单选题The Gordon growth model is most appropriate for valuing the common stock of a dividend paying company that is:
单选题Which of the following steps is least likely to be an administrative step in the capital budgeting process? A. Arranging financing for capital projects. B. Conducting a post-audit to identify errors in the forecasting process. C. Prioritizing projects according to project profitability and company resources.
单选题The central limit theorem concerns the sampling distribution of the:
A. population mean.
B. sample mean.
C. population standard deviation.
单选题A 2-year, zero-coupon U.S. Treasury note is least likely to have:
单选题Which of the following statements concerning the notes to the audited financial statements of acompany is least accurate? Financial statement notes: A. provide information about accounting methods used by the company. B. contain information about contingent losses that may occur. C. include management' s assessment of the company' s operating performance and financial results.
单选题A good way to describe the Global Investment Performance Standards (GIPS) is a: A. legal doctrine with criminal penalties. B. screening mechanism for determining appropriate international investments. C. common yardstick for means of comparison.
单选题Joe Finn is a highly paid corporate executive who will retire in two years. Over 25 years ago, Finn bought a large portfolio of growth stocks that has performed quite well. Finn has asked his financial adviser to consider switching from stocks to high-yielding bonds. The investment issue of greatest concern in implementing this strategy will be:
单选题某样本A和样本B分别由36个观测值和25个观测值组成，并均取自服从正态分布的总体。已知样本A的平均值为30美元，标准差为8美元；样本B的平均值为34美元，标准差为6美元。试根据上述条件解答问题。
Consider the hypotheses structured for sample A as H
0
: μ=$26 versus H
0
: μ≠$26. At a 5% level of significance, the null hypothesis:
单选题A decrease in the required reserve ratio A. increases the money supply by decreasing the deposit expansion multiplier. B. decreases the money supply by decreasing the deposit expansion multiplier. C. increases the money supply by increasing the deposit expansion multiplier.
单选题Assume that you are analyzing a plain vanilla interest rate swap
with the following characteristics : Counterparty X
Counterparty Y pay fixed rate 6%
pay floating rate LIBOR +
0.5% receive floating rate LIBOR +0.5% receive
fixed rate 6% Swap tenor:
10 years
National principal:
$1000000 LIBOR :
4.75% Which of the following is the first floating rate payment
made by Counterparty Y?
A. $60000.
B. $47500.
C. $52500.
单选题An analyst gathered the following information about a stock index: Mean net income for all companies in the index $ 3.2 million Standard deviation of net income for all companies in the index -$ 4.8 million If the analyst takes a sample of 36 companies from the index, the standard error of the sample mean is closest to:
单选题An analyst does research about hypothesis testing and conducts a significance test to determine if the relationship between two variables is real or the result of chance. His null hypothesis is that the population correlation coefficient is equal to zero and his alternative hypothesis is that the population correlation coefficient is different from zero. He develops the following information: Value of the test statistic 1.7081 Critical value at the 0.05 significance level 1.96 Critical value at the 0.01 significance level 2.58 The analyst conducts a: A. one-tailed test and can reject his null hypothesis. B. two-tailed test and can reject his null hypothesis. C. two-tailed test and can not reject his null hypothesis.
单选题Brian Bellow, a CFA Institute member, is a portfolio manager for
Progressive Trust Company. Several friends asked Bellow to review their
investment portfolios. On his own time, Bellow examined their portfolios and
made several recommendations. He received no monetary compensation from his
friends for his investment advice and provided no future investment counsel to
them. According to CFA Institute Standards of Professional Conduct, did Bellow
violate his duty to Progressive Trust?
A. No, because Bellow provided no ongoing investment advice.
B. No, because Bellow provided investment advice to his friends.
C. Yes, because he undertook an independent practice that could result in
compensation or other benefit to him.
单选题Which of the following statements about duration is TRUE? A. The result of the formula for effective duration is for a 0.01% change in interest rates. B. A bond's percentage change in price and dollar change in price are both tied to the underlying price volatility. C. The formula for effective duration is: (price when yields fall - price when yields rise)/(initial price × change in yield expressed as a decimal).
单选题An analyst does research about equity indices. The beginning value for an index is 2029 and the ending value is 2132. If the income for the period is 35 points, the price return of the index is closest to: A. 4.8% B. 5.1% C. 6.8%
单选题When using margin to invest in equities, which of the following defines initial margin and what level will the margin be brought back to in the event of a margin call?
Initial margin Margin call action
①A. amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the initial margin
②B. amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the maintenance margin
③C. minimum amount of equity required of the investor a deposit must be made to bring the margin back to the maintenance margin
A. ①B. ②C. ③
单选题The manager of the Fullen Balanced Fund is putting together a report that breaks out the percentage of portfolio return that is explained by the target asset allocation, security selection, and tactical variations from the target, respectively. Which of the following sets of numbers was the most likely conclusion for the report?
单选题An exchange-for-physicals, as it pertains to futures contracts: A. is another term for delivering an asset to satisfy a futures contract. B. is another term for accepting delivery of an asset to satisfy a futures contract. C. involves an agreement off the floor of the exchange.
单选题Thetotaloutputinunitsandaveragesellingpricesinahypotheticaleconomyproducingonlytwoproducts,XandY,isprovided:IftheimplictitpricedeflatorforGDPinYear1was100,forYear2,itisclosestto
单选题An analyst provides services for a charitable organization and in return gets free membership in the organization. Part of her job is to manage the liquid assets of the organization, and those assets include stocks. Her supervisor in the organization calls her and tells her to buy a certain stock for the portfolio based upon insider information from a board member in the organization. The analyst objects, but the supervisor says this is what they have always done and sees no reason for changing now. The analyst complies with the request. With respect to Standards Ⅳ (A), Loyalty to Employer, and Ⅱ (A), Material Nonpublic Information, the analyst violated: A. both Standards Ⅳ (A) and Ⅱ (A). B. only Standard Ⅳ (A) requiring duty of loyalty. C. only Standard Ⅱ (A) that prohibits insider trading.