单选题An analyst collects the following data related to paired observations for Sample A and Sample B. Assume that both samples are drawn from normally distributed populations and that the population variances are not known.
Paired Observation
Sample AValue
Sample B Value
1
25
18
2
12
9
3
-5
-8
4
6
3
5
-8
1
The t-statistic to test the hypothesis that the mean difference is equal to zero is closest to:
单选题Generally, if there is unanticipated inflation in the economy:
单选题An analyst does research about capital budgeting. A company's existing capital structure is 35 percent debt and 65 percent common equity, which is the same as the company's target capital structure. The company's marginal tax rate is 35 percent. The company has determined that an independent capital project has an expected net present value of $30000. The amount of the expected net present value that accrues to the company's creditors is closest to: A. $0 B. $6825 C. $12675
单选题An analyst receives a report from his research department that summarizes and interprets a recent speech from the chairman of the U. S. Federal Reserve. The summary says that the chairman thinks inflation is under control. Based upon this summary, the analyst says in his next newsletter that inflation is under control. This is a violation of: A. none of the Standards listed here. B. Standard Ⅴ (B), Communication with Clients and Prospective Clients, only. C. Standard Ⅴ (A), Diligence and Reasonable Basis, and Standard Ⅴ (B), Communication with Clients and Prospective Clients.
单选题Current dividend per share ( Do) paid on the company common stock $5.00
Required rate of return on the company common stock 15.5%
Expected constant growth rate in earnings and dividends 7.5%
The value of a share of the company"s stock and the leading price/earnings (P/E) ratio, respectively, are closest to:
Value of stock Leading P/E ration
①A. $40.13 7.5
②B. $67.19 8.0
③C. $67.19 7.5
A. ①B. ②C. ③
单选题The initial margin is the: A. minimum amount of funds that must be supplied when purchasing a security on margin. B. amount of liquidity that must be maintained in a margin account. C. amount of cash that an investor must maintain in his/her margin account.
单选题An analyst does research about the various types of debt issued by corporations. A debt vehicle created to facilitate commercial trade transaction is most likely a(n): A. issued bond. B. medium-term note. C. bankers acceptance.
单选题Three years ago, Ranchero Corporation purchased a patent for a process used in production, for 3 million. At the end of last year, Ranchero determined the fair value of the patent was greater than its book value. No impairment losses have been recognized on the patent. Assuming Ranchero follows International Financial Reporting Standards, what is the impact on its total asset turnover ratio and return on equity of reporting the value of the patent on the balance sheet at fair value? Total asset turnover Return on equity
① Lower Higher
② Higher Lower
③ Lower Lower
单选题For the year ended December 31,2007, Challenger Company reported the following financial information :
单选题Consider a $10000000 1-year quarterly-pay swap with a fixed rate of 4.5 percent and a floating rate of 90-day London Interbank Offered Rate (LIBOR) plus 150 basis points. 90-day LIBOR is currently 3 percent and the current forward rates for the next four quarters are 3.2 percent, 3.6 percent, 3.8 percent, and 4 percent. If these rates are actually realized, at the second quarterly settlement date, the fixed-rate payer in the swap will:
单选题The following table shows selected data from a companys operations:
Net income
$100,000
Increase in accounts receivable
12,000
Increase in accounts payable
9,000
Depreciation and amortization
8,000
The cash flow from operations is closest to:
单选题Concentrated portfolio strategies are attractive because of their:
单选题Which of the following statements about securities markets is least accurate? A. Characteristics of a well-functioning securities market include: many buyers and sellers willing to trade at below market price, low bid-ask spreads, timely information on price and volume of past transactions, and accurate information on supply and demand. B. When Conglomerate, InC. trades directly with MultiNational, Ltd. , it is using the fourth market. C. A limit buy order and a stop buy order are both placed below the current market price.
单选题A joint probability of A and B must always be: A. less than or equal to the conditional probability of A given B. B. greater than or equal to the conditional probability of A given B. C. greater than or equal to than the probability of A or B.
单选题You are looking at two assets, A and B. The expected return on A is 15%, and the expected return on B is 17% , while the standard deviation of A is 20%, and the standard deviation of B is 18%. The two are correlated at 45%. What is the standard deviation of a portfolio made up of 40% A and the rest in B?
单选题In generating an estimate of a population parameter, a larger sample size is most likely to improve the estimators:
单选题All of the following are drawbacks to using price-to-book value (P/BV) as a valuation technique EXCEPT:
单选题Ken Kawasaki, CFA shares a building with a number of other professionals who are also involved in the investment management business
单选题试根据下表所示的数据解答问题。
净收益
折旧
税金支付
利息支付
股息支付
出售厂商房屋获得的现金
出售优先股
普通股回购
购买机器
债券发行
通过发行普通股偿还债务
清偿长期银行贷款
房屋出售利润
48000美元
52000美元
30 000美元
4000美元
10000美元
33000美元
27000美元
6000美元
3000美元
12000美元
7000美元
6000美元
4000美元
单选题According to the "invisible hand" principle, which of the following statements is least accurate? A. Competitive markets produce an optimal basket of goods and services. B. Efficient allocation of productive resources occurs through competition. C. The authority of the state, although not seen, must always be present in the market.