单选题Which of the following choices correctly places callable bonds, straight coupon bonds, mortgage-backed securities, and zero-coupon bonds in order from the type of security with the least reinvestment risk to the one with the most reinvestment risk? A. zero-coupon bonds, mortgage-backed securities, straight coupon bonds, callable bonds. B. zero-coupon bonds, straight coupon bonds, callable bonds, mortgage-backed securities. C. mortgage-backed securities, zero-coupon bonds, callable bonds, straight coupon bonds.

单选题A company, with a tax rate of 40% percent, sold a capital asset with a net book value of $500 000 for $570 000 during the year. Which of the following amounts will most likely be reported on their in their income statement for year related to the asset sale?

单选题A local high school basketball team had 18 home games this season and averaged 58 points per game. If we assume that the number of points made in home games is normally distributed, which of the following is most likely the range of points for a confidence interval of 90 percent? A. 26 to 80. B. 24 to 78. C. 34 to 82.

单选题The crowding-out effect suggests that: A. expansionary fiscal policy causes inflation. B. restrictive fiscal policy is an effective weapon against inflation. C. the sale of government bonds to the public will drive up interest rates, thereby retarding private investment and aggregate demand.

单选题The top-down, three-step process for analyzing the value of stock is comprised of（ ）

单选题An analyst does research about weighted average cost of capital and gathers the following information about a company: Capital Source Market Value (millions) Before-tax Cost of Capital Bonds $150 5% Preferred stock $50 6% Common stock $300 10% Based on the information above, if the company's marginal tax rate is 35%, its weighted average cost of capital is closest to: A. 7.0% B. 7.6% C. 8.1%

单选题Charlie Mancini, CFA, is the Managing Director of VES Financial (VES), a large US—based mutual fund organization. Mancini has been under pressure recently to increase revenues. In order to secure business from a large hedge fund manager based in Asia, Mancini recently approved unusual terms for the fund's client agreement. To allow for time zone differences, the agreement allows the hedge fund to trade in all of VES's mutual funds six hours after the close of US market. According to the Standards of Practice Handbook, did Mancini violate any CFA Institute Standards of Professional Conduct? A. No. B. Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally. C. Yes, because he failed to review regulations on late-trading and did not consult with VES's compliance director to determine if late-trading was acceptable.

单选题Given the following information about a firm: Net Sales = $1000 Cost of Goods Sold = $ 600 Operating Expenses = $ 200 Interest Expenses = $ 50 Tax Rate = 34% What are the gross and operating profit margins? Gross Operating Margin Operating Profit Margin ①A. 2O% 15% ②B. 4O% 10% ③C. 40% 20%

单选题The Zaxon Company produces one product and labor is the only variable resource in the production process. In the short run, Zaxon faces a horizontal demand curve at $20 per unit. The average product of labor in the short run is given in the following table:

单选题Which of the following statements about portfolio theory is least accurate? A. As the correlation between two assets increases, the benefits of diversification also increase. B. The optimal portfolio for each investor is at the point where her highest indifference curve is tangent to the efficient frontier. C. The efficient frontier represents the set of portfolios that has the highest rate of return for every given level of risk, or the lowest risk for every level of return.

单选题A firm has an expected dividend payout ratio of 48 percent and an expected future growth rate of 8 percent. What should the firm's price to earnings ratio (P/E) be if the required rate of return on stocks of this type is 14 percent and what is the retention ratio of the firm? P/E ratio Retention ratio ①A. 6.5 48% ②B. 8.0 52% ③C. 8.0 48% A. ①B. ②C. ③

单选题The short-run relationship between unexpected inflation and: A. unemployment is positive. B. unemployment is negative. C. actual inflation is positive.

单选题The following footnote appeared in Crabtree Company' s 20×7 annual report: "On December 31, 20×7, Crabtree recognized a restructuring charge of $ 20 million, of which $ 5 million was for severance pay for employees who will be terminated in 20×8 and $15 million was for land that became permanently impaired in 20×7. " Based only on these changes, Crabtree' s net profit margin and fixed asset turnover ratio in 20× 8 as compared to 20×7 will be? Net profit margin Fixed asset turnover ①A. Higher Higher ②B. Lower Unchanged ③C. Higher Unchanged

单选题A firm recently recognized a $4300 loss on the sale of machinery. The original cost of the machinery was $28000 and the accumulated depreciation at the date of sale was $15000. What amount did the firm receive from the sale?

单选题If the issuer of a bond is in default, the bond will be trading:

单选题The mean and standard deviation of returns for Stock A is represented below. Arithmetic Mean Standard Deviation Stock A 20% 8% The coefficient of variation of Stock A is: A. 0.40. B. 3.00. C. 2.50.

单选题A covered person who rejects a stipulation agreement: A. will typically not be subject to further disciplinary procedure unless a new investigation is initiated. B. may request an appeal to a hearing panel. C. may request an appeal to a summary suspension review panel.

单选题According to the IASB, which of the following least accurately describes financial reporting? Financial reporting : A. provides information about changes in financial position of an entity. B. provides information about the financial performance of an entity. C. uses the information in a company's financial statements to make economic decisions.

单选题On 1 January 2009

单选题One of the main advantages to investing in a fund of funds (FOF) is that FOF provide: