单选题An unpaid intern at an investment firm has the task of photocopying unannounced investment recommendations after all regular employees have left for the day. With respect to Standard Ⅵ (B), Priority of Transactions, the firm: A. is acting appropriately by having an unpaid intern do the job. B. is acting appropriately by having the intern perform the task after all employees have left. C. is probably violating the Standard.
单选题An analyst has made the following estimates for a stock:
dividends over the nest year
$0.3
long-term growth rate
14%
intrinsic value of stock
$17
The shares are currently priced at $14. Assuming the stock price moves to intrinsic value over the next year, what is the expected return on the stock?
单选题A currency forward contract:
单选题An analyst does research about inventory accounting methods. Under U. S. GAAP, which of the following inventory accounting methods results in the highest ending inventory when prices are rising and quantities are stable? A. Weighted average cost. B. Last-in fist-out (LIFO). C. First-in first-out (FIFO).
单选题Thompson Industries has the following short-run cost structure per
level of production output: Output Units (Q)
Total Costs (TC)
Fixed Costs (FC) 30000
$ 240000
$12000 50000
$ 360000
$12000
70000
$ 480000
$12000 90000
$ 570000
$12000 Based on the above and assuming a
sales price of $10 per unit, what is the marginal cost per unit if the Company's
output is increased from 50000 units to 70000 units?
A. $6.86
B. $6.00
C. $4.60
单选题To estimate the actual return of a bond when a callable bond's market price is higher than par use:
单选题At a fixed level of capital, output increases as the quantity of labor increases, but at a decreasing rate. This phenomenon is an example of: A. law of diminishing costs to labor. B. law of diminishing returns to capital. C. law of diminishing returns to labor.
单选题Funds deposited to meet a margin call are termed:
单选题An investor owns the following portfolio today.
Stock
Market Value
Expected Annual Return
R
$ 2000
17%
S
$ 3200
8%
T
$ 2800
13%
The investor"s expected total rate of return( increase in market value) after three years is closest to:
单选题What happens to bond durations when coupon rates increase and maturities increase?
As coupon rates increase, duration: As maturities increase, duration:
①A. decreases decreases
②B. decreases increases
③C. increases increases
A. ①B. ②C. ③
单选题Firebird Company reported the following financial information at the end of 2007 (in millions) :
单选题An analyst does research about deferred tax liability. If a previously recorded deferred tax liability is not expected to reverse, which of the following is the most appropriate adjustment? A. Decreasing financial leverage ratio. B. Increasing current ratio. C. Decreasing asset turnover ratio.
单选题Over time, the major source of investment return and risk can most likely be attribute to:
单选题An analyst does research about net profit margin. A company has only fixed rate debt outstanding and reports its debt using the fair value option. Which of the following statements is most accurate when market interest rates decrease? A. The company's net profit margin decreases. B. The company's net profit margin remains the same. C. The company's net profit margin increases.
单选题Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Butch Corporation for internal use. According to the CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is not required? Lambert would not need to disclose to his employer: A. offshore is an OTC market maker for Butch Corporation's stock. B. his wife owns 2000 shares of Butch Corporation. C. he is a beneficiary of a pension plan of his former employer that owns a large number of shares of Butch's stock.
单选题Which of the following statements about unemployment is least accurate? A. Frictional unemployment is unemployment due to changes in the economy that prevent qualified workers from being immediately matched with existing job openings. B. The economy is said to be operating at full employment only if there is no cyclical or frictional unemployment in the economy. C. The economy is said to be operating at full employment when cyclical unemployment is zero.
单选题An analyst does research about real GDP. Holding all else constant, a decrease in which of the following is most likely to result in an increase in the quantity of real GDP demanded? A. Import. B. Export. C. Government expenditure.
单选题An analyst does research about factors affecting potential GDP. Which of the following will most likely increase potential GDP? A. Increase the price level. B. Increase the human capital. C. Decrease money wage rate.
单选题The least appropriate treatment of accounting goodwill arising from acquisition is that it is: A. capitalized. B. tested for impairment annually. C. fully expensed at the time of acquisition.
单选题Studies of performance of a sample of mutual fund managers most likely
suffer from:
A. look -ahead bias.
B. time -period bias.
C. survivorship bias.