单选题An investor bought a 40 put on a stock trading at 43 for a premium of $1. What is the maximum gain on the put and the value of the put at expiration if the stock price is $41 ? Maximum Gain on Put Value of the Put at Expiration ①A. $39 $0 ②B. $4O $2 ③C. unlimited $1

单选题A trader is long four July gold futures contracts, each with a contract size of 300 oz. If the price of July gold increases from $380.20 to $381.00 per ounce the change in the margin balance will be :

单选题Fisher, Inc. , is evaluating the benefits of investing in a new industrial printer. The printer will cost $ 28000 and increase after - tax cash flows by $ 8000 during each of the next five years. What is the internal rate of return (IRR) and net present value (NPV) of the printer project if Fisher's required rate of return is 11 percent? IRR NPV ①A. 5.56% -$ 3180 ②B. 17.97% $ 5844 ③C. 13.20% $ 1567

单选题Which of the following statements about fixed income securities is FALSE? A. The corporate bond sector is more important in the US than in Japan and Germany. B. Coupon interest and capital gains from municipal bonds are tax exempt at the federal level. C. Treasuries and agencies are quoted in 32nds of a price point.

单选题Given P(X=2) =0.3, P(X=3) =0.4, P(X=4) =0.3. What is the variance of X? A.0.3. B.0.6. C. 3.0.

单选题Andre Shrub, CFA, does research about the production function approach to analyzing the sources of economic growth. Total factor productivity best reflects the portion of economic growth related to: A. technology. B. labor. C. capital.

单选题A local bank offers an account that pays 8 percent, compounded quarterly, for any deposits of $10000 or more that are left in the account for a period of 5 years. The effective annual rate of interest on this account is.

单选题WesleyWhitcomb,CFA,participatedasaCFAexaminationgraderin2012.PriortoparticipatingingradingCFAexaminations,WhitcombwasrequiredtosignaCFAInstituteGraderAgreementdraftedbyCFAInstitutestatingthatgradersarenottorevealordiscusstheexammaterialswithanyoneexceptCFAInstitutestaffandothergraders.SeveralweeksaftertheconclusionoftheCFAexamgrading,WhitcombreturnstohisofficeandishavingdinnerwithseveralcolleaguessomeofwhoaretheLevelⅢcandidatesintheCFAProgram.Oneofthecandidatesmentionsthatheisverydisappointedabouthisexaminationthistimeandafraidoffailingfortheexambecauseheunintentionallymadeacalculationmistakewhenansweringthefirstessayquestionofinvestmentpolicystatement.Whitcombrespondsbytellingthecandidatethathewasagraderforthe2012examinationandthatitwouldbeunfortunateifthecandidatedidgivewronganswertothatquestionbecausemostcandidatesscoredverywellonthatquestion.DidWhitcombviolatetheStandardsofProfessionalConductwhenhetoldthecandidatethat:

单选题Consider a portfolio with two assets

单选题If a company using last-in first-out (LIFO) reports an inventory balance of $ 25000 and a LIFO reserve of $ 5000, the estimated value for the inventory on a first-in first-out (FIFO) basis would be :

单选题An analyst has gathered the following data about a company with a 12 percent cost of capital: Project A Project B Cost $15000 $25000 Life 5 years 5 years Cash inflows $5000/year $7500/year If the projects are independent, what should the company do? A. Reject A, Reject B. B. Accept A, Reject B. C. Accept A, Accept B.

单选题An analyst gathered the following information about a company and that company's common stock: ·Weighted average cost of capital is 14% ·Intrinsic value per share is $22 ·Market price per share is $28 The company's investment projects for the year are expected to return 16 to 18 percent. Which of the following best characterizes the company and the company's common stock? A. Growth company and growth stock. B. Growth company and speculative stock. C. Speculative company and growth stock.

单选题Duster Company reported the following financial information at the end of 2007: in millions Unearned revenue $ 240 Common stock at par 30 Capital in excess of par 440 Accounts payable 1150 Treasury stock 2000 Retained earnings 5160 Accrued expenses 830 Accumulated other comprehensive loss 210 Long - term debt 1570 Calculate Duster's liabilities and stockholders' equity as of December 31, 2007. Liabilities Stockholders' equity A. $ 3790 million $ 7420 million B. $ 3550 million $ 7840 million C. $ 3790 million $ 3420 million

单选题An analyst does research about investment policy statement (IPS). Which of the following statements is least accurate? An investment policy statement: A. provides discipline for the investmentmanagement process. B. specifies the compensation and fee structure for the account management. C. aids the portfolio manager in the construction and management of clients' account that satisfies the clients' needs.

单选题A forward rate agreement (FRA) that expires in 180 days and is based on 90-day LIBOR is quoted at 2

单选题When assessing credit risk, which of the following ratios would best measure a firm" s tolerance for additional debt and a firm" s operational efficiency? Ratio 1: Retained cash flow (CFO-dividends) divided by total debt. Ratio 2: Current assets divided by current liabilities. Ratio 3: Earnings before interest, taxes, depreciation, and amortization divided by revenues. Tolerance for leverage Operational efficiency ①A. Ratio 3 Ratio 1 ②B. Ratio 2 Ratio 3 ③C. Ratio 1 Ratio 3

单选题Which of the following statements describing options is false?

单选题Priortoexpiration,anAmericanputoptiononastock:A.isboundedbyB.willneversellforlessthanitsintrinsicvalue.C.willneversellformorethanitsintrinsicvalue.

单选题Acollegestudentsmonthlydemandforpizzaisgivenbytheequation:Thestudentscurrentmonthlyfoodbudgetis$500,thepriceofapizzais$5andthepriceofcolais$1.25/bottle.Ifthestudentsmonthlyfoodbudgetweretoincreaseto$700,theslopeofherdemandcurveforpizzawouldbeclosestto:

单选题An observation that stocks with above average price-to-earnings ratios have consistently underperformed those with below average price-to-earnings ratios least likely contradicts which form of market efficiency?