单选题Most of the differences among companies with respect to quality of earnings are addressed when companies are compared using: A. price to earnings ratios. B. price to cash flow ratios. C. both price to earnings ratios and price to cash flow ratios.
单选题For analysis of firms, the amount of capitalized interest should be:
单选题With respect to capital project, if the discount rate decrease, which of the following about the internal rate of return (IRR) and net present value (NPV) are most accurate? A. Both IRR and NPV increase. B. IRR remains unchanged and NPV increases. C. Both IRR and NPV remain unchanged.
单选题According to the earnings multiplier model, all else equal, as the required rate of return on a stock increases, the:
单选题A1 Steadman receives a premium of $3.80 for shorting a put option with a strike price of $64. If the stock price at expiration is $84, Steadman's profit or loss from the options position is :
单选题Napa Corp. sells one-year memberships to its Fine Wine Club for $180. Wine Club members each receive a bottle of white wine and a bottle of red wine, selected by the Club director, four times each year at the beginning of each quarter. To properly account for sales of Wine Club memberships, Napa will record:
单选题An analyst is least likely to use disclosures of accounting policies and estimates to evaluate: A. what policies are discussed. B. which policies required management to make estimates. C. what policies are likely to be modified in future periods.
单选题Which of the following statements about Standard Ⅳ (C), Responsibilities of Supervisors, is FALSE? CFA Institute members with supervisory authority: A. are expected to bring an inadequate compliance system to the attention of the firm's senior managers and recommend corrective action. B. are expected to have in - depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities. C. may delegate supervisory duties, which relieves them of their supervisory authority.
单选题The risk components that need to be assessed in determining country risk premium for use in estimating the required rate of return for foreign securities include which of the following?（ ）
Ⅰ
单选题Rent is $700 monthly and is due on the first day of every month. If the stated annual interest is 6 percent, the present value of a full year"s rent payment is closest to:
单选题A bond that pays $ 100 in interest each year was purchased at the
beginning of the year for $1050 and sold at the end of the year for $1100. An
investor's holding period return is:
A. 14.3%.
B. 10.0%.
C. 10.5%.
单选题As part of his job at an investment banking firm, Damian O'Connor, CFA, needs to calculate the value of bonds that contain a call option. Today, he must value a 10-year, 7.50 percent annual coupon bond callable in five years priced at 96.5 (prices are stated as a percentage of par). A straight bond that is similar in all other aspects as the callable bond is priced at 99.0. Which of the following is closest to the value of the call option?
单选题Premier Corp. ' s year-end last in, first out (LIFO) reserve was $ 2500000 in 2000 and $ 2300000 in 2001. Premier' s $ 200000 decline in the LIFO reserve could be explained by each of the following EXCEPT: A. declining inventory prices. B. a LIFO liquidation occurred. C. the LIFO reserve was being amortized.
单选题All of the following are advantages of using price/sales (P/S) multiple EXCEPT:
单选题Company X can borrow U.S. dollars at a rate of 7% , and can borrow Japanese yen at 2%. Company Z faces a dollar borrowing rate of 9% and a yen rate of 2%. The commercial needs of Company X are to borrow yen, while Company Z desires to raise dollars. Is it possible for these two companies to enter a currency swap arrangement that will reduce their borrowing costs relative to their costs if no swap were used? A. Yes, X should borrow dollars, Z should borrow yen, and the companies should enter a currency swap. B. No, Bout companies do not have relative advantages that can be exploited. C. Yes, X should borrow yen, Z should borrow dollars, and the companies should enter a currency swap.
单选题When using the CAPM to estimate the cost of common equity for a company in a developing country, an analyst should most appropriately（ ）
单选题The main difference between the current ratio and the quick ratio is that the quick ratio excludes :
单选题According to the Financial Accounting Standards Board, what is the appropriate measurement basis for equipment used in the manufacturing process and inventory that is held for sale? Equipment Inventory ①A. Historical cost Historical cost ②B. Fair value Lower of cost or market ③C. Historical cost Lower of cost or market
单选题Matthew Smith, CFA, was recently promoted to senior portfolio manager. In his new position, Smith is required to supervise three portfolio managers. Smith asks for a copy of his firm's written supervisory policies and procedures, but is advised that no such policies are required by regulatory standards in the country where Smith's firm conducts the majority of its business. According to the Standards of Practice Handbook, Smith's most appropriate course of action would be to: A. require that his firm adopted the CFA Institute Code of Ethics and Standards of Professional Conduct. B. require that the employees he supervises adopt the CFA Institute Code of Ethics and Standards of Professional Conduct. C. decline to accept supervisory responsibility until his firm adopts procedures to allow him to adequately exercise such responsibility.
单选题The effects on the aggregate demand curve of an increase in expected future incomes and of an increase in the money supply, respectively are most likely:
Increase in expected incomes Increase in money supply
①A. Increase Increase
②B. Increase Decrease
③C. Decrease Increase
A. ①B. ②C. ③