单选题Generally speaking, all else being equal, an upward-sloping yield curve can be expected when:

单选题An analyst gathered the following information about a perpetual preferred stock:

单选题The Value Line index is an equally weighted geometric average of the return of about 1700 firms

单选题A CFA Institute member puts the following statement on her resume: "I passed each level of the CFA exam on the first try." Is this a violation of Standard Ⅶ (B)? A. No, because it is a statement of fact. B. Yes, because she incorrectly refers to the CFA exam. C. Yes, because saying she passed exams on the first try is not appropriate.

单选题Alex Burl is an investment advisor at Helpful Investments, a local investment advisory firm. Helpful Investments requires its employees to invest in the same stocks which Helpful Investments recommends to its clients. Helpful Investments also has established strict procedures determining when trades can be executed in its employees' own portfolios to avoid any conflict of interests with its clients. This procedure is most likely in place to help Burl avoid violations of the Standards of Professional Conduct relating to: A. only material non-public information. B. only priority of transactions. C. both independence and material non-public information.

单选题The semi-strong form of the efficient market hypothesis (EMH) asserts that stock prices: A. fully reflect all historical price information. B. fully reflect all relevant information including insider information. C. fully reflect all publicly available information.

单选题In the marketing brochure, TBC Asset Manager presents the performance of several composite portfolios managed according to similar investment strategies. In constructing composites, the firm excludes individual portfolios with less than $1 million in assets, excludes terminated portfolios, and includes simulated results. TBC includes the following disclosure in the brochure: "Past performance is no guarantee of future results. Composites exclude portfolios under $1 million in assets and include results from simulated model portfolios with similar strategies." TBC's brochure: A. does not violate the Code and Standards. B. violate the Code and Standards by excluding portfolios under $1 million from the composite performance presentation. C. violate the Code and Standards by failing to include terminated portfolios in the performance presentation.

单选题Holding the working-age population constant, if the labor force participation ratio declines while the number of people employed remains unchanged, the unemployment rate will most likely:

单选题David Sandridge earned the right to use the CFA designation in September 1968. Sandridge recently retired from the investment management profession. As he is retired, Sandridge no longer attends CFA Institute society meetings and has stopped paying his CFA Institute dues. According to the Standards of Practice Handbook, how should Sandridge refer to his affiliation with CFA program? A. David Sandridge, CFA. B. David Sandridge, CFA (retired). C. "I was awarded the CFA charter in 1968."

单选题One year ago, an investor purchased a 10-year, $1000 par value, 8% semiannual coupon bond with an 8% yield to maturity. Now, one year later, interest rates remain unchanged at 8%. If the investor sells the bond today (immediately after receiving the second coupon payment, and with no transaction costs) he will have a capital: A. gain of $80. B. loss of $80. C. gain of $0.

单选题Compared to investors with long investment time horizons, investors with short investment time horizons most likely require: A. Less liquidity and less emphasis on capital appreciation. B. Less liquidity and greater emphasis on capital appreciation. C. More liquidity and less emphasis on capital appreciation.

单选题Fora90-dayUSIreasurybillsellingatadiscount,whichofthefollowingmethodsmostlikelyresultsinthehighestyield?

单选题Duncan Manz believes that he has found an error in a sample CFA Study Program question. Prior to e-mailing the provider about the error, he discusses his logic with Julia Cook, a fellow finance student at the Hess School of Business. Manz does not believe that the following question provides enough information to completely answer the question. Cook disagrees. Who is correct? Manz or Cook? And, if Cook is correct, what is the correct answer? Question: An investor's portfolio currently consists of 100% of stocks that have a mean return of 18 percent and an expected variance of 0.0625. The investor plans to diversify slightly by replacing 30 percent of her portfolio with U. S. Treasury bills that earn 4.25 percent. Assuming the investor diversifies, what are the expected return and expected standard deviation of the portfolio? A. Cook is correct. The portfolio's expected return is 13.875% and the expected standard deviation is 4.375%. B. Cook is correct. The portfolio's expected return is 13.875% and the expected standard deviation is 17.500%. C. Manz is correct. There is not enough information to completely answer the question.

单选题Which of the following most accurately describes the Monetarist school of macroeconomic thought in relation to aggregate demand and aggregate supply? Monetarists believe that the money supply should be: A. Increased during inflationary periods and reduced during recessionary periods. B. Increased by a constant rate annually. C. Reduced during inflationary periods and increased during recessionary periods.

单选题An analyst does research about earnings quality. During 2011, a company reported the sale of accounts receivable but retained the effective credit risk for the uncollected receivables. That company's 2011 financial statements will most likely overstate: A. current assets. B. cash flow from operating activities. C. cash flow from financing activities.

单选题When analyzing a company that prepares its financial statements according to U

单选题While working abroad, U. S. citizen Dirk Senik purchases a foreign bond with an annual coupon of 7.5 percent for 95.5. One year later, the exchange rate between the dollar and the foreign currency remains unchanged and he sells the bond for 97.25, resulting in a holding period return of 9.7 percent. If the foreign currency had depreciated in relation to the dollar, Senik's return would be:

单选题The following information is from a companys accounting records: Millions Revenues for the year 12,500 Total expenses for the year 10,000 Gains from available-for-sale securities 1,475 Loss on foreign currency translation adjustments on a foreign subsidiary 325 Dividends paid 500 The companys total comprehensive income (in millions) is closest to:

单选题An analyst does research about future market transactions. The following information relates to futures market transactions for both an investor with a long position and an investor with a short position in the market: Initial futures price per contract on Day 0 $100 Initial margin requirement per contract $6 Maintenance margin requirement per contract $4 Number of contracts held by each investor 10 Settlement price per contract on Day 1 $103 At initiation of the contracts, each investor deposited enough funds to just meet the initial margin requirements. Which of the following statements about the two investors is most accurate? The amount of funds that must be deposited on Day 2 by the investor holding the: A. short position is $10. B. long position is $30. C. short position is $30.

单选题An analyst receives a research report from a colleague. The colleague's report has an elaborate table with performance data on publicly traded stocks. The colleague says the data in the table consists of measures provided by Standard & Poor's. The analyst finds the table a useful reference for a report she is writing. She uses several pieces of data from the table. The analyst is potentially in violation of: A. no particular standard because this is appropriate activity. B. Standard Ⅱ concerning the obligations to the capital markets. C. Standard Ⅴ (A) if she does not first verify the data in the table is accurate.