单选题Which of the following statements about direct financing leases and operating leases is least accurate for a lessor?

单选题Thedurationandconvexityofanoption-freebondpricedat$90.25are10.34and151.60,respectively.Ifyieldsincreaseby200bps,thepercentagepricechangeisclosestto:

单选题Which of the following return objectives is most likely the primary objective given a 70 year-old widow who owns a portfolio comprised of 100 percent Treasury bonds? A. Capital appreciation. B. Current income. C. Capital preservation.

单选题Which of the following is most likely to result in a capital market line (CML) that is not a straight line? A. Investors' risk tolerance decreasing. B. Borrowing rate exceeds the lending rate. C. Increase in the proportion of the portfolio invested in the risk-free asset.

单选题Douglas, CFA, is a portfolio manager for TE&S Investments. The fixed-in-come desk at TE&S has developed a new structured product that produces positive returns in a very wide range of interest rate scenarios. Douglas thoroughly reads and evaluates an analytical report about the product and is impressed by its return profile. He faxes the cover page of the analysis, which includes the name of the author, to a client with objectives similar to that of the structured product, and handwrites a note the client saying, "I think you should act quickly on this." When the client calls requesting the entire report, Douglas informs that the research is proprietary and cannot be released. With respect to the CFA Institute Standards of Professional Conduct, is Douglas in violation of Standard Ⅴ (B) Communication with Clients or Prospective Clients or Standard Ⅲ (C) Suitability? Standard Ⅴ (B) Standard Ⅲ (C) ① No Yes ② Yes No ③ Yes Yes

单选题An analyst gathered the following information: Taxable security, quoted yield 9.8% Tax-exempt security, quoted yield 5.7% Investor's marginal tax rate 35% For the tax-exempt security, the investor's tax-equivalent yield is closest to

单选题Which of these statements is most likely correct for an option?

单选题Interest expense is reported on the income statement as a function of:

单选题An analyst does research about joint probability and gathers the following information about a stock's dividend: Event 1 Probability of a dividend change 0.8 Event 2 Probability of a dividend increase 0.5 The joint probability that both events will occur is closest to: A. 0.40 B. 0.50 C. 0.80

单选题Which attributes would a private equity firm most likely consider when deciding if a company is particularly attractive as a leveraged buyout target?

单选题On 1 January 2010 a company enters into a lease agreement to lease a piece of machinery as the lessor with the following terms: annual lease payment due 31 December $50000 lease term 5 years estimated useful life of the machine 6 years estimated salvage value of the machine $0 carrying value (cost) of leased asset $160000 implied interest rate on lease 8% The firm is reasonably assured of the collection of the lease payments. Which of the following best describes the classification of the lease on the company"s financial statements for 2010?

单选题Standardizing a normally distributed random Variable requires the: A. mean, variance and skewness. B. mean and the standard deviation. C. natural logarithm of X.

单选题Which reason for purchasing U. S. Treasury securities is least valid? A. Coupon strips synthesize a zero-coupon bond. B. Treasury-bonds are available in maturities of two years to nearly 30 years. C. Treasury Inflation Protection Securities (TIPS) raise their principal value to adjust for inflation.

单选题Which of the following is least likely to be a form of real estate investment?

单选题If an investor purchases a 8 1/2s 2001 Feb. $10000 par Treasury Note at 105: 16 and holds it for exactly one year, what is the rate of return if the selling price is 105:167

单选题A 3-month loan has a holding period yield of 1.5 percent. What is the annual yield of this loan on a bond-equivalent basis?

单选题Suppose a price-taker firm produces baseball bats that sell at a price of $100 each. This firm"s average total cost at the current level of production is $150 per bat, and the average fixed cost is $40 per bat. Which of the following statements is TRUE regarding this firm? They should:

单选题Thefollowinginformationisavailableaboutacompany:Nextyearssalesrevenue$180millionNextyearsnetprofitmargin15%Dividendpayoutratio60%DividendgrowthrateexpectedduringYears2and325%DividendgrowthrateexpectedafterYear35%Investorsrequiredrateofreturn12%Numberofoutstandinqshares8.1millionThecurrentvaluepershareofthecompanyscommonstockaccordingtothetwo-stagedividenddiscountmodelisclosestto:

单选题Which of the following most accurately describes the impact of a price ceiling set below the equilibrium price for a good and a minimum wage set above the equilibrium wage? Price ceiling Minimum wage ①A. Shortage Decreased unemployment ②B. Surplus Increased unemployment ③C. Shortage Increased unemployment

单选题Which of the following characteristics is least likely to be found in growth companies?