单选题Empirical evidence suggests that the security market line (SML) does not maintain a constant slope or intercept across time, creating valuation issues for securities analysts and portfolio managers. Which of the following will cause the slope of the SML to change or cause a shift in the SML? Change in Slope Shift in SML ①A. An increase in expected inflation A decrease in real growth ②B. A decrease in real growth An increase in the market risk premium ③C. An increase in the market risk premium Unexpected growth of the money supply
单选题Which of the following is an appropriate statement for a Level Ⅱ CFA candidate to make? A. I am a Level I CFA charter holder. B. I will be a CFA charter holder within 2 years. C. I passed the Level I CFA exam last year.
单选题Which of the following entities play a critical role in the ability to create an asset backed security with a higher credit rating than the corporation?
单选题An increase in the target federal funds rate will most likely lead to an increase in:
单选题Which of the following statements about company and stock analysis is
least likely to be correct?
A. A growth stock always indicates a growth company.
B. A growth company's stock can have below-average risk-adjusted
returns.
C. A weak firm can experience temporary above-average risk-adjusted
returns.
单选题Assumethattwofirmsinaduopolyenterintoacollusiveagreementinanattempttoformacartelandrestrictoutput,raiseprices,andincreaseprofits.AccordingtotheNashequilibrium,alowpriceismostlikelychargedby:
单选题An investor gathers the following information for an index:
Value of the index as of December 31, 2012
1,000
Interest income over the year 2012
23
单选题A distribution that is more peaked than normal is:
单选题A firm uses LIFO for inventory accounting and reports the following:
●COGS
LIFO
$342000
●beginning inventor $75000
●ending inventory $78000
Footnotes to the financial statements reveal a beginning LIFO reserve of $35000 and an ending LIFO reserve of $39000. COGS on a LIFO basis is:
单选题Depending on certain circumstance, revenue may be recognized:
A. when production is complete and as production occurs.
B. at the time of sale and when production is complete.
C. All of these choices are correct.
单选题Which of the following statements about the call feature is FALSE? The: A. call feature exposes investors to additional reinvestment rate risk. B. call feature lengthens the bond' s duration, increasing price risk. C. cash flow pattern of callable bonds cannot be known with certainty.
单选题Financial assets classified as held-to-maturity are most likely measured at: A. amortized cost. B. fair value. C. the lower of cost or fair value.
单选题Consider the following two statements about put-able bonds: Statement 1: As yields rise, the price of put-able bonds will fall more quickly than similar option-free bonds (beyond a critical point) due to the decline in value of the embedded put option. Statement 2: As yields fall, the price of put-able bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option. Should an analyst agree or disagree with these statements? Statement 1 Statement 2 ①A. Agree Agree ②B. Disagree Disagree ③C. Agree Disagree
单选题Which of the following describes the yield to worst? The: A. lowest of all possible prices on the bond. B. yield given default on the bond. C. lowest of all possible yields to call and yields to put.
单选题Which of the following would be least likely to cause a change in cash flow from operations under U.S. GAAP?
单选题An investor purchases 200 shares of Merxx on margin. The shares are
trading at $40. Initial and maintenance margins are 50 percent and 25 percent.
If the investor sells the stock when the price rises to $50 at year-end, the
return on the investment would be closest to:
A. 50.00%.
B. 18.75%.
C. 25.00%.
单选题Assume that a perfectly competitive firm produces 10 units of a good and sells them each for a price (P) equal to $15. If the marginal cost (MC) of the 10th unit is $15 and the average total cost (ATC) is $13, economic profit for the firm is closest to:
单选题Which of the following statements is most accurate regarding
monetarists? Monetarists believe that:
A. discretionary monetary policy is the best way to moderate fluctuations in
prices and output.
B. steady, predictable money growth is the best monetary policy.
C. the Federal Reserve has very little power with the tools at their
disposal.
单选题An analyst observes that the historic geometric returns are 9% for equities,3% for treasury bills, and 2% for inflation
单选题A June put option has a premium of $1.50. At expiration, the breakeven value of the underlying asset is $36.50. The strike price of the option is :