单选题Consider the following statements:
Statement 1: "The sum of consumer and producer surpluses is maximized under both monopoly and perfect competition. "
Statement 2: "All else being equal, a monopolist that practices price discrimination will be more allocatively efficient than a single-price monopolist. "
Which of the following best describes the accuracy of these statements?
Statement 1 Statement 2
①A. Incorrect Correct
②B. Correct Correct
③C. Correct Incorrect
A. ①B. ②C. ③
单选题Do options and futures, respectively, most directly reveal the
prices or the volatility of their underlying assets?
Options
Futures ①A. Prices
Prices
②B. Volatility
Volatility ③C. Volatility
Prices
A. ①
B. ②
C. ③
单选题Helmut Humm, manager at a large U. S. firm, has just been assigned to the
capital budgeting area to replace a person who left suddenly. One of Humm's
first tasks is to calculate the company's weighted average cost of capital
(WACC). Humm finds clear notes on the target capital component weights.
Unfortunately, all he can find for the cost of capital components is some
handwritten notes. He can make out the numbers, but not the corresponding
capital component. So, he has to guess. Here is what Humm deciphered:
Target weights : wd = 30% , wps = 20% ,
wce= 50% , where wd, wps, and wce
are the weights used for debt, preferred stock, and common equity.
Cost of components (in no particular order) : 6.0% , 15.0% , and 8.5%.
The cost of debt is the after-tax cost. If Humm
guesses correctly, the WACC is:
单选题In the current year, a company increased its deferred tax asset by $500,000
单选题All of the following activities might constitute a violation of Standard Ⅳ (A), Loyalty to Employer, EXCEPT: A. solicitation of the employer's clients prior to termination of employment. B. solicitation of the employer's clients following termination of employment. C. misappropriation of client lists.
单选题A firm has average days of receivables outstanding of 22 compared to an industry average of 29 days. An analyst would most likely conclude that the firm: A. may have credit policies that are too strict. B. makes less credit sales than the average firm in its industry. C. has a lower cash conversion cycle than its peer companies.
单选题Linda Chin, CFA, is a member of a political group advocating less governmental regulation in all aspects of life
单选题Stock K has a beta of 0.7. Which of the following statements is/are true? Ⅰ. The SML required return for K should be below the expected return on the market. Ⅱ. K has above-average covariance with the market portfolio, M Ⅲ. A portfolio of 70% M and 30% risk-free asset will have the same expected return as K
单选题For 2007, Morris Company had 73 days of inventory on hand
单选题Which of the following statements about swaps is least accurate? A. Swaps typically have zero value at initiation. B. Swaps can have significant default risk. C. Parties to swap contracts are often individual speculators.
单选题Low earnings quality NOT result from
单选题Which of the following limits the ability of arbitrage to correct anomalies? A. Arbitrage is a relatively riskless activity, which has led to consistently reduced profits for many arbitrageurs, thereby reducing their interest in correcting market anomalies. B. There is no guarantee that even correctly identified relative mispricing of similar stocks will be corrected in the near term. C. Arbitrageurs are sophisticated traders but their short supply precludes the correction of market anomalies.
单选题What is the main difference between descriptive statistics and inferential statistics? A. Descriptive statistics are used to make forecasts about the likelihood of upcoming events while inferential statistics are used to summarize any data set. B. Descriptive statistics are calculations based on small samples while inferential statistics are calculations based on large samples. C. Descriptive statistics are used to summarize a large data set while inferential statistics involves procedures used to make forecasts or judgments about a large data set by examining a smaller sample.
单选题All else equal, as the correlation of returns among a set of securities decrease, will a portfolio composed of those securities most likely experience an increase in expected:
Return ? Risk ?
①A. Yes No
②B. Yes Yes
③C. No No
A. ①B. ②C. ③
单选题In setting the confidence interval for the population mean of a normal or approximately normal distribution, and given that the sample size is small, Students t-distribution is the most appropriate approach when the variance is:
单选题An analyst does research about convexity. Which of the following statements is mo.st accurat.e to describe positive convexity when market yields decrease? A. A bond experiences price increases. B. A bond experiences diminishing price increases. C. A bond experiences accelerating price increases.
单选题With respect to discretionary changes in both monetary and fiscal policy, the time period necessary to gather and tabulate reliable information about an economy's performance is best described as the:
单选题Determine the Cost of Goods Sold using the Weighted Average Method and
also using the First in First Out (FIFO) Method.
Weighted Average
FIFO ①A.
$ 4986.02 $
4133.45 ②B. $ 5248.44
$ 4351. 00
③C. $ 4351.00
$ 5248.44
A. ①
B. ②
C.③
单选题A project has the following annual cash flows:
Year 0:
Year 1:
Year 2:
Year 3:
Year 4:
-$4,662,005
$22,610,723
-$41,072,261
$33,116,550
-$10，000，000
Which of the following discount rates most likely produces the highest net present value(NPV)?
单选题What is the effective annual yield for a T-bill that is selling for $48000, with a face of $50000, and 270 days remaining until maturity?