单选题At the time a forward contract is initiated, which of the following is/are agreed upon by the two parties ?
单选题Sterling Company is a start-up technology firm that has been experiencing super-normal growth over the past two years. Selected common-size financial information follows:
单选题Selected information from Indigo Corp
单选题If a central bank wants to implement expansionary monetary policy, how would the central bank use the following monetary tools?
Reserve Requirements Open Market Operations Discount Rate
①A. Lower Buy additional government securities Lower
②B. Lower Sell previous purchased government securities Raise
③C. Raise Sell previous purchased government securities Raise
A. ①B. ②C. ③
单选题A free-rider problem, an obstacle to efficiency, is most likely associated with:
单选题An analyst does research about foreign investments. Which of the following is least likely to increase estimated required rate of return by foreign investors to purchase domestic securities? A. Exchange rate risk. B. Real GDP growth rate. C. Capital liquidity limitation.
单选题An economic expansion has caused Treasury yields to increase and absolute credit spreads to narrow. Which of the following is most likely true? A. Relative corporate yield spreads to Treasuries will have increased. B. The yield ratio of BBB-rated bond yields to AAA-rated bond yields may have increased even as their absolute yield spread has decreased. C. Even if absolute credit spreads had remained the same, the yield ratio and relative yield spread of BBB to AAA bonds could have decreased.
单选题On January 1,2004, Cayman Corporation bought manufacturing equipment for $ 30 million. On December 31, 2006, Cayman determined the equipment was impaired and recognized a $5 million impairment loss in its income statement. As of December 31, 2007, the fair value of the equipment exceeded the book value by $ 7 million. What amount of the recovery in value can Cayman recognize in its 2007 income statement under U. S Generally Accepted Accounting Principles (U. S. GAAP) and under International Financial Reporting Standards (IFRS)? U.S. GAAP IFRS ①A. $ 0 $ 7 million
②B. $ 5 million $ 5 million
③C. $ 0 $ 5 million
A．① B．② C．③
单选题When Jefferson Damon, CFA, joined NPSI Investing, NPSI began using a quantitative stock selection model that Damon had developed on his own personal time prior to his employment with NPSI. One year later when Damon left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model. According to the Standards of Practice Handbook, did Damon violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he misappropriated property that now belonged to NPSI. C. Yes, because he failed to inform his new employer that the model was the same one used by his previous employer.
单选题New legislation setting a price ceiling will most likely cause:
A. a market surplus.
B. a market shortage.
C. a decrease in demand.
单选题The probability of A is 0.4. The probability of AC is 0.6.
The probability of (B|A) is 0.5, and the probability of ( B| AC) is
0.2. Using Bayes' formula, what is the probability of ( A|B) ?
A. 0.625.
B. 0.875.
C. 0.125.
单选题A currency forward contract: A. is priced using the future interest rate on a foreign currency. B. requires a payment at settlement based on London Inter-bank Offered Rate. C. can be a deliverable contract.
单选题The unit contribution margin for a product is $20
单选题The cash conversion cycle is the: A. sum of the time it takes to sell inventory and the time it takes to collect accounts receivable. B. length of time it takes the firm to pay the credit extended to it for purchases. C. sum of the time it takes to sell inventory and collect on accounts receivable, less the time it takes to pay for credit purchases.
单选题With respect to the measurement of inventory value, which of the following least likely requires financial statement disclosure under both IFRS and U. S. GAAP? A. Carry value of inventories reported at fair value less selling costs. B. Carry value of inventories pledged as collateral. C. Reversals of inventory write-downs during the period, including a discussion of the circumstance of reversal.
单选题Which of the following types of profit is most likely the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs? A. Normal profit. B. Economic profit. C. Accounting profit.
单选题Which of the following statements is least accurate? A firms free-cash-flow-to-equity (FCFE):
单选题Daniel, CFA, is a portfolio manager with the trust department of Citi Nation Bank. One of his accounts is his children's trust fund. Daniel allocated IPO shares to his children's trust fund before he has completely satisfied all the needs of his other accounts. According to AIMR Standards of Professional Conduct, which of the following standards did Daniel violate? A. Standard Ⅰ (A) Independence and Objective. B. Standard Ⅳ (B) Priority of Transactions. C. Standard Ⅳ (B) Disclosure of Conflicts to Clients and Prospects.
单选题Lincoln Coal is planning a new coal mine, which will cost $ 430000 to build, with the expenditure occurring next year. The mine will bring cash inflows of $ 200000 annually over next seven years. It will then cost $170000 to close down the mine over the following year. Assume all cash flows occur at the end of the year. Alternatively, Lincoln Coal may choose to sell the site today. What minimum price should Lincoln set on the property, given a 16% required rate of return?
单选题Which of the following statements regarding the speed at which analysts
believe stock prices reflect new information is most likely accurate?
A. Technicians believe that prices adjust quickly to new information.
B. Both technicians and followers of the efficient market hypothesis believe
prices adjust slowly to new information.
C. Followers of the efficient market hypothesis believe prices adjust
quickly to new information.