单选题Which of the following is a discrete random variable? A. The amount of time between two successive stock trades. B. The realized return on a corporate bond. C. The number of advancing stocks in the DJIA in a day.
单选题Fred Valley, CFA, is an analyst at a commercial bank. Valley receives compensation for referrals to the bank's brokerage and personal financial-planning divisions. His recent referrals are long-time clients from his previous employer, and Valley does not mention the bank's referral arrangement. Does Valley violate any CFA Institute Standards? A. No. B. Yes, with respect to misrepresentation. C. Yes, with respect to conflicts of interest.
单选题At the beginning of the year, Florission Corporation paid its annual operating lease obligation in advance. What is the immediate impact of this transaction on Florission"s total assets and total liabilities?
total assets total liabilities
① no effect no effect
② no effect decrease
③ increase decrease
单选题Billy, CFA, tells a prospective client that the earnings of KK Limited will be $10.05 per share next fiscal year. Billy violated（ ）
单选题Jenny Hein, CFA, is a research analyst covering a mining industry. Hein has prepared a research report on one mining company based on research from a variety of sources and other analysts. Hein combines these materials to form her own opinion and completes the report without acknowledge her sources in her report. Then Hein distributes the report to her clients. Has Jenny most likely violated the Standards of Professional Conduct? A. No. B. Yes, by failing to cite the work of others in her report. C. Yes, by failing to have reasonable basis for her opinion.
单选题The process of arbitrage does all of the following EXCEPT:
A. promote pricing efficiency and produce riskless profits.
B. result in the correction of mispriced assets.
C. insure that risk-adjusted expected returns are equal.
单选题Which of the following statements about a normal distribution is least accurate? A normal distribution: A. has an excess kurtosis of 3. B. is completely described by two parameters. C. can be the linear combination of two or more normal random variables.
单选题Which of the following types of capital budgeting projects are most
likely to generate little to no revenue ?
A. Regulatory projects.
B. New product or market development.
C. Replacement projects to maintain the business.
单选题In which of the following market types can stocks trade at any time the market is open?
单选题David Donnigan enrolled to take the Level ⅠI CFA examination in the current year, but he did not take the exam
单选题An analyst does research about different inventory valuation methods. Which inventory valuation method least likely results in the same cost of sales for both periodic and perpetual inventory systems? A. FIFO. B. LIFO. C. Specific identification method.
单选题The short in a forward rate agreement: A. profits if London Interbank Offered Rate (LIBOR) increases. B. profits if LIBOR decreases. C. faces default risk.
单选题Thefollowingdataareforabasketofthreeconsumptiongoodsusedtomeasuretherateofinflation:UsingtheconsumptionbasketforAugust2011,thePaascheindexisclosestto:
单选题Which of the following statements concerning the persistence of pricing anomalies is least likely to be correct? A. A lack of liquidity may cause transactions costs to exceed the profit potential of the anomaly. B. Trading restrictions may preclude the establishment of the positions required to exploit an anomaly. C. The capital required to exploit an anomaly is often not available.
单选题An analyst does research about calculating reinvestment income to achieve desired yield. An 8 percent coupon bond with seven years to maturity makes semiannual interest payment and has a maturity value of $1000. The bond is currently selling at $1112.96 to provide a 6 percent yield. The amount of reinvestment income required to generate this yield is closest to: A. $110.48 B. $123.45 C. $226.44
单选题Which of the following fiscal policy models is most likely to support
the conclusion that the adjustment of money wages to restore full-employment
equilibrium is rapid and that without the distorting effects of taxes, long-run
equilibrium real output would increase with increases in the labor force and
accumulated capital, and with improvements in technology?
A. Classical.
B. Keynesian.
C. Supply-side.
单选题Which of the following is NOT a reason that the aggregate demand curve slopes downward? A. The wealth effect causes consumers to spend less when the price level rises. B. Higher interest rates encourage consumers to delay major purchases. C. Because entitlements are adjusted for inflation, a rising price level forces government spending to increase.
单选题During December 2009 Company A acquires a small competitor, Company B. During the evaluation of the acquisition it is determined that the customer lists of Company B have a fair value of $50000. Company A has spent $15000 during the year updating and maintaining its own customer lists. What will be the value of the customer list intangible asset on Company A"s 31 December 2009 consolidated financial statements?
单选题A competitive firm will tend to expand its output as long as marginal:
单选题An investor paid a full price of $1035.70 each tor a group of bonds.
The purchase was between coupon dales, and accrued interest was $34.12 per bond.
What is each bond's clean price?
A. $1001.58
B. $1035.70
C. $1069.82