单选题The least likely reason that a security analyst needs to understand the accounting process is to:
单选题
An analyst has gathered the following data about a
company with a 12 percent cost of capital.
Project A
Project B
Initial cost
$15000
$20000
Life
5years
4years
Cash inflows
$5000/year
$7500/year
单选题An investor sold ten March stock index futures contracts. The multiplier on the contract is 250. At yesterday's settlement price of 998.40 the margin balance in the account was computed as $ 86450. Today the index future had a settlement price of 1000.20. The new margin amount is:
单选题An investor expects a stock currently selling for $ 20 per share to increase to $ 25 by year - end. The dividend last year was $1 but he expects this year's dividend to be $1.25. What is the expected holding period return on this stock?
单选题If a regulatory agency intervenes to reduces, a natural monopoly will most likely expend output to the level where: A. average cost equals price. B. average cost equals marginal revenue. C. marginal cost equals marginal revenue.
单选题The six-month Treasury bill has a yield to maturity of 5 percent. The one-year Treasury bill, with zero coupon, has a yield to maturity of 6 percent. If a Treasury note with a maturity of 1.5 years and a coupon rate of 6 percent is priced at 97.32, what's the implied spot rate of 1.5 years?
单选题An analyst gathers the following data about a company and the industry in which it operates:
company ($ millions)
industry averages as a percent of sales
revenues
cost of goods sold
operating expenses
profit margin
5000
2100
1750
475
100%
45%
32%
9.5% Which of the following conclusions is most reasonable? Compared to the industry, the company: A. has the same cost structure and net profit margin. B. has a lower gross profit margin and spends more on its operating costs. C. is better at controlling product costs, but less effective at controlling operating costs.
单选题Achaea Corporation reported that its return on equity, which had been in a declining trend through the year 20X3, improved in 20X4 and 20X5. An analyst uses an extended DuPont formula to decompose Achaea's return on equity :
单选题Which one of the following statement is most accurate?
Under the liability method of accounting for deferred taxes, a decrease in the tax rate at the beginning of the period will:
单选题On a particular day the Wall Street Journal reports that the 91-day on-the-run U. S. Treasury bill is yielding 6 percent and the 30-year on-the-run U. S. Treasury bond is yielding 8 percent. In the market, default risk premiums average 2 percent, maturity risk premiums average 2 percent and liquidity risk premiums average 1 percent. If expected inflation is 3 percent, the real risk free rate of interest is:
单选题There is 5-year annuity of $ 3000 per year. However, the first payment will not pay until year 3. Assuming the interest rate is 10% , calculate the present value of this annuity.
单选题The scale-free measure of relative dispersion that is useful in making direct comparisons among different asset classes is the:
单选题Current spot rates are as follows: 1- Year: 6.5% 2 - Year: 7.0% 3 - Year: 9.2% Which of the following is TRUE? A. For a 3 - year annual pay coupon bond, all cash flows can be discounted at 9.2% to find the bond's arbitrage-free value. B. The yield to maturity for 3 - year annual pay coupon bond can be found by taking the arithmetic average of the 3 spot rates. C. For a 3 - year annual pay coupon bond, the first coupon can be discounted at 6.5%, the second coupon can be discounted at 7.0% , and the third coupon plus maturity value can be discounted at 9.2% to find the bond's arbitrage-free value.
单选题For 2007, Morris Company had 73 days of inventory on hand. Morris would like to decrease its days of inventory on hand to 50. Morris' cost of goods sold for 2007 was $100 million. Morris expects cost of goods sold to be $124.1 million in 2008. Assuming a 365 day year, compute the impact on Morris' operating cash flow of the change in average inventory for 2008.
单选题 某投资组合由资产A和资产B组成，两类资产的相关数据如下表所示。
{{B}}投资组合的相关数据{{/B}}
资产A
资产B
投资比例投资回报率的标准差
70%0.46
30%0.35
试根据上述信息解答问题。
单选题The best characterization of a firm that is operating on its long-run average cost curve is when it: A. experiences constant returns to scale. B. produces a given output at the least possible cost. C. chooses a plant size that minimizes the average fixed cost.
单选题A bond has a modified duration of 6 and a convexity of 62.5. What
happens to the bond's price if interest rates rise 25 basis points? It goes:
A. down 1.46%.
B. up 4.00%.
C. up 1.46%.
单选题Assumeacompanyhasthefollowingportfolioofmarketablesecurities,whichwereacquiredattheendoflastyear:IfthecompanyreportsunderIFRScomparedwithUSGAAP,itsnetincomeinthecurrentyearwillmostlikelybe:
单选题In an competitive market, which of the following conditions most accurately describes the condition that exists when the efficient quantity of a good or service is produced and consumed?
单选题An analyst does researchabout ways to manipulate the cash flow statement. When shock is repurchased to offset dilution of earnings caused by the exercise of employee stock options, which of the following is the most appropriate adjustment to calculate the true free cash flow generated by the firm? A. Decreasing cash flow from financing activities. B. Increasing cash flow from operating activities. C. Decreasing cash flow from operating activities.