单选题Which of the following least likely affects how the burden of a tax is divided between buyers and sellers? A. Elasticity of supply. B. Elasticity of demand. C. Whether the tax is imposed on buyers or on sellers.

单选题An analyst prepares pro forma financial statements for a company and forecasts total assets will be less than total liabilities plus shareholders' equities. Which of the following adjustments is least likely to balance the accounts? A. Increases dividends. B. Increases treasury stocks. C. Increases debt payback.

单选题A stock has a required rate of return of 15%, a constant growth rate of 10%, and a dividend payout ratio of 45%. The stock"s price-earnings ratio should be:

单选题The belief that money wage rates are sticky is least likely to be associated with:

单选题Which statement about renewable and non-renewable resources is most accurate? A. The price of a renewable resource is the present value of its expected next-period price. B. Land is considered a renewable resource. C. The known stock of a non-renewable resource must decrease as the resource is used.

单选题Which of the following statements about the internal rate of return (IRR) for a project with the following cash flow pattern is TRUE? Year 0: -$ 2000 Year 1: $ 10000 Year 2: -$ 10000 A. It has a single IRR of approximately 38 percent. B. It has a single IRR of approximately 260 percent. C. It has two IRRs of approximately 38 and 260 percent.

单选题If both average product (AP) and marginal product (MP) are equal to 8 when 10 workers are employed, what can we most likely conclude about AP and MP when 15 workers are employed? A. AP=MP=5 B. AP=4 and MP=6 C. AP=7 and MP=5

单选题Characteristics of monopolistic competition include all of the following EXCEPT: A. differentiated products. B. high barriers to entry. C. large numbers of independent sellers.

单选题The unit contribution margin for a product is $20

单选题Exactly one year ago, an investor purchased a $1000 face value, zero- coupon bond with 11 years remaining to maturity. The YTM was 8.0%. Now, one year later, with market rates unchanged, an investor purchases an annuity that pays $ 40 every six months for 10 years. The combined value of the two investments based on the 8% BEY is approximately: A. $966. B. $1000. C. $1007.

单选题An investor purchases a 5% coupon bond maturing in 15 years for par value

单选题For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard Ⅳ (C), Responsibilities of Supervisors, Berger: A. must develop a set of written procedures to prevent violations derived from his mentoring Chennings. B. must routinely evaluate Chennings' performance. C. assumes no extra responsibility with the hiring of Chennings.

单选题Jan Jurgen, CFA charterholder, recently accepted a position in the Treasury area of a conservatively managed commercial bank. Jurgen intends to suggest the use of plain-vanilla interest rate swaps at today"s Asset & Liability Management Committee meeting. Jurgen is least correct to argue that the use of interest rate swaps will:

单选题Which of the following is included in working capital?

单选题All else being equal, an increase in the number of days payable will most likely cause a company's cash conversion cycle to: A. increase. B. remain the same. C. decrease.

单选题The corporate income tax is an automatic stabilizer because: A. corporate profits are strongly counter-cyclical. B. corporate profits are strongly pro-cyclical. C. the corporate profits tax increases tax collections during recessions.

单选题The kinked demand model assumes that below the current price, the demand curve becomes: A. less elastic because competitors will not decrease their prices. B. more elastic because competitors will not decrease their prices. C. less elastic because competitors will decrease their prices.

单选题Which school of thought holds that fiscal policy is most effective? A. the basic Keynesian model. B. the Crowding-Out model. C. New Classical economics.

单选题A well-diversified investor holds an equal investment in cash of the equity shares of Meyer, Inc., Johnson, Inc., and Fairfax Enterprises. The three companies operate in the same industry and will benefit equally from a favorable decision in a pending court case. The investor concludes that the current stock prices for Meyer and Johnson each reflect a 50 percent probability that the decision will be favorable to the industry, while the current stock price for Fairfax reflects a 70 percent probability that the decision will be favorable. The most. appropriate strategy for the investor is to: A. sell Fairfax shares and use the proceeds to purchase additional shares in Meyer and Johnson. B. sell both Meyer and Johnson shares and use the proceeds to purchase additional shares in Fairfax. C. reallocate the investment in the industry to 15 percent in Meyer, 15 percent in Johnson, and 70 percent in Fairfax.

单选题Which date in the chronology of a dividend payment is most likely determined by a security exchange?