单选题Assume the following information for a stock:
Beta coefficient = 1.50
Risk - free rate = 6%
Expected rate of return on market = 14%
Dividend payout ratio = 30%
Expected dividend growth rate = 11%
The estimated earnings multiplier (P/E ratio) is closest to:
单选题In the long run, a perfectly competitive firm will earn?
单选题An analysis of the industry reveals that firms have been paying out 45 percent of their earnings in dividends, asset turnover = 1.2 ; asset-to-equity (A/E) = 1.1 and profit margins are 8 percent. What is the industry' s projected growth rate?
单选题Don Benjamin, CFA, is the compliance officer for a large brokerage firm. He wants to prevent the communication of material nonpublic information and other sensitive information from his firm's investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading by employees is the:
单选题Which of the following statements about net present value (NPV) and internal rate of return (IRK) is FALSE? A. The NPV method assumes that cash flows will be reinvested at the cost of capital while the IRR method assumes that they are reinvested at the IRR. B. The IRR is the discount rate that equals the present value of the cash inflows with the present value of outflows. C. On mutually exclusive projects, if the NPV method and the IRR method give conflicting signals, you should use the IRR to select the project.
单选题The price to cash flow (P/CF) model has grown in popularity for all of the following reasons EXCEPT: A. CFs are more easily estimated than future dividends. B. CFs are generally more difficult to manipulate than earnings. C. CFs may be used for firms that have negative earnings per share or do not pay dividends.
单选题A local laundry and dry cleaner collects the following data on its workforce productivity
单选题Thefollowingdiagramillustratesamarketthathadbeeninequilibriumat(PE,QE)priortotheimpositionofapriceceiling,PC.Thedeadweightlossthatarisesbecauseofthismarketinterventionisbestdescribedbvtheareadefinedby:
单选题A distribution with a mean that is less than its median is most likely:
单选题Which of the following actions is least likely to immediately increase earnings?
单选题Under IFRS, the costs incurred in the issuance of bonds are most likely:
单选题Frank, CFA, heads the research department of a large brokerage firm.
The firm has many analysts, some of whom are subject to the Code and Standards.
If Frank delegates some supervisory duties, which statement best describes her
responsibilities under the Code and Standards?
A. Frank's supervisory responsibilities do not apply to those subordinates
who are not subject to the Code and Standards.
B. Frank no longer has supervisory responsibility for those duties delegated
to her subordinates.
C. Frank retains supervisory responsibilities for all subordinates despite
her delegation of some duties.
单选题If marginal cost is above the average cost, when you produce your next unit:
单选题[此试题无题干]
单选题Young Distributors, Inc. issued convertible bonds two years ago, and those bonds are the only potentially dilutive security Young has issued. In 2005, Young' s basic earnings per share (EPS) and diluted EPS were identical, but in 2004 they were different. Which of the following factors could NOT explain the difference between EPS and Diluted EPS? The: A. bonds were redeemed by Young Distributors at the beginning of 2005. B. average market price of Young increased in 2005. C. bonds were antidilutive in 2005 but not in 2004.
单选题Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm"s estimated price-to-earnings (P/E) ratio?
单选题Which of the following factors would be least likely to shift the
aggregate demand curve?
A. The price level increases.
B. The federal deficit expands.
C. Expected inflation decreases.
单选题An analyst does research about money-weighted rate of return and time-weighted rate of return. On 30 June 2010, an investor opened an account with $1000000. The account experienced the following activity over the next two years: Date Withdrawals Net Ending Balance 30 June 2011 $471000 $451000 30 June 2012 — $499900 As of 30 June 2012, the investor's money-weighted rate of return and timeweighted rate of return: A. are both positive. B. are both negative. C. have different signs.
单选题All of the following are cash flows from operations EXCEPT:
A. interest payments.
B. dividends paid to shareholders.
C. dividends received.
单选题Which of the following relationships between arbitrage and efficient markets is least accurate? A. The concept of rationally priced financial instruments preventing arbitrage opportunities is the basis behind the no-arbitrage principle. B. Momentary deviations from market efficiency can create an arbitrage opportunity. C. Market efficiency refers to the low cost of trading derivatives because of the lower expense to traders.