单选题Which of the following share repurchase methods most likely result in the lowest cost to the company? A. Buy in the open market. B. Buy a fixed number of shares at a fixed price. C. Repurchased by direct negotiation.
单选题If an analyst has a policy of making an inquiry into a client's financial situation, investment experience, and investment objectives regularly, this is: A. a violation of Standard Ⅲ (E), concerning client confidentiality. B. a violation of the disclosure requirements of Standard Ⅵ (A). C. congruent with Standard Ⅲ (C) , Suitability.
单选题AEuropeancalloptiononanon-dividendpayingstockwithastrikepriceof$25.00expiresin3months.Theunderlyingstockcurrentlytradesat$29.00.Therisk-freerateis5.00%.ThelowerboundfortheEuropeancallisclosestto:
单选题Which of the following activities would an analyst least likely complete as part of the processing data phase of a financial analysis?
单选题Both Portfolio X and Portfolio Y are well-diversified. The risk-free rate is 8 percent, and the return for the marker is 16 percent, that is: Portfolio Expected Return Beta X 16% 1.00 Y 12% 0.25 In this situation, which of the following Correlation of Returns about Portfolio X and Portfolio Y is true? Portfolio X Portfolio Y ①A. overvalued properly valued ②B. properly valued undervalued ③C. undervalued properly valued
单选题Given: an 11 percent annual rate compounded quarterly for 2 years ; compute the FV of $ 8000 today.
单选题An investor has the choice of two investments. Investment A offers interest at 7.25 percent compounded quarterly. Investment B offers interest at the annual rate of 7.40 percent. Which investment offers the higher dollar return on an investment of $ 50000 for two years, and by how much ? A. Investment B offers a $ 36.92 greater return. B. Investment A offers a $122.18 greater return. C. Investment A offers a $ 53.18 greater return.
单选题Wes Smith, CFA, works for Advisors, Inc
单选题Millicent Plain has just finished taking Level II of the CFA examination
单选题Accounting warning signs related to the Enron scandal not included:
单选题Which of the following condition is least likely to be the obstacle to the efficient allocation of productive resources:
单选题If the price of a candy bar increases from $ 0.50 to $ 0.55 and the
quantity demanded decreases from 267 to 235, the price elasticity of demand is:
A. -1.23.
B. 1.23.
C. -1.34.
单选题Which of the following statements regarding long-term forecasts of cash flows is most accurate? Long-term cash flow forecasts are: A. constructed from recent daily and weekly cash flows. B. are usually more accurate than short term cash flow forecasts. C. based on pro-forma balance sheet projections for future years.
单选题Which of the following statements about swap agreements is FALSE? A. They are standardized agreements, similar to futures. B. Interest rate and currency are common types of swaps. C. They allow for the exchange of different sets of future cash flows.
单选题A continuous market most likely exists for a stock when: A. an overnight buildup of buy and sell orders for the stock occurs. B. new information about the company is continuously released to market participants. C. numerous dealers are willing to make a market in the stock at any time that the market is open.
单选题The efficient market hypothesis implies that fundamental analysis: A. is inferior to technical analysis because fundamental analysis is not timely. B. requires the analysis to predict movements in relevant variables that affect rates of return. C. will be successful if transaction costs are minimized by focusing on a limited number of large-capitalization stock
单选题In the top-down approach to valuation, industry analysis should be conducted before company analysis because: A. most valuation models recommend the use of industry-wide average required returns, rather than individual returns. B. the goal of the top-down approach is to identify those companies in non-cyclical industries with the lowest P/E ratios. C. an industry's prospects within the global business environment are a major determinant of how well individual firms in the industry perform.
单选题
Ratio
2003
2004
Net profit margin
0.15
0.18
Total asset turnover
1.60
1.75
Financial leverage multiplier
1.00
1.50 The return
on equity (ROE) for 2003 and 2004 respectively is :
A. 8% and 24%.
B. 24% and 47%.
C. 24% and 8%.
单选题All of the following are required for a CFA Institute member to maintain his or her active status EXCEFF: A. remit a completed Professional Conduct Statement on an annual basis. B. Passing each exam in no more than two tries. C. paying membership dues to CFA Institute on an annual basis.
单选题In a two-asset portfolio, reducing the correlation between the two assets moves the efficient frontier in which direction? A. The efficient frontier is stable unless return expectations change. If expectations change, the efficient frontier will extend to the upper right with little or no change in risk. B. The efficient frontier tends to move down and to the left, representing increased risk from negative correlation. C. The frontier extends to the left, or northwest quadrant representing a reduction in risk while maintaining or enhancing portfolio returns.