单选题Thetablebelowprovidesinformationaboutaportfolioofthreebonds.BondMaturityPriceParAmountDuration17-year$109.2461$16million8.5620-year$100.4732$4million9.1925-year$84.6427$8million11.48Basedonthisinformation,thedurationoftheportfolioisclosestto:
单选题Restrone Inc. sells computer mainboard. At year-end, due to a sudden increase in manufacturing costs, the replacement cost per set of mainboard is $73. The history cost is $56, and the current selling price is $68. The normal profit margin is 15% of the selling price, and the selling costs are $4 per set. According to U.S. GAAP, which of the following amounts should each set of mainboard on Restrone"s year-end balance sheet?
单选题Interest payable decreased during a companys fiscal year. Compared with the amount of cash interest payments made, interest expense is most likely:
单选题A U.S
单选题Which of the following statements is INCORRECT? A. The strong-form EMH assumes cost free availability of all information, both public and private. B. The weak-form EMH suggests that fundamental analysis will not provide excess returns while the semi-strong form suggests that technical analysis cannot achieve excess returns. C. The semi-strong form EMH addresses market and non-market public information.
单选题In calculating the weighted average cost of capital (WACC), which of the following statements is least likely correct?（ ）
单选题The most likely motivation for a speculator to sell a security short is based on the investor's belief that the: A. security is overpriced. B. required rate of return on the security will decline. C. short sale proceeds could be invested for extra returns.
单选题The money -weighted return also is known as the: A. perfect return for a portfolio. B. internal rate of return (IRR) of a portfolio. C. measure of the compound rate of growth of $1 over a stated measurement period.
单选题A company using straight-line depreciation has an ending gross investment in fixed assets of $ 750, an accumulated depreciation of $ 300, and an annual depreciation expense of $150. The average depreciable life of the fixed assets and the average age of the plant and equipment are : Depreciable life Avg age of P&E ①A. 2 years 5 years ②B. 5 years 2 years ③C. 7 years 5 years
单选题Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return?
单选题Deciding how to allocate investment funds, first among countries, and then within countries to various asset classes, is the objective of which step of the top-down valuation approach?
单选题A recession is defined as a period during which real gross
domestic product (GDP) declines for:
A. one or more successive quarters.
B. two or more successive quarters.
C. three or more successive quarters.
单选题When a CFA Institute member suspects a client or a colleague of planning or engaging in ongoing illegal activities, which of the statements about the actions that the member should take is most correct? According to the CFA Institute Standards of Professional Conduct, the CFA Institute member should: A. consult counsel to determine the legality of the activity. B. consult counsel to determine the legality of the activity and disassociate from any illegal or unethical activity if the member has reasonable grounds to believe that the activity is illegal or unethical. C. ignore the suspected illegal activity unless the suspected party is a CFA Institute member.
单选题If the Federal Reserve wishes to lower market interest rates without changing the discount rate, it can: A. increase bank reserve requirements. B. raise the yield on Treasury securities. C. buy Treasury securities.
单选题An analyst does research about future transaction. In general, which of the following is least likely to prefer for an investor to terminate a future contract at expiration? A. Delivery. B. Closeout. C. Cash settlement.
单选题An analyst developed the following data on Stock X and the market: Return on the market =0.1200 Covariance between the return on Stock X and the return on the market = 0.0288 Correlation coefficient between the return on Stock X and the return on the market = 0.8000 Standard deviation of the returns on Stock X = 0.1800 Standard deviation of the returns on the market = 0.2000 Based on the data above, the beta of Stock X is:
单选题Given that the information on the three bonds below is at issuance, which of the following choices correctly identifies the bonds as premium, par, and discount
单选题Which of the following statements is FALSE? A. Hedgers trade to reduce some preexisting risk exposure. B. The clearinghouse guarantees that traders in the futures marker will honor their obligations. C. If an account rises to or exceeds the maintenance margin, then the trader must deposit variation margin.
单选题Whenever an investment management firm presents its investment performance as being in compliance with the Global Investment Performance Standards (GIPS), it must state how it defines itself as a firm. Under GIPS, a firm may define itself for the purpose of claiming GIPS compliance using any of the following options EXCEPT when: A. all assets are managed to one or more base currencies. B. an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit. C. the subsidiary or division of a company claims GIPS compliance when the parent company is GIPS compliant.
单选题Treasury spot rates are as follows: 6 months = 3%, 1 year = 4%, 1.5 years = 5%. A 1.5-year, 3% Treasury note is trading at $943.4. The arbitrage trade and arbitrage profit are: