单选题An inventory system that reduces average inventory without affecting sales will most likely reduce the:
单选题Which of the following statements about currency risk is most accurate? Generally:
单选题The cross elasticity of demand for a substitute good and the income elasticity for an inferior good are:
Cross elasticity Income elasticity
① ＜0 ＜0
② ＜0 ＞0
③ ＞0 ＜0
单选题Supply for guest rooms in a hotel increases from 100 to 150 rooms per
night when the nightly room rate increases from $150 to $200. The elasticity of
supply of guest rooms in the hotel is closest to:
A. 0.72
B. 0.96
C. 1.40
单选题Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamp's corporate headquarters and meeting with all company officers. Prior to the completion of the report, Nancy was reassigned to another project. Neil utilized his and Nancy's research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell Violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, with respect to misrepresentation. C. Yes, with respect to independence and objectivity.
单选题A company' s financial statements show the following data for the latest year: Net sales $1250 Cost of goods sold 650 Increase in inventory 100 Decrease in MR 25 Increase in A/P 50 Cash interest paid 45 Dividends paid 25 Cash interest received 20 Sale of common stock 275 Retirement of long-term debt 125 Purchase of equipment 120 Income tax oaid 50 The company' s cash flow from operations (CFO) and cash flow from financing (CFF) are closest to : CFO CFF A. $500 $425 B. $500 $125 ③ $650 -$425
单选题An investment-banking department of a brokerage firm often
receives material nonpublic information that could have considerable value if
used in advising the firm's brokerage clients. In order to conform to the Code
and Standards, which one of the following is the best policy for the brokerage
firm?
A. Establish physical and informational barriers within the firm to prevent
the exchange of information between the investment-banking and brokerage
operations.
B. Permanently prohibit both purchase and sell recommendations of the stocks
of clients of the investment-banking department.
C. Monitor the exchange of information between the investment-banking
department and the brokerage operation.
单选题Which of the following investments most likely provides an investor with indirect, equity exposure to real estate?
单选题A European stock index call option has a strike price of $116.0 and a time to expiration 5 years. Given a risk-free rate of 4% , if the underlying index is trading at $1200 and has a multiplier of 1, then the lower bound for the option price is or the option price is closest to:
单选题An analyst gathered the following financial information about a company:
estimated EPS
$2
dividend payout ratio
30%
required rate of return
10%
expected long-term growth rate of dividends
5%
What should the analyst estimate the value of this company"s stock to be?
单选题The execution step of the portfolio management process includes:
单选题An analyst determines that four stocks have the following characteristics:
Stock
Beta
Estimated return
A
0
单选题An oligopoly is characterized by all of the following EXCEPT:
单选题The Fed conducts monetary policy primarily by targeting the:
单选题Theannualcostoftradecreditassumiga365-dayyearforterms3/10net40isclosestto:
单选题Which of the following sets of indexes are price-weighted?
A. Dow Jones World Stock Index and Russell Index.
B. Morgan Stanley Capital International Index and S&P 500 Index.
C. Dow Jones Industrial Average and Nikkei Dow Jones Stock Market
Average.
单选题Assumethefollowingannualforwardrateswerecalculatedfromtheyieldcurve.TimePeriodForwardRate1y1y0.50%1y1y0.70%2y1y1.00%3y1y1.50%4y1y2.20%Thefour-yearspotrateisclosestto:
单选题Option investor D sells (writes, takes a SHORT position in) one of the following call options:
Type of option: call option
Underlying asset: 100 shares of Disney stock
Exercise price: $40 per share
Premium : $2.25 per share
Expiration date : January
The current market price of Disney stock is $39.02 per share. Investor D already owns 500 shares of Disney stock. Which of the following describes the amount of initial margin required for this transaction?
单选题The lower bound on European call option prices can be adjusted for cash flows of the underlying asset by : A. adding the present value of the expected dividend payments to the current asset price. B. subtracting the present value of the expected dividend payments from the exercise price. C. subtracting the present value of the expected dividend payments from the current asset price.
单选题An analyst does research about book value and gathers the following information from a company's balance sheet (in millions): Shareholders' equity $150 Preferred stock $25 Total liabilities $50 Issued common shares 75 Repurchased common shares 20 The company's book value per share is closest to: A. $1.67 B. $2.27 C. $2.73