单选题Do "margin" in the stock market and "margin" in the futures market, respectively, mean that an investor has received a loan that reduces the amount of his own money required to complete the transaction? "Margin" in the stock market "Margin" in the futures market ①A. No No ②B. No Yes ③C. Yes No

单选题Brenden Morrow, CFA, is unclear regarding the criteria that must be met regarding preservation of confidential client information. Under which of the following circumstances would Morrow not be required to preserve confidential information received from a client? A. CFA Institute has asked for information in reference to an investigation by the Professional Conduct Program. B. The information would affect the company's stock price. C. A relationship of trust has been established.

单选题Which of the following statements regarding early termination of a forward contract is most accurate?

单选题Jessica, CFA, works full-time for KB&C, an investment management firm, as a fixed-income security analyst. Jessica has been asked by a business contact at IDN Enterprise to accept some analytical work from IDN on a consulting basis. Jessica should most appropriately: A. accept the work as long as she obtains consent from KB&C. B. not accept the work as it violates the Code and Standards by creating a conflict of interest. C. accept the work as long as she obtains written consent from IDN and does it on her own time.

单选题The following information has been gathered about a firm: LIFO inventory = $10000 Beginning LIFO reserve = $ 2500 Ending LIFO reserve = $ 4000 LIFO Cost of goods sold = $15000 LIFO net income = $ 1500 Tax rate is 40% What is the FIFO net income? A. $ 2400. B. $ 4000. C. $ 2800.

单选题Which of the following statements about sampling errors is FALSE? A. Sampling errors are errors due to the wrong sample being selected from the population. B. Sampling error is the difference between a sample statistic and its corresponding population parameter. C. Sampling errors will vary from one sample to the next.

单选题A $1000 par value, 10% semiannual, 20 - year debenture 1s currently selling for $1100. The bond's current yield is:

单选题In the dominant firm model of oligopoly, it is least likely that one firm: A. is the innovation leader in product development. B. has a significant cost advantage over its competitors. C. produces a relatively large share of the industry's production.

单选题Which of the following statement about weighting schemes used in constructing stock market indexes is FALSE? A. The Nikkei Dow is a price-weighted index. B. The Standards and Poor's indexes are market value-weighted indexes. C. A market-weighted index automatically adjusts for stock splits.

单选题A company issued shares to acquire a large tract of undeveloped land for future development. The correct recording of this transaction in the cash flow statement is as a(n): A. disclosure in a note or supplementary schedule. B. outflow in investing activities, and an inflow in financing activities. C. outflow in operating activities, and an inflow in financing activities.

单选题A portfolio manager is long an equity index contract at 995.6 with a notional value of $40 million. If the index is at 969.2 on the settlement date, the amount the manager must pay is closest to :

单选题In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GILES). Medusco was formed on January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim GIPS compliance? A. Present GIPS - compliant performance results for the 5 - year period from January 1, 1998, through December 31, 2002, and report five additional years of non - GIPS - compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS - compliant. B. Retroactively comply with GIPS for periods after January 1 , 2000, and report non - GIPS - compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS -compliant. C. Present GIPS- compliant performance results for the 5 -year period from January 1, 1998, through December 31, 2002.

单选题CFA Institute does not impose fines. All of the other choices are possible sanctions. CFA Institute may suspend a candidate from further participation in the CFA program. With respect to filing complaints concerning the professional conduct of a CFA Institute member, which of the following is TRUE? A. Anyone can write the Standards and Policy Committee staff with a complaint concerning the conduct of any member. B. Anyone can write the Professional Conduct Program staff with a complaint concerning the conduct of any member. C. Only other members can write the Professional Conduct Program staff with a complaint concerning the conduct of another member.

单选题In a regulated industry, the introduction of a marginal cost pricing rule that maximizes total surplus is most likely to be viewed as: A. efficient but leaves the natural monopoly incurring an economic loss. B. efficient and allows the natural monopoly incurring an economic gain. C. inefficient and leaves the natural monopoly incurring an economic loss.

单选题Which of the following is a limitation to fully efficient markets? A. The gains to be earned by information trading can be less than the transaction costs the trading would entail. B. In general, for securities with smaller transaction costs, the deviations from informationally efficient prices are greater than for securities with larger transaction costs. C. There are no limitations to fully efficient markets because the trading actions of fundamental and technical analysts are continuously keeping prices at their intrinsic value.

单选题An analystdoes research about comprehensive income and gathers the following annual information about a company (in millions): Beginning shareholders' equity $1440 Total asset $3330 Net income $120 Cash dividends paid $95 Ending shareholders' equity $1595 Assuming there was no issuance or repurchase of common stock during the year, the company's comprehensive income (in millions) is: A. $130 B. $250 C. $400

单选题Which item is least likely used as the basis for a vertical common-size income statement? A. Equity. B. Revenue. C. Total assets.

单选题An analyst does research about the difference between FIFO and LIFO inventory valuation method. Compared to the LIFO inventory valuation method, reporting inventory using the FIFO method in a period of rising prices and increasing quantities most likely causes the working capital to: A. decrease. B. remain unchanged. C. increase.

单选题An economist predicts that over the next year, there is a 56 percent probability that oil prices will fall slightly and a 17 percent probability that new estate tax legislation will be enacted. According to this prediction, the probability that at least one of these independent events will occur is closest to（ ）

单选题The federal government seeks ways to increase the total investment component of GDP. In response to the government's objective, economist Scan Zadora recommends that the federal government lower taxes on interest earned on savings accounts. Zadora's colleague, Timothy Smythe, recommends that the federal government reduce its budget deficit. Regarding the statements made by Zadora and Smythe: Zadora Smythe ①A. Correct Incorrect ②B. Correct Correct ③C. Incorrect Ineorrect A. ①B. ②C. ③