单选题Compared to taking no action, taking an impairment of long-lived assets will result in which of the following?（ ）
单选题Consider a put option expiring in 120 days on a non-dividend-paying stock trading at 47 when the risk-free rate is 5 percent. What are the lower hounds for an American put and a European put with exercise prices of 50? American Put European Put ①A. $2.20 $2.20
②B. $2.20 $3.00
③C. $3.00 $2.20
A．① B．② C．③
单选题The fraud triangle consists of（ ）
单选题The cross elasticity of demand for a substitute good and the income
elasticity for an inferior good are: Cross
elasticity Income elasticity ①
＜0 ＜0
② ＜0
＞0 ③ ＞0
＜0
A. ①
B. ②
C. ③
单选题A company incurs the followings costs related to its inventory during the year:
Cost
millions
Purchase price
100,000
Trade discounts
5,000
Import duties
20,000
Shipping of raw materials to manufacturing facility
10,000
Manufacturing conversion costs
50,000
Abnormal costs as a result of waste material
8,000
Storage cost prior to shipping to customers
2,000
单选题The current price of a bond is $128.3. If interest rate change by 4%, the value of the bond price changes by $2.7 correspondingly. What is the duration of the bond?
单选题Which of the following statements concerning security valuation is FALSE? A. The liquidity risk of countries refers to the size and activity of the country's capital markets. B. ROA times one minus the dividend payout ratio is the firm's sustainable growth rate. C. If the firm's payout ratio is 40% , has a required return of 12% , and a dividend growth rate of 7%, the firm's price to earnings (P/E) ratio should be 8.
单选题A minimum wage is an example of a:
A. subsidy.
B. price floor.
C. price ceiling.
单选题The Beeline Company has the following balance sheet and income statement.
单选题A 12 percent coupon bond with semiannual payments is callable in 5 years. The call price is $1120. If the bond is selling today for $1110, what is the yield-to-call?
单选题Data shows that 75 out of 100 tourists who visit New York City visit the Empire State Building. It rains or snows in New York City one day in five. What is the joint probability that a randomly choosen tourist visits the Empire State Building on a day when it neither rains nor snows?
单选题Which of the following statements regarding the term structure of interest rates is least accurate? A. Under the market segmentation theory, a flat yield curve is likely to become positively sloped if the demand for long-term bonds exceeds supply and if the supply of short-term bonds exceeds demand. B. Forward interest rates are the best estimates of future short-term interest rates under the pure expectations theory. C. The observed yield curve likely contains elements of liquidity preference, market segmentation, and expectations theories.
单选题The crowding-out model suggests that persistent, large government budget deficits are most likely to be associated with a(n): A. increase in net exports. B. decrease in private spending. C. decrease in the real rate of interest.
单选题Which of. the following statements least likely represents a characteristic of the time-weighted rate of return?
单选题When the market is in equilibrium:
A. all assets plot on the SML.
B. all assets plot on the CML.
C. stock betas converge to one.
单选题Which of the following items is least likely to be included in the
monetary base?
A. Commercial checking deposits.
B. Federal Reserve notes.
C. Coins issued by the Treasury.
单选题An investor with $1500000 does research about Roy's safety-first criterion and gathers the following information about three portfolios with normally distributed returns: Portfolio 1 Portfolio 2 Portfolio 3 Expected annual return 16% 11% 8% Standard deviation of returns 13% 8% 4% The investor would like to withdraw $90000 per year without invading principal. According to Roy's safety-first criterion. which of the following portfolios is most appropriate? A. Portfolio 1. B. Portfolio 2. C. Portfolio 3.
单选题Cabeb Smith works as an investment adviser and is a levei n candidate in the CFA program. Smith is found to have misrepresented his education background on his CFA program application. Sanctions imposed by the CFA Institute Professional Conduct Program most likely include: A. notification to Smith's current employer. B. requiring Smith to pay a fine. C. suspension or termination of Smith's candidacy in the CFA Program.
单选题An investor gathers the following information about two stocks:
Scenaril 1
Scenaril 2
Scenaril 3
Probability
0.5
0.3
0.2
Rate of return on:
Security 1
25%
10%
-25%
Security 2
1%
-5%
35%
If the investor plans to invest $60000 in Security 1 and $40000 in Security 2, the expected return on the two-asset portfolio is（ ）
单选题Darth Corporations most recent income statement shows net sales of $6000, and Darths marginal tax rate is 40 percent. The total expenses reported were $3200, all of which were paid in cash. In addition, depreciation expense was reported at $800. A further examination of the most recent balance sheets reveals that accounts receivable during that period increased by $1000. The cash flow from operating activities reported by Darth should be（ ）