单选题An analyst does research about reinvestment risk. Which of the following securities is most likely to be subject to reinvestment risk during the period of time between issuance and maturity? A. Treasury bills. B. Treasury notes. C. Treasury coupon strips.

单选题In early 2011, the British pound (GBP) to New Zealand dollar (NZD) spot exchange rate was 2

单选题Under which of the following conditions would a firm be most likely to issue variable-rate debt? A. Operating cash flows are positively correlated with short-term interest rates. B. Operating cash flows are negatively correlated with short-term interest rates. C. The yield curve is sloping sharply downward.

单选题With respect to the Standards of Professional Conduct relating to responsibilities of supervisors, a member with supervisory responsibilities should be prepared to enforce policies: A. more investment activities. B. more non-investment-related activities. C. investment activities and non-investment-related activities equally.

单选题All else equal, which of the following would most likely cause a firm"s price-earnings ratio to decline?

单选题Full employment is said to occur when: A. the natural rate of unemployment equals zero. B. the number employed divided by the number in the labor force is less then 5.0 percent. C. cyclical unemployment equals zero.

单选题Which of the following statements best justifies analyst scrutiny of valuation allowances? A. If differences in taxable and pretax incomes are never expected to reverse, a company' s equity may be understated. B. Increases in valuation allowances may be a signal that management expects earnings to improve in the future. C. Changes in valuation allowances can be used to manage reported net income.

单选题Three years ago, at the advice of her financial planner, an investor purchased a $1000 face, 4.50%, semiannual coupon bond with seven years to maturity priced to yield 6.50% for $888.94. The reinvestment income that must be generated over the life of the bond for the investor to realize a yield of 6.5% is closest to:

单选题The 3-year spot rate is 8.7%, and the 2-year spot rate is 9.2%. What is the 1-year forward rate two years form present?

单选题An argument against using the price-to-sales (P/S) valuation approach is that: A. sales figures are not as easy to manipulate or distort as earnings per share (EPS) and book value. B. P/S ratios do not express differences in cost structures across companies. C. P/S ratios are not as volatile as price-to-earnings (P/E) multiples.

单选题A semiannual-pay bond is callable in five years at $1080. The bond has an 8% coupon and 15 years to maturity. If an investor pays $ 895 for the bond today, what are the yield to call (YTC) and the yield to maturity (YTM), respectively? YTC YTM ①A. 10.77% 9.31% ②B. 12.07% 9.31% ③C. 10.77% 10.21%

单选题Which of the following types of business firms exposes its owners to the greatest legal liability in the U

单选题Sarah, CFA, is promoting her new investment management firm by issuing an advertisement. Which of these items is least likely a violation of the professional designation Standard? The advertisement states that: A. she passed three exams covering ethics, financial statement analysis, asset valuation, and portfolio management and that she is a member of the local society. Sarah signs the advertisement followed by the letters CFA in oversized and bold strike letters. B. she passed three 6-hour exams on her first attempts over the minimum period of one and a half years. Knowledge tested include ethics, financial statement analysis, asset valuation, and portfolio management. In addition, she is a member of the local society. C. because of her extensive CFA training she will be able to achieve better investments results than non-CFA managers since she is one of very few professionals to have been awarded this designation.

单选题Which of the following statement is least likely correct? A speculative:

单选题Ananalystdoesresearchaboutcurrencyswapandstatedthat,inthetypicalcurrencyswap,principalamountsareexchangedatboththebeginningandendoftheswapandinterestpaymentsarenettedduringthelifeoftheswap.Theanalystismostaccuratewithrespectto:

单选题Which one of the following statements most accurately describes a significant difference between a monopoly firm and a perfectly competitive firm?

单选题A hedge fund begins the year with $120 million and earns a 25% return for the year

单选题There is a $100 par value, 8% percent semi-annual, 10 year debenture bond is currently selling for $130

单选题Firms in perfectly competitive markets and firms operating in a market characterized by monopolistic competition have several things in common. Which of the following is least likely one of them? A. Both maximize economic profit. B. Both face perfectly elastic demand curves. C. Both operate in markets that have low or no barriers to entry.

单选题A finn needs to adjust the financial statements for a change in the tax rate. Taxable income is $ 80000 and pretax income is $100000. The current tax rate is 50% , and the new tax rate is 40%. The difference in taxes payable between the two rates is: