单选题Lee Pickett, CFA. a well-known and respected analyst, follows the computer industry and does research about types of measurement scales. Pickett categorizes a group of stocks into quartiles based on historical rate of returns. Pickett's approach is most consistent with which type of the following measurement scales? A. Nominal. B. Ratio. C. Ordinal.

单选题A firm issues a $ 5 million zero coupon bond with a maturity of four years when market rates are 8 percent. Assuming semiannual compounding periods, the total interest on this bond is:

单选题The mean and standard deviation of returns for Stock A is represented below.

单选题You are expecting an additional payment of 52000 of income this year. You intend to save 5 500 of the 5 2000. According to the multiplier effect, total spending will increase by a total amount of: A. 51500. B. 54000. C. 56000.

单选题The risk-free rate is 4% , and John's portfolio has an expected return of 15% and a standard deviation of 30%, John is concerned that the portfolio might earn less than 10%, What is the safety-first ratio for John's portfolio?

单选题A company reported the following for the year: Net sales $ 500 Increase in accounts receivable 20 Decrease in accounts payable 40 Increase in inventory 30 Sale of new common stock 100 Repayment of debt 10 Depreciation 2 Net income 100 Interest expense on debt 5 The company's cash flow from operations(CFO) and cash flow from investing(CFI) are closest to ; CFO CFI ①A. $12 $100 ②B. $12 $0 ③C. $92 $100 A. ① B. ② C.③

单选题George-Hack is evaluating the risk level in his portfolio of approximately 20 U.S. stocks．He is only concerned with the possibility of earning a rate of return on the portfolio below what he can earn on T-bills．T-bills have been earning approximately4% on average over the last few years．The most appropriate measure of risk for Hacks portfolio is（ ）

单选题With respect to the Standards of Professional Conduct relating to knowledge of the law, which of the following statements is most accurate? Members and candidates: A. must become experts in compliance. B. must have detailed knowledge on all the laws that could potentially govern the member's or candidate's activities. C. must adjust their procedures and practices to remain in compliance as new requirements are updated.

单选题If a securities market is efficient, it is most likely that:

单选题An analyst does research about yield spread. Which of the following embedded options in a bond is most likely t0 result in the highest yield spread over a comparable option-free Treasury security? A. Call option. B. Floor on a floater. C. Conversion option.

单选题Roger Hickstead owns 100 shares of Cole Corporation stock with a current market value of $45 per share. Consensus stock price estimates from the leading industry analysts predict the price of Cole will fall to $35 per share in the next five months. What type of derivative strategy should Hiekstead employ if he is not willing to lose more than $10?

单选题The presence of which of the following is mostly likely to result in the overproduction of the efficient quantity of goods of services in a market economy?（ ）

单选题Using the following information about spot rates, what is the price of a three-year bond with $100 par and annual coupon payments of 5 percent? One-year rate: 4.78% Two-year rate: 5.56% Three-year rate: 5.98% A. $97.47. B. $96.33. C. $98.87.

单选题Which of the following is the most accurate definition of the unemployment rate? The unemployment rate is the number of: A. unemployed individuals divided by the number of employed individuals. B. unemployed individuals divided by the total labor force. C. unemployed individuals divided by the number of individuals employed plus the number of people in retirement.

单选题In an effort to influence the economy, a central bank conducted open market activities by selling government bonds

单选题Suppose an investor has an opportunity to invest $3 million in a venture investment that is expected to pay $30 million at the end of 4 years if it survives. The cost of capital for a project with this risk level is 30%. However, the project may not survive the full 4 years and has an expected failure rate shown in the probability table shown below. The likelihood of failure in the first year is 25% , with the likelihood of failure in the second year being 20% ( assuming it survives the first year) and so on.

单选题Richard Cardinal, CFA, is the founder of Volcano Capital Research, an investment management firm whose sole activity is short selling

单选题Klaus Gerber, CFA, is a regular contributor to the Internet site WizeGuy. This past week Gerber has been incorrectly quoted as recommending that investors buy shares in Bradford, Inc. He is unaware that this message has been placed on the site as the quote was placed as a prank by an unknown source. This is the third time this has happened over the past month. Fritz Fox, CFA, maintains and updates the WizeGuy site and has learned how to determine if the quotes being attributed to Gerber are actually valid. Several days later, he observes an investment recommendation, posted on the site, to buy Gresham, Inc. The investment recommendation is purported to be from Gerber, but Fox actually knows it to be bogus. He immediately sells 1000 Gresham short and e-mails Gerber to inform him of the bogus recommendation. Gerber immediately issues a rebuttal, and Gresham fails by 14 percent. Fox's action is: A. not in violation of the Code and Standards. B. a violation of the Standard concerning use of material nonpublic information. C. a violation of the Standard concerning duty to employer.

单选题Judy Dudley, a CFA candidate, just started her new job as an analyst and plans to make her first visit to a company that she is analyzing. According to CFA Institute Standards of Professional Conduct, which of the following statements regarding special cost arrangements and gifts is TRUE? To comply with the standard, Dudley should accept: A. only one gift per year from a company. B. air transportation and hotel expenses on company visits only. C. company air transportation only if commercial transportation is not available.

单选题Howard is trying to decide which of the following composite definitions, submitted by his junior analysts, would be considered a viable composite according to GIPS. Which composite will meet the Standards? A. A composite that includes all accounts that are managed directly from the firm's Hong Kong office. B. A composite that includes all actively managed portfolios but excludes passively managed portfolios. C. A composite that includes all portfolios that are managed to provide a return approximately equal to that of the S&P Index.