B. If ultimate payment is assured and the cost estimates are unreliable, the company will recognize profit of $1.5 million in year 2. C. Considering this project only and using the percentage of completion method, total assets at the end of year 3 will be $ 2.5 million.

单选题An equity analyst follows two industries with the following characteristics: Industry 1 : A few companies with proprietary technologies, products with unique features, high switching costs, and minimal regulatory influences

单选题Joni Black, CFA, works for a portfolio management firm. Black is a partner of the firm and is primarily responsible for managing several large pension plans. Black has just finished a research report in which she recommends Zeta Corporation as a "Strong Buy." Her rating is based on solid management in a growing and expanding industry. She just handed the report to the marketing department of the firm for immediate dissemination. Upon returning to her desk she notices a news flash by CNN reporting that management for Zeta Corporation is retiring. Black wishes she did not recommend Zeta Corporation as a "Strong Buy," but believes the corporation is still a good investment regardless of the management. What course of action for Black is best? Black: A. should revise the recommendation based on this new information. B. is not obligated to revise the recommendation regarding material changes in the corporation because the information was public and not private information. C. should report the new information to her immediate supervisor so that they can determine whether or not the marketing department should send out the report as written.

单选题An analyst gathered the following financial data about a company: share price $8 shares outstanding 50 million expected sales $170 million total operating expenses $80 million operating expenses (depreciation and amortization) $3 million What is the P/CF ratio (using EBITDA for cash flow per stock) for the company? A. 2.83 B. 3.56 C. 4.30

单选题Michael Robe, CFA, is a junior analyst for a large financial institution and has been preparing an analysis of United Mines, a coal mining company located in the United States

单选题A trader seeking to sell a very large block of stock for her client will most likely execute the trade in a(n):

单选题Which of the following is least likely to be considered a role of financial statement analysis?（ ）

单选题Which of the following statements about the appropriate revenue recognition method to use, given the status of completion of the earning process and assurance of payment, is least likely correct? Use the: A. completed contract method when the firm cannot reliably estimate the outcome of the project. B. cost recovery method when future cash collection is highly uncertain. C. installment method when collectability of payments for a sale can be reasonably estimated.

单选题The following information is extracted from a financial statement: Net income $1000 Decrease m accounts receivable 120 Increase In inventory 40 Increase in accounts payable 20 Decrease in wages payable 10 Increase in deferred taxes 40 Depreciation 100 Profit from the sale of fixed assets 10 Dividends paid out 80 Cash flow from operations is:

单选题In the long-run, after all firms in a perfectly competitive industry have adopted new technology, the: A. price will be set where average variable cost is equal to marginal revenue. B. price will equal minimum average total cost. C. individual firm supply will decrease as the cost of implementing technology increases.

单选题Which of the following is TRUE about a bond with a deferred call provision?

单选题A debt security that is collateralized by various corporate bonds would be a(n):

单选题Which of the following statements regarding a forward commitment is FALSE? A forward commitment : A. is a contractual promise. B. involves an action in the future. C. is not legally binding and can involve a stock index.

单选题An analyst has made the following estimates for a stock: Dividends over the next year 0.60 Long-term growth rate 13% Intrinsic value $24 The shares are currently priced at $22. Assuming the stock price moves to intrinsic value over the next year, what is the expected return on the stock?

单选题Aggregate demand is least likely to include: A. net imports. B. investment spending. C. government purchases.

单选题A 3-year option-free bond (par value of $1000) has an annual coupon of 9 percent. An investor determines that the spot rate of year 1 is 6 percent, the year 2 spot rate is 12 percent, and the year 3 spot rate is 13 percent. Using the arbitrage-free valuation approach, the bond price is closest to : A. $968. B. $1000. C. $912.

单选题Which of the following is least likely one of main purposes of derivative markets?