单选题A security market with price continuity is most accurately characterized as a market which: A. assets can be bought or sold quickly. B. an asset' s price reflects all available information about the asset. C. Prices do not change much from one transaction to the next in the absence of new information.
单选题A normally sloped yield curve has a:
A. positive slope.
B. zero slope.
C. negative slope.
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An analyst conducts a two - tailed test to determine whether
differences between the means of two populations exist: H0: μ1-μ2=0
versus H2: μ1-μ2≠0. Assume that the populations are independent,
normally distributed, and have unequal and unknown variances. The critical value
with 50 degrees of freedom is 2.126. The computed test statistic is t=1.753.
Using a significance level of x=0.05, which of the following statements is TRUE?
A. Use a t- test to reject the null hypothesis and accept the alternative
hypothesis.
B. Use a t -test to accept the null hypothesis and reject the alternative
hypothesis.
C. Use a z- test to reject the null hypothesis and accept the alternative
hypothesis.
单选题Which of the following conditions exists when the economic gain to society is maximized? A. The sum of consumer and producer surpluses for a good or service is maximized. B. The difference between consumer and producer surpluses for a good or service is maximized. C. The price and quantity for a good or service is such that consumer and producer surpluses are equal.
单选题A company does research about cash flow statements and gathers the following transactions in 2011: Purchased securities held for trading $3000 Purchased property, plant, and equipment $4500 Proceeds from sale of plant $3500 Losses on sale of plant $1500 Based on this information, the net cash flow from investing activity in 2011 is closest to: A. -$4000 B. -$2500 C. -$1000
单选题An investor opens a margin account with an initial deposit of $5000. He then purchases 300 shares of a stock at $30. His margin account has a maintenance margin requirement of 30 percent. Ignoring commissions and interest, the price at which the investor receives a margin call is closest to.
单选题Call options on the stock of Verdant, Inc. , with a strike price of $45 are priced at $3.75. Put options with a strike price of $45 are priced at $3.00. Which of the following most accurately describes the potential payoffs for owners of these options ( assuming no underlying positions in Verdant)? Maximum loss Potential Maximum gain Potential ①A. Call writer Call buyer ②B. Put buyer Call writer ③C. Put writer Call buyer
单选题Which of the following institutional investors is most likely to have the lowest risk tolerance? A. Banks. B. Endowments. C. Defined benefit pension plan.
单选题An investor considering the enterprise value approach to valuation gathers the following data:
EBIFDA
$65.8 million
Value of debt
$90.0 million
Value of preferred stock
$25.4 million
Cashmarketable securities
$6.9 million
Number of common shares outstanding
12.5million
Firms tax rate
30%
Appropriate EV/EBITDA multiple
6x
The value per share of the companys common stock is closest to:
单选题An analyst gathers the following data about a company: Target capital structure of 10% preferred stock,50% common equity, and 40% debt. Outstanding 20-year, annual-pay,6% coupon bonds selling for $ 894. Common stock selling for $ 50 per share is expected to pay a $ 2 dividend that grows at 8%. The company's 5% , $100 par preferred stock currently sells for $90. The company's tax rate is 40%. The after-tax cost of debt and the cost of common equity are closest to: Cost of debt Cost of equity ①A. 4.2% 9.0%
②B. 4.2% 12.0%
③C. 5.1% 9.0%
A．① B．② C．③
单选题Tibor Figeczky, CFA, is an equity trader at Global Investment Bank (GB), Figeczky traded the banks investment portfolio profitably for the past three years and earned significant bonuses for his efforts
单选题Edo Ronde, CFA, an analyst for a hedge fund, One World Investments, is attending a key industryconference for the microelectronics industry
单选题A trader has a short position in a wheat contract. The initial margin is $2000. The maintenance margin is $1500. There are 5000 bushels in each wheat contract. On August 10, the price is $1.89 per bushel What is the price at which the trader will receive a maintenance margin call?
单选题The fact that it is not heavily dependent on the analysis of
accounting information is an advantage of:
A. fundamental analysis.
B. efficient market analysis.
C. technical analysis.
单选题A share repurchase method that requires existing shareholders to indicate the number of shares they will tender over a range of prices is most likely an example of a:
单选题A stock's dividend growth rate is a function of each of the following EXCEPT:
单选题At expiration, the value of a call option must equal:
单选题When calculating the weighted average cost of capital (WACC) an
adjustment is made for taxes because :
A. equity is risky.
B. preferred stock is used.
C. the interest on debt is tax deductible.
单选题Which of the following financial intermediaries is most likely to provide liquidity service to its clients?