单选题Which of the following statements about the analysis of cash flows is least accurate? A. Interest payments on debt are not a financing cash flow under U. S. GAAP. B. Dividends received are an operating cash flow under U. S. GAAP. C. Both the direct and indirect methods involve adding back noncash items such as depreciation and amortization.

单选题An analyst gathers the price-earnings ratios (P/E) for the firms in the S&P 500 and then ranks the firms from highest to lowest P/E. She then assigns the number 1 to the group with the lowest P/E ratios, the number 2 to the group with the second lowest P/E ratios, and so on. The measurement scale used by the analyst is best described as:

单选题Which of the following statements regarding call options is most accurate? The:

单选题As of December 31, 2007, Manhattan Corporation had a quick ratio of 2.0, current assets of $15 million, trade payables of $2.5 million, and receivables of $ 3 million, and inventory of $6 million. How much were Manhattan's current liabilities?

单选题Roy, CFA, manages several pension accounts and directs most of his trades through the Wales Investment Limited. Roy does this because he believes that he gets good executions and Wales Investment Limited provides him with excellent research reports used in the management of these accounts. Regional, a small discount brokerage house, has just approached Roy that it will execute his trades at half the cost of Wales. Regional does not have a research department. According to AIMR Standards of Professional Conduct, if Wales does NOT switch his business to Regional, has he violated the loyalty clause in his fiduciary duties? A. No, because he already had an established relationship with Wales before Regional's offer. B. No, if he can determine, in good faith, that the higher commissions are commensurate with the value of the research services he receives and discloses this practice. C. Yes, because of the prudent expert clause.

单选题According to basic Economics Theory, As compared with acting independently, a group of oligopolistic companies operating with perfect cooperation will most likely experience an increase in : A. both output and prices. B. neither output nor prices. C. prices and a decrease in output.

单选题When valuing a call option using the binomial model, an increase in the probability that the underlying will go up, most likely implies that the current price of the call option:

单选题One reason why the duration of a portfolio of bonds does not properly reflect that portfolios yield curve risk is the duration measure:

单选题 已知某厂商发行了300万美元的债券，息票率为7%，期限为3年，利息每年支付一次，市场利率为8%。试根据上述信息解答问题。

单选题A company that provides cruise ship vacations uses term loans to finance the acquisition of new cruise ships

单选题According to the supply-side view of fiscal policy, if the impact of tax revenues is the same, does it make any difference whether the government cuts taxes by either reducing marginal tax rates or increasing the personal exemption allowance? A. No, both of the methods of cutting taxes will exert the same impact on aggregate supply. B. No, people in both cases will increase their savings expecting higher future taxes and thereby offset the stimulus effect of lower current taxes. C. Yes, the lower tax rates alone will increase the incentive to earn marginal income and thereby stimulate aggregate supply.

单选题Which of the following statements about economies of scale is least likely to be correct?

单选题Assuming the federal government maintains a balanced budget, the most likely effects of a tax increase on government expenditures and real GDP are: Government Expenditures Real GDP A. Increase Decrease B. Increase Increase C. Decrease Increase

单选题When incomes in foreign countries increase, aggregate demand in the U.S. is likely to: A. Increase because foreign consumers will tend to buy more U.S. export goods. B. Decrease because U.s. interest rates will tend to increase. C. Increase because U.S. interest rates will tend to decrease.

单选题Which of the following bonds is most likely to trade at a lower price relative to an otherwise identical option-free bond?

单选题An analyst does research about Treasury Inflation Protected Securities (TIPS). A TIPS is least likely subject to: A. liquidity risk. B. credit risk. C. interest rate risk.

单选题On a direct format statement of cash flows prepared under U. S, generally accepted accounting principles (U. S. GAAP), which of the following is most likely a line item in the financing cash flow section? A. Interest paid. B. Cash dividends received. C. Cash dividends paid to shareholders.

单选题A CFO who is a CFA Institute member is careful to make his press releases-some of them containing material and previously undisclosed information——clear and understandable to his readers. While writing a new release, he often has his current intern proofread rough drafts. He also sends electronic copies to his brother, an English teacher, to get suggestions concerning style and grammar. With respect to Standard Ⅱ (A), Material Nonpublic Information, the CFO is: A. not in violation of the Standard. B. violating the standard by either showing the pre-release version to his intern or sending it to his brother. C. only in violation by showing the pre-release version to the intern but not to a relative such as his brother.

单选题Kenneth, CFA, has just started work as a trainee with Jerron Asset Management Co., a small regional money management firm started six months ago. He has been told to make a few cold calls and round up some new clients. In which of the following statement has Kenneth least likely violated the Code and Standards? A. "We can perform all the financial and investment services you need. We've consistently outperformed the market indexes and will continue to do so under our current management." B. "We can assist you with all the financial and investment services you need. If we don't provide the service in-house, we have arrangements with other full-service firms that I would be happy to tell you about." C. "Our firm has a long history of successful performance for our clients. While we can't guarantee future results, we do believe that we will continue to benefit our clients."

单选题Which of the following 10-year fixed-coupon bonds has the most price volatility? All else equal, the bond with a coupon rate of（ ）