单选题In determining the appropriate asset allocation for a client"s investment account, the manager should:
单选题One of the key differences between the decisions to add labor or capital to the production process is that the returns to labor: A. are relatively immediate, but those to capital may be years into the future so they must be evaluated as future values. B. must be projected into the future and evaluated as present values, while returns to capital can be evaluated immediately based upon market interest rates. C. are relatively immediate, but those to capital may be years into the future so they must be evaluated as present values.
单选题Linda Reynolds pays $2.45 to buy a call option with a strike
price of $42. The stock price at which Reynolds earns $3.00 from her call option
position is :
A. $47.45.
B. $3.00.
C. $2.45.
单选题Jesse, CFA, is an exam proctor for the Level Ⅰ CFA exam. The day
before the exam is to be administered, Jesse faxes a copy of one of the
questions to two friends, Richard and Patrick, who are Level Ⅰ candidates in the
CFA program. Jesse, Richard, and Patrick has planned the distribution of an exam
question months in advance. Richard used the fax to prepare for the exam.
Patrick, however, had second thoughts and threw the fax away without looking at
its contents. Which of the following statements is most likely correct?
A. Richard violated the Code and Standards but Patrick did not.
B. Jesse violated the Code and Standards but Richard did not.
C. Richard and Patrick both violated the Code and Standards.
单选题Where in the financial statements should a firm recognize the unrealized gains and losses on cash flow hedging derivatives and the unrealized gains and losses on available-for-sale securities? Cash flow hedging derivatives Available-for-sale securities ①A. Other comprehensive income Other comprehensive income ②B. Other comprehensive income Net income ③C. Net income Other comprehensive income
单选题Which of the following statements about company and stock analysis is least likely 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 return.
单选题When is the t- distribution the appropriate distribution to use? The t -distribution is the appropriate distribution to use when constructing confidence intervals based on: A. small samples from populations with known variance that are at least approximately normal. B. large samples from populations with known variance that are nonnormal. C. small samples from populations with unknown variance that are at least approximately normal.
单选题Which of the following best describes the motivation for a corporation to issue an asset-backed security? Securitization of specific assets by a corporation enables the corporation to（ ）
单选题Will the short-run effects of an unanticipated expansionary monetary policy most likely include an increase in: The real interest rate? Real GDP? A. No No
B. No Yes
C. Yes No
单选题Raymond Ortiz, CFA, provides investment advice to high-net-worth investors
单选题Which of the following is a common criticism of derivatives? A. Derivatives are likened to gambling. B. Derivatives are too illiquid. C. Fees for derivatives transactions are relatively high.
单选题When interest rates fall, the price of a callable bond will:
单选题Which of the following is least likely to be the long-run effect of a price ceiling that is set below the equilibrium price?
单选题Zhao Xuan, CFA, is a sell side investment analyst
单选题An investment policy statement is important to the portfolio management process because it: A. specifies allocations across assets and countries. B. provides a clear understanding of the level of risk a client is willing to accept. C. creates a record of the benchmark against which performance will be judged.
单选题Calculate the average depreciable life:
A. 5 years.
B. 9.5 years.
C. 10 years.
单选题Which of the following statements about duration of a bond is least accurate? A. The duration of a zero coupon bond is approximately equal to its maturity. B. The duration of a floater is equal to the time to the next reset date. C. If a bond has an effective duration of 7.5 , it means that a 1% change in rates will result in a 7.5% change in price.
单选题An analyst does research about cash flow and gathers the following information (in thousands) about a company. 2011 2010 Cost of goods sold $14436 $12471 Inventory (year end) $3876 $5980 Accounts payable (year end) $7321 $6432 Based on the information above, cash paid to suppliers (in thousands) in 2011 is cLosest to: A. $11443 B. $13221 C. $15651
单选题An analyst does research about financial statement effects of investment security classification. An unrealized loss on a marketable security classified as availablefor-sale most likely: A. decreases assets on the balance sheet. B. creates a loss on the income statement. C. has no impact on the financial statements.
单选题If the appropriate annual discount rate is 6%