单选题Assuming market efficiency, which of the following statements regarding technical and fundamental analysis is FALSE? A. Technical analysis that relies exclusively on historical data has no value. B. Evidence indicates it is possible to obtain superior returns by investing in mid-cap firms since they tend to be followed by fewer analysts. C. The only way to obtain superior results using historical data is to perform a top down analysis examining first the market, then the industry and then individual firms.
单选题When using margin to invest in equities, which of the following defines initial margin and what level will the margin be brought back to in the event of a margin call? Initial margin Margin call action ①A. amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the initial margin ②B. amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the maintenance margin ③C. minimum amount of equity required of the investor a deposit must be made to bring the margin back to the maintenance margin
单选题Morris Inc. had the following transactions during 2009:
●Purchased new fixed assets for $105000.
●Converted $83000 worth of preferred shares to common shares.
●Received cash dividends of $24000. Paid cash dividends of $32000.
●Repaid mortgage principal of $18000.
Assuming Morris, Inc. follows U.S. GAAP, which of the following amounts represents Morris"s cash flow from investing and cash flow from financing in 2009, respectively?
cash flow from investing cash flow from financing
① ($105000) ($50000)
② ($83000) ($18000)
③ ($105000) ($18000)
单选题An investor is least likely exposed to reinvestment risk from owning a(n):
单选题A scientist working for a pharmaceutical company tries many models
using the same data before reporting the one that shows that the given drug has
no serious side effects. The scientist is guilty of:
A. look -ahead bias.
B. time -period bias.
C. data mining.
单选题An investor fears that economic conditions will worsen and the market prices of her portfolio of investment-grade corporate bonds will decrease more than her portfolio of government bonds
单选题Which of the following is the most useful to an analyst assessing the credit worthiness of a company?
单选题For a positively skewed unimodal distribution, which of the following measures is most accurately described as the largest?
单选题At the beginning of the year
单选题JaneHiggins,CFA,aindustryanalyst,doesresearchaboutinventoryvaluation.Thecompanyusesaperiodicinventorysystemandnoinventoryon31May,2012.Thecompanypurchasesinventoryasfollows:PurchaseDateCostperUnitNumberofUnits1May$14.0010003May$10.004006May$8.00150023May$10.00300DuringMay,2000unitsaresold.Undertheweightedaveragecostmethodofinventoryvaluation,costofgoodssoldisclosestto:A.20160B.20625C.31000
单选题If the prices of substitute resources decreased, the demand for a given resource will most likely:
单选题The fair market value of a tangible noncurrent asset exceeds historical cost. Under Intemational Financial Reporting Standards (IFRS), this asset is least likeLy carried on the balance sheet at: A. fair value. B. historical cost less any accumulated depreciation. C. fair value less any accumulated depreciation.
单选题An analyst does research about Eurodollar futures. Which of the following statements is NOT accurate? A. Prices are quotedas 100 minus the rate priced into the contract. B. The official Eurodollar rate is compiled by the British Bankers Association. C. Contracts are paid off based on Euribor on a given day.
单选题An analyst gathers the following information for a company:
单选题An analyst does research about portfolio management. Which of the following statements is Least accurate when an investor diversifies a portfolio? A. Systematic risk is eliminated. B. The variance of the portfolio declines. C. The portfolio will have a higher correlation with the market portfolio.
单选题An analyst gathers the following information about Monument State Bank: Demand deposits $ 400 million. Loans and securities $ 260 million. Reserve requirement 10%. The bank has a total of $ 50 million in cash and deposits with the Federal Reserve. Monument Stare Bank is in a position to make additional loans of:
单选题Will Lambert, CFA, is a financial analyst for Offshore Investments. He is preparing a purchase recommendation on Burch Corporation. According to CFA Institute Standards of Professional Conduct, which of the following statements about disclosure of conflicts is most correct? Lambert would have to disclose that（ ）
单选题A U. S. investor who purchases an option-free bond with a 7 percent coupon rate, maturing in 20 years, and issued by a U. S. -based company is most likely exposed to: A. volatility risk and credit risk. B. event risk and interest rate risk. C. volatility risk and yield curve risk.
单选题Brendan Witt, CFA, is a sell-side analyst within a research team covering companies in the technology sector. The team reaches a consensus to recommend selling a mining company after long time debating. Witt does not agree with the team's investment conclusion and believes the mining company is a potential target of takeover. According to the Standards of Professional Conduct relating to diligence and reasonable basis, which of the following statements is most accurate? Witt must: A. decline to be identified with the report. B. dissociate from the report because it does not reflect his opinion. C. ensure the consensus opinion has a reasonable and adequate basis and is independent and objective to keep her name on the report.
单选题Which embedded option is most beneficial to a bond issuer? A. A conversion option. B. A floor on a floating rate bond. C. An accelerated sinking fund provision.