单选题Should the notes to the financial statements include the following disclosures?（ ） Disclosure 1:Revenue recognition policy when a right of return exists

单选题As the number of stocks in a portfolio increases, the portfolio"s systematic risk:

单选题When calculated for the same data and provided there is variability in the observations, the geometric mean will most likely be:

单选题According to the Practice of Handbook, when an inquiry into a member's professional conduct is initiated, which of the following most likely initially conducts the investigation that may include requesting a written explanation form the member or candidate? A. The CFA Institute Designated Officer. B. The Disciplinary Review Committee. C. The CFA Institute Professional Conduct staff.

单选题Generally speaking, the factor that best explains a portfolio's level of return and variation in return over time can be explained by: A. target asset allocation decision. B. investment manager's skill with respect to market timing. C. investment manager's skill with respect to security selection.

单选题Michael Bellow, CFA, CAIA, is an investment banker who is involved with an initial public offering (IPO) of NewCo. Because this is Bellow's first involvement in an IPO, he reports to an experienced supervisor. While reviewing past financial statements provided by NewCo, Bellow suspects that NewCo deliberately overstated its earnings for the past several quarters. Bellow seeks the advice of his firm's highly competent general counsel and follows the advice given without deviation. Based on the general counsel's advice, Bellow consults his immediate supervisor about the suspected overstatement of earnings. After reviewing the situation, Bellow's supervisor explains why NewCo's calculations of its earnings are correct. Bellow realizes that his inexperience and exuberance initially led him to an incorrect conclusion about NewCo's earnings. Which of the following statements about Bellow's actions involving Standard Ⅰ (A), Knowledge of the law, and Standard Ⅰ (C) , Misrepresentation, is TRUE? Bellow: A. violated both Standard Ⅰ (A) and Standard Ⅰ (C). B. violated Standard Ⅰ (A) but did not violate Standard Ⅰ (C). C. did not violate either Standard Ⅰ (A) or Standard Ⅰ (C).

单选题The steeper a firm"s marginal revenue product curve for a given resource, the:

单选题Which of the following statements regarding a fixed-for-fixed currency swap of euros for British pounds is FALSE?

单选题Product differentiation is the greatest source of market power for which of the following market structures ? A. Perfect competition. B. Oligopoly. C. Monopolistic competition.

单选题When a client asks her how she makes investment decisions, Petra Vogler, CFA, tells the client she uses mosaic theory

单选题A floating-rate security is most likely to trade at a discount to its par value because the（ ）

单选题Two companies in the same industry are similar in all aspects except that the average age of the depreciable assets for Company B is 10 times greater than the average age of the depreciable assets for Company A. Which of the following statements is least likely true? Company B will have: A. lower depreciation expense. B. higher earnings. C. a competitive advantage in the future.

单选题The public decides to decrease its holdings of currency and to increase its holdings of checking account funds by an equal amount. If the Federal Reserve does not take any offsetting actions, how will the money supply be affected? A. The money supply will decrease. B. Although the action does not directly affect the money supply, it will reduce the excess reserves of banks and tend to indirectly reduce the money supply. C. The action does not directly affect the money supply; it will increase the excess reserves of banks and tend to increase the money supply because banks may expand their loans.

单选题Natural monopolies exist because they can produce at lower costs with greater output, which means there are economies of scale. Which of the following industries is typically a natural monopoly?

单选题An analyst does research about demand for labor. All else remaining the same, a firm's demand curve for labor will least likely shift in response to a change in the: A. wage rate of labor. B. price of the firm's output. C. marginal product of labor.

单选题As part of an agreement with Johnny, TP&C Investment Company, a money manager for individual clients, provides monthly emerging market overviews in exchange for prospective client referrals and European equity research from Johnny. Clients and prospects of TP&G are not made aware of the agreement, but clients unanimously rave about the high quality of the research provided by Johnny. As a result of the research, many clients with non-discretionary accounts have earned substantial returns on their portfolios. Managers at TP&G have also used the research to earn outstanding returns for the firm"s discretionary accounts. Which of the following statement is most likely correct?

单选题Which of the following is not one of the steps in calculating the Consumer Price Index (CPI)?

单选题Which of the following statements would most likely be considered a negative factor in assessing the suitability of a board member?

单选题Which of the following statements about embedded options and yield volatility is FALSE? A. As yield volatility increases, the value of the call option increases along with the value of the callable bond. B. A call option benefits the issuer and a put option benefits the holder. C. The greater the volatility of the underlying price, the greater the value of the embedded option.

单选题Estimate an earnings multiplier for ABC Company, assuming a dividend payout ratio of 50%, a required return of 12% , and a growth rate of 7%. A. 10.00. B. 12.00. C. 15.57.