单选题All of the following violate Standard Ⅰ(C), Misrepresentation, EXCEPT: A. copying a proprietary computerized spreadsheet without seeking authorization from their creators. B. presenting factual information published by recognized statistical reporting services without acknowledgment. C. using excerpts from reports prepared by others with minor word changes without acknowledgment.
单选题For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard Ⅳ(C), Responsibilities of Supervisors, Berger（ ）
单选题An investor purchased a 6 - year annual interest coupon bond one year
ago. The coupon interest rate was 10 percent and the par value was $1000. At the
time he purchased the bond, the yield to maturity was 8 percent. If he sold the
bond after receiving the first interest payment and the yield to maturity
continued to be 8 percent, his annual total rate of return on holding the bond
for that year would have been:
A. 6.00%.
B. 9.95%.
C. 8.00%.
单选题Making any necessary adjustments to the financial statements to facilitate comparison with respect to accounting choices is done in which step of the financial statement analysis framework?
单选题Which of the following statements regarding monopolies is FALSE?
A. Monopolists will try to get favorable treatment from the government
called rent seeking.
B. Due to the law of diminishing returns, natural monopolies exhibit an
upward sloping average total cost curve.
C. Inefficient producers are able to survive.
单选题Consider two markets; one has a Herfindahl-Hirschman Index (HHI)
of 50, while the other has a four-firm concentration ratio equal to 2%. Which of
the following statements most accurately describes these two markets?
A. Both of these markets are monopolies.
B. The market with the HHI equal to 50 is very competitive, while the other
market has low competition.
C. Both markets are highly competitive.
单选题Darth Corporation's most recent income statement shows net sales of $ 6000, and Darth's marginal tax rate is 40 percent. The total expenses reported were $ 3200, all of which were paid in cash. In addition, depreciation expense was reported at $ 800. A further examination of the most recent balance sheets reveals that accounts receivable during that period increased by $1000. The cash flow from operating activities reported by Darth should be:
单选题A major brokerage house is currently selling an investment product that offers an 8 percent rate of return, compounded monthly. Based on this information, it follows that this investment has:
单选题Which of the following statements regarding depreciation expense in the cash flow statements is TRUE? Depreciation is:
单选题The net asset value (NAV) of an open-end fund is determined by the: A. supply and demand for the shares in the investment management company. B. market value of all assets minus the redemption fee, then divide by the number of shares outstanding. C. market value of assets minus liabilities divided by the number of shares outstanding.
单选题Given the following annual returns, what is the range?
单选题For amortizing bonds that have the same maturity date, the reinvestment risk for an investor holding the bonds to maturity is greatest for the bonds that are selling at: A. a premium to par value. B. a discount to par value as a result of the bonds being issued as zero-coupon bonds. C. a discount to par value as a result of market yields increasing after the bond was issued.
单选题The CFA Institute Standards of Practice Handbook requires CFA Institute members to do all the following EXCEPT: A. to inform employer, clients, and potential clients of benefits received for recommending products or services. B. receive written permission from both their employer and outside clients to engage in investment consulting outside the firm. C. to disclose in writing to the proper regulatory authority all observed violations of the securities laws and regulations.
单选题If a nonfinancial company securitizes its accounts receivables for less than their book value, the most likely effect on the financial statements is to increase:
单选题Theperunitcontributionmarginforaproductis$12.Assumingfixedcostsof$12,000,interestcostsof$3,000,andtaxesof$2,000,theoperatingbreakevenpoint(inunits)isclosestto:
单选题Nortel Industries has a preferred stock outstanding that pays (fixed)
annual dividends of $3.75 a share. If an investor wants to earn a rate of return
of 8.5 percent, how much should he be willing to pay for a share of Nortel
preferred stock?
A. $44.12.
B. $31.88.
C. $37.50.
单选题Which of the following types of companies are more likely to use the payback method to evaluate capital projects? A. Asian companies and private companies. B. European companies and private companies. C. Asian companies and larger companies.
单选题A company has a fixed $1
单选题Business risk most likely incorporates operating risk and:
单选题Given the following information about three portfolios:
Portfolio
Mean return on theportfolio(%)
Standard deviation of thereturn on the portfolio(%)
A
10
20
B
18
15
C
6
3
If the risk-free rate is 4%, which portfolio has the highestSharpe ratio?