单选题The demand for money is inversely related to the real interest rate because: A. the cost of holding money falls as the real interest rate goes down. B. increasing wealth makes cash balances unnecessary. C. taxes make productive uses of funds less profitable.

单选题Sarah Kelley, CFA, is analyzing two mutually exclusive investment projects. Kelley has calculated the net present value (NPV) and internal rate of return (IRR) for each project: Project 1: NPV=$230; IRR=15% Project 2: NPV=$4000; IRR=6% Kelley should make which of the following recommendations concerning the two projects: Project 1 Project 2 ①A. Accept Reject ②B. Accept Accept ③C. Reject Accept A. ①B. ②C. ③

单选题Calculate the change in cash from the following items: Decrease in inventory $ 10 million Net income $ 60 million Repayment of long-term debt $ 20 million Increase in accounts receivable $15 million Purchase of new machinery $ 75 million Depreciation expense $15 million Sale of common stock $ 40 million Dividend expense $10 million ①A. + $ 30 million. ②B. $ 30 million. ③C. + $ 5 million. A. ① B. ② C.③

单选题On January 1, 2004, Cayman Corporation bought manufacturing equipment for $30 million

单选题Which of the following is an appropriate statement for a Level Ⅱ CFA candidate to make?（ ）

单选题Are the following statements about copyrights and patents acquired from an independent third party, correct or incorrect? Statement 1: Copyrights and patents are tangible assets that can be separately identified. Statement 2: Purchased copyrights and patents are amortized on a straight line basis over 30 years. Statement 1 Statement 2 ①A. Incorrect Correct ②B. Correct Incorrect ③C. Incorrect Incorrect A. ① B. ② C.③

单选题Common size balance sheets express all balance sheet items as a percentage of:

单选题If investors expect greater uncertainty in the bond markets, yon should see yield spreads between AAA and B rates bonds: A. widen. B. narrow. C. slope downward.

单选题KNA company wants to maintain a level of current assets at least equal to 30 percent greater than current liabilities (current assets/current liabilities=current ratio=1.3). At the end of last year, current assets were $ 300 and current liabilities were $ 250. If KNA sold some fixed assets to generate cash, what is the minimum amount they would need to sell to reach a current ratio of 1.3?

单选题An analyst collects the following data: apartments under consideration apartments recently sold office building recently sold net operating income (NOI) $250000 $91000 $48000 sales price $700000 $3000000 Based on the data provided, the appraisal price of the apartments under consideration is closest to:

单选题Helen Pedersen has all her money invested in either of two mutual funds (A and B). She knows that there is a 40 percent probability that fund A will rise in price and a 60 percent chance that fund B will rise in price if fund A rises in price. What is the probability that both fund A and fund B will rise in price?

单选题Jessica Hightower, CFA, is analyzing the financial statements for a local industrial solvent $40 million at the end of 2005. Over the same time period, TYU was able to increase the number of units sold by 7 percent. In making adjustments to the income statement to reflect economic really, Hightower should adjust income（ ）

单选题Bentlom Company' s common sized financial statements show the following information: Earnings after taxes 15 % Current liabilities 20% Equity 45 % Sales $ 800 Cash 10% Total assets $ 2000 Accounts receivable 15% Inventory 20% Bentlom' s long-term debt-to-equity ratio and current ratio are closest to. Long-term debt-to-equity ratio Current ratio ①A. 77.8 % 2.25 ②B. 98.2% 2.50 ③C. 98.2% 2.25

单选题Which of the following is least likely to be considered a reason for the existence of a natural monopoly?（ ）

单选题Yamaska Mining issued a. 5-year, $ 50 million face,6% semiannual bond when market interest rates were at 7%. What is the initial balance sheet liability and what is the cumulative interest expense (in dollars) that the company should report following the first half of the second year of the bond's life (the third semiannual period)? Initial liability Cumulative interest expense to end of first half of year 2 ①A. $ 47920849 $4500000 ②B. $ 47920849 $ 5051494 ③C. $ 50000000 $ 9000000

单选题Which of the following is most likely considered an example of matrix pricing when determining the cost of debt?

单选题An option's intrinsic value is equal to the amount the option is: A. out of the money, and the time value is the market value minus the intrinsic value. B. in the money, and the time value is the intrinsic value minus the market value. C. in the money, and the time value is the market value minus the intrinsic value.

单选题Jagdish Teja, CFA, is a buy-side analyst covering the furniture industry in a large investment management firm. She is invited to attend a conference call meeting with the top executives of a large furniture manufacturing company and four buy-side analysts. During the meeting, the CEO mentions that they have just calculated the company's earnings for the past quarter and they have unexpectedly and significantly dropped. The CFO adds that this drop will not be released to the public until next week. According to the Standards of Practice Handbook, Tejas' most appropriate initial course of action would be to: A. encourage the company to make the information public as soon as possible. B. disclose the information to her firm's compliance department personnel. C. disclose the information to five equally important sell-side analysts so that the information is distributed in an equitable manner.

单选题An analyst does research about yield to maturity and gathers the following information about a corporate bond paying interest semiannually: Par value $1000 Maturity 10 years Coupon rate 6% If the bond is currently selling for $980 and expected inflation is 5%, the bond's yield to maturity is closest to: A. 3.14% B. 6.28% C. 6.47%

单选题JosephineWalsh,CFA,averifierofthestandards,madethefollowingstatements:(1)Afirmclaimingcompliancewiththestandardsmustincludeterminatedcompositesonthefirm'slistofcompositesdescriptionsforatleastsevenyearsafterthecompositeterminationdate.(2)Afirmclaimingcompliancewithstandardsisprohibitedfromstatingthatthecalculationmethodologyusedincompositepresentationsisalsoinaccordancewiththestandards.Isshecorrectwithrespecttothe: