单选题When the underlying stock price is $95, an investor pays $2 for a call option with an exercise price of $95. if the stock price moves to $96, the intrinsic value of the call option would be :

单选题The demand for a given resource will most likely decrease if the prices of substitute resources and complementary resources, respectively: Prices of substitute resources Prices of complementary resources ①A. Increase Increase ②B. Increase Decrease ③C. Decrease Increase A. ①B. ②C. ③

单选题Which of the following is not a recommended procedure for compliance with the Standards of Professional Conduct relating to material nonpublic information? A. Conduct appropriate interdepartmental communications. B. Establish Proprietary trading procedures. C. Avoid public dissemination of material nonpublic information.

单选题An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U.S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of（ ）

单选题The following information relates to the distribution of monthly returns from a diversified investment portfolio: Mean 0.95% Median 1.01% Mode 1.08% The distribution of monthly returns is best described as: A. positively skewed with a long tail on the left side. B. negatively skewed with a long tail on the left side. C. positively skewed with a tong tail on the right side.

单选题Amarkethasthefollowinglimitordersstandingonitsbookforaarticularstock:Ifatradersubmitsanimmediate-or-cancellimitbuyorderfor700sharesatapriceof$20.50,theaveragepricethetraderwouldpayisclosestto:

单选题Michael Malone, CFA, is an investment analyst for a large brokerage firm in New York who covers the airlines industry. Alter hours in his personal time, Malone maintains an online blog on which he expresses his personal opinions about various investment opportunities, including, but not limited to, the airlines industry. On his blog, he posts a very negative investment opinion about WestAir stock. Malone knows that WestAir's stock will be downgraded to a "sell" by his firm next week. Malone has: A. violated Standard Ⅵ (B) Priority of Transactions by releasing material information to the public before releasing to the firm's clients. B. violated Standard Ⅱ (A) Material Nonpublic Information by releasing material that could negatively impact the price of the security. C. violated Standard Ⅳ (A) Loyalty by divulging confidential information that is the intellectual property of his employer.

单选题Which of the following is a violation of the Code and Standards? A. Johnson gathering information over the phone. B. Johnson having the assistant type up Campbell's information. C. Black paying for the dinner with Johnson.

单选题Consumer surplus is most accurately defined as the difference between the: A. total value consumers place on the quantity of a good purchased, and the total amount they must pay for that quantity. B. value consumers are willing to pay for an additional unit of good or service and the cost of producing the additional unit of the good or service. C. marginal benefit and the marginal cost of the last unit consumed of a good or service.

单选题An argument against using the price-to-sales (P/S) valuation approach is that:

单选题Emanuel Rodriguez, CFO of Monterrey Spikes Sports Goods Inc. , has gathered the following information about the company: 2000 2007 Sales $128.4 million 220.0 million ROA 10% 12% Net profit margin 6% 7% Number shares outstanding 5 million 6 million Rodriguez expects sales in 2008 to grow at the historical compound annual growth of sales from the year 2000 to 2007. For the year 2008, the net profit margin and the number of shares outstanding are expected to remain unchanged from the year 2007. The company's earnings per share (EPS), for the year 2008, is closest to: A. $2.74. B. $2.77. C. $4.69.

单选题No Errors Printing has entered into a "plain-vanilla" interest rate swap on $1000000 notional principal. No Errors receives a fixed rate of 5.5 percent on payments that occur at quarterly intervals. Platteville Investments, a swap broker, negotiates with another firm, Perfect Bid, to take the pay-fixed side of the swap. The floating rate payment is based on LIBOR (currently at 6.0 percent). Because of the current interest rate environment, No Errors expects to pay a net amount at the next settlement date and has created a reserve to cover the cash outlay. At the time of the next payment ( due in exactly one quarter), the reserve balance is $1000. To fulfill its obligations under the swap, No Errors will need approximately how much additional cash?

单选题Which of the following is least likely a component of the Four Cs of Credit Analysis framework?

单选题To be useful, a measure of inflation for an economy would most likely reflect information about the change in prices of: A. goods only. B. goods and services only. C. goods, services, and financial assets only.

单选题Which of the following is NOT a condition of a perfectly competitive market? A. Sellers make economic profits. B. Firms face elastic demand curves. C. Individual sellers each have a small share of the market.

单选题Aninvestorwhohasa42%marginaltaxrateisanalyzingatax-exemptbondthatoffersayieldof3.74%.Thetaxable-equivalentyieldofthebondisclosestto:

单选题If firms Acme and Butler have the same amount of sales and equal quick ratios, but Acme's receivables turnover is higher, it is most likely that: A. Acme's average days of receivables is higher than Butler's. B. Acme has lower credit standards than Butler. C. Butler has a lower cash ratio than Acme.

单选题Selected information from Rockway, Inc.'s U. S. GAAP financial statements for the year ended December 31, included the following (in $):

单选题Jessica, CFA, works full-time for KB&C, an investment management firm, as a fixed-income security analyst. Jessica has been asked by a business contact at IDN Enterprise to accept some analytical work from IDN on a consulting basis. Jessica should most appropriately:

单选题Assuming all other factors remain unchanged, which of the following would most likely lead to a decrease in the market P/E ratio? A. A rise in the stock risk premium. B. A decline in the risk-free rate. C. An increase in the dividend payout ratio.