单选题A CFA charter holder who comes to work intoxicated is（ ）
单选题Consider the following statements about the geometric and arithmetic means as measures of central tendency. Which statement is least accurate? A. The geometric mean may be used to estimate the average return over a one -period time horizon because it is the average of one - period returns. B. The difference between the geometric mean and the arithmetic mean increases with an increase in variability between period- to- period observations. C. The geometric mean calculates the rate of return that would have to be earned each year to match the actual, cumulative investment performance.
单选题An analyst gathered the following data about three stocks
{{I}}Stock{{/I}}
{{I}}Beta{{/I}}
{{I}}Estimated{{/I}}
A
1.5
15.0%
B
1.1
15.7%
C
0.6
14.2% If the risk-free rate is 8% and the risk-premium on the market is 7%, is each stock undervalued, properly valued, or overvalued? Stock A Stock B Stock C A. Undervalued Properly valued Overvalued B. Overvalued Overvalued Properly valued C. Overvalued Properly valued Undervalued
单选题An analyst has gathered the following data about a company: Average receivables collection period of 95 days Average inventory processing period of 183 days? A payables payment period of 274 days What is their cash conversion cycle?
单选题Which of the following would NOT be a component of cash flow from
investing?
A. Sale of land.
B. Purchase of securities.
C. Dividends paid.
单选题Jan Hirsh, CFA, is employed as manager of a college endowment fund. The college's board of directors has recently voted to consider divesting from companies located in a country that has a poor civil rights record. Hirsh has personal investments in several firms in the country. Hirsh needs to : A. disclose her ownership in the stocks to her supervisor only. B. disclose her ownership in the stocks to the board of directors only. C. do nothing since the board has not made a decision yet.
单选题A decrease in assets would least likely be consistent with a (n):
单选题Which-of the following statements used to describe the Student' s t-distribution is least accurate? The Student's t-distribution: A. Involves two random variables. B. Is symmetric around its mean value of zero. C. Has thinner tails than the normal distribution.
单选题Technically, an individual is unemployed when he or she is actively seeking employment or is: A. a retiree. B. a discourage worker. C. waiting to return to a job from which he or she was just laid off.
单选题Which of the following is an empirical probability? A. On a random draw, the probability of choosing a stock of a particular industry from the S＆P 500 based on the number of firms. B. A politician's opinion concerning a recession prior to an election. C. For a stock, based on prior patterns of up and down days, the probability of the stock having a down day tomorrow.
单选题Which of the following statements regarding depreciation expense in the cash flow statements is TRUE? Depreciation is: A. added back to net income when determining CFO using the direct method. B. added back to net income when determining CFO using the indirect method. C. considered a cash item.
单选题The 95 % confidence interval for the population mean based on a sample
of 40 interest rates with a sample mean of 4% and a sample standard deviation of
15% is closest to:
A. -0.851% to 8.851%.
B. 1.261% to 6.739%.
C. -0.794% to 8.794%.
单选题An analyst gathered the following information about a company that expects to fund its capital budget without issuing any additional shares of common stock:
source of capital
capital structure proportion
marshal after-tax cost
long-term debt
preferred stock
common equity
50%
10%
40%
6%
10%
15%
net present values of three independent projects
amount
warehouse project
equipment project
product line project
$426
$0
- $185 If no significant size or timing differences exist among the projects and the projects all have the same risk as the company, which project has an internal rate of return that exceeds 10 percent? A. All three projects. B. The warehouse project only. C. The warehouse project and the equipment project.
单选题The most likely objective of government regulation of a natural monopoly is to（ ）
单选题Daniel, CFA, is an equity analyst with Prescott Securities. Based on
his fundamental analysis, Daniel concludes that the stock of a company he
follows, NSCH Inc., is substantially undervalued and will experience a large
price increase. He delays revising his recommendation on the stock from "hold"
to "buy" to allow his brother to buy shares at a lower price. According to the
Standards, Daniel is least likely to have violated:
A. duty to clients.
B. reasonable basis.
C. priority of transactions.
单选题The mosaic theory is the idea that an analyst can（ ）
单选题Which of the following is NOT a determinant of the expected price/earnings (P/E) ratio? A. Expected dividend payout ratio (D/E). B. Expected growth rate in dividends (g). C. Average debt to capital ratio (D/C).
单选题A stock's P/E ratio based on the DDM is which of the following?
A. (1-RR)/(ke-RR×ROE)
B. (1+RR)/(ke-RR×ROE)
C. (1-RR)/(ke+RR×ROE)
单选题The use of financial ratio analysis is most likely limited in which of the following situations? When:
单选题During periods of rising prices, which of the following statements is correct?