单选题The following data pertain to a margin purchase of a stock by an investor
If the stock is sold exactly one year after the purchase, the total return on the investors investment is closest to:
单选题Consider a put option on Deter, Inc. , with an exercise price of $45. The current stock price of Deter is $52. What is the intrinsic value of the put option, and is the put option in-the-money, at-the-money, or out-of-the-money?
单选题[此试题无题干]
单选题An investor in the 28% tax bracket is considering buying one of the following securities: A fully taxable Treasury security offering a 6.0% yield. A municipal bond offered at par offering a 4.0% yield. What is the after-tax yield on the Treasury and the taxable-equivalent yield on the municipal bond? After-tax yield on the treasury Taxable-equivalent yield on the municipal A. 4.32% 2.88% B. 4.32% 5.56% C. 6.48% 2.88%
单选题The liquidity preference theory holds that: A. rational investors should show no preferences for either short- or long-term debt securities. B. the yield curve should be upward-sloping. C. cash should be preferred to Treasury securities because it is more liquid.
单选题Which of the following strategies is least likely to be used by a hedge fund to increase leverage?
单选题The Orchard Supply Company uses LIFO inventory valuation. Orchard Supply had a cost of goods sold of $1 million for the period. The inventory at the beginning of the period was $ 0.5 million and the inventory at the end of the period was $0.6. Orchard Supply's LIFO reserve was $0.1 million at the end of the previous year and $ 0.2 at the end of the current year. What is Orchard Supply's cost of goods sold according to FIFO inventory valuation?
单选题The following information is available for a firm:
Revenue:
800,000
Variable Cost:
400,000
Fixed Cost:
200,000
Operating Income:
200,000
Interest:
60,000
NetIncome:
140,
The firms degree of total leverage (DTL) is closest to:
单选题An analyst does research about equity indices and gathers the following information for a market-capitalization-weighted index consisting of the shares in three companies: Company Beginning SharePrices Ending SharePrices Dividends perShare Outstanding Shares 1 $36 $39 $0.10 2300 2 $22 $20 $0.55 3200 3 $29 $ 32 $0.75 1500 The total return of the index is closest to: A. 2.54% B. 4.02% C. 4.13%
单选题Do measures that take into account how the expected cash flows from a bond may change as yields change include:
Modified duration Modified convexity
①A. No No
②B. No Yes
③C. Yes No
A. ①B. ②C. ③
单选题Members of the exchange who act as brokers but do not work for a
specific brokerage firm are referred to as:
A. commission brokers.
B. registered brokers.
C. floor brokers.
单选题Which of the following statements provides the best description of Nash equilibrium of two firms in the game of prisoners" dilemma?
单选题Which of the following most accurately describes the competitive
structure that is characterized by a firm that operates with the lowest average
total cost and has the capacity to produce all of an industry's output?
A. Oligopoly.
B. Competitive monopoly.
C. Natural monopoly.
单选题What is the effective annual yield for a Treasury bill priced at $ 98853 with a face value of $100000 and 90 days remaining until maturity?
单选题An analyst does research about interest rate risk of fixed income securities and gathers the following information about three option-free bonds selling at par: Bond Coupon Rate Maturity (Years) 1 5% 4 9 5% 9 3 7% 9 The bond with the lowest interest rate risk is: A. Bond 1. B. Bond 2. C. Bond 3.
单选题When the market value of an investment in a debt security is less than
its carrying value, how should the investor report the investment on the balance
sheet if the security is classified as held-to-maturity and what amount should
be reported if the security is classified as available-for-sale?
Held-to-maturity
Available-for-sale ①A. Amortized cost
Amortized cost ②B. Fair
value Fair value
③C. Amortized cost Fair
value
A. ①
B. ②
C.③
单选题Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that: A. His wife owns 2000 shares of Burch Corporation. B. Offshore is an OTC market maker for Burch Corporation's stock. C. All of these choices require disclosure.
单选题An analyst does research about long-run equilibrium in monopoly markets. With respect to the regulation of a natural monopoly, a govemment subsidies sufficient to compensate the natural monopoly firm implies setting: A. price equal to average cost. B. price equal to marginal cost. C. output where marginal cost equals marginal revenue.
单选题Which classification of hedge funds is least likely to use a short position in stock as a part of its strategy?
单选题A company sold its receivables but retains the risk associated with bad debts. When reviewing this company, a financial analyst would adjust the company' s debt-to-equity ratio and its accounts receivable turnover ratio: Debt-to-equity Receivables turnover ①A. Upward Upward ②B. Downward Upward ③C. Upward Downward